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>SUM reported a relatively weak first quarter sales update.</li><li>New and resales were ~17% of our FY23 estimates, and the conversion from contracted sales at year end was 75%, compared to over 100% historically.</li><li>The slowdown in resales was attributed primarily to timings with regards to residents settling and moving in, presumably a consequence of the well-publicised major slowdown in the housing market, in particular in relation to days to sell.</li></ul>

SUM reported a relatively weak first quarter sales update.New and resales were ~17% of our FY23 estimates, and the conversion from contracted sales at year end was 75%, compared to over 100% historically.The slowdown in resales was attributed primarily to timings with regards to residents settling and moving in, presumably a consequence of the well-publicised major slowdown in the housing market, in particular in relation to days to sell.

Summerset Group Holdings

Summerset (SUM): 1Q23 Sales Update