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>Revaluations see FY23 NTA of c.NZ$2/share: SPG's net book value is impacted by not only changes in its balance sheet portfolio but also the value of its co-investments</li><li>Gearing weighing on SPG's share price: SPG expects FY23 gearing to be 36%</li><li>SPG does have options to lower gearing: The slow reset of SPG's asset book values and its solid debt hedging position provides time to execute on debt reduction initiatives</li></ul>

Revaluations see FY23 NTA of c.NZ$2/share: SPG's net book value is impacted by not only changes in its balance sheet portfolio but also the value of its co-investmentsGearing weighing on SPG's share price: SPG expects FY23 gearing to be 36%SPG does have options to lower gearing: The slow reset of SPG's asset book values and its solid debt hedging position provides time to execute on debt reduction initiatives

Stride Property

Stride Property: Walking Back the Debt