Capital Change Notice

Capital Change Notice

Updated as at 17 October 2019


Notice of issue of Ordinary Shares and Matching Rights under The a2 Milk Company Limited’s
(ATM) Share Match Plan

This notice is given under the NZX Listing Rule 3.13.1 and relates to the issue of fully paid Ordinary Shares
and Matching Rights under ATM's 2020 Share Match Plan and Share Gift Plan.

Section 1: Issuer information
Name of issuer The a2 Milk Company Limited
NZX ticker code ATM
Class of financial product
(1) Ordinary Shares
(2) Matching Rights
ISIN (If unknown, check on NZX website)
(1) NZATME0002S8
(2) NZATME0010S1
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed
(1) 15,980 Ordinary Shares
(2) 8,836 Matching Rights
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security
(1) 7,144 Ordinary Shares have been
issued for nil consideration under the
Company’s Share Gift Plan.
(2) 8,836 Ordinary Shares issued under
ATM’s Share Match Plan for
NZ$14.5351 per Ordinary Share
(calculated by reference to the 5-day
volume weighted average price of the
ATM's shares traded on the ASX up to
and including 9 November 2020
(A$13.6390) converted to NZD using
the rate published by the Reserve Bank
of Australia for 10 November 2020
(AUD:NZD 1.0657).
(3) 8,836 Matching Rights issued under
ATM’s Share Match Plan for nil
consideration.
Nature of the payment (for example, cash or other
consideration)
(1) Ordinary Shares issued under ATM’s
Share Match Plan for cash
(2) Ordinary Shares issued under ATM’s
Share Gift Plan for nil consideration
(3) Not applicable
Amount paid up (if not in full) Not applicable
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury
Stock, in existence)
1

(1) 0.0022% of the total number of
Ordinary Shares on issue at the date of
this notice

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

(2) 93.21% of the total number of Matching
Rights on issue at the date of this
notice
For an issue of Convertible Financial Products or Options,
the principal terms of Conversion (for example the
Conversion price and Conversion date and the ranking of
the Financial Product in relation to other Classes of
Financial Product) or the Option (for example, the
exercise price and exercise date)
Matching Rights
ATM issued the Ordinary Shares as
“acquired shares” under the ALL a2 Plan
2020 governed by The a2 Milk Company
Limited Employee Share Plan Rules.
For each acquired share, a participant will
receive a “matching right”, i.e. a right to one
additional Ordinary Share (subject to
customary adjustments).
Each matching right is conditional on the
participant continuing to hold the beneficial
interest in the acquired share up to
30 September 2022 and remaining an
eligible employee throughout the holding
period of 1 October 2020 to 30 September
2022.
As soon as practicable after the end of the
holding period, ATM must satisfy a vested
matching right by issuing an Ordinary Share
to the participant, causing an existing
Ordinary Share to be transferred to the
participant or paying the cash equivalent of
the then prevailing market value of an
Ordinary Share (as determined by ATM). No
consideration is payable by the participant
for the Matching Right.
If a participant ceases to be employed by
ATM or any of its subsidiaries before the end
of the holding period, he or she may only
retain the matching right if he or she is a
“good leaver” (i.e. cessation of employment
due to death, total and permanent disability,
redundancy, retirement or another
circumstance in which ATM determines that
the participant is a good leaver).
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason for
change must be identified here)
Board resolutions
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial
Products of the Class held as Treasury Stock after the
issue/acquisition/redemption.
(1) 742,606,937 Ordinary Shares
(2) 18,316 Matching Rights*
No Treasury Stock held
* Note:161 matching rights have lapsed/been
forfeited/vested for ‘good leavers’ since the Company’s
last notice.
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
Not applicable
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the
issue, acquisition, or redemption is made
Board resolution and NZX Listing Rule 4.6.1
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
All Ordinary Shares issued (including any
issued on vesting of the Matching Rights)
rank equally with the existing Ordinary
Shares on issue of ATM

Capital Change Notice

Updated as at 17 October 2019

Date of issue/acquisition/redemption
2
11 November 2020 for the Ordinary Shares
and the Matching Rights
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement
Jaron McVicar, General Counsel and
Company Secretary
Contact person for this announcement Jaron McVicar
Contact phone number +61 2 9697 7000
Contact email address Jaron.McVicar@a2milk.com
Date of release through MAP

11 November 2020





2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).

---

This appendix is not available as an online form
Please fill in and submit as a PDF announcement +Rule 2.7
+ See chapter 19 for defined terms
31 January 2020 Page 1
Appendix 2A
Application for quotation of +securities
Information or documents not available now must be given to ASX as soon as available. Information
and documents given to ASX become ASX’s property and may be made public.
If you are an entity incorporated outside Australia and you are seeking quotation of a new class of
+securities other than CDIs, you will need to obtain and provide an International Securities
Identification Number (ISIN) for that class. Further information on the requirement for the notification of
an ISIN is available from the Create Online Forms page. ASX is unable to create the new ISIN for non-
Australian issuers.
*Denotes minimum information required for first lodgement of this form, with exceptions provided in
specific notes for certain questions. The balance of the information, where applicable, must be
provided as soon as reasonably practicable by the entity.
Part 1 – Entity and announcement details
Question
no
Question Answer
1.1 *Name of entity
We (the entity here named) apply for
+quotation of the following +securities and
agree to the matters set out in
Appendix 2A of the ASX Listing Rules.
1

The a2 Milk Company Limited
1.2 *Registration type and number
Please supply your ABN, ARSN, ARBN, ACN or
another registration type and number (if you supply
another registration type, please specify both the type
of registration and the registration number).
ARBN 158 331 965
1.3 *ASX issuer code A2M
1.4 *This announcement is
Tick whichever is applicable.
☒ A new announcement
☐ An update/amendment to a previous
announcement
☐ A cancellation of a previous
announcement
1.4a *Reason for update
Mandatory only if “Update” ticked in Q1.4 above. A
reason must be provided for an update.
n/a
1.4b *Date of previous announcement to this
update
Mandatory only if “Update” ticked in Q1.4 above.
n/a
1.4c *Reason for cancellation
Mandatory only if “Cancellation” ticked in Q1.4 above.
n/a
1.4d *Date of previous announcement to this
cancellation
Mandatory only if “Cancellation” ticked in Q1.4 above.
n/a
1.5 *Date of this announcement 11 November 2020

1
Appendix 2A of the Listing Rules includes a warranty that an offer of the securities for sale within 12 months after their issue
will not require disclosure under section 707(3) or 1012C(6) of the Corporations Act. If the securities to be quoted have been
issued by way of a pro rata offer, to give this warranty, you will generally need to have lodged a cleansing notice with ASX
under section 708AA(2)(f) or 1012DAA(2)(f) of the Corporations Act within 24 hours before the securities are offered (see
ASIC Regulatory Guide 189 Disclosure relief for rights issues). If in doubt, please consult your legal adviser.

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 2
Part 2 – Type of issue
Question
No.
Question Answer
2.1 *The +securities to be quoted are:
Select whichever item is applicable.
If you wish to apply for quotation of different types of
issues of securities, please complete a separate
Appendix 2A for each type of issue.
☐ Being issued as part of a transaction or
transactions previously announced to
the market in an Appendix 3B
☐ Being issued under a +dividend or
distribution plan
☐ Being issued as a result of options
being exercised or other +convertible
securities being converted
☐ Unquoted partly paid +securities that
have been paid up and are now quoted
fully paid +securities
☐ +Restricted securities where the escrow
period has expired or is about to expire
☐ +Securities previously issued under an
+employee incentive scheme where the
restrictions on transfer have ceased or
are about to cease
☒ +Securities issued under an +employee
incentive scheme that are not subject to
a restriction on transfer or that are to be
quoted notwithstanding there is a
restriction on transfer
☐ Other
2.2a.1
*Date of Appendix 3B notifying the market
of the proposed issue of +securities for
which quotation is now being sought
Answer this question if your response to Q2.1 is “Being
issued as part of a transaction or transactions
previously announced to the market in an Appendix
3B”
n/a
2.2a.2 *Are there any further issues of +securities
yet to take place to complete the
transaction(s) referred to in the
Appendix 3B?
Answer this question if your response to Q2.1 is “Being
issued as part of a transaction or transactions
previously announced to the market in an Appendix
3B”.
n/a
2.2a.2.1 *Please provide details of the further issues
of +securities yet to take place to complete
the transaction(s) referred to in the
Appendix 3B
Answer this question if your response to Q2.1 is “Being
issued as part of a transaction or transactions
previously announced to the market in an Appendix
3B” and your response to Q2.2a.2 is “Yes”.
Please provide details of the proposed dates and
number of securities for the further issues. This may
be the case, for example, if the Appendix 3B related to
an accelerated pro rata offer with an institutional
component being quoted on one date and a retail
component being quoted on a later date.
n/a

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 3
2.2b.1 *Date of Appendix 3A.1 lodged with ASX in
relation to the underlying +dividend or
distribution
Answer this question if your response to Q2.1 is “Being
issued under a dividend or distribution plan”.
n/a
2.2b.2 *Does the +dividend or distribution plan
meet the requirement of listing rule 7.2
exception 4 that it does not impose a limit
on participation?
Answer this question if your response to Q2.1 is “Being
issued under a dividend or distribution plan”.
Note: Exception 4 only applies where security holders
are able to elect to receive all of their dividend or
distribution as securities. For example, Exception 4
would not apply in the following circumstances: 1) The
entity has specified a dollar limit on the level of
participation e.g. security holders can only participate
to a maximum value of $x in respect of their
entitlement, or 2) The entity has specified a maximum
number of securities that can participate in the plan
e.g. security holders can only receive securities in lieu
of dividend payable for x number of securities.
n/a
2.2c.1 Please state the number and type of
options that were exercised or other
+convertible securities that were converted
(including their ASX security code)
Answer this question if your response to Q2.1 is “Being
issued as a result of options being exercised or other
convertible securities being converted”.
n/a
2.2c.2 And the date the options were exercised or
other +convertible securities were
converted
Answer this question if your response to Q2.1 is “Being
issued as a result of options being exercised or other
convertible securities being converted”.
Note: If this occurred over a range of dates, enter the
date the last of the options was exercised or
convertible securities was converted.
n/a
2.2d.1 Please state the number and type of partly
paid +securities (including their ASX
security code) that were fully paid up
Answer this question if your response to Q2.1 is
“Unquoted partly paid securities that have been paid
up and are now quoted fully paid securities”.
n/a
2.2d.2
And the date the
+
securities were fully paid
up
Answer this question if your response to Q2.1 is
“Unquoted partly paid securities that have been paid
up and are now quoted fully paid securities”.
Note: If this occurred over a range of dates, enter the
date the last of the securities was fully paid up.
n/a
2.2e.1 Please state the number and type of
+restricted securities (including their ASX
security code) where the escrow period has
expired or is about to expire
Answer this question if your response to Q2.1 is
“Restricted securities where the escrow period has
expired or is about to expire”.
n/a

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 4
2.2e.2 And the date the escrow restrictions have
ceased or will cease
Answer this question if your response to Q2.1 is
“Restricted securities where the escrow period has
expired or is about to expire”.
Note: If this occurred over a range of dates, enter the
date the last of the escrow restrictions has ceased or
will cease.
n/a
2.2f.1 Please state the number and type of
+securities (including their ASX security
code) previously issued under the
+employee incentive scheme where the
restrictions on transfer have ceased or are
about to cease
Answer this question if your response to Q2.1 is
“Securities previously issued under an employee
incentive scheme where the restrictions on transfer
have ceased or are about to cease”.
n/a
2.2f.2
And the date the restrictions on transfer
have ceased or will cease:
Answer this question if your response to Q2.1 is
“Securities previously issued under an employee
incentive scheme where the restrictions on transfer
have ceased or are about to cease”.
Note: If this occurred over a range of dates, enter the
date the last of the restrictions on transfer has ceased
or will cease.
n/a
2.2g.1 Please state the number and type of
+securities (including their ASX security
code) issued under an +employee incentive
scheme that are not subject to a restriction
on transfer or that are to be quoted
notwithstanding there is a restriction on
transfer
Answer this question if your response to Q2.1 is
“Securities issued under an employee incentive
scheme that are not subject to a restriction on transfer
or that are to be quoted notwithstanding there is a
restriction on transfer”.
15,980 fully paid ordinary shares (ASX:
A2M)
2.2g.2 *Please attach a document or provide
details of a URL link for a document lodged
with ASX detailing the terms of the
+employee incentive scheme or a summary
of the terms.
Answer this question if your response to Q2.1 is
“Securities issued under an employee incentive
scheme that are not subject to a restriction on transfer
or that are to be quoted notwithstanding there is a
restriction on transfer”.
Gift Plan 2020
The entity issued 7,144 ordinary shares
under the Share Gift Plan governed by The
a2 Milk Company Limited Employee Share
Plan Rules (Rules). Under the Share Gift
Plan 2020, eligible employees received a
gift issue of ordinary shares worth
approximately A$500.

ALL a2 Plan 2020
The entity issued 8,836 ordinary shares as
“acquired shares” under the ALL a2 Plan
2020 governed by the Rules.
Under the Plan, an eligible employee may
make annual or monthly contributions of up
to AUD 2,000 (or foreign currency
equivalent) to fund the acquisition of fully
paid ordinary shares.
For each acquired share, a participant will
receive a “matching right”, i.e. a right to one

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 5
additional share (subject to customary
adjustments).
Each matching right is conditional on the
participant continuing to hold the beneficial
interest in the acquired share up to
30 September 2022 and remaining an
eligible employee throughout the holding
period of 1 October 2020 to 30 September
2022.
As soon as practicable after the end of the
holding period, the entity must satisfy a
vested matching right by issuing a share to
the participant, causing an existing share to
be transferred to the participant or paying
the cash equivalent of the then prevailing
market value of a share (as determined by
the entity).
If a participant ceases to be employed by
the entity or any of its subsidiaries before
the end of the holding period, he or she
may only retain the matching right if a
“good leaver” (i.e. cessation of employment
due to death, total and permanent disability,
redundancy, retirement or another
circumstance in which the entity determines
that the participant is a good leaver).
2.2g.3
*Are any of these +securities being issued
to +key management personnel (KMP) or
an +associate
Answer this question if your response to Q2.1 is
“Securities issued under an employee incentive
scheme that are not subject to a restriction on transfer
or that are to be quoted notwithstanding there is a
restriction on transfer”.
No.
2.2g.3.a *Provide details of the recipients and the number of +securities issued to each of them.
Answer this question if your response to Q2.1 is “Securities issued under an employee incentive scheme that are
not subject to a restriction on transfer or that are to be quoted notwithstanding there is a restriction on transfer”
and your response to Q2.2g.3 is “Yes”. Repeat the detail in the table below for each KMP involved in the issue. If
the securities are being issued to the KMP, repeat the name of the KMP or insert “Same” in “Name of registered
holder”. If the securities are being issued to an associate of a KMP, insert the name of the associate in “Name of
registered holder”.
Name of KMP Name of registered holder Number of +securities


2.2h.1 *The purpose(s) for which the entity is
issuing the +securities is:
Answer this question if your response to Q2.1 is
“Other”.
You may select one or more of the items in the list.
☐ To raise additional working capital
☐ To fund the retirement of debt
☐ To pay for the acquisition of an asset
[provide details below]
☐ To pay for services rendered
[provide details below]
☐ Other [provide details below]
Additional details:

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 6
2.2h.2 *Please provide any further information
needed to understand the circumstances in
which you are applying to have these
+securities quoted on ASX, including (if
applicable) why the issue of the +securities
has not been previously announced to the
market in an Appendix 3B
You must answer this question if your response to
Q2.1 is “Other”. If there is no other information to
provide, please answer “Not applicable” or “N/A”.
n/a
2.2i *Are these +securities being offered under
a +disclosure document or +PDS?
Answer this question if your response to Q2.1 is any
option other than “Being issued as part of a transaction
or transactions previously announced to the market in
an Appendix 3B”.
No.
2.2i.1 *Date of +disclosure document or +PDS?
Answer this question if your response to Q2.1 is any
option other than “Being issued as part of a transaction
or transactions previously announced to the market in
an Appendix 3B” and your response to Q2.2i is “Yes”.
Under the Corporations Act, the entity must apply for
quotation of the securities within 7 days of the date of
the disclosure document or PDS.
n/a
2.3 *The +securities to be quoted are:
Tick whichever is applicable
☒ Additional +securities in a class that is
already quoted on ASX ("existing
class")
☐ New +securities in a class that is not yet
quoted on ASX ("new class")
Part 3A – number and type of +securities to be quoted (existing class or
new class) where issue has previously been notified to ASX in
an Appendix 3B
Answer the questions in this Part if your response to Q2.1 is “Being issued as part of a transaction or transactions previously
announced to the market in an Appendix 3B” and your response to Q2.3 is “existing class” or “new class”.
Question
No.
Question Answer
3A.1 *ASX security code & description
3A.2 *Number of +securities to be quoted
Part 3B – number and type of +securities to be quoted (existing class)
where issue has not previously been notified to ASX in an
Appendix 3B
Answer the questions in this Part if your response to Q2.1 is anything other than “Being issued as part of a transaction or
transactions previously announced to the market in an Appendix 3B” and your response to Q2.3 is “existing class”.
Question
No.
Question Answer
3B.1 *ASX security code & description Fully paid ordinary shares (ASX:A2M)
3B.2 *Number of +securities to be quoted 15,980

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 7
3B.3a *Will the +securities to be quoted rank
equally in all respects from their issue date
with the existing issued +securities in that
class?
Yes
3B.3b *Is the actual date from which the
+securities will rank equally (non-ranking
end date) known?
Answer this question if your response to Q3B.3a is
“No”.
n/a
3B.3c *Provide the actual non-ranking end date
Answer this question if your response to Q3B.3a is
“No” and your response to Q3B.3b is “Yes”.
n/a
3B.3d *Provide the estimated non-ranking end
period
Answer this question if your response to Q3B.3a is
“No” and your response to Q3B.3b is “No”.
n/a
3B.3e *Please state the extent to which the
+securities do not rank equally:
• in relation to the next dividend,
distribution or interest payment; or
• for any other reason
Answer this question if your response to Q3B.3a is
“No”.
For example, the securities may not rank at all, or may
rank proportionately based on the percentage of the
period in question they have been on issue, for the
next dividend, distribution or interest payment; or they
may not be entitled to participate in some other event,
such as an entitlement issue.
n/a
Part 3C – number and type of +securities to be quoted (new class) where
issue has not previously been notified to ASX in an
Appendix 3B
Answer the questions in this Part if your response to Q2.1 is anything other than “Being issued as part of a transaction or
transactions previously announced to the market in an Appendix 3B” and your response to Q2.3 is “new class”.
Question
No.
Question Answer
3C.1 *Security description
3C.2 *Security type
Select one item from the list that best describes the
securities the subject of this form. This will determine
more detailed questions to be asked about the security
later in this section. Select “ordinary fully or partly paid
shares/units” for stapled securities or CDIs. For
interest rate securities, please select the appropriate
choice from either “Convertible debt securities” or
“Non-convertible debt securities”. Select “Other” for
performance shares/units and performance
options/rights or if the selections available in the list do
not appropriately describe the security being issued.
☐ Ordinary fully or partly paid shares/units
☐ Options
☐ +Convertible debt securities
☐ Non-convertible +debt securities
☐ Redeemable preference shares/units
☐ Other
3C.3 ISIN code
Answer this question if you are an entity incorporated
outside Australia and you are seeking quotation of a
new class of securities other than CDIs. See also the
note at the top of this form.

3C.4 *Number of +securities to be quoted

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 8
3C.5a *Will all the +securities issued in this class
rank equally in all respects from the issue
date?

3C.5b
*Is the actual date from which the
+securities will rank equally (non-ranking
end date) known?
Answer this question if your response to Q3C.5a is
“No”.

3C.5c *Provide the actual non-ranking end date
Answer this question if your response to Q3C.5a is
“No” and your response to Q3C.5b is “Yes”.

3C.5d *Provide the estimated non-ranking end
period
Answer this question if your response to Q3C.5a is
“No” and your response to Q3C.5b is “No”.

3C.5e *Please state the extent to which the
+securities do not rank equally:
• in relation to the next dividend,
distribution or interest payment; or
• for any other reason
Answer this question if your response to Q3C.5a is
“No”.
For example, the securities may not rank at all, or may
rank proportionately based on the percentage of the
period in question they have been on issue, for the
next dividend, distribution or interest payment; or they
may not be entitled to participate in some other event,
such as an entitlement issue.

3C.6 Please attach a document or provide a URL
link for a document lodged with ASX setting
out the material terms of the +securities to
be quoted
You may cross-reference a disclosure document, PDS,
information memorandum, investor presentation or
other announcement with this information provided it
has been released to the ASX Market Announcements
Platform.

3C.7
*Have you received confirmation from ASX
that the terms of the +securities are
appropriate and equitable under listing rule
6.1?
Answer this question only if you are an ASX Listing.
(ASX Foreign Exempt Listings and ASX Debt Listings
do not have to answer this question).
If your response is “No” and the securities have any
unusual terms, you should approach ASX as soon as
possible for confirmation under listing rule 6.1 that the
terms are appropriate and equitable.

This appendix is not available as an online form Appendix 2A
Please fill in and submit as a PDF announcement Application for quotation of +securities
+ See chapter 19 for defined terms
31 January 2020 Page 9
3C.8 *Provide a distribution schedule for the new +securities according to the categories set out
in the left hand column – including the number of recipients and the total percentage of the
new +securities held by the recipients in each category.
Number of +securities held Number of holders
Total percentage of
+securities held
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Answer this question only if you are an ASX Listing (ASX Foreign Exempt Listings and ASX Debt Listings do not
have to answer this question) and the securities to be quoted have already been issued.
Note: if the securities to be quoted have not yet been issued, under listing rule 3.10.5, you will need to provide to
ASX a list of the 20 largest recipients of the new +securities, and the number and percentage of the new
+securities received by each of those recipients, and a distribution schedule for the securities when they are
issued.
3C.9a Ordinary fully or partly paid shares/units details
Answer the questions in this section if you selected this security type in your response to Question 3C.2.
*+Security currency
This is the currency in which the face amount of an
issue is denominated. It will also typically be the
currency in which distributions are declared.

*Will there be CDIs issued over the
+securities?

*CDI ratio
Answer this question if you answered “Yes” to the
previous question. This is the ratio at which CDIs can
be transmuted into the underlying security (e.g. 4:1
means 4 CDIs represent 1 underlying security
whereas 1:4 means 1 CDI represents 4 underlying
securities).

*Is it a partly paid class of +security?
*Paid up amount: unpaid amount
Answer this question if answered “Yes” to the
previous question.
The paid up amount represents the amount of
application money and/or calls which have been paid
on any security considered ‘partly paid’
The unpaid amount represents the unpaid or yet to
be called amount on any security considered ‘partly
paid’.
The amounts should be provided per the security
currency (e.g. if the security currency is AUD, then
the paid up and unpaid amount per security in AUD).

*Is it a stapled +security?
This is a security class that comprises a number of
ordinary shares and/or ordinary units issued by
separate entities that are stapled together for the
purposes of trading.

3C.9b Option details
Answer the questions in this section if you selected this security type in your response to Question 3C.2.
*+Security currency
This is the currency in which the exercise price is
payable.

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*Exercise price
The price at which each option can be exercised and
convert into the underlying security.
The exercise price should be provided per the
security currency (i.e. if the security currency is AUD,
the exercise price should be expressed in AUD).

*Expiry date
The date on which the options expire or terminate.

*Details of the number and type of
+security (including its ASX security code
if the +security is quoted on ASX) that will
be issued if an option is exercised
For example, if the option can be exercised to receive
one fully paid ordinary share with ASX security code
ABC, please insert “One fully paid ordinary share
(ASX:ABC)”.

3C.9c Details of non-convertible +debt securities, +convertible debt securities, or
redeemable preference shares/units
Answer the questions in this section if you selected one of these security types in your response to Question
3C.2.
Refer to Guidance Note 34 and the “Guide to the Naming Conventions and Security Descriptions for ASX Quoted
Debt and Hybrid Securities” for further information on certain terms used in this section
*Type of +security
Select one item from the list
☐ Simple corporate bond
☐ Non-convertible note or bond
☐ Convertible note or bond
☐ Preference share/unit
☐ Capital note
☐ Hybrid security
☐ Other
*+Security currency
This is the currency in which the face value of the
security is denominated. It will also typically be the
currency in which interest or distributions are paid.

Face value
This is the principal amount of each security.
The face value should be provided per the security
currency (i.e. if security currency is AUD, then the
face value per security in AUD).

*Interest rate type
Select one item from the list
Select the appropriate interest rate type per the terms
of the security. Definitions for each type are provided
in the Guide to the Naming Conventions and Security
Descriptions for ASX Quoted Debt and Hybrid
Securities
☐ Fixed rate
☐ Floating rate
☐ Indexed rate
☐ Variable rate
☐ Zero coupon/no interest
☐ Other
Frequency of coupon/interest payments
per year
Select one item from the list.
☐ Monthly
☐ Quarterly
☐ Semi-annual
☐ Annual
☐ No coupon/interest payments
☐ Other
First interest payment date

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+ See chapter 19 for defined terms
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A response is not required if you have selected “No
coupon/interest payments” in response to the
question above on the frequency of coupon/interest
payments
Interest rate per annum
Answer this question if the interest rate type is fixed.

*Is the interest rate per annum estimated
at this time?
Answer this question if the interest rate type is fixed.

If the interest rate per annum is estimated,
then what is the date for this information to
be announced to the market (if known)
Answer this question if the interest rate type is fixed
and your response to the previous question is “Yes”.
Answer “Unknown” if the date is not known at this
time.

*Does the interest rate include a reference
rate, base rate or market rate (e.g. BBSW
or CPI)?
Answer this question if the interest rate type is
floating or indexed.

*What is the reference rate, base rate or
market rate?
Answer this question if the interest rate type is
floating or indexed and your response to the previous
question is “Yes”.

*Does the interest rate include a margin
above the reference rate, base rate or
market rate?
Answer this question if the interest rate type is
floating or indexed.

*What is the margin above the reference
rate, base rate or market rate (expressed
as a percent per annum)
Answer this question if the interest rate type is
floating or indexed and your response to the previous
question is “Yes”.


*S128F of the Income Tax Assessment
Act status applicable to the +security
Select one item from the list
For financial products which are likely to give rise to a
payment to which s128F of the Income Tax
Assessment Act applies, ASX requests issuers to
confirm the s128F status of the security:
• “s128F exempt” means interest payments are not
taxable to non-residents;
• “Not s128F exempt” means interest payments are
taxable to non-residents;
• “s128F exemption status unknown” means the
issuer is unable to advise the status;
• “Not applicable” means s128F is not applicable to
this security
☐ s128F exempt
☐ Not s128F exempt
☐ s128F exemption status unknown
☐ Not applicable
*Is the +security perpetual (i.e. no maturity
date)?

*Maturity date
Answer this question if the security is not perpetual

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+ See chapter 19 for defined terms
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*Select other features applicable to the
+security
Up to 4 features can be selected. Further information
is available in the Guide to the Naming Conventions
and Security Descriptions for ASX Quoted Debt and
Hybrid Securities.
☐ Simple
☐ Subordinated
☐ Secured
☐ Converting
☐ Convertible
☐ Transformable
☐ Exchangeable
☐ Cumulative
☐ Non-Cumulative
☐ Redeemable
☐ Extendable
☐ Reset
☐ Step-Down
☐ Step-Up
☐ Stapled
☐ None of the above
*Is there a first trigger date on which a
right of conversion, redemption, call or put
can be exercised (whichever is first)?

*If yes, what is the first trigger date
Answer this question if your response to the previous
question is “Yes”.

Details of the number and type of +security
(including its ASX security code if the
+security is quoted on ASX) that will be
issued if the +securities to be quoted are
converted, transformed or exchanged
Answer this question if the security features include
“converting”, “convertible”, “transformable” or
“exchangeable”.
For example, if the security can be converted into
1,000 fully paid ordinary shares with ASX security
code ABC, please insert “1,000 fully paid ordinary
shares (ASX:ABC)”.

Part 4 – Issue details
Question
No.
Question Answer
4.1 *Have the +securities to be quoted been
issued yet?
Yes
4.1a *What was their date of issue?
Answer this question if your response to Q4.1 is
“Yes”.
11 November 2020
4.1b *What is their proposed date of issue?
Answer this question if your response to Q4.1 is “No”.
n/a
4.2 *Are the +securities to be quoted being
issued for a cash consideration?
If the securities are being issued for nil cash
consideration, answer this question “No”.
(1) No – Shares issued under the Share Gift
Plan are issued for nil consideration
(2) Yes – Shares issued under the ALL a2
Plan 2020 are issued for cash
consideration – see item 4.2b below

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+ See chapter 19 for defined terms
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4.2a *In what currency is the cash consideration
being paid
For example, if the consideration is being paid in
Australian Dollars, state AUD.
Answer this question if your response to Q4.2 is
“Yes”.
NZD
4.2b *What is the issue price per +security
Answer this question if your response to Q4.2 is “Yes”
and by reference to the issue currency provided in
your response to Q4.2a.
Note: you cannot enter a nil amount here. If the
securities are being issued for nil cash consideration,
answer Q4.2 as “No” and complete Q4.2c and Q4.2d.
(1) 7,144 ordinary shares issued under the
Share Gift Plan for nil consideration
(2) 8,836 ordinary shares issued under the
ALL a2 Plan 2020 for NZD14.5351 per
Ordinary Share (calculated by reference
to the 5-day volume weighted average
price of the Company's shares traded on
ASX up to and including 9 November
2020 (AUD13.6390) converted to NZD
using the rate published by the Reserve
Bank of Australia for 10 November 2020
(AUD:NZD 1.0657)).
4.2c
Please describe the consideration being
provided for the +securities to be quoted
Answer this question if your response to Q4.2 is “No”.
Employee incentive
4.2d Please provide an estimate (in AUD) of the
value of the consideration being provided
per +security for the +securities to be
quoted
Answer this question if your response to Q4.2 is “No”.
AUD13.6390 per Ordinary Share (calculated
by reference to the 5-day volume weighted
average price of the Company's shares
traded on ASX up to and including 9
November 2020.
4.3 Any other information the entity wishes to
provide about the issue
n/a
Part 5 – Issued capital following quotation
Following the quotation of the +securities the subject of this application, the issued capital of the entity
will comprise:
Note: the figures provided in the tables in sections 5.1 and 5.2 below are used to calculate the total market capitalisation of the
entity published by ASX from time to time. Please make sure you include in the relevant table each class of securities issued by
the entity.
If you have quoted CHESS Depository Interests (CDIs) issued over your securities, include them in the table in section 5.1 and
include in the table in section 5.2 any securities that do not have CDIs issued over them (and therefore are not quoted on ASX).
Restricted securities should only be included in the table in section 5.1 if you are applying to have them quoted because the
escrow period for the securities has expired or is about to expire. Otherwise include them in the table in section 5.2.
5.1 *Quoted +securities (total number of each +class of +securities quoted on ASX following
the +quotation of the +securities the subject of this application)
ASX security code and description Total number of +securities on issue
Fully paid ordinary shares (ASX:A2M) 742,606,937

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+ See chapter 19 for defined terms
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5.2 *Unquoted +securities (total number of each +class of +securities issued but not quoted
on ASX):
ASX security code and description Total number of +securities on issue
A2MAB – options issued on 17-Aug-2015 with
an exercise price of NZ$0.63
800,000
A2MAD – performance rights 1,163,874
A2MAE – time-based rights 157,861
A2MAF – matching rights 18,316
Note 1: Each of the above securities represents an entitlement to receive one fully paid
ordinary share in the capital of The a2 Milk Company Limited (ASX:A2M) subject to
satisfaction of applicable exercise or vesting conditions.
Note 2: 161 matching rights have lapsed/been forfeited/vested for ‘good leavers’ since the
Company’s last Appendix 2A.
Part 6 – Other Listing Rule requirements
The questions in this Part should only be answered if you are an ASX Listing (ASX Foreign Exempt Listings and ASX Debt
Listings do not need to complete this Part) and:
- your response to Q2.1 is “Being issued under a dividend/distribution plan” and the response to Q2.2b.2 is “No”; or
- your response to Q2.1 is “Other”.
Note that if your response to Q2.1 is “Being issued as part of a transaction or transactions previously announced to the market
in an Appendix 3B”, it is assumed that you will have provided the information referred to in this Part in the Appendix 3B.
Question
No.
Question Answer
6.1
*Has the entity obtained, or is it obtaining,
+security holder approval for the issue
under listing rule 7.1?
No
6.1a *Date of meeting or proposed meeting to
approve the issue under listing rule 7.1
Answer this question if the response to Q6.1 is “Yes”.
n/a
6.1b *Are any of the +securities being issued
without +security holder approval using the
entity’s 15% placement capacity under
listing rule 7.1?
Answer this question if the response to Q6.1 is “No”.
No
(The entity is exempt from rule 7.1 pursuant
to ASX waiver no. WLC150056-005 dated
31 March 2015.)
6.1b.1 *How many +securities are being issued
without +security holder approval using the
entity’s 15% placement capacity under
listing rule 7.1?
Answer this question if the response to Q6.1 is “No”
and the response to Q6.1b is “Yes”.
Please complete and separately send by email to your
ASX listings adviser a work sheet in the form of
Annexure B to Guidance Note 21 confirming the entity
has the available capacity under listing rule 7.1 to
issue that number of securities.
n/a
6.1c *Are any of the +securities being issued
without +security holder approval using the
entity’s additional 10% placement capacity
under listing rule 7.1A (if applicable)?
Answer this question if the response to Q6.1 is “No”.
n/a
6.1c.1 *How many +securities are being issued
without +security holder approval using the
n/a

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+ See chapter 19 for defined terms
31 January 2020 Page 15
entity’s additional 10% placement capacity
under listing rule 7.1A?
Answer this question if the response to Q6.1 is “No”
and the response to Q6.1c is “Yes”.
Please complete and separately send by email to your
ASX listings adviser a work sheet in the form of
Annexure C to Guidance Note 21 confirming the entity
has the available capacity under listing rule 7.1A to
issue that number of securities.
Introduced 01/12/19, amended 31/01/20

---

This appendix is not available as an online form
Please fill in and submit as a PDF announcement +Rule 3.10.3A, 3.10.3B, 3.10.3C
+ See chapter 19 for defined terms
31 January 2020 Page 1
Appendix 3G
Notification of issue, conversion or payment up of equity
+securities
Information or documents not available now must be given to ASX as soon as available. Information
and documents given to ASX become ASX’s property and may be made public.
If you are an entity incorporated outside Australia and you are issuing a new class of +securities other
than CDIs, you will need to obtain and provide an International Securities Identification Number (ISIN)
for that class. Further information on the requirement for the notification of an ISIN is available from
the Create Online Forms page. ASX is unable to create the new ISIN for non-Australian issuers.
*Denotes minimum information required for first lodgement of this form, with exceptions provided in
specific notes for certain questions. The balance of the information, where applicable, must be
provided as soon as reasonably practicable by the entity.
Part 1 – Entity and announcement details
Question
no
Question Answer
1.1 *Name of entity
We (the entity here named) give notice of the issue,
conversion or payment up of the following unquoted
+securities.
The a2 Milk Company Limited
1.2 *Registration type and number
Please supply your ABN, ARSN, ARBN, ACN or
another registration type and number (if you supply
another registration type, please specify both the type
of registration and the registration number).
ARBN 158 331 965
1.3 *ASX issuer code A2M
1.4 *This announcement is
Tick whichever is applicable.
☒ A new announcement
☐ An update/amendment to a previous
announcement
☐ A cancellation of a previous
announcement
1.4a *Reason for update
Mandatory only if “Update” ticked in Q1.4 above. A
reason must be provided for an update.
n/a
1.4b *Date of previous announcement to this
update
Mandatory only if “Update” ticked in Q1.4 above.
n/a
1.4c *Reason for cancellation
Mandatory only if “Cancellation” ticked in Q1.4 above.
n/a
1.4d *Date of previous announcement to this
cancellation
Mandatory only if “Cancellation” ticked in Q1.4 above.
n/a
1.5 *Date of this announcement 11 November 2020

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+ See chapter 19 for defined terms
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Part 2 – Type of issue
Question
No.
Question Answer
2.1 *The +securities the subject of this
notification are:
Select whichever item is applicable.
If you wish to notify ASX of different types of issues of
securities, please complete a separate Appendix 3G
for each type of issue.
☐ +Securities issued as a result of options
being exercised or other +convertible
+securities being converted and that are
not to be quoted on ASX
☐ Partly paid +securities that have been
fully paid up and that are not to be
quoted on ASX
☒ +Securities issued under an +employee
incentive scheme that are not being
immediately quoted on ASX
☐ Other [please specify]
If you have selected ‘other’ please provide the
circumstances of the issue here:
2.2a.1 Please state the number and type of
options that were exercised or other
+convertible securities that were converted
(including their ASX security code if
available)?
Answer this question if your response to Q2.1 is
“securities issued as a result of options being
exercised or other convertible securities being
converted and that are not to be quoted on ASX”.
n/a
2.2a.2 And the date the options were exercised or
other +convertible securities were
converted:
Answer this question if your response to Q2.1 is
“securities issued as a result of options being
exercised or other convertible securities being
converted and that are not to be quoted on ASX”.
Note: If this occurred over a range of dates, enter the
date the last of the options was exercised or
convertible securities was converted.
n/a
2.2b.1 Please state the number and type of partly
paid +securities that were fully paid up
(including their ASX security code if
available)?
Answer this question if your response to Q2.1 is
“partly paid securities that have been paid up and that
are not to be quoted on ASX”.
n/a
2.2b.2
And the date the
+
securities were fully paid
up:
Answer this question if your response to Q2.1 is
“partly paid securities that have been paid up and that
are not to be quoted on ASX”.
Note: If this occurred over a range of dates, enter the
date the last of the securities was fully paid up.
n/a

This appendix is not available as an online form Appendix 3G
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+ See chapter 19 for defined terms
31 January 2020 Page 3
2.2c.1 Please state the number and type of
+securities (including their ASX security
code) issued under an +employee
incentive scheme that are not being
immediately quoted on ASX
Answer this question if your response to Q2.1 is
“securities issued under an employee incentive
scheme that are not being immediately quoted on
ASX”.
8,836 matching rights (A2MAF) issued
under the ALL a2 Plan 2020.

2.2c.2 *Please attach a document or provide
details of a URL link for a document lodged
with ASX detailing the terms of the
+employee incentive scheme or a
summary of the terms.
Answer this question if your response to Q2.1 is
“securities issued under an employee incentive
scheme that are not being immediately quoted on
ASX”.
The entity issued the securities as “matching
rights” under the ALL a2 Plan 2020 (Plan)
governed by The a2 Milk Company Limited
Employee Share Plan Rules.
Under the Plan, an eligible employee may
make annual or monthly contributions of up
to AUD 2,000 (or foreign currency
equivalent) to fund the acquisition of fully
paid ordinary shares.
For each “acquired share”, a participant will
receive a matching right, i.e. a right to one
additional share (subject to customary
adjustments).
Each matching right is conditional on the
participant continuing to hold the beneficial
interest in the acquired share up to
30 September 2022 and remaining an
eligible employee throughout the holding
period of 1 October 2020 to 30 September
2022.
As soon as practicable after the end of the
holding period, the entity must satisfy a
vested matching right by issuing a share to
the participant, causing an existing share to
be transferred to the participant or paying
the cash equivalent of the then prevailing
market value of a share (as determined by
the entity).
If a participant ceases to be employed by
the entity or any of its subsidiaries before
the end of the holding period, he or she may
only retain the matching right if a “good
leaver” (i.e. cessation of employment due to
death, total and permanent disability,
redundancy, retirement or another
circumstance in which the entity determines
that the participant is a good leaver).
2.2c.3 *Are any of these +securities being issued
to +key management personnel (KMP) or
an +associate
Answer this question if your response to Q2.1 is
“securities issued under an employee incentive
scheme that are not being immediately quoted on
ASX”.
No.

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+ See chapter 19 for defined terms
31 January 2020 Page 4
2.2c.3.a *Provide details of the recipients and the number of +securities issued to each of them.
Answer this question if your response to Q2.1 is “securities issued under an employee incentive scheme that are
not being immediately quoted on ASX” and your response to Q2.2c.3 is “Yes”. Repeat the detail in the table
below for each KMP involved in the issue. If the securities are being issued to the KMP, repeat the name of the
KMP or insert “Same” in “Name of registered holder”. If the securities are being issued to an associate of a KMP,
insert the name of the associate in “Name of registered holder”.

Name of KMP Name of registered holder Number of +securities


2.2d.1 *The purpose(s) for which the entity is
issuing the +securities is:
Answer this question if your response to Q2.1 is
“Other”.
You may select one or more of the items in the list.
☐ To raise additional working capital
☐ To fund the retirement of debt
☐ To pay for the acquisition of an asset
[provide details below]
☐ To pay for services rendered
[provide details below]
☐ Other [provide details below]
Additional details:
2.2d.2 Please provide any further information
needed to understand the circumstances in
which you are notifying the issue of these
+securities to ASX, including (if applicable)
why the issue of the +securities has not
been previously announced to the market
in an Appendix 3B
You must answer this question if your response to
Q2.1 is “Other”. If there is no other information to
provide, please answer “Not applicable” or “N/A”.
n/a
2.3 *The +securities being issued are:
Tick whichever is applicable
☒ Additional +securities in an existing
unquoted class that is already recorded
by ASX ("existing class")
☐ New +securities in an unquoted class
that is not yet recorded by ASX ("new
class")
Part 3A – number and type of +securities being issued (existing class)
Answer the questions in this part if your response to Q2.3 is “existing class”.
Question
No.
Question Answer
3A.1 *ASX security code & description A2MAF – Matching Rights issued under the
ALL a2 Plan 2020
3A.2 *Number of +securities being issued 8,836
3A.3a *Will the +securities being issued rank
equally in all respects from their issue date
with the existing issued +securities in that
class?
Yes
3A.3b *Is the actual date from which the
+securities will rank equally (non-ranking
end date) known?
Answer this question if your response to Q3A.3a is
“No”.
n/a

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+ See chapter 19 for defined terms
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3A.3c *Provide the actual non-ranking end date
Answer this question if your response to Q3A.3a is
“No” and your response to Q3A.3b is “Yes”.
n/a
3A.3d
*Provide the estimated non-ranking end
period
Answer this question if your response to Q3A.3a is
“No” and your response to Q3A.3b is “No”.
n/a
3A.3e
*Please state the extent to which the
+securities do not rank equally:
• in relation to the next dividend,
distribution or interest payment; or
• for any other reason
Answer this question if your response to Q3A.3a is
“No”.
For example, the securities may not rank at all, or may
rank proportionately based on the percentage of the
period in question they have been on issue, for the
next dividend, distribution or interest payment; or they
may not be entitled to participate in some other event,
such as an entitlement issue.
n/a
Part 3B – number and type of +securities being issued (new class)
Answer the questions in this part if your response to Q2.3 is “new class”.
Question
No.
Question Answer
3B.1 *Security description
3B.2 *Security type
Select one item from the list that best describes the
securities the subject of this form. This will determine
more detailed questions to be asked about the security
later in this section. Select “ordinary fully or partly paid
shares/units” for stapled securities or CDIs. For interest
rate securities, please select the appropriate choice
from either “Convertible debt securities” or “Non-
convertible debt securities”. Select “Other” for
performance shares/units and performance
options/rights or if the selections available in the list do
not appropriately describe the security being issued.
☐ Ordinary fully or partly paid shares/units
☐ Options
☐ +Convertible debt securities
☐ Non-convertible +debt securities
☐ Redeemable preference shares/units
☐ Other
3B.3 ISIN code
Answer this question if you are an entity incorporated
outside Australia and you are issuing a new class of
securities other than CDIs. See also the note at the top
of this form.

3B.4 *Number of +securities being issued
3B.5a *Will all the +securities issued in this class
rank equally in all respects from the issue
date?

3B.5b
*Is the actual date from which the
+securities will rank equally (non-ranking
end date) known?
Answer this question if your response to Q3B.5a is
“No”.

3B.5c *Provide the actual non-ranking end date
Answer this question if your response to Q3B.5a is
“No” and your response to Q3B.5b is “Yes”.

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+ See chapter 19 for defined terms
31 January 2020 Page 6
3B.5d *Provide the estimated non-ranking end
period
Answer this question if your response to Q3B.5a is
“No” and your response to Q3B.5b is “No”.

3B.5e *Please state the extent to which the
+securities do not rank equally:
• in relation to the next dividend,
distribution or interest payment; or
• for any other reason
Answer this question if your response to Q3B.5a is
“No”.
For example, the securities may not rank at all, or may
rank proportionately based on the percentage of the
period in question they have been on issue, for the
next dividend, distribution or interest payment; or they
may not be entitled to participate in some other event,
such as an entitlement issue.

3B.6 Please attach a document or provide a URL
link for a document lodged with ASX setting
out the material terms of the +securities
being issued
You may cross reference a disclosure document, PDS,
information memorandum, investor presentation or
other announcement with this information provided it
has been released to the ASX Market Announcements
Platform.

3B.7 *Have you received confirmation from ASX
that the terms of the +securities are
appropriate and equitable under listing rule
6.1?
Answer this question only if you are an ASX Listing.
(ASX Foreign Exempt Listings and ASX Debt Listings
do not have to answer this question).
If your response is “No” and the securities have any
unusual terms, you should approach ASX as soon as
possible for confirmation under listing rule 6.1 that the
terms are appropriate and equitable.

3B.8a Ordinary fully or partly paid shares/units details
Answer the questions in this section if you selected this security type in your response to Question 3B.2.
*+Security currency
This is the currency in which the face amount of an
issue is denominated. It will also typically be the
currency in which distributions are declared.


*Will there be CDIs issued over the
+securities?

*CDI ratio
Answer this question if you answered “Yes” to the
previous question. This is the ratio at which CDIs can
be transmuted into the underlying security (e.g. 4:1
means 4 CDIs represent 1 underlying security
whereas 1:4 means 1 CDI represents 4 underlying
securities).

*Is it a partly paid class of +security?

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+ See chapter 19 for defined terms
31 January 2020 Page 7
*Paid up amount: unpaid amount
Answer this question if answered “Yes” to the
previous question.
The paid up amount represents the amount of
application money and/or calls which have been paid
on any security considered ‘partly paid’
The unpaid amount represents the unpaid or yet to be
called amount on any security considered ‘partly
paid’.
The amounts should be provided per the security
currency (e.g. if the security currency is AUD, then the
paid up and unpaid amount per security in AUD).

*Is it a stapled +security?
This is a security class that comprises a number of
ordinary shares and/or ordinary units issued by
separate entities that are stapled together for the
purposes of trading.

3B.8b Option details
Answer the questions in this section if you selected this security type in your response to Question 3B.2.
*+Security currency
This is the currency in which the exercise price is
payable.

*Exercise price
The price at which each option can be exercised and
convert into the underlying security. If there is no
exercise price please answer as $0.00.
The exercise price should be provided per the
security currency (i.e. if the security currency is AUD,
the exercise price should be expressed in AUD).

*Expiry date
The date on which the options expire or terminate.

*Details of the number and type of
+security (including its ASX security code if
the +security is quoted on or recorded by
ASX) that will be issued if an option is
exercised
For example, if the option can be exercised to receive
one fully paid ordinary share with ASX security code
ABC, please insert “One fully paid ordinary share
(ASX:ABC)“.

3B.8c
Details of non-convertible +debt securities, +convertible debt securities, or
redeemable preference shares/units
Answer the questions in this section if you selected one of these security types in your response to Question
3B.2.
Refer to Guidance Note 34 and the “Guide to the Naming Conventions and Security Descriptions for ASX Quoted
Debt and Hybrid Securities” for further information on certain terms used in this section
*Type of +security
Select one item from the list
☐ Simple corporate bond
☐ Non-convertible note or bond
☐ Convertible note or bond
☐ Preference share/unit
☐ Capital note
☐ Hybrid security
☐ Other

This appendix is not available as an online form Appendix 3G
Please fill in and submit as a PDF announcement Notification of issue, conversion or
payment up of equity +securities
+ See chapter 19 for defined terms
31 January 2020 Page 8
*+Security currency
This is the currency in which the face value of the
security is denominated. It will also typically be the
currency in which interest or distributions are paid.

Face value
This is the principal amount of each security.
The face value should be provided per the security
currency (i.e. if security currency is AUD, then the
face value per security in AUD).

*Interest rate type
Select one item from the list
Select the appropriate interest rate type per the terms
of the security. Definitions for each type are provided
in the Guide to the Naming Conventions and Security
Descriptions for ASX Quoted Debt and Hybrid
Securities
☐ Fixed rate
☐ Floating rate
☐ Indexed rate
☐ Variable rate
☐ Zero coupon/no interest
☐ Other
Frequency of coupon/interest payments
per year
Select one item from the list.
☐ Monthly
☐ Quarterly
☐ Semi-annual
☐ Annual
☐ No coupon/interest payments
☐ Other
First interest payment date
A response is not required if you have selected “No
coupon/interest payments” in response to the
question above on the frequency of coupon/interest
payments

Interest rate per annum
Answer this question if the interest rate type is fixed.

*Is the interest rate per annum estimated
at this time?
Answer this question if the interest rate type is fixed.

If the interest rate per annum is estimated,
then what is the date for this information to
be announced to the market (if known)
Answer this question if the interest rate type is fixed
and your response to the previous question is “Yes”.
Answer “Unknown” if the date is not known at this
time.

*Does the interest rate include a reference
rate, base rate or market rate (e.g. BBSW
or CPI)?
Answer this question if the interest rate type is floating
or indexed

*What is the reference rate, base rate or
market rate?
Answer this question if the interest rate type is floating
or indexed and your response to the previous
question is “Yes”.

*Does the interest rate include a margin
above the reference rate, base rate or
market rate?
Answer this question if the interest rate type is floating
or indexed.

This appendix is not available as an online form Appendix 3G
Please fill in and submit as a PDF announcement Notification of issue, conversion or
payment up of equity +securities
+ See chapter 19 for defined terms
31 January 2020 Page 9
*What is the margin above the reference
rate, base rate or market rate (expressed
as a percent per annum)
Answer this question if the interest rate type is floating
or indexed and your response to the previous
question is “Yes”.

*S128F of the Income Tax Assessment Act
status applicable to the +security
Select one item from the list
For financial products which are likely to give rise to a
payment to which s128F of the Income Tax
Assessment Act applies, ASX requests issuers to
confirm the s128F status of the security:
• “s128F exempt” means interest payments are not
taxable to non-residents;
• “Not s128F exempt” means interest payments are
taxable to non-residents;
• “s128F exemption status unknown” means the
issuer is unable to advise the status;
• “Not applicable” means s128F is not applicable to
this security
☐ s128F exempt
☐ Not s128F exempt
☐ s128F exemption status unknown
☐ Not applicable
*Is the +security perpetual (i.e. no maturity
date)?

*Maturity date
Answer this question if the security is not perpetual

*Select other features applicable to the
+security
Up to 4 features can be selected. Further information
is available in the Guide to the Naming Conventions
and Security Descriptions for ASX Quoted Debt and
Hybrid Securities.
☐ Simple
☐ Subordinated
☐ Secured
☐ Converting
☐ Convertible
☐ Transformable
☐ Exchangeable
☐ Cumulative
☐ Non-Cumulative
☐ Redeemable
☐ Extendable
☐ Reset
☐ Step-Down
☐ Step-Up
☐ Stapled
☐ None of the above
*Is there a first trigger date on which a right
of conversion, redemption, call or put can
be exercised (whichever is first)?

*If yes, what is the first trigger date
Answer this question if your response to the previous
question is “Yes”.

This appendix is not available as an online form Appendix 3G
Please fill in and submit as a PDF announcement Notification of issue, conversion or
payment up of equity +securities
+ See chapter 19 for defined terms
31 January 2020 Page 10
Details of the number and type of +security
(including its ASX security code if the
+security is quoted on ASX) that will be
issued if the securities to be quoted are
converted, transformed or exchanged
Answer this question if the security features include
“converting”, “convertible”, “transformable” or
“exchangeable”.
For example, if the security can be converted into
1,000 fully paid ordinary shares with ASX security
code ABC, please insert “1,000 fully paid ordinary
shares (ASX:ABC)“.

Part 4 – Issue details
Question
No.
Question Answer
4.1 *Have the +securities been issued yet? Yes
4.1a *What was their date of issue?
Answer this question if your response to Q4.1 is
“Yes”.
11 November 2020
4.1b *What is their proposed date of issue?
Answer this question if your response to Q4.1 is “No”.
n/a
4.2 *Are the +securities being issued for a
cash consideration?
If the securities are being issued for nil cash
consideration, answer this question “No”.
No.
4.2a *In what currency is the cash consideration
being paid
For example, if the consideration is being paid in
Australian Dollars, state AUD.
Answer this question if your response to Q4.2 is
“Yes”.
n/a
4.2b *What is the issue price per +security
Answer this question if your response to Q4.2 is “Yes”
and by reference to the issue currency provided in
your response to Q4.2a.
Note: you cannot enter a nil amount here. If the
securities are being issued for nil cash consideration,
answer Q4.2 as “No” and complete Q4.2c.
n/a
4.2c
Please describe the consideration being
provided for the +securities
Answer this question if your response to Q4.2 is “No”.
Employee incentive.
4.3 Any other information the entity wishes to
provide about the issue
n/a

This appendix is not available as an online form Appendix 3G
Please fill in and submit as a PDF announcement Notification of issue, conversion or
payment up of equity +securities
+ See chapter 19 for defined terms
31 January 2020 Page 11
Part 5 – Unquoted +securities on issue
Following the issue of the +securities the subject of this application, the unquoted issued +securities of
the entity will comprise:
Note: the figures provided in the table in section 5.1 below are used to calculate part of the total market capitalisation of the
entity published by ASX from time to time. Please make sure you include in the table each class of unquoted securities issued
by the entity.
Restricted securities should be included in table 5.1.
5.1

*ASX security code and description *Total number of +securities on issue
A2MAB – options issued on 17-Aug-2015 with
an exercise price of NZ$0.63
800,000
A2MAD – performance rights 1,163,874
A2MAE – time-based rights 157,861
A2MAF – matching rights (ALL a2 Plan) 18,316
Note 1: Each of the above securities represents an entitlement to receive one fully paid
ordinary share in the capital of The a2 Milk Company Limited (ASX:A2M) subject to
satisfaction of applicable exercise or vesting conditions.
Note 2: 161 matching rights have lapsed/been forfeited/vested for ‘good leavers’ since the
Company’s last Appendix 3G.
Part 6 – Other Listing Rule requirements
The questions in this Part should only be answered if you are an ASX Listing (ASX Foreign Exempt Listings and ASX Debt
Listings do not need to complete this Part) and:
- your response to Q2.1 is “+securities issued under an +employee incentive scheme that are not being immediately quoted
on ASX”; or
- your response to Q2.1 is “Other”
Question
No.
Question Answer
6.1
*Are the securities being issued under
Listing Rule 7.2 exception 13
1
and therefore
the issue does not need any security holder
approval under Listing Rule 7.1?
Answer this question if your response to Q2.1 is
“securities issued under an employee incentive
scheme that are not being immediately quoted on
ASX”.
No.

1
Exception 13 An issue of securities under an employee incentive scheme if within 3 years before the issue date:
(a) in the case of a scheme established before the entity was listed – a summary of the terms of the scheme and
the maximum number of equity securities proposed to be issued under the scheme were set out in the
prospectus, PDS or information memorandum lodged with ASX under rule 1.1 condition 3; or
(b) the holders of the entity’s ordinary securities have approved the issue of equity securities under the scheme as
an exception to this rule. The notice of meeting must have included:
• a summary of the terms of the scheme.
• the number of securities issued under the scheme since the entity was listed or the date of the last
approval under this rule;
• the maximum number of +equity securities proposed to be issued under the scheme following the
approval; and
• a voting exclusion statement.
Exception 13 is only available if and to the extent that the number of +equity securities issued under the scheme
does not exceed the maximum number set out in the entity’s prospectus, PDS or information memorandum (in the
case of (a) above) or in the notice of meeting (in the case of (b) above).

This appendix is not available as an online form Appendix 3G
Please fill in and submit as a PDF announcement Notification of issue, conversion or
payment up of equity +securities
+ See chapter 19 for defined terms
31 January 2020 Page 12
6.2 *Has the entity obtained, or is it obtaining,
+security holder approval for the issue
under listing rule 7.1?
Answer this question if the response to Q6.1 is “No”.
No.
6.2a
*Date of meeting or proposed meeting to
approve the issue under listing rule 7.1
Answer this question if the response to Q6.1 is “No”
and the response to Q6.2 is “Yes”.
n/a
6.2b
*Are any of the +securities being issued
without +security holder approval using the
entity’s 15% placement capacity under
listing rule 7.1?
Answer this question if the response to Q6.1 is “No”
and the response to Q6.2 is “No”.
No.
(The entity is exempt from rule 7.1 pursuant
to ASX waiver no. WLC150056-005 dated
31 March 2015.)
6.2b.1 *How many +securities are being issued
without +security holder approval using the
entity’s 15% placement capacity under
listing rule 7.1?
Answer this question if the response to Q6.1 is “No”,
the response to Q6.2 is “No” and the response to
Q6.2b is “Yes”.
Please complete and separately send by email to your
ASX listings adviser a work sheet in the form of
Annexure B to Guidance Note 21 confirming the entity
has the available capacity under listing rule 7.1 to issue
that number of securities.
n/a
6.2c *Are any of the +securities being issued
without +security holder approval using the
entity’s additional 10% placement capacity
under listing rule 7.1A (if applicable)?
Answer this question if the response to Q6.1 is “No”
and the response to Q6.2 is “No”.
n/a
6.2c.1 *How many +securities are being issued
without +security holder approval using the
entity’s additional 10% placement capacity
under listing rule 7.1A?
Answer this question if the response to Q6.1 is “No”,
the response to Q6.2 is “No” and the response to
Q6.2c is “Yes”.
Please complete and separately send by email to your
ASX listings adviser a work sheet in the form of
Annexure C to Guidance Note 21 confirming the entity
has the available capacity under listing rule 7.1A to
issue that number of securities.
n/a
Introduced 01/12/19; amended 31/01/20

Exception 13 ceases to be available if there is a material change to the terms of the scheme from those set out in the
entity’s prospectus, PDS or information memorandum (in the case of (a) above) or in the notice of meeting (in the
case of (b) above).