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>1H23 result boosted by one-offs, FY23 guidance reiterated</li><li>Growing the recurring earnings base through Retirement and Commercial </li><li>Keeping an eye on cash: While WIN has NZ$89m of cash on hand it does have NZ$219m of contracted commitments, including deferred land payments and joint venture contributions, and a capital hungry retirement village pipeline</li></ul>

1H23 result boosted by one-offs, FY23 guidance reiteratedGrowing the recurring earnings base through Retirement and Commercial Keeping an eye on cash: While WIN has NZ$89m of cash on hand it does have NZ$219m of contracted commitments, including deferred land payments and joint venture contributions, and a capital hungry retirement village pipeline

Winton Land: 1H23 Result — Revaluations Land in NPAT

Winton Land Ltd

Winton Land: 1H23 Result — Revaluations Land in NPAT