Macquarie outperform no downgrade $18.90 target, page-66

Here's a guide to anyone who is confused:

- A2 Platinum Stages 1-4: Made in New Zealand (these are the main products sold in China).

- A2 Pregnancy Formula: Made in New Zealand

- A2 Full Cream / Skim Milk Powder: Made in New Zealand

To my knowledge, the only products not made in New Zealand are:

- A2 Fresh Milk is always sourced locally in the country of sale (i.e. Australia, New Zealand, U.S. and Canada). Fresh milk is not sold at any meaningful scale in China or Asia.

- A2 Smart Nutrition, which I am not too sure about. I think it is canned in Australia with 80-90% New Zealand ingredients, the rest Australian ingredients. Sold in China but would seemingly not be difficult to undertake full production in NZ if needed for whatever reason.