Share trades by Executive Leadership Team

NZX Code: ATM
ASX Code: A2M

The a2 Milk Company Limited
www.thea2milkcompany.com

3 December 2025
NZX/ASX Market Release

Share trades by Executive Leadership Team
The a2 Milk Company (the Company, or a2MC) advises that members of its Executive Leadership Team (ELT) have
sold up to 50% of the tranche of shares in a2MC that they received on 30 August 2024 on vesting of performance
rights issued under the Company’s FY22 Long-Term Incentive (LTI) plan. The shares were sold on-market
predominantly to cover tax obligations arising from the vesting of those performance rights.

The Board considers it reasonable for ELT members to sell up to 50% of shares issued to them following vesting of
performance rights under LTI plans to cover tax obligations in the ordinary course.

The ELT (as insiders of a2MC) have at relevant times been unable to sell shares to cover tax obligations that have
arisen on the vesting of prior performance and time-based rights. More recently this was due to the material
announcements in relation to the a2 Pokeno acquisition, MVM divestment and intent to declare a special dividend.

This update follows the Company’s previous announcement on 22 September 2025 regarding ELT members choosing
to progressively sell shares in future trading windows to fund tax obligations arising in relation to the vesting of rights
over recent years, subject to Board approval and achieving the Executive Minimum Shareholding Requirement (MSR)
within the requisite timeframe.

It is noted that David Bortolussi, Managing Director and CEO, continues to hold a2MC shares well in excess of his
Executive MSR, and that all other ELT members that have had more than one grant of performance rights vest
currently exceed their Executive MSR.

Further details of the recent share sales are provided in the NZX Ongoing Disclosure Notices and the ASX Appendix
3Ys attached to this announcement.


Authorised for release by the Board of Directors

Pip Greenwood
Chair
The a2 Milk Company Limited

For further information, please contact:

Investors / Analysts
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@a2milk.com

2
Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au

---

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
22 September 2025
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 1,228,402
performance rights and 242,346 ordinary
shares.
DMZSK Pty Ltd (ACN 128 544 838), as
trustee for D&M Bortolussi Family Trust,
holds all other interests.
Mr Bortolussi’s voting power in DMZSK
Super Fund Pty Ltd and DMZSK Pty Ltd is
above 20%.
Date of change
26 November 2025
No. of securities held prior to change
1. 1,228,402 performance rights
2. 1,523,112 fully paid ordinary shares
Class
1. performance rights
2. fully paid ordinary shares
Number acquired
1. nil performance rights
2. nil fully paid ordinary shares
Number disposed
1. nil performance rights
2. 245,453 fully paid ordinary shares
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation
Average Price of NZD10.89 per Ordinary
Share

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. 1,228,402 performance rights
2. 1,277,659 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
On market sale of 245,453 Ordinary Shares
to predominately
meet tax liabilities arising
in connection with vesting of performance
rights under ATM's long term incentive
programme, using broker facilities
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

---

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:
03-Dec-2025
Date of last disclosure:
22-Sep-2025
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 Chief
Executive Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: Fully paid ordinary shares in ATM
(Ordinary Shares)
Nature of the affected relevant interest(s):
Beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 1,280,766 Ordinary Shares
(2) 242,346 Ordinary Shares
(Note existing relevant interests in other
securities on the following page)
Number held in class after acquisition or disposal:
(1) 1,035,313 Ordinary Shares
(2) 242,346 Ordinary Shares
(Note existing relevant interests in other
securities on the following page)
Current registered holder(s):
(1) DMZSK Pty Ltd <D&M Bortolussi
Family Trust A/c>
(2) DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
Registered holder(s) once transfers are registered:
(1) DMZSK Pty Ltd <D&M Bortolussi
Family Trust A/c>
(2) DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
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:26-Nov-2025
Nature of transaction: On market sale of 245,453 Ordinary
Shares to predominately meet tax
liabilities arising in connection with
vesting of performance rights under
ATM's long term incentive programme,
using broker facilities
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:
Average Price of NZD10.89 per Ordinary
Share
Number of financial products to which the transaction related:
245,453 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 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:
Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
Beneficial Owner
For that relevant interest,-

Number held in class:
(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.
Current registered holder(s):
(1)(a) & (b) DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund 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:3-Dec-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:
03-Dec-2025
Date of last disclosure:
06-Nov-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:
Fully paid ordinary shares in ATM (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:78,179 Ordinary Shares (Note existing relevant
interests in other securities on the following
page)
Number held in class after acquisition or disposal:52,579 Ordinary Shares (Note existing relevant
interests in other securities on the following
page)
Current registered holder(s):Amanda Hart
Registered holder(s) once transfers are registered:Amanda Hart
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:
26-Nov-2025
Nature of transaction:
On market sale of 25,600 Ordinary Shares predominantly
to meet tax liabilities arising in connection with vesting of
performance rights under ATM's long term incentive
programme, using broker facilities.
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:
Average Price of NZD10.89 per Ordinary Share
Number of financial products to which the transaction related: 25,600 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 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:
Unlisted performance rights (Performance Rights)
representing an entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
1(a) Registered Holder and Beneficial Owner.
1(b) and (c) Power 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:
(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) and (c) Lac Deamer Hart Pty Ltd
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:1-Dec-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:
03-Dec-2025
Date of last disclosure:
06-Nov-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: Fully paid ordinary shares in ATM (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:97,049 Ordinary Shares (Note existing
relevant interests in other securities on the
following page)
Number held in class after acquisition or disposal:67,049 Ordinary Shares (Note existing
relevant interests in other securities on the
following page)
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:
26-Nov-2025
Nature of transaction: On market sale of 30,000 Ordinary Shares predominantly to meet
tax liabilities arising in connection with vesting of performance
rights under ATM's long term incentive programme, using broker
facilities
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:
NZD 10.94 per Ordinary Share
Number of financial products to which the transaction related: 30,000 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 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:
Unlisted performance rights (Performance Rights)
representing
an entitlement to acquire fully paid ordinary shares (Ordinary
Shares) in ATM.
Nature of relevant interest:
Registered holder and beneficial owner
For that relevant interest,-
Number held in class:
(1) 210,291 Performance Rights of which:
(a) 91,598 are due to vest on a date to be determined by the
B
oard 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
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
f
or whom it is made.
Signature of director or officer:
Date of signature:2-Dec-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:
03-Dec-2025
Date of last disclosure:
06-Nov-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:
Fully paid ordinary shares in ATM
(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:149,949 Ordinary Shares
Number held in class after acquisition or disposal:105,094 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:
1
Details of transactions requiring disclosure-
Date of transaction:26-Nov-2025
Nature of transaction:
On market sale of 44,855 Ordinary
Shares predominantly to meet tax
liabilities arising in connection with
vesting of performance rights under
ATM's long term incentive
programme, using broker facilities
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:
Average Price of NZD10.95 per Ordinary
Share
Number of financial products to which the transaction related:
44,855 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 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:
Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares (Ordinary Shares) in ATM.
Nature of relevant interest:
Registered holder and beneficial owner
For that relevant interest,-
Number held in class:
(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), (b) and (c) 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:
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:
1 December 2025

---

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:
03-Dec-2025
Date of last disclosure:
06-Nov-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:
Fully paid ordinary shares in ATM (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:
190,171 Ordinary Shares (Note existing
relevant interests in other securities on the
following page)
Number held in class after acquisition or disposal:159,277 Ordinary Shares (Note existing
relevant interests in other securities on the
following page)
Current registered holder(s):
Jaron James McVicar
Registered holder(s) once transfers are registered:
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:
1
Details of transactions requiring disclosure-
Date of transaction:26-Nov-2025
Nature of transaction:
On market sale of 30,894 Ordinary Shares
predominantly to meet tax liabilities arising in
connection with vesting of performance rights
under ATM's long term incentive programme,
using broker facilities
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:
Average price of NZD 10.89 per Ordinary
Share
Number of financial products to which the transaction related: 30,894 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 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:
Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares (Ordinary Shares) in ATM.
Nature of relevant interest:
Registered holder and beneficial owner
For that relevant interest,-
Number held in class:
(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), (b) and (c) Charlotte Mary 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:1-Dec-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:
03-Dec-2025
Date of last disclosure:
06-Nov-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: Fully paid ordinary shares in ATM (Ordinary Shares)
Nature of the affected relevant interest(s):Beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
723,912 Ordinary Shares (Note existing relevant interests in
other securities on the following page)
Number held in class after acquisition or disposal:
613,226 Ordinary Shares (Note existing relevant interests in
other securities on the following page)
Current registered holder(s):
Pacific Custodians Pty Limited (as custodian)
Registered holder(s) once transfers are registered:
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:
1
Details of transactions requiring disclosure-
Date of transaction:
03-Dec-2025

Nature of transaction: On market sale of 110,686 Ordinary Shares to predominately
meet tax liabilities arising in connection with vesting of
performance rights under ATM's long term incentive
programme, using broker facilities
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:
NZD10.68 per Ordinary Share
Number of financial products to which the transaction related: 110,686 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 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:
Unlisted performance rights (Performance Rights)
representing an entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
(1) (a), (b) and (c) Registered holder and beneficial owner
For that relevant interest,-
Number held in class:
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;
(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; and
(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), (b) and (c) Xiao Li
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:3-Dec-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:03-Dec-2025
Date of last disclosure: 06-Nov-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: Fully paid ordinary shares in ATM (Ordinary Shares)
Nature of the affected relevant interest(s):Spouse of registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:140,897 Ordinary Shares (Note existing relevant interests in
other securities on the following page)
Number held in class after acquisition or disposal:95,319 Ordinary Shares (Note existing relevant interests in
other securities on the following page)
Current registered holder(s): Aditi Kane
Registered holder(s) once transfers are registered:
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:
26-Nov-2025
Nature of transaction: On market sale of 45,578 Ordinary Shares predominately to
meet tax liabilities arising in connection with vesting of
performance rights under ATM's long term incentive
programme, using broker facilities
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:
NZD10.91 per Ordinary Share
Number of financial products to which the transaction related: 45,578 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 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:
Unlisted performance rights (Performance Rights)
representing an entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
(1)(a) Registered holder and beneficial owner.
(1)(b) and (c) Spouse of registered holder and beneficial owner
For that relevant interest,-
Number held in class:
1) 341,192 Performance Rights of which:
(a) 148,650 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 FY2026 provided certain performance
conditions are met;
(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; and
(c) 72,383 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 FY2028 provided certain performance
conditions are met
Current registered holder(s):
1)(a) Yohan Senaratne
(1)(b) and (c) 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:2-Dec-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person: