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 upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.</li><li>We have made minor adjustments to our forecasts but lift our 12-month target price to NZ$2.75.</li><li>While the approval unlocks significant value, the market may await confirmation of industrial/town centre land sales and/or significant early residential pre-sales to rerate the stock.</li></ul>

We upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.We have made minor adjustments to our forecasts but lift our 12-month target price to NZ$2.75.While the approval unlocks significant value, the market may await confirmation of industrial/town centre land sales and/or significant early residential pre-sales to rerate the stock.

Winton Land The Sun Rises—Upgrade to OUTPERFORM

Winton Land Ltd

Winton Land The Sun Rises—Upgrade to OUTPERFORM