Investor Presentation

UBS Australasia Conference
Sydney
13 November 2017
a2 Milk™, a2 Platinum™ and The a2 Milk Company™ are trademarks of The a2 Milk Company Limited

Disclaimer
2
This presentation dated 13 November 2017 provides additional comment on the Annual Report 2016-2017 of The a2 Milk Company Limited (the “Company”) and
accompanying information released to the market on 23 August 2017. As such, it should be read in conjunction with the explanations and views in those
documents.
This presentation is provided for general information purposes only. The information contained in this presentation is not intended to be relied upon as advice to
investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should assess their own
individual financial circumstances and consider talking to a financial adviser or consultant before making any investment decision.
This presentation is not a prospectus, investment statement or disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
Certain statements in this presentation constitute forward looking statements. Such forward looking statements involve known andunknown risks, uncertainties,
assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results,performance or achievements
to differ materially from those expressed or implied by such statements.
While all reasonable care has been taken in relation to the preparation of this presentation, none of the Company, its subsidiaries, or their respective directors,
officers, employees, contractors or agents accepts responsibility for any loss or damage resulting from the use of or reliance on this presentation by any person.
Past performance is not indicative of future performance and no guarantee of future returns is implied or given.
Some of the information in this presentation is based on unaudited financial data which may be subject to change.
All values are expressed in New Zealand currency unless otherwise stated.
All intellectual property, proprietary and other rights and interests in this presentation are owned by the Company.

Contents
3
•Company overview
•Group strategy
•FY17 result highlights
•FY18 update
•Appendix

4
“The Company’s continued growth
reflects increasing consumer acceptance
of the a2™ brand and the benefits of
dairy-based products free from the
A1 beta casein protein type”.
Geoffrey Babidge
Managing Director & CEO

Company overview
5

The a2 Milk Company at a glance
•The a2 Milk Company (“a2MC”) is in the business of producing,
marketing and selling premium branded dairy nutritional products in
targeted global markets
•All a2MC branded products contain only A2 beta casein protein type
rather than both A1 and A2 types found in conventional cows’ milk
products
•Uniquely focused on building a branded and differentiated business
supported by an integrated IP portfolio and growing scientific
evidence
NZD millionAUD million
1
MarketCapitalisation
2
~5,470~4,870
GroupRevenue549.5495.7
Group EBITDA
3
141.2127.3
Group NPAT90.681.8
EPS
4
(centsper share)12.7c11.5c
Key metrics FY17
6
1
AUD metrics converted at 8 November 2017 (NZD/AUD = 0.902)
2
Based on share price of NZD7.49/AUD6.73 as at 8 November 2017 (quoted securities only)
3
EBITDA is a non-GAAP measure, representing earnings before interest, tax, depreciation and
amortisation
4
Basic Earnings Per Share
a2 Milk™

Single-minded company focus
on A1 protein-free products
(pioneers and experts)
Compelling and growing
scientific evidence
Integrated IP portfolio and
proprietary know-how
Unique and effective
marketing approach
Clean and green Australia and
NZ sourcing profile
(strength in Asia)
The a2 Milk Company proposition
7
Capital-smart investment
model coupled with strong
long-term supply
partners

Group strategy
8

Growth strategy
Across a continuum from the purity of
fresh a2 Milk™ to customised
A1 protein-free products
Targeting adults, children and infants to
satisfy their growing digestive
health needs
BROAD DAIRY
NUTRITIONAL PRODUCT
PORTFOLIO
OUR PURPOSE
As the a2 Milk™ pioneers we are determined to help people enjoy a better life
OUR VISION
To be the innovative and smart choice for dairy nutrition
OUR AMBITION
To be the most admired and commercially attractive dairy nutritional company
OUR STRATEGIC PRIORITIES
TARGETED
ATTRACTIVE
REGIONS
Asia Pacific focus
(ANZ, China, Other Asia)
USA
UK
Opportunistic new markets
PROPRIETARY
KNOW-HOW,
A2 PROTEIN EXPERTISE
Integrated intellectual property portfolio
Leading operational &
compliance capability
Sponsoring relevant scientific research
Differentiated brand development
9

Dairy nutrition innovation continuum
Further scope for
innovation in
existing & adjacent
product segments
Increasing level of product customisation
10

Strategic progress & agenda
•Continued build of Board and senior management capability
–Appointment of Warwick Every-Burns & Jesse Wu as non-executive Directors
–Reorganisation of senior leadership team and new focus:
Chief Executive Asia Pacific
Executive Vice President China
Head of Business Development –Emerging Markets
UK, Europe & Strategic initiatives
•New hires across the Company to support regional growth and innovation needs
•Product innovation planned for FY18 targeting adults, children and infants
–a2 Platinum® Stage 4 English label in market from August 2017
–Further launches to follow
•Recent launch of Australian fresh milk into Singapore, first SEA initiative
•Further investment in IP portfolio, supported by targeted R&D
•New unifying brand identity
1111

FY17 result highlights
12

Financial summary
13
•Group revenue growth of +56% on pcp, a2 Platinum® infant formula revenue +84%
•EBITDA to sales margin of 26% (up from 15% in pcp)
•Gross margin primarily reflects increased contribution from infant formula sales and
lower infant COGS in FY17
•Increased marketing and brand development spend of $9.0m vs pcp, primarily in US
and China
•Increases to ‘administration and other’ reflects write-down of intangibles (+$2.4m),
increased spend on patents, trademarks and R&D (+$2.0m) and others costs associated
with business expansion
•Effective tax rate reduced from ~42% to ~35% reflecting lower weighting of non-
deductible expenses and international losses not tax effected
•Cash on hand reflects strong NPAT contribution offset by $48.7m investment in Synlait
•Inventory reduction reflects strong demand for infant formula
•Refer Appendix for geographic performance, cash position and a reconciliation of non-
GAAP measures
NZ$ millionFY17FY16% change
Revenue549.5352.856%
Gross margin263.5151.075%
Sales & distribution(21.3)(19.0)12%
Marketing (42.0)(33.0)27%
Employee costs(23.0)(19.1)20%
Administration & other(36.0)(25.3)42%
EBITDA141.254.6159%
EBIT138.551.8167%
NPAT90.630.4198%
Jun-17Jun-16% change
Cash on hand121.069.474%
Inventory28.452.6(46%)

The year in charts
14
110.8
155.1
352.8
549.5
FY14FY15FY16FY17
H1H2
3.6
4.8
54.6
141.2
FY14FY15FY16FY17
H1H2
Group Revenue (NZ$ million)Group EBITDA
1
(NZ$ million)
1
EBITDA is a non-GAAP measure and represents earnings before interest, tax, depreciation and amortisation, and is shown before non-recurring items
0.0
-0.3
4.4
12.7
FY14FY15FY16FY17
EPS
Basic Earnings Per Share (Cents)

16.8
24.9
73.9
140.5
184.5
209.5
1H152H151H162H161H172H17
Group Infant Formula Net Revenue (NZ$m)
Continued strong growth in sales and market share for a2 Platinum®
15
•Group infant formula revenue of NZ$394.0 million, compared to
NZ$214.4 million for FY16
•Infant formula accounts for 72% of Group revenue
•Significant growth in Australian marketplace:
–Fastest growing Australian infant formula brand by value
1
–Number 2 infant formula brand in the Australian market
1
–Value market share growing from ~16% to ~26% (MAT)
1
•Continued success of a2 Platinum® in China a function of our multi-product,
multi-channel strategy:
–Direct sales into China increased significantly in cross border e-commerce channels
(CBEC) and mother baby retail stores (MBS)
–China achieved ~150% growth of infant formula sales from FY16
–China Label accounted for ~6% of Group infant formula sales in FY17,
strengthening to ~8% in 2H17
•SynlaitMilk Limited:
–Enhanced supply agreement completed in August 2016 provides surety of supply
–a2MC acquired 8.2% shareholding (March 2017)
1
Australian Grocery and Pharmacy Scan 52 weeks to 30 June 2017
74.8
80.3
139.2
213.6
256.1
293.4
1H152H151H162H161H172H17
Liquid MilkInfant FormulaOther
Portfolio Composition (Net Revenue NZ$m)

UK
•Achieved first annual operating profit
•‘a2tonishing™’ marketing campaign continued
•Distribution gains to ~1,600 stores and growth in rate of sale
•Assessing incremental opportunities in Europe and Middle East
ANZ
•Exceptional ANZ business performance; revenue $439.6m (+48.3%)
•~78% growth in a2 Platinum® infant formula
•a2 Milk™ fresh milk revenue up ~5.5%
•Strong growth in whole milk powder
•Skim milk powder introduced (May 17)
•a2MC highest brand advertising spend
1
•Continued to pay a premium to farmers
China
•Strong sales and earnings momentum; revenue $88.9m (+132.9%)
•Infant formula consumption value share of 3.5%
2
•Strong growth across mother baby retail and CBEC channels
•Increased local China team capability
•Managed expansion in structured way, supported by in-market
consultants
USA
•Progress in building brand awareness, growing rate of sale and
expanding footprint region-by-region
•Distribution to ~3,000 stores
•‘Love Milk Again’ campaign launched
•Continued focus on return on investment
•Financial outlook now assumes ~US$25M forward investment before
positive monthly EBITDA in FY20
16
FY17 regional performance
1
Highest brand advertising spend for both infant formula and fresh milk categories for FY17
2
Kantar Infant Formula market tracking of China Key and A cities for quarter ending 30/06/17 vs prior year of 2.1% (Kantar track a substantial proportion of the total market)

Intellectual property and R&D
17
•The Company recognises increased interest in A1 protein-free products
–Focus on patents, trade marks and proprietary know-how across chosen markets, building on first mover advantage
–a2MC will continue to actively enforce its intellectual property rights
•Research projects progressed during FY17:
–Significant human study in China (n=600) builds upon digestive benefit findings from an earlier study published in FY16 –now published
–Clinical study in China amongst pre-school children examining digestive and cognitive function submitted for publication; results consistent with recent adult findings
–Human clinical study in association with Monash University Australia examining the benefits of a2 Milk® on irritable bowel syndrome
–Clinical examination of benefits of A1 protein-free milk to gut and systemic inflammation at USA Pennington Biomedical Research Centre
–First acute human study supported by New Zealand Government grant now complete, a second study building on initial findings has been initiated
•In September 2016 the Nutrition Journalreported that consumption of a2 Milk™ increases natural production of the body’s key antioxidant,
Glutathione (GSH) in self diagnosed milk-intolerant Chinese consumers
–GSH is widely recognised for its association with a range of health benefits

FY18 update
18

UK
•Pleasing progress in rate of sale for fresh milk
•Continued growth in distribution footprint
•Results include a2 Platinum® infant formula sales in the wholesale
channel in line with pcp
•Continuing to assess incremental opportunities in Europe and the
Middle East
ANZ
•a2 Milk™ fresh milk performing well, pleasing 1Q18
2
growth on pcp
•a2 Platinum® infant formula continues to be significant contributor
•Successful launch of a2 Platinum® Stage 4, strong consumer take-up
•Strong growth in a2 Milk™ branded milk powders (skim, whole milk)
•The Australian Federal Court action remains in progress; a2MC
remains confident of achieving a successful outcome. The scheduled
hearing date has been vacated from November 2017 until the New
Year with a date to be determined
China and other Asia
•Building local team to support ongoing sales growth
•Remain focussed on distribution expansion through MBS
3
(offline)
•Consumption share for a2 Platinum® infant formula brand continues to
strengthen; ~4.1% Kantar value share up from ~3.5%
4
•China Food and Drug Administration (CFDA) registration achieved for
China label infant formula
•Recent launch of Australian fresh milk into Singapore, first SEA initiative
progressing well
USA
•Continuing distribution build in core regions and natural channel
•Rate of sale build in Publix and other key retailers backed by earned
media and “Love Milk Again” advertising campaign
•Achieving national earned media including “CBS This Morning”
national TV news feature during October and strong press coverage
•Investigating new product opportunities for this market
19
FY18 regional performance
1
1
4-month FY18 (4M18) update to be provided at the Company’s Annual Meeting, 21 November 2017
2
1st Quarter FY18
3
Mother Baby Store (MBS)
4
Kantar Infant Formula market tracking of China Key and A cities for latest quarter ending 08/09/17, up from 3.5% quarter ended 30/06/17 (Kantar track a substantial proportion of the total market)

Infant formula
regulations cover
Stages 1-3;
exclude Stage 4
China label product sold through traditional import mode
•CFDA
1
registration achieved September 2017 by SynlaitMilk for the importation of a2MC
infant formula into China from 1 January 2018
•Registration process included product testing, formulation & ingredient assessment and
packaging changes in response to new labelling requirements
•The Company will transition from the existing China label to the newly registered product in
market during 2H18
China infant formula regulatory environment
CBEC
English label
China label
Imported
by
China State
Farm
English label product sold through CBEC platforms
•Recent commentary from China State Council suggests:
–Further 1 year extension to grace period of China CBEC policy to end of December 2018
–Establishment of new experimental zones to promote development of CBEC
•Further announcements relating to infant formula within the CBEC channel expected
1
CFDA: China Food and Drug Administration
20

Momentum has continued to build in the US since launch
21
a2 Milk™ brand
launches in the US,
initially Southern
California, in
customers including
Sprouts & Whole
Foods
April
2015
July –August
2015
December 2015 –
February 2016
Launch into King
Soopers (Denver),
Fred Meyer, Meijer
and Safeway Norcal
April
2016
Distribution growth
into The Fresh
Market & Ralph’s and
also Whole Foods
Mid-Atlantic
Blake Waltrip
appointed US Chief
Executive
Dairy supply
agreement with
second contract
processor in the Los
Angeles basin agreed
May
2016
July –August
2016
Target and Whole
Foods South ranging
a2 Milk™ Chocolate
variant launched
Distribution begins
in Whole Foods
Northeast &
Southeast regions
May
2017
March
2017
September
2017
August
2017
September –
December 2016
Distribution
through Harris
Teeter (Carolinas)
and Winn Dixie
(Florida)
Ranging in Whole
Foods Rocky
Mountains and
Southwest;
Significant PR hits
in Wall Street
Journal and
Washington Post
South East launch
in Publix supported
by new multi-media
‘Love Milk Again’
campaign from
April
Significant PR hits
(LA Times, KTLA TV,
New Nutrition
Journal); launch of
‘Feel Good’ digital
campaign

Public relations coverage USA
22
(https://www.cbsnews.com/videos/a2-milk-draws-consumer-praise-dairy-industry-skepticism/)

thea2milkcompany.com

24
Appendix

Geographic financial performance
25
NZ$ millionFY17FY16Movement %
Operating Segment
Segment
Revenue
Operating
EBITDA
1
Segment
Revenue
Operating
EBITDA
1
Segment
Revenue
Operating
EBITDA
1
Australia & New Zealand439.6155.3296.384.748.3%83.4%
China & other Asia 88.932.838.29.2132.9%257.6%
Corporate and other-(24.4)-(18.8)-30.2%
Total excludingUS & UK528.5163.7334.575.158.0%118.0%
US & UK
2
21.0(22.5)18.3(20.5)15.1%9.8%
Total Group549.5141.2352.854.655.8%158.6%
Infant formula (included in Group total)394.0214.483.8%
1
Operating EBITDA is a non-GAAP measure and represents earnings before interest, tax, depreciation and amortisation
2
UK & US Operating EBITDA includes $2.2 million in impairment charges in FY17

Cash position
26
•Cash on hand reflects continued earnings momentum
•Inventory reduction reflects strong infant formula demand exceeding stock availability
•Working capital movement driven largely by increase in trade debtors and prepayments relating to infant formula
•Includes acquisition of shareholding in Synlait
•Working capital outlook assumes a planned increase in infant formula inventory in FY18
Group Cash Movement (NZ$ million)
69.4
+90.6
+24.1
(22.8)
(2.5)
(48.7)
+7.8
+3.1
121.0
Cash on hand
(Jun-16)
Group NPATInventory
reduction
Other working
capital
Investments in
PPE &
intangibles
Investment in
Synlait
Depreciation,
amortisation &
other non-cash
FX and otherCash on hand
(Jun-17)

Reconciliation of non-GAAP measures
27
NZ$ millionFY17FY16
ANZ segment EBITDA155.384.7
China & other Asia segment EBITDA32.89.2
US & UK segment EBITDA(22.5)(20.5)
Corporate& other segment EBITDA(24.4)(18.8)
EBITDA
1
141.254.6
Depreciation& amortisation(2.7)(2.8)
EBIT
1
138.551.8
Net interest income0.80.5
Income tax expense(48.7)(21.9)
Netprofit for the period90.630.4
1
EBITDA and EBIT are non-GAAP measures, but the Company believes they provide investors with a comprehensive understanding of theunderlying performance of the business

thea2milkcompany.com