SSH Notice – Perpetual Limited and subsidiaries

Disclosure of ceasing to have substantial holding Section 279, Financial Markets Conduct Act 2013 To: NZX and To: THE A2 MILK COMPANY Date this disclosure made: 31/03/2017 Date last disclosure made: 23/02/2017 Date on which substantial holding ceased: 29/03/2017 Substantial product holder(s) giving disclosure Full name(s): PERPETUAL LIMITED and subsidiaries Summary of previous substantial holding Class of quoted voting products: Ordinary shares Summary for: PERPETUAL LIMITED and subsidiaries For last 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% For current holding after ceasing to have substantial holding,-- (a) total number held in class: 33,040,870 (b) total in class: 716,938,815 (c) total percentage held in class: 4.61% Details of transactions and events giving rise to ceasing of 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:00299219 For:ATM Type:SSH Time:2017-04-03 08:30:13