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

<ul><li>The American Dream remains alive. The a2 Milk Company (ATM) has received FDA clearance to sell Stage 1 and 2 a2 Platinum Infant Formula (IF) as part of the FDA's enforcement discretion to fill its shortage</li><li>Medium-term market presence is reliant on further FDA approval(s)</li><li>Assuming ongoing approval, we estimate a base case valuation benefit of ~+NZ15–20cps</li></ul>

The American Dream remains alive. The a2 Milk Company (ATM) has received FDA clearance to sell Stage 1 and 2 a2 Platinum Infant Formula (IF) as part of the FDA's enforcement discretion to fill its shortageMedium-term market presence is reliant on further FDA approval(s)Assuming ongoing approval, we estimate a base case valuation benefit of ~+NZ15–20cps

The A2 Milk Company: American Dream Is Still Alive

A2 Milk Co Ltd

The A2 Milk Company: American Dream Is Still Alive