Notice regarding Conversion of Financial Products

NZX Code: ATM
ASX Code: A2M

24 August 2020
NZX/ASX Market Release

Notice regarding Conversion of Financial Products

For the purposes of NZX Listing Rule 3.15.2 and ASX Listing Rule 3.10.7, The a2 Milk Company (NZX: ATM, ASX: A2M)
provides notice that the following securities have become convertible into fully paid ordinary shares (Ordinary
Shares) in connection with its Long Term Incentive Plan (LTI Plan), and have been converted, as set out below.

No new ordinary shares have been issued in connection with the conversion.

(a) Number of Financial Products converted
and the number and Class of Quoted
Financial Products into which they have
been converted:
94,219 time-based rights converted into 94,219 Ordinary
Shares transferred from the a2MC Group Employee Share Trust
(Share Trust) to a LTI Plan participant. The Ordinary Shares
were acquired on market by the trustee of the Share Trust for
this purpose.
(b) Event giving rise to the right of
conversion:
Issue of a vesting notification from the Board following
satisfaction of the vesting condition, which required the holder
to remain an employee up to and including 24 August 2020.
(c) Details of any interest or dividend
conditions attaching to the Financial
Products into which they have been
converted:
None
(d) Number of Financial Products of the
same Class remaining to be converted:
165,411 time-based rights
(e) Conversion period: From 24 August 2020 to 15 November 2020
(f) Date of conversion: 24 August 2020

The a2 Milk Company Limited
Authorised by Jaron McVicar,
General Counsel and Company Secretary

For further information, please contact:

David Akers
Head of Investor Relations
T +61 2 9697 7013 l M +61 412 944 577
david.akers@a2milk.com