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>We expect SkyCity (SKC) would be a beneficiary of the National Party's (National) policy to regulate online casino operators from the beginning of FY25.</li><li>Online regulation is positive for SKC, with the potential for market share gains from a (likely) reduction in competitors, coupled with a larger overall market size from the legitimisation of the industry.</li><li>While the current government is signalling its intention to regulate the online gaming market, National's announcement and its current favourable polling gives us increased confidence that regulation will happen during the next term of government.</li></ul>

We expect SkyCity (SKC) would be a beneficiary of the National Party's (National) policy to regulate online casino operators from the beginning of FY25.Online regulation is positive for SKC, with the potential for market share gains from a (likely) reduction in competitors, coupled with a larger overall market size from the legitimisation of the industry.While the current government is signalling its intention to regulate the online gaming market, National's announcement and its current favourable polling gives us increased confidence that regulation will happen during the next term of government.

SkyCity - Gambling on a Change of Government

Skycity Entertainment

SkyCity - Gambling on a Change of Government