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>We upgrade Stride Property (SPG) from NEUTRAL to OUTPERFORM.</li><li>SPG is trading on a -26% discount to its NTA backing of NZ$1.72 per share, and at a -8% discount to our NAV, which conservatively assumes a further -15% decrease in the value of office and retail properties.</li><li>SPG has debt-reduction options including: (1) divesting part of its town-centre portfolio (we see this as likely); and (2) the spin-off of its office fund, Fabric.</li></ul>

We upgrade Stride Property (SPG) from NEUTRAL to OUTPERFORM.SPG is trading on a -26% discount to its NTA backing of NZ$1.72 per share, and at a -8% discount to our NAV, which conservatively assumes a further -15% decrease in the value of office and retail properties.SPG has debt-reduction options including: (1) divesting part of its town-centre portfolio (we see this as likely); and (2) the spin-off of its office fund, Fabric.

Stride Property Stepping Up To OUTPERFORM