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>FY23 dividend guidance: SPK has historically guided for next year's dividend and we expect it to do so at this year's result</li><li>Capital management after TowerCo sale: At the announcement of the sale of 70% of TowerCo, SPK stated it intends to update its capital management policy at its full year result</li><li>Mobile services growth: We forecast +5% year on year mobile services growth in both 2H22 and FY22 as SPK laps a difficult FY21 period</li></ul>

FY23 dividend guidance: SPK has historically guided for next year's dividend and we expect it to do so at this year's resultCapital management after TowerCo sale: At the announcement of the sale of 70% of TowerCo, SPK stated it intends to update its capital management policy at its full year resultMobile services growth: We forecast +5% year on year mobile services growth in both 2H22 and FY22 as SPK laps a difficult FY21 period

Spark NZ: FY22 Preview — Capital Management in Focus

Spark New Zealand

Spark NZ: FY22 Preview — Capital Management in Focus