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>Good operating result undone by lift in Corporate/other opex and higher interest costs</li><li>Outlook softer than expected, with storm damage repairs only partly explaining the difference</li><li>Partial dividend imputation remains for now — dividend policy under review</li></ul>

Good operating result undone by lift in Corporate/other opex and higher interest costsOutlook softer than expected, with storm damage repairs only partly explaining the differencePartial dividend imputation remains for now — dividend policy under review

Vector: Outlook Yellow Stickered — 1H23 Result

Vector Ltd

Vector: Outlook Yellow Stickered — 1H23 Result