Ann: Appendix 3B, page-2

Interesting to look at shares on issue that we can see on the ASX come to 734,897,297 shares
Shares not quoted on the asx but due to vest when their time comes up or performance rights met total another 9,107,818 shares.

So without factoring in any new shares to be created on a boardroom whim for the CEO and BOD benefit we will soon have
744,005,115 A2M shares in circulation. Jayne H was on close to a $8m per year package at Jetstar so it would safe to say for her to make the jump to A2 milk company she expects to be making a annual remuneration north of her previous employment at some stage in the not too distant future.

I am all for rewarding CEO's and BOD for their efforts in continuing to grow the company, my question is the same I put to them at the last AGM. Once these securities set aside for future bonuses are used up are they going to further dilute our shareholdings by creating substantially more shares to make up their well deserved remunerations or stick to their word and start using a portion of the vast sums of cash now flowing into their coffers.

If they keep up the good work and keep up this level of growth I dont question the amount of their remunerations coming their way. I question how its going to be made up. They are soon going to be included into the top 100 ASX companies, no debt and likely soon to surpass $1B a year in revenue. I would hope they were not just flapping their gums when they replied to my question that they would likely change the way they package their salary packages so it does not come at shareholders expense, that includes all holders retail and institutional.

Look forward to the next AGM and I am sure hidden amongst the good news their will be a few tit bits if they intend to use COH to replace new shares created to pay their growing packages and the growing headcount moving forward at the A2 Milk company.