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 announced the voluntary recall of three batches of a2 Platinum infant formula sold into the United States (US) due to the detection of cereulide.</li><li>The direct financial impacts of the recall are immaterial.</li><li>It is difficult to assess what impact (if any) the recall will have for ATM's sales in China, but we see Danone's January recall as the most relevant precedent given the shared root cause (cereulide) and the absence of direct product withdrawals in China.</li></ul>

The a2 Milk Company (ATM) has announced the voluntary recall of three batches of a2 Platinum infant formula sold into the United States (US) due to the detection of cereulide.The direct financial impacts of the recall are immaterial.It is difficult to assess what impact (if any) the recall will have for ATM's sales in China, but we see Danone's January recall as the most relevant precedent given the shared root cause (cereulide) and the absence of direct product withdrawals in China.

The a2 Milk Company US Infant Formula Recall

A2 Milk Co Ltd

The a2 Milk Company US Infant Formula Recall