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 a2 Milk Company (ATM) has refined its FY23 guidance.</li><li>Revised guidance is for “low double digit” revenue growth (prior guidance of “high single digit”) and EBITDA margins to be “similar to the prior year” (prior guidance of “modest improvement”)</li><li>The revised guidance primarily reflects currency impacts (positive to revenue but negative to costs)</li></ul>

The a2 Milk Company (ATM) has refined its FY23 guidance.Revised guidance is for “low double digit” revenue growth (prior guidance of “high single digit”) and EBITDA margins to be “similar to the prior year” (prior guidance of “modest improvement”)The revised guidance primarily reflects currency impacts (positive to revenue but negative to costs)

The A2 Milk Company (ATM): AGM Guidance Update

A2 Milk Co Ltd

The A2 Milk Company (ATM): AGM Guidance Update