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><p>Solid FY22, FY23 guidance reiterated: WIN’s normalised NPAT was up +42% on the prior year</p></li><li>Softer operating environment: WIN's outlook comments painted a picture of a softer housing market due to tighter credit, pressure on household P&amp;Ls and rising construction costs</li><li>Setting up for a downcycle: WIN has established a Medium Density Development Fund</li></ul>

Solid FY22, FY23 guidance reiterated: WIN’s normalised NPAT was up +42% on the prior yearSofter operating environment: WIN's outlook comments painted a picture of a softer housing market due to tighter credit, pressure on household P&amp;Ls and rising construction costsSetting up for a downcycle: WIN has established a Medium Density Development Fund

Winton Land: FY22 Result — A WINning Risk/Reward

Winton Land Ltd

Winton Land: FY22 Result — A WINning Risk/Reward