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>Weaker first quarter volumes: Trade volumes are back to 1Q21 levels, with a higher container weighting given softness across several key bulk cargos</li><li>Earnings guidance: The mid-point of POT's new FY23 NPAT guidance implies ~+5% growth year on year</li><li>Pricing more than offsetting cost inflation</li></ul>

Weaker first quarter volumes: Trade volumes are back to 1Q21 levels, with a higher container weighting given softness across several key bulk cargosEarnings guidance: The mid-point of POT's new FY23 NPAT guidance implies ~+5% growth year on yearPricing more than offsetting cost inflation

Port of Tauranga: Profit Growth Congested by Lower Volumes