A2 Milk : Change in substantial holding

For personal use only

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: 25 January 2022

Date this disclosure made: 10 February 2022

Date last disclosure made: 7 December 2021

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,-

1. total number held in class: 43,229,745
2. total in class: 743,656,528
3. total percentage held in class: 5.8131%

For last disclosure,-

1. total number held in class: 50,807,088
2. total in class: 743,656,528
3. total percentage held in class: 6.8321%

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,

1. number held in class: 239,400
2. percentage held in class: 0.0322%
3. current registered holder(s) of securities: Bank of New York Mellon
4. registered holder(s) once transfers registered: NA

For personal use only

For a derivative relevant interest, also-

1. type of derivative: N/A
2. details of derivative: N/A
3. parties to the derivative: N/A
4. if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: N/A

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,

1. number held in class: 5,307
2. percentage held in class: 0.0007%
3. current registered holder(s) of securities: Bank of New York Mellon
4. registered holder(s) once transfers registered: NA

For a derivative relevant interest, also-

1. type of derivative: N/A
2. details of derivative: N/A
3. parties to the derivative: N/A
4. if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: N/A

DETAILS FOR GOLDMAN SACHS INTERNATIONAL (GSI)

Nature of relevant interest(s): Beneficially owns fully paid ordinary shares.

For that relevant interest,

1. number held in class: 2,442,585
2. percentage held in class: 0.3285%
3. current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon
4. 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

For that relevant interest,

1. number held in class: 2,892,837
2. percentage held in class: Aggregate 0.389% as set out below
3. current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon
4. registered holder(s) once transfers are registered: NA

For personal use only

For that derivative relevant interest also,

1. type of derivative: Equity Swap
2. details of derivatives: Aggregate long 2,892,837 cash-settled Equity Swaps (aggregate long 0.389% held in

class) as follows:

1. Long 2,232,287 cash-settled Equity Swap (0.30018% long held in class) maturing on 20 November 2023
2. Long 162,766 cash-settled Equity Swap (0.02189% long held in class) maturing on 29 November 2023
3. Long 38 cash-settled Equity Swap (0.00001% long held in class) maturing on 09 March 2022
4. Long 55,851 cash-settled Equity Swap (0.00751% long held in class) maturing on 16 November 2022
5. Long 137,281 cash-settled Equity Swap (0.01846% long held in class) maturing on 16 February 2023
6. Long 5,000 cash-settled Equity Swap (0.00067% long held in class) maturing on 21 January 2032
7. Long 123,985 cash-settled Equity Swap (0.01667% long held in class) maturing on 24 January 2024
8. Long 4 cash-settled Equity Swap (0.000000 long held in class) maturing on 15 November 2022
9. Long 86 cash-settled Equity Swap (0.00001% long held in class) maturing on 20 November 2023
10. Long 175,128 cash-settled Equity Swap (0.02355% long held in class) maturing on 20 November 2023
11. Long 60 cash-settled Equity Swap (0.00001% long held in class) maturing on 20 November 2023
12. Long 55 cash-settled Equity Swap (0.00001% long held in class) maturing on 20 November 2023
13. Long 296 cash-settled Equity Swap (0.00004% long held in class) maturing on 20 November 2023

1. if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: N/A

Nature of relevant interest(s): Beneficial holder subject to a qualification to its ability to exercise voting rights as set out in Overseas Securities Lender's Agreements. Forms of Overseas Securities Lender's Agreements and Master Equity & Fixed Interest Stock Lending Agreement are in Part A of Annexure C.

For that relevant interest,

1. number held in class: 7,310,616
2. percentage held in class: 0.9831%
3. current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon
4. registered holder(s) once transfers are registered: NA

DETAILS FOR GOLDMAN SACHS FINANCIAL MARKETS PTY LTD (GAUS)

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.

For that relevant interest,

1. number held in class: 19,677,702
2. percentage held in class: 2.6461%
3. current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon
4. registered holder(s) once transfers are registered: NA

For a derivative relevant interest, also

(a) type of derivative: Equity Swap

For personal use only

1. details of derivatives: Aggregate long 19,677,702 cash-settled Equity Swaps (aggregate long 2.6461% held in class) as follows:
   (1) Long 4,261,417 cash-settled Equity Swap (0.57304% long held in class) maturing on 30 August 2023
   (2) Long 2,080 cash-settled Equity Swap (0.00028% long held in class) maturing on 08 September 2023
   (3) Long 8,557,564 cash-settled Equity Swap (1.15074% long held in class) maturing on 20 November 2023
   (4) Long 101,934 cash-settled Equity Swap (0.01371% long held in class) maturing on 20 December 2023
   (5) Long 138,350 cash-settled Equity Swap (0.01860% long held in class) maturing on 20 December 2023
   (6) Long 137,281 cash-settled Equity Swap (0.01846% long held in class) maturing on 17 January 2024
   (7) Long 2 cash-settled Equity Swap (0.000000 long held in class) maturing on 30 January 2024
   (8) Long 9,717 cash-settled Equity Swap (0.00131% long held in class) maturing on 24 January 2024
   (9) Long 5,171,875 cash-settled Equity Swap (0.69547% long held in class) maturing on 10 October 2023 (10) Long 1,297,298 cash-settled Equity Swap (0.17445% long held in class) maturing on 20 November 2023
   (11) Long 122 cash-settled Equity Swap (0.00002% long held in class) maturing on 20 November 2023
   (12) Long 62 cash-settled Equity Swap (0.00001% long held in class) maturing on 20 November 2023
2. if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: N/A

DETAILS FOR GOLDMAN SACHS & CO. LLC (GSCO)

Nature of relevant interest(s): Beneficially owns fully paid ordinary shares.

For that relevant interest,

1. number held in class: 100
2. percentage held in class: 0.00001%
3. current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon
4. 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.

For that relevant interest, -

1. number held in class: 1
2. percentage held in class: 0.0000001%
3. current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon
4. registered holder(s) once transfers are registered: NA

For a derivative relevant interest, also-

1. type of derivative: Equity Swap
2. details of derivative: Aggregate long 1 cash-settled Equity Swap (aggregate long 0.0000001% held in class) as follows:
   (1) Long 1 cash-settled Equity Swap (0.0000001% long held in class) maturing on 16 March 2022
3. if the substantial product holder is not a party to the derivative, the nature of the relevant

interest in the derivative: N/A

Nature of relevant interest(s): Beneficial holder subject to a qualification to its ability to exercise voting rights

For personal use only

as set out in Overseas Securities Lender's Agreements. Forms of Overseas Securities Lender's Agreements are in Part A of Annexure C.

For that relevant interest,

1. number held in class: 10,661,197
2. percentage held in class: 1.4336%
3. current registered holder(s) of securities: HSBC Custody Nominees (New Zealand) Limited, HSBC Custody Nominees Australia Limited, Bank of New York Mellon
4. registered holder(s) once transfers are registered: NA

Details of transactions and events giving rise to relevant event

Details of the transactions or other events requiring disclosure: Please see Annexure B.

Additional information

Address(es) of substantial product holder(s):

The Goldman Sachs Group, Inc. - Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, U.S.A.

Goldman Sachs International - Plumtree Court, 25 Shoe Lane, London EC4A 4AU, United Kingdom

Goldman Sachs Asset Management L.P. - Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA

Goldman Sachs Financial Markets Pty Ltd - Level 17, 101 Collins Street, Melbourne, Victoria 3000, Australia

Goldman Sachs & Co. LLC - 200 West Street, New York, NY 10282, USA

Goldman Sachs Asset Management International- Plumtree Court, 25 Shoe Lane, London EC4A 4AU, United Kingdom

Contact details:

Contact person - Noble Sebastian

Contact number - 852 2978 7432

Email - gs-reg-ops-pos-sgp@gs.com

Nature of connection between substantial product holders:

The Goldman Sachs Group, Inc. owns, directly or indirectly, at least 99% of the voting securities of each of:

• Goldman Sachs International;
• Goldman Sachs Financial Markets Pty Ltd;
• Goldman Sachs & Co. LLC.
• Goldman Sachs Asset Management L.P. and
• Goldman Sachs Asset Management International