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>3Q23 update broadly in-line with forecasts; we make no forecast changes</li><li>Encouraging updates on Kaiser integration and opex trajectory</li><li>Uncertainty persists for the Novitas LCD process; retain NEUTRAL rating</li></ul>

3Q23 update broadly in-line with forecasts; we make no forecast changesEncouraging updates on Kaiser integration and opex trajectoryUncertainty persists for the Novitas LCD process; retain NEUTRAL rating

Pacific Edge: 3Q23 Checkup — Waiting For Clarity