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>Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.</li><li>The decision to sell Munroe Lane and wind up the vehicle will require shareholder approval, with a calculated wind-up value between NZ20cps—NZ26cps.</li><li>The resumption of dividends results in a 12-month gross holding yield of 6.4%, while the longer wind-up takes, the lower the potential returns.</li></ul>

Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.The decision to sell Munroe Lane and wind up the vehicle will require shareholder approval, with a calculated wind-up value between NZ20cps—NZ26cps.The resumption of dividends results in a 12-month gross holding yield of 6.4%, while the longer wind-up takes, the lower the potential returns.

Asset Plus

Asset Plus FY25 Result—Plus Dividend