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>Oceania Healthcare (OCA) delivered underlying earnings below our expectations due to higher costs and lower new sale gains</li><li>Annuity EBITDA fared better, up +21% versus 1H22 and +4% ahead of our forecasts.</li><li>We remain of the view that OCA is one of the most attractive medium and long term investments under our coverage</li></ul>

Oceania Healthcare (OCA) delivered underlying earnings below our expectations due to higher costs and lower new sale gainsAnnuity EBITDA fared better, up +21% versus 1H22 and +4% ahead of our forecasts.We remain of the view that OCA is one of the most attractive medium and long term investments under our coverage

Oceania Healthcare: 1H23 Result — Time to Slow Down?