SPH Notice – Pendal Group Limited

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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
To: NZX Limited
and
To: A2 Milk Company Ltd
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 14 November 2019
Date this disclosure made: 19 November 2019
Date last disclosure made: 24 September 2018
Substantial product holder(s) giving disclosure
Full name(s): Pendal Group Limited (including the related bodies corporate specified in the
Annexure)
Summary of substantial holding
Class of quoted voting products: ordinary shares – security code ATM
Summary for Pendal Group Limited (including the related bodies corporate specified in the
Annexure)
For this disclosure,—
(a) total number held in class: 46,104,500
(b) total in class: 735,380,557
(c) total percentage held in class: 6.27%
For last disclosure,—
(a) total number held in class: 38,544,523

(b) total in class: 733,297,297
(c) total percentage held in class: 5.26%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: Refer Annexure

Details after relevant event
Details for Pendal Group Limited (including the related bodies corporate specified in the
Annexure)

Nature of relevant interest(s): Relevant interest by virtue of the entities specified in the Annexure
(being related bodies corporate of Pendal Group Limited) acquiring and selling A2 Milk

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Company Ltd shares on behalf of funds managed by the related body corporate, or in respect
of which the related bodies corporate acts as responsible entity.
For that relevant interest,—
(a) number held in class: 46,104,500
(b) percentage held in class: 6.27%
(c) current registered holder(s): Refer Annexure
(d) registered holder(s) once transfers are registered: Refer Annexure
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant
interest in the derivative: not applicable
Additional information
Address(es) of substantial product holder(s):
Pendal Group Limited, Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW 2000, Australia
Pendal Fund Services Limited, Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW 2000,
Australia
Pendal Institutional Limited, Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW 2000,
Australia
J O Hambro Capital Management Limited, Level 3, 1 St James's Market, London SW1Y 4AH,
United Kingdom

Contact details:
Joanne Hawkins
Group Company Secretary
Phone: (+61 2) 9220 2525

Nature of connection between substantial product holders: The entities specified in the Annexure
are related bodies corporate of Pendal Group Limited.
Name of any other person believed to have given, or believed to be required to give, a disclosure
under the Financial Markets Conduct Act 2013 in relation to the financial products to which this
disclosure relates: Not applicable
Disclosure has effect for purposes of directors’ and senior managers’ disclosure: Not applicable

Certification
I, Joanne Hawkins, 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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ANNEXURE 1
DISCLOSURE OF MOVEMENT OF 1% OR MORE IN SUBSTANTIAL HOLDING
Pendal Group Limited and related bodies corporate
DATED 14 November 2019
Name of type of shares
A2 Milk Company Ltd
Percentage held
6.27%

Relevant related body corporate:
Pendal Group Limited
Registered holder 1:
Pendal Fund Services Limited
Holding 1:
1,990,309
Registered holder 2:
Pendal Institutional Limited
Holding 2:
975,637
Registered holder 3:
J O Hambro Capital Management Limited
Holding 3:
43,138,554

Transaction
Type
Period Shares Consideration
On-market sales
and purchases
25/09/2018 to 14/11/2019 7,559,977

$172,056,682.11