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>3Q26 will be a lighter period (down year-on-year) for settlements, reflecting lower contracting over March and April due to the fuel crisis.</li><li>SUM has strong confidence that 4Q26 settlements will recover to normal levels based on forward looking indicators.</li><li>SUM believes the transition to a 30% DMF is largely de-risked, albeit it has flexibility to change its decision if needed.</li></ul>

3Q26 will be a lighter period (down year-on-year) for settlements, reflecting lower contracting over March and April due to the fuel crisis.SUM has strong confidence that 4Q26 settlements will recover to normal levels based on forward looking indicators.SUM believes the transition to a 30% DMF is largely de-risked, albeit it has flexibility to change its decision if needed.

Summerset (SUM): 1H26 Result – Conference Call Takeaways