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

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) delivered a strong FY22 result, with small beats across the P&amp;L, albeit weighted towards new sales gains</li><li>We were particularly pleased by the moderation in operating expense growth, up ~+10% in 2H22 after two years of 20% to 30% opex growth</li><li>FY23 also appears to be off to a good start with management commentary suggesting the first six weeks of trading has been strong.</li></ul>

Summerset (SUM) delivered a strong FY22 result, with small beats across the P&amp;L, albeit weighted towards new sales gainsWe were particularly pleased by the moderation in operating expense growth, up ~+10% in 2H22 after two years of 20% to 30% opex growthFY23 also appears to be off to a good start with management commentary suggesting the first six weeks of trading has been strong.

Summerset Group: FY22 Result — Buy Now, Cash Later