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>Cost of capital tweaks could have been worse: We had expected the Commerce Commission (ComCom) to adjust regulatory cost of capital (WACC) parameters to help offset the rapid increase in interest rates over the past three years.</li><li>VCT misses out on removing asset indexation, results in funding challenges, particularly given big increase in future capex</li><li>Metering sale unconditional, completion scheduled for 30 June 2023, as assumed</li></ul>

Cost of capital tweaks could have been worse: We had expected the Commerce Commission (ComCom) to adjust regulatory cost of capital (WACC) parameters to help offset the rapid increase in interest rates over the past three years.VCT misses out on removing asset indexation, results in funding challenges, particularly given big increase in future capexMetering sale unconditional, completion scheduled for 30 June 2023, as assumed

Vector Ltd

Vector: Capex Funding No Easier