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>Strong operational result but portfolio devaluations and reduced activity weighs on management fees</li><li>Balance sheet overhang largely put to bed: SPG's FY23 bank covenant gearing was 36.3% and we estimate c.39% including its capital commitments. </li><li>Focus moving back to asset management strategy execution: With the balance sheet under repair investor attention will shift back to progress on SPG's strategy of becoming a real estate asset manager which has also hit a speed bump.</li></ul>

Strong operational result but portfolio devaluations and reduced activity weighs on management feesBalance sheet overhang largely put to bed: SPG's FY23 bank covenant gearing was 36.3% and we estimate c.39% including its capital commitments. Focus moving back to asset management strategy execution: With the balance sheet under repair investor attention will shift back to progress on SPG's strategy of becoming a real estate asset manager which has also hit a speed bump.

Stride Property: FY23 Result — Steps in the Right Direction