Capital Change Notice and Ongoing Disclosure 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 20,350 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

0.31% 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 employee of ATM pursuant to
the terms and conditions of ATM’s LTI
Plan. 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 FY2028.


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.
6,564,027 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
9 March 2026
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

10 March 2026


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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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:
10-Mar-2026
Date of last disclosure:
N/A
Director or senior manager giving disclosure
Full name(s):Helena He
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 ATM.
Nature of the affected relevant interest(s):Registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:N/A
Number held in class after acquisition or disposal:(1) 17,045 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):N/A
Registered holder(s) once transfers are registered:(1) Helena He
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-Mar-2026
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:
17,045 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:
N/A
Nature of relevant interest:
For that relevant interest,-
Number held in class:
Current registered holder(s):
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:5-Mar-26
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

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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 March 10, 2026
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 RIGHT20,35009/03/2026
Refer to next page for full details of the announcement
+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being
quoted on ASX until the restriction ends

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
10/3/2026
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")
+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being
quoted on ASX until the restriction ends

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
Additional +securities in an existing class issued under an +employee incentive scheme
ASX +security code and description
A2MAD : PERFORMANCE RIGHT
Date the +securities the subject of this notification were issued
9/3/2026
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?
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 URL link: https://thea2milkcompany.com/r
.esults
Refer to the Annexure lodged with the Appendix 3G dated 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
Issue details
Number of +securities
20,350
No
Yes

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 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 RIGHT6,564,027

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