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

Auckland International Airport / Equity Bottom-Up

<ul><li>The Commerce Commission’s (ComCom) draft report with updated Airports input methodologies (IMs) represents a modest negative for AIA’s regulatory profit/returns outlook.</li><li>Relative to our expectations and all else being equal, this will reduce regulatory post-tax returns/profits by ~-5% for PSE5 (FY28-FY32) and beyond.</li><li>However, we are mindful that (1) this is only a draft decision, and (2) that the ComCom has historically tended to soften its stance by the time it publishes its final decision.</li></ul>

The Commerce Commission’s (ComCom) draft report with updated Airports input methodologies (IMs) represents a modest negative for AIA’s regulatory profit/returns outlook.Relative to our expectations and all else being equal, this will reduce regulatory post-tax returns/profits by ~-5% for PSE5 (FY28-FY32) and beyond.However, we are mindful that (1) this is only a draft decision, and (2) that the ComCom has historically tended to soften its stance by the time it publishes its final decision.

Auckland Airport (AIA.NZ) - ComCom’s Draft Decision = Modestly Lower Returns