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>Guidance upgrade: AIR's new FY23 pre-tax profit (PBT) guidance band of NZ$510m–NZ$560m, up from NZ$450m–NZ$530m, represents a ~+9% increase at the mid-point.</li><li>March operating stats highlights continued positive trading: AIR's March 2023 operating stats show continued strong demand with monthly revenue materially (+13% on our estimates) above CY19 levels. </li><li>Supportive oil price: The downwards slope in jet fuel prices has persisted since the peak in mid-CY22, reflecting a combination of more settled crude oil prices and a reduction in the crack spread.</li></ul>

Guidance upgrade: AIR's new FY23 pre-tax profit (PBT) guidance band of NZ$510m–NZ$560m, up from NZ$450m–NZ$530m, represents a ~+9% increase at the mid-point.March operating stats highlights continued positive trading: AIR's March 2023 operating stats show continued strong demand with monthly revenue materially (+13% on our estimates) above CY19 levels. Supportive oil price: The downwards slope in jet fuel prices has persisted since the peak in mid-CY22, reflecting a combination of more settled crude oil prices and a reduction in the crack spread.

Air New Zealand: Tailwind Lift for Higher Flying