Ann: Investor Presentation, page-16

In this presentation one key word to me is 'provenance'.

If you research around you'll see food provenance is a growing trend among younger consumers.

I don't doubt a brand of Nestle's IF contains A2 only, but I don't have a clear idea of where the milk comes from. Consumers increasingly want to know not just where the animal product comes from but what the animal has eaten, where it's been grazing.

A couple of years ago I wrote that A2MC marketing team took my breath away. If I recall right, posted here a few months ago was a picture of a tin of A2 IF on its side with NZ literally flowing out of it. The company knows the power of showing rather than telling.

I think the problem shorters have had with this stock is that they never really understood what A2MC is and what it's really selling.