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>Final LCD summary and changes: Final LCD issued in the past 24 hours − typically LCDs are issued nationally on Thursday US time but this was issued on Friday after market close.</li><li>Comments of relevance to PEB: The final LCD has listed “Limitations” – a list of 13 tests not considered “medically reasonable and necessary.”</li><li>Responses to PEB’s comments: Novitas has published 36 pages worth of comment responses based on feedback from the proposed LCD to support its final LCD – Novitas has segmented this into 37 comment segments.</li></ul>

Final LCD summary and changes: Final LCD issued in the past 24 hours − typically LCDs are issued nationally on Thursday US time but this was issued on Friday after market close.Comments of relevance to PEB: The final LCD has listed “Limitations” – a list of 13 tests not considered “medically reasonable and necessary.”Responses to PEB’s comments: Novitas has published 36 pages worth of comment responses based on feedback from the proposed LCD to support its final LCD – Novitas has segmented this into 37 comment segments.

Pacific Edge (PEB): LCD Finalisation – Not Good News