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 Energy / Thematic (Sector/Industry)

<ul><li>Submissions on the Commerce Commission's (ComCom) Statement of Issues (SoI) reinforce our view that, on paper, Contact Energy's (CEN) acquisition of Manawa Energy (MNW) passes the legal test for clearance.</li><li>However, negative sector sentiment remains a strong headwind. We still see a 50/50 chance whether the acquisition is cleared.</li><li>The ComCom's next move will be critical. If it publishes a Statement of Unresolved Issues (SoUI), the chances of the acquisition clearing diminishes.</li></ul>

Submissions on the Commerce Commission's (ComCom) Statement of Issues (SoI) reinforce our view that, on paper, Contact Energy's (CEN) acquisition of Manawa Energy (MNW) passes the legal test for clearance.However, negative sector sentiment remains a strong headwind. We still see a 50/50 chance whether the acquisition is cleared.The ComCom's next move will be critical. If it publishes a Statement of Unresolved Issues (SoUI), the chances of the acquisition clearing diminishes.

Electricity Sector - Your Move ComCom