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>Robust 1Q23 store sales supported by favourable currency movements: Total NZD sales growth was positive across all regions, but this included significant contribution from favourable currency movements</li><li>Divisional weakness mostly isolated to California: California continues to be RBD's weakest division, with same store sales ~-4% lower than the prior period</li><li>New Zealand, Australia, and Hawaii still exhibiting positive same store sales: New Zealand (+7% against 1Q22), Australia (+11%), and Hawaii (+1%) same store sales remain in positive territory</li></ul>

Robust 1Q23 store sales supported by favourable currency movements: Total NZD sales growth was positive across all regions, but this included significant contribution from favourable currency movementsDivisional weakness mostly isolated to California: California continues to be RBD's weakest division, with same store sales ~-4% lower than the prior periodNew Zealand, Australia, and Hawaii still exhibiting positive same store sales: New Zealand (+7% against 1Q22), Australia (+11%), and Hawaii (+1%) same store sales remain in positive territory

Restaurant Brands NZ: 1Q23 — Sales Takeaway