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>Infratil (IFT)-owned One NZ has announced a proposal to share network infrastructure with 2degrees.</li><li>We believe this deal could be meaningfully positive for One NZ, lowering its capex and increasing free cash flow and dividends to IFT, with potential for a &gt;+10% increase in free cash flow from this deal.</li><li>Should the deal proceed, we see upside to our One NZ free cash flow estimates and valuation.</li></ul>

Infratil (IFT)-owned One NZ has announced a proposal to share network infrastructure with 2degrees.We believe this deal could be meaningfully positive for One NZ, lowering its capex and increasing free cash flow and dividends to IFT, with potential for a &gt;+10% increase in free cash flow from this deal.Should the deal proceed, we see upside to our One NZ free cash flow estimates and valuation.

Infratil

Infratil Splitting the Bill