SPH Notice – The Goldman Sachs Group, Inc. (“GSGI”)

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 To NZX Limited and To The A2 Milk Company Limited (ATM) Relevant event being disclosed: Movement of 1% or more in the substantial holding Date of relevant event: 08 August 2018 Date this disclosure made: 15 August 2018 Date last disclosure made: 13 August 2018 Substantial product holder(s) giving disclosure Full name(s): The Goldman Sachs Group, Inc. ("GSGI") on behalf of itself and its subsidiaries ("Goldman Sachs Group") including its significant subsidiaries listed in Annexure A. Summary of substantial holding Class of quoted voting Products: Ordinary shares Summary for GSGI on behalf of itself and the Goldman Sachs Group. For this disclosure,-- (a) total number held in class: 44,441,465 (b) total in class: 730,039,067 (c) total percentage held in class: 6.0875% For last disclosure,-- (a) total number held in class: 37,082,791 (b) total in class: 730,039,067 (c) total percentage held in class: 5.0796% DETAILS FOR GOLDMAN SACHS ASSET MANAGEMENT L.P. (GSAMLP) Nature of relevant interest(s): GSAMLP has a relevant interest in ordinary fully paid shares in its capacity as investment manager for a range of client portfolios. GSAMLP's relevant interest arises under investment management contract(s) and only from the powers of investment contained in those contract(s), including the power to exercise, or to control the exercise of, a right to vote attached to ATM shares, or to acquire or dispose of, or to control the acquisition or disposal of, the ATM shares. For that relevant interest, (a) number held in class: 1,770,068 (b) percentage held in class: 0.2425% (c) current registered holder(s) of securities: Bank of New York Mellon (d) registered holder(s) once transfers registered: NA DETAILS FOR GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL (GSAMI) Nature of relevant interest(s): GSAMI has a relevant interest in ordinary fully paid shares in its capacity as investment manager for a range of client portfolios. GSAMI's relevant interest arises under investment management contract(s) and only from the powers of investment contained in those contract(s), including the power to exercise, or to control the exercise of, a right to vote attached to ATM shares, or to acquire or dispose of, or to control the acquisition or disposal of, the ATM shares. For that relevant interest, (a) number held in class: 315,706 (b) percentage held in class: 0.0432% (c) current registered holder(s) of securities: Bank of New York Mellon (d) registered holder(s) once transfers registered: NA DETAILS FOR GOLDMAN SACHS INTERNATIONAL (GSI) Nature of relevant interest(s): Beneficial owner For that relevant interest, (a) number held in class: 4,032,695 (b) percentage held in class: 0.5524% (c) current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon (d) registered holder(s) once transfers are registered: NA Nature of relevant interest(s): Derivative relevant interest over quoted underlying. Relevant agreement documents (1992 and 2002 ISDA Master Agreements) are attached in Part B of Annexure C (46 pages). For that relevant interest, (a) number held in class: 20,620,853 (b) percentage held in class: Aggregate 2.8246% as set out below (c) current registered holder(s) of securities: Unknown (d) registered holder(s) once transfers are registered: NA For that derivative relevant interest also, (a) type of derivative: Equity Swap (b) details of derivatives: Aggregate long 8,478,650 cash-settled Equity Swaps (aggregate 1.1614% long held in class) as set out in the table below (c) parties to the derivatives: Refer to table below (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: N/A End CA:00322271 For:ATM Type:SHINTR Time:2018-08-16 08:30:08