Disclosure of Relevant Interests

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(1) and 298(1), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited ("ATM")
Date this disclosure made:
9/03/2020
Date of last disclosure:
26/11/2019
Director or senior manager giving disclosure
Full name(s):
Peter Jerrold Nathan
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Executive Asia Pacific
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
Fully paid ordinary shares (Ordinary
Shares)
Nature of the affected relevant interest(s):
Beneficial owner of securities held by
Spectre Investments Vic Pty Limited
For that relevant interest-
Number held in class before acquisition or disposal:
10,000 Ordinary Shares
(Note existing relevant interests in other
securities on the following page.)
Number held in class after acquisition or disposal:
20,800 Ordinary Shares
(Note existing relevant interests in other
securities on the following page.)
Current registered holder(s):
10,000 Ordinary Shares held indirectly
and beneficially in the name of Spectre
Investments Vic Pty Limited
Registered holder(s) once transfers are registered:
20,800 Ordinary Shares held indirectly
and beneficially in the name of Spectre
Investments Vic Pty Limited
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
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):
N/A
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: 4

Details of transactions requiring disclosure-
Date of transaction:
(1) 04/03/2020
(2) 05/03/2020
(3) 06/03/2020
(4) 10/03/2020
Nature of transaction:
On-market purchase of Ordinary Shares
by Spectre Investments Vic Pty Limited
using broker facilities
Name of any other party or parties to the transaction (if known):Unknown
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) NZD 16.12 per ordinary share
(2) NZD 16.69 per ordinary share
(3) NZD 16.84 per ordinary share
(4) NZD 17.29 per ordinary share
Number of financial products to which the transaction related: 10,800 Ordinary Shares
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:
(1) Ordinary Shares
(2) Unlisted performance rights
representing an entitlement to acquire
Ordinary Shares in the Company
(Performance Rights)
(3) Unlisted options to subscribe for
Ordinary Shares in the Company
(Options)
Nature of relevant interest:Legal and beneficial owner
For that relevant interest,-
Number held in class:
(1) 50,000 Ordinary Shares
(2) 507,553 Performance Rights as
follows:
(a) 320,000 Performance Rights due to
vest in September 2020 provided
certain performance conditions are met.
(b) 110,532 Performance Rights due to
vest in August 2021 provided certain
performanceconditions are met.
(c) 77,021 Performance Rights due to
vest in August 2022 provided certain
performance conditions are met.
(3) 1,600,000 Options
Current registered holder(s):Peter Jerrold Nathan
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):
N/A
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:
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:
9 March 2020