A2 Milk Company Limited · NZX:ATM

A2 Milk — The a2 Milk Company — Macquarie Australia Conference 2019

25 slides from A2 Milk's conference presentation, May 1, 2019

  1. Slide 1: Trading update and presentation at Macquarie Australia conference

    NZX Code: ATM For personal use only ASX Code: A2M 1 May 2019 NZX/ASX Market Release Trading update and presentation at Macquarie Australia conference The a2 Milk Company is participating in the Macquarie Australia Conference in Sydney today, including a presentation to be delivered at the conference

  2. Slide 2: Macquarie Australia Conference 2019

    Macquarie Australia Conference 2019 Sydney| 1 May 2019 me CD \ ) a2 Mike™, 22/Platinum™ and The a2 Milk Company™ are trad = of Thesis

  3. Slide 3: The a2 Milk Company at a glance

    The a2 Milk Company at a glance (all figures NZ$) ¢ Premium branded dairy nutritional company $6 1 3 * Uniquely focused on products containing the A2 beta 1H19 Revenue | 41% vs 1H18 casein protein type 20.9c ¢ Our strong, modern brand is building momentum in 1H19 EPS’ + 53% vs 1H18 the two largest c

  4. Slide 4: Macro consumer trends support our momentum

    Macro consumer trends support our momentum Growing consumer Food safety, naturalness Growing middle demand for health and and provenance class in Asia wellness products

  5. Slide 5: What makes us unique

    What makes us unique e e | NA . . . . ~(\-) Focussed investment in Single-minded focus () brand, IP and growth e e e e e e Unique, modern and r Capital-smart premium brand J approach e e e e Australia and New Zealand sourcing for Asia Pacific . ° Innovative and oY agile approach aA 4

  6. Slide 6: For personal use only

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  7. Slide 7: Business updates & FY19 Outlook

    2 Business updates & FY19 Outlook

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  12. Slide 12: FY19 & FY20 outlook

    FY19 & FY20 outlook We invested strongly in the first half in both internal and external capability. This has continued in the second half and this rate of investment will continue in FY20 Following a very strong first half performance, and encouraged by growing market share in China, we are reinves

  13. Slide 13: For personal use only

    thea2milkcompany.com

  14. Slide 14: For personal use only

    For personal use only

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  16. Slide 16: 1H19 results highlights

    1H19 results highlights Group revenue (NZ$ million)! 922.7 613.1 549.5 352.8 FY16 FYI7 FYI8 1H19 @©H1 wH2 Group EBITDA? (NZ$ million) 283.0 FYI7 FY18 ©H1 wH2 Basic Earnings Per Share (cents) 27.0 20.9 12.7 FY16 FY17 FY18 1H19 GFull Year mHalf Year ‘The Company’s financial year ends 30 June; HI refer

  17. Slide 17: For personal use only

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  18. Slide 18: 1H19 cash position - strong balance sheet

    1H19 cash position - strong balance sheet Group cash movement: 1H19 (NZ$ million) 340.5 (47.3) (2.4) 46.9 +0.1 287.9 (162.3) Cash on hand Group NPAT — Working capital Investments in Investment in Depreciation, FX and other Cash on hand (un-18) PPE & intangibles Synlait amortisation & (Dec-18) other

  19. Slide 19: Geographic and product segment performance

    Geographic and product segment performance Geographic segment revenue & EBITDA Product segment revenue ane Australia & China & Total Liquid Infant NZ§ million New Zealand other Asia UK & USA Corporate Group milk nutrition Other Revenue 418.4 171.7 23.0 = 613.1 83.4 495.5 34.2 1H19 EBITDA’ 192.0 68.4

  20. Slide 20: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures NZ$ million 1H19 1H18 Australia & New Zealand segment EBITDA 192.0 116.4 China & other Asia segment EBITDA 68.4 48.3 UK & USA segment EBITDA" (14.6) (8.4) Corporate EBITDA (27.4) (13.4) EBITDA' 218.4 143.0 Depreciation/amortisation (1.0) (1.1) EBIT! 217.4 141.9 Ne

  21. Slide 21: For personal use only

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  22. Slide 22: What is the a2 Milk brand difference?

    What is the a2 Milk® brand difference? ¢ The brand difference starts with specially selected cows ¢ The a2 Milk Company has significant years of knowledge and experience and takes great care in bringing our consumers the very best quality dairy nutritional products always free from the A1 protein ¢

  23. Slide 23: Up-weighted 2H19 marketing program on track

    Up-weighted 2H19 marketing program on track Increased advertising and media exposure driving brand awareness and trial 22

  24. Slide 24: Disclaimer

    Disclaimer This presentation dated 1 May 2019 provides additional comment on the Interim Report for the six months ended 31 December 2018 of The a2 Milk Company Limited (the “Company” or “a2MC") and accompanying information released to the market on the same date. As such, it should be read in conju

  25. Slide 25: For personal use only

    thea2milkcompany.com

The a2 Milk Company — Macquarie Australia Conference 2019 on 6ix