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>Demand remains robust: AIR will finish FY23 stronger than it had expected when it provided guidance at its 1H23 result in February 2023 and its more recent update in late April 2023</li><li>Softer oil prices supportive: Lower oil prices have bolstered late-FY23 profitability and will help mitigate the impact of lower yields through FY24</li><li>Other cost pressures persist: While oil prices trend lower, other operating costs continue to rise. Staff costs are increasing due to headcount and wages</li></ul>

Demand remains robust: AIR will finish FY23 stronger than it had expected when it provided guidance at its 1H23 result in February 2023 and its more recent update in late April 2023Softer oil prices supportive: Lower oil prices have bolstered late-FY23 profitability and will help mitigate the impact of lower yields through FY24Other cost pressures persist: While oil prices trend lower, other operating costs continue to rise. Staff costs are increasing due to headcount and wages

Air New Zealand

Air New Zealand: In a Holding Pattern