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>Recent trading and outlook: EBO has been a strong performer through the past 24 months driven by Animal Care industry tailwinds and a number of incremental Healthcare tailwinds</li><li>First insights into LifeHealthcare (LHC): We continue to view the purchase constructively with recent channel checks supportive of solid underlying growth and business quality</li><li>Balance sheet and M&amp;A: Post the LHC acquisition, EBO guided to ND/EBITDA to be &lt;2.25x (on a pre-IFRS-16 basis) — our current forecasts are for ~2.1x</li></ul>

Recent trading and outlook: EBO has been a strong performer through the past 24 months driven by Animal Care industry tailwinds and a number of incremental Healthcare tailwindsFirst insights into LifeHealthcare (LHC): We continue to view the purchase constructively with recent channel checks supportive of solid underlying growth and business qualityBalance sheet and M&amp;A: Post the LHC acquisition, EBO guided to ND/EBITDA to be &lt;2.25x (on a pre-IFRS-16 basis) — our current forecasts are for ~2.1x

EBOS Group: FY22 Preview — Solid as a Rock

Ebos Group Ltd

EBOS Group: FY22 Preview — Solid as a Rock