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>Ryman Healthcare (RYM) has announced a fully underwritten capital increase of ~NZ$900m, largely to pay back the outstanding USPP debt and associated break fees</li><li>Together with the announcement, RYM provided a comprehensive strategy shift, building on what it announced in October 2022</li><li>RYM made it clear that its forward focus will not be solely on underlying earnings and growth, but also on cash generation</li></ul>

Ryman Healthcare (RYM) has announced a fully underwritten capital increase of ~NZ$900m, largely to pay back the outstanding USPP debt and associated break feesTogether with the announcement, RYM provided a comprehensive strategy shift, building on what it announced in October 2022RYM made it clear that its forward focus will not be solely on underlying earnings and growth, but also on cash generation

Ryman Healthcare: Making the Right Noises; Up to OUTPERFORM