SPH Notice – The Vanguard Group, Inc.

100080615/3821103.1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, 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
Relevant event being disclosed: Movement of 1% or more in the substantial holding
Date of relevant event: 13-December-2018
Date this disclosure made: 18-December-2018
Date last disclosure made: 04-December-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: 51,494,591
(b) total in class: 734,797,297
(c) total percentage held in class: 7.008%
For last disclosure,—
(a) total number held in class: 36,774,366
(b) total in class: 734,797,297
(c) total percentage held in class: 5.000%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
Date Change Price Share Quantity
30-Nov-18 SELL 10.44 (9,871)
30-Nov-18 BUY 10.41 308
3-Dec-18 BUY 10.74 2,446

100080615/3821103.1
3-Dec-18 BUY 10.33 8,827
3-Dec-18 BUY 10.33 15,648
3-Dec-18 SELL 10.80 (2,483)
3-Dec-18 BUY 10.87 616
4-Dec-18 BUY 10.53 122,139
4-Dec-18 BUY 11.22 4,941
4-Dec-18 BUY 10.94 8,240
4-Dec-18 BUY 10.94 6,696
5-Dec-18 BUY 11.06 6,152
5-Dec-18 BUY 10.92 26,062
6-Dec-18 BUY 10.76 4,951
6-Dec-18 SELL 10.76 (815)
6-Dec-18 BUY 10.89 6,180
7-Dec-18 BUY 10.44 13,259
7-Dec-18 BUY 10.87 2,510
7-Dec-18 BUY 10.84 5,859
7-Dec-18 BUY 10.84 6,696
10-Dec-18 BUY 10.57 3,933
11-Dec-18 BUY 10.21 8,100
11-Dec-18 BUY 10.21 13,500
11-Dec-18 BUY 10.65 6,696
11-Dec-18 BUY 10.65 5,022
12-Dec-18 BUY 10.39 517,584
12-Dec-18 BUY 10.86 5,022
12-Dec-18 BUY 10.86 5,022
12-Dec-18 BUY 10.86 14,229
12-Dec-18 BUY 10.86 2,908
12-Dec-18 BUY 10.89 13,904,603
13-Dec-18 BUY 11.13 156
13-Dec-18 BUY 11.09 5,089

Details after relevant event
Details for The Vanguard Group, Inc.
Nature of relevant interest(s): The Vanguard Group, Inc. (VGI) has a relevant
interest in the ordinary shares of The a2 Milk Company (ATM) in its capacity as
investment manager for a range of client portfolios. VGI’s relevant interest arises
under its investment management contract(s) with the clients and only from the
powers of investment contained in the investment management contract(s),
including the power to exercise, or to control the exercise of, a right to vote
attached to the ordinary shares of ATM, or to acquire or dispose of, or to control
the acquisition or disposal of, the ordinary shares of ATM.

100080615/3821103.1
For that relevant interest,—
(a) number held in class: 51,494,591
(b) percentage held in class: 7.008%
(c) current registered holder(s): no change
(d) registered holder(s) once transfers are registered: N/A

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

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.