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

Thematic (Sector/Industry)

New zealand Capital goods / Thematic (Sector/Industry)

<ul><li>The growth in online retail spending, which has continued to grow materially faster than in-store, remains a key driver of (1) global air freight volume growth, and (2) domestic parcel demand.</li><li>eCommerce continues to be a key driver of the business-to-consumer (B2C) parcel market and represents a significant long-term growth opportunity for courier players.</li><li>We expect eCommerce growth to remain robust, particularly if an economic recovery and improving consumer confidence support a broader uplift in retail spending.</li></ul>

The growth in online retail spending, which has continued to grow materially faster than in-store, remains a key driver of (1) global air freight volume growth, and (2) domestic parcel demand.eCommerce continues to be a key driver of the business-to-consumer (B2C) parcel market and represents a significant long-term growth opportunity for courier players.We expect eCommerce growth to remain robust, particularly if an economic recovery and improving consumer confidence support a broader uplift in retail spending.

Transport Titbits — Checking Out eCommerce