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

Vital Healthcare Property Trust / Equity Bottom-Up

<ul><li>At first glance, Vital Healthcare's (VHP) 1H26 AFFO was well ahead of our expectations.</li><li>VHP trades on a gross yield of 7.5% (33% taxpayer), 18x AFFO, and a -17% discount to book value (-12% to net asset value).</li><li>Concerns around private hospital profitability in Australia are abating.</li></ul>

At first glance, Vital Healthcare's (VHP) 1H26 AFFO was well ahead of our expectations.VHP trades on a gross yield of 7.5% (33% taxpayer), 18x AFFO, and a -17% discount to book value (-12% to net asset value).Concerns around private hospital profitability in Australia are abating.

Vital Healthcare - 1H26 Result—Looking Healthy