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>An opportunity but the market is significantly different, and much less attractive</li><li>We are supportive of the US entry as an earnings diversifier but the earnings benefit may only be minor</li><li>ATM likely to persist with the liquid milk business (for now)</li></ul>

An opportunity but the market is significantly different, and much less attractiveWe are supportive of the US entry as an earnings diversifier but the earnings benefit may only be minorATM likely to persist with the liquid milk business (for now)

The A2 Milk Company: Heading Stateside — A Worthy Journey?

A2 Milk Co Ltd

The A2 Milk Company: Heading Stateside — A Worthy Journey?