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>Allied deal value and earnings accretive: FRE's A$160m acquisition of Allied Express represents a key strategic expansion play of its core express parcel operations into the Australian market</li><li>Pricing initiatives keep profitability on track despite cyclical headwinds dampening parcel momentum</li><li>Margin pressure from cost inflation: Rate increases, absenteeism and business expansion contributed to an +11% increase in staffing costs in FY22; contractor incomes increased +7%</li></ul>

Allied deal value and earnings accretive: FRE's A$160m acquisition of Allied Express represents a key strategic expansion play of its core express parcel operations into the Australian marketPricing initiatives keep profitability on track despite cyclical headwinds dampening parcel momentumMargin pressure from cost inflation: Rate increases, absenteeism and business expansion contributed to an +11% increase in staffing costs in FY22; contractor incomes increased +7%

Freightways: FY22 — Allied in Express Expansion

Freightways Ltd

Freightways: FY22 — Allied in Express Expansion