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>NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth.</li><li>Since then, global market returns have been robust and NZX value traded has improved, as such we are comfortable with our current estimate.</li><li>Areas where NZX is tracking below our expectations (particularly dairy derivatives but also value traded) aren’t as important in aggregate as annual listing fees, market data subscriptions, and funds management fee revenue where operating stats point to solid results.</li></ul>

NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth.Since then, global market returns have been robust and NZX value traded has improved, as such we are comfortable with our current estimate.Areas where NZX is tracking below our expectations (particularly dairy derivatives but also value traded) aren’t as important in aggregate as annual listing fees, market data subscriptions, and funds management fee revenue where operating stats point to solid results.

NZX: May Operating Stats—Tracking In-Line with Guidance