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>Stride (SPG) continues to trade at a significant discount to its book value.</li><li>SPG has recently been more active in trying to unlock the latent value in its business (sale of Silverdale to Investore, restructure and growth of Industre) and assets under management and fee income are once again growing.</li><li>We continue to see value with SPG trading -16% below our conservative mark-to-market net asset value (NAV) and -34% to NTA, while offering a 10.7% gross yield that appears sustainable even if Diversified fees are lost.</li></ul>

Stride (SPG) continues to trade at a significant discount to its book value.SPG has recently been more active in trying to unlock the latent value in its business (sale of Silverdale to Investore, restructure and growth of Industre) and assets under management and fee income are once again growing.We continue to see value with SPG trading -16% below our conservative mark-to-market net asset value (NAV) and -34% to NTA, while offering a 10.7% gross yield that appears sustainable even if Diversified fees are lost.

Sarawak Consolidated Industries (SCIB MK)

Stride Property Buying Back Market Confidence