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>Precinct (PCT) has agreed to sell a 50% interest in PwC Tower to its existing capital partner, PAG.</li><li>We continue to view PCT’s premium portfolio and strong gross yield as attractive.</li><li>The search for a capital partner for 256 Queen St student accommodation continues, and PCT has engaged a contractor to better scope costs for the Downtown Carpark project, but a capital partner is unlikely until the development is further derisked.</li></ul>

Precinct (PCT) has agreed to sell a 50% interest in PwC Tower to its existing capital partner, PAG.We continue to view PCT’s premium portfolio and strong gross yield as attractive.The search for a capital partner for 256 Queen St student accommodation continues, and PCT has engaged a contractor to better scope costs for the Downtown Carpark project, but a capital partner is unlikely until the development is further derisked.

Precinct Properties NZ Selling Down to Build Up