D&O Ongoing Disclosure – David Hearn

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1
Rule 3.19A.2
Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11

Name of entity The a2 Milk Company Limited
ABN 97 769 415 292

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for
the director for the purposes of section 205G of the Corporations Act.

Name of Director
David Hearn
Date of last notice
29 August 2017

Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should
be disclosed in this part.

Direct or indirect interest
Direct and indirect.
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the
relevant interest.
Options to subscribe for ordinary shares held
on trust by Lovat Partners Limited.
Date of change
23 February 2018
No. of securities held prior to change
1. 100,000 fully paid ordinary shares.
2. 3,500,000 options to subscribe for
ordinary shares.
Class
Fully paid ordinary shares and options to
subscribe for ordinary shares.
Number acquired
200,000 fully paid ordinary shares.
Number disposed
1. 200,000 fully paid ordinary shares.
2. 200,000 options to subscribe for ordinary
shares (by virtue of exercise of those
options, which resulted in the issue of the
200,000 fully paid shares referred to in 1
immediately above).

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

Appendix 3Y Page 2 01/01/2011
Value/Consideration
Note: If consideration is non-cash, provide details and estimated
valuation
1. NZ$2,536,820 sale price for ordinary
shares.
2. NZ$126,000 exercise price of options to
subscribe for ordinary shares.
No. of securities held after change
1. 100,000 fully paid ordinary shares.
2. 3,300,000 options to subscribe for
ordinary shares.
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue
of securities under dividend reinvestment plan, participation in buy-back
1. On-market sale of ordinary shares
through broker facilities (representing
less than 6% of David Hearn's total equity
interests in The a2 Milk Company prior to
such disposal).
2. Exercise of options to subscribe for
ordinary shares.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should
be disclosed in this part.

Detail of contract
n/a
Nature of interest
n/a
Name of registered holder
(if issued securities)
n/a
Date of change
n/a
No. and class of securities to which
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed
n/a
Interest acquired
n/a
Interest disposed
n/a
Value/Consideration
Note: If consideration is non-cash, provide details
and an estimated valuation
n/a
Interest after change
n/a

Part 3 –
+
Closed period

Were the interests in the securities or contracts detailed
above traded during a
+
closed period where prior written
clearance was required?
No
If so, was prior written clearance provided to allow the trade
to proceed during this period?
n/a
If prior written clearance was provided, on what date was
this provided?
n/a

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited
Date this disclosure made:
2/03/2018
Date of last disclosure:
29/08/2017
Director or senior manager giving disclosure
Full name(s):
David Lovat Gordon HEARN
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
Position held in listed issuer:
Chairman and Executive Director
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
Ordinary Shares
Nature of the affected relevant interest(s):
(1) Beneficial owner of unlisted options to
subscribe for Ordinary Shares in the
Company (Options); (2) Legal and beneficial
owner of Ordinary Shares
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 3,500,000 Options; (2) 100,000 Ordinary
Shares
Number held in class after acquisition or disposal:
(1) 3,300,000 Options; (2) 100,000 Ordinary
Shares
Current registered holder(s):
(1) Lovat Partners Limited (2) David Lovat
Gordon Hearn
Registered holder(s) once transfers are registered:
Unknown
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying financial
products (if any):
A statement as to whether the derivative is cash settled or physically settled:
Maturity date of the derivative (if any):
Expiry date of the derivative(if any):
The price specified in the terms of the derivative (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the underlying
financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the relevant
interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2
Details of transactions requiring disclosure-

Date of transaction:
(1) and (2) 23/02/18
Nature of transaction:
(1) Issue of 200,000 Ordinary Shares
following exercise of 200,000 options held by
Lovat Partners Limited. Following this,
subsequent transfer of 200,000 Ordinary
Shares from Lovat Partners Limited to David
Hearn. (2) Sale by David Hearn of 200,000
Ordinary Shares on market through broker
facilities (representing less than 6% of David
Hearn's total equity interests in The a2 Milk
Company prior to such disposal).
Name of any other party or parties to the transaction (if known):
The consideration, expressed in New Zealand dollars, paid or received for the acquisition
or disposal. If the consideration was not in cash and cannot be readily by converted into a
cash value, describe the consideration:
(1) $126,000 paid to exercise the Options; (2)
$2,536,820 receivable for the on market sale
of Ordinary Shares through broker facilities
Number of financial products to which the transaction related:
(1) 200,000 Options; (2) 200,000 Ordinary
Shares (arising from the exercise of the
200,000 Options)
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the following details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):
N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying financial
products (if any):
A statement as to whether the derivative is cash settled or physically settled:
Maturity date of the derivative (if any):
Expiry date of the derivative (if any):
The price's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the underlying
financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the relevant
interest in the derivative:

Certification
I certify that, to the best of my knowledge and belief, the information contained in this
disclosure is correct and that I am duly authorised to make this disclosure by all persons
for whom it is made.
Signature of director or officer:
Date of signature:
2/03/2018
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:
Notes
Use this form to disclose all the acquisitions and disposals by a director or senior
manager of a listed issuer, or of a related body corporate, or in specified derivatives. The
disclosure must be made within—
(a) 20 working days after the first acquisition or disposal disclosed in this
notice if the acquisitions or disposals are of a kind referred to in section 297(2)(a) of the
Financial Markets Conduct Act 2013; or
(b) in any other case, 5 trading days after the first acquisition or disposal
disclosed in this notice.