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>Tower (TWR) has announced a white-label distribution partnership with Westpac NZ (WBC) to underwrite house, contents, motor, and landlord policies from 1 July 2026.</li><li>Management indicates the partnership contributes to its FY27 GWP growth ambition of +10% to +15%.</li><li>Our blended target price lifts +4% to NZ$2.10, on a reduced discount to peers as quality grows.</li></ul>

Tower (TWR) has announced a white-label distribution partnership with Westpac NZ (WBC) to underwrite house, contents, motor, and landlord policies from 1 July 2026.Management indicates the partnership contributes to its FY27 GWP growth ambition of +10% to +15%.Our blended target price lifts +4% to NZ$2.10, on a reduced discount to peers as quality grows.

Tower Limited Westpac Partnership Supports FY27 Growth

Tower Ltd

Tower Limited Westpac Partnership Supports FY27 Growth