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>Acquiring the remaining 50% of One NZ for NZ$1.8bn: IFT has entered an agreement to purchase the remaining 50% of One NZ for NZ$1.8bn from its partner Brookfield.</li><li>Partially funded by a NZ$850m capital raise: IFT is raising NZ$850m of equity at NZ$9.20 per share corresponding to ~12.7% of outstanding shares via; (1) a fully underwritten NZ$750m Institutional Placement, and (2) a NZ$100m retail offer (plus an ability to accept oversubscriptions).</li><li>Guidance updated to reflect full One NZ ownership: IFT has updated its FY24 proportionate EBITDAF guidance to between NZ$800m to NZ$840m to reflect full One NZ ownership for 9.5 months of the year, with the underlying portfolio company guidance unchanged.</li></ul>

Acquiring the remaining 50% of One NZ for NZ$1.8bn: IFT has entered an agreement to purchase the remaining 50% of One NZ for NZ$1.8bn from its partner Brookfield.Partially funded by a NZ$850m capital raise: IFT is raising NZ$850m of equity at NZ$9.20 per share corresponding to ~12.7% of outstanding shares via; (1) a fully underwritten NZ$750m Institutional Placement, and (2) a NZ$100m retail offer (plus an ability to accept oversubscriptions).Guidance updated to reflect full One NZ ownership: IFT has updated its FY24 proportionate EBITDAF guidance to between NZ$800m to NZ$840m to reflect full One NZ ownership for 9.5 months of the year, with the underlying portfolio company guidance unchanged.

Infratil: One NZ Acquisition and Capital Raise

Infratil Ltd

Infratil: One NZ Acquisition and Capital Raise