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>Rental recovery: THL has enjoyed an extremely successful six months after several tough years due to COVID-19.</li><li>Medium term growth options: THL's current record rental yields and vehicle sales margins will come under pressure over the next few years</li><li>Balance sheet capacity for rebuild; lower dividends in future: The rate of THL's fleet rebuild will be slower than we previously anticipated</li></ul>

Rental recovery: THL has enjoyed an extremely successful six months after several tough years due to COVID-19.Medium term growth options: THL's current record rental yields and vehicle sales margins will come under pressure over the next few yearsBalance sheet capacity for rebuild; lower dividends in future: The rate of THL's fleet rebuild will be slower than we previously anticipated

Tourism Holdings: 1H23 — Back on the Open Road