2019 Annual Meeting materials (including Outlook)

NZX Code: ATM
ASX Code: A2M

The a2 Milk Company Limited
www.thea2milkcompany.com

19 November 2019
NZX/ASX Market Release


Chair’s 2019 Annual Meeting Address

Welcome
Good morning ladies and gentlemen and welcome to The a2 Milk Company’s 2019 Annual
Meeting.
As part of our policy of rotating the location of our Annual Meetings between New Zealand and
Australia due to our dual listing, we are pleased to be holding this year’s Annual Meeting here in
Auckland. It is my honour as your Chair to welcome all shareholders whether here in person or
joining us online.
I am pleased to confirm that we have a quorum and I therefore declare the meeting open.

Introduction of Directors and Advisors
First, I would like to introduce the Directors. On my left are: Jayne Hrdlicka, the Company's
Managing Director & CEO; Julia Hoare, the Company’s Deputy Chair; Warwick Every-Burns; Jesse
Wu; and our newest director, Pip Greenwood who is standing for election today.
Also present are representatives from the Company’s Auditor, Ernst & Young. We are also
accompanied by a number of members of our senior management team, and other colleagues.
Before we start the formal procedures, I would like to draw your attention to an important matter
of house-keeping. While you might be using your mobile phones later to vote, can I please ask that
you check now that your phones are switched to silent? Thank you.
I will outline the measures we will adopt for the voting process in detail when we come to the
resolutions later in the meeting.

2


Agenda
The agenda for the meeting is as follows: I will begin today with some brief remarks about the
business, Jayne will then give the CEO's business update before we proceed to the formal business
of the meeting, which includes voting on the three resolutions set out in the Notice of Meeting.

Notice of Meeting
There are spare copies of the Notice of Meeting and the FY19 Annual Report available on the table
near the back of this room if anyone would like a copy.

Chair’s introduction
Before I ask our Managing Director & CEO, Jayne Hrdlicka, to present, I will take this opportunity
to make a few remarks.

Firstly, I would like to thank you our shareholders for your ongoing support, which has been a key
component of our continuing performance.

I am delighted to present to you another year of outstanding record achievement by your
Company, a year characterised by using our financial strength to invest significantly for the future.
The senior management team, led by Jayne, has put considerable effort during the year into
ensuring that we maintain our momentum in the marketplace, in particular within our focus
regions of Greater China and the US; whilst also strengthening our strategic foundations for the
future as we continue to realise the great potential of your Company.

On the back of record revenues and profits, we made a deliberate decision in the second half of
FY19 to step up our investment across a number of areas to ensure we can sustainably realise our
potential as a company. The work that has been undertaken is not only creating a stronger base
for today’s business, but more importantly, enabling us to put in place the essential building blocks
that will enable us to continue to maintain our strong growth in the future as we work to deliver
our long-term potential.

I’m pleased to say we are seeing positive and encouraging signs that our evolved strategy is
working, in particular in three main ways:
1. Our decision to actively diversify our retail channel mix in China is helping us create a more
robust and sustainable business. We are pleasingly seeing the early signs of success as our
China based channels, namely mother and baby stores and cross border e-commerce, grow
strongly and our long standing successful Australian resellers business continues to grow

3


and evolve. This is building our confidence that we should continue to invest to accelerate
our growth in this very dynamic market.

2. The US business is showing all the markers for a very successful business as execution
against our strategy continues. This continues to build our confidence that the US will be
an important long term business for your Company.

3. At the same time as we are investing for future growth, we are also continuing to focus on
strong cost management so that we optimise and preserve the underlying healthy gross
margin and profitability of the business.

Jayne will take you through a more detailed summary shortly but before I hand over to her I’d also
like to take a moment to acknowledge the number of updates in relation to the Company’s
remuneration framework that have been made today. The framework is designed to align
strategic direction and performance with regard to our people, remuneration and incentive
structures. Further, the framework aligns shareholders’ interests with transparent and
accountable remuneration practices. It is comprised of fixed and variable components, designed to
drive short and medium term performance as well as long term value creation, while ensuring we
can continue to retain, attract and give incentive to the best people for the Company’s future. I
would draw your attention to the separate announcement made today for more detail.

I’d now like to take the opportunity, on behalf of the Board and all shareholders, to thank Peter
Hinton, who retired from the Board on 30 June 2019. Peter made an exceptional contribution
during an association with The a2 Milk Company that spanned more than 20 years. Peter was
originally an advisor to and partner of Dr Corran McLachlan, the Company’s founder, and
subsequently shared the entire journey of the business first as an adviser to and then
subsequently as a director of the Company.

With Peter’s departure I would like to welcome Pip Greenwood, as an independent non-executive
director of the Company. A resolution to elect Ms Greenwood will be put to you later in the
meeting.

I also wish to add that as you know the Company enjoys a robust balance sheet which, combined
with its continued strong cash generation, gives us the flexibility to support our growth potential
in the future. The Board and management continue to evaluate a broad range of investment
options designed to support our future growth aspirations. As a consequence, we do not
anticipate paying dividends in the near term.

4


A result such as the one we achieved in FY19 and the momentum building in FY20 is not
achievable without the right people in place and I would like to acknowledge the broader
management team for all their efforts. I would also like to recognise and thank all our external
partners for their contribution to our Company, particularly in respect of our China business.
Specifically, on behalf of the board, I wish to thank our infant nutrition manufacturing partner
Synlait Milk, our China master importer China State Farm and Fonterra for their support. As a
business we depend on the support of our key partners, and the extraordinary success of our
company over many years is in no small part due to their contribution.

And finally, on behalf of the board, I would like to thank you, our shareholders, for your ongoing
support of The a2 Milk Company.

I would now like to hand over to Jayne.

---

NZX Code: ATM
ASX Code: A2M

The a2 Milk Company Limited
www.thea2milkcompany.com

19 November 2019
NZX/ASX Market Release


Managing Director and CEO 2019 Annual Meeting Address

I’d like to welcome those of you in the room and those joining us via webcast. Thank you for your
interest in The a2 Milk Company – this is indeed a special company.

We are delighted to be here in Auckland for this year’s Annual Meeting. New Zealand is where Dr
Corrie McLaughlan and Howard Paterson founded the company with the intention that it “was not
merely a company with a good financial future but was also destined to do good for human health
globally.”

Fast forward nearly 20 years to now, and The a2 Milk Company continues to have a very strong
sense of purpose; we feel a strong sense of responsibility to improve the quality of people’s lives.
This was at the foundations of our company in New Zealand in 2000 and is still at the heart of
everything we do today.

We have changed a lot as a company over the last two decades and are engaged now on the next
phase of our evolution. In FY19, we kicked off a journey to step up the role we play as a unique,
premium and modern dairy nutritional company. This has led us to clarity on how much potential
we have remaining in our core business in the two largest consumer markets in the world –
Greater China and the US.

The growth potential of these markets for our company is significant and energising. So, while we
will continue to be informed by our past and preserve what makes us who we are - our passionate
purpose, our deep-seated core values, and our company culture - we are also clear about what is
required to step up and into our potential as a company.

Strategy recap
Our strategy at the highest level gives us three clear priorities. The first is to maximise growth from
existing products in core markets; the second is to broaden our product portfolio in core markets

2


with core consumers and the third is to take a careful and considered approach to expanding into
other targeted markets and/or different consumer groups.

These priorities translate into four team objectives that underpin our financial targets and form an
important part of our balanced scorecard. The first is to build capability in China and ANZ to
support the delivery of our ambitions; the second is to accelerate growth in the US; the third is to
build sustainable brand leadership across our core markets; and the fourth is to ensure our
organisation has the right people, tools and partners to enable our growth.

For this phase of our business, we consider the most important metrics to measure our success
are a series of brand metrics in core markets - awareness, trial and loyalty conversion; share of
category consumption; absolute revenue growth; and healthy underlying gross margins, by
product categories.

Delivering on our priorities requires investment in people, brand and infrastructure, which
includes technology.

We have enhanced our people plan by adding new skills and capability across the total
organisation in key areas such as consumer insights, marketing, strategy, sales and commercial
growth, technical and human resources and we are pleased with how our new team members are
settling into, and contributing to, the organisation. This includes good progress in building our
local China team and empowering them to grow a strong and capable organisation that will enable
us to stay ahead in this dynamic market. Expanding our team thoughtfully, quickly and in line with
our purpose and values, is critical to realising our growth strategy.

Our brand investments are building both broader awareness in our target market segments and
driving trial and consumer engagement. We continue to see encouraging results from several in-
market tests in China which will be scaled up during the second half alongside an exciting new
advertising campaign that launches in December in the lead up to Chinese New Year. In the US we
have launched a new advertising campaign and impactful new packaging which is all contributing
to increases in brand awareness and sales velocities in our key accounts.

We also have a unique opportunity to step-change our information systems, data usage and
technology-based tools more broadly. Without the burden of significant legacy systems, we have a
great opportunity to put in place state-of-the-art digital data and technology tools to enable our
business growth strategy. These projects will be phased over the course of the next three years.

We commenced execution of our sharpened strategic focus in the second half of FY19 and are
progressing well into FY20.

I’d like to take some time now to talk in more detail about our two most significant regions:
Greater China and the US.

3


Regional deep dive – Greater China and ANZ
Our China strategy entails building a broad reaching China-based business to serve our consumers
across all core retail channels. This strategy is designed to ensure we are serving the full
addressable market and building our business to evolve dynamically in a fast-changing consumer
world in China. Despite the considerable success we have enjoyed, we are only just beginning on
the journey to our full potential in this market. Delivering on sustainable long-term success
requires excellence in execution across all the channels important to consumers.

The evolving nature of the daigou network is an example of the dynamic nature of the China
market. We have for some time now referred to all Australian reseller activity as ‘daigous’ (which
translates to ‘personal shopper’). These daigous are sourcing products direct from Australian retail
outlets or directly from us as a company. However, this Australian ‘reseller’ network is evolving
well beyond being just ‘personal’ shoppers. Australian resellers are now more sophisticated using
a combination of web-based selling tools, commission-based selling, tapping into social e-
commerce networks and other channel pathways into China. So, we believe we also need to
continue to improve the way we engage these channels to accurately track and measure a range
of Australian reseller activity as the product flows from them to a combination of ‘new generation’
trade customers and consumers. We have a long history of working well in these channels and we
will not take our eye off that ball.

It’s also important to understand that, whilst we are performing very well within the Australian
reseller network, this pathway into China serves only a small part of the total addressable market
opportunity. So, in order to realise our very significant potential, we need to be able to
significantly increase our ability to execute effectively in other channels, including mother and
baby stores (MBS) and cross border e-commerce (CBEC) channels, while still maintaining our
excellence in Australian-based reseller channels.

Channels outside what is sourced directly from Australia account for ~90% of the market’s infant
nutrition category value. We are significantly under-developed in the majority of these
strategically important channels to consumers. So, whilst the Australian-based reseller channels
will continue to be strategically important for us, and a continued source of market strength, this
pathway into China represents only a small part of the total infant nutrition market and is unlikely
to grow at the levels it has historically. That is why we’re clear as a team that building a
sustainable long-term China business requires serving all major established and emerging channels
well. This requires continued investment in capability and tools to understand each unique
channel in a constantly evolving market.

The great news is that our brand is demonstrating strong potential amongst Chinese consumers.
Our research (supported by other publicly available studies) shows we have a very loyal consumer
following. When you couple this with relatively low brand awareness, it reveals that there is a
significant opportunity to accelerate our brand scale by step-changing brand awareness and trial.
This is especially exciting when you combine the benefits of increasing our brand awareness with
broadening our channel distribution to build a significantly more robust and sustainable China-
based business.

4


Despite the declining birth rates in China the premium infant nutrition category trends remain
positive. Premiumisation, increasing household penetration and increasing usage are all
contributing to our view of attractive long-term category growth prospects in China.

In order to accelerate the execution of our strategy, we took a considered strategic decision in
2H19 to significantly step up our investment in brand, people and infrastructure. Our progress
thus far in the first half FY20 is very encouraging and, given that we are 6 weeks away from the
close of this half we have confidence in providing a detailed first half outlook, which demonstrates
progress being made in the early stages of our strategy execution.

The results of the 11/11 China e-commerce sales event, also known as Singles’ Day were very
positive. We had another strong performance during this important promotional event. In JD.com,
our a2 Platinum® Stage 3 was the top selling infant nutrition product in cross border e-commerce,
and we were the second best-selling brand overall. In Tmall, we were the number three infant
nutrition brand overall (English and China label combined) across the e-commerce platform and
we were the number one CBEC flagship store.

Our latest Kantar MAT share is 6.4%. A single source for reliable market share data in a market as
fast moving and complex as China is impossible to obtain. Kantar remains the best single metric
for consumption but under represents our share of stages 3 and 4. This is for a variety of reasons,
but principally due to Kantar only tracking children’s consumption from 0-3 years of age across
select Key & A, and B, C, D cities. Internally we use a methodology to triangulate several sources
of data, including Kantar, Nielsen MBS data and Smartpath e-commerce data plus internal product
movement data to formulate our view of category size, channel growth and our relative share
position. We are pleased with our progress.

Our key new product innovations are also progressing well with more product launches to come in
the second half of FY20.

Stage 4 English label (targeting children 3+) now accounts for approximately ~8% of our
a2 Platinum® English label range and a China label Stage 4 product is being launching in the second
half.

a2 Smart Nutrition™ is showing strong signs of developing into a meaningful extension of our
infant and children’s nutritional portfolio, again with early indications of positive consumer
acceptance, and a China label version is also launching in 2H20.

We have improved packaging communication of our a2 Platinum® Pregnancy product and have
relaunched the product under new branding of a2 Nutrition for Mothers™ from October 2019. The
impact of this change on sales velocities is positive. We have also addressed our technical issues
with our a2 Milk™ powder blended with Mānuka honey product, which will be relaunched during
December.

5


We are pleased with the early results of our strategy execution and continue to be very energised
about our growth outlook. Working closely with China State Farm and our distributors, we are
seeing results in our first wave trade initiatives that demonstrate material share gains. This
encourages us to continue working hard to accelerate initiative roll-out and builds confidence in
our detailed plans and the way in which the team are executing.

Regional deep dive – US
I’d like to now switch gears to the US. Our US performance in the first half will be excellent and
reflects the outcomes of a detailed and strong execution plan.

Our growth strategy for the US is focused on building a milk business of scale across grocery, mass
merchandisers, natural, and club channels. We have made significant progress in penetrating and
demonstrating strong consumer acceptance across all these channels to date and are encouraged
by our most recent results.

In-store velocities continue to increase, with double-digit in-store sales rate growth in key
customers. We have leveraged the deep consumer research we did in FY19 to identify our key
target consumer groups. We have translated these consumer insights into messaging platforms
that are actively driving awareness and household penetration. Our new advertising campaign,
impactful new packaging, and new website launched during October are key elements of the
execution of this strategy. All have received strong positive feedback from consumers and our
retail trade partners.

We anticipate distribution to grow by roughly two thousand stores through the first half and
including January with committed increased distribution (and products) ranged in Walmart,
Safeway and Sam’s Club Warehouse in line with new store planograms.

The launch of a2 Milk™ Coffee Creamers continues to build in distribution after its launch during
July. While it is still early days for our new range, we are pleased with the initial progress.

Sustainability
As highlighted early in my remarks, we are a purpose driven company and passionately believe
that our brand stands for doing the right thing across all aspects of our business. This requires us
to take a stronger, more visible and more vocal leadership role across animal welfare and the
environment generally, and farming practices specifically. We announced in our FY19 annual
report our goals as well as our formal commitments to:
• Remain carbon neutral across our supply chain (first achieved in FY19)
• Work with our farmers to meet the standards set by the World Organisation for Animal
Health and avoid practices that contravene the Five Freedoms
• Continue to improve the very high standards of our animal welfare program
• Execute on our smarter packaging goals for higher quality and lower environmental impact
and
• Innovate to become even more efficient in product processing

6



In addition, in FY20 we are undertaking an assessment of our total supply chain in line with the
framework set out by the United Nations Sustainable Development Goals. This includes ensuring
we are compliant with modern slavery legislation.

Given the nature of our business model, our approach is integrated across all our supply chain
partners. Additionally, it is embedded across our entire business strategy.

Summary FY19 results
Let us turn our attention to a quick summary of our FY19 results. The year demonstrated strong
growth in the key areas required to build sustainable leadership in our core markets; it was also a
year of considered and appropriate investment. We were very pleased with our results and were
further pleased with the agility we’ve been able to demonstrate in responding both to opportunity
and the changing consumer and channel dynamics in China.

We are operating in dynamic markets; our capability in anticipating and responding to change is an
essential part of attaining - and sustaining - market leadership.

The FY19 highlights
1
are:
• $1.3 billion in revenue, an increase of $382 million, up 41% on 2018
• EBITDA of $413.6 million an increase of $131 million, up 46%
• NPAT of $287.7 million an increase of $92.0 million, up 47%
• Gross Margin percentage of 54.7%
• Basic Earnings per share of 39.25 cents

Our balance sheet continues to strengthen, which is important as we work our way through the
delivery requirements of our long-term strategy. We continue to consider the appropriate use of
available capital in the context of supporting our very significant growth ambitions.

Outlook
Overall, for FY20 we anticipate continued strong revenue growth across our key regions supported
by brand and marketing investment in China and the US and the development of both capability
and infrastructure to support in-market execution.

As an outcome of strategic gross margin focus, full year EBITDA margin % is now anticipated to be
stronger than previously communicated and in the range of 29-30% with gross margin benefiting
from:
• Improved price yield
• COGS reduction (including the effects of favourable FX)

1
All figures are in NZ$ unless otherwise stated

7



For 1H20, we anticipate revenue in the range of $780 million to $800 million with growth
demonstrating strong performance against strategy:
• China label infant nutrition sales forecast to be approximately $135 million representing a
growth rate of ~84%
• CBEC infant nutrition sales forecast to be approximately $155 million
2
representing a
growth rate of ~54%
• ANZ English label infant nutrition sales forecast to be approximately $350 million
representing a growth rate of ~9%
• US sales forecast to be approximately $27 million representing a growth rate of ~110%
• Australia fresh milk sales forecast to be $75 million representing a growth rate of ~12%

EBITDA margin % in 1H20 is expected to be higher than FY20 and in the range of 31-32% as a result
of:
• Increased cost of goods (including lactoferrin and packaging materials) in 2H20 and
increased levels of strategically important trade marketing activation in China
• Phasing of marketing and capability investment slightly weighted to 2H20; full year
marketing investment expected to be approximately $200 million

Summary
In conclusion, we are pleased with the revenue growth realised in FY19 and the early momentum
in FY20. We have positioned ourselves well by strategically improving gross margin in order to
support our capacity to continue investing behind growth.

While we have only just begun our journey in both Greater China and the US, the results of
strategic focus and investment are starting to come through. Competitive intensity will continue to
increase in China and thus far we have been well prepared. Our investments are strategic and
designed to build the brand, deepen our capability and create further organisational depth and
resilience to thrive in this environment. This is strongly enabled by our deep sense of purpose, the
passion that backs that up and importantly, our growth mindset as a team.

Thank you for your ongoing support as we continue to focus on enriching people’s lives through
the wonder of nature.

2
1H19 comparative for CBEC includes infant formula sales previously reported under UK segment

---

The a2 Milk Company Limited
Annual Meeting | Auckland | 19 November 2019
Stepping it up.

The a2 Milk Company Limited
Annual Meeting | Auckland | 19 November 2019
David Hearn.
2

The a2 Milk Company Limited
Jayne Hrdlicka.
Annual Meeting | Auckland | 19 November 2019
3

Maximise growth from existing
products in core markets
Annual Meeting | 4
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
•High consumer loyalty with
relatively low awareness indicates
significant growth opportunity
•Delivering against this opportunity
requires stepping up to serve
Chinese consumers well through all
channels
•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

Key financial charts
1
–continuing strong momentum
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. A reconciliation of EBITDA to net profit after tax
is shown on page 104 of the company’s 2019 Annual Report -https://thea2milkcompany.com/results/
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
Annual Meeting | 5

FY20
•Overall, for FY20 we anticipate continued strong revenue growth across our key regions supported by brand and marketing investment in
China and the US and the development of both capability and infrastructure to support in-market execution
•As an outcome of strategic gross margin focus, full year EBITDA margin % is now anticipated to be stronger than previously communicated and in the
range of 29-30% with gross margin benefiting from:
−Improved price yield
−COGS reduction (including the effects of favourable FX)
1H20
•For 1H20, we anticipate revenue in the range of $780 million to $800 million with growth demonstrating strong performance against strategy:
−China label infant nutrition sales forecast to be approximately $135 million representing a growth rate of ~84%
−CBEC
1
infant nutrition sales forecast to be approximately $155 million
2
representing a growth rate of ~54%
−ANZ English label infant nutrition sales forecast to be approximately $350 million representing a growth rate of ~9%
−US sales forecast to be approximately $27 million representing a growth rate of ~110%
−Australia fresh milk sales forecast to be $75 million representing a growth rate of ~12%
•EBITDA margin % in 1H20 is expected to be higher than FY20 and in the range of 31-32% as a result of:
−Increased cost of goods (including lactoferrin and packaging materials) in 2H20 and increased levels
of strategically important trade marketing activation in China
−Phasing of marketing and capability investment slightly weighted to 2H20; full year marketing
investment expected to be approximately $200 million
Outlook
1
Cross border e-commerce (CBEC)
2
1H19 comparative for CBEC includes infant formula sales previously reported under UK segment
Annual Meeting | 6

The a2 Milk Company Limited
Annual Meeting | Auckland | 19 November 2019
David Hearn.
7

The a2 Milk Company Limited
Annual Meeting | Auckland | 19 November 2019
Formal business.
8

Asking questions and voting instructions
2019 Annual Meeting| 9

Item 1: Financial Statements and Reports
2019 Annual Meeting| 10
To receive and consider the Company’s financial statements for the year ended 30 June 2019, together
with the Directors’ and Auditor’s reports.

Item 2: Auditor’s Fees and Expenses (Resolution 1)
2019 Annual Meeting| 11
To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:
“That the Directors of the Company be authorised to fix the fees and expenses of the Company’s auditor,
Ernst & Young, for the ensuing year.”
Proxy votesFor UndirectedAgainstTotal
Resolution 1447,402,997889,233764,401449,056,611
% of vote99.63%0.20%0.17%
61.1%
of issued capital

Item 3: Election of Director –Pip Greenwood (Resolution 2)
2019 Annual Meeting| 12
To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:
“That Pip Greenwood, who was appointed a Director of the Company by the Board during the year, and who
will retire at the meeting in accordance with the Company’s constitution, be elected as a Director of the
Company.”
Proxy votesFor UndirectedAgainstTotal
Resolution 2444,957,529877,2384,300,771450,135,538
% of vote98.85%0.19%0.96%
61.2%
of issued capital

Item 4: Adoption of New Constitution (Resolution 3)
2019 Annual Meeting| 13
To consider and, if thought fit, to pass the following resolution as a specialresolution of the Company:
“That the existing Company constitution be revoked and the new constitution, in the form presented at the
Annual Meeting and referred to in the explanatory notes under the heading “Item 4 –Adoption of New
Constitution (Resolution 3)”, be adopted as the constitution of the Company with effect from the close of the
meeting.”
https://thea2milkcompany.com/wp-
content/uploads/Draft-a2MC-Constitution.pdf
Proxy votesFor UndirectedAgainstTotal
Resolution 3448,961,207891,233195,277450,047,717
% of vote99.76%0.20%0.04%
61.2%
of issued capital

The a2 Milk Company Limited
Annual Meeting | Auckland | 19 November 2019
General business.
14

Disclaimer
This presentation dated 19 November 2019 provides additional comment on the Annual Report for the twelve months ended 30 June2019 of The a2 Milk
Company Limited (the “Company” or “a2MC”) and accompanying information released to the market on 21 August 2019. 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 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.
Annual Meeting | 15

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