SSH Notice – Perpetual Ltd and its subsidiaries

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 and To: THE A2 MILK COMPANY Date this disclosure made: 23/02/2017 Date on which substantial holding began: 21/02/2017 Substantial product holder(s) giving disclosure Full name(s): PERPETUAL LIMITED and subsidiaries Summary of substantial holding Class of quoted voting products: Ordinary shares Summary for: PERPETUAL LIMITED and subsidiaries For this disclosure,-- (a) total number held in class: 36,384,117 (b) total in class: 716,938,815 (c) total percentage held in class: 5.08% Details of relevant interests Details for: REFER TO ANNEXURES attached Nature of relevant interest(s): Normal market trading For that relevant interest,-- (a) number held in class: REFER TO ANNEXURES attached (b) percentage held in class: REFER TO ANNEXURES attached (c) current registered holder(s): REFER TO ANNEXURES attached (d) registered holder(s) once transfers are registered: REFER TO ANNEXURES attached Details of transactions and events giving rise to substantial holding Details of the transactions or other events requiring disclosure: REFER TO ANNEXURES attached Additional information Address(es) of substantial product holder(s): PO BOX 4171, SYDNEY 2000, AUSTRALIA Contact details: Glenda Charles, 612 9229 9134, gcharles@perpetual.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: N/A Certification I, GLENDA CHARLES, 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:00297350 For:ATM Type:SSH Time:2017-02-24 08:35:31