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

Thematic (Sector/Industry)

New zealand Materials / Thematic (Sector/Industry)

<ul><li>Residential consents stepped down further in May driven by higher-density dwellings which more than offset a small lift in detached consents.</li><li>At its June investor day, Fletcher Building (FBU) stated that based on current indicators it expected FY24 volumes will be down -8% on the prior year and -15% below 2H22 which it believes was peak market activity.</li><li>Assuming flat commercial and infrastructure activity this implies FBU expects residential to be c.-30% below 2H22.</li></ul>

Residential consents stepped down further in May driven by higher-density dwellings which more than offset a small lift in detached consents.At its June investor day, Fletcher Building (FBU) stated that based on current indicators it expected FY24 volumes will be down -8% on the prior year and -15% below 2H22 which it believes was peak market activity.Assuming flat commercial and infrastructure activity this implies FBU expects residential to be c.-30% below 2H22.

Building Sector: NZ Consents — Another Step Down