The a2 Milk Company Limited/Announcement

SPH Notice – The Vanguard Group, Inc.

Substantial Holder Notice4 December 2018ATMConsumer Staples

100080615/3821102.1
1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
Note: This form must be completed in accordance with the instructions at the end of the
form.
To NZX Limited
and
To The a2 Milk Company Limited
Date this disclosure made: 4 December 2018
Date on which substantial holding began: 30 November 2018
Substantial product holder(s) giving disclosure
Full name(s): The Vanguard Group, Inc.
Summary of substantial holding
Class of quoted voting products: ordinary shares
Summary for The Vanguard Group, Inc.
For this disclosure,—
(a) total number held in class: 36,774,366
(b) total in class: 734,797,297
(c) total percentage held in class: 5.00%

100080615/3821102.1
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Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure:
30-Jul-18 The Vanguard Group, Inc. BUY 10.60 6,304
30-Jul-18 The Vanguard Group, Inc. SELL 10.62 (3,556)
31-Jul-18 The Vanguard Group, Inc. BUY 10.48 18,912
31-Jul-18 The Vanguard Group, Inc. BUY 10.48 9,456
1-Aug-18 The Vanguard Group, Inc. BUY 10.45 69,192
1-Aug-18 The Vanguard Group, Inc. SELL 10.48 (549)
2-Aug-18 The Vanguard Group, Inc. SELL 10.48 (3,880)
2-Aug-18 The Vanguard Group, Inc. BUY 9.56 6,318
3-Aug-18 The Vanguard Group, Inc. BUY 10.45 9,456
3-Aug-18 The Vanguard Group, Inc. BUY 10.45 9,456
3-Aug-18 The Vanguard Group, Inc. SELL 10.42 (3,557)
3-Aug-18 The Vanguard Group, Inc. BUY 10.42 527
3-Aug-18 The Vanguard Group, Inc. BUY 9.64 13,043
6-Aug-18 The Vanguard Group, Inc. BUY 10.57 12,608
7-Aug-18 The Vanguard Group, Inc. BUY 9.59 13,096
9-Aug-18 The Vanguard Group, Inc. BUY 10.48 9,456
9-Aug-18 The Vanguard Group, Inc. BUY 10.48 6,304
10-Aug-18 The Vanguard Group, Inc. SELL 10.73 (9,312)
10-Aug-18 The Vanguard Group, Inc. SELL 10.77 (16,567)
14-Aug-18 The Vanguard Group, Inc. BUY 11.19 70,444
15-Aug-18 The Vanguard Group, Inc. SELL 10.97 (4,656)
15-Aug-18 The Vanguard Group, Inc. BUY 10.06 4,212
16-Aug-18 The Vanguard Group, Inc. BUY 10.89 68,715
16-Aug-18 The Vanguard Group, Inc. BUY 10.85 9,456
16-Aug-18 The Vanguard Group, Inc. SELL 10.80 (15,643)
16-Aug-18 The Vanguard Group, Inc. SELL 9.86 -4,391
17-Aug-18 The Vanguard Group, Inc. BUY 10.86 3,094
21-Aug-18 The Vanguard Group, Inc. BUY 11.11 69,240
21-Aug-18 The Vanguard Group, Inc. BUY 10.09 7,020
24-Aug-18 The Vanguard Group, Inc. SELL 11.83 (16,824)
24-Aug-18 The Vanguard Group, Inc. BUY 11.87 4,862
24-Aug-18 The Vanguard Group, Inc. BUY 11.83 16,824
24-Aug-18 The Vanguard Group, Inc. BUY 11.87 6,304
27-Aug-18 The Vanguard Group, Inc. BUY 11.18 23,325
4-Sep-18 The Vanguard Group, Inc. BUY 11.66 7,722
5-Sep-18 The Vanguard Group, Inc. SELL 12.88 (471)
5-Sep-18 The Vanguard Group, Inc. SELL 12.40 (536)
6-Sep-18 The Vanguard Group, Inc. BUY 10.82 24,098
7-Sep-18 The Vanguard Group, Inc. BUY 11.61 10,903
7-Sep-18 The Vanguard Group, Inc. BUY 11.61 3,408
7-Sep-18 The Vanguard Group, Inc. SELL 11.61 (3,152)

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10-Sep-18 The Vanguard Group, Inc. BUY 11.58 14,929
10-Sep-18 The Vanguard Group, Inc. BUY 10.62 6,880
11-Sep-18 The Vanguard Group, Inc. BUY 12.04 65,658
11-Sep-18 The Vanguard Group, Inc. SELL 11.01 -7,552
12-Sep-18 The Vanguard Group, Inc. BUY 12.09 5,112
12-Sep-18 The Vanguard Group, Inc. SELL 12.08 (50,024)
17-Sep-18 The Vanguard Group, Inc. BUY 12.29 6,016
17-Sep-18 The Vanguard Group, Inc. BUY 11.18 7,568
18-Sep-18 The Vanguard Group, Inc. BUY 12.14 665
19-Sep-18 The Vanguard Group, Inc. SELL 12.21 (1,256)
19-Sep-18 The Vanguard Group, Inc. SELL 12.21 (953)
19-Sep-18 The Vanguard Group, Inc. SELL 12.21 (97,057)
20-Sep-18 The Vanguard Group, Inc. SELL 12.36 (815)
20-Sep-18 The Vanguard Group, Inc. SELL 12.36 (619)
20-Sep-18 The Vanguard Group, Inc. SELL 12.36 (62,939)
21-Sep-18 The Vanguard Group, Inc. SELL 12.51 (22,465)
21-Sep-18 The Vanguard Group, Inc. SELL 12.51 (17,045)
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 1,234,240
21-Sep-18 The Vanguard Group, Inc. SELL 12.51 (1,736,388)
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 34,078
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 100,254
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 3,545
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 7,820
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 22,153
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 110,314
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 19,392
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 7,121
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 12,971
21-Sep-18 The Vanguard Group, Inc. BUY 11.34 10,746
21-Sep-18 The Vanguard Group, Inc. BUY 11.34 4,850
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 10,329
21-Sep-18 The Vanguard Group, Inc. BUY 11.34 18,410
21-Sep-18 The Vanguard Group, Inc. BUY 11.34 9,191
21-Sep-18 The Vanguard Group, Inc. BUY 11.34 35,212
21-Sep-18 The Vanguard Group, Inc. BUY 12.51 2,481
26-Sep-18 The Vanguard Group, Inc. BUY 11.81 6,696
26-Sep-18 The Vanguard Group, Inc. BUY 11.81 3,348
26-Sep-18 The Vanguard Group, Inc. BUY 11.81 8,370
26-Sep-18 The Vanguard Group, Inc. BUY 10.70 4,128
26-Sep-18 The Vanguard Group, Inc. BUY 11.93 283
27-Sep-18 The Vanguard Group, Inc. SELL 11.57 (22,418)
27-Sep-18 The Vanguard Group, Inc. BUY 11.55 2,291
27-Sep-18 The Vanguard Group, Inc. BUY 10.63 11,952
27-Sep-18 The Vanguard Group, Inc. BUY 10.63 12,885

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27-Sep-18 The Vanguard Group, Inc. BUY 10.63 16,262
27-Sep-18 The Vanguard Group, Inc. BUY 10.55 52,976
28-Sep-18 The Vanguard Group, Inc. BUY 11.26 770
1-Oct-18 The Vanguard Group, Inc. BUY 11.38 5,022
1-Oct-18 The Vanguard Group, Inc. BUY 10.35 6,111
2-Oct-18 The Vanguard Group, Inc. BUY 11.41 38,656
2-Oct-18 The Vanguard Group, Inc. BUY 11.39 13,392
2-Oct-18 The Vanguard Group, Inc. SELL 11.49 (534)
3-Oct-18 The Vanguard Group, Inc. BUY 11.13 27,730
3-Oct-18 The Vanguard Group, Inc. BUY 11.08 5,022
3-Oct-18 The Vanguard Group, Inc. BUY 11.08 3,924
4-Oct-18 The Vanguard Group, Inc. BUY 10.81 25,758
8-Oct-18 The Vanguard Group, Inc. BUY 10.58 16,304
8-Oct-18 The Vanguard Group, Inc. BUY 9.61 6,255
9-Oct-18 The Vanguard Group, Inc. BUY 10.19 11,118
10-Oct-18 The Vanguard Group, Inc. SELL 9.25 -5,317
11-Oct-18 The Vanguard Group, Inc. BUY 8.98 4,284
11-Oct-18 The Vanguard Group, Inc. BUY 8.34 8,340
15-Oct-18 The Vanguard Group, Inc. BUY 9.76 7,140
17-Oct-18 The Vanguard Group, Inc. BUY 9.80 11,509
17-Oct-18 The Vanguard Group, Inc. BUY 9.80 26,980
18-Oct-18 The Vanguard Group, Inc. BUY 10.70 532
19-Oct-18 The Vanguard Group, Inc. BUY 10.29 4,284
19-Oct-18 The Vanguard Group, Inc. BUY 10.20 91,712
19-Oct-18 The Vanguard Group, Inc. BUY 10.29 5,022
23-Oct-18 The Vanguard Group, Inc. BUY 10.25 4,559
24-Oct-18 The Vanguard Group, Inc. SELL 9.80 (14,266)
24-Oct-18 The Vanguard Group, Inc. BUY 9.30 8,124
25-Oct-18 The Vanguard Group, Inc. BUY 10.03 4,185
25-Oct-18 The Vanguard Group, Inc. BUY 9.10 16,791
25-Oct-18 The Vanguard Group, Inc. SELL 9.10 -4,979
25-Oct-18 The Vanguard Group, Inc. BUY 9.10 9,478
25-Oct-18 The Vanguard Group, Inc. SELL 9.68 -283
26-Oct-18 The Vanguard Group, Inc. BUY 9.83 31,277
26-Oct-18 The Vanguard Group, Inc. BUY 9.95 736
26-Oct-18 The Vanguard Group, Inc. BUY 9.83 1,245
26-Oct-18 The Vanguard Group, Inc. BUY 9.83 3,786
26-Oct-18 The Vanguard Group, Inc. BUY 9.95 13,693
26-Oct-18 The Vanguard Group, Inc. BUY 9.24 52,848
30-Oct-18 The Vanguard Group, Inc. BUY 10.07 74,569
30-Oct-18 The Vanguard Group, Inc. BUY 10.17 9,727
31-Oct-18 The Vanguard Group, Inc. BUY 10.41 28,504
31-Oct-18 The Vanguard Group, Inc. BUY 10.52 5,859
31-Oct-18 The Vanguard Group, Inc. BUY 9.72 2,037

100080615/3821102.1
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31-Oct-18 The Vanguard Group, Inc. BUY 9.72 10,864
1-Nov-18 The Vanguard Group, Inc. BUY 10.76 8,370
1-Nov-18 The Vanguard Group, Inc. BUY 10.68 29,557
1-Nov-18 The Vanguard Group, Inc. SELL 10.69 (47,836)
1-Nov-18 The Vanguard Group, Inc. BUY 10.00 1,358
2-Nov-18 The Vanguard Group, Inc. SELL 10.70 (16,414)
2-Nov-18 The Vanguard Group, Inc. BUY 9.99 8,827
5-Nov-18 The Vanguard Group, Inc. SELL 10.15 (5,489)
6-Nov-18 The Vanguard Group, Inc. BUY 9.82 30,142
7-Nov-18 The Vanguard Group, Inc. BUY 10.49 6,696
9-Nov-18 The Vanguard Group, Inc. SELL 10.42 (1,383)
12-Nov-18 The Vanguard Group, Inc. BUY 10.30 5,022
12-Nov-18 The Vanguard Group, Inc. BUY 10.30 48,912
12-Nov-18 The Vanguard Group, Inc. BUY 9.89 8,827
13-Nov-18 The Vanguard Group, Inc. BUY 10.33 1,537
13-Nov-18 The Vanguard Group, Inc. BUY 10.30 3,551
14-Nov-18 The Vanguard Group, Inc. BUY 9.91 5,022
14-Nov-18 The Vanguard Group, Inc. BUY 9.91 6,696
14-Nov-18 The Vanguard Group, Inc. BUY 9.91 18,342
15-Nov-18 The Vanguard Group, Inc. BUY 10.15 73,956
15-Nov-18 The Vanguard Group, Inc. BUY 10.28 8,240
15-Nov-18 The Vanguard Group, Inc. BUY 10.14 4,454
15-Nov-18 The Vanguard Group, Inc. SELL 9.55 -4,692
19-Nov-18 The Vanguard Group, Inc. SELL 9.80 -26,275
20-Nov-18 The Vanguard Group, Inc. BUY 10.35 1,751
21-Nov-18 The Vanguard Group, Inc. BUY 10.01 6,696
22-Nov-18 The Vanguard Group, Inc. BUY 9.90 9,506
23-Nov-18 The Vanguard Group, Inc. BUY 9.86 19,593
27-Nov-18 The Vanguard Group, Inc. BUY 10.44 942
28-Nov-18 The Vanguard Group, Inc. BUY 10.91 4,284
28-Nov-18 The Vanguard Group, Inc. BUY 10.91 714
28-Nov-18 The Vanguard Group, Inc. BUY 10.91 4,185
28-Nov-18 The Vanguard Group, Inc. BUY 10.91 20,380
28-Nov-18 The Vanguard Group, Inc. BUY 10.91 10,190
28-Nov-18 The Vanguard Group, Inc. BUY 10.91 6,114
28-Nov-18 The Vanguard Group, Inc. BUY 10.91 5,089
29-Nov-18 The Vanguard Group, Inc. BUY 10.90 34,646
29-Nov-18 The Vanguard Group, Inc. BUY 10.22 7,469

Additional information
Address(es) of substantial product holder(s):
The Vanguard Group Inc. – P.O. Box 2600, V26 Valley Forge, PA 19482 USA

100080615/3821102.1
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Contact details: Shawn Acker, 001-610-669-8989,
Vanguard_Fund_Compliance@Vanguard.com
Certification
I, Shawn Acker, 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.

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