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>Volumes mixed: During the 2010s POT was largely reliant on volume growth to drive profits</li><li>Material pricing gains: POT's pricing moves in early FY23 have continued the progress made in FY22</li><li>Terminal development: POT finally gets to make its case in the Environment Court for its berth expansion at Sulphur Point</li></ul>

Volumes mixed: During the 2010s POT was largely reliant on volume growth to drive profitsMaterial pricing gains: POT's pricing moves in early FY23 have continued the progress made in FY22Terminal development: POT finally gets to make its case in the Environment Court for its berth expansion at Sulphur Point

Port of Tauranga: 1H23 — Being Tugged Both Ways