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

Vital Healthcare Property Trust / Equity Bottom-Up

<ul><li>Solid operational result: VHP reported 1H23 adjusted funds from operations (AFFO) of NZ$37.7m which was just below our forecasts due to lower performance fee add back</li><li>Healthy porfolio metrics: VHP's portfolio metrics remain strong with 98.4% occupancy and a WALT of 17.2 years</li><li>Assets sales to fund the development pipeline: Given current market conditions, VHP is focussed on the completion of its NZ$510m (NZ$369m remaining to spend) development pipeline</li></ul>

Solid operational result: VHP reported 1H23 adjusted funds from operations (AFFO) of NZ$37.7m which was just below our forecasts due to lower performance fee add backHealthy porfolio metrics: VHP's portfolio metrics remain strong with 98.4% occupancy and a WALT of 17.2 yearsAssets sales to fund the development pipeline: Given current market conditions, VHP is focussed on the completion of its NZ$510m (NZ$369m remaining to spend) development pipeline

Vital Healthcare: 1H23 — Also in the Waiting Room