CLV - Company Profile, page-2

Great summary. One point I think worthy of expansion is that the growth as pointed out is not reliant on any one infant formula brand, the strong reputation of the AU/NZ formula's has seen the sector perform extremely well. As the sector grows so too does CLV but the rate of growth for CLV has the potential to exceed that of the milk sector. The reason for this is that the early development benefits to infants from DHA have been scientifically proven and are beginning to be written into law. As an example the EU have recently set a law requiring infant milk powder to have an addition of DHA.

"The mandatory addition of docosahexaenoic acid (DHA) to infant formula and follow-on formula is a new requirement introduced by this Regulation, as recently recommended by the Authority in its opinion on the essential composition of infant and follow-on formulae. Given that the addition of DHA was allowed on a voluntary basis under Directive 2006/141/EC, and parents and caregivers are familiar with the nutrition claim about the presence of DHA in infant formula, the use of which was permitted under that Directive, food business operators should be allowed to continue to refer to the presence of DHA in infant formula by a statement provided for in this Regulation for a limited period of time in order to avoid confusion. However, it is important that that statement provides full information to consumers about the mandatory presence of DHA in all infant formula products on the market."

I believe this is part of the reason that management put Europe as the first in the expected growth list.

"Growth expected in Europe, USA and South America"