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>Chorus (CNU) reported an encouraging 3Q26 connections update, marginally ahead of our forecasts with the largest sequential increase in its total quarterly fibre zone connections since 2Q18.</li><li>CNU has also brought forward its retirement date for the remainder of its copper network from 2030 to 2028.</li><li>This gives us greater confidence CNU will not have to rely on even larger price increases to earn its MAR, which would be a more precarious growth strategy.</li></ul>

Chorus (CNU) reported an encouraging 3Q26 connections update, marginally ahead of our forecasts with the largest sequential increase in its total quarterly fibre zone connections since 2Q18.CNU has also brought forward its retirement date for the remainder of its copper network from 2030 to 2028.This gives us greater confidence CNU will not have to rely on even larger price increases to earn its MAR, which would be a more precarious growth strategy.

Chorus

Chorus Fibre Running Faster In 3Q26