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 reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw Park in late FY21</li><li>PFI tightened FY22 DPS guidance to 8.10cps reflecting a pay-out at the low end of its 90-100% three-year rolling AFFO target range</li><li>PFI continues to execute on its strategic pivot towards brownfield redevelopment of its existing assets with 40% of the Bowden Rd redevelopment pre-leased</li></ul>

Property for Industry reported adjusted funds from operations (AFFO) -1% to NZ$23.5m (ForBarr NZ$22.7m) largely driven by the divestment of Carlaw Park in late FY21PFI tightened FY22 DPS guidance to 8.10cps reflecting a pay-out at the low end of its 90-100% three-year rolling AFFO target rangePFI continues to execute on its strategic pivot towards brownfield redevelopment of its existing assets with 40% of the Bowden Rd redevelopment pre-leased

Property for Industry: 1H22 – Solid Result, Guidance in Line

Property For Industry

Property for Industry: 1H22 – Solid Result, Guidance in Line