2022 Annual Meeting

ASX Code: A2M
NZX Code: ATM

The a2 Milk Company Limited
www.thea2milkcompany.com

18 November 2022
NZX/ASX Market Release

Annual Meeting materials

Please find attached a copy of the presentation to be given at The a2 Milk Company’s Annual Meeting of
Shareholders, to be held in Auckland today at 11am NZ time. The presentation includes a slightly refined outlook
statement at page 23.

Copies of the speeches to be given by Chair, David Hearn and Managing Director and CEO, David Bortolussi are
also attached.

By order of the Board of Directors
David Hearn
Chair
The a2 Milk Company Limited

For further information, please contact:
Investors / Analysts
David Akers
Group Head of Investor Relations and Sustainability
M +61 412 944 577
david.akers@a2milk.com


Rebecca Culbertson
Investor Relations Manager
M +61 400 955 295
rebecca.culbertson@a2milk.com
Media
Rick Willis
M +61 411 839 344
rick@networkfour.com.au
Media – New Zealand
Barry Akers
M +64 21 571 234
akers@senescallakers.co.nz

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2022
ANNUAL
MEETING
The a2 Milk Company Limited
18 November 2022

Disclaimer
This presentation dated 18 November 2022 should be read in
conjunction with, and subject to, the explanations and views in
documents previously released to the market by The a2 Milk
Company Limited (the “Company”), including the Company’s
Annual Report for the 12 months ended 30 June 2022 and
accompanying information released to the market on 29 August
2022.
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 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 2 A N N U A L M E E T I N G
2

WELCOME
DAVID HEARN

Agenda
4
Welcome3
Chair speech5
MD & CEO address6
Formal business24
Questions31
Close32
2 0 2 2 A N N U A L M E E T I N G

CHAIR SPEECH
DAVID HEARN

MD & CEO ADDRESS
DAVID BORTOLUSSI

7
2 0 2 2 A N N U A L M E E T I N G
FY22 progress and key pointsUpdates post result in August
Significant progress implementing refreshed strategy and
improved performance in FY22
1.Inventory management actions completed and effective
‒Channel inventory at target levels, leading product
freshness and improved market pricing
2.Strong early execution of refreshed growth strategy
‒Increased investment, new highs in brand health, record
market shares and return to growth
3.Full year result in line with the Company’s expectations
‒Double digit revenue and earnings growth despite
challenging market conditions
4.Outlook for the business is positive
‒Continued revenue and earnings growth expected in FY23
and on track to deliver on medium-term ambition
5.Significant renewal of Executive Leadership Team
‒Good mix of leadership skills, experience and diversity to
lead the Company going forward
•On-market share buyback commenced
‒Up to $150m over 12 months from 5 October 2022
•SAMR registration process progressing
‒Anticipated in 2H23 subject to SAMR approval
•China State Farm import and distribution agreement renewed
‒Exclusive arrangements for 5 years from 1 October 2022
•Successful new a2 Platinum® launch
‒Well received by market with transition to complete in 1H23
•FDA approval obtained
‒Enforcement discretion
approval obtained on
1 November 2022 to import
infant milk formula (IMF)
into the US

Return to growth after COVID-19 related disruption in FY21
2 0 2 2 A N N U A L
M E E T I N G
8
1
All figures in New Zealand Dollars (NZ$), unless otherwise stated.
2
Listed on the NZX alternative market (NZAX) in 2004 and transferred listing to NZX main board in 2012.
3
Revenue from continuing operations only.
Source: a2MC.
FY07
FY10
FY11FY12FY13
FY14
FY15FY16
FY17
FY18
FY19FY20
a2MC revenue ($ millions)
FY00
Company
founded
FY00
Transferred listing to
NZX main board
2
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
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 Yuhan for
South Korea
FY18
Company
acquires stake in
MVM with CAHG
FY22
Company
exits UK
FY20
3
FY22
Refreshes growth strategy
and commences execution
FY22

FY22 result delivered double-digit revenue and earnings growth
in a challenging market
2 0 2 2 A N N U A L M E E T I N G
9
•Group results in line with the Company’s expectations
−Group revenue growth of 19.8% to $1,446.2 million (growth of 11.2% ex-MVM) with 2H22 up 18.9% on 1H22 (15.7% ex-MVM)
−EBITDA
1
up 59.0% to $196.2 million, EBITDA margin 13.6% in FY22 (16.1% ex-MVM)
−NPAT, including non-controlling interest, up 42.3% to $114.7 million with $122.6 million attributable to owners of the Company
2
−Closing net cash
3
of $816.5 million with operational cash conversion of 114%
4
•Results driven by strong performance across the Company’s regions and products
−China label IMF sales up 12.2% driven by record high market shares achieved in MBS and DOL
−English label IMF sales up 11.6% with market share increasing in CBEC (2H22) and O2O, and Daigoutrajectory improving (2H22)
−ANZ liquid milk sales up 1.8% with record market share, moderated in 2H22 due to lockdowns easing and reduced in-home consumption
−USA liquid milk sales up 30.2% driven by strong growth in grocery and supported by new innovation
−MVM sales of $104.4 million for the 11 months under a2MC ownership (75%)
•Other operational highlights
−Strong growth in brand health metrics to new highs following material increase in brand investment during the year
−Deliberate shift in distribution of English label IMF to more transparent, performance-based and exclusive partners progressing well
−Increase in innovation with the highest number of new product launches in the Company’s history
−Significant increase in sustainability targets, initiatives and impact in many areas of the business, particularly MVM electrification project
1
Earnings before interest, tax, depreciation and amortisation(EBITDA) is a non-GAAP measure and does not have a standardisedmeaning prescribed by GAAP. However, the Company believes that, in combination with GAAP measures, it assists in providing investors with a comprehensive understanding of the underlying operational
performance of the business. A reconciliation of EBITDA to net profit after tax is provided in the Company’s Annual Report and Investor Presentation for FY22.
2
The non-controlling interest represents China Animal Husbandry Group’s 25% interest in MVM.
3
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.
4
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.

Key priorities of a2MC’s refreshed growth strategy remain
unchanged, with refinements to purpose and vision
2 0 2 2 A N N U A L M E E T I N G
10
Purpose
We pioneer the future of Dairy for good
Goals
PEOPLE
Create a safe, diverse, inclusive and
engaging place for our people to
thrive, support our farmers and
contribute to our communities
Vision
An A1-free world where Dairy nourishes all people and our planet
SHAREHOLDERS
Create long-term, enduring value for
shareholders and a trusted,
transparent relationship
PLANET
Protect our planet and cows, rethink
packaging, achieve net zero and
become nature positive
CONSUMERS
Bring the unique benefits of pure and
natural a2 Milk™to as many
consumers as possible
Strategic
priorities
Enablers
Values
Brand strengthScience & innovation
Strategic relationshipsCapability development
Bold passionIntegrityPioneering spiritHumilityRespect
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-commerce
2
Ramp-up product
innovation
-Expand our CL and EL IMF
product portfolios
-Enter adjacent product
categories in relevant
markets to drive growth
3
Transform our
supply chain
-Expand CL registered
market access
-Utilise MVM and invest in
New Zealand capability
-Develop China supply
capability over time
4
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,
farming practices and
sustainable packaging
1
Accelerate path
to profitability
-Take action to realise
potential in USA
-Expedite insourcing of a2™
product and 3rd party
volume to significantly
increase MVM utilisation
5

Updated purpose and vision highlights the positive impact
a2MC wants to have on the world, inspiring its team and partners
2 0 2 2 A N N U A L M E E T I N G
11

2 0 2 2 A N N U A L
M E E T I N G
12
Refer to Investor Day materials communicated to the market on 27 October 2021 for further information on medium-term ambition, strategy, risks and opportunities
Medium-term revenue and EBITDA margin ambitionCommentsAreas of planned revenue growth
•$2 billion revenue goal implies a
4-year CAGR of 8.5% from FY22 if
achieved by FY26
•Solid progress in FY22 towards
medium-term ambition with most
growth drivers and associated
initiatives on track to plan
−China label is ahead
−Other nutritionalsand emerging
markets arework in progress
•Positive indicators, including:
−Brand health metrics
−Market share gains
•Outlook for FY23 is now for low
double digit revenue growth broadly
consistent with achieving medium-
term ambition over time
On track
Work in progress
Market / category
Growth ambition
(FY21 to ≥FY26)
1
Tracking
China label IMF$0.4
English label IMF$0.3
China and other
nutritionals
$0.2
Emerging markets$0.1
ANZ$0.1
USA$0.1
Non-specific risk$(0.4)
Net growthc.$0.8b
Revenue, NZ$ billions
EBITDA margin
EBITDA margin target in the “teens”
On track to achieve ambition to grow sales to $2 billion and
improve EBITDA margins over time
1
Incremental revenue ambition growth bridge from $1.21 billion in FY21 to c.$2.0 billion in ≥FY26 provided in Investor Day materials in October 2021. Provided for tracking purposes and should not be added to FY22 actual revenue result of $1.45 billion.
c.

Encouraging progress against our non-financial measures of
success and key leading indicators
Safety TRIFR
Engagement
Diversity &
inclusion
China unprompted
brand awareness
Australian fresh
milk loyalty
USA household
penetration
CL MBS share
CL DOL share
EL CBEC share
EL Daigou share
EL O2O share
Australian fresh
milk share
USA premium
milk share
Access to ≥3 CL
registrations
China other dairy /
nutritionals growth
Emerging markets
development
USA sales from
new products
ANZ sales from
new products
GHG emissions
reduction
Environmental
plans on farms
Animal welfare
programmes
Sustainable
packaging
1
PeopleSustainability
2
Brand health
3
Market share
4
Innovation
5
2 0 2 2 A N N U A L
M E E T I N G
13
On track
Work in progress

China brand health metrics reached new highs in FY22
supported by increased investment
2 0 2 2 A N N U A L
M E E T I N G
14
11
3
444
55
6
9
Jan-19
Apr-19
Oct-19
Apr-20
Sep-20Dec-20
May-21
Oct-21
Jan-22
Jul-22
5
6
10
14
13
12
15
13
16
21
Jan-19
Apr-19Oct-19Apr-20
Sep-20Dec-20
May-21
Oct-21
Jan-22
Jul-22
2525
33
43
45
47
49
47
5454
Jan-19
Apr-19
Oct-19
Apr-20
Sep-20Dec-20
May-21
Oct-21
Jan-22
Jul-22
Source: IPSOS China brand health quarterly tracker (n= 9750 respondents).
a2MC spontaneous awareness %a2MC top of mind awareness %
a2MC total brand awareness %

1.4%
1.7%
2.1%
2.2%
2.5%
3.0%
Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22
China label offline share increased in both Key&Aand BCD cities
2 0 2 2 A N N U A L M E E T I N G
15
National MBS value shareBCD MBS value shareKey&AMBS value share
a2MC Key&A 12-month MBS value share (%)a2MC BCD 12-month MBS value share (%)a2MC MBS MAT value share (%)
Note: Nielsen expanded overall sample store coverage by 21% to enhance representativeness in their China Baby Panel Enhancements inJanuary 2022. Historical data has been updated accordingly.
Source: Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
IMF market
•Declined by 11% on a 12-month basis in FY22
vs FY21
IMF market
•Was broadly flat on a 12-month basis in FY22 vs
FY21

China label online share increased particularly in key platforms
2 0 2 2 A N N U A L M E E T I N G
16
a2MC DOL sales growthTmall and JD value shareDOL value share
a2MC DOL MAT value share (%)
2
a2MC Tmall and JD MAT value share (%)
2
a2MC CL online IMF sales from distributors to
platforms (tins)
1
1.3%
1.6%
1.9%
2.0%2.0%
2.1%
2.5%
Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22
1
a2MC internal data FY21 vs FY22.
2
Smart Path China IMF online market tracking: domestic online platform sales (by value).

English label share improved in CBEC (2H22) and O2O with Daigou
trajectory improving
2 0 2 2 A N N U A L M E E T I N G
17
CBEC market value share
1
Daigou market value share
2
Note: Kantar had an universe update in June 2022 to better reflect baby population structure change and updated historical data accordingly.
1
Smart Path China IMF online market tracking: for CBEC only retail sales (by value).
2
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities).
3
Note that all these numbers are six month rather than MAT.
21.7%
22.2%
21.1%
19.5%19.5%
Jun-20Dec-20Jun-21Dec-21Jun-22
24.2%
24.8%
22.2%
19.9%
18.7%
Jun-20Dec-20Jun-21Dec-21Jun-22
Daigou share
trajectory
improved: down
0.9% in 2H22 vs
down > 2% in
1H22 and 2H21
3
O2O market value share
2
17.4%
19.1%
17.5%
17.0%
18.6%
Jun-20Dec-20Jun-21Dec-21Jun-22
O2O share
increased from
17.8% in 1H22
to 19.5% in
2H22
3
CBEC share
increased from
18.5% in 1H22
to 20.7% in
2H22
3

Significant renewal of Executive Leadership Team*
18
2 0 2 2 A N N U A L M E E T I N G
* Changes from 1 January 2021 plus MD & CEO; ** Also Company Secretary

On-market share buyback commenced for up to $150 million
2 0 2 2 A N N U A L M E E T I N G
19
•The buyback announced at the Company’s FY22 result for up to
$150 million has commenced and may run for up to 12 months
•The Company may acquire up to 37,180,621 ordinary shares
through the NZX and ASX at the prevailing market price via the
on-market buy back during the 12 monthperiod
•The strength of the Company’s balance sheetwith a closing net
cash
1
balance of $816.5 million in FY22,in tandem with
reviewing the Company’s capital allocation framework led to the
determination of returning capital to shareholders via an on-
market share buy back
•The Company will continue to review its capital allocation
framework on a regular basis to ensure it is prioritising
investment opportunities in growth initiatives and maintaining
balance sheet flexibility
•As at17 November, the Company had acquired 2,838,452
shares on the ASX for A$16.2 million, representing an average
price of A$5.72 per share and 289,843 shares on the NZX for
NZ$1.82 million, representing an average price of NZ$6.28 per
share on the NZX
1
Including term deposits and borrowings, excluding subordinated non-current shareholder loans.

China label new GB registration process progressing
•a2MC’s current China label IMF product a2 至初® registration was renewed in September 2022
which will allow Synlait to manufacture a2MC’s current registered China label product until
21 February 2023 when transition to the new GB standard is required. The current registered
product manufactured up until this date is allowed to be sold in market after that date
•a2MC and Synlait are working closely together in relation to the new GB registration process by
China’s State Administration for Market Regulation (SAMR) for a2MC’s China label IMF product,
a2 至初®. China label product manufactured after 21 February 2023 needs to comply with the
new GB standard
•While the Company’s new GB registration process is progressing, timing is uncertain and
subject to SAMR approval. At this stage, it is anticipated that the new registration approval will
be obtainedin 2H23
•It is noted that the Ministry for Primary Industries (MPI) has co-operation arrangements in place
with SAMR which, amongst other things, positions New Zealand well in relation to China
registration processes
•In all circumstances, a2MC fully respects SAMR’s governance and timing of this important
registration process
2 0 2 2 A N N U A L
M E E T I N G
20

Renewal of exclusive import and distribution arrangement
with China State Farm Agribusiness
•On 3 October 2022, the Company announced that it had renewed its exclusive import and
distribution arrangements with China State Farm Agribusiness Holding Shanghai Co. Ltd
(CSFA) for a term of five years from 1 October 2022
•CSFA has been a2MC’s strategic distribution partner in China since 2013
•CSFA is the exclusive import agent for a2MC’s China label products, including a2 至初®
China label infant milk formula
•CSFA is a wholly owned subsidiary of China National Agriculture Development Group Co,
Ltd (CNADC), which is also the parent company of China Animal Husbandry Group
(CAHG), which holds a 25% interest alongside a2MC’s 75% interest in Mataura Valley
Milk (MVM) located in Southland, New Zealand
•CNADC, CSFA and CAHG are highly regarded State Owned Enterprises and critically
important strategic partners of a2MC
2 0 2 2 A N N U A L M E E T I N G
21

Successful new a2 Platinum® launch
•New a2 Platinum® now available in Australia and New Zealand (through major
Retailers, Pharmacies and Daigou/Reseller Network) and China cross-border
e-commerce (CBEC)
•Positive feedback to date from consumers, Retailers and Daigou/Resellers
•Successful 11:11 sales period in a highly competitive market
‒Maintained or improved platform rankings
‒Cleared virtually all remaining old label a2 Platinum® inventory with
out-of-stocks increasingly observed
‒Major CBEC platforms pricing new a2 Platinum® at a premium
versus old label product
•Held new a2 Platinum® Launch events with Daigou/Reseller Network to
introduce new formulation
•Supporting launch with comprehensive China Brand Marketing campaign to drive
consumer awareness, combined with direct Daigou/Reseller Network engagement
to support selling activity
2 0 2 2 A N N U A L M E E T I N G
22

Outlook for FY23 is positive with continued growth expected
2 0 2 2 A N N U A L M E E T I N G
23
Outlook update
•With reference to the Company’s full year guidance provided on 29 August 2022, underlying
business performance is on track and broadly consistent with guidance
•Volatility in currency has the potential to impact the shape of the reported results. The recent
relative weakness of the NZD
1
has had the effect of inflating both revenue and cost of doing
business (including hedge losses). In addition, increased interest rates in Australia and New
Zealand have improved the Company’s return on term deposits (interest income)
•Having regard to year-to-date currency movements and should currency remain at prevailing
levels, full year reported revenue is likely to increase to low double-digit growth compared to
previous guidance of high single-digit growth. The Company also reiterates its guidance that
1H23 growth (on 1H22) is expected to be significantly higher than 2H23 growth (on 2H22)
•EBITDA is expected to remain broadly in line with plan and US IMF is not expected to have a
material impact in FY23. EBITDA margin (% of sales) is expected to be similar to prior year
compared to previous guidance of a modest improvement due mainly to the currency impact
on revenue
Industry and business risks
•In addition to trading upside and downside, other risks include, but are not limited to, COVID-
19 impacts on supply and demand, SAMR registration process timing and associated
inventory transition, volume impact of price increases, cross border trade, foreign exchange
movements, changes in interest rates and commodity prices, and changes in the regulatory
environment. These risks could materially impact expected revenue and earnings outcomes
1
New Zealand Dollar

FORMAL BUSINESS
DAVID HEARN

Notice of Annual Meeting and voting instructions
2 0 2 2 A N N U A L M E E T I N G
25

Item 1: Financial statements and reports
2 0 2 2 A N N U A L M E E T I N G
26
To receive and consider the Company’s financial statements for the year ended 30 June 2022,
together with the Directors’ and Auditor’s reports.

Item 2: Auditor’s Fees and Expenses (Resolution 1)
2 0 2 2 A N N U A L M E E T I N G
27
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 authorisedto fix the fees and
expenses of the Company’s auditor, Ernst & Young, for the ensuing year.”

Item 3: Election of Director –Sandra Yu (Resolution 2)
2 0 2 2 A N N U A L M E E T I N G
28
To consider and, if thought fit, to pass the following
resolution as an ordinary resolution of the
Company:
“That Sandra Yu, who was appointed 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.”

Item 4: Election of Director –David Wang (Resolution 3)
2 0 2 2 A N N U A L M E E T I N G
29
To consider and, if thought fit, to pass the following
resolution as an ordinary resolution of the
Company:
“That David Wang, who was appointed 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.”

Item 5: Re-election of Director –Pip Greenwood (Resolution 4)
2 0 2 2 A N N U A L M E E T I N G
30
To consider and, if thought fit, to pass the following
resolution as an ordinary resolution of the
Company:
"That Pip Greenwood, who will retire at the meeting
by rotation in accordance with the Company’s
constitution, be re-elected as a Director of the
Company."

QUESTIONS

CLOSE
DAVID HEARN

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1

Slide 5: Chair Speech
Chair’s Speech
I would now like to make a few introductory remarks in order to give a perspective on our business
both over the past 12 months and, importantly for the coming year ahead.
After a very challenging two years, I am pleased that we reported a much improved performance for
the Company in FY22 and critically with almost all the underlying business fundamentals showing
strong recovery throughout the year.
The effect of this recovery means that the business enters the new fiscal year in improved health
and with positive momentum, which gives the board confidence that FY23 will show continued
growth so long as trading conditions remain favourable.
Through FY22, the Company made significant progress in developing its refreshed growth strategy,
the key elements of which were communicated to the market at the Company’s Investor Day in
October 2021.
Pleasingly, as demonstrated in the FY22 results, strong progress has been made executing against
this refreshed growth strategy and with meaningful progress also made towards the Company’s
medium-term financial and non-financial goals.
We have successfully reached our channel inventory targets; improved our brand health metrics;
achieved record market shares in almost all our markets and sectors and finally significantly
strengthened our in-market execution capability through management and Board renewal, and
enhanced capabilities through improved processes. Considerable progress was made in FY22 to
renew and bolster the Company’s Executive Leadership Team with a number of changes and new
appointments.
In truth, it is all these underlying improvements in the fundamentals of our business that I am most
proud and encouraged by for the long term
Our growth strategy is focused on capturing the full potential of our China business which continues
to grow and develop. Importantly, in September the Company renewed its current registration of its
China label infant milk formula product with SAMR and we continue to work closely with Synlait in
relation to the registration of our updated product under the new GB standard.
In relation to our US business, and excluding Danone’s global business, we have been the only New
Zealand company to receive FDA approval to allow the Company to import infant milk formula
products into the US. This was a tremendous effort by our team and the FDA’s decision will help
provide a pathway for infant formula brands operating under enforcement discretion in the US to
remain in the market through 2025, and we intend to seek long term approval to remain in the US
market beyond this date. We believe that this represents an opportunity to further develop our a2
brand in the US across multiple categories over time.
I also acknowledge that some of our shareholders are concerned about the class actions that have
been filed against the Company and the matters to which they relate. Whilst it is inappropriate that I
make any further comments on this issue at this time, I can assure shareholders that the Company
considers that it has at all times complied with its disclosure obligations, denies any liability and is
vigorously defending the proceedings.
I’d now like to discuss some changes that we are making in relation to the Board as well as some
commitments we announced with our notice of meeting. With the growth strategy in place and

2

execution well underway, the Board has also continued to undertake further renewal this year, with
two important appointments to the Board in Sandra Yu and David Wang.
Sandra and David both have deep lifetime experience in Greater China and together bring strong
China market, IMF category, consumer marketing and manufacturing and supply chain expertise to
complement our existing Board skillset. Sandra and David have already made valuable contributions
to the Board and Company and their insights will be invaluable as the Company continues to focus
on its China market opportunity and seeks to develop its supply chain capability in New Zealand and
China.
Sandra and David were appointed to the Board in March and September 2022 respectively and are
seeking election at this meeting today, and I heartily commend their election to you all.
Furthermore, as announced in August 2022, Julia Hoare, who chairs our Audit and Risk Committee,
intends to step down from the Board after over nine years of service, after the Company’s FY23
interim results. The Board have actively begun a search process to find Julia’s replacement and I
would like to thank Julia for her personal flexibility over timing to ensure that the board has a
seamless transition for this critical appointment.
I would also like to take this opportunity, on behalf of my fellow directors, the Company and all
shareholders, to thank Julia for her exceptional service to The a2 Milk Company over the past 9 years
or so. Julia, has been an outstanding director and a key contributor to the success of the Company
over her tenure. We will miss her dearly.
Whilst I am on the topic of continued Board development, I would like to announce my intention to
stand down as a Board member and Chair at the next Annual Meeting as I come to the natural end
of my term as a Director after nine years on the Board.
Whilst I will no doubt make some further comments at next year’s meeting, I would like to say today
that, whilst I recognise that we have had some turbulent times recently, it is an extraordinary
experience to play a part in the development of this amazing business through good times and bad. I
consider it a personal privilege to serve as your Chair and I want to take this opportunity to thank
you for your support both for the Company and me personally.
As a result, and in order to ensure a smooth transition, the Board has spent significant time recently
considering the best replacement for me as Chair, and I am pleased to announce that after that due
consideration we have come to the unanimous conclusion that Pip Greenwood, who has been on
the Board for over three years, has both the skills and importantly the experience to take over from
me at that time. Not only will Pip bring her excellent skills to the role, but importantly this plan also
represents a balanced blend of Board refreshment together with continuity which we believe is
absolutely appropriate after a period of significant change at both Board and Executive Leadership
Team levels within the business.
Finally on the topic of renewal, during the next 12 months the Board will undertake an independent
review of Board remuneration with a view to presenting a recommendation, if appropriate, at the
next Annual Meeting based on these announced and any other changes in the Board composition
going forward.
I would like now to point out some additional commitments the Board has made and recently
announced with respect to the Company’s remuneration practices.
We recently announced that the Board is reviewing the Company’s remuneration framework having
regard to current market practice.

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While the review is ongoing, the Board has already committed to making certain changes in FY23.
The Board will be revising the Company’s short-term incentive structure from FY23 onwards to
include a percentage of deferral for the Chief Executive Officer’s STI. The exact percentage that will
be deferred and how that deferral will be structured has yet to be determined by the Board and will
be agreed based upon on the findings of this review process.
The Board will also be submitting the CEO’s long-term incentive grant for the FY24 LTI plan as a
resolution on an advisory basis to the Annual Meeting from FY23 onwards.
Whilst these changes are not relevant to this Annual Meeting, the Board believes these changes will
further align the Company’s remuneration practices with shareholders’ interests and expectations
and to recent practice in New Zealand and Australia.
I would like to now come back to the Company’s financial position alongside our capital allocation
framework which the Board has been very focused on given the strength and stabilisation of our
business. At year end we held $816.5 million

of net cash on our balance sheet and this, coupled with
the improved growth trajectory of the business and the Board’s increased confidence in our outlook,
led the Board to initiate an on-market buy-back programme of up to $150 million, an approach we
determined to be most appropriate at this time for shareholders overall.
The buyback programme is now well underway and may run for up to 12 months.
With these matters dealt with, I would now like to express my sincere gratitude on behalf of the
Board to David Bortolussi, our Managing Director and Chief Executive Officer, for his leadership and
impactful contribution which has been immense through a particularly challenging time for our
Company. David has shown tremendous skill and tact in navigating us through these challenges and
setting us up for further growth
I extend my thanks and gratitude to the whole executive leadership team and every member of the
wider a2MC team in all our regions for their contributions this year. In particular, I would like to
recognise the extraordinary efforts of our teams and strategic partners in navigating the many
supply chain challenges which the Company has experienced globally in recent times, especially into
China. Being able to maintain continuous supply of our New Zealand infant milk formula products
into China required considerable collaboration, careful planning, out of the box thinking and
perseverance – a real team effort.
I would also like to thank my fellow Directors for their significant contribution and support over the
past year.
Ladies and gentlemen, your Board and Management team is committed to our purpose and vision;
we have a refreshed growth strategy in place and our execution against those plans is gaining
increased traction as every month passes.
Let us be clear we did not find ourselves here by chance, and indeed several difficult decisions
needed to be made in FY21 to get us here. However, those decisions are proving to have been the
right ones and we are pleased to be back on track.
Finally, I would like to thank you, our shareholders, for your continued support for our Company.
I will now invite David Bortolussi to present his address.

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Slide 6: CEO’s Address
CEO’s Address
Thanks David. Good morning everyone, and thank you for joining us, particularly those here
with us in Auckland today.
It’s my great honour to be addressing you at my second Annual Meeting as your Managing
Director and Chief Executive Officer.
Today I will start by providing an overview of the progress we have made in executing our
strategy and improving performance, followed by last year’s financial result, how we are
tracking against our financial ambition and non-financial measures of success, as well as
some updates since we reported our FY22 result. Finally, I’ll conclude with an update on our
outlook for FY23.
Slide 7: Significant progress implementing refreshed strategy and improving performance
in FY22
My first slide summarises the key messages I want to convey today.
Firstly, the significant steps we took last calendar year to address excess IMF inventory are
completed and have proven effective. Importantly, channel inventory is at target levels,
product freshness is amongst the best in the industry and market pricing has improved.
The second key point is that there are tangible signs that our refreshed growth strategy is
already having an impact. We’re focused on capturing the full potential of the China market
opportunity and have significantly increased our brand investment and improved our
execution which has seen us achieve new highs in brand health and record market shares.
Our FY22 result was in line with our expectations delivering double-digit revenue and
earnings growth. This was particularly pleasing given the market headwinds and specific
challenges we faced during the year, including COVID-19 related demand and supply
volatility.
This brings me to my fourth point which is that our outlook for FY23 is positive. We are
expecting continued revenue and earnings growth in FY23 and, subject to current trading
conditions and business momentum remaining favourable, we are on track to deliver on our
medium-term financial ambition.

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Importantly, there has also been significant renewal of our Executive Leadership Team
which has a good mix of skills, experience, and diversity to lead our Company effectively
going forward.
By way of updates since we reported our results in August, as many of you are aware, we
recently commenced our on-market share buyback.
As expected, we received the renewal of our existing China label registration which was
granted by SAMR in September and our new GB registration process is progressing.
The next key point is that in October we announced the renewal of our exclusive import and
distribution arrangements with China State Farm for a term of five years from 1 October
2022.
From an innovation point of view, our new a2 Platinum® launch has been well received by
the market and inventory transition will be completed in this half.
And finally, as many of you will be aware we also recently received FDA approval to supply
IMF to the US under enforcement discretion which I will provide an update on at our interim
results.
I’ll come back to many of these points shortly, but overall it’s been an extremely busy year,
and whilst we still have a lot to do, I am pleased with progress on many fronts.
Slide 8: Return to growth after COVID-19 related disruption in FY21
Moving to Slide 8. I’ve referred back to this slide on a few occasions. It shows what an
incredible growth journey the Company has been on.
This was disrupted in FY21 by COVID-19, but we returned to growth in FY22 which I’m sure
you were pleased to see after such a challenging year in FY21.
Slide 9: FY22 result delivered double-digit revenue and earnings growth in a challenging
market
Moving to the next slide. Our FY22 result was in line with our expectations delivering double
digit growth in revenue and earnings.
Group revenue increased by almost 20%, or 11% excluding new revenue from the
acquisition of Mataura Valley Milk (MVM), which occurred during the year.
EBITDA was up 59% and we delivered an EBITDA margin of 13.6%.

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NPAT was up 42% to $114.7 million including China Animal Husbandry Group’s 25% non-
controlling interest in MVM.
Backing out that non-controlling interest, which is a loss at MVM, our NPAT attributable to
shareholders in a2MC was $122.6 million for the year.
The Group result was driven by strong trading performance across all of our regions and
product groups:
• China label IMF sales were up 12% with record high market shares in MBS and DOL
• English label IMF sales were up almost 12% as well with improved market share
trajectory
• ANZ liquid milk sales recorded a modest improvement, also with record market
share
• USA liquid milk sales were up 30% with record market share in the grocery channel
• And FY22 was our first year including MVM trading for 11 months of the year
There are several operational highlights we’re also proud of.
Our brand health metrics reached new highs following significant investment during the
year. We’ve ramped-up new product launches with more to come as we build our
innovation pipeline. We deliberately shifted away from our main English label reseller to
more transparent, performance-based and exclusive partners which is progressing well. At
the same time, we’ve stepped up our direct engagement and marketing support in the
Daigou channel. And importantly, we significantly increased our sustainability targets,
initiatives and impact in many areas of the business, particularly with our electrification
project at MVM powered by 100% renewable energy which is a first in New Zealand.
Slide 10: Key priorities of a2MC’s refreshed growth strategy remain unchanged, with
refinements to purpose and vision
Slide 10 shows our strategy on a page. We first shared this in October last year and a slightly
updated version in August at our FY22 result.
Our key strategic priorities are to invest in people and planet leadership, capture the full
potential of our China opportunity, ramp-up innovation, transform our supply chain and
accelerate the path to profitability of our US and MVM businesses.

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In a moment, I will provide an update on our performance against our strategic priorities
and how we’re tracking against our goals in People, Planet, Consumers and Shareholders.
Moving to the next slide.
Slide 11: Updated purpose and vision highlights the positive impact a2MC wants to have
on the world, inspiring its team and partners
Following the completion of our strategy refresh in 2021 and following extensive
engagement with our team, we also updated our purpose and vision for the Company which
was shared at our FY22 result in August. Our purpose and vision is expressed on this slide
and showcases the positive impact we want to have in the world.
• Our purpose is to “Pioneer the future of Dairy for good.”
• And our vision is to create “An A1-free world where Dairy nourishes all people and
our planet.”
We’re all excited about clarity and meaning of this purpose and vision and how specific it is
to our Company. Our team is highly motivated by it and I hope that you, our shareholders,
will be as well.
Slide 12: On track to achieve ambition to grow sales to $2 billion and improve EBITDA
margins over time
In order to build a more sustainable future, we need to continue to deliver financially. So,
I’m pleased to show here, on slide 12, that we’re on track to achieve our ambition to grow
to $2 billion in sales and improve our EBITDA margins over time.
In the chart on the left, you can see our FY21, 1H22 MAT and FY22 performance in sales and
our medium-term ambition. You can also see our EBITDA margin for those periods, along
with our medium-term EBITDA margin ambition in the teens.
The middle section in this slide is a reminder of the drivers to get to $2 billion and where we
are tracking for each. FY22 demonstrated solid progress toward that ambition, and the goal
implies a 4-year revenue CAGR of 8.5% from FY22 if achieved by FY26.

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Slide 13: Encouraging progress against our non-financial measures of success and key
leading indicators
Slide 13 provides an overview of our performance against our non-financial measures of
success.
Two key areas of focus in the middle relate to improving our brand health and market share
particularly in China which I will share with you shortly. Otherwise, I won’t go through this in
depth now, but wanted you to know that the measures we announced in October last year,
are the same measures we are tracking and are holding ourselves accountable to.
Slide 14: China brand health metrics reached new highs in FY22 supported by increased
investment
Moving to slide 14, we increased our marketing investment significantly in FY22, investing
$182 million in China and $230 million as a group. This was by far our largest single year of
investment, reflecting our confidence in the brand, our improved execution and growth
potential in China.
We were pleased to see this translate into strong brand health metrics, which reached new
highs.
From January to July this year, our top-of-mind awareness increased from 6% to 9% and
spontaneous awareness increased from 16% to 21%. These are significant improvements in
key metrics within a short period of time and reflect the cut through our campaigns and
always on activity are having in the market.
We continue to improve our marketing strategy and execution and intend to increase our
brand investment further this year.
Slide 15: China label offline share increased in both Key&A and BCD cities
Moving to the next slide, our increased marketing investment and brand health metrics,
along with our strong position in NKAs and recent focus on expansion into RKAs led to a
significant increase in our China label offline share and sales.
Our overall national value share in mother and baby stores increased from 2.2% at the end
of FY21 to 3.0% at the end of FY22 on an MAT basis. Our offline value share increased from
5.7% to 7.1% in Key&A cities and from 1.6% to 2.3% in BCD cities.

6

Slide 16: China label online share increased particularly in key platforms
Slide 16 highlights that our China label online share has increased, particularly in the key
volume platforms being Tmall and JD.
The chart on the left shows that there was sales growth from distributors to platforms in
volume terms, measured in tins. The chart in the middle shows that our value share in
domestic online has grown to 2.5%. And the chart on the right shows our relative value
shares in Tmall, at 2.2%, and JD, at 2.7%.
One of our strategic initiatives is to continue to accelerate our online growth by increasing
our investment in digital marketing and ecommerce capability, whilst balancing online and
offline growth and channel economics.
Slide 17: English label share improved in CBEC (2H22) and O2O with Daigou trajectory
improving
Moving to our share position in English label. We’ve been consistent in showing you the 12-
month MAT share for CBEC. And while our share has stabilised at 19.5%, if you look at it on
a 6-month basis, it was 18.5% in the first half, but increased to 20.7% in the second half.
For Daigou in the middle chart, market share has declined again, but our trajectory
improved in the second half. In 1H21 and 2H21 the decline was over 2%. This reduced in
2H22 to a less than a 1% decline and is showing signs of stabilising in this half.
Conversely, our share in O2O has improved recently to 19.5% in 2H22 as we increase our
focus on this channel.
Slide 18: Significant renewal of Executive Leadership Team
Slide 18 provides an overview of our Executive Leadership Team which has undergone
significant renewal over the past 18 months or so.
We have elevated key talent internally and complemented the team with experienced
people from outside the Company to enhance our leadership and execution including team
members with previous experience at Bellamy’s, Danone and Yashili. Our most recent
appointment of Chopin Zhang (ex Yashili and Danone) will be a critical enabler of our supply
chain transformation as we build, acquire and develop our own manufacturing capability
here in New Zealand and in China over time.

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Slide 19: On-market share buyback commenced for up to $150 million
Moving to slide 19, in August we announced our intention to execute an on-market share
buyback of up to $150 million. The buyback reflects our strong balance sheet position and
improved confidence we have in our strategy and execution. To date, we have utilised
approximately 13% of the $150 million to acquire shares on market with a summary of
activity to date provided on the slide. Our Chair commented on our approach to capital
management up front so I won’t elaborate further on this page.
Slide 20: China label new GB registration process progressing
On slide 20, we’ve provided an update on our new China GB registration process.
As anticipated, our current China label IMF product registration was renewed in September
2022.
This renewal allows Synlait to manufacture our current registered product up until the end
of the grace period on 21 February 2023 after which the new GB standard applies. The
current registered product manufactured up until this date is allowed to be sold in market
after that date.
We have been working closely with Synlait for a considerable time on this project and
engaging with SAMR. While the new GB registration process is progressing, timing is
uncertain and subject to SAMR approval.
At this stage, it is anticipated that the new registration will be obtained in 2H23 and that we
will transition to our new product in market in 1H24. I’ll provide an update on progress at
our interim results release in February.
Slide 21: Renewal of exclusive import and distribution arrangement with China State Farm
Agribusiness
Moving to slide 21. In October we announced the renewal of our exclusive import and
distribution arrangements with China State Farm for a term of five years from 1 October
2022.
China State Farm has been our strategic distribution partner in China since 2013 and we are
extremely grateful for the strategic and operational support we receive from China State
Farm.

8

In particular, I can’t thank them enough for their support during the fourth quarter of last
year during the Shanghai lockdown period which enabled us to continue doing business and
gain share during this period. I look forward to continuing our partnership for many years to
come.
Slide 22: Successful new a2 Platinum® launch
On slide 22, we are pleased to note that our new a2 Platinum® product has been
successfully launched and is available through our Australian and New Zealand Retailers,
Pharmacies and Daigou/Reseller Network and in China cross-border e-commerce (CBEC).
We have received positive feedback from customers and trade partners on our new product
which is the first significant English label product update since launch back in 2014.
We have also recently completed the important 11:11 sale period in China and I’m pleased
to report that we had a successful event. The market was highly competitive, and we were
careful with our inventory levels and provided limited promotional support.
Early feedback from the major platforms indicates that we maintained or improved our
rankings in EL and CL with volume up in EL and significantly up in CL on last year.
Importantly the platforms have cleared virtually all our old a2 Platinum® inventory and have
been pricing the new a2 Platinum® at a premium versus old label product.
Separately, we are continuing to support our English label channels with direct Daigou and
Reseller Network engagement to support selling activity in ANZ channels. This included two
significant launch events for the product during September and October, plus additional
product education and marketing support.
This was also complemented by a comprehensive China Brand Marketing campaign to drive
consumer awareness in September.
Slide 23: Outlook for FY23 is positive with continued growth expected
Finally, I’m pleased to say that the outlook for FY23 is positive with continued growth
expected.
Our underlying business performance is on track and broadly consistent with the guidance
we provided on 29 August 2022. That said, volatility in currency has the potential to impact
the shape of reported results.

9

The recent relative weakness of the New Zealand Dollar has had the effect of inflating both
revenue and cost of doing business, including hedge losses. In addition, increased interest
rates in Australia and New Zealand have improved the Company’s interest income on term
deposits.
Having regard to year-to-date currency movements, and should currency remain at
prevailing levels for the remainder of FY23, full year revenue is likely to increase to low
double-digit growth compared to previous guidance of high single-digit growth. We also
reiterate our guidance that 1H23 growth (on 1H22) is expected to be significantly higher
than 2H23 growth (on 2H22).
In this context EBITDA is expected to remain broadly in line with plan and US IMF is not
expected to have a material impact in FY23. EBITDA margin as a percentage of sales is
expected to be similar to prior year compared to previous guidance of a modest
improvement due mainly to the currency impact on revenue.
This is of course subject to a number of industry and business risks as outlined on the slide
here, and shareholders should be aware of these.
I’ll finish up there.
Thank you very much for your time, and I hope you found my presentation helpful. I look
forward to meeting many of you after the meeting and I’ll now hand back to our Chair.