Market Release – Issue of Shares under Employee Share Plans

21 October 2019 NZX/ASX Market Release The a2 Milk Company launches new Employee Share Plans The a2 Milk Company today announces that it has issued ordinary shares to certain employees (other than executives and senior managers who are eligible to receive awards under the Company's Long Term Incentive Plan) under two recently established employee equity programs. These programs are designed to give employees an ownership interest in our Company and enable them to become part of The a2 Milk Company success in another meaningful capacity. These programs also help to recognise the vital role that our employees play in our organisation each day. These two new equity programs are as follows: o Gift Offer - Eligible employees, being part-time and full-time employees in Australia, New Zealand and the United States of America who are not participating in the LTI Plan (Eligible Employees), have today received a gift issue of ordinary shares in the Company worth approximately A$500. o Share Match Program - Eligible Employees were also recently invited to use their own funds to acquire up to A$2,000 of shares in the Company. If an Eligible Employee who has today acquired shares under this program continues to hold their shares until September 2021, the Company has agreed that at that time it will match the acquired shares with one matching share for every share acquired today. It is currently intended that the Company will procure that these matching shares will be acquired on-market at the appropriate time. The Company is also taking steps to enable it to make compliant employee share offers to its employees in the People's Republic of China. Attached are this announcement, the Capital Change Notice given under Listing Rule 3.13.1 and, for completeness, the Capital Change Notice equivalent ASX Appendix 3B. End CA:00342963 For:ATM Type:SECISSUE Time:2019-10-21 17:24:58