SSH Notice – Challenger Limited

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, 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) Relevant event being disclosed: Disclosure of Movement of 1% or more Date of relevant event: 6 January 2017 Date this disclosure made: 10 January 2017 Date last disclosure made: 25 October 2016 Substantial product holder(s) giving disclosure Full name(s): Challenger Limited (ACN 106 842 371) and its entities listed in Annexure 3. Summary of substantial holding Class of quoted voting products: Ordinary fully paid shares in ATM NZX. Summary for Challenger Limited and its entities. For this disclosure,-- (a) total number held in class: 75,233,708 (b) total in class: 725,620,065 (c) total percentage held in class: 10.37% For last disclosure,-- (a) total number held in class: 67,144,981 (b) total in class: 725,620,065 (c) total percentage held in class: 9.25% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: Purchased and sold onmarket as set out more fully in Annexure 2. Details after relevant event Details for Challenger Limited and its entities. Nature of relevant interest(s): Challenger Limited is the ultimate holding company of certain subsidiaries that are responsible entities of registered managed investment schemes that have a relevant interest and subsidiaries that have a non-controlling interest in certain boutique investment managers. The boutique investment managers have a relevant interest in the products by virtue of investment management agreements. A relevant agreement need not be attached under regulation 139. For that relevant interest: -- (a) number held in class: 75,233,708 (b) percentage held in class: 10.37% (c) current registered holder(s): See Annexure 1 (d) registered holder(s) once transfers are registered: N/A For a derivative relevant interest, also-- (a) type of derivative: N/A (b) details of derivative: N/A (c) parties to the derivative: N/A (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: N/A Additional information Address(es) of substantial product holder(s): Level 2, 5 Martin Place, Sydney NSW Australia 2000 Contact details: Andrew Brown, Company Secretary, Challenger Limited. Email abrown@challenger.com.au; Telephone +612 9994 7268 Certification I, Andrew John Brown, 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. End CA:00295358 For:ATM Type:SSH Time:2017-01-10 15:09:11