Investor Strategy Day Presentation

更上一个台阶
Stepping it up.
Investor Strategy Day and China Market Immersion | Shanghai | 17 and 18 September 2019
The a2 Milk Company Limited

Investor Strategy Day |2
Welcome
Objectives for the next two days:
•Provide more colouron our business and priorities as we
head into a period of significant investment to support
continued growth
•Share key insights into all our core markets –with a
particular focus on consumer and channel trends in
Greater China and the US
•Give you an opportunity to meet and get to know our
senior leaders
•Engage you in the China market through our eyes –
bringing key insights to life through in-market experiences

Welcome and overview of our journey ahead
Celebrating the Australian fresh milk business
Accelerating focus and investment in Greater China
Confidence in US as a second growth engine
Close and Q&A
S T E P P I N G I T U P

Investor Strategy Day |4
What we want you to take away from this experience
Consumer-led with deep
market understanding
Re-imagining
our future business
Stepping up our
growth investment
Protecting what
makes us special

O U R J O U R N E Y A H E A D
Increased
consumer-led
focus on fewer
bigger regions.

IP CreatorsAustralian branded fresh milk focusExpanding product range and distribution footprint
We’ve had an extraordinary journey...
Investor Strategy Day | 6
Stepping it up
FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18
a2MC historical revenue
(NZ$m)
FY00
Company founded
FY00
Shift from
licensing to
operational;
a2 Milk™
relaunches in Aus
FY07
Transferred listing
to NZX main board
1
a2 Milk™ launches
in UK and Ireland
FY11
Manufacturing
agreement
for IMF
FY12
China distribution
agreement for
IMF with
China State Farm
FY13
a2 Milk™
launched in the US
FY15
Comprehensive
strategic relationship
announced
FY18
FY14
IMF launched in
ANZ and China
listing
FY15
FY19
Building the
foundations
to deliver
our potential
FY19
1
Listed on the NZX alternative market (NZAX) in 2004 and transferred listing to NZX mainboard in 2012

The next phase of our evolution as a company is important
Investor Strategy Day | 7
•The growth potential is significant –and very energising
•It builds on all that has come before us, but requires
stepping up
•We are investing to establish broader consumer reach
and greater resilience and capacity as an organisation
•We will measure our success on several critical metrics
in each of our markets including:
−Brand awareness, trial and loyalty conversion
−Share of category consumption
−Absolute revenue growth
−Healthy underlying gross margins by product categories
This is still
being created
–so can leave
as is for the
moment
We are pursuing the two biggest
consumer markets in the world
Population
Category
Fresh milk + IMF
IMF
Fresh milk

Key ingredients for the ongoing success of our business
Investor Strategy Day | 8
Focus–core markets and existing products first, new products second, new markets third
Accelerating investment to increase and deepen consumer understanding and engagement:
−Significant increase in brand awareness leading to increased levels of trial and loyalty conversion
−Bandwidth as an organisation to continue at pace across a more diverse business portfolio and agenda
−Technology to support growth and fast paced innovation
Adaptabilityto continue to evolve the settings of our rapidly changing business
Preservation of our passionate belief and the core values of our culture, focused on remaining
a big “little” company
1
2
3
4

1
Maximise growth from existing
products in core markets
Investor Strategy Day |9
We have sharpened our strategy and increased our focus
Broaden our product portfolio
in core markets
Expand into other
targeted markets
•Greater China and the US are
significant markets with sizeable
and growing premium categories
•We have high consumer loyalty, yet
relatively low awareness –
indicating significant growth
opportunity
•ANZ remains strategically important
–creating brand value and channel
pathways into Asia
•Our core markets have sizeable
adjacent categories –once
meaningful brand awareness is
achieved
•New products leverage our existing
infrastructure, channels and
proprietary know-how –yet also
require investment in new
capability
•Expansion into new markets will
occur over time
•Continued market testing in SE Asia
and extending the Korean range to
include infant nutrition with Yuhan
•Exiting the UK will allow further
focus on our existing core markets
and over time more attractive
new markets

Accelerating investment to increase and deepen consumer engagement
Investor Strategy Day | 10
2
•Our consumer research gives us
confidence that consumers
connect with our brand
proposition
•We have put in place systems to
continue to listen, monitor and
adapt to our consumers
Deep consumer insights reveals
our brand proposition is unique
and resonating strongly
•We apply a “test and learn”
approach to investment
•This enables us to better
understand effectiveness in a
contained setting before full-scale
investment
‘Test and Learn’ at the
heart of our approach
•Consumer behaviour is always
evolving
•Proprietary dashboards allow us to
monitor effectiveness of our
marketing investment and ensure
we continually raise the bar
Market dashboards enable
ongoing adjustment to
investment settings

Accelerating the development of our organisation is important
Investor Strategy Day | 11
2
•New skills and added capacity are
critical enablers to the delivery of
our strategy
•Expanding our team rapidly, but in
line with our purpose and values, is
critical
•Bespoke recruitment model fits our
culture –already delivering marked
improvement in diversity and
inclusion
Investing in more great people
•First time for “People” function means a
unique opportunity to anchor our
values, behaviours and our culture
across all parts of the organisation
•Taking a fresh approach and using digital
engagement tools and closed loop
feedback to drive fast decisions and
continually improve
Step-changing our people experience
•Opportunity to step-changeour
information systems and data usage
•Priorities driven by critical path
capability needs as well as
governance requirements
Investing in Technology

Our strategic partners enable fast growth and adaptability
Investor Strategy Day | 12
•Foundational partnership for infant
nutrition
•Supply rights for defined infant nutrition
products into ANZ & China
•Committed production capacity from
Synlaitand well established process to
manage significant continued growth
•Relatively new partnership spanning
multiple products and emerging
markets
•a2 Milk™branded fresh milk launched
in NZ (Aug-18)
•Ingredients production began in 2019
•Building capacity to support future
growth with the development of milk
pools in Australia and NZ
•Strong partner for the company’s infant
nutrition products in mainland China
since 2013
•Exclusive import agent for our China
label infant nutrition products
•Signed renewal contract in December
2018
3

Preserving the essence of who we are...
OUR PURPOSE:
We enrich lives by harnessing
the nutritional wonders of nature.
Investor Strategy Day | 13
OUR VALUES:
Bold passion
Driven to realise our
amazing potential as a
company and
individuals.
Pioneering spirit
Unconventional open-
minded thinking that
re-imagines the possibility
–outcome driven.
Humility
We’re never done
growing, discovering
and have a willingness
to continually iterate
and learn.
Respect
Seek to understand
difference in all its forms.
Integrity
Do the right thing for
our consumers,
partners, people...
and our cows.
4

A U S T R A L I A
Celebrating our
Australian fresh
milk business.

Australia fresh milk goes from strength to strength
•Continued impressive growth in revenue and
earnings over the last five years; supporting our
expansion plans
•FY19 saw the highest growth in fresh milk since
FY15 with value market share of 11.4% and
achieved a 10-year CAGR of over 20%
•Growing brand awareness and highest loyalty of
any other milk brand
•Our strong fresh milk foundations in Australia
have enabled our opportunities more broadly
Investor Strategy Day | 15
Australian fresh milk revenue
FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19

Investor Strategy Day | 16
I would like to let you know how great
I feel since switching to a2 Milk™. I
suffer from an upset stomach after
drinking regular milk. Now I have none
of these symptoms. What a life saver!
Lisa


I drank so much milk when pregnant and I honestly
believe a2 Milk™ is the best! Tastes so good!
And it’s the only milk my kids drink too.
Mel

Since switching to a2 Milk™, I’m able to
enjoy dairy again. I would never consider
drinking any other milk. Thanks a2 Milk™!
Robert



Fundamentally the brand is built on a uniquely high quality product

Consistent brand investment has led to strong awareness and brand loyalty
Investor Strategy Day | 17

Accelerating
focus and
investment in
Greater China.
G R E A T E R C H I N A

Greater China key messages
The infant formula category dynamics remain positive
Our business is consumer-led and we have put in place systems to continue to listen,
monitor and adapt
We are stepping up our marketing investment –following intensive learning and data
infrastructure development
We are channel agnostic –able to stay agile and adapt to changing consumer behaviour
Our growth opportunity remains significant –it will look different to the last 3 years
Investor Strategy Day | 19
1
2
3
4
5

Infant formula category dynamics are attractive
Investor Strategy Day | 20
There are several factors impacting infant formula category dynamics:
•Population demographics:structurally challenge the market as there are fewer women of childbearing
age and as is the case elsewhere, women are having children later in life
•Fertility rates: are on the rise since China changed its one-child policy in 2014
•Household penetration and usage: increasing with growing household wealth
•Premiumisation: continues to promote growth, as families prioritise investment in their children above
other spending, compounded by the “4-2-1” family structure
•Brand fragmentation: provides opportunity for brands with a proposition that resonates with consumers
Relative to other packaged goods categories, the dynamics in
infant formula remain attractive

China’s birth rate has declined, although fertility rates are rising
Investor Strategy Day | 21
The fertility rate increased
from 1.61 to 1.63 (’14-’18)
since one-child policy was
changed in 2014...
...but the number of new
births is still in decline due
to
•Declining population of
females at childbearing
age after the long-
standing one-child policy
•Women are getting
married and having
children older than
historical levels, shifting
the curve slightly
1
Childbearing age defined as age 20-40;
Source: World bank, national statistics; literature research
2012
16.4
2014
16.9
2016
17.9
2018
15.2
Female pop. of
childbearing age
(millions)
1
2%
12-16
CAGR
-8%
16-18
CAGR
Number of new births in China (millions)
210205201200

More women are delaying starting a family to prioritiseeducation and a career
Investor Strategy Day | 22
32
25
26
27
28
29
30
31
34
33
201320182028E
35
26
29
33
27
30
34
Note: Tier 1 cities is best estimate
Source: Euromonitor, national statistics; literature research
“Many Chinese-educated women now want to have more than
one child —but only after they have established a stable job.”
First marriage
First childbirth
Higher
education
Career
development
Financial
stability
Marriage
Woman’s average age (tier-1 cities)

The growing middle class in China contributes to category growth
Investor Strategy Day | 23
~140 million
households
will move into the
middle income brackets
in the next decade
Note: Annual households disposable income breaks: low income ($0-10K), lower mid ($10K-35K), upper mid ($35K-65K), high income ($65K+) at constant currency in 2018
Source: Euromonitor

“4-2-1” family structure results in children receiving more attention and care
Investor Strategy Day | 24
Note: “4” represents the parents and parents-in-law, “2” represents the husband and wife, and “1” refers to the only child of the couple
1990: traditional family structure2018: inverted “4-2-1” family structure
Greater capacity for parents and grandparents to invest in their children (6 “pockets” 1 child)

Category fragmentation provides opportunity for brands that resonate
Investor Strategy Day | 25
Source: China: Kantarworldpanel, 12 months ending July 2019; Australia: IRI 12 months ending Aug 2019; USA: non-WIC IMF IRI Mulo12 months ending August 2019
ChinaAustraliaUS

Greater China key messages
The infant formula category dynamics remain positive
Our business is consumer-led and we have put in place systems to continue to listen,
monitor and adapt
We are stepping up our marketing investment –following intensive learning and data
infrastructure development
We are channel agnostic –able to stay agile and adapt to changing consumer behaviour
Our growth opportunity remains significant –it will look different to the last 3 years
Investor Strategy Day | 26
1
2
3
4
5

China is a big and complex consumer market with strong regional influences...
Investor Strategy Day | 27

...and distinctive city tier dynamics
Investor Strategy Day | 28
Note: GDP per capita based on tier cities average, other metrics based on Shanghai, Suzhou, Kunshan, Hai’anas proxy;
1
College-aged defined as 18-22
2
Population growth is calculated based on number of primary school students as proxy (2011-2016)
Source: National Bureau of statistics; Kantar; AC Nielsen; China Statics Yearbook
Tier 1 cities
4 cities covering ~75m people
ShanghaiSuzhouKunshanHai’an
Urbanised
86% consumers living in urban area
vs. 60% nationwide
Connected
1.4smart mobile devices per person
vs. 0.95 nationwide
Educated
80% college-aged population
1
receive higher
education vs. 48% nationwide
Wealthy
$17K GDP per capita
Fast-growing
7.4% GDP growth (17-18)
vs. 6.6% nationwide
Service industry driven
Tertiary (service) sector contributes
60%of total GDP vs. 49% nationwide
Population inflow
4% population growth
2
vs. 1% in Tier 1 cities
Rural
42% consumers living in rural area
vs. 40% nationwide
Population outflow
Negative 3% population growth
2
Less developed retail
MT store # accounts for 5%as of total
FMCG outlets vs. 18% in Tier 1&2 cities
Fast-growing
10.0% GDP growth (17-18)
vs. 6.6% nationwide
Greater affordability of housing
House price to income ratio is 9
vs. 24 in Tier 1 cities
Talent shortage
1.25jobs available per applicant
vs. 0.60in Key cities
Relatively wealthy
$13K GDP per capita
Developing
$10K GDP per capita
Underdeveloped
$6K GDP per capita
Tier 2 cities
30 cities covering ~200m people
Tier 3 cities
150 cities covering ~220m people
Tier 4 cities & below
450 cities/1.6k counties covering ~900m ppl

Global macro factors apply across all consumer segments in Greater China
Investor Strategy Day | 29
Growing consumer
demand for health and
wellness products
Growing focus on food
safety, naturalness
and provenance
Rise of the
middle class
Rapid pace of
digitalisation

Chinese consumers have an increased consciousness on health and wellness
Investor Strategy Day | 30
Rapid growth seen in consumer health sector......and health-related product categories
MARKET SIZE2013-2018 CAGR
1
Includes sports nutrition, vitamins and dietary supplements, weight management and wellbeing, herbal/traditional products
Source: Euromonitor; Founder Securities; IHRSA; Frost&Sullivan
Health
supplement
1
USD/Capita
Gym and
fitness
services
USD/Capita
Health
check-up
USD/Capita
201320182018
17.628.2
151.1
85.4
2.34.5
6.419.5
+10%
+15%
+25%
Beverage
Juice
Snacks
Edible oil
Healthy productsLess healthy products
Olive oil
+15%
Soy oil
-1%
Bottled water
+13%
Carbonates
+2%
100% Juice
+14%
Juice drinks
(up to 24%)
-3%
Nuts
+6%
Sugary snacks
+2%

The pace of digitalisationis supporting the consumer economy
Investor Strategy Day | 31
1
Above 2 hours for urban citizens
Source: Euromonitor; iResearch; TechCrunch; PitchBook; VRVCA; CNNIC; People’s Bank of China; Forrester research
Social
Media
Transportation
Dining
Shopping
Health
Utilities &
social services
WeChathas
1.1Bdaily active users,
who spend
1.5 hrseveryday on average
1
Finance
20%
Mobile internet users
% mobile-only internet users
% mobile payment of internet users
Total mobile transaction value
>+
820m260m340m
70%
WeChat example
Mobile internet users largest in the worldDigital finds its way into every aspect of people’s daily lives
$40T$0.16T
=x
250
15%
5%

Consumers engaging deeply with content; seamlessly linked into e-commerce
Investor Strategy Day | 32
Content-first approach encourages consumers to connect with brands on an emotional level, resulting in stronger
loyalty, which also drives them to promote brands to their networks
Live streaming
to activate history transaction data
and drive more sales
Leveraging social networks
for cheaper and easier new user acquisition
Co-branding / IP
to reach young consumers with viral buzz
Alibaba Taobao live stream:
generated $15B GMV in
2018, purchase rate 65%;
60K live streams (adding up
to 150K hours) going on
everyday
Red Book:
85M MAU; 1B
post exposure
everyday in which
70% are UGC
Watsons x Netease
Music: Makeup products
tailored for specific
genre
Lining x People’s Daily:
Co-branding outfits to
echo ‘China Fashion’
FormatChannelContent

Our research shows five distinct consumer archetypes of mothers in China
•Our market can be characterised into five consumer archetypes defined by
behavioural factors
•Most important attributes for a significant proportion of mums were linked
to our brand proposition, hence we have broad appeal across multiple
archetypes, but there are some different nuances in appeal for each
consumer archetype that is guiding communication and channel strategy
•Each archetype has a mix of China and international label consumers
•We are focusing our choices with respect to brand positioning and targeted
consumers to ensure we invest where we can drive the biggest uplift
•Our target consumers shop across all channels, and there is strong strategic
rationale to be across all channels in some form over time
•We are building one brand with three labels in infant nutrition –
China label, ANZ label and HK label (launching in 2H20)
Investor Strategy Day | 33

Data and analytics allow us to stay ahead of evolving consumer behaviour
Investor Strategy Day | 34
Consumer insights mining
and brand development
•Regular, proprietary brand and
consumer archetype tracking
•Deep usage & attitude,
ethnography, qualitative and
quantitative methods
Brand health and
consumption tracking
•Proprietary, internal methodology
developed to form the best
possible view of category size,
dynamics and brand performance
•Regular bespoke brand health
tracking across multiple regions
Marketing mix
effectiveness
•Market mix modelling to better
understand short (and medium)
term demand drivers across the
sales and marketing mix levers
•Trialling data partnerships with key
digital platforms

Greater China key messages
The category dynamics remain positive
Our business is consumer-led and we have put in place systems to continue to listen,
monitor and adapt
We are stepping up our marketing investment –following intensive learning and data
infrastructure development
We are channel agnostic –able to stay agile and adapt to changing consumer behaviour
Our growth opportunity remains significant –it will look different to the last 3 years
Investor Strategy Day | 35
1
2
3
4
5

Consumers engage with multiple and diverse information sources and channels
Investor Strategy Day | 36
Sources of informationPurchase channels
Daigou
Mother and Baby Store (MBS)
Modern trade retailers
JD
Tmall
Babytree
JD Global
Tmall Global
Kaola
Yunji
Pinduoduo
Red
Taobao
WeChat
Babemax
Kidswant
Redbaby
Ole
Hema
RT-Mart
Online
Physical
store
Domestic e-commerce platforms
Cross-border e-commerce (CBEC)
Social e-commerce
Examples
Word of mouth
Key opinion leader/key opinion consumer
Brand marketing on e-commerce platforms
TV commercials/program sponsorships
Out-of-home advertisement
Events in MBS/modern trade retailers
Sales consultants/promotional people
In-store display

Our marketing investment is focused on building awareness and conversion
Investor Strategy Day | 37
•Different marketing approaches are tailored
to distinct steps in the consumer’s path to
purchase
•Primary focus is driving growth in brand
awareness –given our relatively high loyalty
this is shown to deliver ROI over time
•This is supported with activations in-store
and online to drive conversion to trial
Online or physical stores
Research,
word-of-mouth
Consumer
feedback loops
Direct or indirect

Data infrastructure and consumer insights provides confidence to invest
Investor Strategy Day | 38
•We are building our investment profile from the
bottom up, rather than a specific top down target
•We are testing, monitoring and iterating our
approach to building brand awareness (directly and
indirectly) by using our data tools
•Our proprietary dashboards monitor the
effectiveness of each trial and campaign –
triangulating multiple data sources and applying
benchmarks to enable continuous learning loops

Greater China key messages
The category dynamics remain positive
Our business is consumer-led and we have put in place systems to continue to listen,
monitor and adapt
We are stepping up our marketing investment –following intensive learning and data
infrastructure development
We are channel agnostic –able to stay agile and adapt to changing consumer behaviour
Our growth opportunity remains significant –it will look different to the last 3 years
Investor Strategy Day | 39
1
2
3
4
5

Consumers engage with multiple and diverse information sources and channels
Investor Strategy Day | 40
Sources of informationPurchase channels
Daigou
Mother and Baby Store (MBS)
Modern trade retailers
JD
Tmall
Babytree
JD Global
Tmall Global
Kaola
Yunji
Pinduoduo
Red
Taobao
WeChat
Babemax
Kidswant
Redbaby
Ole
Hema
RT-Mart
Online
Physical
store
Domestic e-commerce platforms
Cross-border e-commerce (CBEC)
Social e-commerce
Examples
Word of mouth
Key opinion leader/key opinion consumer
Brand marketing on e-commerce platforms
TV commercials/program sponsorships
Out-of-home advertisement
Events in MBS/modern trade retailers
Sales consultants/promotional people
In-store display

In the China IMF market, majority of sales occur in physical stores
Investor Strategy Day | 41
IMF value sales by channelAnticipated channel growth trends
Source: Internal methodology
•MBS drives continued strong growth in offline channels
•MBS will remain an important information source, support network and part
of mothers’ daily lives
•Curated selection of brands means MBS is differentially benefited by
premiumisation trend
•As chained stores grow share, quality of in-store experience drives further
consumer engagement
•Convenience and continued consumer demand for international-
labelled products supports growth in online channels
•A significant number of consumers prefer to buy international-labelled
products –growth in this segment drives growth online
•Online “reach” and delivery networks mean consumers in lower tier cities
can access brands not ranged in local MBS
•Shift to “convenience”shopping supports growth in online IMF sales
Physical retail:
70-75%
(MBS and modern trade)
Online: 25-30%
(CBEC, domestic daigou
and social e-commerce)

China has the biggest, most dynamic retail landscape in the world
Investor Strategy Day | 42
Physical retail
a curated range of products combined
with experiential elements, designed
for family fun
Convergence
is evolving channels into ecosystems
and the online and offline shopping
experience is becoming more
seamless and harmonized
Online
a virtual community, providing “one click”
access to a wide range from
around the globe

Physical retail
a curated range of products combined
with experiential elements, designed
for family fun
Convergence
is evolving channels into ecosystems
and the online and offline shopping
experience is becoming more
seamless and harmonized
Key channel trends and insights
Investor Strategy Day | 43
Online
a virtual community, providing “one click”
access to a wide range from
around the globe

Macro factors enable China to be at the forefront of the digital revolution
Investor Strategy Day | 44
•China has the largest, most digitally savvy population in the world
•Digitalisation is everywhere –there is more innovation, occurring at
a faster pace, than in any other market
•Big online players have evolved beyond e-commerce platforms –
they are now “do-it-all” unicorns, including expanding out of online
and into offline channels
•Combination of consumer demand, innovation, competition and
investment means Greater China is well placed to further widen its
digital leadership

China’s e-commerce landscape is becoming more and more diverse
Investor Strategy Day | 45
a2 Milk™ TmallDOL
flagship store
a2 Milk™ TmallCBEC
flagship store
Category
specialised
Brand
specialised
Cross border EC (CBEC)Domestic online (DOL)Social ECDaigou
Kaola
(CBEC focus)
Alibaba
WeChat
Multi-
category
C2CB2C
JD

Summary of key e-commerce platforms
Investor Strategy Day | 46
Frequent platform-
wide promotions
Top volume
contributor
Full-category
platform
specialisedin CBEC
Quality guaranteed
with brands official
authorisation
One-stop-shop
dedicated for the
mum-and-baby
category
Supplied and
operated by the
brands themselves
Brand building;
100% control on
product and user
experience
Content/
community
oriented platforms,
led by Key Opinion
Leaders and Key
Opinion Customers
Pin Duo Duo
leverages personal
networks to sell
products
Limited visibility by
brands
C2C channel for
lower price
imported goods
from overseas
Critical channel to
build word-of-
mouth
Alibaba TmallKaolaPDD/Red/YunjiTaobao/WeChatBabytree/Miya
Brand flagship
(Tmall)
B2CC2C
Multi-categoryVertical platformBrand specialisedSocial ECDaigou
DOL and CBEC
channels co-exist
Online community
for mums to
exchange
experiences
JD
Proprietary
logistics –90% of
orders delivered
same or next day
Top volume player
driven by frequent
discount
Consumers more
sensitive to price

CBEC, social e-commerce and daigouare unique to China
Investor Strategy Day | 47
Social
e-commerce
CBEC
Daigou
BUY

Top 5 CBEC platforms account for ~80% of market
Investor Strategy Day | 48
TmallGlobalKaolaJD WorldwideVIP GlobalLittleRed Book
Total CBEC
share %
~30%
~25%~10%~10%~5%
Number of
bonded
warehouses
34
1317102
Source: Internal analysis
Alibaba recently acquired Kaolaand
plans to integrate it with Tmall, giving
Tmalla leading ~55% share of CBEC

Viral social e-commerce operators are rewriting the ways to reach shoppers
Investor Strategy Day | 49
•Changing the way that brands reach consumers through the
use of social networks to drive e-commerce
−Between networks via WeChat, Facebook and Instagram
−Group buying via Pinduoduo
−Peer recommendation via Yunji, Little Red Book
•Drives lower tier city penetration given mix of social
network users
•Increases reach to younger consumers who favour social
commerce over traditional e-commerce platforms
−Mintel survey (May 2019) revealed 51% of people born after 1990
intend to use social commerce platforms more in the future (vs. 30%
for traditional e-commerce)

Social e-commerce is outgrowing overall e-commerce
Investor Strategy Day | 50
Social e-commerce as
% of total e-commerce
1
Social e-commerce is a subset of e-commerce that involves social media, online media that supports social interaction, and user contributions to assist online buying and selling of products and services
1
Includes general e-commerce and social e-commerce
Source: Internal analysis
2014
96
2016
360
2017
684
2018
1,100
3%7%10%12%
84%
(14-18)
CAGR
China social e-commerce market
(B RMB)
During this period,
total e-commerce
grew at ~30% CAGR

Daigou is a key channel for certain consumers and will continue to play an
important role in our multichannel approach
Investor Strategy Day | 51
The daigouchannel has existed for decades and continues to evolve
Suitcase trade for
family and friends
Consumer to
consumer businesses
Corporate daigou
network

Daigou retains its personal nature, but is now a modern sophisticated channel
Investor Strategy Day | 52
Improved logistics and
supply chain capabilities
Enhanced regulatory
compliance
Evolving role of daigou
within the selling process

Physical retail
a curated range of products combined
with experiential elements, designed
for family fun
Convergence
is evolving channels into ecosystems
and the online and offline shopping
experience is becoming more
seamless and harmonized
Key channel trends and insights
Investor Strategy Day | 53
Online
a virtual community, providing “one click”
access to a wide range from
around the globe

There is a wide variety of physical retail store formats in China
Investor Strategy Day | 54
Modern trade
HypermarketSupermarketConvenience
SpecialityMother and Baby Stores (MBS)
Traditional trade
National chain MBS
14 customers, ~4k stores
Independent MBS
~110k stores
Regional chain MBS
200 customers, ~8k stores
Source: ACNielsen
Independents

MBS is more than a retail store...
Investor Strategy Day | 55
One-stop shop for the
mother and baby category
with comprehensive
collection of products
High engagement model
with 1-on-1 professional
consultation and ability to
touch and feel products
Destination for kids to
play and parentsto
learn and feel part of a
wider community

There is significant variation across the MBS channel
Investor Strategy Day | 56
National / regional chain MBSIndependent MBS

The MBS channel is consolidating; Key&Acities are leading the way
Investor Strategy Day | 57
1
Excluding Hong Kong, Macau, and Taiwan; Region definition based on China National Bureau of Statistics; Top 5 players including: Kidswant; Babymax; Baby Bear; Aiyingdao; Leyou; Uses 20 Key & A cities as proxy for Key & A city market share
Source: Babemaxprospectus; Official websites; Expert interviews; Internal data and analysis
National MBS players lead in different regions
Others
Top 5 chains 10%
China MBS retail market value
Western China
（西北区+西南区）
Northern China
（华北区）
Middle-South
China
1
（中南区）
Eastern China
（华东区）
More consolidated in
higher tier cities:
–~20%market share in Key
& A cities; <5% in B/C/D
cities
2018

As we grow our store footprint, we are equally focused on in-store execution
Investor Strategy Day | 58

Physical retail
a curated range of products combined
with experiential elements, designed
for family fun
Convergence
is evolving channels into ecosystems
and the online and offline shopping
experience is becoming more
seamless and harmonized
Key channel trends and insights
Investor Strategy Day | 59
Online
a virtual community, providing “one click”
access to a wide range from
around the globe

Pace of retail innovation in China is unprecedented globally
Investor Strategy Day | 60
The China retail landscape has evolved rapidly since the 1990s
1990s199620062011-20162017-now...
Department stores
dominated the market
(>60% share)
•General store
•Grocery
Hypermarkets
MNC retailers
activated
•Super
•Mini
•Grocery
Hypermarkets
MNC & Premium Local
growing penetration
•Super
•Mini
•CVS
•Grocery
•Grocery
•Hyper
•Super
•Mini
•CVS
•e-commerce
Type
text
here
Type
text
here
Type
text
here
Type
text
here
Type
text
here
Type
text
here
New
Retail
Fast
delivery
New zone
Advanced logistics
Big data
Stock in
store
O2O
Simple structureModern trade boomingDiversified channelIntegrated online & offline

Alibaba is leading channel convergence with their new offline Hema Fresh stores
Investor Strategy Day | 61
Source: Hemastore vistand mgt. interview as of 2018 Sep; literature research
Set clear
roles of
online
and offline
Online/Mobile
Offline store
Traffic & sales generator
Experience center
Well developed app for product selection and online ordering
70%+of total orders generated through online channel
In-store food processing and dining right after purchase
Mobile app
page view
In-store
dining area
Last mile delivery point
In-store product for 30-min delivery
within 3km range area
Order pick-up
& packaging
Alipay as major
viable payment
Sync Taobao ID to
enable customer profile
and enhance
merchandising insights
Achieve synergy with
Ali’s ecosystem
Share sourcing with Tmall
(e.g. same vegetable private
label from same supplier)
Customer insightsFarm direct sourcingPayment

1
Greater China key messages
The category dynamics remain positive
Our business is consumer-led and we have put in place systems to continue to listen,
monitor and adapt
We are stepping up our marketing investment –following intensive learning and data
infrastructure development
We are channel agnostic –able to stay agile and adapt to changing consumer behaviour
Our growth opportunity remains significant –it will look different to the last 3 years
Investor Strategy Day | 62
2
3
4
5

While growing across all channels, revenue mix is changing and evolving
Investor Strategy Day | 63
We are growing revenue across all our channels......changing the shape of our business
a2MC IMF % revenue by channel
167.6
297.8
482.5
652.9
41.8
71.5
158.0
243.1
24.8
83.9
167.8
214.3
394.1
724.4
1,063.8
FY16FY17FY18FY19
ANZCBECChina Label
78%
76%
66%
61%
20%
18%
22%
23%
2%
6%
12%
16%
FY16FY17FY18FY19
ANZCBECChina Label
a2MC IMF revenue (NZ$m)

Significant opportunities to grow within the Greater China infant category...
Investor Strategy Day | 64
•The category dynamics remain positive, despite declining birth rates
−Household penetration and usage is increasing with growing household wealth
−Premiumisation continues as families prioritise investment in their children
−Brand fragmentation provides an opportunity for brands with a proposition that resonates with consumers
•Our business is consumer-led and we have put in place systems to continue to listen, monitor and adapt
−The macro factors that have supported our growth in other markets are just as relevant in China
−We have a deep, proprietary understanding of our consumers which is sharpening our brand proposition and business model
−We have invested in data and analytics to ensure we stay ahead of evolving consumer behaviour
•We are stepping up our marketing investment –following intensive learning and data infrastructure development
−The diversity of information channels that consumers engage with along the path to purchase require us to step up our marketing investment
−Primary focus is growing brand awareness –our relatively high loyalty gives us confidence in the ROI of increasing awareness and driving trial
−We are committed to testing, monitoring and iterating our approach to building brand awareness
−Our brand awareness has risen several points over the last 12 months
•We are channel agnostic –able to stay agile and adapt to changing consumer behaviour
−The pace of change in the China retail landscape is unparalleled; we must continue to be consumer-led and channel agnostic
−Daigou will continue to grow and be an important channel option for consumers; accordingly, it will continue to be important fora2 Platinum®
−Other online channels (CBEC, social e-commerce and domestic online) will also continue to collectively grow
−Beyond driving increased physical distribution, we are also focused on improving our offline execution

...Our broader portfolio of products in China play in very big categories
Investor Strategy Day | 65
Pre-birthInfants and toddlersYoung school childrenFamilies

T H E U S M A R K E T
Confidence in
the US as a
second growth
engine.

1
US key messages
The US milk market is attractive
The category has distinct features
We are confident we can build our brand in a meaningful way
Sustained brand investment and ongoing innovation will be important
Investor Strategy Day | 67
2
3
4

Investor Strategy Day | 68
Source: Euromonitor, World Bank, Kantar, internal analysis
$12.8bn
$4.6bn
Conventional
milk
$3.3bn
$0.3bn
US
China
UKAustraliaNZ
The US premium refrigerated milk market is significant...
Refrigerated milk market retail sales value (US$)
$1.4bn
Premium
milk

...With significant and attractive potential for The a2 Milk Company
Investor Strategy Day | 69
20-25%
of milk category
sales are in
premium segment
100%
of annual growth
in premium
segment driven by
non-organic milk
brands
32%
of total grocery
spend is on health
and wellness
products
20%
of packaged goods
growth is coming
from disruptive
brands at average
premium of 3.9X
Note: Health / wellness products include beverages and packaged foods; disruptivebrands represent only 2% of total CPG market; total US milk revenue excludes plant-based; consumers are trading up from conventional milk to premium brands
Source: premium segment SPINS July 14, 2019; health and wellness and disruptivespend -Euromonitor

1
US key messages
The US milk market is attractive
The category has distinct features
We are confident we can build our brand in a meaningful way
Sustained brand investment and ongoing innovation will be important
Investor Strategy Day | 70
2
3
4

There are three distinct aspects of the US fresh milk market
Investor Strategy Day | 71
The premium milk segment is
well-established, with significant
consumer choice and several
other ‘disruptors’ chasing growth
US consumers have distinctive
purchase patterns; most critical is
that they are open to newbrands
and comfortably purchase
multiple brands
The grocery retail landscape is
fragmented; different channels
have different roles in the eyes of
the consumer –a combination is
required to achieve scale
1
2
3

The premium segment is well established
Investor Strategy Day | 72
Premium milk set
at Publix in Atlanta
(58 SKUs across
15 brands)
20-25% of
category sales
are premium
Note: % premium based on 12 months to 14 July 2019; mass is an estimate of Walmart and Target
Source: Store visit to Publix Ponce, April 2019; SPINS
Conventional
Plant
23%
Grocery
67%
Natural
Mass
30%
15-25%
1

US consumers have distinct purchase patterns in fresh milk
Investor Strategy Day | 73
Source: Consumer survey 2019
2
Consumers are open to
trial new brands
Consumers buy in
repertoires
•Majority of households purchase
more than one milk brand
•Differing needs of household
members drives repertoire behavior
•A meaningful number of consumers
have purchased a new brand/type of
milk in past 6 months
Stand out on the
shelf is important
Decisions are influenced
at point of sale
•Majority of new milk decisions are
made in store
•Fastest growing brands also provide
media support
We must have the right
range to be considered
Consumer proposition
drives choice
•Organic, lactose-free, plant-based
milk categories etcdrive choice
−Fat content, pack size and brands
are secondary considerations
•If out of stock, most consumers
will switch brands to purchase a
substitutable product

Diverse retail landscape creates distinct experiences for ourconsumers
Investor Strategy Day | 74
Characterisingchannel features
Natural/
Premium
Biggrocery
Mass
Club
•High emphasis on natural, organic
products; strategically important
•Premium storelayouts
Est % of totalmilk
by retail channel
Example banners
Est % of premium milk
within each channel
•Multi-banner chains with 1000+ outlets
•Includes wide brand assortment and
often well-established private label
•Large format stores with both grocery
and includes conventional, premium
and organic goods
•Members-only warehouse style stores
with emphasis on bulk purchases
•Focused range in each category
67%
23%
30%
45%
4%
65%
24%
7%
15-25%
Source: % total milk estimated based on SPINS/IRI data for Natural/Premium and Grocery, and reported consumer survey for Mass. And Club; % premium based on SPINS data, Mass is estimated as an
average of Walmart and Target,Club is based on BJ’s which would be broadly in line with Costco
Premium milk = total organic, lactose free, ultra-filtered milk, and a2 Milk™ brand
3

1
US key messages
The US milk market is attractive
The category has distinct features
We are confident we can build our brand in a meaningful way
Sustained brand investment and ongoing innovation will be important
Investor Strategy Day | 75
2
3
4

Our research shows there are six consumer segments across US milk
•Our consumer targets are the largest consumers of premium milk,
although they are not exclusively premium milk buyers
•They often purchase multiple “milk” products and enjoy having a
“family repertoire”
•Our consumer insights are informing our retail channel focus,
communication strategy and new product opportunities
•a2 Milk™consumption is adding to consumer repertoire choice
•We are playing for a meaningful position in the premium segment of
the market, which will open up other opportunities for the brand
Investor Strategy Day | 76

Our confidence continues to increase
Investor Strategy Day | 77
Source: Consumer survey; 2018 Equity Tracker; internal sources
The most important objective in the near term is growing brand awareness and converting to trial.
This will deliver significant velocity growth and ultimately a scale business in the US.
Target consumers represent
a significant %of category
Social media engagement is
10xthe nearest competitor
Velocity gains of up to 45%
in established stores
Sales have increased
more than 100%CAGR
over the past three years
High loyalty rates
Continued store expansion
in all major retailers due to
positive early performance

We are expanding our national footprint
Investor Strategy Day | 78
April 2015: Launch in California
Mar 2017: Southeast launch
Jan 2018: Northeast launch
2019: Emerging national footprint
January 2018 > 5,000 storesJune 2019 > 13,100 storesDecember 2015 > 500 stores
Approx.
store
counts
Broad distribution
Limited distribution
Legend
No distribution

Our trajectory is in line with top tier ‘disruptive growth’ brands
Investor Strategy Day | 79
7
15
24
43
0-3 years3-5 years5-10 years10+ years
Number of brands to reach US$25m
revenue by length of time from launch
Note: Revenue data reflects brand within specific category; as a result, a single brand can be included multiple times if playing in multiple categories; Revenue data is from IRI and therefore only reflects
revenue in traditional channels Source: IRI; proprietary researchanalysis

1
US key messages
The US milk market is attractive
The category has distinct features
We are confident we can build our brand in a meaningful way
Sustained brand investment and ongoing innovation will be important
Investor Strategy Day | 80
2
3
4

We will consistently invest in building strong awareness and brand loyalty
Investor Strategy Day | 81

Investor Strategy Day | 82
New US packaging design has greater shelf impact...

...and greater modernity
Investor Strategy Day | 83

The range now includes coffee creamers
Investor Strategy Day | 84

Confidence in the US as a second growth engine
Investor Strategy Day | 85
•The US milk market is attractive
−The fresh milk market in the US is significant at $12.8bn
−Premium milk segment is well-established at 20-25% of the category
−Health and wellness is a growing theme in consumer choice
•The US milk market has distinct features
−US consumers enjoy choice, have wider repertoires and are open to new brands
−Diverse retail landscape creates distinct experiences for our consumers
•We are confident we can build our brand in a meaningful way
−Our brand proposition resonates well with the most important premium consumer archetypes
−We have high loyalty rates with consumers and are drawing from across a diverse range of product segments
−Our 3-year revenue CAGR is >100% and our trajectory is in line with top ‘disruptive’ growth brands in the US
−We have underlying healthy structural gross margin % and strong retail support
\
•Sustained brand investment and ongoing innovation will be important
−Upgrading packaging, in-store focus and new communication campaign during FY20
−From a strengthening core milk range we will expand into adjacent product opportunities
−Coffee creamers launched in July 2019
−Other new products to be introduced over time

C L O S E
The consumer
is informing
our way
forward.

The next phase for The a2 Milk Company continues our evolution
•The growth potential is significant –and very energising
•It builds on all that has come before us, but requires stepping up
•We are investing to establish broader consumer reach and greater resilience and capacity as an
organisation
•We will measure our success on four critical metrics in each of our markets:
−Brand awareness, trial and loyalty conversion
−Share of category consumption
−Absolute revenue growth
−Healthy underlying gross margins by product categories
Investor Strategy Day | 87

Disclaimer
This presentation dated 17 September 2019 should be read in conjunction with, and subject to, the explanations and views in documents previously
released to the market by The a2 Milk Company Limited (the “Company”), including the Company’s Annual Report for the 12 months ended 30 June 2019
and accompanying information released to the market on the same date.
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 are provided as ageneral guide only
based on the Company’s current expectations and should not be relied upon as an indication of guarantee of future performance. Such forward looking
statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond thecontrol 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 oforreliance 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.
Investor Strategy Day | 88

t h e a 2 m i l k c o m p a n y. c o m