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>Aviation recovery in full flight: AIA's international seat capacity had returned to 69% of pre-COVID capacity by December 2022</li><li>Inflationary impact on opex and capex: Despite lowering its FY23 capex guidance, management increased its longer term annual aeronautical capex guidance by +NZ$100m to NZ$600m; this will assist its regulatory asset base (RAB) and its mid-year aeronautical price reset</li><li>Property momentum continues: Property development revenue increased +19% against the prior year as rental increases more than offset the impact of a fair value hit given cap rate pressure</li></ul>

Aviation recovery in full flight: AIA's international seat capacity had returned to 69% of pre-COVID capacity by December 2022Inflationary impact on opex and capex: Despite lowering its FY23 capex guidance, management increased its longer term annual aeronautical capex guidance by +NZ$100m to NZ$600m; this will assist its regulatory asset base (RAB) and its mid-year aeronautical price resetProperty momentum continues: Property development revenue increased +19% against the prior year as rental increases more than offset the impact of a fair value hit given cap rate pressure

Auckland Airport: 1H23 — Profits Taking-Off After Long Layover

Auckland Intl Airport

Auckland Airport: 1H23 — Profits Taking-Off After Long Layover