Capital Change Notice

Capital Change Notice
Updated as at February 2025
Notice of issue of Performance Rights
This notice is given under NZX Listing Rule 3.13.1 and relates to the issue of Performance Rights
under ATM’s Long Term Incentive Plan (LTI Plan).
Section 1: Issuer information
Name of issuer The a2 Milk Company Limited
NZX ticker code ATM
Class of financial product Performance Rights
ISIN (If unknown, check on NZX website)
Not applicable—the rights will not be
quoted
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 324,606 Performance Rights
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Performance Rights issued under the LTI
Plan for nil consideration
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
1

5.22% of the total number of Performance
Rights on issue at the date of this notice
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)
The Performance Rights have been
issued to an associate of the Managing
Director and CEO of ATM pursuant to the
terms and conditions of ATM’s LTI Plan
and following approval at ATM’s annual
meeting held on 20 November 2025. Each
Performance Right represents, upon
vesting and automatic exercise, an
entitlement to acquire an Ordinary Share
in ATM subject to certain performance
hurdles being satisfied and the holder of
the Performance Right remaining
employed by ATM on the relevant vesting
date.
The Performance Rights have a nil
exercise price and are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY28.
1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Refer to the Annexure lodged with ATM’s
Capital Change Notice dated 9 October
2025 for further details, including
performance hurdles.
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Board resolutions approving the grant of
Performance Rights as part of the ongoing
long term incentive arrangements under
the LTI Plan.
Total number of Financial Products of the Class
after the issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total number of
Financial Products of the Class held as Treasury
Stock after the issue/acquisition/redemption.
6,543,677 Performance Rights.
There is no Treasury Stock.
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Board Resolution and Listing Rule 4.6.
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
Any Ordinary Shares issued on vesting
and exercise of Performance Rights will
rank equally with existing Ordinary
Shares.
Date of issue/acquisition/redemption
2
8 December 2025
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Jaron McVicar, Chief Legal and
Sustainability Officer & Company
Secretary
Contact person for this announcement Jaron McVicar
Contact phone number +61 2 9697 7000
Contact email address Jaron.McVicar@a2milk.com
Date of release through MAP

9 December 2025


2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Announcement Summary
Entity name
THE A2 MILK COMPANY LIMITED
Date of this announcement
Tuesday December 09, 2025
The +securities the subject of this notification are:
Total number of +securities to be issued/transferred
ASX +security
codeSecurity description
Total number of
+securities to be
issued/transferredIssue date
A2MADPERFORMANCE RIGHT324,60608/12/2025
Refer to next page for full details of the announcement
+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 1 - Entity and announcement details
1.1 Name of entity
THE A2 MILK COMPANY LIMITED
We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.
1.2 Registered number type
ARBN
Registration number
158331965
1.3 ASX issuer code
A2M
1.4 The announcement is
1.5 Date of this announcement
9/12/2025
New announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 2 - Issue details
2.1 The +securities the subject of this notification are:
2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and
which:
has an existing ASX security code ("existing class")
+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to
ASX in an Appendix 3B
ASX +security code and description
A2MAD : PERFORMANCE RIGHT
Date the +securities the subject of this notification were issued
8/12/2025
Will these +securities rank equally in all respects from their issue date with the existing issued
+securities in that class
Were any of the +securities issued to +key management personnel (KMP) or an +associate?
Provide details of the KMP or +associates being issued +securities.
Name of KMPName of registered holderNumber of +securities
David Landt BortolussiDMZSK Pty Ltd (ACN 128 544 838)
<D & M Bortolussi Family Trust A/c>
324,606
Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme
or a summary of the terms
A summary of the terms of the long-term incentive plan under which performance rights are issued is included in the
remuneration section of the entity's 2025 annual report and note F2 to its financial statements for the year ended 30 June
2025 included therein. A copy of the report may be accessed from the following webpage: https://thea2milkcompany.com/
.results
Refer to the Annexure lodged with the Appendix 3G on 9 October 2025 for further details, including performance hurdles.
Any other information the entity wishes to provide about the +securities the subject of this notification
As Mr Bortolussi is a member of the entity's Executive Leadership Team, the entity's minimum shareholding requirement
will apply to any shares delivered on vesting and exercise of the performance rights. Other than to meet any tax
obligations, no shares can be sold until a sufficient number of shares are held that satisfy the minimum shareholding
requirement being shares equivalent to 100% of the relevant participant's fixed annual remuneration comprising base
salary and compulsory employer superannuation contributions (or equivalent) before any tax or social security deductions.
Issue details
Number of +securities
324,606
Yes
Yes

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 4 - +Securities on issue
Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of
the entity will comprise:
The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if
other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.
4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
A2M : ORDINARY FULLY PAID725,426,194
4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
A2MAD : PERFORMANCE RIGHT6,543,677

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 5 - Other Listing Rule requirements
5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue
did not need any security holder approval under Listing Rule 7.1?
5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under
listing rule 7.1?
5.2b Are any of the +securities being issued without +security holder approval using the
entity's 15% placement capacity under listing rule 7.1?
5.2c Are any of the +securities being issued without +security holder approval using the
entity's additional 10% placement capacity under listing rule 7.1A (if applicable)?
No
No
No
No