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>FY23 — resetting the base: Downgraded guidance (primarily a function of higher cost investment) provided at the 1H23 result is for EBIT ex licensing income of NZ$17.5–21.0m.</li><li>First time dividend: We forecast a maiden dividend of NZ3cps (~20% payout) — AFT's policy is to pay 20–30% of normalised NPAT.</li><li>FY24 guidance: AFT typically provides guidance</li></ul>

FY23 — resetting the base: Downgraded guidance (primarily a function of higher cost investment) provided at the 1H23 result is for EBIT ex licensing income of NZ$17.5–21.0m.First time dividend: We forecast a maiden dividend of NZ3cps (~20% payout) — AFT's policy is to pay 20–30% of normalised NPAT.FY24 guidance: AFT typically provides guidance

AFT Pharmaceuticals: FY23 Preview — Story Remains Intact