Ann: FDA approval to supply infant milk formula to United States, page-37

Quite simple, we have access to a new market where we won’t make circa 40% net margins on the English label iF formula but less.

the 2nd point is synlait have spare capacity to produce an extra 9 million cans for whichever market A2 can sell
them into.

hopefully by end of FY24, a2 mngt have found buyers for this spare capacity.

the big winners from the FDA approval will be the US business which will be able to sustainably trade at a profit

and Synlait who would like a buyer of their spare capacity which last year used the milk for low margin milk powders.