SPH Notice – Macquarie Group Limited

Disclosure of ceasing to have substantial holding Section 279, 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 Date this disclosure made: 27 November 2018 Date last disclosure made: 30 October 2018 Date on which substantial holding ceased: 23 November 2018 Substantial product holder(s) giving disclosure Full name(s): Macquarie Group Limited Summary of previous substantial holding Class of quoted voting products: The a2 Milk Company Limited Ordinary Shares Summary for Macquarie Group Limited For last disclosure,-- (a) total number held in class: 37,995,045 Macquarie Bank Limited - 31,334,703 Macquarie Investment Management Global Ltd - 169,311 Macquarie Investment Management Australia Ltd - 5,613,628 Macquarie Investment Management Ltd - 877,403 (b) total in class: 734,797,297 (c) total percentage held in class: 5.17% For current holding after ceasing to have substantial holding,-- (a) total number held in class: 31,805,413 Macquarie Bank Limited - 25,050,373 Macquarie Investment Management Global Ltd - 182,362 Macquarie Investment Management Australia Ltd - 5,695,835 Macquarie Investment Management Ltd - 871,343 Macquarie Securities (New Zealand) Ltd - 5,500 (b) total in class: 734,797,297 (c) total percentage held in class: 4.33% Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure: See attachment for Table. Additional information Address(es) of substantial product holder(s): Level 6, 50 Martin Place, Sydney, New South Wales, Australia 2000. Contact details: William Yao, +61 2 8232 1883 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, Dennis Leong, 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:00327474 For:ATM Type:SHINTR Time:2018-11-27 16:25:38