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 propelled by strong forward bookings: Forward bookings are supportive to an increase in average rental yields to above pre-COVID levels</li><li>Gain on sales margins peaking: Average vehicle sales margins jumped in FY22, up from ~NZ$12k per vehicle in FY21 to ~NZ$29k in FY22</li><li>Fleet reinvestment now in play: THL's fleet has fallen to ~3,850 from ~6,400 at the outset of COVID-19</li></ul>

Rental recovery propelled by strong forward bookings: Forward bookings are supportive to an increase in average rental yields to above pre-COVID levelsGain on sales margins peaking: Average vehicle sales margins jumped in FY22, up from ~NZ$12k per vehicle in FY21 to ~NZ$29k in FY22Fleet reinvestment now in play: THL's fleet has fallen to ~3,850 from ~6,400 at the outset of COVID-19

Tourism Holdings: FY22 — Speeding into the Recovery