SPH Notice - Perpetual Limited and subsidiaries

Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To: NZX Limited
and
To: A2 Milk Company Ltd
Date on which substantial holding ceased: 6 Feb 2026
Date this disclosure made: 10 Feb 2026
Date last disclosure made: 15 May 2025
Substantial product holder(s) giving disclosure
Full name(s): Perpetual Limited and subsidiaries
Summary of substantial holding
Class of quoted voting products: ordinary shares – security code A2M (NZATME0002S8)
Summary for Perpetual Limited and subsidiaries
For last disclosure,—
(a) total number held in class: 42,242,084
(b) total in class: 724,019,118
(c) total percentage held in class: 5.834%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 35,883,977
(b) total in class: 725,426,194
(c) total percentage held in class: 4.946%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: Refer to Annexure 1

Additional information
Address(es) of substantial product holder(s):

Perpetual Limited: Level 14, 123 Pitt Street, Sydney, 2000, NSW, Australia
Perpetual Investment Management Limited (PIML): Level 14, 123 Pitt Street, Sydney,
2000, NSW, Australia
Perpetual Trustee Company Limited (PTCO): Level 14, 123 Pitt Street, Sydney, 2000,
NSW, Australia
Pendal Group Limited (PDL): Level 14, 123 Pitt Street, Sydney, 2000, NSW, Australia
Pendal Fund Services Limited (PFSL): Level 14, 123 Pitt Street, Sydney, 2000, NSW,
Australia
Pendal Institutional Limited (PIL): Level 14, 123 Pitt Street, Sydney, 2000, NSW,
Australia
J O Hambro Capital Management Ltd: Level 3, 1 St James's Market. London UK

Contact details: Sylvie Dimarco, Sylvie.Dimarco@perpetual.com.au
Phone: (612) 9229 9365

Nature of connection between substantial product holders: The entities specified in the Annexures
are subsidiaries of Perpetual Limited.
Name of any other person believed to have given, or believed to be required to give, a disclosure
under the Financial Markets Conduct Act 2013 in relation to the financial products to which this
disclosure relates: Not applicable
Disclosure has effect for purposes of directors’ and senior managers’ disclosure: Not applicable

Certification
I, Sylvie Dimarco, 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.

ANNEXURE 1
DISCLOSURE OF CEASING TO HAVE SUBSTANTIAL HOLDING
Perpetual Limited and subsidiaries
DATED 6 Feb 2026
Name of type of shares A2 Milk Company Ltd (ASX Code: A2M)
Percentage held 4.946%

Relevant related body corporate: Perpetual Limited
Registered holder 1: Perpetual Investment Management Limited (PIML)
Holding 1: 25,539,080
Transaction Type Period Shares Consideration
On-market purchases 14/05/2025 to
06/02/2026
3,529,138 $29,389,259.69
On-market sales 14/05/2025 to
06/02/2026
-17,549,652 -$157,722,323.90
Registered holder 2: Perpetual Trustee Company Limited (PTCO)
Holding 2: 5,319
Transaction Type Period Shares Consideration
On-market purchases 14/05/2025 to
06/02/2026
Nil Nil
On-market sales 14/05/2025 to
06/02/2026
Nil Nil
Registered holder 3: Pendal Fund Services Limited (PFSL)
Holding 3: 2,581,039
Transaction Type Period Shares Consideration
On-market purchases 14/05/2025 to
06/02/2026
2,339,764 $21,208,169.41
On-market sales 14/05/2025 to
06/02/2026
-1,591,890 -$13,361,694.42
Registered holder 4: Pendal Institutional Limited (PIL)
Holding 4: 7,758,539
Transaction Type Period Shares Consideration
On-market purchases 14/05/2025 to
06/02/2026
9,289,567 $83,536,117.38

On-market sales 14/05/2025 to
06/02/2026
-1,531,028 -$14,190,746.39
Registered holder 5: J O Hambro Capital Management Limited (JOHCML)
Holding 5: 0.00
Transaction Type Period Shares Consideration
On-market purchases 14/05/2025 to
06/02/2026
Nil Nil
On-market sales 14/05/2025 to
06/02/2026
-844,006 -$6,698,570.45