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) has announced investments in: (1) a 33% stake (A$4m) of a new Melbourne-based petfood plant, and (2) a 50% acquisition (A$23m) of Fayman International, an edible protein by-product exporter</li><li>We view the acquisitions to be a positive outcome, supplementing SCL’s growing global proteins division by increasing petfood capacity and opening new channels for human consumption</li><li>The structure of these acquisitions closely follows the roadmap laid out by the Shelby US acquisition</li></ul>

Scales (SCL) has announced investments in: (1) a 33% stake (A$4m) of a new Melbourne-based petfood plant, and (2) a 50% acquisition (A$23m) of Fayman International, an edible protein by-product exporterWe view the acquisitions to be a positive outcome, supplementing SCL’s growing global proteins division by increasing petfood capacity and opening new channels for human consumptionThe structure of these acquisitions closely follows the roadmap laid out by the Shelby US acquisition

Scales (SCL): Australian Investments in Global Proteins Division

Scales Corp Ltd

Scales (SCL): Australian Investments in Global Proteins Division