A2MC response to media commentary, page-4

The infant formula market in China is vast with an estimated retail value in the order of USD20 billion and volume exceeding one million metric tonnes. There is a multitude of brands and recent experience of other businesses has demonstrated how challenging it is to establish new products in the absence of a strong and unique consumer proposition. The Company is confident that the past investment in its brand has established a strong consumer franchise which will continue to strengthen as its level of investment and distribution continues to grow.