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

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>Development machine is capital hungry: PCT has built a solid track record of successful development execution, with NZ$1.2b of completions over the last Commercial Bay and Wynyard Quarter Stages 1 and 2 in Auckland, and Bowen Campus in Wellington</li><li>No problems with the LVR: This development activity is capital intensive and PCT have funded this activity via a mix of asset sales, debt and new equity</li><li>ICR at the low end but will improve with development completions in FY24</li></ul>

Development machine is capital hungry: PCT has built a solid track record of successful development execution, with NZ$1.2b of completions over the last Commercial Bay and Wynyard Quarter Stages 1 and 2 in Auckland, and Bowen Campus in WellingtonNo problems with the LVR: This development activity is capital intensive and PCT have funded this activity via a mix of asset sales, debt and new equityICR at the low end but will improve with development completions in FY24

Precinct Properties NZ: Project Completions Improve Debt Metrics