SPH Notice – Morgan Stanley and its Subsidiaries

1

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013


To NZX Limited
and
To A2 MILK CO LTD (ATM)
Date this disclosure made: 15 January, 2020
Date last disclosure made: 08 January, 2020
Date on which substantial holding ceased: 10 January, 2020

Substantial product holder(s) giving disclosure
Full name(s): Morgan Stanley and its Subsidiaries listed in Annexure A

Summary of previous substantial holding
Class of quoted voting products:
Ordinary Shares

Summary for Morgan Stanley and its Subsidiaries listed in Annexure A

For last disclosure,—

(a) total number held in class:
36,807,035

(b) total in class: 735,880,598

(c) total percentage held in class: 5.002%

For current holding after ceasing to have substantial holding,—

(a) total number held in class: 36,756,955

(b) total in class: 735,880,598

(c) total percentage held in class: 4.995%

2

Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: set out in the table below

Date of
Transaction
Holder of Relevant Interest Transaction Nature Consideration
Class and
number of
securities
1/06/2020 Morgan Stanley & Co. International plc Buy 14,850.00
1,000
Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Buy 219,953.52
14,902
Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Buy 5,904.00
400 Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Buy 5,904.00
400 Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Buy N/A
100,000
Swaps
1/06/2020 Morgan Stanley & Co. International plc Buy N/A 15,311 Swaps
1/06/2020 Morgan Stanley & Co. International plc Buy N/A 49 Swaps
1/06/2020 Morgan Stanley & Co. International plc
Increase in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
10,743
Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Sell 1,470.00
100 Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Sell 53,267.81
3,616
Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Sell 8,856.00
600 Ordinary
Shares
1/06/2020 Morgan Stanley & Co. International plc Sell N/A 13,800 Swaps
1/06/2020 Morgan Stanley & Co. International plc Sell N/A 3,602 Swaps
1/06/2020 Morgan Stanley & Co. International plc Sell N/A 406 Swaps
1/06/2020 Morgan Stanley & Co. International plc Sell N/A 410 Swaps
1/06/2020 Morgan Stanley & Co. International plc Sell N/A 7,333 Swaps
1/06/2020 Morgan Stanley & Co. LLC Borrow N/A
4,809
Ordinary
Shares
1/06/2020 Morgan Stanley & Co. LLC Collateral Received N/A
4,809
Ordinary
Shares
1/06/2020 Morgan Stanley & Co. LLC
Decrease in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
4,770
Ordinary
Shares
1/06/2020 Morgan Stanley & Co. LLC
Decrease in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
700 Ordinary
Shares
1/06/2020 Morgan Stanley Capital Services LLC Buy N/A 1,422 Swaps
1/06/2020 Morgan Stanley Capital Services LLC Buy N/A 11,845 Swaps
1/06/2020 Morgan Stanley Capital Services LLC Buy N/A 24 Swaps
1/06/2020 Morgan Stanley Capital Services LLC Sell N/A 1 Swap
1/06/2020 Morgan Stanley Capital Services LLC Sell N/A 1,394 Swaps
1/06/2020 Morgan Stanley Capital Services LLC Sell N/A 3,083 Swaps
1/06/2020 Morgan Stanley Capital Services LLC Sell N/A 4,823 Swaps
1/06/2020 Morgan Stanley Capital Services LLC Sell N/A 669 Swaps
1/06/2020 Morgan Stanley Capital Services LLC Sell N/A 8,650 Swaps
1/06/2020
Morgan Stanley Wealth Management Australia
Pty Ltd
Transfer Out N/A
1,075
Ordinary
Shares
1/06/2020
Morgan Stanley Wealth Management Australia
Pty Ltd
Transfer Out N/A
350 Ordinary
Shares
1/06/2020
Morgan Stanley Wealth Management Australia
Pty Ltd
Transfer Out N/A
840 Ordinary
Shares
1/06/2020
Morgan Stanley Wealth Management Australia
Pty Ltd
Transfer Out N/A
905 Ordinary
Shares

3

1/07/2020 Morgan Stanley & Co. International plc Borrow Returned N/A
112,263
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. International plc Buy 1,470.00
100 Ordinary
Shares
1/07/2020 Morgan Stanley & Co. International plc Buy N/A 300 Swaps
1/07/2020 Morgan Stanley & Co. International plc Buy N/A 60,000 Swaps
1/07/2020 Morgan Stanley & Co. International plc Collateral Received N/A
112,263
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. International plc
Decrease in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
10,743
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. International plc Sell 30,828.00
2,100
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. International plc Sell 4,404.23
300 Ordinary
Shares
1/07/2020 Morgan Stanley & Co. International plc Sell 9,295.26
632 Ordinary
Shares
1/07/2020 Morgan Stanley & Co. International plc Sell N/A 1,678 Swaps
1/07/2020 Morgan Stanley & Co. International plc Sell N/A 136 Swaps
1/07/2020 Morgan Stanley & Co. International plc Sell N/A 26,301 Swaps
1/07/2020 Morgan Stanley & Co. LLC Borrow Returned N/A
17,152
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. LLC Borrow Returned N/A
58,672
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. LLC Collateral Returned N/A
4,809
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. LLC
Decrease in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
1,288
Ordinary
Shares
1/07/2020 Morgan Stanley & Co. LLC
Decrease in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
74 Ordinary
Shares
1/07/2020 Morgan Stanley Capital Services LLC Buy N/A 1,269 Swaps
1/07/2020 Morgan Stanley Capital Services LLC Buy N/A 1,572 Swaps
1/07/2020 Morgan Stanley Capital Services LLC Sell N/A 18,328 Swaps
1/07/2020 Morgan Stanley Capital Services LLC Sell N/A 4,452 Swaps
1/07/2020 Morgan Stanley Capital Services LLC Sell N/A 9,949 Swaps
1/08/2020 Morgan Stanley & Co. International plc Borrow N/A
59,291
Ordinary
Shares
1/08/2020 Morgan Stanley & Co. International plc Buy 2,907.00
200 Ordinary
Shares
1/08/2020 Morgan Stanley & Co. International plc Buy 8,760.00
600 Ordinary
Shares
1/08/2020 Morgan Stanley & Co. International plc Buy N/A 12,424 Swaps
1/08/2020 Morgan Stanley & Co. International plc Buy N/A 60,000 Swaps
1/08/2020 Morgan Stanley & Co. International plc Collateral Returned N/A
112,263
Ordinary
Shares
1/08/2020 Morgan Stanley & Co. International plc Sell 1,458.00
100 Ordinary
Shares
1/08/2020 Morgan Stanley & Co. International plc Sell 89,410.40
6,124
Ordinary
Shares
1/08/2020 Morgan Stanley & Co. International plc Sell 9,453.18
652 Ordinary
Shares
1/08/2020 Morgan Stanley & Co. International plc Sell N/A 1,559 Swaps
1/08/2020 Morgan Stanley & Co. International plc Sell N/A 12,424 Swaps
1/08/2020 Morgan Stanley & Co. International plc Sell N/A 67 Swaps
1/08/2020 Morgan Stanley & Co. LLC Borrow N/A
48,087
Ordinary
Shares

4

1/08/2020 Morgan Stanley & Co. LLC Borrow N/A
57,972
Ordinary
Shares
1/08/2020 Morgan Stanley & Co. LLC
Increase in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
1 Ordinary
Share
1/08/2020 Morgan Stanley Capital Services LLC Buy N/A 221 Swaps
1/08/2020 Morgan Stanley Capital Services LLC Buy N/A 254 Swaps
1/08/2020 Morgan Stanley Capital Services LLC Buy N/A 36 Swaps
1/08/2020 Morgan Stanley Capital Services LLC Sell N/A 3,468 Swaps
1/08/2020 Morgan Stanley Capital Services LLC Sell N/A 3,762 Swaps
1/08/2020 Morgan Stanley Capital Services LLC Sell N/A 3,921 Swaps
1/08/2020 Morgan Stanley Capital Services LLC Sell N/A 4,751 Swaps
1/09/2020 Morgan Stanley & Co. International plc Borrow Returned N/A
5,000
Ordinary
Shares
1/09/2020 Morgan Stanley & Co. International plc Buy 1,485.00
100 Ordinary
Shares
1/09/2020 Morgan Stanley & Co. International plc Buy N/A 1,700 Swaps
1/09/2020 Morgan Stanley & Co. International plc Buy N/A 20,000 Swaps
1/09/2020 Morgan Stanley & Co. International plc Sell 12,269.20
829 Ordinary
Shares
1/09/2020 Morgan Stanley & Co. International plc Sell 141,340.00
9,550
Ordinary
Shares
1/09/2020 Morgan Stanley & Co. International plc Sell 25,181.68
1,700
Ordinary
Shares
1/09/2020 Morgan Stanley & Co. International plc Sell 7,250.86
489 Ordinary
Shares
1/09/2020 Morgan Stanley & Co. International plc Sell N/A 1,950 Swaps
1/09/2020 Morgan Stanley & Co. International plc Sell N/A 260 Swaps
1/09/2020 Morgan Stanley & Co. International plc Sell N/A 75,226 Swaps
1/09/2020 Morgan Stanley & Co. LLC Borrow Returned N/A
13,755
Ordinary
Shares
1/09/2020 Morgan Stanley & Co. LLC
Increase in shares held or in respect
of which the holder may exercise
right to rehypothecate pursuant to
the agreement(s)
N/A
50,432
Ordinary
Shares
1/09/2020 Morgan Stanley Capital Services LLC Buy N/A 132 Swaps
1/09/2020 Morgan Stanley Capital Services LLC Buy N/A 4,456 Swaps
1/09/2020 Morgan Stanley Capital Services LLC Sell N/A 1,287 Swaps
1/09/2020 Morgan Stanley Capital Services LLC Sell N/A 2,729 Swaps
1/09/2020 Morgan Stanley Capital Services LLC Sell N/A 208 Swaps
1/09/2020 Morgan Stanley Capital Services LLC Sell N/A 3 Swaps
1/10/2020 Morgan Stanley & Co. International plc Borrow Returned N/A
43,228
Ordinary
Shares
1/10/2020 Morgan Stanley & Co. International plc Buy 1,490.00
100 Ordinary
Shares
1/10/2020 Morgan Stanley & Co. International plc Buy 447,000.00
30,000
Ordinary
Shares
1/10/2020 Morgan Stanley & Co. International plc Buy 78,643.29
5,264
Ordinary
Shares
1/10/2020 Morgan Stanley & Co. International plc Buy N/A 1,700 Swaps
1/10/2020 Morgan Stanley & Co. International plc Buy N/A 700 Swaps
1/10/2020 Morgan Stanley & Co. International plc Sell 10,434.89
700 Ordinary
Shares
1/10/2020 Morgan Stanley & Co. International plc Sell 2,579.35
173 Ordinary
Shares
1/10/2020 Morgan Stanley & Co. International plc Sell 208,004.00
13,960
Ordinary
Shares

6

Annexure A
List of Morgan Stanley and its subsidiaries that have a relevant interest or deemed to have a
relevant interest in the shares.


└─┬─Morgan Stanley
├─┬─Morgan Stanley Capital Management, LLC
│ ├─┬─Morgan Stanley Domestic Holdings, Inc.
│ │ ├───Morgan Stanley & Co. LLC
│ │ ├───Morgan Stanley Capital Services LLC
│ │ ├───Morgan Stanley Smith Barney LLC
│ │ └───Morgan Stanley Wealth Management Australia Pty Ltd
│ └───Morgan Stanley Investment Management Inc.
└─┬─Morgan Stanley International Holdings Inc.
└─┬─Morgan Stanley International Limited
└─┬─Morgan Stanley Investments (UK)
└───Morgan Stanley & Co. International plc