Ongoing Disclosure Notices

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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
Director or senior manager 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:
Unlisted performance rights (
Performance Rights
)
representing an entitlement to acquire fully paid
ordinary shares (
Ordinary Shares
) in ATM.
Nature of the affected relevant interest(s):
1 (a) Regist ered Holder and Benef icial Ow ner.
1(b) and (c) Pow er to exercise the right to vote
attached to 20% or more of the voting products of the
registered holder and beneficial holder.
For that relevant interest-
Number held in class before 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.
Number held in class after acquisition or disposal:(1) 184,320 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;
(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; and
(c) 39,102 are due to vest on a date to be determined by
the Board following the release of ATM's full year audited
results for FY2028 provided certain performance
conditions are met.
Current registered holder(s):(1)(a) Amanda Hart.
(1)(b) Lac Deamer Hart Pty Ltd
Registered holder(s) once transfers are registered:(1)(a) Amanda Hart.
(1)(b) and (c) 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:
1
Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025
Nature of transaction: Grant by ATM of Performance Rights under ATM's Long
Term Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
39,102 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Registered holder and beneficial owner
For that relevant interest,-
Number held in class:
78,179
Current registered holder(s):
Amanda Hart
For a derivative relevant interest,-
Type of derivative:
N/A
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:
23-Oct-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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
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:
Unlisted performance rights (
Performance Rights
)
representing an entitlement to acquire fully paid
ordinary shares (
Ordinary Shares
) in ATM.
Nature of the affected relevant interest(s):
Registered holder and beneficial ow ner
For that relevant interest-
Number held in class before 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
Number held in class after acquisition or disposal:(1) 260,231 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;
(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; and
(c) 54,614 are due to vest on a date to be determined by
the Board following the release of ATM’s full year audited
results for FY2028 provided certain performance
conditions are met
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:
1
Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025

Nature of transaction: Grant by ATM of Performance Rights under ATM's Long
Term Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
54,614 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Registered holder and beneficial owner
For that relevant interest,-
Number held in class:
23,555
Current registered holder(s):
Ping Zhang
For a derivative relevant interest,-
Type of derivative:
N/A
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:
30-Oct-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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
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:
Unlisted performance rights (
Performance Rights
)
representing an entitlement to acquire fully paid ordinary
shares (
Ordinary Shares
) in ATM.
Nature of the affected relevant interest(s):
Spouse of registered holder and beneficial ow ner
For that relevant interest-
Number held in class before 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.
Number held in class after acquisition or disposal:
(1) 404,416 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;
(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; and
(c) 87,159 are due to vest on a date to be determined by
the Board following the release of ATM’s full year audited
results for FY2028 provided certain performance conditions
are met.
Current registered holder(s):
(1) (a) and (b) David Muscat
Registered holder(s) once transfers are registered:
(1) (a) and (b) David Muscat
(1) (c) Kat hryn Anne 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:
1

Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025
Nature of transaction:
Grant by ATM of Performance Rights under ATM's Long
Term Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
87,159 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Registered holder and beneficial owner
For that relevant interest,-
Number held in class:
63,107
Current registered holder(s):
Dav id M uscat
For a derivative relevant interest,-
Type of derivative:
N/A
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:
30-Oct-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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
Director or senior manager 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: Unlisted performance rights (
Performance Rights
)
representing an entitlement to acquire fully paid ordinary
shares (
Ordinary Shares
) in A TM.
Nature of the affected relevant interest(s):Registered holder and beneficial ow ner
For that relevant interest-
Number held in class before 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.
Number held in class after acquisition or disposal:(1) 210,291 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;
(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; and
(c) 44,612 are due to vest on a date to be determined by the
Board following the release of ATM’s full year audited results for
FY2028 provided certain performance conditions are met.
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:
1
Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025
Nature of transaction: Grant by ATM of Performance Rights under ATM's Long Term
Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
44,612 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Registered holder and beneficial owner
For that relevant interest,-
Number held in class:97,049
Current registered holder(s):
Edith Bailey
For a derivative relevant interest,-
Type of derivative:
N/A
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:
23-Oct-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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
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:
Unlisted performance rights
(
Performance Rights
) representing an
entitlement to acquire fully paid
ordinary
Nature of the affected relevant interest(s):
Registered holder and beneficial ow ner
For that relevant interest-
Number held in class before 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.
Number held in class after acquisition or disposal:
(1) 309,461 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.
(c) 66,967 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2028 provided certain
performance conditions are met.
Current registered holder(s):
(1) (a) and (b) Eleanor Khor
Registered holder(s) once transfers are registered:
(1) (a), (b) and (c) 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:
1
Details of transactions requiring disclosure-
Date of transaction:09-Oct-2025
Nature of transaction:
Grant by ATM of Performance Rights
under ATM's Long Term Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
66,967 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Registered holder and beneficial owner.
For that relevant interest,-
Number held in class:
149,949
Current registered holder(s):
Eleanor Khor
For a derivative relevant interest,-
Type of derivative:
N/A
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-Oct-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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
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:
Unlisted performance rights
(
Performance Rights
) representing an
entitlement to acquire fully paid ordinary
shares (
Ordinary Shares
) in ATM.
Nature of the affected relevant interest(s):
Registered holder and beneficial ow ner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 165,627 performance rights of
which:
(a) 89,190 Performance Rights 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 Performance Rights 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.
Number held in class after acquisition or disposal:(1) 214,230 performance rights of
which:
(a) 89,190 Performance Rights 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 Performance Rights 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.
(c) 48,603 Performance Rights due to vest
on a date to be determined by the Board
following the release of ATM’s full year
audited results for FY2028 provided certain
performance conditions are met.
Current registered holder(s):
(1)(a) and (b) Charlotte Mary McVicar
Registered holder(s) once transfers are registered:
(1)(a), (b) and (c) Charlotte Mary 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:
1
Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025
Nature of transaction:
Grant by ATM of Performance Rights
under ATM's Long Term Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
48,603 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Registered holder and beneficial owner.
For that relevant interest,-
Number held in class:190,171
Current registered holder(s):Jaron James McVicar
For a derivative relevant interest,-
Type of derivative:
N/A
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:23-Oct-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:
06-Nov-2025
Date of last disclosure:
02-Sep-2025
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: Unlisted performance rights
(
Performance Rights
) representing an
entitlement to acquire fully paid ordinary
shares (
Ordinary Shares
) in ATM.
Nature of the affected relevant interest(s):
Registered holder and beneficial ow ner
For that relevant interest-
Number held in class before 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.
Number held in class after acquisition or disposal:
(1) 309,023 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;
(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; and
(c) 65,195 are due to vest on a date to be
determined by the Board following the
release of ATM's full year audited results for
FY2028 provided certain performance
conditions are met.
Current registered holder(s):(1)(a) Jennifer O'Brien <Kevin Bush A/c>
(1)(b) Kevin Bush
Registered holder(s) once transfers are registered:
(1)(a) Jennifer O'Brien <Kevin Bush A/c>
(1)(b) and (c) 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
relevant interest in the derivative:
Details of transactions giving rise to acquisition or disposal
Total number of transactions to which notice relates:
1
Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025
Nature of transaction: Grant by ATM of Performance Rights
under ATM's Long Term Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
65,195 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
(1)(a) Registered holder and beneficial
owner
(1) (b) Spouse of registered holder and
beneficial owner
For that relevant interest,-
Number held in class:
(1) 251,021 Ordinary Shares comprising of
which:
(a) 186,825 Ordinary Shares and
(b) 64,196 Ordinary Shares.
Current registered holder(s):
(1)(a) Kevin Bush
(1)(b) Jennifer O'Brien <Kevin
Bush A/c>
For a derivative relevant interest,-
Type of derivative:
N/A
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:23-Oct-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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
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:
Unlisted performance rights
(
Performance Rights
) representing an
entitlement to acquire fully paid ordinary
shares (
Ordinary Shares
) in ATM.
Nature of the affected relevant interest(s):
Benef icial ow ner
For that relevant interest-
Number held in class before acquisition or disposal:(1) 652,118 performance rights of
which:
(a) 362,741 Performance Rights 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 Performance Rights 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.
Number held in class after acquisition or disposal:(1) 830,686 performance rights of
which:
(a) 362,741 Performance Rights 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 Performance Rights 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.
(c) 178,568 Performance Rights due to vest on a date
to be determined by the Board following the release of
ATM’s full year audited results for FY2028 provided
certain performance conditions are met.
Current registered holder(s):(1) (a) and (b) Xiao Li
Registered holder(s) once transfers are registered:(1) (a), (b) and (c) Xiao Li
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:
1
Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025
Nature of transaction:
Grant by ATM of Performance Rights
under ATM's Long Term Incentive Plan.
Name of any other party or parties to the transaction (if known):N/A
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: 178,568 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Benef icial ow ner
For that relevant interest,-
Number held in class:
723,912
Current registered holder(s):
Pacific Custodians Pty Limited (as custodian)
For a derivative relevant interest,-
Type of derivative:
N/A
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:30-Oct-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:
06-Nov-2025
Date of last disclosure:
22-Sep-2025
Director or senior manager 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: Unlisted performance rights (
Performance Rights
)
representing an entitlement to acquire fully paid ordinary
shares (
Ordinary Shares
) in ATM.
Nature of the affected relevant interest(s):Spouse of registered holder and beneficial ow ner
For that relevant interest-
Number held in class before acquisition or disposal:(1) 268,809 Performance Rights of w hich:
(a) 1 4 8 ,6 5 0 are due t o vest on a dat e t o be det ermined
by the Board follow ing 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 follow ing the release of ATM’ s full year
audited results for FY2027 provided certain performance
conditions are met.
Number held in class after acquisition or disposal:(1) 341,192 Performance Rights of w hich:
(a) 1 4 8 ,6 5 0 are due t o vest on a dat e t o be det ermined
by the Board follow ing 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 follow ing the release of ATM’ s full year
audited results for FY2027 provided certain performance
conditions are met.
(c) 7 2 ,3 8 3 are due t o vest on a dat e t o be det ermined
by the Board follow ing the release of ATM’ s full year
audited results for FY2028 provided certain performance
conditions are met.
Current registered holder(s):(1)(a) Yohan Senaratne
(1)(b) Aditi Kane
Registered holder(s) once transfers are registered:(1)(a) Yohan Senaratne
(1)(b) and (c) Aditi Kane
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:
1
Details of transactions requiring disclosure-
Date of transaction:
09-Oct-2025

Nature of transaction: Grant by ATM of Performance Rights under ATM's Long Term
Incentive Plan.
Name of any other party or parties to the transaction (if known):
N/A
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:
72,383 Performance Rights
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 following 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:
Ordinary Shares
Nature of relevant interest:
Spouse of registered holder and beneficial owner
For that relevant interest,-
Number held in class:
140,897
Current registered holder(s):
Aditi Kane
For a derivative relevant interest,-
Type of derivative:
N/A
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:30-Oct-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person: