A2M, page-4

possible but perhaps HY19 would be more likely. Though we'd all like a Christmas present.

Plans regarding Fonterra are probably still in progress and may take a while as I think it was announced in Feb (with negotiations probably almost 6 months to 1 year prior to that announcement). Specifics regarding the tie up with Fonterra on the NPMSA. What type of products they are gonna come up with butter, cheese and nutritional products entering South East Asia and the Middle East.

We know the Adult powder with Manuka honey and pregnancy formula which are intended for ANZ and China market.

Then specifics of the Korean deal with Yuhan which should be known around 2H18.

China is still the main and most important market for A2M. New Zealand government should (i think they do) help promote it into China, South East Asia and the Middle East like how the Holland/Netherlands and Ireland governments help out their milk industry from the start. i.e Nutrilon and Friso. Sometimes I feel its like only Geoff Babidge, Peter Nathan, the whole A2M team and daigous that are the only ones carrying the entire weight of the brand.