Initial Disclosure Notice

NZX...,
Initial 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:
Date this disclosure made:
Date on which issuer listed or appointment made:
Director or senior manager giving disclosure
Full name:
Name of listed issuer:
Name of related body corporate (if applicable):
Position held in listed issuer:
Summary of relevant interest (excluding specified derivatives)
Class of quoted financial product:
Number held in class:
Nature of relevant interest:
Current registered holder:
Summary of specified derivatives relevant interest (if applicable)
Type of derivative:
Class of underlying financial products:
Details of derivative
The notional value of the derivative (if any) or the notional amount of underlying
products (if any):
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):
The a2 Milk Companv Limited
16-Mar-21
29-Apr-19
Li Xiao
The a2 Milk Companv Limited
N/A
Chief Executive Greater China
(1)Unlisted time-based rights
representing an entitlement to
acquire Ordinary Shares (Time-
based Rights).
(2)Unlisted performance rights
representing an entitlement to
acquire Ordinary Shares
'Performance Rinhts'.
(1)206,818 Time-based Rights due
to vest in two equal tranches in
August 2021 and August 2022
respectively provided Mr Li Xiao
remains an Employee with the
Company (as defined in the L Tl Plan
Rules).
(2) 82,618 Performance Rights due
to vest in August 2022 provided
certain performance conditions are
met.
lt was agreed that Mr Li Xiao would
receive these time-based rights and
FY20 performance rights at the time
he commenced employment with the
Company on 29 Aprll 2019, however
the grant was delayed pending
receipt by the Company of requisite
in-market regulatory registrations.
Lena! and beneficial interest
Li Xiao