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>We upgrade our ATM rating to NEUTRAL from UNDERPERFORM following recent share price weakness in what we view as a more balanced risk/reward.</li><li>Risks remain on the outlook and we are circumspect on ATM's margin expansion</li><li>ATM is trading on ~24x 12 month forward PE (~20x cash adjusted) which is below its five year average (~29x) and against a three year forward EPS CAGR of +16%.</li></ul>

We upgrade our ATM rating to NEUTRAL from UNDERPERFORM following recent share price weakness in what we view as a more balanced risk/reward.Risks remain on the outlook and we are circumspect on ATM's margin expansionATM is trading on ~24x 12 month forward PE (~20x cash adjusted) which is below its five year average (~29x) and against a three year forward EPS CAGR of +16%.

The A2 Milk Company: Shaken, Not Stirred; Upgrade to NEUTRAL

A2 Milk Co Ltd

The A2 Milk Company: Shaken, Not Stirred; Upgrade to NEUTRAL