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>The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants should ensure the second vote is successful</li><li>The new offer (via an amendment to the scheme of arrangement) of NZ$1.42 per share is a +6% increase to the original bid that was vetoed by shareholders</li><li>A vote on the new offer is expected to be held by the end of May 2023.</li></ul>

The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants should ensure the second vote is successfulThe new offer (via an amendment to the scheme of arrangement) of NZ$1.42 per share is a +6% increase to the original bid that was vetoed by shareholdersA vote on the new offer is expected to be held by the end of May 2023.

Pushpay Holdings

Pushpay: The Last Supper