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>The Commerce Commission (ComCom) has made its final decision on the 4th default price path reset (DPP4), which will result in Vector's (VCT) lines charges increasing materially from 1 April 2025.</li><li>The final decision is very similar to the draft decision made in May 2024, with the only notable difference being the drop in interest rates during July 2024, modestly lowering the price increase.</li><li>The key next step for VCT is resetting its dividend policy. With no material changes, we retain our NEUTRAL rating.</li></ul>

The Commerce Commission (ComCom) has made its final decision on the 4th default price path reset (DPP4), which will result in Vector's (VCT) lines charges increasing materially from 1 April 2025.The final decision is very similar to the draft decision made in May 2024, with the only notable difference being the drop in interest rates during July 2024, modestly lowering the price increase.The key next step for VCT is resetting its dividend policy. With no material changes, we retain our NEUTRAL rating.

Vector - Prices Cleared for Launch — DPP4 Reset

Vector Ltd

Vector - Prices Cleared for Launch — DPP4 Reset