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>Vector's (VCT) FY23 result, its last while owning 100% of the Metering business, was another solid performance with the main surprise coming from it announcing a 5.5cps special dividend.</li><li>Whilst FY24 EBITDA guidance is a little softer than expected, the bigger issue facing VCT is the electricity price reset and upcoming Commerce Commission (ComCom) input methodology decisions.</li><li>VCT will review its dividend policy after that December 2023 decision.</li></ul>

Vector's (VCT) FY23 result, its last while owning 100% of the Metering business, was another solid performance with the main surprise coming from it announcing a 5.5cps special dividend.Whilst FY24 EBITDA guidance is a little softer than expected, the bigger issue facing VCT is the electricity price reset and upcoming Commerce Commission (ComCom) input methodology decisions.VCT will review its dividend policy after that December 2023 decision.

Vector - Meting Out a Special Dividend — FY23 Result

Vector Ltd

Vector - Meting Out a Special Dividend — FY23 Result