Ann: Response to NZX Price Query-ATM.NZ, page-19

"
The a2 Milk Company Limited (the “Company”) advised at the time of its Annual Meeting on 17 November 2015
that, given the favourable trading performance during the first four months for its a2 Platinum® infant formula
products, Group revenue was forecast to grow to $285 million and Group operating EBITDA to  22 million in the
2016 financial year. The Company experienced a significant uplift in sales of infant formula in the month of November, exceeding the sales projected at the time of the previous forecast. This is expected to continue in the month of December. We now expect sales of a2 Platinum® to be approximately $68 million for the six months to 31 December 2015.Based on the current trading trends, the Company has determined it appropriate to further revise its full year
outlook upwards. The Company is now forecasting Group revenue in the range of $300 million to $315million,
and Group operating EBITDA in the range of $ 33 million to $37 million for the 2016 financial year

The changing and dynamic nature of the infant formula markets in both Australia and China continues to
make forecasting challenging. The Company will continue to monitor its performance and provide further commentary
with the release of the first half trading results in February.

The Company’s Managing Director & CEO Mr Geoffrey Babidge said, “the infant formula market in Australia is
rapidly evolving and experiencing significant growth. The Company has recently increased the supply of a2
Platinum® infant formula to our customers however we continue to experience a level of out
of stocks on shelf.The strong trading performance advised today provides further evidence of the increasing appeal of the a2Platinum® brand in Australia and China and the growth potential in additional markets in the future”."

- From the December 2015 Announcement