Capital Change Notice

Capital Change Notice

Updated as at February 2025

Notice of issue of Ordinary Shares

This notice is given under NZX Listing Rules 3.13.1 and 3.15.2 and relates to the vesting and
automatic exercise of performance rights and the issue of fully paid Ordinary Shares 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 Ordinary Shares
ISIN (If unknown, check on NZX website) NZATME0002S8
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 2,629,656 Ordinary Shares
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security NZ$8.28
1

Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Not applicable
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)
2

0.36% of the total number of Ordinary
Shares 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)
Not applicable
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Ordinary Shares issued to a2 ESS
Holdings Pty Limited on behalf of certain
employees as a result of performance
rights vesting and being automatically
exercised in connection with ATM’s LTI
Plan, as authorised by Board Resolutions.
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.
728,055,850 Ordinary Shares.
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

1

Calculated by converting the issue price from AUD to NZD using an AUD/NZD exchange rate of 0.8280 as at 19 August 2026.

2
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

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 Resolutions and Listing Rule
4.9.1(b).
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
All Ordinary Shares issued rank equally
with the existing Ordinary Shares.
Date of issue/acquisition/redemption
3
20 August 2026
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Kate Tidbury, Chief Legal Officer &
Company Secretary
Contact person for this announcement Kate Tidbury
Contact phone number +64 27 444 2701
Contact email address Kate.Tidbury@a2milk.com
Date of release through MAP

20 August 2026


3
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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NZX Code: ATM
ASX Code: A2M


The a2 Milk Company Limited
www.thea2milkcompany.com

20 August 2026
NZX/ASX Market Release

Notice under section 80(1)(b) of the Companies Act 1993 (NZ)

The a2 Milk Company Limited (NZX: ATM, ASX: A2M) (“ATM”) has provided for the purposes of its Long Term
Incentive Plan and Employee Share Plans (the “Plans”) funding which constitutes financial assistance under
section 76 of the Companies Act 1993 (NZ). Particulars of that funding are:
(a) the funding was provided to a2 ESS Holdings Pty Limited (Trustee), a wholly-owned subsidiary of
a2MC, as trustee of the a2MC Group Employee Share Trust;
(b) the funding was provided to enable the Trustee to subscribe for up to 2,629,656 ordinary shares
to be issued by a2MC to be available to deliver to Plan participants on vesting of performance
rights under the Plan;
(c) the consideration paid by the Trustee per share was NZ$8.28 per share;
1

(d) the funding was received by the Trustee, which will not be the beneficial owner of the shares.
The Trustee will hold the shares for the purposes of the a2MC Group Employee Share Trust
including allocation to participants in the Plan (and for the benefit of those participants); and
(e) the total aggregate amount of the funding by a2MC, NZ$19,257,097, and, for completeness by
its Australian subsidiary, NZ$2,504,828, was paid to the Trustee in cash as a non-repayable
grant.
2



Authorised for release by:
Kate Tidbury
Chief Legal Officer & Company Secretary
The a2 Milk Company Limited

1
Calculated by converting the issue price from AUD to NZD using an AUD/NZD exchange rate of 0.8280 as at 19 August 2026.
2
Calculated by converting the relevant amounts from AUD to NZD using an AUD/NZD exchange rate of 0.8280 as at 19 August 2026.

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Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
1 / 6
Announcement Summary
Entity name
THE A2 MILK COMPANY LIMITED
Announcement Type
New announcement
Date of this announcement
Thursday August 20, 2026
The +securities to be quoted are:
Total number of +securities to be quoted
ASX +security
codeSecurity description
Number of +securities to
be quotedIssue date
A2MORDINARY FULLY PAID2,629,65620/08/2026
Refer to next page for full details of the announcement
+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being
converted

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
2 / 6
Part 1 - Entity and announcement details
1.1 Name of entity
THE A2 MILK COMPANY LIMITED
We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix
2A of the ASX Listing Rules.
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
20/8/2026
New announcement

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
3 / 6
Part 2 - Type of Issue
2.1 The +securities to be quoted are:
2.2 The +class of +securities to be quoted is:
Additional +securities in a class that is already quoted on ASX ("existing class")
+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being
converted

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
4 / 6
Part 3B - number and type of +securities to be quoted (existing class) where issue has not previously been notified to ASX in an
Appendix 3B
Existing +securities converting into additional +securities in an existing class
FROM (Existing Class)
ASX +security code and description
A2MAD : PERFORMANCE RIGHT
TO (Existing Class)
ASX +security code and description
A2M : ORDINARY FULLY PAID
Please state the number of options
that were exercised or other
+convertible securities that were
converted
2,629,656
The first date the options were
exercised or other +convertible
securities were converted
20/8/2026
The last date the options were
exercised or other +convertible
securities were converted
20/8/2026
Is this all of the options or other +convertible securities on issue of that type (ie have all of those options now been
exercised or have all of those convertible securities now been converted)?
The right of the holder of the options or other +convertible securities to receive the +underlying securities is being
satisfied by:
The underlying +securities being received by the holder are:
Were the options being exercised or other +convertible securities being converted issued under an +employee
incentive scheme?
Are any of the options being exercised or other +convertible securities being converted held by +key management
personnel (KMP) or an +associate?
Provide details of the KMP or +associates who are exercising options or converting convertible securities
Name of KMPName of registered holder
Number of options being exercised
or other +convertible securities
being converted
David Landt BortolussiDMZSK Super Pty Ltd
690,066
Xiao LiPacific Custodians Pty Limited
362,741
David MuscatDavid Muscat
172,605
Issue date
20/8/2026
Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued
+securities in that class?
Yes
Yes
Yes
Intended to be, but are not yet, quoted by ASX
An issue of new +securities
No

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
5 / 6
Issue details
Number of +securities to be quoted
2,629,656
Are the +securities being issued for a cash consideration?
In what currency is the cash consideration being paid?
NZD - New Zealand Dollar
What is the issue price per +security?
NZD 8.28000000
Any other information the entity wishes to provide about the +securities to be quoted
The cash consideration was paid by the trustee of a2MC Group Employee Share Trust from contributions made by The a2
Milk Company Limited and one of its Australian subsidiaries.
An additional 50,513 performance rights have been exercised through the transfer of 50,513 fully paid ordinary shares
previously acquired on-market, as reflected in an Appendix 3G to be lodged after this Appendix 2A.
Yes

Appendix 2A - Application for quotation of securities
Appendix 2A - Application for quotation of securities
6 / 6
Part 4 - Issued capital following quotation
Following the quotation of the +securities the subject of this application, the issued capital 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 quoted on ASX following the +quotation of the
+securities subject of this application)
ASX +security code and description
Total number of
+securities on issue
A2M : ORDINARY FULLY PAID728,055,850
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 RIGHT3,576,884