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>Ryman Healthcare (RYM) added a further NZ$400m of net debt in 1H23 against our expectations of ~NZ$150m and now carry ~NZ$3bn of debt</li><li>The difference relative to our expectations was centered on continued delayed cash collection of new sales</li><li>While RYM's debt is still manageable in the context of its ~NZ$12bn total assets, we believe RYM's debt level is starting to constrain it</li></ul>

Ryman Healthcare (RYM) added a further NZ$400m of net debt in 1H23 against our expectations of ~NZ$150m and now carry ~NZ$3bn of debtThe difference relative to our expectations was centered on continued delayed cash collection of new salesWhile RYM's debt is still manageable in the context of its ~NZ$12bn total assets, we believe RYM's debt level is starting to constrain it

Ryman Healthcare: 1H23 Result — Capital Constrained?