SPH Notice – Perpetual Limited and subsidiaries

1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To: NZX
and
To: THE A2 MILK COMPANY LTD
Relevant event being disclosed: Movement of 1% or more
Date of relevant event: 2023-12-13
Date this disclosure made: 2023-12-15
Date last disclosure made: 2023-06-09
Substantial product holder(s) giving disclosure
Full name(s): Perpetual Limited and subsidiaries
Summary of substantial holding
Class of quoted voting products: Ordinary shares
Summary for Perpetual Limited and subsidiaries
For this disclosure,—
(a) total number held in class: 59,109,211
(b) total in class: 722,934,808
(c) total percentage held in class: 8.176%
For last disclosure,—
(a) total number held in class: 51,749,373
(b) total in class: 721,976,214
(c) total percentage held in class: 7.167%
Details of transactions and events giving rise to relevant event
Refer to Annexures

Details after relevant event
Details for Perpetual Limited and subsidiaries. Refer to Annexures
Nature of relevant interest(s): Normal market trading
For that relevant interest,—
(a) number held in class: Refer to Annexures

2
(b) percentage held in class: Refer to Annexures
(c) current registered holder(s): Refer to Annexures
(d) registered holder(s) once transfers are registered: Refer to Annexures
For a derivative relevant interest, also—
(a) type of derivative: Not Applicable
(b) details of derivative: Not Applicable
(c) parties to the derivative: Not Applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not Applicable

Additional information
Address(es) of substantial product holder(s):

Perpetual Limited: 18/123 Pitt Street, Sydney, 2000, NSW, Australia
Perpetual Investment Management Limited (PIML): 18/123 Pitt Street, Sydney, 2000,
NSW, Australia
Perpetual Trustee Company Limited (PTCO): 18/123 Pitt Street, Sydney, 2000, NSW,
Australia
Pendal Group Limited (PDL): Level 14, Chifley Tower, 2 Chifley Square, Sydney, NSW
2000, Australia
Pendal Fund Services Limited (PFSL): Level 14, Chifley Tower, 2 Chifley Square,
Sydney, NSW 2000, Australia
Pendal Institutional Limited (PIL): Level 14, Chifley Tower, 2 Chifley Square, Sydney,
NSW 2000, Australia

Contact details: Sylvie Dimarco, Sylvie.Dimarco@perpetual.com.au
Phone: (612) 9229 9365

Nature of connection between substantial product holders: The entities specified in the
Annexures are subsidiaries of Perpetual Limited.
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: Not Applicable
Disclosure has effect for purposes of directors’ and senior managers’ disclosure:
Not Applicable
Certification
I, Sylvie Dimarco, 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.

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ANNEXURE 1
The addresses of Perpetual and its subsidiaries named in this form are as follows:

Name Address
Perpetual Limited (PPT)
18/123 Pitt Street Sydney, NSW 2000, Australia
Perpetual Investment Management Limited (PIML)
18/123 Pitt Street Sydney, NSW 2000, Australia
Perpetual Trustee Company Limited (PTCO)
18/123 Pitt Street Sydney, NSW 2000, Australia
Pendal Group Limited (PDL)
Level 14, Chifley Tower, 2 Chifley Square, Sydney
NSW 2000, Australia
Pendal Fund Services Limited (PFSL)
Level 14, Chifley Tower, 2 Chifley Square, Sydney
NSW 2000, Australia
Pendal Institutional Limited (PIL)
Level 14, Chifley Tower, 2 Chifley Square, Sydney
NSW 2000, Australia

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ANNEXURE 2
Present Relevant Interests

ASX Code
Holder of relevant interest Registered holder securities Holdings
A2M PFSL HSBC Custody Nominees (Australia) Limited 543,370
A2M PFSL HSBC Custody Nominees (Australia) Limited 2,204,597
A2M PFSL UBS Nominees Pty Limited 171,062
A2M PIL Citibank, N.A. 781,967
A2M PIL Northern Trust Company Limited 546,370
A2M PIML BNP Paribas Nominees Pty Ltd 1,289,150
A2M PIML Citicorp Nominees Pty Ltd 18,316
A2M PIML Citicorp Nominees Pty Ltd 110,837
A2M PIML Citicorp Nominees Pty Ltd 1,461,720
A2M PIML Citicorp Nominees Pty Ltd 2,472,250
A2M PIML HSBC Custody Nominees (Australia) Limited 10,954
A2M PIML HSBC Custody Nominees (Australia) Limited 34,199
A2M PIML HSBC Custody Nominees (Australia) Limited 70,264
A2M PIML HSBC Custody Nominees (Australia) Limited 378,283
A2M PIML HSBC Custody Nominees (Australia) Limited 1,088,627
A2M PIML HSBC Custody Nominees (Australia) Limited 1,173,086
A2M PIML HSBC Custody Nominees (Australia) Limited 1,194,147
A2M PIML HSBC Custody Nominees (Australia) Limited 1,266,077
A2M PIML HSBC Custody Nominees (Australia) Limited 1,628,840
A2M PIML HSBC Custody Nominees (Australia) Limited 1,708,367
A2M PIML HSBC Custody Nominees (Australia) Limited 2,084,349
A2M PIML HSBC Custody Nominees (Australia) Limited 2,146,702
A2M PIML HSBC Custody Nominees (Australia) Limited 2,555,795
A2M PIML HSBC Custody Nominees (Australia) Limited 4,679,386
A2M PIML HSBC Custody Nominees (Australia) Limited 5,636,345
A2M PIML HSBC Custody Nominees (Australia) Limited 6,228,106
A2M PIML JPMorgan Nominees Australia Limited 1,268,418
A2M PIML JPMorgan Nominees Australia Limited 8,705,087
A2M PIML National Nominees Pty Ltd 167,622
A2M PIML National Nominees Pty Ltd 175,680
A2M PIML UBS Nominees Pty Ltd 2,739,348
A2M PIML UBS Nominees Pty Ltd 4,564,571
A2M PTCO Perpetual Trustee Company Limited 5,319

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ANNEXURE 3
Changes in relevant interests

As at Date
Entity Custodian Transaction
Type
Volume Amount
9/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 500,000 2,603,074.00
14/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 200,000 1,020,219.40
15/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 250,000 1,257,884.00
22/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 200,000 995,244.40
23/06/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 58,556 288,435.38
23/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 97,499 480,260.96
23/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 250,000 1,231,451.00
23/06/2023 PIML JPMorgan Nominees Australia Limited Purchase 421,818 2,077,792.79
23/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 55,925 275,475.59
23/06/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 58,370 287,519.18
28/06/2023 PIML UBS Nominees Pty Ltd Purchase 67,578 325,001.79
28/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 100,059 481,212.15
28/06/2023 PIML JPMorgan Nominees Australia Limited Purchase 401,890 1,932,803.15
28/06/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 60,095 289,013.92
28/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 1,992 9,580.09
28/06/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 59,903 288,090.54
28/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 16,521 79,454.18
28/06/2023 PIML National Nominees Pty Ltd Purchase 18,364 88,317.69
28/06/2023 PIML Citicorp Nominees Pty Ltd Purchase 4,082 19,631.50
28/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 218,370 1,050,203.35
28/06/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 500,000 2,401,397.00
10/07/2023 PIML UBS Nominees Pty Ltd Sale -149,129 -738,441.77
10/07/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -8,459 -42,379.59
11/07/2023 PIML UBS Nominees Pty Ltd Sale -43,822 -218,484.88
11/07/2023 PIML UBS Nominees Pty Ltd Sale -130,185 -648,790.49
11/07/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -133,435 -666,542.38
11/07/2023 PIML UBS Nominees Pty Ltd Sale -123,702 -617,218.43
13/07/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -944 -4,776.64
17/07/2023 PIML UBS Nominees Pty Ltd Purchase 66,043 342,612.06
1/08/2023 PIL Citibank, N.A. Purchase 44,262 226,302.75
4/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 35,354 176,596.13
4/08/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -836 -4,196.72
14/08/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -964 -4,752.52
15/08/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -2,595 -12,858.23
21/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 500,000 2,156,364.50
22/08/2023 PFSL HSBC Custody Nominees (Australia) Limited Purchase 340,757 1,511,529.90
28/08/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -1,371 -6,436.85
30/08/2023 PTCO Perpetual Trustee Company Limited Purchase 5,319 25,069.51
30/08/2023 PIML UBS Nominees Pty Ltd Purchase 23,998 112,898.16

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30/08/2023 PIML UBS Nominees Pty Ltd Purchase 1,507 7,030.16
30/08/2023 PIML UBS Nominees Pty Ltd Purchase 79,994 377,266.18
30/08/2023 PIML UBS Nominees Pty Ltd Purchase 23,998 113,390.55
30/08/2023 PIML UBS Nominees Pty Ltd Purchase 79,993 377,122.12
30/08/2023 PIML UBS Nominees Pty Ltd Purchase 31,998 150,390.60
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 5,971 28,090.46
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 31,251 147,019.77
30/08/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 11,109 52,262.09
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 98 461.04
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 3,830 18,018.17
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 357 1,679.50
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 3,945 18,559.18
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 16,995 79,952.67
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 18,512 87,089.37
30/08/2023 PIML National Nominees Pty Ltd Purchase 931 4,379.87
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 564 2,653.33
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 11,629 54,708.42
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 11,428 53,762.82
30/08/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 9,382 44,137.45
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 7,961 37,416.70
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 41,667 195,834.90
30/08/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 14,812 69,616.40
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 131 615.70
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 5,106 23,998.20
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 476 2,237.20
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 22,660 106,502.00
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 5,261 24,726.70
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 24,683 116,010.10
30/08/2023 PIML National Nominees Pty Ltd Purchase 1,241 5,832.70
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 15,505 72,873.50
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 752 3,534.40
30/08/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 12,509 58,792.30
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 15,238 71,618.60
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 11,629 54,947.03
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 5,971 28,212.98
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 31,250 147,656.25
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 98 463.05
30/08/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 11,109 52,490.03
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 564 2,664.90
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 357 1,686.83
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 3,830 18,096.75
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 3,946 18,644.85
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 16,995 80,301.38
30/08/2023 PIML National Nominees Pty Ltd Purchase 931 4,398.98
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 18,512 87,469.20

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30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 11,428 53,997.30
30/08/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 9,382 44,329.95
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 104,169 491,098.40
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 19,903 93,831.48
30/08/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 37,030 174,575.68
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 328 1,546.34
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 12,766 60,184.53
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 1,189 5,605.47
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 13,152 62,004.30
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 56,648 267,063.54
30/08/2023 PIML National Nominees Pty Ltd Purchase 3,104 14,633.62
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 61,707 290,913.89
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 1,880 8,863.15
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 38,763 182,745.80
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 38,095 179,596.55
30/08/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 31,273 147,434.65
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 104,169 491,279.86
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 19,903 93,866.15
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 13,152 62,027.21
30/08/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 37,030 174,640.18
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 1,189 5,607.54
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 12,766 60,206.77
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 327 1,542.19
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 56,649 267,166.94
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 61,706 291,016.66
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 1,880 8,866.42
30/08/2023 PIML National Nominees Pty Ltd Purchase 3,104 14,639.03
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 38,763 182,813.32
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 38,095 179,662.92
30/08/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 31,273 147,489.13
30/08/2023 PIML UBS Nominees Pty Ltd Purchase 29,678 139,991.13
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 7,384 34,830.33
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 38,648 182,302.62
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 4,736 22,339.71
30/08/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 13,738 64,802.15
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 441 2,080.20
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 121 570.76
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 4,879 23,014.24
30/08/2023 PIML National Nominees Pty Ltd Purchase 1,151 5,429.27
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 21,017 99,137.19
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 22,894 107,991.00
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 697 3,287.75
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 14,381 67,835.18
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 14,133 66,665.36

8
30/08/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 11,602 54,726.63
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 375 1,749.38
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 1,963 9,157.40
30/08/2023 PIML BNP Paribas Nominees Pty Ltd Purchase 698 3,256.17
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 6 27.99
30/08/2023 PIML JPMorgan Nominees Australia Limited Purchase 240 1,119.60
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 22 102.63
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 248 1,156.92
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 1,067 4,977.56
30/08/2023 PIML National Nominees Pty Ltd Purchase 58 270.57
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 1,162 5,420.73
30/08/2023 PIML Citicorp Nominees Pty Ltd Purchase 35 163.28
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 730 3,405.45
30/08/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 718 3,349.47
30/08/2023 PIML RBC Investor Services Australia Nominees Pty Limited
PISELECT
Purchase 589 2,747.69
31/08/2023 PIML National Nominees Pty Ltd Purchase 50,000 230,000.00
6/09/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 150,000 653,390.85
7/09/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 500,000 2,156,447.00
20/09/2023 PIML UBS Nominees Pty Ltd Purchase 31,599 135,243.72
29/09/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 200,000 845,716.20
24/10/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 150,000 604,000.05
31/10/2023 PIML State Street Bank and Trust Purchase 10,954 42,325.13
13/11/2023 PIML UBS Nominees Pty Ltd Sale -9,170 -34,478.41
16/11/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 250,000 970,044.50
16/11/2023 PFSL HSBC Custody Nominees (Australia) Limited Sale -53,939 -206,046.98
17/11/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -1,292 -5,077.56
21/11/2023 PIML Citicorp Nominees Pty Ltd Sale -2,000 -8,240.00
28/11/2023 PFSL HSBC Custody Nominees (Australia) Limited Purchase 202,883 802,584.86
30/11/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -1,120 -4,393.71
1/12/2023 PIML HSBC Custody Nominees (Australia) Limited Sale -310 -1,209.00
13/12/2023 PIML HSBC Custody Nominees (Australia) Limited Purchase 250,000 1,007,256.75