New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Property for Industry (PFI) reported a flat 1H22 result that was in line with our expectations.</li><li>FY22 is a transition year for PFI with the sell down on non-industrial assets largely complete, and focus moved to its brownfield development pipeline</li><li>PFI tightened FY22 DPS guidance to 8.10cps, the top end of its prior range, which we view as a solid outcome</li></ul>

Property for Industry (PFI) reported a flat 1H22 result that was in line with our expectations.FY22 is a transition year for PFI with the sell down on non-industrial assets largely complete, and focus moved to its brownfield development pipelinePFI tightened FY22 DPS guidance to 8.10cps, the top end of its prior range, which we view as a solid outcome

Property For Industry: 1H22 Result — Solid Start to FY22 Delivered