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>Guidance range reinstated: SCL's updated FY23 underlying NPAT guidance range (NZ$14m–NZ$19m) represents a ~NZ$10m reduction at the mid-point from the previous guidance range (NZ$23.5m–NZ$28.5m) which was withdrawn following the cyclone</li><li>The lasting impact of Cyclone Gabrielle on SCL's apple crop doesn't appear material at this stage: SCL estimates total tree losses across all owned and leased orchards are ~5%</li><li>Near-term forecasts updated: The FY23 crop from SCL's own orchards is now estimated to reduce approximately ~25% compared to SCL's pre-Cyclone expectations</li></ul>

Guidance range reinstated: SCL's updated FY23 underlying NPAT guidance range (NZ$14m–NZ$19m) represents a ~NZ$10m reduction at the mid-point from the previous guidance range (NZ$23.5m–NZ$28.5m) which was withdrawn following the cycloneThe lasting impact of Cyclone Gabrielle on SCL's apple crop doesn't appear material at this stage: SCL estimates total tree losses across all owned and leased orchards are ~5%Near-term forecasts updated: The FY23 crop from SCL's own orchards is now estimated to reduce approximately ~25% compared to SCL's pre-Cyclone expectations

Scales Corp Ltd

Scales: Emerging From the Storm