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>We upgrade our rating on Summerset (SUM) from NEUTRAL to OUTPERFORM with an increased target price of NZ$14.30.</li><li>We expect SUM to sustain its sector-leading asset growth over the next decade, given: (1) its best-in-class development engine already delivering ~700 units per year; (2) NZ retirement village consents at the lowest level in a decade; and (3) key competitors significantly scaling back development.</li><li>With this report we transfer coverage from Aaron Ibbotson to Will Twiss.</li></ul>

We upgrade our rating on Summerset (SUM) from NEUTRAL to OUTPERFORM with an increased target price of NZ$14.30.We expect SUM to sustain its sector-leading asset growth over the next decade, given: (1) its best-in-class development engine already delivering ~700 units per year; (2) NZ retirement village consents at the lowest level in a decade; and (3) key competitors significantly scaling back development.With this report we transfer coverage from Aaron Ibbotson to Will Twiss.

Summerset Group Positive Developments—Up to OUTPERFORM