Ann: Presentation to Macquarie Australia Conference 2019, page-84

The NZD/AUD dropped exactly a month ago so sales for April should be at a better margin than Jan-March if they had a decent portion unhedged. This will also help with CNY and USD sales too.

The big point for me was the market shares gains coming from the MBS network and huge growth in 3 months! The new CEO for China will help with developing 'in China' sales which will lessen our reliance on the grey channel in the long-run which is key.

The commitment for increased in marketing spend for FY20 has to bode well and should also coincide with increased pricing. If mgmt assess that dairy price increases will be sustained moving forward it gives an opportunity to permanently increase sales prices and achieve further scale.

Also nothing on capital mgmt yet, but this could be another boon for the share price if we get an update at the FY result. This is hard to 'price in' given the many options A2 have with their cash. It is going to become a drag with our balance increasing so fast and not being put to good use. Investors won't mind if there's a share buyback rather than making an unnecessary acq or downstream move.