Chart Update, page-62

I have referred to a2m as a marketing company before. Strictly speaking they aren't, obviously, but when you consider they have no facilities, 3rd party processors / distributers etc it begins to look like a company that solely markets a2 products with the added benefit of having an IP moat and first mover advantage. Its really their marketing strategy (which includes managing the daigou) which has got us to where we are today. Of course this a very simplistic way to describe the company, which has evolved a lot since I made those comments (they had approx 20-30 staff at the time) - to the point that I wouldn't describe it as such anymore, but am sympathetic to such descriptions.