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>Demand strong but time to settle extends: SUM's demand remains strong, with pre-sales as a percentage of units released at record levels</li><li>Development pipeline: SUM retained it build rate guidance of ~600 units for this year and suggested that it would keep the build rate at this level for now</li><li>Care investment: SUM welcomes the latest announcement on pay parity but believes it does not solve the economic challenges of care</li></ul>

Demand strong but time to settle extends: SUM's demand remains strong, with pre-sales as a percentage of units released at record levelsDevelopment pipeline: SUM retained it build rate guidance of ~600 units for this year and suggested that it would keep the build rate at this level for nowCare investment: SUM welcomes the latest announcement on pay parity but believes it does not solve the economic challenges of care

Summerset Group: So Far So Good — Not Immune to Weak Market