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>Meridian Energy's (MEL) investor day was a mixture of the good and the bad.</li><li>The net effect—a modest -10cps (-1.6%) reduction in our target price.</li><li>The potential upside is material, but it is too early to ascribe any value to these opportunities.</li></ul>

Meridian Energy's (MEL) investor day was a mixture of the good and the bad.The net effect—a modest -10cps (-1.6%) reduction in our target price.The potential upside is material, but it is too early to ascribe any value to these opportunities.

Meridian Energy Capex Inflation Before Hydro Hope