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

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset reports its 1H22 result on 23 August 2022, the only aged care company that reports this earnings season</li><li>Key points of interest: Opex up +25% to NZ$100m in 2H21 versus 2H20; Resale margins; Demand Outlook</li><li>SUM may set the tone for the whole sector — key will be commentary around demand and pricing of ILUs</li></ul>

Summerset reports its 1H22 result on 23 August 2022, the only aged care company that reports this earnings seasonKey points of interest: Opex up +25% to NZ$100m in 2H21 versus 2H20; Resale margins; Demand OutlookSUM may set the tone for the whole sector — key will be commentary around demand and pricing of ILUs

Summerset Group: 1H22 Preview — Focus on Costs and Outlook