Capital Change Notice

Capital Change Notice

Updated as at June 2023
Notice of issue of Ordinary Shares

This notice is given under NZX Listing Rules 3.13.1 and 3.15.2 and relates to the vesting and
automatic exercise of performance rights and the issue of fully paid Ordinary Shares under ATM’s
Long Term Incentive Plan (LTI Plan).

Section 1: Issuer information
Name of issuer The a2 Milk Company Limited
NZX ticker code ATM
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZATME0002S8
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 1,407,076 Ordinary Shares
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security Not applicable
Nature of the payment (for example, cash or other
consideration)
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

0.19% of the total number of
Ordinary Shares 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)
Not applicable
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason for
change must be identified here)
Ordinary Shares issued to certain
employees as a result of
performance rights vesting and
being automatically exercised in
connection with ATM’s LTI Plan, as
authorised by 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.
725,426,194 Ordinary Shares
There is no Treasury Stock
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
Not applicable

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

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 Resolutions and Listing Rule
4.9.1(b)
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
All Ordinary Shares issued rank
equally with the existing Ordinary
Shares
Date of issue/acquisition/redemption
2
26/08/2025
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement
Jaron McVicar, Chief Legal and
Sustainability Officer & 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

26/08/2025


Listing Rule 3.15.2 – Performance Rights

The following details are provided for the purposes of NZX Listing Rule 3.15.2:

(a) Number of Financial Products
converted and the number and class of
Quoted Financial Products into which
they have been converted:
1,915,124 performance rights converted into
1,915,124 Ordinary Shares, resulting in:
(a) 224,544 Ordinary Shares being issued
to certain LTI Plan participants
or a
custodian to hold on their behalf;
(b) 1,640,067 Ordinary Shares being
transferred by the trustee of a2MC
Group Employee Share Trust (
Share
Trust
) to certain LTI Plan participants.
These Ordinary Shares were either
acquired on-market
or issued to the
Share Trust and are held by the trustee
of the Share Trust to satisfy employee
incentives; and
(c) 50,513 Ordinary Shares being retained
by the trustee of the Share Trust on
account of US income tax, social
security and Medicare withholding
obligations.
A further 65,175 performance rights lapsed.

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).

Capital Change Notice

Updated as at June 2023
(b) 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:
5,220,336 performance rights

---

Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
1 / 4
Announcement Summary
Entity name
THE A2 MILK COMPANY LIMITED
Announcement Type
New announcement
Date of this announcement
Tuesday August 26, 2025
Details of +securities that have ceased
ASX +security
codeSecurity description
Number of
+securities that
have ceased
The +securities have
ceased due to
Date of
cessation
A2MADPERFORMANCE RIGHT65,175Lapse of conditional right to
securities because the
conditions have not been, or
have become incapable of
being, satisfied
26/08/2025
Refer to next page for full details of the announcement

Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
2 / 4
Part 1 - Announcement Details
1.1 Name of +Entity
THE A2 MILK COMPANY LIMITED
We (the entity named above) provide the following information about our issued capital.
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
26/8/2025
New announcement

Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
3 / 4
Part 2 - Details of +equity securities or +debt securities that have ceased
ASX +Security Code and Description
A2MAD : PERFORMANCE RIGHT
Unquoted +equity securities that have ceased
Number of securities that have ceased
65,175
Reason for cessation
Lapse of conditional right to securities because the conditions have not been, or have become incapable of being,
satisfied
Date of cessation
26/8/2025
Is the entity paying any consideration for the cessation?
Any other information the entity wishes to notify to ASX about the cessation?
No

Appendix 3H - Notification of cessation of securities
Appendix 3H - Notification of cessation of securities
4 / 4
Part 3 - Issued capital following changes
Following the cessation of the +securities the subject of this notification, the issued capital of the entity will
comprise:
The figures in parts 3.1 and 3.2 below are automatically generated and may not reflect the entity's current issued capital if
other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.
3.1 Quoted +equity securities and +debt securities (total number of each +class of +securities quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
A2M : ORDINARY FULLY PAID724,019,118
3.2 Unquoted +equity securities (total number of each +class of +equity securities issued but not quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
A2MAD : PERFORMANCE RIGHT7,135,460
Note: the figures stated in the tables above are used to calculate the total market capitalisation of the entity published by
ASX from time to time. The table will not include those classes of +securities that have ceased or lapsed in their entirety in
ASX records before the announcement date described in Q1.5, even if the entity has advised ASX of a change to that class
of +security in Part 2 of this form.

---

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
1 / 6
Announcement Summary
Entity name
THE A2 MILK COMPANY LIMITED
Announcement Type
New announcement
Date of this announcement
Tuesday August 26, 2025
The +securities to be quoted are:
Total number of +securities to be quoted
ASX +security
codeSecurity description
Number of +securities to
be quotedIssue date
A2MORDINARY FULLY PAID1,407,07626/08/2025
Refer to next page for full details of the announcement
+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being
converted

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
2 / 6
Part 1 - Entity and announcement details
1.1 Name of entity
THE A2 MILK COMPANY LIMITED
We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix
2A of the ASX Listing Rules.
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
26/8/2025
New announcement

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
3 / 6
Part 2 - Type of Issue
2.1 The +securities to be quoted are:
2.2 The +class of +securities to be quoted is:
Additional +securities in a class that is already quoted on ASX ("existing class")
+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being
converted

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
4 / 6
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
Existing +securities converting into additional +securities in an existing class
FROM (Existing Class)
ASX +security code and description
A2MAD : PERFORMANCE RIGHT
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
1,407,076
The first date the options were
exercised or other +convertible
securities were converted
26/8/2025
The last date the options were
exercised or other +convertible
securities were converted
26/8/2025
Is this all of the options or other +convertible securities on issue of that type (ie have all of those options now been
exercised or have all of those convertible securities now been converted)?
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:
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 holder
Number of options being exercised
or other +convertible securities
being converted
Xiao LiPacific Custodians Pty Limited
253,834
David MuscatDavid Muscat
121,107
Issue date
26/8/2025
Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued
+securities in that class?
Yes
Yes
Yes
Intended to be, but are not yet, quoted by ASX
An issue of new +securities
No

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
5 / 6
Issue details
Number of +securities to be quoted
1,407,076
Are the +securities being issued for a cash consideration?
Please describe the consideration being provided for the +securities
Employee incentive.
Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the
+securities to be quoted
0.000000
Any other information the entity wishes to provide about the +securities to be quoted
An additional 508,048 performance rights have been exercised through the transfer of 508,048 fully paid ordinary shares
previously acquired on-market, as reflected in an Appendix 3G to be lodged after this Appendix 2A.
No

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
6 / 6
Part 4 - Issued capital following quotation
Following the quotation of the +securities the subject of this application, the issued capital of the entity will
comprise:
The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if
other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.
4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the
+securities subject of this application)
ASX +security code and description
Total number of
+securities on issue
A2M : ORDINARY FULLY PAID725,426,194
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
A2MAD : PERFORMANCE RIGHT5,793,559

---

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
1 / 6
Announcement Summary
Entity name
THE A2 MILK COMPANY LIMITED
Date of this announcement
Tuesday August 26, 2025
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 PAID508,04826/08/2025
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

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
2 / 6
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
26/8/2025
New announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
3 / 6
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:
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

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
4 / 6
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
A2MAD : PERFORMANCE RIGHT
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
508,048
The first date the options were
exercised or other +convertible
securities were converted
26/8/2025
The last date the options were
exercised or other +convertible
securities were converted
26/8/2025
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
David Landt BortolussiDMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
484,691
Date the +securities the subject of this notification were issued/transferred
26/8/2025
Any other information the entity wishes to provide about the +securities the subject of this notification
An additional 1,407,076 performance rights have been exercised through the issue of 1,407,076 new fully paid ordinary
shares, as reflected in an Appendix 2A lodged prior to this Appendix 3G.
Yes
Yes
No
Already quoted by ASX
A transfer of existing +securities

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
5 / 6
Issue details
Number of +securities
508,048

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
6 / 6
Part 4 - +Securities on issue
Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of
the entity will comprise:
The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if
other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.
4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
A2M : ORDINARY FULLY PAID724,019,118
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
A2MAD : PERFORMANCE RIGHT6,692,587