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 downgrade Winton (WIN) to NEUTRAL from OUTPERFORM.</li><li>WIN's Founder, Chair, CEO, and largest shareholder Chris Meehan is taking leave effective immediately for health reasons.</li><li>The broader operating backdrop also remains challenging given the further softness in the housing market and likely slowdown in activity ahead of the general election.</li></ul>

We downgrade Winton (WIN) to NEUTRAL from OUTPERFORM.WIN's Founder, Chair, CEO, and largest shareholder Chris Meehan is taking leave effective immediately for health reasons.The broader operating backdrop also remains challenging given the further softness in the housing market and likely slowdown in activity ahead of the general election.

Winton Land Founder Takes Leave—Down to NEUTRAL

Winton Land Ltd

Winton Land Founder Takes Leave—Down to NEUTRAL