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>VHP has reported FY22 AFFO +18% to NZ$67.8m reflecting higher rental income from acquisitions and developments</li><li>VHP’s FY23 dividend guidance of 9.75cps was slightly below our forecast of 9.9cps</li><li>VHP’s debt is 45% hedged as such increased floating interest rates as well as dilution from the 2H22 capital raise have been headwinds</li></ul>

VHP has reported FY22 AFFO +18% to NZ$67.8m reflecting higher rental income from acquisitions and developmentsVHP’s FY23 dividend guidance of 9.75cps was slightly below our forecast of 9.9cpsVHP’s debt is 45% hedged as such increased floating interest rates as well as dilution from the 2H22 capital raise have been headwinds

Vital Healthcare: FY22 Result First Take – FY23 Guidance Slightly Below