The a2 Milk Company Limited

2023
ANNUALMEETINGWe pioneer the future of Dairy for good
16 November 2023

Disclaimer

This presentation is provided for general information purposes only.
The information contained in this presentation is not intended to berelied 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 ordisclosure document, or an offer of shares for subscription, or sale,in any jurisdiction.
Certain statements in this presentation constitute forward looking
statements. Such forward looking statements involve known andunknown risks, uncertainties, assumptions and other important

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 noguarantee 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 dollars unless otherwise
stated.
All intellectual property, proprietary and other rights and interests inthis presentation are owned by the Company.

M E E T I N G
A N N U A L

factors, many of which are beyond the control of the Company andwhich may cause actual results, performance or achievements todiffer materially from those expressed or implied by suchstatements.

2 0 2 3This presentation dated 16 November 2023 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 2023 and accompanying
information released to the market on 21 August 2023.

2

WELCOMEDAVID HEARNAgendaWelcome3

Chair speech5

MD & CEO address

6

Formal business

26

Questions32

Chair Elect speech

33

Close

34

CHAIR SPEECHDAVID HEARNMD & CEO ADDRESSDAVID BORTOLUSSIFY23 result in line with the Company’s guidance with double digit
revenue and earnings growth2

Result driven by strong growth in China segment with sales up 38%
and record market share in China label IMF

3China brand health reached new highs supported by record levels ofmarketing investment increasing by 13% to $260m

4Total IMF sales up over 8% in a market that declined by 14% making
a2MC a top-3 share gainer in the market overall

5

Successful SAMR re-registration of China label IMF product provides
continued access to the domestic market

M E E T I N G
A N N U A L

1

7

2 0 2 3

Strong performance in a very challenging market

• FY23 group results in line with the Company’s guidance- Revenue growth of 10.1% to $1,592.9 million

Revenue; $ millions- EBITDA1 up 11.8% to $219.3 million, EBITDA margin of 13.8%

2 0 2 3

- NPAT incl. non-controlling interests2 up 26.2% to $144.8 million,$155.6 million attributable to owners of the Company up 26.9%- EPS up 28.7% to 21.2 cents (basic earnings per share)• Revenue growth driven by China segment− China & Other Asia segment sales up 37.9%

EBITDA; $ millions− ANZ sales down 30.2% due to intentional change in strategy,
USA sales up 27.1% and MVM sales up 9.2%
− IMF sales up 8.4% with China label sales up 27.8%, English label
sales down 6.1% due to sharp decline in the Daigou channel with
CBEC up 51.0%− Liquid milk sales in ANZ and USA up 7.1% and 27.1% respectively• Lower growth in 2H23 consistent with the Company’s expectations

1 Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-GAAP measure and does not have a standardised meaning 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.
2 The non-controlling interest represents China Animal Husbandry Group’s 25% interest in MVM, a loss of $10.8 million.

M E E T I N G

Key financials

A N N U A L

FY23 double digit revenue and earnings growth driven by China segment

8

Basic EPS; cents per shareChina &Other Asia

USA

MVM1

Corporate

Total
Group

FY23

Revenue

371.7

1,002.2

105.1

113.9

-

1,592.9

EBITDA

93.5

254.1

(23.3)(26.5)(78.5)

219.3

EBITDA %

25.2%

25.4%

nm

nm

-

13.8%

FY22

Revenue

532.7

726.5

82.7

104.4

-

1,446.2

Percent of total revenue

2 0 2 3ANZ

$ million

Segment revenue mix%
ChangeEBITDA

173.2

145.1

(36.7)(18.8)(66.6)

196.2

EBITDA %

32.5%

20.0%

nm

nm

-

13.6%

Revenue(30.2%)

37.9%

27.1%

9.2%

-

10.1%

EBITDA(46.0%)

75.1%

36.4%

(40.9%)(17.8%)

11.8%

1 MVM excludes intercompany sales. FY22 results are for the 11 months since acquisition on 30 July 2021.

M E E T I N G

IMF sales mix

9

A N N U A L

Significant China label IMF growth and shift to China & Other Asia
segment from ANZ

Percent of total revenue• Reached new highs in China brand health• Achieved record market share in China label IMF (MBS and DOL)
• Received SAMR approval under new GB standard• Increased English label share in CBEC and Daigou+O2O channels• Grew sales and improved online platform rankings• Ramped up innovation to support growth in all categories and markets• Improved / maintained business health key indicators• Extended distribution and strategic partnership with CSF• Achieved Enforcement Discretion and progressed long term FDA
approval process• Accelerated Supply Chain transformation and MVM utilisation• Advanced Sustainability programme significantly and announced
interim Scope 3 goal for 2030

M E E T I N G
A N N U A L

Operational highlights during FY23

10

2 0 2 3High quality FY23 result underpinned by many operational achievements

Unprompted awarenessMBS value share2

DOL value share3

M E E T I N G

a2MC China label IMF market share2 0 2 3a2MC China brand health metrics1

11

A N N U A L

Growth strategy driving significant China brand health and market
share increases

a2MC English label IMF market share
Brand used most often
CBEC value share3

O2O and Daigou value share4

1 a2MC internal data based on the Company’s brand health tracking. Average brand health metrics for each financial year based on 3 surveys in FY21 and FY22, and 2 surveys in FY23. Sample skews to a2MC target consumers ie higher income earners based in Provinces / cities that are the focus of sales and marketing activities.
2 Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
3 Smart Path China IMF online market tracking for DOL and CBEC (by value).
4 Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities). Note: Due to sample size, data classification and associated volatility reasons, the Company focuses more on its combined O2O and Daigou channel market share.

Change in MBS value share in FY23 (% pts)1

Change in DOL value share in FY23 (% pts)2

M E E T I N GMarket share movements by IMF brand in DOL channel

2 0 2 3Market share movements by IMF brand in MBS channel

12

A N N U A L

Resulting in a2MC being a leading share gainer in MBS and DOL channels

International

1 Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value). MAT Jun-22 to MAT Jun-23.
2 Smart Path China IMF online market tracking: domestic online platform sales (by value). MAT Jun-22 to MAT Jun-23.

IMF market prices under more pressure during GB transition

Nielsen MBS channel value growth vs pcp (rolling MAT)1

Average IMF ASP/kg in RMB (rolling MAT)4

New GB transition
Ultra premium3
Total category

Smart Path DOL channel value growth vs pcp (rolling MAT)2

Ultra premium3
Total category

1 Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
2 Smart Path China IMF online market tracking: domestic online platform sales (by value).
3 Ultra premium price segment based on Stage 1 average selling price ≥390RMB/kg
4 Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities).

2 0 2 3

A N N U A L

China label IMF market declines in store and online

13
M E E T I N GChina label IMF has been very challenging recently driven by cumulative
impact of fewer newborns and market-wide new GB transition

English label market value; RMB billions

English label share of total China IMF market value1; Percent

M E E T I N G…but English label share of total IMF market stabilising

2 0 2 3English label market decline driven by Daigou channel…

14

A N N U A L

English label IMF market impacted by sharp decline in Daigou channel

FY23 39% decline
in Daigou channel

Daigou% ofmarketSource: Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key & A + BCD cities) which covers most but not all of the market.
1 English label IMF value market share expressed as a percent of English label + China label IMF market value.

a2MC share in CBEC and Daigou + O2O channels
improved in FY23 (refer page 11)

Brand concentration increasing

MBS value sales by price segment1,2,3

A2 protein segment % value share of channel1,4

MBS value sales mix1

M E E T I N G

A2 protein segment continues to gain
share in the category

2 0 2 3a2MC China label competes in the ultra
premium segment

15

A N N U A L

However, key segment trends continue to support a2MC growth strategy

Note: Periodic data upgrades at Nielsen result in minor variations in data from time to time. All data has been restated with the most recent available Nielsen report.
1 Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
2 Price segments based on Stage 1 average selling price: Ultra premium >=390RMB/KG; Super premium 290-390RMB/KG: Premium 190-290RMB/KG; Mass <=190RMB/KG.
3 Numbers within the chart may not add to the total due to rounding.
4 Smart Path China IMF online market tracking: domestic online platform sales (by value).

Outlook provided at full year results• Expecting low single-digit revenue growth in FY24
• Expecting EBITDA margin % to be broadly in line with FY23
• Operational cash conversion is expected to be higher in FY24

Annual meeting update• No change to FY24 outlook provided at full year results• Launch of new China label product is progressing well, including
inventory transition, marketing activities and consumer reaction• Double 11 performance overall in line with plan

M E E T I N G
A N N U A L

See full outlook statement including market conditions, business and category sales, key financials and key risks in results commentary andoutlook announcement dated 21 August 2023

16

2 0 2 3

Continued growth expected in FY24 in a very challenging market

Growth strategy unchanged except for BOLD values refresh
We pioneer the future of Dairy for good

VisionAn A1-free world where Dairy nourishes all people and our planet

Goals

PEOPLE

PLANET

CONSUMERSSHAREHOLDERS

Create a safe, diverse, inclusive andengaging place for our people tothrive, support our farmers andcontribute to our communities

Protect our planet and cows, rethinkpackaging, achieve net zero andbecome nature positive

Bring the unique benefits of pure andnatural a2 Milk™ to as many
consumers as possible

Create long-term, enduring value forshareholders and a trusted,transparent relationship

1

Strategic
priorities

3

4

5

Invest in people andplanet leadership

Capture full potential
in China IMF

Ramp-up productinnovation

Transform our
supply chain

Accelerate pathto profitability- Invest in our people toenable them to thrive- Take direct action to leadthe industry in GHG
emissions reduction,
farming practices andsustainable packaging- Gain more control over CL
and EL distribution and get
closer to our consumer- Increase investment in ourbrand, digital marketingand e-commerce- Expand our CL and EL IMF
product portfolios- Enter adjacent productcategories in relevantmarkets to drive growth- Expand CL registeredmarket access- Utilise MVM and invest in
New Zealand capability- Develop China supply
capability over time

- Take action to realisepotential in USA- Expedite insourcing of a2™
product and 3rd party
volume to significantly
increase MVM utilisation

Enablers
Values2

Quality & Service

B

Bold passion

Science & Innovation

Brand strength

O Ownership & agility

L

Leading constructively

Strategic relationships

D

Disruptive thinking

2 0 2 3

PurposeA N N U A L

M E E T I N G

17Significant progress made towards achieving goals reflected inmeasures of success
CONSUMERS
BRAND
HEALTH

1

2

SafetyTRIFR

GHG emissions
reduction

Engagement

Environmental
plans on farms

Diversity &inclusion

Animal welfare
programmes

Sustainable
packaging3
China
unprompted
brandawareness
AU household
penetration

USA household
penetration

MARKETSHAREINNOVATION

45

MBS share

DOL share

CBEC share

O2O + Daigou
share
Australian freshmilk share
USA premium
milk share

Note: Progress as at FY23 Results announcement (21 August 2023).
1 Refer to following page.

M E E T I N GSHAREHOLDERS

China otherdairy /
nutritionals
growthEmerging
markets
development
USA sales fromnew products
ANZ sales fromnew products

SUPPLY
CHAIN

6Access to ≥3
CL registrations
CL inventory
management
EL inventory
management
Qualityoutcomes
Supply chain
efficiency

A N N U A L

PLANET2 0 2 3PEOPLE

18

7
Medium term
sales ambition of~$2.0b (≥FY26)1
EBITDA margin
goal in the‘teens’ targeting
year-on-year
improvement1
USA profitability
during FY25 /FY26

MVM profitability
during FY26

On track

Work in progress

Revenue, NZ$ billions

EBITDA margin
EBITDA margin target in the teens

Market / category

Growth ambition(FY21 to ≥FY26)1 Tracking

China label IMF$0.4

English label IMF$0.3

Commentary• Market conditions from FY21
to FY23 have been morechallenging than expected− English label IMF market
value down 25%2~
China and othernutritionals$0.2

Emerging markets

$0.1

ANZ

$0.1

USA

$0.1

Non-specific risk$(0.4)Net growth~$0.8bn
On track− China label IMF market
value down 16%2
• Significant progress has been
made in executing growthstrategy resulting in market
share gains• $2 billion revenue goal now
requires a 3-year CAGR of
7.9% if achieved by FY26
• EBITDA margin goal in the‘teens’ and targeting year-onyear improvements

Work in progress

Refer to Investor Day materials communicated to the market on 27 October 2021 for further information on medium-term ambition, strategy, risks and opportunities
1 Incremental revenue ambition growth bridge from $1.21 billion in FY21 to ~$2.0 billion in ≥FY26 provided in Investor Day materials in October 2021. Provided for tracking purposes and should not be added to FY23 actual revenue result of $1.59 billion.

2 Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities).

M E E T I N G

Areas of planned revenue growth

A N N U A L

Medium-term revenue and EBITDA margin ambition19

2 0 2 3On track to achieve ambition to grow sales to $2 billion and improve
EBITDA margins in the ‘teens’ over the medium term• Received approval from SAMR on 6 June 2023 for re-registrationof the Company’s China label IMF product a2 至初® under new
GB standard• SAMR approval will allow Synlait to manufacture a2 至初® for
a2MC until September 2027
• Production commenced in late June and is on track withtransition in market planned to occur in 2Q24
• Re-registration allows continue to access the registered domestic
market that accounts for ~85% of the China IMF market, withEnglish label IMF accounting for the remaining ~15%
• Overall, the registration process is likely to lead to a significant
reduction in the number of China label competitor products• a2MC thanks SAMR, MPI, its China strategic partners (CNADC
and CSF), and its manufacturing partner (Synlait) and its major
shareholder (Bright Dairy) for their support throughout the process

M E E T I N G
A N N U A L

New a2 至初® product2 0 2 3

Successful SAMR re-registration critical to capturing full potential of
China IMF opportunity

20

New product available from 10 October
TMall flagship store

New product launch
Buy with Confidence pre-campaign in 1Q24

• Ceased production of old
product in February 2023
• Commenced production of
new product in June 2023
and ramped up in 1Q24
• Air freighted new productfor pre-launch

Douyin / TikTok flagship store• Commenced new productshipping to distributors in
October 2023 and retailers
from November 2023
• Soft changeover of productoccurring from Double 11- Stage 3 first- Other stages after

M E E T I N GInventory phase-in / phase-out

2 0 2 3Pre-launch flagship store availability

A N N U A L

New China label IMF product a2 至初® available on flagship storeswith market wide launch to commence post Double 11 sales event

21

New product launch campaign post Double 11

a2 Milk® Lactose freelaunched in 1Q23 in Australia

a2™ Nutrition for Mothers™ 孕产妇配方奶粉 CL
launched in 1Q23 in China

a2 Smart Nutrition® ELrelaunched in 2Q23 in ANZ and China

a2 Milk® Full cream EL in a tub
launched in 2Q23 in ANZ and China

a2 Milk® Grassfed
launched in 3Q23 in the USA

2 0 2 3

A N N U A L

a2 Platinum® refreshed range
launched in 1Q23 in ANZ and China

22
M E E T I N G

Innovation has been ramped up significantly to support future growthMarketing investment$ million

260
230

169

% of sales
revenue

14.0%

15.9%

16.4%

2 0 2 3

A N N U A L

Marketing activity examples

23
M E E T I N G

Increased brand investment to record levels to support significant
marketing activity

− Increased raw A1 protein free milk supply to MVM− Completed insourcing of a2 Milk® Whole & Skim milk powder− Production commenced for insourcing Stage 4 English LabelIMF product with MVM and a new supply partner− Completed production trials for a new EL IMF range with
MVM and a new supply partner for launch in 2H24
− Commenced development of an additional new EL IMF range
with MVM and a new supply partner for launch in 1H25

• Accelerating MVM’s path to profitability by FY26 or earlier isa key strategic priority for the Company• Exploring M&A, joint venture and alliance opportunities toincrease market access and gain additional CL registrations,
supported by strong balance sheet

M E E T I N GMataura Valley Milk – Southland, New Zealand

A N N U A L• Accelerated supply chain transformation strategy following
Chopin Zhang’s appointment as Chief Supply Chain Officer24

2 0 2 3Further progress made in transforming our supply chain

Investing to significantly reduce GHG emissions

A N N U A L• Commenced installation of 100% renewable energy boiler (high-pressure
electrode) at MVM which will move a2MC close to Scope 1 and 2 net zero2 0 2 3

• Commenced on-farm methane inhibitor study in Victoria, Australia (Scope 3)
Expanded climate & nature targets and progressed Thriving Farms programmes• Introduced interim on-farm Scope 3 GHG emissions reduction target – 30%
reduction by 2030 (intensity basis)• Introduced initial nature target for nitrogen loss to waterways (intensity basis)• Conducted pilot assessments for nature risk and opportunity analysis• Established research partnership with Lincoln University• Commenced pilot trials of measurement tools for water quality & GHG emissions• Increased farmer grants for sustainable dairy farming projects in ANZ
Committed to making meaningful change in packaging• Developed a sustainable packaging roadmap aligned to APCO targets• Exploring options for inclusion of recycled HDPE in milk containers

25
M E E T I N G

Meaningful progress towards achieving sustainability goals

MVM boiler installation project

FORMAL BUSINESSDAVID HEARNA N N U A L

M E E T I N G

27

2 0 2 3

Notice of Meeting and voting instructions

M E E T I N G
A N N U A L“To receive and consider the Company’s financial statements for the year ended 30 June
2023, together with the Directors’ and Auditor’s reports.”28

2 0 2 3Financial Statements and reports

“That the Directors of the Company be authorised to fix the fees and expenses of theCompany’s auditor, Ernst & Young, for the ensuing year.”

M E E T I N G
A N N U A L

To consider and, if thought fit, to pass the following resolution as an ordinary resolutionof the Company:

29

2 0 2 3

Resolution 1: Auditor’s Fees and Expenses

"That Kate Mitchell, who was appointed a Director of theCompany 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.”

M E E T I N G
A N N U A L

To consider and, if thought fit, to pass the following
resolution as an ordinary resolution of the Company:

30

2 0 2 3

Resolution 2: Election of Director – Kate Mitchell“That, on an advisory basis and for the purpose of ASX Listing Rule 10.14 and for all otherpurposes, the acquisition of 690,066 performance rights by the Company’s Chief Executive
Officer and Managing Director, David Bortolussi, or an associate named in the Notice of Meeting,by grant under the Company’s Long Term Incentive Plan be approved.”

M E E T I N G
A N N U A L

To consider and, if thought fit, to pass the following resolution as an ordinary resolutionof the Company:

31

2 0 2 3

Resolution 3: Grant of performance rights to David Bortolussi,
Chief Executive Officer and Managing Director

QUESTIONSCHAIR ELECT SPEECHPIP GREENWOOD

CLOSEDAVID HEARN

www.thea2milkcompany.com