A2M: Becoming a substantial holder from WBC

To Company Name/Scheme THE A2 MILK COMPANY LIMITED (A2M)

ACN/ARSN ARBN 158 331 965

1. Details of substantial holder(1)

   Name WESTPAC BANKING CORPORATION (WBC) and its associated entities listed

   in Annexure 'B '

   ACN/ARSN (if applicable) ACN 007 457 141

   The holder became a substantial holder on 13/04/2017

2. Details of voting power

   The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

   Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
   Ordinary Shares	43,112,062	43,112,062
   Total	43,112,062	43,112,062	6.00%

3. Details of relevant interests

   The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

   Holder of relevant interest	Nature of relevant interest (7)	Number of securities	Class of securities
   Advance Asset Management Limited	Advance Asset Management Ltd is the responsible entity of various managed investment schemes and also acts as a fund manager.	5,083,753	Ordinary
   Asgard Capital Management Limited	Asgard Capital Management Limited ABN 92 009 279 592 AFSL 240695 is a custodian and operator of Investor-Directed Portfolio Service (IDPS). Asgard Capital Management Limited is the custodian and operator of Asgard eWrap Investment, Asgard Funds Account, LifeForce eWrap	18,559	Ordinary

   Investment and Personal Choice Private eWrap Investment Account.
   BT Funds Management Limited	BT Funds Management Limited is the manager of various superannuation funds, institutional investor portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.	407,687	Ordinary
   BT Funds Management No.2 Limited	BT Funds Management No 2 Limited is or may be the Manager of various Superannuation funds, Institutional investor portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.	934,805	Ordinary
   BT Investment Management (Fund Services) Limited	BT Investment Management (Fund Services) Limited is the responsible entity of various managed investment schemes and, in that capacity, can exercise the power to vote or dispose of the shares.	6,899,516	Ordinary
   BT Investment Management (Institutional) Limited	BT Investment Management (Institutional) Limited (previously known as BT Investment Management (RE) Limited) is the fund manager of various superannuation funds, institutional investor portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.	3,118,439	Ordinary
   Westpac RE Limited	Westpac RE Limited is the manager of various superannuation funds, institutional investor portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.	396,525	Ordinary
   JO Hambro Capital Management Limited	JO Hambro Capital Management Limited is the responsible entity of various managed	19,372,791	Ordinary

   investment schemes and, in that capacity, can exercise the power to vote or dispose of the shares.
   BT Funds Management (NZ) Limited	BT Funds Management (NZ) Limited is the manager of various superannuation funds, institutional investor portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.	6,879,987	Ordinary

4. Details of present registered holders

   The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

   Holder of relevant interest	Registered holder of securities	Persons entitled to be registered as holder (8)	Class and number of securities
   Advance Asset Management Limited	HSBC Custody Nominees (Australia) Limited.	See Annexure 'A'	5,083,753 Ordinary
   Asgard Capital Management Limited	Asgard Capital Management Limited	See Annexure 'A'	18,559 Ordinary
   BT Funds Management Limited	Asgard Capital Management Limited BT Portfolio Services Limited	See Annexure 'A'	407,687 Ordinary
   Westpac RE Limited	HSBC Custody Nominees (Australia) Limited.	See Annexure 'A'	396,525 Ordinary
   BT Funds Management No.2 Limited	HSBC Custody Nominees (Australia) Limited.	See Annexure 'A'	934,805 Ordinary
   BT Investment Management (Institutional) Limited	Australia and New Zealand Banking Group Limited State Street Australia Limited	See Annexure 'A'	3,118,439 Ordinary
   BT Investment Management (Fund Services) Limited	HSBC Custody Nominees (Australia) Limited.	See Annexure 'A'	6,899,516 Ordinary
   JO Hambro Capital Management Limited	BNY Mellon.	See Annexure 'A'	19,372,791 Ordinary
   BT Funds Management (NZ) Limited	Guardian Nominees No.2 Limited.	See Annexure 'A'	6,879,987 Ordinary

5. Consideration

   The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

   Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
   		Cash	Non-cash
   WBC & associates	See Annexure 'A'	See Annexure 'A'	See Annexure 'A'

6. Associates

   The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

   Name and ACN/ARSN (if applicable)	Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Print name Tim Hartin Capacity Company Secretary

Sign here Date 19/04/2017