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>We reinstate our Vital Healthcare (VHP) rating at OUTPERFORM and a NZ$2.23 target price.</li><li>The current environment of modest inflation and stable interest rates is supportive of earnings growth, and we forecast AFFO to lift +5% by FY28.</li><li>Concerns around private hospital profitability in Australia are abating as margins improve.</li></ul>

We reinstate our Vital Healthcare (VHP) rating at OUTPERFORM and a NZ$2.23 target price.The current environment of modest inflation and stable interest rates is supportive of earnings growth, and we forecast AFFO to lift +5% by FY28.Concerns around private hospital profitability in Australia are abating as margins improve.

Vital Healthcare Solid Vital Signs—Reinstate At OUTPERFORM