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's (APL) FY26 result was impacted by a larger-than-expected lease incentive, but underlying earnings continue to improve reflecting further leasing at Munroe Lane and net cash on its balance sheet.</li><li>While Munroe Lane occupancy continues to lift (now c.76%), larger deals that could facilitate a divestment continue to take longer than anticipated.</li><li>We continue to see value in a wind-up (22cps–28cps) but timing on value realisation remains uncertain.</li></ul>

Asset Plus's (APL) FY26 result was impacted by a larger-than-expected lease incentive, but underlying earnings continue to improve reflecting further leasing at Munroe Lane and net cash on its balance sheet.While Munroe Lane occupancy continues to lift (now c.76%), larger deals that could facilitate a divestment continue to take longer than anticipated.We continue to see value in a wind-up (22cps–28cps) but timing on value realisation remains uncertain.

Asset Plus FY26 Result: Still Waiting For The Wind Up