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

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Channel Infrastructure's (CHI) 1Q24 throughput volumes continue to show strong (+14%) increases, driven by rising jet volumes (+38%).</li><li>We expect the positive throughput growth trend to continue, with jet volumes the source of that growth, albeit the growth rate will ease.</li><li>We continue to see CHI's risks skewed to the upside, with additional fuel storage being required by Government and/or customers the most likely near-term upside. OUTPERFORM.</li></ul>

Channel Infrastructure's (CHI) 1Q24 throughput volumes continue to show strong (+14%) increases, driven by rising jet volumes (+38%).We expect the positive throughput growth trend to continue, with jet volumes the source of that growth, albeit the growth rate will ease.We continue to see CHI's risks skewed to the upside, with additional fuel storage being required by Government and/or customers the most likely near-term upside. OUTPERFORM.

Channel Infrastructure - P's and Q's Still Supportive — 1Q24 Op Stats