Disclosure of relevant interests

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited (ATM)
Date this disclosure made:
02-Sep-2025
Date of last disclosure:
13-Dec-2024
Director or senior manager giving disclosure
Full name(s):
David Landt Bortolussi
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Managing Director and Chie
f
Executive Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
(1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
(2) Ordinary Shares.
Nature of the affected relevant interest(s):
Beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 1,729,582 Performance Rights of
which:
(a) 501,180 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2025 provided certain
performance conditions are met;
(b) 690,066 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(c) 538,336 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 1,280,766 Ordinary Shares.

Number held in class after acquisition or disposal:
(1) 1,228,402 Performance Rights of
which:
(a) 690,066 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 538,336 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 1,765,457 Ordinary Shares
Current registered holder(s):
(1)(a), (b) & (c) DMZSK Super Pty Ltd
<D&M Bortolussi Superannuation Fund
A/c>
(2) DMZSK Pty Ltd <D&M Bortolussi
Family Trust A/c>
Registered holder(s) once transfers are registered:
(1)(a) & (b) DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
(2) DMZSK Pty Ltd <D&M Bortolussi
Family Trust A/c> which is the registered
holder of 1,280,766 Ordinary Shares,
and DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
which is the registered holder of 484,691
Ordinary Shares
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products
(if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2

Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction:
(1) Vesting and automatic exercise of
484,691 Performance Rights, resulting
in the transfer of 484,691 Ordinary
Shares to DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>.
(2) Lapsing of 16,489 Performance
Rights.
Name of any other party or parties to the transaction (if known):
a2 ESS Holdings Pty Limited as trustee
for a2 Group Employee Share Trust
(transferor of Ordinary Shares).
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related:
(1) 501,180 Peformance Rights
(2) 484,691 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed durin
g the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:1-Sep-25

or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Com
pany Limited (ATM)
Date this disclosure made:02-Sep-2025
Date of last disclosure: 04-Nov-2024
Director or senior mana
ger giving disclosure
Full name(s):Edith Bailey
Name of listed issuer:The a2 Milk Company Limited
Name of related body corporate (if applicable):N/A
Position held in listed issuer:Chief Marketing Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: (1) Unlisted performance rights
(Performance Rights) representing
an entitlement to acquire fully paid
ordinary shares in ATM (Ordinary
Shares).
(2) Ordinary Shares
Nature of the affected relevant interest(s):Registered holder and beneficial
owner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 232,065 Performance Rights of
which:
(a) 66,386 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2025 provided
certain performance conditions are
met;
(b) 91,598 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided
certain performance conditions are
met; and
(c) 74,081 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2027 provided
certain performance conditions are
met.
(2) 64,949 Ordinary Shares.

Number held in class after acquisition or disposal:(1) 165,679 Performance Rights of
which:
(a) 91,598 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided
certain performance conditions are
met; and
(b) 74,081 are due to vest on a date
to be determined by the Board
following the release of ATM’s full year
audited results for FY2027 provided
certain performance conditions are
met.
(2) 129,150 Ordinary Shares.
Current registered holder(s):Edith Bailey
Registered holder(s) once transfers are registered:Edith Bailey
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative: N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions
giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2

Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction: (1) Vesting and automatic exercise of
64,201 Performance Rights, resulting
in the transfer of 64,201 Ordinary
Shares to Edith Bailey.
(2) 2,185 Performance Rights lapsing.
Name of any other party or parties to the transaction (if known):a2 ESS Holdings Pty Limited as
trustee for a2 Group Employee Share
Trust (transferor of Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related: (1) 66,386 Performance Rights
(2) 64,201 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,
-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:29/08/2025
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited (ATM)
Date this disclosure made:
02-Sep-2025
Date of last disclosure:
04-Nov-2024
Director or senior manager giving disclosure
Full name(s):
Kevin Bush
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Managing Director – USA
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
(1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares)
(2) Ordinary Shares
Nature of the affected relevant interest(s):
(1)(a) and (b) Spouse of registered
holder and beneficial owner
(1)(c) and (2) Registered holder and
beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 336,994 Performance Rights of
which:
(a) 93,166 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2025 provided certain
performance conditions are met;
(b) 138,297 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(c) 105,531 are due to vest on a date
to be determined by the Board following
the release of ATM's full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 186,825 Ordinary Shares.

Number held in class after acquisition or disposal:
(1) 243,828 Performance Rights of
which:
(a) 138,297 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 105,531 are due to vest on a date
to be determined by the Board following
the release of ATM's full year audited
results for FY2027 provided certain
performance conditions are met.
(2)(a) 186,825 Ordinary Shares and (b)
64,196 Ordinary Shares.
Current registered holder(s):
(1)(a) and (b) Jennifer O'Brien <Kevin
Bush A/c>
(1)(c) and (2) Kevin Bush
Registered holder(s) once transfers are registered:
(1)(a) and 2(b) Jennifer O'Brien <Kevin
Bush A/c>
(1)(b) and (2)(a) Kevin Bush
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products
(if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
r
elevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2
Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025

Nature of transaction:
(1) Vesting and automatic exercise of
90,100 Performance Rights resulting in
the transfer of 64,196 Ordinary Shares
to Jennifer O'Brien <Kevin Bush A/c>
and 25,904 Ordinary Shares being
retained by a2 ESS Holdings Pty Limited
as trustee for a2 Group Employee Share
Trust on account of US income tax,
social security and Medicare witholding
obligations.
(2) Lapsing of 3,066 Performance
Rights.
Name of any other party or parties to the transaction (if known):
a2 ESS Holdings Pty Limited as trustee
for a2 Group Employee Share Trust
(transferor of Ordinary Shares and
registered holder of the 25,904 retained
Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related:
(1) 93,166 Performance Rights
(2) 90,100 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed durin
g the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying
financial products
(if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification

I, 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.
Signature of director or officer:
Date of signature:28-Aug-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Mana
gers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Com
pany Limited (ATM)
Date this disclosure made:02-Sep-2025
Date of last disclosure: 04-Nov-2024
Director or senior mana
ger giving disclosure
Full name(s):Amanda Hart
Name of listed issuer:The a2 Milk Company Limited
Name of related body corporate (if applicable):N/A
Position held in listed issuer:Chief People and Culture Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: (1) Unlisted performance rights
(Performance Rights) representing
an entitlement to acquire fully paid
ordinary shares in ATM (Ordinary
Shares).
(2) Ordinary Shares.
Nature of the affected relevant interest(s):(1)(a) & (b) Registered holder and
beneficial owner.
(1)(c) Power to exercise the right to
vote attached to 20% or more of the
voting products of the registered
holder and beneficial holder.
(2) Registered holder and beneficial
owner.
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 198,887 performance rights of
which:
(a) 53,669 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2025 provided
certain performance conditions are
met;
(b) 80,271 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided
certain performance conditions are
met; and
(c) 64,947 are due to vest on a date
to be determined by the Board
following the release of ATM's full year
audited results for FY2027 provided
certain performance conditions are
met.
(2) 51,276 Ordinary Shares.

Number held in class after acquisition or disposal:
(1) 145,218 performance rights of
which:
(a) 80,271 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided
certain performance conditions are
met; and
(b) 64,947 are due to vest on a
date to be determined by the Board
following the release of ATM's full year
audited results for FY2027 provided
certain performance conditions are
met.
(2) 103,179 Ordinary Shares.
Current registered holder(s):(1)(a) & (b) and (2) Amanda Hart.
(1)(c) Lac Deamer Hart Pty Ltd.
Registered holder(s) once transfers are registered:(1)(a) and (2) Amanda Hart.
(1)(b) Lac Deamer Hart Pty Ltd.
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative: N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions
giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2

Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction: (1) Vesting and automatic exercise of
51,903 Performance Rights, resulting
in the transfer of 51,903 Ordinary
Shares to Amanda Hart.
(2) 1,766 Performance Rights lapsing.
Name of any other party or parties to the transaction (if known):
a2 ESS Holdings Pty Limited as
trustee for a2 Group Employee Share
Trust (transferor of Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related: (1) 53,669 Performance Rights
(2) 51,903 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,
-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:28-Aug-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited (ATM)
Date this disclosure made:
02-Sep-2025
Date of last disclosure:
04-Nov-2024
Director or senior manager giving disclosure
Full name(s):
Eleanor Khor
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Managing Director - ANZ and Strategy
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
(1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
(2) Ordinary Shares.
Nature of the affected relevant interest(s):
Registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 305,219 Performance Rights of
which:
(a) 62,725 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2025 provided certain
performance conditions are met;
(b) 131,313 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(c) 111,181 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 103,947 Ordinary Shares.

Number held in class after acquisition or disposal:
(1) 242,494 Performance Rights of
which:
(a) 131,313 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 111,181 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 164,608 Ordinary Shares.
Current registered holder(s):
Eleanor Khor
Registered holder(s) once transfers are registered:
Eleanor Khor
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2
Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction:
(1) Vesting and automatic exercise of
60,661 Performance Rights resulting in
the transfer of 60,661 Ordinary Shares
to Eleanor Khor.
(2) 2,064 Performance Rights lapsing.
Name of any other party or parties to the transaction (if known):
a2 ESS Holdings Pty Limited as trustee
for a2 Group Employee Share Trust
(transferor of Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil

Number of financial products to which the transaction related:
(1) 62,725 Performance Rights
(2) 60,661 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying
financial products
(if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:29-Aug-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited (ATM)
Date this disclosure made:
02-Sep-2025
Date of last disclosure:
04-Nov-2024
Director or senior manager giving disclosure
Full name(s):
Xiao Li
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Executive – Greater China
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
(1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
(2) Ordinary Shares.
Nature of the affected relevant interest(s):
(1) Registered holder and beneficial
owner.
(2) Beneficial owner.
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 914,588 Performance Rights of
which:
(a) 262,470 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2025 provided certain
performance conditions are met;
(b) 362,741 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(c) 289,377 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 596,995 Ordinary Shares.

Number held in class after acquisition or disposal:
(1) 652,118 Performance Rights of
which:
(a) 362,741 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 289,377 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 850,829 Ordinary Shares.
Current registered holder(s):
(1)(a), (b) & (c) Xiao Li
(2) Pacific Custodians Pty Limited (as
custodian)
Registered holder(s) once transfers are registered:
(1)(a) & (b) Xiao Li
(2) Pacific Custodians Pty Limited (as
custodian)
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products
(if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2
Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction:
(1) Vesting and automatic exercise of
253,834 Performance Rights, resulting
in the issuance of 253,834 Ordinary
Shares to Pacific Custodians Pty Limited
(as custodian).
(2) 8,636 Performance Rights lapsed.
Name of any other party or parties to the transaction (if known):
a2 ESS Holdings Pty Limited as trustee
for a2 Group Employee Share Trust
(transferor of Ordinary Shares)

The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related:
(1) 262,470 Performance Rights
(2) 253,834 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying
financial products
(if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:31-Aug-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited (ATM)
Date this disclosure made:
02-Sep-2025
Date of last disclosure:
04-Nov-2024
Director or senior manager giving disclosure
Full name(s):
Jaron James McVicar
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Legal and Sustainability Officer &
Company Secretary
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
(1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
(2) Ordinary Shares.
Nature of the affected relevant interest(s):
(1)(a) Registered holder and beneficial
owner
(1)(b) and (c) Spouse of registered
holder and beneficial owner
(2) Registered holder and beneficial
owner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 228,786 Performance Rights of
which:
(a) 63,159 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2025 provided certain
performance conditions are met;
(b) 89,190 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(c) 76,437 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 159,630 Ordinary Shares.

Number held in class after acquisition or disposal:
(1) 165,627 Performance Rights of
which:
(a) 89,190 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 76,437 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 220,711 Ordinary Shares.
Current registered holder(s):
(1)(a) & (2) Jaron James McVicar
(1)(b) & (c) Charlotte Mary McVicar
Registered holder(s) once transfers are registered:(1)(a) & (b) Charlotte Mary McVicar
(2) Jaron James McVicar
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2
Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction:
(1) Vesting and automatic exercise of
61,081 Performance Rights, resulting in
the transfer of 61,081 Ordinary Shares
to Jaron James McVicar.
(2) 2,078 Performance Rights lapsing.
Name of any other party or parties to the transaction (if known):
a
2 ESS Holdings Pty Limited as trustee
for a2 Group Employee Share Trust
(transferor of Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related:
(1) 63,159 Performance Rights
(2) 61,081 Ordinary Shares

If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed durin
g the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying
financial products
(if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:28-Aug-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Mana
gers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited (ATM)
Date this disclosure made:
02-Sep-2025
Date of last disclosure:
04-Nov-2024
Director or senior manager giving disclosure
Full name(s):
David Muscat
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Financial Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
(1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares (Ordinary Shares) in ATM.
(2) Ordinary Shares
Nature of the affected relevant interest(s):
Registered holder and beneficial owner.
For that relevant interest-
Number held in class before acquisition or disposal:
442,485 Performance Rights of which:
(a) 125,228 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2025 provided certain
performance conditions are met;
(b) 172,605 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(c) 144,652 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) Nil.

Number held in class after acquisition or disposal:
(1) 317,257 Performance Rights of
which:
(a) 172,605 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 144,652 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 121,107 Ordinary Shares
Current registered holder(s):
David Muscat
Registered holder(s) once transfers are registered:
David Muscat
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying financial
products (if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2

Details of transactions requiring disclosure-
Date of transaction:26-Aug-2025
Nature of transaction:
(1) Vesting and automatic exercise of
121,107 Performance Rights, resulting in
the transfer of 121,107 Ordinary Shares
to David Muscat.
(2) 4,121 Performance Rights lapsing.
Name of any other party or parties to the transaction (if known):
a2 ESS Holdings Pty Limited as trustee
for a2 Group Employee Share Trust
(transferor of Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related:
(a) 125,228 Performance Rights
(b) 121,107 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):
N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying financial
products (if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:
01-Sep-2025
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Com
pany Limited (ATM)
Date this disclosure made:02-Sep-2025
Date of last disclosure: 04-Nov-2024
Director or senior mana
ger giving disclosure
Full name(s):Yohan Senaratne
Name of listed issuer:The a2 Milk Company Limited
Name of related body corporate (if applicable):N/A
Position held in listed issuer:Managing Director – International
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: (1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid
ordinary shares in ATM (Ordinary
Shares).
(2) Ordinary Shares
Nature of the affected relevant interest(s):(1)(a) & (c) and (2) Spouse of
registered holder and beneficial owner.
(1)(b) Registered holder and beneficial
owner.
For that relevant interest-
Number held in class before acquisition or disposal:(1) 371,674 performance rights of
which:
(a) 102,865 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2025 provided
certain performance conditions are
met;
(b) 148,650 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided
certain performance conditions are
met; and
(c) 120,159 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2027 provided
certain performance conditions are
met.
(2) 91,157 Ordinary Shares.

Number held in class after acquisition or disposal:(1) 268,809 Performance Rights of
which:
(a) 148,650 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided
certain performance conditions are
met; and
(b) 120,159 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2027 provided
certain performance conditions are
met.
(2) 190,637 Ordinary Shares.
Current registered holder(s):(1)(a) & (c) and (2) Aditi Kane
(1)(b) Yohan Senaratne
Registered holder(s) once transfers are registered:(1)(b) and (2) Aditi Kane
(1)(a) Yohan Senaratne
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative: N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions
giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2

Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction: (1) Vesting and automatic exercise of
99,480 Performance Rights, resulting
in the issue of 99,480 Ordinary Shares
to Aditi Kane.
(2) 3,385 Performance Rights lapsing.
Name of any other party or parties to the transaction (if known):a2 ESS Holdings Pty Limited as
trustee for a2 Group Employee Share
Trust (transferor of Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related: (1) 102,865 Performance Rights
(2) 99,480 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,
-
The notional value of the derivative (if any) or the notional amount of underlying
financial products (if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:28-Aug-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

Ongoing Disclosure Notice
Disclosure of Directors and Senior Mana
gers Relevant Interests
Sections 297(2) and 298(2), Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
The a2 Milk Company Limited (ATM)
Date this disclosure made:
02-Sep-2025
Date of last disclosure:
04-Nov-2024
Director or senior manager giving disclosure
Full name(s):
Ping Zhang
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Supply Chain Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: (1) Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares (Ordinary Shares) in ATM.
(2) Ordinary Shares.
Nature of the affected relevant interest(s):
Registered holder and beneficial owner.
For that relevant interest-
Number held in class before acquisition or disposal:(1) 254,330 Performance Rights of
which:
(a) 48,713 are due to vest on a date to
be determined by the Board following the
release of ATM’s full year audited results
for FY2025 provided certain performance
conditions are met;
(b) 113,157 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(c) 92,460 are due to vest on a date to
be determined by the Board following the
release of ATM’s full year audited results
for FY2027 provided certain performance
conditions are met.
(2) Nil

Number held in class after acquisition or disposal:(1) 205,617 Performance Rights of
which:
(a) 113,157 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 92,460 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
(2) 47,110 Ordinary Shares.
Current registered holder(s):
Ping Zhang
Registered holder(s) once transfers are registered:
Ping Zhang
Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)
Type of affected derivative:
N/A
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the notional amount of underlying financial
products (if any):
N/A
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):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
2

Details of transactions requiring disclosure-
Date of transaction:
26-Aug-2025
Nature of transaction: (1) Vesting and automatic exercise of
47,110 Performance Rights, resulting in
the transfer of 47,110 Ordinary Shares to
Ping Zhang and lapsing of 1,603
Performance Rights.
(2) 1,603 Performance Rights lapsing.
Name of any other party or parties to the transaction (if known):
a2 ESS Holdings Pty Limited as trustee
for a2 Group Employee Share Trust
(transferor of Ordinary Shares)
The consideration, expressed in New Zealand dollars, paid or received for the
acquisition or disposal. If the consideration was not in cash and cannot be readily by
converted into a cash value, describe the consideration:
Nil
Number of financial products to which the transaction related: (a) 48,713 Performance Rights
(b) 47,110 Ordinary Shares
If the issuer has a financial products trading policy that prohibits directors or senior
managers from trading during any period without written clearance (a closed period)
include the followin
g details—
Whether relevant interests were acquired or disposed of during a closed period:
No
Whether prior written clearance was provided to allow the acquisition or disposal to
proceed during the closed period:
N/A
Date of the prior written clearance (if any):
N/A
Summary of other relevant interests after acquisition or disposal:
Class of quoted financial products:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the notional amount of underlying financial
products (if any):
N/A
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's specified terms (if any):
Any other details needed to understand how the amount of the consideration payable
under the derivative or the value of the derivative is affected by the value of the
underlying financial products:
For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the derivative, the nature of the
relevant interest in the derivative:
Certification
I, 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.
Signature of director or officer:
Date of signature:
29-Aug-2025
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:

Name and title of authorised person:

---

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.
01/01/2011 Appendix 3Y Page 1
Rule 3.19A.2
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
Name of entity: The a2 Milk Company Limited (Company)
ABN: 97 769 415 292
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the
director for the purposes of section 205G of the Corporations Act.
Name of Director
David Landt Bortolussi
Date of last notice
13 December 2024
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be
disclosed in this part.
Direct or indirect interest
Indirect
Nature of indirect interest
(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant
interest.
DMZSK Super Pty Ltd (ACN 617 428 216),
as trustee for D &
M Bortolussi
Superannuation Fund, holds 1,729,582
performance rights.
DMZSK Pty Ltd (ACN 128 544 838), as
trustee for D&M Bortolussi Family Trust,
holds
all other interests (both existing and
acquired)
Mr Bortolussi’s voting power in DMZSK
Super Fund Pty Ltd and DMZSK Pty Ltd is
above 20%.
Date of change
26 August 2025
No. of securities held prior to change
1. 1,729,582 performance rights
2. 1,280,766 fully paid ordinary shares
Class
1. performance rights
2. fully paid ordinary shares
Number acquired
1. nil performance rights
2. 484,691 fully paid ordinary shares
Number disposed
1. 501,180 performance rights
2. nil fully paid ordinary shares
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation
Employee incentive

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.
Appendix 3Y Page 2 01/01/2011
No. of securities held after change
1,228,402 performance rights
1,765,457 fully paid ordinary shares
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back
Exercise of 484,691 performance rights
following their vesting and lapse of 16,489
unvested performance rights.
Exercise satisfied by transfer of ordinary
shares previously purchased on-market.
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be
disclosed in this part.

Detail of contract N/A
Nature of interest N/A
Name of registered holder
(if issued securities)
N/A
Date of change N/A
No. and class of securities to which
interest related prior to change
Note: Details are only required for a contract in relation
to which the interest has changed

N/A
Interest acquired N/A
Interest disposed N/A
Value/Consideration
Note: If consideration is non-cash, provide details and an
estimated valuation

N/A
Interest after change N/A
Part 3 –
+
Closed period
Were the interests in the securities or contracts detailed
above traded during a
+
closed period where prior written
clearance was required?
N/A
If so, was prior written clearance provided to allow the trade
to proceed during this period?
N/A
If prior written clearance was provided, on what date was this
provided?
N/A