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: 2025-04-22
Date this disclosure made: 2025-04-24
Date last disclosure made: 2024-11-11
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: 51,307,663
(b) total in class: 724,019,118
(c) total percentage held in class: 7.086%
For last disclosure,—
(a) total number held in class: 59,388,605
(b) total in class: 724,019,118
(c) total percentage held in class: 8.203%
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
J O Hambro Capital Management Ltd: Level 3, 1 St James's Market. London UK

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.

3
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
J O Hambro Capital Management Ltd
Level 3, 1 St James's Market. London UK

4

ANNEXURE 2
Present Relevant Interests

ASX Code Holder of relevant interest Registered holder securities Holdings
A2M JOHCML BBH 120,912
A2M JOHCML BBH 244,719
A2M JOHCML JP Morgan 88,812
A2M JOHCML Northern Trust 43,561
A2M JOHCML Northern Trust 66,195
A2M JOHCML Northern Trust 135,314
A2M JOHCML Northern Trust 144,493
A2M PFSL HSBC Custody Nominees (Australia) Limited 454,088
A2M PFSL HSBC Custody Nominees (Australia) Limited 1,419,110
A2M PIML Citicorp Nominees Pty Ltd 109,576
A2M PIML Citicorp Nominees Pty Ltd 282,618
A2M PIML Citicorp Nominees Pty Ltd 1,337,508
A2M PIML Citicorp Nominees Pty Ltd 2,684,500
A2M PIML HSBC Custody Nominees (Australia) Limited 15,000
A2M PIML HSBC Custody Nominees (Australia) Limited 912,686
A2M PIML HSBC Custody Nominees (Australia) Limited 1,127,354
A2M PIML HSBC Custody Nominees (Australia) Limited 1,158,203
A2M PIML HSBC Custody Nominees (Australia) Limited 1,167,841
A2M PIML HSBC Custody Nominees (Australia) Limited 1,220,792
A2M PIML HSBC Custody Nominees (Australia) Limited 1,302,293
A2M PIML HSBC Custody Nominees (Australia) Limited 1,851,934
A2M PIML HSBC Custody Nominees (Australia) Limited 2,003,703
A2M PIML HSBC Custody Nominees (Australia) Limited 2,186,862
A2M PIML HSBC Custody Nominees (Australia) Limited 2,283,951
A2M PIML HSBC Custody Nominees (Australia) Limited 4,095,625
A2M PIML HSBC Custody Nominees (Australia) Limited 5,764,678
A2M PIML JPMorgan Nominees Australia Limited 1,182,322
A2M PIML JPMorgan Nominees Australia Limited 10,430,205
A2M PIML National Nominees Pty Ltd 96,559
A2M PIML Northern Trust Company Limited 208,332
A2M PIML State Street 226,523
A2M PIML UBS Nominees Pty Ltd 3,309,474
A2M PIML UBS Nominees Pty Ltd 3,626,601
A2M PTCO Perpetual Trustee Company Limited 5,319

5
ANNEXURE 3

Changes in relevant interests

As of Date Entity Custodian Transaction Type Volume Amount
15/11/2024 PIML JPMorgan Nominees Australia Limited Buy 1,259,366 6,057,550
25/11/2024 PIML HSBC Custody Nominees (Australia) Limited Buy 15,000 83,767
4/12/2024 PIML Citicorp Nominees Pty Ltd Buy 2,724 15,309
9/12/2024 PIML Citicorp Nominees Pty Ltd Buy 5,388 30,873
11/12/2024 PIML Citicorp Nominees Pty Ltd Buy 200,935 1,151,157
19/12/2024 PIML Citicorp Nominees Pty Ltd Buy 9,258 53,604
24/12/2024 PIML Citicorp Nominees Pty Ltd Buy 7,545 43,157
6/01/2025 PFSL HSBC Custody Nominees (Australia) Limited Sell -190,159 -1,064,529
15/01/2025 PIML UBS Nominees Pty Ltd Sell -192,875 -1,088,470
15/01/2025 PIML Citicorp Nominees Pty Ltd Buy 5,761 32,722
17/01/2025 PFSL HSBC Custody Nominees (Australia) Limited Buy 121,143 716,949
30/01/2025 PIL Northern Trust Company Limited Buy 12,849 73,882
5/02/2025 PIML JPMorgan Nominees Australia Limited Buy 543,260 3,216,714
5/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -543,260 -3,216,714
7/02/2025 PIML Citicorp Nominees Pty Ltd Buy 5,694 33,396
14/02/2025 PIML Citicorp Nominees Pty Ltd Buy 1,940 11,349
17/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -182,443 -1,296,226
17/02/2025 PIML National Nominees Pty Ltd Sell -17,557 -124,739
17/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -150,000 -1,063,032
18/02/2025 JOHCML Northern Trust Buy 31,930 230,854
18/02/2025 PFSL HSBC Custody Nominees (Australia) Limited Sell -137,594 -1,003,748
18/02/2025 PFSL UBS Nominees Pty Limited Sell -188,919 -1,382,660
18/02/2025 PIL Northern Trust Company Limited Sell -547,233 -4,005,089
18/02/2025 PIL Citibank, N.A. Sell -781,967 -5,723,060
19/02/2025 JOHCML Northern Trust Buy 18,845 138,658
19/02/2025 JOHCML BBH Buy 57,826 425,472
19/02/2025 JOHCML BBH Buy 93,844 690,485
19/02/2025 JOHCML JP Morgan Buy 27,802 204,562
19/02/2025 JOHCML Northern Trust Buy 45,620 335,663
19/02/2025 JOHCML Northern Trust Buy 44,562 327,878
19/02/2025 PIML Citicorp Nominees Pty Ltd Sell -107,708 -788,061
19/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -250,000 -1,844,391
20/02/2025 JOHCML Northern Trust Buy 4,721 34,407
20/02/2025 JOHCML Northern Trust Buy 6,311 45,995
20/02/2025 JOHCML BBH Buy 11,555 84,214
20/02/2025 JOHCML BBH Buy 46,440 338,459
20/02/2025 JOHCML JP Morgan Buy 13,774 100,386
20/02/2025 JOHCML Northern Trust Buy 22,567 164,471
20/02/2025 JOHCML Northern Trust Buy 22,070 160,848
20/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -250,000 -1,861,325
24/02/2025 JOHCML BBH Buy 49,692 378,206

6
24/02/2025 JOHCML JP Morgan Buy 14,781 112,498
24/02/2025 JOHCML Northern Trust Buy 24,170 183,958
24/02/2025 JOHCML Northern Trust Buy 23,623 179,795
25/02/2025 PFSL HSBC Custody Nominees (Australia) Limited Sell -139,627 -1,093,601
25/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 1,006 7,826
25/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 4,901 38,375
25/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 14,979 116,837
26/02/2025 JOHCML Northern Trust Buy 5,371 42,640
26/02/2025 JOHCML BBH Buy 18,251 144,895
26/02/2025 JOHCML JP Morgan Buy 5,376 42,680
26/02/2025 JOHCML Northern Trust Buy 8,869 70,411
26/02/2025 JOHCML Northern Trust Buy 8,666 68,799
26/02/2025 PFSL HSBC Custody Nominees (Australia) Limited Sell -83,485 -661,176
26/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 5,695 45,560
27/02/2025 JOHCML Northern Trust Buy 7,498 60,549
27/02/2025 JOHCML Northern Trust Buy 10,404 84,015
27/02/2025 JOHCML BBH Buy 19,559 157,945
27/02/2025 JOHCML BBH Buy 28,146 227,287
27/02/2025 JOHCML JP Morgan Buy 8,325 67,227
27/02/2025 JOHCML Northern Trust Buy 13,617 109,961
27/02/2025 JOHCML Northern Trust Buy 13,367 107,943
27/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 8,586 69,670
27/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 13,837 112,841
27/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 6,642 54,166
27/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 5,994 48,881
27/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 7,342 59,681
27/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -119,344 -974,490
27/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -57,987 -469,406
27/02/2025 PIML National Nominees Pty Ltd Sell -4,274 -34,598
28/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 9,660 77,087
28/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 9,255 74,040
28/02/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 14,239 113,912
28/02/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -120,326 -960,201
3/03/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 1,096 8,752
3/03/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 12,169 97,080
3/03/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 1,994 16,072
3/03/2025 PIML National Nominees Pty Ltd Buy 7,687 61,957
4/03/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 17,772 141,243
4/03/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 1,040 8,304
6/03/2025 PFSL HSBC Custody Nominees (Australia) Limited Sell -62,260 -500,128
6/03/2025 PFSL HSBC Custody Nominees (Australia) Limited Sell -133,107 -1,072,856
7/03/2025 PIML UBS Nominees Pty Ltd Sell -23,196 -186,728
10/03/2025 PIML UBS Nominees Pty Ltd Sell -90,285 -730,385
10/03/2025 PIML Citicorp Nominees Pty Ltd Buy 3,914 31,390
11/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -148,527 -1,193,821
11/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -16,339 -131,701

7
11/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -9,712 -78,633
12/03/2025 PIML National Nominees Pty Ltd Sell -13,803 -109,596
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -186,197 -1,478,404
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -150,000 -1,200,599
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -27,559 -219,089
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -13,920 -110,661
12/03/2025 PIML JPMorgan Nominees Australia Limited Sell -162,547 -1,292,217
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -139,648 -1,113,886
12/03/2025 PIML National Nominees Pty Ltd Sell -9,167 -73,120
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -60,783 -482,921
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -2,791 -22,174
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -30,703 -243,935
12/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -1,410 -11,202
12/03/2025 PIML JPMorgan Nominees Australia Limited Sell -358,514 -2,848,394
12/03/2025 PIML JPMorgan Nominees Australia Limited Sell -16,458 -130,759
13/03/2025 PIML Citicorp Nominees Pty Ltd Sell -2,663 -21,442
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -161,456 -1,300,040
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -16,442 -132,391
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -13,578 -109,330
13/03/2025 PIML Citicorp Nominees Pty Ltd Sell -19,632 -158,076
13/03/2025 PIML JPMorgan Nominees Australia Limited Sell -19,979 -160,870
13/03/2025 PIML JPMorgan Nominees Australia Limited Sell -161,762 -1,302,504
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -33,879 -272,793
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -46,893 -377,581
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -16,321 -131,416
13/03/2025 PIML National Nominees Pty Ltd Sell -1,854 -14,928
13/03/2025 PIML UBS Nominees Pty Ltd Sell -109,838 -873,212
13/03/2025 PIML National Nominees Pty Ltd Sell -1,322 -10,708
13/03/2025 PIML JPMorgan Nominees Australia Limited Sell -110,232 -892,879
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -33,453 -270,969
13/03/2025 PIML Citicorp Nominees Pty Ltd Sell -1,899 -15,382
13/03/2025 PIML Citicorp Nominees Pty Ltd Sell -14,006 -113,449
13/03/2025 PIML JPMorgan Nominees Australia Limited Sell -14,253 -115,449
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -23,181 -187,766
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -11,205 -90,761
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -11,122 -90,088
13/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -9,686 -78,457
14/03/2025 PIML UBS Nominees Pty Ltd Sell -176,698 -1,528,438
14/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -100,000 -863,435
14/03/2025 PIML National Nominees Pty Ltd Sell -6,910 -59,535
14/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -93,090 -802,038
17/03/2025 JOHCML Northern Trust Buy 7,126 63,592
17/03/2025 JOHCML Northern Trust Buy 10,645 94,996
17/03/2025 JOHCML BBH Buy 19,481 173,848
17/03/2025 JOHCML BBH Buy 37,784 337,184
17/03/2025 JOHCML JP Morgan Buy 11,385 101,600

8
17/03/2025 JOHCML Northern Trust Buy 18,356 163,809
17/03/2025 JOHCML Northern Trust Buy 15,639 139,562
17/03/2025 PIML UBS Nominees Pty Ltd Sell -76,655 -682,451
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -22,087 -196,638
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -50,133 -446,329
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -26,659 -237,342
17/03/2025 PIML Citicorp Nominees Pty Ltd Sell -26,141 -232,730
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -80,308 -714,973
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -26,457 -235,544
17/03/2025 PIML National Nominees Pty Ltd Sell -4,082 -36,342
17/03/2025 PIML JPMorgan Nominees Australia Limited Sell -262,216 -2,334,480
17/03/2025 PIML Citicorp Nominees Pty Ltd Sell -2,134 -18,999
17/03/2025 PIML JPMorgan Nominees Australia Limited Sell -23,128 -205,906
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -42,027 -379,323
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -100,000 -887,101
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -102,859 -912,359
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -91,281 -809,662
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -305,860 -2,712,978
17/03/2025 PIML Citicorp Nominees Pty Ltd Sell -32,173 -287,305
17/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -137,065 -1,223,990
17/03/2025 PIML UBS Nominees Pty Ltd Sell -390,762 -3,489,505
19/03/2025 PFSL HSBC Custody Nominees (Australia) Limited Sell -150,648 -1,296,115
19/03/2025 PIML UBS Nominees Pty Ltd Sell -38,311 -353,135
19/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -13,329 -122,861
19/03/2025 PIML JPMorgan Nominees Australia Limited Sell -11,563 -106,583
19/03/2025 PIML Citicorp Nominees Pty Ltd Sell -1,067 -9,835
19/03/2025 PIML Citicorp Nominees Pty Ltd Sell -13,067 -120,446
19/03/2025 PIML JPMorgan Nominees Australia Limited Sell -131,165 -1,209,027
19/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -40,127 -369,875
19/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -13,234 -121,986
19/03/2025 PIML National Nominees Pty Ltd Sell -2,041 -18,813
19/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -11,020 -101,578
19/03/2025 PIML HSBC Custody Nominees (Australia) Limited Sell -25,076 -231,141
20/03/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 17,995 150,438
21/03/2025 PIML BNP Paribas Nominees Pty Ltd Sell -903,578 -7,346,089
26/03/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 29,992 241,436
27/03/2025 PIML Citicorp Nominees Pty Ltd Buy 2,977 23,876
3/04/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 8,841 69,004
3/04/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 14,230 111,065
3/04/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 12,059 94,362
7/04/2025 PIML UBS Nominees Pty Ltd Sell -218,116 -1,681,272
10/04/2025 JOHCML Northern Trust Buy 6,905 57,479
10/04/2025 JOHCML BBH Buy 12,491 103,978
10/04/2025 JOHCML BBH Buy 23,405 194,828
10/04/2025 JOHCML JP Morgan Buy 7,369 61,341
10/04/2025 JOHCML Northern Trust Buy 11,294 94,014

9
10/04/2025 JOHCML Northern Trust Buy 7,387 61,491
16/04/2025 JOHCML BBH Sell -52,843 -430,142
17/04/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 1,329 10,962
17/04/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 2,850 23,556
22/04/2025 PIML JPMorgan Nominees Australia Limited Sell -1,049,505 -8,521,981
22/04/2025 PIML HSBC Custody Nominees (Australia) Limited Buy 3,020 24,630