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>Fletcher Building (FBU) has announced that Golden Bay Cement has been granted NZ$60m (c.NZ5.6cps) from the Government to support the continued operations of its Northland plant.</li><li>Golden Bay has committed to continue producing cement at its Northland plant until at least 2040, and to invest at least NZ$150m.</li><li>We view today&#8217;s announcement as another incremental positive following recent updates on asset sales and guidance for earnings and net debt.</li></ul>

Fletcher Building (FBU) has announced that Golden Bay Cement has been granted NZ$60m (c.NZ5.6cps) from the Government to support the continued operations of its Northland plant.Golden Bay has committed to continue producing cement at its Northland plant until at least 2040, and to invest at least NZ$150m.We view today&#8217;s announcement as another incremental positive following recent updates on asset sales and guidance for earnings and net debt.

Fletcher Building (FBU.NZ): NZ$60m Government Grant to Golden Bay Cement