Share trades by Executive Leadership Team

NZX Code: ATM
ASX Code: A2M

The a2 Milk Company Limited
www.thea2milkcompany.com

22 September 2025
NZX/ASX Market Release
Share trades by Executive Leadership Team
The a2 Milk Company (a2MC) advises that members of its Executive Leadership Team (ELT) have sold up to 50% of
the tranche of shares in a2MC that they received on 26 August 2025 on vesting of performance rights issued under
the Company’s FY23 Long-Term Incentive (LTI) plan. The shares were sold on-market to cover tax obligations arising
from the vesting of those performance rights.

The Board considers it reasonable for ELT members to sell up to 50% of shares issued to them following vesting of
performance rights under the LTI plan to cover tax obligations in the ordinary course.

The ELT (as insiders of a2MC) have at relevant times been unable to sell shares to cover tax obligations that have
arisen on the vesting of performance rights in relation to the prior FY21 and FY22 LTI grants. More recently this was
due to the material announcements in relation to the a2 Pokeno acquisition, MVM divestment and intent to declare a
special dividend.

Rather than ELT members selling additional shares at this time to fund tax obligations arising in relation to the vesting
of prior LTI performance rights (which could be mis-interpreted by the market), ELT members may choose to
progressively sell additional shares in future trading windows, subject to Board approval and achieving the Executive
Minimum Shareholding Requirement (MSR) within the requisite timeframe.

It is noted that David Bortolussi, Managing Director and CEO, currently holds a2MC shares equivalent to over 6 times
his Executive MSR, and that all other ELT members that have had more than one grant of performance rights vest
currently exceed their Executive MSR.

Further details of the recent share sales are provided in the NZX Ongoing Disclosure Notices and the ASX Appendix
3Ys attached to this announcement.


Authorised for release by the Board of Directors

Pip Greenwood
Chair
The a2 Milk Company Limited

2
For further information, please contact:

Investors / Analysts
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@a2milk.com



Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au

---

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:
22-Sep-2025
Date of last disclosure:
02-Sep-2025
Director or senior manager giving disclosure
Full name(s):Amanda Hart
Name of listed issuer:The a2 Milk Company Limited
Name of related body corporate (if applicable):N/A
Position held in listed issuer:Chief People and Culture Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
Fully paid ordinary shares in ATM (Ordinary
Shares)
Nature of the affected relevant interest(s):Registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
103,179 Ordinary Shares (Note existing
relevant interests in other securities on the
following page)
Number held in class after acquisition or disposal:
78,179 Ordinary Shares (Note existing relevant
interests in other securities on the following
page)
Current registered holder(s):Amanda Hart
Registered holder(s) once transfers are registered:Amanda Hart
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:
15-Sep-2025
Nature of transaction: On market sale of 25,000 Ordinary Shares to
meet tax liabilities arising in connection with
vesting of performance rights under ATM's
long term incentive programme, using broker
facilities
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:
Average Price of NZD10.23 per Ordinary
Share
Number of financial products to which the transaction related: 25,000 Ordinary Shares
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:
Unlisted performance rights (Performance
Rights) representing an entitlement to acquire
fully paid ordinary shares in ATM (Ordinary
Shares).
Nature of relevant interest:
(1)(a) Registered holder and
beneficial owner.
(1)(b) Power to exercise the right to
vote attached to 20% or more of the
voting products of the registered
holder and beneficial holder.
For that relevant interest,-
Number held in class:
(1) 145,218 performance rights of
which:
(a) 80,271 are due to vest on a
date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided
certain performance conditions are
met; and
(b) 64,947 are due to vest on a
date to be determined by the Board
following the release of ATM's full year
audited results for FY2027 provided
certain performance conditions are
met.
Current registered holder(s):
(1)(a) Amanda Hart.
(1)(b) Lac Deamer Hart Pty Ltd.
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:16-Sep-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

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:
22-Sep-2025
Date of last disclosure:
02-Sep-2025
Director or senior manager giving disclosure
Full name(s):
Ping Zhang
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Supply Chain Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: Fully paid ordinary shares in ATM
(Ordinary Shares)
Nature of the affected relevant interest(s):
Registered holder and beneficial owner.
For that relevant interest-
Number held in class before acquisition or disposal:47,110 Ordinary Shares (Note existing
relevant interests in other securities on
the following page)
Number held in class after acquisition or disposal:23,555 Ordinary Shares (Note existing
relevant interests in other securities on
the following page)
Current registered holder(s):
Ping Zhang
Registered holder(s) once transfers are registered:
Ping Zhang
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:
15-Sep-2025
Nature of transaction: On market sale of 23,555 Ordinary
Shares to meet tax liabilities arising in
connection with vesting of performance
rights under ATM's long term incentive
programme, using broker facilities
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:
NZD10.21 per Ordinary Share
Number of financial products to which the transaction related: 23,555 Ordinary Shares
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:
Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
Registered holder and
beneficial owner.
For that relevant interest,-
Number held in class:
(1) 205,617 Performance Rights of
which:
(a) 113,157 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 92,460 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
Current registered holder(s):
Ping Zhang
For a derivative relevant interest,-
Type of derivative:
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:
19-Sep-2025
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

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:
22-Sep-2025
Date of last disclosure:
02-Sep-2025
Director or senior manager giving disclosure
Full name(s):
David Landt Bortolussi
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Managing Director and Chief
Executive Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: Fully paid ordinary shares in ATM
(Ordinary Shares)
Nature of the affected relevant interest(s):
Beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
(1) 1,280,766 Ordinary Shares
(2) 484,691 Ordinary Shares,
(Note existing relevant interests in other
securities on the following page)
Number held in class after acquisition or disposal:
(1) 1,280,766 Ordinary Shares
(2) 242,346 Ordinary Shares,
(Note existing relevant interests in other
securities on the following page)
Current registered holder(s):
(1) DMZSK Pty Ltd <D&M Bortolussi
Family Trust A/c>
(2) DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
Registered holder(s) once transfers are registered:
(1) DMZSK Pty Ltd <D&M Bortolussi
Family Trust A/c>
(2) DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
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:
2
Details of transactions requiring disclosure-
Date of transaction:
(1) 15 September 2025
(2) 16 September 2025
Nature of transaction: On market sale of 242,345 Ordinary
Shares to meet tax liabilities arising in
connection with vesting of performance
rights under ATM's long term incentive
programme, using broker facilities
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:
(1) Average Price of NZD10.23 per
Ordinary Share
(2) Average Price of NZD10.25 per
Ordinary Share
Number of financial products to which the transaction related:
242,345 Ordinary Shares
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:
Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
Beneficial Owner
For that relevant interest,-

Number held in class:
(1) 1,228,402 Performance Rights of
which:
(a) 690,066 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 538,336 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
Current registered holder(s):
(1)(a) & (b) DMZSK Super Pty Ltd <D&M
Bortolussi Superannuation Fund A/c>
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:
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:
19 September 2025

---

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:
02-Sep-2025
Date of last disclosure:
22-Sep-2025
Director or senior manager giving disclosure
Full name(s):
David Muscat
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Financial Officer
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
Fully paid ordinary shares in ATM
(Ordinary Shares)
Nature of the affected relevant interest(s):
Registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
121,107 Ordinary Shares
Number held in class after acquisition or disposal:
63,107 Ordinary Shares
Current registered holder(s):
David Muscat
Registered holder(s) once transfers are registered:
David Muscat
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:
3

Details of transactions requiring disclosure-
Date of transaction:
(1) 16 September 2025
(2) 17 September 2025
(3) 18 September 2025
Nature of transaction:
On market sale of 58,000 Ordinary
Shares to meet tax liabilities arising in
connection with vesting of performance
rights under ATM's long term incentive
programme, using broker facilities
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:
(1) Average Price of NZD10.24 per
Ordinary Share
(2) Average Price of NZD10.02 per
Ordinary Share
(3) Average Price of NZD9.76 per
Ordinary Share
Number of financial products to which the transaction related:
58,000 Ordinary Shares
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:
Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
Registered holder and beneficial owner.
For that relevant interest,-
Number held in class:
(1) 317,257 Performance Rights of
which:
(a) 172,605 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 144,652 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
Current registered holder(s):
David Muscat
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:
19-Sep-2025
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

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:
22-Sep-2025
Date of last disclosure:
02-Sep-2025
Director or senior manager giving disclosure
Full name(s):Edith Bailey
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: Fully paid ordinary shares in ATM (Ordinary Shares)
Nature of the affected relevant interest(s):Registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:129,150 Ordinary Shares (Note existing relevant interests in
other securities on the following page)
Number held in class after acquisition or disposal:
97,049 Ordinary Shares (Note existing relevant interests in other
securities on the following page)
Current registered holder(s):Edith Bailey
Registered holder(s) once transfers are registered:Edith Bailey
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:
16-Sep-2025
Nature of transaction:
On market sale of 32,101 Ordinary Shares to meet tax liabilities
arising in connection with vesting of performance rights under
ATM's long term incentive programme, using broker facilities
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:
NZD 10.23 per Ordinary Share
Number of financial products to which the transaction related: 32,101 Ordinary Shares
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:
Unlisted performance rights (Performance Rights) representing
an entitlement to acquire fully paid ordinary shares in ATM
(Ordinary Shares).
Nature of relevant interest:
(1)(a) and (1)(b) Registered holder and
beneficial owner.
For that relevant interest,-
Number held in class:
(1) 165,679 Performance Rights of which:
(a) 91,598 are due to vest on a date to be determined by the
Board following the release of ATM’s full year audited results for
FY2026 provided certain performance conditions are met; and
(b) 74,081 are due to vest on a date to be determined by the
Board following the release of ATM’s full year audited results for
FY2027 provided certain performance conditions are met.
Current registered holder(s):
(1)(a) and (1)(b) Edith Bailey
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:18-Sep-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

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:
02-Sep-2025
Date of last disclosure:
22-Sep-2025
Director or senior manager giving disclosure
Full name(s):
Eleanor Khor
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Managing Director - ANZ and Strategy
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
Fully paid ordinary shares in ATM
(Ordinary Shares)
Nature of the affected relevant interest(s):
Registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
164,608 Ordinary Shares
Number held in class after acquisition or disposal:149,949 Ordinary Shares
Current registered holder(s):
Eleanor Khor
Registered holder(s) once transfers are registered:
Eleanor Khor
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:
2
Details of transactions requiring disclosure-
Date of transaction:
(1) 15 September 2025
(2) 16 September 2025
Nature of transaction:
On market sale of 14,659 Ordinary
Shares to meet tax liabilities arising in
connection with vesting of performance
rights under ATM's long term incentive
programme, using broker facilities
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:
(1) NZD10.25 per Ordinary Share
(2) Average Price of NZD10.27 per
Ordinary Share
Number of financial products to which the transaction related:
14,659 Ordinary Shares
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:
Unlisted performance rights
(Performance Rights) representing an
entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
Registered holder and beneficial owner.
For that relevant interest,-
Number held in class:
(1) 242,494 Performance Rights of
which:
(a) 131,313 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2026 provided certain
performance conditions are met; and
(b) 111,181 are due to vest on a date
to be determined by the Board following
the release of ATM’s full year audited
results for FY2027 provided certain
performance conditions are met.
Current registered holder(s):
(1) (a) and (b) Eleanor Khor
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:
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:
19 September 2025

---

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:
22-Sep-2025
Date of last disclosure:
02-Sep-2025
Director or senior manager giving disclosure
Full name(s):
Jaron James McVicar
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Legal and Sustainability Officer &
Company Secretary
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products:
Fully paid ordinary shares in ATM (Ordinary
Shares
)
Nature of the affected relevant interest(s):Registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
220,711 Ordinary Shares (Note existing
relevant interests in other securities on the
following page)
Number held in class after acquisition or disposal:
190,171 Ordinary Shares (Note existing
relevant interests in other securities on the
following page)
Current registered holder(s):
Jaron James McVicar
Registered holder(s) once transfers are registered:
Jaron James McVicar
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:
2
Details of transactions requiring disclosure-
Date of transaction:
(1) 15 Sept 25
(2) 16 Sept 25
Nature of transaction:
On market sale of 30,540 Ordinary Shares to
meet tax liabilities arising in connection with
vesting of performance rights under ATM's
long term incentive programme, using broker
facilities
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:
(1) Average price of NZD 10.28 per Ordinary
Share
(2) Average price of NZD 10.24 per Ordinary
Share
Number of financial products to which the transaction related:
(1) 12,359 Ordinary Shares
(2) 18,181 Ordinary Shares
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:
Unlisted performance rights (Performance
Rights) representing an entitlement to
acquire fully paid ordinary shares in ATM
(Ordinary Shares).
Nature of relevant interest:
(1)(a) and (1)(b) Spouse of registered holder
and beneficial owner
For that relevant interest,-
Number held in class:
(1) 165,627 performance rights of
which:
(a) 89,190 Performance Rights due to vest
on a date to be determined by the Board
following the release of ATM’s full year
audited results for FY2026 provided certain
performance conditions are met; and
(b) 76,437 Performance Rights due to vest
on a date to be determined by the Board
following the release of ATM’s full year
audited results for FY2027 provided certain
performance conditions are met.
Current registered holder(s):(1)(a) and (1)(b) Charlotte Mary McVicar

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:18-Sep-25
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:

---

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:
22-Sep-2025
Date of last disclosure:
02-Sep-2025
Director or senior manager giving disclosure
Full name(s):
Xiao Li
Name of listed issuer:
The a2 Milk Company Limited
Name of related body corporate (if applicable):
N/A
Position held in listed issuer:
Chief Executive – Greater China
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: Fully paid ordinary shares in ATM
(Ordinary Shares)
Nature of the affected relevant interest(s):Beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:
850,829 Ordinary Shares (Note existing
relevant interests in other securities on
the following page)
Number held in class after acquisition or disposal:
723,912 Ordinary Shares (Note existing
relevant interests in other securities on
the following page)
Current registered holder(s):
Pacific Custodians Pty Limited (as
custodian)
Registered holder(s) once transfers are registered:
Pacific Custodians Pty Limited (as
custodian)
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:
16-Sep-2025
Nature of transaction: On market sale of 126,917 Ordinary
Shares to meet tax liabilities arising in
connection with vesting of performance
rights under ATM's long term incentive
programme, using broker facilities
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:
NZD10.25 per Ordinary Share
Number of financial products to which the transaction related: 126,917 Ordinary Shares
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:
Unlisted performance rights
Nature of relevant interest:
(1)(a) and (1)(b) Registered holder and
beneficial owner
For that relevant interest,-
Number held in class:
(1) 652,118 performance rights of
which:
(a) 362,741 Performance Rights due to
vest on a date to be determined by the
Board following the release of ATM’s full
year audited results for FY2026 provided
certain performance conditions are met;
and
(b) 289,377 Performance Rights due to
vest on a date to be determined by the
Board following the release of ATM’s full
year audited results for FY2027 provided
certain performance conditions are met.
Current registered holder(s):
(1)(a) and (1)(b) Xiao Li
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:
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:
19 September 2025

---

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:
22-Sep-2025
Date of last disclosure:
02-Sep-2025
Director or senior manager giving disclosure
Full name(s):Yohan Senaratne
Name of listed issuer:The a2 Milk Company Limited
Name of related body corporate (if applicable):N/A
Position held in listed issuer:Managing Director – International
Summary of acquisition or disposal of relevant interest (excluding specified derivatives)
Class of affected quoted financial products: Fully paid ordinary shares in ATM (Ordinary Shares)
Nature of the affected relevant interest(s):Spouse of registered holder and beneficial owner
For that relevant interest-
Number held in class before acquisition or disposal:190,637 Ordinary Shares (Note existing relevant interests in
other securities on the following page)
Number held in class after acquisition or disposal:140,897 Ordinary Shares (Note existing relevant interests in
other securities on the following page)
Current registered holder(s): Aditi Kane
Registered holder(s) once transfers are registered:
Aditi Kane
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:
16-Sep-2025
Nature of transaction: On market sale of 49,740 Ordinary Shares to meet tax
liabilities arising in connection with vesting of performance
rights under ATM's long term incentive programme, using
broker facilities
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:
NZD10.24 per Ordinary Share
Number of financial products to which the transaction related: 49,740 Ordinary Shares
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:
Unlisted performance rights (Performance Rights)
representing an entitlement to acquire fully paid ordinary
shares in ATM (Ordinary Shares).
Nature of relevant interest:
(1)(a) Registered holder and beneficial owner.
(1)(b) Spouse of registered holder and beneficial owner
For that relevant interest,-
Number held in class:
(1) 268,809 Performance Rights of which:
(a) 148,650 are due to vest on a date to be determined by
the Board following the release of ATM’s full year audited
results for FY2026 provided certain performance conditions are
met; and
(b) 120,159 are due to vest on a date to be determined by
the Board following the release of ATM’s full year audited
results for FY2027 provided certain performance conditions are
met.
Current registered holder(s):
(1)(a) Yohan Senaratne
(1)(b) Aditi Kane
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:
or
Signature of person authorised to sign on behalf of director or officer:
Date of signature:
Name and title of authorised person:
18 September 2025

---

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.
01/01/2011 Appendix 3Y Page 1
Rule 3.19A.2
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
Name of entity: The a2 Milk Company Limited (Company)
ABN: 97 769 415 292
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the
director for the purposes of section 205G of the Corporations Act.
Name of Director
David Landt Bortolussi
Date of last notice
2 September 2025
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be
disclosed in this part.
Direct or indirect interest
Indirect
Nature of indirect interest
(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant
interest.
DMZSK Super Pty Ltd (ACN 617 428 216),
as trustee for D &
M Bortolussi
Superannuation Fund, holds 1,729,582
performance rights.
DMZSK Pty Ltd (ACN 128 544 838), as
trustee for D&M Bortolussi Family Trust,
holds
all other interests (both existing and
acquired)
Mr Bortolussi’s voting power in DMZSK
Super Fund Pty Ltd and DMZSK Pty Ltd is
above 20%.
Date of change
(1) 15 September 2025
(2) 16 September 2025
No. of securities held prior to change
1. 1,228,402 performance rights
2. 1,765,457 fully paid ordinary shares
Class
1. performance rights
2. fully paid ordinary shares
Number acquired
1. nil performance rights
2. nil fully paid ordinary shares
Number disposed
1. nil performance rights
2. 242,345 fully paid ordinary shares

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.
Appendix 3Y Page 2 01/01/2011
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation
(1) Average Price of NZD10.23 per Ordinary
Share
(2) Average Price of NZD10.25 per Ordinary
Share
No. of securities held after change
1. 1,228,402 performance rights
2. 1,523,112 fully paid ordinary shares
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back
On market sale of 242,345 Ordinary Shares
to meet tax liabilities arising in connection
with vesting of performance rights under
ATM's long term incentive programme, using
broker facilities
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be
disclosed in this part.

Detail of contract
N/A
Nature of interest
N/A
Name of registered holder
(if issued securities)
N/A
Date of change
N/A
No. and class of securities to which
interest related prior to change
Note: Details are only required for a contract in relation
to which the interest has changed

N/A
Interest acquired
N/A
Interest disposed
N/A
Value/Consideration
Note: If consideration is non-cash, provide details and an
estimated valuation

N/A
Interest after change
N/A
Part 3 –
+
Closed period
Were the interests in the securities or contracts detailed
above traded during a
+
closed period where prior written
clearance was required?
N/A
If so, was prior written clearance provided to allow the trade
to proceed during this period?
N/A
If prior written clearance was provided, on what date was this
provided?
N/A