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>CW is a material earnings driver</li><li>Distribution efficiencies are key — EBO and Sigma on a level playing field, API is less well situated</li><li>A competitive process but EBO is well positioned — our base case is a continuation of current supply arrangements</li></ul>

CW is a material earnings driverDistribution efficiencies are key — EBO and Sigma on a level playing field, API is less well situatedA competitive process but EBO is well positioned — our base case is a continuation of current supply arrangements

Ebos Group Ltd

EBOS Group: Assessing the Chemist