SPH Notice - Ausbil Investment Management Limited

100080615/3821102.1
1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
Note: This form must be completed in accordance with the instructions at the end of the
form.
To NZX Limited
and
To The A2 Milk Company Limited (ATM)
Date this disclosure made: 25 February 2026
Date on which substantial holding began: 20 February 2026
Substantial product holder(s) giving disclosure
Full name(s): Ausbil Investment Management Limited
Summary of substantial holding
Class of quoted voting products: Ordinary Shares (Shares)
Summary for Ausbil Investment Management Limited
For this disclosure,—
(a) total number held in class: 36,629,840
(b) total in class: 725,426,194
(c) total percentage held in class: 5.049%
Details of relevant interests
Details for Ausbil Investment Management Limited
Nature of relevant interest(s): Citicorp Nominees Pty Limited and various other custodians
hold shares in the Company as custodian and for which Ausbil is either:
 The responsible entity or trustee of a pooled investment product such as managed
investment schemes (funds); or
 The investment manager of Portfolios held for a number of institutional investors.
The institutional investors are generally superannuation funds regulated under the
Superannuation Industry Supervision Act 1993.
The holding of shares in the Company was acquired as part of a wide portfolio of Australian
shares acquired for the Funds and Portfolios.
Ausbil and the Custodians may hold relevant interests due to the capacity of these entities
to dispose of the shares in the Company.
Each investor in a fund owns an individual interest in the Fund’s assets; no investor
directly owns any asset of the Fund. The unit holding of each Fund varies from time to time
as clients enter and withdraw from the Funds. The various institutional investors with
portfolios delegate the management of the Portfolios to Ausbil.

100080615/3821102.1
2
For that relevant interest,—
(a) number held in class: 36,629,840
(b) percentage held in class: 5.049%
(c) current registered holder(s): Citicorp Nominees Pty Limited and various other
custodians
(d) registered holder(s) once transfers are registered: Citicorp Nominees Pty Limited
and various other custodians
Details of transactions and events giving rise to substantial holding:
The transactions/events giving rise to this disclosure obligation are on-market buy and sell
trades by Ausbil Investment Management Limited (“Ausbil”) since 20/10/2025 until
25/02/2026, as summarised in the table below.
Details for:
Ausbil Investment Management Limited
On-market purchases – number of shares 3,043,839
On-market purchases – gross consideration $26,699,125.78
On-market sales – number of shares 779,664
On-market sales – gross consideration $7,115,603.05
Net Shares transferred into Ausbil 14,501
Additional information
Address(es) of substantial product holder(s): Level 27, Grosvenor Place 225 George
Street, Sydney NSW 2000
Contact details:
Kristy Do
Chief Compliance Officer
+61 2 9259 0244
kristy.do@ausbil.com.au
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: None.
Certification
I, Kristy Do, 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.