Investor Presentation

Stepping it up.
Select Equities Conference | Sydney | 31 October 2019
The a2 Milk Company Limited

The a2 Milk Company at a glance
Key ingredients for the ongoing success of our business
Accelerating focus and investment in Greater China
S T E P P I N G I T U P

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The a2 Milk Company at a glance
$1.3b
FY19 Revenue ↑ $381.8M vs FY18
$9.5b
Market capitalisation
2
39.3cps
FY19 EPS
1
↑ 12.3cps vs FY18
•Premium branded dairy nutritional company
•Uniquely focused on products containing the A2 beta
casein protein type
•Our strong, modern brand is building momentum in the
two largest consumer markets in the world
(all figures NZ$)
1
Basic earnings per share (EPS)
2
Based on share price of NZ$12.99 at 30 October 2019 (quoted securities only)

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FY19 key financial charts
1
1
The Company’s financial year ends 30 June; H1 refers to the first half period from 1 July to 31 December; H2 refers to the second half period from 1 January to 30 June.
2
EBITDA is a non-GAAP measure and represents earnings before interest, tax, depreciation and amortisation, and is shown before non-recurring items.
Basic earnings per share (cents)Group EBITDA
2
(NZ$ million)Group revenue (NZ$ million)
64.1
143.0
218.4
77.1
140.0
195.2
54.6
141.2
283.0
413.6
FY16FY17FY18FY19
H1H2
4.4
12.7
27.0
39.3
FY16FY17FY18FY19
Prior YrCurrent Yr
139.2
256.1
434.7
613.1
213.6
293.4
488.0
691.4
352.8
549.5
922.7
1,304.5
FY16FY17FY18FY19
H1H2

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Macro factors shaping consumer demand and creating opportunity
Growing consumer
demand for
health and
wellness products
Growing focus on
food safety,
naturalness
and provenance
Rise of the
middle class
in Asia
Rapid pace of
digitalisation

Key ingredients for the ongoing success of our business
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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

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

Infant formula category dynamics are attractive
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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

Consumers engage with multiple and diverse information sources and channels
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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

Pace of retail innovation in China is unprecedented globally
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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
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New
Retail
Fast
delivery
New zone
Advanced logistics
Big data
Stock in
store
O2O
Simple structureModern trade boomingDiversified channelIntegrated online & offline

Our marketing investment is focused on building awareness and conversion
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•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

Examples of marketing investment over FY19
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Broadcast media to
build awareness
In-store education and
activation to drive trial
Trade and retail
awareness building
Cumulative focus on building awareness and driving conversion with activations
targeting consumers, influencers and retailers

While growing across all channels, revenue mix is changing and evolving
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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)

Our broader portfolio of products in China play in very big categories
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Pre-birthInfants and toddlersYoung school childrenFamilies

Q U E S T I O N S

Disclaimer
This presentation dated 31 October 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 21 August 2019.
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 accountthe 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.
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t h e a 2 m i l k c o m p a n y. c o m