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>Scales (SCL) confirms the completion of recent Australian acquisitions Meateor Australia (a 33% stake of a new Melbourne-based petfood plant), and 50% of edible protein by-product exporter Fayman International’s Australian operations.</li><li>SCL has flagged that current export crop sales continue to be below the prior year.</li><li>We expect lower sales through the Mid-Autumn Festival may be a key factor in lower than expected sales since the 1H22 result announcement in August.</li></ul>

Scales (SCL) confirms the completion of recent Australian acquisitions Meateor Australia (a 33% stake of a new Melbourne-based petfood plant), and 50% of edible protein by-product exporter Fayman International’s Australian operations.SCL has flagged that current export crop sales continue to be below the prior year.We expect lower sales through the Mid-Autumn Festival may be a key factor in lower than expected sales since the 1H22 result announcement in August.

Scales (SCL): Acquisition Completion and FY22 Trading Update

Scales Corp Ltd

Scales (SCL): Acquisition Completion and FY22 Trading Update