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>Following a strong share price run, which whilst understandable is now factoring in a very strong metering sale price, we reduce Vector's (VCT) rating to NEUTRAL from OUTPERFORM</li><li>VCT reported an okay FY22 result with Adjusted EBITDA of NZ$510m a little lower than our forecast and FY21</li><li>The final dividend of 8.50cps was flat on FY21 and -0.25cps below our forecast</li></ul>

Following a strong share price run, which whilst understandable is now factoring in a very strong metering sale price, we reduce Vector's (VCT) rating to NEUTRAL from OUTPERFORMVCT reported an okay FY22 result with Adjusted EBITDA of NZ$510m a little lower than our forecast and FY21The final dividend of 8.50cps was flat on FY21 and -0.25cps below our forecast

Vector: Centimetre Growth Now, Meters Soon — FY22

Vector Ltd

Vector: Centimetre Growth Now, Meters Soon — FY22