2021 Annual Meeting

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Slide 3: Welcome
Welcome
Good morning, ladies and gentlemen.
My name is David Hearn.
As Chair of your Board I have the privilege of chairing this Annual Meeting.
Who would have thought last year, when we had our first ever virtual meeting that it would not be
our one and only. But sadly, due to the tenacity of the COVID-19 pandemic, we are forced to have a
virtual meeting again this year. I’m sure we all hope that, next year, our lives will be freer again and
as a result we will be able to schedule this meeting in person.
As always, today you can vote and ask questions online.
I would encourage you to send through your questions as soon as you can so that we can make the
process as efficient as possible.
So, on behalf of the Board of The a2 Milk Company Limited, I would like to welcome you formally to
The a2 Milk Company’s Annual Meeting.
In accordance with the constitution of the Company I am satisfied that a quorum is present – and I
declare the meeting open.
Introduction of Directors, Management, Advisors and Auditor
Let me introduce the Company's Directors who are joining us today. We have:
• Julia Hoare, the Company’s Deputy Chair, joining us from New Zealand,
• Warwick Every-Burns, joining us from Sydney,
• Pip Greenwood, joining us from New Zealand,
• Bessie Lee, joining us from China, and
• David Bortolussi, our Managing Director and CEO, joining us from Melbourne.

Let me also introduce:
• the Company’s Chief Financial Officer, Race Strauss, and

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• the Company’s Chief Legal & Sustainability Officer and Company Secretary, Jaron McVicar.

Also joining us today are representatives from the Company’s legal advisors, and our Auditor, Ernst &
Young.
Apologies
We have received no apologies in advance of this meeting.

Slide 4: Agenda
Agenda & Notice of Meeting
The agenda for the meeting is shown on the slide here.
I will make a short introductory speech, after which I shall ask David Bortolussi, our CEO, to address
the meeting.
We will then proceed to the formal business of the meeting and any general business as outlined in
the notice of meeting, which has been circulated to all shareholders.
Unless there are any objections, I will proceed on the basis that the Notice of Meeting is taken as read.
The Notice of Meeting and the Annual Report are available on our website.

Proxies
I have been advised that 1,401 valid proxies have been received representing more than 348 million
shares (or roughly 47%) of the total number of votes able to be cast at the meeting.

Minutes of the previous Annual Meeting
The minutes of the last Annual Meeting, held on 18 November 2020, have been signed by me as the
Chair of that meeting, as a correct record of those proceedings.

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Slide 5: Chair Speech
Chair’s Speech
Given that the last 18 months have been tumultuous for the Company and our shareholders, I would
now like to make some remarks to put these events in perspective.
As I noted in my letter to shareholders a few months ago, there is no hiding from the fact that the
2021 fiscal year was very challenging for the Company.
I don’t need to explain to you that we as a Company, along with all of us individually, have
experienced an extended period of great uncertainty and volatility, caused by several different
factors including of course the COVID-19 pandemic.
But if it was a challenging year for the company and its management, I recognise that it was a very
disappointing year for you, our shareholders, in many ways.
While we were disappointed with our financial performance and the pressure this put on our share
price, we were pleased to deliver many significant achievements against our strategic objectives,
despite the challenging market conditions.
Today, I would like to take the opportunity to cover a number of topics that we believe are of
importance to you.
• Firstly, I would like to step you through some of the challenges we faced during the course of
the 2021 fiscal year and the actions the Company has taken to address these issues.
• Secondly, I would like to provide the Board’s perspective of the Company’s revised growth
strategy that has been undertaken in recent months. David Bortolussi will provide more
detail on this in his address as well, but it is important that shareholders also understand this
from the Board’s perspective.
• Thirdly, and related to this, I will discuss how the Board is thinking about capital allocation
and capital management.
• I will then cover the board renewal and management changes that have occurred during the
year.
• And finally, I will address some additional topics that we know are on shareholders’ minds.

***

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First, stepping through FY21 – the challenges and actions taken.
As we all know, in FY21, the Company experienced great uncertainty and volatility.
During this period of volatility, the normal behaviours of both our consumers and our trade
customers changed, in some cases radically, as a result of their reaction to the covid crisis, and this
had a profound and very challenging effect on many aspects of our business.
Across the early phase of the pandemic, and particularly in our infant nutrition business, there were
highly unusual swings in demand as consumers tended to panic buy and pantry load, creating a large
spike in sales, followed several months later by a gradual unwinding of these pantry stocks as things
settled down.
These dramatic swings in consumer behaviour subsequently drove equally significant changes in the
behaviour of many of our trade customers as they tried to meet these volatile demand patterns
whilst trying to balance off their own challenges at the same time.
The other point to make, is that these swings in consumer demand were exacerbated by real
concerns over the future availability of certain key infant nutrition ingredients, which are sourced
from all over the world.
In order to make sure that we were able to meet any further spikes in demand, in the early period of
COVID-19 we chose to build our own inventory levels to ensure we were able to meet potential
demand patterns without facing supply chain disruption.
Whilst this was a rational decision to make at the time given the prevailing uncertainty, especially
bearing in mind that we commit to production three months in advance, the anticipated demand for
these increased orders didn’t materialise and as a result this led to increases in our own inventory.
As a result of these challenges, excess inventories built up right across our business both internally
and externally throughout our distribution channels. This excess inventory build-up was also
exacerbated by a marked general slow down on the overall infant formula market within China for
the first time in over 15 years. To address the excess inventory levels, the board and management
put in aggressive measures in the fourth quarter of the fiscal year to address the situation.
These challenges impacted our English label infant nutrition business in particular. In the first
quarter of the fiscal year, we were impacted by the flow-on effect of pantry destocking following the
strong sales uplift in 3Q20. Furthermore, there were lower than anticipated sales to retail Daigous in
Australia, due to multiple reasons including reduced tourism from China and international student
numbers.

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By the end of the first quarter, our major reseller customers started to feel increased disruption
within their businesses, impacting our trading with them. With the effect of the disruption in the
reseller channel, we shifted our focus to activating the CBEC channel in a manner which
complemented our reseller business.
By the end of the second quarter, it became clear that the disruption we were experiencing in the
reseller channel was also impacting our CBEC business. Following a Board-initiated comprehensive
inventory review undertaken by management in the second half, it became clear that the challenges
in the reseller and CBEC channels were being exacerbated by the overall high level of channel
inventory, as a result of the highly complex and multi-layered distribution and channel systems in
which we operate.
In the third quarter of the fiscal year, we announced a number of initiatives, particularly in those
heavily affected channels, to address the issues.
Specifically, we deliberately slowed down our own sales into the CBEC channel to reduce the
inventory levels; we reduced our forward orders from our infant nutrition supplier Synlait to reduce
our own internal stock levels; and we embarked on a series of promotional programmes designed to
move product through these channels more quickly. Whilst these initiatives had some positive
effect, the board and management took the decision that we ultimately needed to take more
aggressive action to address these issues fully and allow the business to return to growth as quickly
as possible.
As we disclosed in our update on May 10, the Board made the difficult decision to address the
inventory issues head-on and aggressively deal with the situation in a substantive way. This decision
required significant inventory write-downs and external distributor inventory swaps which was
costly but effective in helping to restore balance and appropriate pricing in the market. Ultimately,
we believe that these decisions were in the Company’s, best medium and long term interests by
creating a platform for a return to growth in the future.
I, along with the Board and the executive management team, am confident that the approach we
have taken, while painful in the short-term, will place the Company in a much better position to
begin to return to a growth trajectory, primarily by continuing to build our strong brand from the
solid base that we have created over the past several years.
Pleasingly, as David and the management team updated the market a few weeks ago, we are
starting to see positive signs from the actions we took earlier in the year.
***

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This background leads on to our growth strategy review.
The overall market environment we are trading in has changed more significantly and more quickly
in the past year than anyone could have predicted.
Not only did we have significant disruption to cross-border channels, but for the first time, the
market started to decline as a result of a decrease in the number of births in China. We are also
starting to see that translate into retail price pressure as competitors and retailers turn to
discounting to try to maintain sales.
A further point to make is that consumers are no longer actively prioritising international brands
alone. There has been a mix shift from international to domestic brands. However, in our view, this
is not necessarily about consumers preferring domestic brands per se but rather, being an
international brand is no longer a critical success factor on its own. More so than ever, it is the
underlying strength of a brand, and its ability to connect and engage with local consumers not just
its geographic provenance that will ultimately dictate success or otherwise. This trend puts a2 in a
fundamentally good place for the long term. We have established a real point of difference with our
brand which we know resonates strongly with local consumers. We have never relied solely on our
New Zealand heritage, although it remains an important component of our story, and we can see
this in the underlying resilience in our market shares and our consumer health data which shows
that we are still seen as an attractive brand with a real reason for being in an overly crowded market
with far too many ‘me too’ brands fighting over a diminishing cake.
However, despite these strengths, these changes do mean that we need to adapt our approach to
driving growth in this changed market in the future. Over the past several months, the management
team has undertaken an extensive review of our growth strategy. We will need to continue to
develop new and appropriate strategies to succeed in the future, not by discarding the foundations
on which we have built past success, but by building on them and developing them further to remain
fit for purpose in this new world.
It is for this reason, and because of our confidence in the underlying strength of the a2™ brand, that
we will be continuing to invest behind the brand through this period of rebalancing and into the
future.
David and the management team shared a lot of detail on our strategy at our Investor Day a few
weeks ago but it is important for shareholders to be aware that the Board also has been fully
involved in the growth strategy review and we fully endorse the strategy and are confident in the
plans that David and his team are developing off the back of this work.

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The overall market environment has changed more significantly and more quickly than we could
have predicted, but we understand the present challenges, we have adapted our growth strategy,
and we are confident in the plan going forward.
***
The next topic that I would like to spend some time on is capital allocation and capital
management. In many ways this is inter-related to what I have just spoken about in terms of our
strategy. However, it is important to make a few specific points.
We continue to be in a very strong position from a financial perspective, with a significant cash
balance.
There are numerous potential opportunities both in the growth of the business, to secure market
access into China and/or invest in our supply chain.
This year we utilised some of that balance sheet strength to acquire a 75% interest in Mataura Valley
Milk which we firmly believe is an example of our continuing ‘capital smart’ strategy. In MVM we
have secured control of a potentially world class manufacturing site with the opportunity to own our
own licences in the future, for a price significantly below the replacement cost to build and without
the 4 to 5 year time frame that it would take to do so. While there is further work to be done to
integrate this world-class manufacturing asset into our business, we are excited about the
opportunities it opens up for us.
Very importantly, we are also very excited about partnering with China Animal Husbandry Group.
This partnership deepens our relationship with, and highlights our strong commitment to, China. As
you all know, strategic partnerships have been an essential ingredient to our success, as they are to
any international business in China. This relationship complements our already excellent relationship
with China State Farm. China Animal Husbandry Group and China State Farm are both part of
CNADC. Our strategic partnerships also include our strong relationship with Synlait and Bright and
we believe that this acquisition therefore puts us in an even stronger position with a number of
different local partners all of which add value to our business and will strengthen our ability to
operate successfully in China in the future.

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While our capital allocation framework prioritises investment in growth initiatives ahead of
returning capital to shareholders, that is not to say the Board doesn’t regularly review various capital
management options in detail. During the past year, the Board has actively reviewed capital
management initiatives and will continue to do so in the future. The good news is that, despite the
challenges that the business has had to deal with, the company remains in a strong capital position
which gives us both security in these uncertain times and importantly the ability to be able to
capture opportunities for additional growth as and when they arise. The board believes that the
continued uncertainty and volatility in the markets in which we operate actually creates new
opportunities for growth which we are continuing to evaluate and as a result the Board has decided
that, at least in the immediate term these opportunities potentially offer more value to shareholders
than a simple return of capital and therefore now would not be the right time to return capital or
introduce a dividend. That said, as I have commented already, the board will continue keep this
situation under review since we are always mindful that our strong balance sheet ultimately belongs
to our shareholders.
***
The next topic I would like to cover is the board renewal and management changes that have
occurred during the year.
During the year we were sad to announce the retirement of Jesse Wu as a director but at the same
time delighted to announce the appointment of Bessie Lee as an independent non-executive
director of the Company.
Bessie is up for election today, so you will hear from her later and I will make some specific
comments in respect of her election later, but let me say upfront that even in the short time that
Bessie has been with us, she has made a valuable contribution to the board.
I and the Board are cognisant of the benefits of having a range of experiences on the Board and
supplementing or renewing the Board over time as the business develops.
Over the coming years, we will be undertaking an orderly Board renewal process to refresh the
Board. This will focus on finding new Directors with experience aligned with our growth ambitions,
especially within the China market and in manufacturing / supply chain given our recent investments
in these areas.
While it is premature for us to outline the precise plan at this point, we will update shareholders as
appropriate.

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As you also know, there have been a number of changes to the Executive Leadership Team in the
past year, most importantly the appointment of our new CEO David Bortolussi from whom you will
hear from later in the meeting.
On behalf of the Board, I would like to thank Geoff Babidge for returning to the Company in 2019
and for his leadership during a tumultuous year. In the second half of the fiscal year, we also bid
farewell to Lisa Burquest, Susan Massasso and Peter Nathan, all of whom had contributed
significantly to the growth and success of the business in the past. We wish each of them every
success in the future.
Given the changes that our business has had to make in response to all the challenges, particularly
those in the past year, it was a particularly opportune time to usher in a new management team and
so we were pleased in February 2021 to welcome David Bortolussi.
David’s leadership and contribution has already been immense. Alongside a complete review of all
aspects of the business, one of the many tasks David has undertaken has been to bolster the
Executive Leadership Team. Consequently, there have been a number of changes, promotions and
new appointments which the Board is confident will set the business up strongly for the future.
***
Finally, there are a few additional issues I would like to address, as I expect they are questions on
shareholders minds.
The first issue that some shareholders have raised with us is a view that we should have kept the
market better informed during FY21. As I mentioned earlier, FY21 was no ordinary year. We faced
unprecedented changes in our markets – things were rapidly evolving. In the face of this volatility
and uncertainty, we made numerous announcements to the market over the period to keep you
informed about the shifting market conditions, consumer behaviours, new initiatives and financial
outlook. These updates were based on the best information we had at the time. It is disappointing to
make multiple updates to our outlook in a single year but we exercised our judgment in determining
reasonable and appropriate guidance and did so in difficult and unprecedented circumstances.
The second are the announcements we have made in relation to potential class actions.
On 6 October, the Company announced it had been notified that group proceedings had been filed
in The Supreme Court of Victoria, which name the Company as the defendant. The proceedings, filed
by Slater and Gordon Lawyers, are said to be brought on behalf of shareholders who acquired an
interest in fully paid ordinary shares in the Company.

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In an additional statement on 21 October, the Company announced it was aware of media reports
concerning a potential class action against the Company that is apparently being investigated by
Shine Lawyers. The Company is not aware of any legal proceeding having been filed by Shine
Lawyers at this time.
It is important for shareholders to know that the Company considers that it has at all times complied
with its disclosure obligations, denies any liability or wrongdoing and will vigorously defend the
proceedings.
For obvious reasons, we will not be able to make any further comment in relation to this today.
The other topic I would like to address is the decision made by the board to award the Executive
Leadership Team a short-term incentive payment for the FY21 year. This has been raised by
shareholders and other market participants, so I’ll address it up front rather than waiting for the
question and answer session.
The Board considered carefully the correct and balanced judgement when considering the 2021
short term incentive payments, to ensure that the correct balance was struck between the
disappointing overall financial results of the company across the period and the motivation and
retention of key staff who delivered significant achievements against our strategic objectives and
have worked harder than ever in addressing the challenges of the business. Striking the right balance
between these two perspectives is clearly important and critically is in the long-term interests of all
shareholders.
The Board felt it was important to recognise the contribution against our strategic objectives made
by a highly capable executive team who worked tirelessly in an extremely challenging external
environment, and the need to ensure they remain fully engaged and retained, which is in the best
long-term interests of all shareholders.
As a result of these deliberations, the decision was taken to pay out 30% against a maximum
potential outcome for the Group Performance Scorecard of 120%. That 30% out of 120% was
comprised of 0% for the non-achievement of the financial measures, and 30% reflecting the partial
achievement of the non-financial measures. No personal performance multiplier was applied to any
individual for 2021. Whilst some may feel that this decision was not correct, it is important to note
that a) the board took great care to work through the issues in a balanced and what we considered
was a fair way and b) it should be recognised that the management team’s LTI payments for the last
2 years will not be triggered in addition to a cut back in STI payments - which is wholly appropriate
given the events of the past 18 months.

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We felt given the interest in these topics, we would address this up front.
***

Some final thoughts I would like to leave you with.
While the issues that arose in FY21 were undoubtedly a challenge, the business remains at its heart
a very robust, differentiated branded business with exceptionally strong financials. In my opinion,
this is the reason that we have been able to weather this period of volatility at all. It would not be
hard to see that these challenges could have broken a weaker company and business completely.
The a2 brand remains strong and it should be noted that it is the only major international brand of
scale that gained share in China Label in the past financial year.
I recognise the serious pain felt by the performance of the business in the last year for you, our
shareholders and I regret that, despite an extended period of stellar performance, we were not able
to weather the storm better in 2021.
However, the Board and I, along with the management team, remain confident in the fundamental
strengths of the business, confident in our brand, confident in the new management team and
confident in the plans to take us forward.
I will now invite David Bortolussi to present his address.
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Slide 31: Close
Closing
[David Hearn final closing remarks]
Before I close, I would just like to thank you, our shareholders for your patience and commitment to
our business. A great company like The a2 Milk Company is not built in a short time but equally it is
not damaged beyond repair in a single blow either. We have the essential ingredients for success in
this market – a powerful and differentiated brand, a strong financial position which gives us
resilience under pressure and the ability to go after opportunities in the future, a dedicated and
talented senior management team who are determined to prove our critics wrong, a group of highly
powerful and well-connected Chinese partners with whom we have built excellent relationships over
many years, and finally a set of plans for the future that are built on a solid foundation and
understanding of the drivers of our business. All of these components give us confidence that the
future is most definitely brighter than our most recent past.

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Thank you to everyone here today, for embracing the technology and attending virtually, for your
time, and importantly for your support for the business.
I now formally declare the meeting closed.

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Slide 6: CEO’s Address
CEO’s Address

Thanks David. Good morning everyone, and thank you for joining us today.
It’s my great honour and privilege to be addressing you in my first Annual Meeting as your Managing
Director and Chief Executive Officer.
Today I will start by providing an overview of last year’s result, and the key actions we’ve taken
recently to rebalance our inventory levels, invest in our brand, bolster our leadership team and
refresh our growth strategy.
Slide 7: a2MC’s extraordinary journey was disrupted in FY21
As you know, the a2 story is extraordinary – and a key feature of that story is its different chapters of
growth over the years.
When I was joining the company, I was interested to learn that a2’s original commercial ambitions
were to license its intellectual property. When that wasn’t successful, the company adapted, and in
2007 moved from an IP focus to launching the a2 Milk brand in Australia.
The years that followed, including the development of our Infant Milk Formula or IMF business, were
truly remarkable.
However, after years of impressive growth, the business was disrupted in FY21, which has led us to
reflect on and adapt our strategy for growth again.
Slide 8: Clearly FY21 was a disappointing result
This slide provides a brief overview of our FY21 results.
Clearly it was a disappointing financial result, with revenue for the Group down 30%, and EBITDA
and net profit down 78% and 79% respectively.
Sales of China label IMF increased 15%, and our Australian milk business was up 11%. However, this
was more than offset by the challenges experienced in English label IMF with sales down 52%.
I’ll take some time now to reflect on the issues that disrupted our business, and the key actions
we’ve taken in response.

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Slide 9: A range of actions have been taken to address the disruption caused by COVID-19
COVID-19, and the border closures that followed, disrupted cross-border sales for us and other
companies exporting through this channel. These disruptions caused significant volatility in our
demand and supply, which ultimately led to material excess inventory which exacerbated the issue.
All of this played a role in the significant decline in our English label IMF sales.
At the same time, and not immediately apparent to us until May this year, the China IMF market
started to decline, driven by an almost ~20% reduction in the number of births.
However, as we discussed in May, and updated you at our results in August, we took significant
actions to address the disruption:
▪ We took action to address excess inventory and constrain sales, to support English label IMF
market pricing which is the key driver of channel economics
▪ We swapped older inventory at distributors with newer inventory where possible, to
improve product freshness which is a key concern for consumers
▪ We increased brand investment to drive consumer demand
▪ We bolstered our leadership team and reorganised for enhanced focus, and
▪ We refreshed our strategy to adapt for growth in a new context
Slide 10: We have taken significant steps to rebalance our inventory levels
This slide summarises the steps we took in the second half of FY21 to address the inventory
build-up, particularly in English label IMF
In total, 7.6 million units of English label product were written down, of which 1 million units
were swapped with distributors for fresher product.
As a result of these actions, our English label product freshness across our distributors in
CBEC and in our reseller network has improved significantly, with virtually all product now
with greater than 18 months remaining shelf life.
These actions and other initiatives have supported improved pricing across all English label
channels which is encouraging.
We also took similar actions, to a lesser extent, to rebalance China label inventory levels and
to constrain sales in the fourth quarter of FY21 and the first quarter of this year.

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Slide 11: We have increased investment to continue to support our strong brand
Another key action taken in the fourth quarter of FY21, was to deliberately increase brand
investment to drive consumer demand. This was also done in recognition of the reduced
brand activity being undertaken by English label resellers, and to compensate for the
absence of a significant campaign in the first half.
Our brand health metrics are strong and have improved recently on the back of this
increased investment. The top chart on the right-hand side shows improvements in brand
awareness and trial across the funnel.
The chart below shows our opportunity to increase awareness, to leverage our relatively
high levels of conversion to trial and loyalty.
We plan to continue to increase brand investment further as part of our strategy.
Slide 12: We have bolstered our leadership team and reorganised the business
Our leadership team comprises both our business unit leaders, as well as our functional
leaders, working together as one team to lead a2 globally.
This year we have bolstered the team and reorganised our Asia-Pacific division.
There have been 4 internal role expansions and promotions, reflecting strength in internal
talent, and we have brought 4 additional leaders into the business including our new Chief
Marketing Officer, Edith Bailey from Danone, who will be commencing with us in a few
weeks’ time.
Slide 13: We have undertaken a holistic review of our growth opportunities
Over the past six months, we have reviewed our China market opportunity, our brand positioning,
our route-to-market challenges and opportunities, our product portfolio, as well as the potential to
expand into adjacent categories and new markets.
The work has been comprehensive and forms the basis of our growth strategy going forward.
Slide 14: We have adapted our a2MC growth strategy
We have endeavoured to summarise a lot of our work into this group strategy on a page, which sets
out our ambition, goals, strategic priorities, enablers and values.
Our purpose remains “To enrich lives by harnessing the nutritional wonders of nature”.

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Our ambition, as articulated here, is new. We are committed to rebuilding a2 into the growth
company we’ve been throughout our history, returning to our pioneering and innovative roots, and
elevating our focus on sustainability.
Our ambition is reflected in our high-level goals, covering People, Sustainability, Consumers and
Shareholders. I am committed to creating long-term value for our shareholders and building a
trusted and transparent relationship.
To deliver on our ambition and goals, we have 5 strategic priorities:
▪ Firstly, we will be investing in people and planet leadership. Without a strong team, we
can’t deliver on our priorities, and without being conscious of the impact we’re having on
the planet, we can’t ensure sustainability of our business in the long-term. We’re setting
ourselves a bold ambition here, which is one of our most important priorities
▪ Secondly, our most critical business objective is to achieve our full potential in China IMF.
While we have a portfolio of initiatives to deliver on this priority, two key themes to note
are: firstly, we will streamline our distribution model over time to get closer to our
consumer; and secondly, we will invest in our brand to generate ongoing consumer “pull”
for our product, in a way that reflects evolving consumer needs and channel preferences
▪ Third, it’s important that we significantly ramp-up our product innovation. We need to
expand our IMF portfolios, for both China label and English label, and in all markets, we need
to enter adjacent product categories to drive growth. Given the success of the a2 business
until recently, new product development hasn’t been a priority, but it will be going forward
▪ Next, we need to transform our supply chain – this includes expanding our China label
market access, utilising the capacity we now have at MVM and, over time, developing supply
chain capabilities in China to support our growth ambitions
▪ Finally, achieving profitability across all our business units – we are determined to find a
pathway to profitability in the US as quickly as possible, and to increase MVM utilisation
through insourcing a2 volumes and developing 3
rd
party business
Slide 15: Our ambition is to be a top-5 CL IMF brand and the no.1 EL product range in China
This slide illustrates our ambition and measures of success for our China label and English label IMF
businesses. Most importantly, our aim is to be a top-5 China label brand, and to have the number 1
English label product range.
Our medium-term ambition is to increase sales in China label by approximately $400 million, by
doubling our share from around 2.5% to over 5%, and to grow English label by approximately $300
million, through channel recovery and gaining share in the reseller and CBEC channels.

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To achieve this, we have refined our priorities to adapt to the change in market context. Our number
one priority is to continue to invest in and nurture our brand, to remain relevant to next generation
mothers, both functionally and emotionally, and to drive demand. We will also drive distribution
growth in store and online, focusing on early-stage recruitment and late-stage retention.
Lastly, in relation to China, some shareholders have asked, why we still sell through the Daigou
channel. The reality is that the Daigou channel has evolved significantly over time from a suitcase
trade, to corporate Daigou, to a sophisticated multi-channel reseller business. This reseller channel
is largely an e-commerce business through a range of Consumer-to-consumer and Offline-to-online
platforms. The closed Consumer-to-consumer network, such as that conducted through WeChat, is
only about 30% of the reseller channel and 10% of our overall China IMF business. Having said that,
the Daigou channel is an important new-user recruitment and brand building channel, which we will
continue to support going forward.
Slide 16: Our strategic partners are key to enabling execution of our China strategy
On the next page, I want to reiterate, and publicly acknowledge, the incredible support we receive
from our strategic partners in relation to our China business. Starting with the long-term
relationships we’ve had with China State Farm and Synlait, and more recently with the MVM
acquisition, China Animal Husbandry Group. Both CSF and CAHG are part of the larger China
National Agriculture Development Group, which is an important State-Owned Enterprise.
These relationships are very important to enabling the effective execution of our strategy in China.
We are very committed to investing in and developing our China business as our highest priority.
Slide 17: Outside our core, we are pursuing other opportunities for growth in Asia
We are also looking outside our core for new growth opportunities. We are expanding our portfolio
in China to target the whole family. And we have identified several new markets to prioritise for
growth.
Our medium-term ambition is to generate approximately $200 million in sales from expanding our
portfolio in China, and around $100 million of sales from existing and new markets over time.
Slide 18: We have plans to grow ANZ and are focused on achieving profitability in the USA
In ANZ, our ambition is to generate approximately $100 million in additional sales over time while
maintaining our no.1 position in fresh milk and seeking to expand into new categories. In the US,
while we have goals to grow the business over time, our focus is on achieving profitability as quickly
as possible.

6

Slide 19: We are focused on five key non-financial measures of success over time
Our non-financial measures of success focus on people, sustainability, brand health, market
share and innovation.
I won’t go through each of these measures in detail today, but I did want to highlight how
seriously we are taking sustainability, by upgrading our commitments to achieve Scope 1
and 2 net zero by 2030 and Scope 3 by 2040. Our recently announced MVM electrification
project is indicative of our commitment in this area.
Slide 20: We have an ambition to grow sales to over NZD$2 billion and improve margins
In terms of financial goals, our ambition is to grow sales to over $2 billion in the next five or more
years and to improve margins.
Most of our sales ambition is expected to be driven by growth in our China business – through China
label IMF, English label IMF, macro milk and other nutritional products. Whilst we would of course
like to have greater diversification in our markets over time, the reality is that the size of the
opportunity we have in China is substantially greater than other options. So, we must focus our
resources on capturing this opportunity.
In terms of EBITDA margins, it is worth noting that IMF sales, and particularly English label, will be
the key driver of our margin outcomes. Over the next few years, we are anticipating EBITDA margins
in the “teens” due to a range of factors, including market conditions, mix of business, investment
levels and innovation.
Whilst it is possible that EBITDA margins may improve further into the low-to-mid 20s in the
medium-to-long term, this would, amongst other things, require a much higher-than-expected
recovery in our English Label IMF business.
In terms of achieving our ambition, there are a wide range of outcomes possible with significant
upside and downside risk. In addition to execution risk, there are a number of macro factors that
could materially impact our results in the future, including:
• How the China birth rate will evolve, and the impact policy changes may have on this
• The extent and pace of recovery in cross-border trade post COVID-19
• How the competitive landscape will evolve in China, including the outcome of the new GB
registration process
• The extent and pace of change in consumer product and channel preferences, and
• How the China regulatory framework and international relations may evolve and impact
trade

7

Notwithstanding these uncertainties, I hope that we have clearly communicated our ambition and
strategy to you, and how we are going to achieve it over time. If you’d like further information on
this, I’d refer you to our investor day presentation on 27 October which is available on our website.
Slide 21: FY22 trading update as provided at investor day on 27 October 2021
In relation to this year, we provided a brief update on our trading at our investor day a few weeks
ago, with no material change to the FY22 position as outlined in our FY21 August results
announcement – except, that we are seeing a different mix in our business, favouring English label
IMF.
The only additional update today is in relation to our trading over the 11/11 online sales period in
China which completed at the end of last week. Last year, our English label IMF product was
promoted heavily in the 11/11 event, which caused some disruption between CBEC and reseller
pricing and trade. This year, we prioritised overall channel economics through reduced inventory
levels and promotional activity in CBEC. As a result, and as expected, our English label sales during
the 11/11 online sales period were down on last year, but with improved market pricing across CBEC
platforms and reseller channels. Conversely, our China label sales were up significantly on a smaller
base. Overall, we believe our platform rankings were maintained or improved relative to the
competition, which is subject to confirmation by the platforms in due course.
Slide 22: Key messages to takeaway
So, to summarise the key messages I want you to take away:
▪ Firstly, the overall market environment has gone through significant change over the past 12
months – the speed and extent of the change has been more than anyone could have
anticipated
▪ These changes have required us to adapt our approach. Adapting to the market and
capturing opportunities is in our company’s DNA, and this will be the next iteration in our
company’s growth story
▪ Importantly, our brand, and the proposition that underpins it, remains strong and relevant –
consumers love the a2 Milk story and what we stand for. In China, which is our key growth
market, we have a relatively small share and a significant opportunity to grow despite
current headwinds
▪ We have refreshed our strategy, we have a great leadership team in place, and throughout
our business we have a culture built on a pioneering spirit that we’re confident will support
us to achieve our ambition
Thank you very much for your time, and I’ll now hand back to our Chairman.

---

THE a2 MILK COMPANY LIMITED
17 NOVEMBER 2021
A N N U A L
M E E T I N G
2 0 2 1 A N N U A L M E E T I N G

2
Disclaimer
This presentation dated 17 November 2021should 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 2021 and
accompanying information released to the market on 26 August
2021.
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 involve known and
unknown 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.
2 0 2 1 A N N U A L M E E T I N G

2 0 2 1 A N N U A L M E E T I N G
W E L C O M E
D A V I D H E A R N

4
Welcome3
Chair speech5
MD & CEO address6
Formal business23
Questions30
Close31
•
AGENDA
4
2 0 2 1 A N N U A L M E E T I N G

5
2 0 2 1 A N N U A L M E E T I N G
C H A I R S P E E C H
D A V I D H E A R N

6
2 0 2 1 A N N U A L M E E T I N G
M D & C E O
A D D R E S S
D A V I D B O R T O L U S S I

7
a2MC’s extraordinary journey was disrupted in FY21
FY07
FY10
FY11FY12FY13FY14FY15FY16FY17
FY18
FY19FY20
a2MC historical revenue (NZDm)
FY00
Company founded
FY00
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
Relationship
announced (incl.
NZ fresh milk
licence)
FY18
FY14
IMF launched in
ANZ and China
listing
FY15
FY21
1
Listed on the NZX alternative market (NZAX) in 2004 and transferred listing to NZX main board in 2012;
2
Revenue from continuing operations only
Source: a2MC internal data
FY09FY08
Shift from
licensing to
operational;
a2 Milk™
relaunches in Aus
FY07
IP CreatorsAustralian branded fresh milk focus
China IMF and US liquid milk expansion
Adapting
for growth
Distribution
agreement with
Yuhanfor South
Korea
FY18
Company
acquires stake in
MVM with CAHG
FY22
Company
exits UK
FY20
2
2 0 2 1 A N N U A L M E E T I N G

8
Clearly FY21 was a disappointing result
1
Group performance
•Revenue and EBITDA
2
margin was within the guidance range provided in May 2021
‒Revenue down 30.3% to $1.21b
‒EBITDA down 77.6% to $123m including stock write-down and MVM acquisition costs
‒EBITDA margin of 10.2% or 11.1% excluding MVM acquisition costs
•Net profit after tax down 79.1% to $80.7 million (including discontinued operations)
Regional performance
•Sales of a2 至初® China label infant nutrition of $389.9 million, up 15.4%
•Sales of a2 Platinum® English label infant nutrition of $357.0 million, down 52.1%
•Other nutritional revenue decline of 38.5% to $52.4 million
•Australia liquid milk revenue up 10.8% to $169.0 million
•USA revenue decreased 3.7% to $63.6 million
1
All figures are in New Zealand Dollars (NZ$) and based on continuing operations of the Group, unless otherwise stated.
2
Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-GAAP measure. However, the Company believes that it assists in providing investors with a comprehensive
understanding of the underlying performance of the business.
2 0 2 1 A N N U A L M E E T I N G

9
A range of actions have been taken to address the disruption caused by COVID-19
2 0 2 1 A N N U A L M E E T I N G
Issues disrupting a2MC in FY21Key actions we have taken
•Recognised stock write-downs and deliberately
slowed down sales in 4Q21,together with other
planned initiatives, to reduce inventory levels and
rebalance English label IMF pricing across channels
•Swapped older distributor inventory with more
recent stockto improve on-shelf product freshness
•Increased brand investmentwith a significant
campaign in 4Q21 to drive consumer demand
•Bolstered leadership teamwith new internal and
external talent
•Reorganised our Asia-Pacific divisionfor enhanced
focus on our key business opportunities
•Refreshed our growth strategyto realise the full
potential of our business
As a result of this disruption, a2MC experienced a
significant decline in its English label IMF sales
through both daigou/reseller and e-commerce channels
Cross-border trade was disrupted by COVID-19,
creating substantial demand/supply volatility, which
caused excess inventory, exacerbating the issue
At the same time, China infant nutrition market growth
reduced significantlyfrom globally high rates to be flat
in value terms and to decline in volume terms, a trend
that became clear following China’s release of 2020 birth
numbers on 11 May 2021 which showed a reduction in
the birth rate

10
We have taken significant steps to reduce inventory build-up which has
improved freshness and EL market pricing
Note: CBEC average price calculated excluding Pinduoduo; Inventory written off reflects EL only
Source: a2MC internal data, including data collected from distributors and from publicly available EC platforms
EL inventory written down to
reduce stock in supply chains Freshness has improvedEL prices have also improved
Distributor inventory holdings by
age profile (Sept 21)
2 0 2 1 A N N U A L M E E T I N G

11
We have increased investment to continue to support our strong brand
Marketing investment increased in 4Q21with
a significant integrated brand campaign
We intend to increase brand investment further
in an increasingly competitive market and to
compensate for lower daigou/reseller activity
Importantly, awareness-to-trial and loyalty
conversion are high compared to competitors
Our a2 brand healthmetrics are strongand
have improved recently
2021
A N N U A L M E E T I N G

12
Business leadershipFunctional leadership
We have bolstered our leadership team and reorganised the business
2 0 2 1 A N N U A L M E E T I N G
Kevin Bush
Executive General
Manager –ANZ
Xiao Li
Chief Executive –
Greater China
Yohan Senaratne
Executive General
Manager –
International
Blake Waltrip
Chief Executive –
USA
Bernard May
Chief Executive –
Mataura Valley Milk
Janelle Tong
Chief Marketing
Officer (Interim)
Shareef Khan
Chief Operations
Officer
Race Strauss
Chief Financial
Officer
Eleanor Khor
Chief Strategy
Officer
Amanda Hart
Chief People &
Culture Officer
Jaron McVicar
Chief Legal and
Sustainability Officer
& Company Secretary
David Bortolussi
Managing Director
and CEO

13
•Assessing our route-to-market for English label IMF and capturing the full potential of our
China label IMF distribution in key channels
We have undertaken a holistic review of our growth opportunities
2 0 2 1 A N N U A L M E E T I N G
Market
•Continuing the journey to focus on our China market opportunity in particular
Brand
•Reviewing our brand positioning to create continued distinctiveness amongst an evolving
consumer base and new entrants in the category
Channel
Adjacencies
•Outside our core, we are also considering opportunities for adjacent category growth in China,
ANZ and USA as well as assessing opportunities in new emerging markets
Product
•Re-imagining our infant formula product portfolio in English label and China label to appeal
to a broader set of consumers and maximise distribution potential

14
We have adapted our a2MC growth strategy
2 0 2 1 A N N U A L M E E T I N G
Purpose
Goals
Strategic
priorities
Enablers
People
Create the safest and most diverse,
inclusive and engaging place for our
people to thrive
Sustainability
Supportour farmers, protect our
planet and cows, rethink packaging
and contribute to our communities
Consumers
Bring the unique benefits of pure
and natural a2 Milk™to as many
consumers as possible
Shareholders
Create long-term, enduring value
for shareholders and a trusted,
transparent relationship
To enrich lives by harnessing the nutritional wonders of nature
Values
Bold PassionPioneering spiritRespectIntegrity
Brand strengthScience & innovationStrategic relationships
Transform our
supply chain
•Expand CL registered
market access
•Utilise MVM capability
•Develop China supply
capability over time
4
Capture full potential
in China IMF
•Gain more control over
CL and EL distribution
and get closer to our
consumer
•Increase investment in
our brand, digital
marketing and E-comm
2
Invest in people and
planet leadership
•Invest in our people to
enable them to thrive
•Take direct action to
lead the industry in
GHG emissions reduction
and farming practices
1
Ramp-up product
innovation
•Expand our CL and EL
IMF product portfolios
•Enter adjacent product
categories in relevant
markets to drive growth
3
Capability development
Accelerate path to
profitability
•Take action to realise
potential in USA
•Expedite insourcing and
3
rd
party volume to
significantly increase
MVM utilisation
5
Humility
Ambition
Rebuild a2MC into an exciting, innovative and sustainable growth company

15
Our ambition is to be a top-5 CL IMF brand and the no.1 EL product range in China
AmbitionTo be a top-5 CL IMF brand in China
Measures
of
success
Achieve top
quartile
awareness
whilst
maintaining
strong trial and
loyalty metrics
Expand
footprint to 30-
35K stores
(~50% WD),
with positive
LFL growth
Achieve total
CL share
of >5%
Outperform in
DOL, with
higher DOL
share than
MBS
2 0 2 1 A N N U A L M E E T I N G
To be the no.1 EL product range in China
Stable channel
pricing
Leading
flagship range
and
EL share >25%
30% of sales in
Stage 1 and 2
Premiumisation
of range with
ongoing
innovation
pipeline
~NZD 0.4 billion
Targeted sales growth in CL over time
~NZD 0.3 billion
Targeted sales growth in EL over time

16
Our strategic partners are key to enabling execution of our China strategy
•Strong partnership formed
in China with CNADCand
through its subsidiaries,
China State Farm and
China Animal Husbandry
Group
•China State Farm has
been our strategic
logistics and
distribution partnerin
China since 2013 as our
exclusive import agent for
our China label IMF
products
•Recent MVM acquisition
has initiated a relationship
with the China Animal
Husbandry Group, who
retains a 25% interest
2 0 2 1 A N N U A L M E E T I N G
•a2MC has a 19.8% share in
Synlait; Bright holding a
39.0% share
•Foundational IMF
partnership since 2012 and
supply rights for defined IMF
products into ANZ & China
•Work to progress
re-registration of our
Chinalabel product is
on-track, targeting SAMR
approval in late 2022 with
new product in market in
early 2023

17
Outside our core, we are pursuing other opportunities for growth in Asia
Pre-birthInfants and toddlersYoung
children
Families
2 0 2 1 A N N U A L M E E T I N G
~NZD 0.2 billion
Targeted sales growth from non-IMF product
categories in China over time
~NZD 0.1 billion
Targeted sales growth from existing and
new emerging markets over time
In China, we are expanding our portfolio into
dairy-based nutrition for thewhole family
Several emerging markets have
beenprioritisedfor further evaluation
Vietnam
Indonesia
Malaysia &
Singapore

18
We have plans to grow ANZ and are focused on achieving profitability in the USA
Ambition
ANZ: Maintain the no.1 position in fresh milk
with expansion into new categories
Measures
of
success
Loyalty rate
>40%
Market share
>15% in milk
Achieve 25% of
sales from
innovation
2 0 2 1 A N N U A L M E E T I N G
USA: To be a top-5 premium milk brand
with >10% EBITDA margin
Grow
household
penetration
to 10%
Achieve 5%
share of the
premium milk
category
Achieve 25%
of sales
from
innovation
Achieve
profitability
during
FY25/FY26
~NZD 0.1 billion
Targeted sales growth in ANZ over time
~NZD 0.1 billion
Targeted sales growth in USA over time

19
We are focused on five key non-financial measures of success over time
1
People
Safety TRIFR <10
with continuous
improvement
Engagement >80%
Diversity and
inclusion rated >4
out of 5 by team
Sustainability
GHG emissions
reduction
-Scope 1+2 net zero
by 2030
-Scope 3 net zero
by 2040
100% completion of
Farm Environmental
Plans and Certified
Animal Welfare
Programs
100% reusable,
recyclable or
compostable
packaging with 50%
average recycled
content
Brand health
China unprompted
awareness >25%
Australian fresh milk
loyalty >40%
USA household
penetration >10%
in premium milk
Market share
Top-5 CL IMF player
with share >5%
Leading EL IMF
range with share
>25%
Australian fresh milk
share >15%
USA premium milk
share >5%
Incremental $100m
revenue from existing
and new emerging
markets
Innovation
Access to ≥3 CL
registrations
Expanded EL IMF
portfolio
Incremental $200m in
revenue from dairy
and other nutritionals
to China
>25% of sales from
new products in
Australia and USA
23
4
5
Source: Management estimates
2 0 2 1 A N N U A L M E E T I N G

20
Growth in milk and
adjacent categories
We have an ambition to grow sales to over NZD$2 billion and improve margins
Medium-term indicative sales ambition (≥ 5 years)EBITDA margin dynamics
•Indicative range
‒IMF sales, particularly EL, key driver of upside/downside risk
‒Target margins probably in the “teens” in the medium term
due to expected market conditions, investment and innovation
‒Target margins possibly in the “low-to-mid 20s” in the
medium-to-long term subject to higher than expected market
recovery, EL channel growth and share gains
•Key accretion drivers
‒Operational leverage impact of share growth, cross-border
trade recovery and/or increase in China birth rate
‒Mix impact on delivered margin (EL > CL > ANZ > USA)
‒Mitigation of USA losses and path to profitability
‒Nutritionalsinsourcing margin capture by MVM
‒Pricing, promotional activity, trading terms and FX
•Key dilution pressures
‒Operational de-leverage impact of China IMF market
headwinds and regulatory risks
‒Mix impact on delivered margin (EL > CL > ANZ > USA)
‒Increasing brand reinvestment rate and margin pressure in
China as competition intensifies
‒Innovation, reformulation and FX impact on margin
‒Supply chain transformation period
‒Investment in capability and sustainability
Growth in existing and
2-3 new markets
Growth in other dairy and
nutritional products to
China through innovation
and distribution growth
Regain half of EL revenue
decline from FY20 to FY21
through channel recovery post
COVID-19 and execution of EL
strategy to gain share
Double CL share
from c.2.5% to 5%
Source: Management estimates
Wide range of outcomes
possible with significant
upside and downside risk
2 0 2 1 A N N U A L M E E T I N G

21
FY22 trading update as provided at investor day on 27 October 2021
•There is no material change to the FY22 position as outlined at the FY21 August results announcement –however,
we are seeing a different mix of our business, favouring English label IMF
•English label IMF sales in 1Q22 were down on 1Q21, but were significantly up on 4Q21, which was constrained to
reduce channel inventory levels. English label IMF sales are expected to be down in 1H22 vs pcp, but ahead of
expectations
•As flagged in our FY21 results release, China label IMF sales in 1Q22 have been constrained to reduce channel
inventory levels further with sales significantly down on 1Q21 and 4Q21. Whilst distributor offtake and retailer sales
were up double digits during 1Q22 vs 1Q21, they are lower than expected. As a result, China label IMF sales are now
expected to be significantly down in 1H22 vs pcp
•IMF Tier 1 distributor inventory levels are now at required levels for both English label and China label
•ANZ fresh milk volumes were up in 1Q22 vs 1Q21, in part benefitting from extended lockdowns –however, sales in
1Q22 were flat vs 1Q21 due to FX movements
•US liquid milk volumes were down in 1Q22 vs 1Q21 due mainly to an expected reduction in ranging by a club channel
customer. Separately, distribution cost pressures continue in the US market
•MVM nutritional demand has reduced and active steps are being taken to secure additional volume
2 0 2 1 A N N U A L M E E T I N G

22
Key messages to takeaway
2 0 2 1 A N N U A L M E E T I N G
•The market landscape has experienced unprecedented change
over the past 12 months, requiring us to adapt
•As a result, we have adapted our growth strategy to achieve
the full potential of our business
•Importantly, our brand is strong, we have a relatively small share
in China IMF and significant opportunity to capture
•We have reorganised to prioritise our most important growth
levers and have a clear plan to execute
•We have a great leadership team and pioneering culture to
lead the execution

23
F O R M A L
B U S I N E S S
2 0 2 1 A N N U A L
M E E T I N G
D A V I D H E A R N

Notice of Annual Meeting and voting instructions
24
2 0 2 1 A N N U A L M E E T I N G

Item 1: Financial statements and reports
To receive and consider the Company’s financial statements for the year ended 30 June 2021, together with the Directors’ and Auditor’s
reports.
25
2 0 2 1 A N N U A L M E E T I N G

Item 2: Auditor’s Fees and Expenses (Resolution 1)
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.”
26
Proxy votesFor UndirectedAgainstTotal
Resolution 1346,031,3161,619,1151,227,847348,878,278
% of vote99.2%0.5%0.4%
46.9%
of issued
capital
2 0 2 1 A N N U A L M E E T I N G

Item 3: Election of Managing Director –David Bortolussi (Resolution 2)
To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:
“That David Bortolussi, who was appointed Managing 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.”
27
Proxy votesFor UndirectedAgainstTotal
Resolution 2344,672,8221,621,5652,120,564348,414,951
% of vote98.9%0.5%0.6%
46.9%
of issued
capital
2 0 2 1 A N N U A L M E E T I N G

Item 4: Election of Director –Bessie Lee (Resolution 3)
To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:
“That Bessie Lee, 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.”
28
Proxy votesFor UndirectedAgainstTotal
Resolution 2299,569,7841,619,45546,999,219348,188,458
% of vote86.0%0.5%13.5%
46.8%
of issued
capital
2 0 2 1 A N N U A L M E E T I N G

Item 5: Re-election of Director –Warwick Every-Burns (Resolution 4)
To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:
“That Warwick Every-Burns, who will retire at the meeting by rotation in accordance with the Company’s constitution, be re-elected as a Director of
the Company.”
29
Proxy votesFor UndirectedAgainstTotal
Resolution 2260,329,9771,635,04186,124,434348,089,452
% of vote74.8%0.5%24.7%
46.8%
of issued
capital
2 0 2 1 A N N U A L M E E T I N G

30
Q U E S T I O N S
2 0 2 1 A N N U A L M E E T I N G

31
C L O S E
2 0 2 1 A N N U A L M E E T I N G
D A V I D H E A R N