Notice regarding Conversion of Financial Products

NZX Code: ATM
ASX Code: A2M
The a2 Milk Company Limited
www.thea2milkcompany.com
8 December 2022
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 Limited (NZX: ATM,
ASX: A2M) provides notice that the following securities have become convertible into fully paid ordinary shares in
connection with the ALL a2 Plan 2020 (Plan) and the 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:
14,266 matching rights (ASX: A2MAF) converted
into 14,011 ordinary shares, resulting in that
number of ordinary shares being transferred by
the trustee of a2MC Group Employee Share Trust
(Share Trust) to the relevant Plan participants
(note the entitlement of some Plan participants
to shares associated with their matching rights
was reduced (by 255 shares in aggregate) to
reflect a2MC’s withholding or other tax
obligations with respect to those Plan
participants).
105,864 time-based rights (ASX: A2MAE)
converted into 105,864 ordinary shares, resulting
in that number of ordinary shares being
transferred by the trustee of the Share Trust to
the relevant LTI Plan participants.
The ordinary shares were acquired on-market by
the trustee of the Share Trust to satisfy
employee incentives.
(b) Event giving rise to the right of conversion: Issue of allocation and vesting notifications on
behalf of the Board following satisfaction of the
vesting conditions.
(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:
0 matching rights (ASX: A2MAF)
155,641 time-based rights (ASX: A2MAE)
(e) Conversion period: None (automatic conversion)
(f) Date of conversion: 8 December 2022

2
Authorised for release by:
Jaron McVicar
Chief Legal and Sustainability Officer & Company Secretary
The a2 Milk Company Limited

For further information, please contact:
Investors / Analysts
David Akers
Group Head of Investor Relations and Sustainability
M +61 412 944 577
david.akers@a2milk.com

Rebecca Culbertson
Investor Relations Manager
M +61 400 955 295
rebecca.culbertson@a2milk.com

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities
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Announcement Summary
Entity name
THE A2 MILK COMPANY LIMITED
Date of this announcement
Thursday December 08, 2022
The +securities the subject of this notification are:
Total number of +securities to be issued/transferred
ASX +security
codeSecurity description
Total number of
+securities to be
issued/transferredIssue date
A2MORDINARY FULLY PAID120,13008/12/2022
Refer to next page for full details of the announcement
Unquoted options that have been exercised or other unquoted +convertible securities that have been converted

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities
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Equity Securities
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Part 1 - Entity and announcement details
1.1 Name of entity
THE A2 MILK COMPANY LIMITED
We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.
1.2 Registered number type
ARBN
Registration number
158331965
1.3 ASX issuer code
A2M
1.4 The announcement is
1.5 Date of this announcement
8/12/2022
New announcement

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Equity Securities
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Part 2 - Issue details
2.1 The +securities the subject of this notification are:
2.2b The +securities being issued, transferred or re-classified as a result of the options being exercised or other
+convertible securities being converted are:
in a class which is not quoted on ASX but which has an existing ASX security code ("existing class")in a class which is not quoted on ASX but which has an existing ASX security code ("existing class")
securities that have already been quoted on ASX ("existing class")
Unquoted options that have been exercised or other unquoted +convertible securities that have been converted

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities
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Equity Securities
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Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to
ASX in an Appendix 3B
The right of the holder of the options or other +convertible securities to receive the +underlying securities is being
satisfied by:
The underlying securities being received by the holder are:
Existing +securities converting into an existing class
FROM (Existing Class)
ASX +Security code and description
A2MAF : MATCHING RIGHTS
TO (Existing Class)
ASX +Security code and description
A2M : ORDINARY FULLY PAID
Please state the number of options
that were exercised or other
+convertible securities that were
converted
14,266
The first date the options were
exercised or other +convertible
securities were converted
8/12/2022
The last date the options were
exercised or other +convertible
securities were converted
8/12/2022
Is this all of the options or other +convertible securities on issue of that type?
Were the options being exercised or other +convertible securities being converted issued under an +employee
incentive scheme?
Are any of the options being exercised or other +convertible securities being converted held by +key management
personnel (KMP) or an +associate?
Date the +securities the subject of this notification were issued/transferred
8/12/2022
Any other information the entity wishes to provide about the +securities the subject of this notification
All securities referred to in this Part 3B have been allocated out of securities held by the trustee of the a2MC Group
Employee Share Trust to the participants and are already quoted.
14,266 matching rights converted into 14,011 ordinary shares, resulting in that number of ordinary shares being
transferred by the trustee of a2MC Group Employee Share Trust to the relevant Plan participants (note the entitlement of
some Plan participants to shares associated with their matching rights was reduced (by 255 shares in aggregate) to reflect
a2MC’s withholding or other tax obligations with respect to those Plan participants).
No
Yes
Yes
Already quoted by ASX
A transfer of existing +securities

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities
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Equity Securities
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Issue details
Number of +securities
14,266
The right of the holder of the options or other +convertible securities to receive the +underlying securities is being
satisfied by:
The underlying securities being received by the holder are:
Existing +securities converting into an existing class
FROM (Existing Class)
ASX +Security code and description
A2MAE : TIME-BASED RIGHTS
TO (Existing Class)
ASX +Security code and description
A2M : ORDINARY FULLY PAID
Please state the number of options
that were exercised or other
+convertible securities that were
converted
105,864
The first date the options were
exercised or other +convertible
securities were converted
8/12/2022
The last date the options were
exercised or other +convertible
securities were converted
8/12/2022
Is this all of the options or other +convertible securities on issue of that type?
Were the options being exercised or other +convertible securities being converted issued under an +employee
incentive scheme?
Are any of the options being exercised or other +convertible securities being converted held by +key management
personnel (KMP) or an +associate?
Provide details of the KMP or associates who are exercising options or converting convertible securities.
Name of KMPName of registered holderNumber of +securities
Xiao LiPacific Custodians Pty Ltd (as
custodian)
103,409
Date the +securities the subject of this notification were issued/transferred
8/12/2022
Yes
Yes
No
Already quoted by ASX
A transfer of existing +securities

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities
Notification of Issue, Conversion or Payment up of Unquoted
Equity Securities
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Any other information the entity wishes to provide about the +securities the subject of this notification
All securities referred to in this Part 3B have been allocated out of securities held by the trustee of the a2MC Group
Employee Share Trust to the participants and are already quoted.
Issue details
Number of +securities
105,864

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Equity Securities
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Part 4 - +Securities on issue
Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of
the entity will comprise:
(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one
application for quotation/issuance currently with ASX for processing.)
4.1 Quoted +Securities (Total number of each +class of +securities quoted)
ASX +security code and description
Total number of
+securities on issue
A2M : ORDINARY FULLY PAID737,275,152
4.2 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
A2MAF : MATCHING RIGHTS0
A2MAD : PERFORMANCE RIGHT6,628,836
A2MAE : TIME-BASED RIGHTS155,641