NZXR Price Enquiry into The a2 Milk Company Limited

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599
www.nzx.com

01 November 2017

Jaron McVicar
Company Secretary
The a2 Milk Company Limited
Auckland

By email: Jaron.McVicar@a2milk.com


Dear Jaron,

Price Enquiry

We write with respect to the continuous disclosure Listing Rules.

Listing Rule 10.1.1 (”the rule”) is set out in the Schedule attached to this letter. In
summary, this rule requires issuers to immediately disclose any Material Information to
NZX Limited (“NZX”). The rule provides limited exceptions to this obligation. Material
Information does not need to be disclosed where a reasonable person would not expect
the information to be disclosed and where the information is confidential and its
confidentiality is maintained and where one of five safe harbours applies.

The price of The a2 Milk Company Limited Ordinary Shares (“ATM”) has decreased from
$8.67, being the market close price on 31 October 2017, to $7.58, being the market
price at 15.37 pm on the date of this letter. This represents a total decrease of $1.09, or
12.6%.

Given this decrease in the price of ATM, please advise NZX whether The a2 Milk
Company Limited continues to comply with Listing Rule 10.1.1.

Could you please provide NZX with an answer to the above question (email:
surveillance@nzx.com) before 9:30am 2 November 2016.

Please note that The a2 Milk Company Limited’s response to this letter will be published
in full to the market.


Yours sincerely,


Logan Thompson
Market Surveillance

SCHEDULE

10.1.1 Continuous Disclosure of Material Information: Without limiting any other Rule,
every Issuer shall:

(a) once it becomes aware of any Material Information concerning it, immediately
release that Material Information to NZX, provided that this Rule shall not
apply when:

(i) a reasonable person would not expect the information to be disclosed;
and

(ii) the information is confidential and its confidentiality is maintained; and

(iii) one or more of the following applies:

(A) the release of information would be a breach of law; or
(B) the information concerns an incomplete proposal or negotiation; or
(C) the information comprises matters of supposition or is insufficiently
definite to warrant disclosure; or
(D) the information is generated for the internal management purposes
of the Issuer; or
(E) the information is a trade secret.

In this Rule 10.1.1, an Issuer is aware of information if a Director or an
executive officer of the Issuer (and in the case of a Managed Fund, a Director
or executive officer of the Manager) has come into possession of the
information in the course of the performance of his or her duties as a Director
or executive officer.

---

NZX Code: ATM
ASX Code: A2M


1 November 2017

Logan Thompson
Market Surveillance
NZX Limited
PO Box 2959
Wellington

By email: surveillance@nzx.com


Dear Logan,

ATM ‐ Price Enquiry

In response to your letter dated 1 November 2017, we confirm that The a2 Milk Company Limited continues to
comply with its continuous disclosure obligations, including under NZX Main Board Listing Rule 10.1.1.


Yours sincerely



Geoffrey Babidge
Managing Director
The a2 Milk Company Limited
+61 2 9697 7000