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

Heartland Group Holdings / Equity Bottom-Up

<ul><li>The Reserve Bank of New Zealand’s (RBNZ) proposed changes to its capital settings for banks should be positive for Heartland Group’s (HGH) NZ bank.</li><li>We anticipate HGH will benefit from a lower required minimum tier 1 capital ratio and lower risk weights on a segment of its lending.</li><li>These changes would increase HGH’s buffer to its minimum capital requirements, reducing the risk of an equity raise should impairments rise, and increasing HGH’s competitive position versus non-bank lenders in its niche lending segments.</li></ul>

The Reserve Bank of New Zealand’s (RBNZ) proposed changes to its capital settings for banks should be positive for Heartland Group’s (HGH) NZ bank.We anticipate HGH will benefit from a lower required minimum tier 1 capital ratio and lower risk weights on a segment of its lending.These changes would increase HGH’s buffer to its minimum capital requirements, reducing the risk of an equity raise should impairments rise, and increasing HGH’s competitive position versus non-bank lenders in its niche lending segments.

Heartland Group Holdings

Heartland Group RBNZ Lends a Hand