SPH Notice – The Vanguard Group, Inc.

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 Relevant event being disclosed: Movement of 1% or more in the substantial holding Date of relevant event: 13-December-2018 Date this disclosure made: 18-December-2018 Date last disclosure made: 04-December-2018 Substantial product holder(s) giving disclosure Full name(s): The Vanguard Group, Inc. Summary of substantial holding Class of quoted voting products: Ordinary shares Summary for The Vanguard Group, Inc. For this disclosure,-- (a) total number held in class: 51,494,591 (b) total in class: 734,797,297 (c) total percentage held in class: 7.008% For last disclosure,-- (a) total number held in class: 36,774,366 (b) total in class: 734,797,297 (c) total percentage held in class: 5.000% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: See attached Details after relevant event Details for The Vanguard Group, Inc. Nature of relevant interest(s): The Vanguard Group, Inc. (VGI) has a relevant interest in the ordinary shares of The a2 Milk Company (ATM) in its capacity as investment manager for a range of client portfolios. VGI's relevant interest arises under its investment management contract(s) with the clients and only from the powers of investment contained in the investment management contract(s), including the power to exercise, or to control the exercise of, a right to vote attached to the ordinary shares of ATM, or to acquire or dispose of, or to control the acquisition or disposal of, the ordinary shares of ATM. For that relevant interest,-- (a) number held in class: 51,494,591 (b) percentage held in class: 7.008% (c) current registered holder(s): no change (d) registered holder(s) once transfers are registered: N/A Additional information Address(es) of substantial product holder(s): The Vanguard Group Inc. - P.O. Box 2600, V26 Valley Forge, PA 19482 USA Contact details: Shawn Acker, 001-610-669-8989, Vanguard_Fund_Compliance@Vanguard.com Certification I, Shawn Acker, 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:00328636 For:ATM Type:SHINTR Time:2018-12-19 08:44:24