A2 Milk : Ceasing to be a substantial holder

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To NZX Limited and

To The A2 Milk Company Limited (ATM)

Date this disclosure made: 29 March 2022

Date last disclosure made: 18 March 2022

Date on which substantial holding ceased: 21 March 2022

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 previous substantial holding

Class of quoted voting products: Ordinary shares

Summary for GSGI on behalf of itself and the Goldman Sachs Group.

For last disclosure,-

• (a) total number held in class: 41,195,535

• (b) total in class: 743,656,528

• (c) total percentage held in class: 5.5396%

For current holding after ceasing to have substantial holding,-

• (a) total number held in class: 35,207,250

• (b) total in class: 743,656,528

• (c) total percentage held in class: 4.7343%

Details of transactions and events giving rise to ceasing of substantial holding

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 (GSI) - Plumtree Court, 25 Shoe Lane, London EC4A 4AU, United Kingdom

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

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

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

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

Contact details:

Contact person - Noble Sebastian Contact number - 852 2978 7432 Email [e-mail]

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

Certification

I, Noble Sebastian, declare 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.

Signature

Print nameNoble Sebastian

CapacityAuthorised Person

(signing under power of attorney)Sign here

Date

29 March 2022

Annexure A

Significant Subsidiaries of The Goldman Sachs Group, Inc.

The following are significant subsidiaries of The Goldman Sachs Group, Inc. as of December 31, 2021 and the states or jurisdictions in which they are organized. Each subsidiary is indented beneath its principal parent. The Goldman Sachs Group, Inc. owns, directly or indirectly, at least 99% of the voting securities of substantially all of the subsidiaries included below. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a "significant subsidiary" as that term is defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934.

THE GOLDMAN SACHS GROUP, INC AND ITS SUBSIDIARIES

Signature

Sign herePrint nameNoble Sebastian

(signing under power of attorney)CapacityDateAuthorised Person

29 March 2022

Annexure B

Date of change	Person whose relevant interest changed	Nature of Change	Consideration given in relation to change (NZD)	Number of Securities	Class
02/23/2022	GSI	Sell	575,504	94,633	Ordinary
02/23/2022	GAUS	Sell	718,851	117,997	Ordinary
02/24/2022	GSI	Sell	649,159	113,560	Ordinary
02/24/2022	GAUS	Sell	109,774	18,022	Ordinary
02/24/2022	GAUS	Sell	378,331	62,112	Ordinary
02/25/2022	GSI	Sell	328,599	56,780	Ordinary
02/28/2022	GSI	Buy	42,447	7,134	Ordinary
02/28/2022	GSI	Buy	24,645	4,142	Ordinary
02/28/2022	GSI	Return of Borrowed Securities	N/A	5,952	Ordinary
02/28/2022	GSI	Return of Borrowed Securities	N/A	2,688	Ordinary
02/28/2022	GAUS	Sell	147,751	25,484	Ordinary
02/28/2022	GAUS	Sell	4,354	751	Ordinary
03/01/2022	GSI	Buy	1,534	254	Ordinary
03/01/2022	GSAMI	Buy	15,618	2,590	Ordinary
03/01/2022	GSI	Return of Borrowed Securities	N/A	4,377	Ordinary
03/01/2022	GSI	Sell	373,351	63,089	Ordinary
03/01/2022	GAUS	Sell	54,089	9,140	Ordinary
03/02/2022	GSI	Buy	444,655	74,875	Ordinary
03/02/2022	GSAMLP	Buy	64,056	10,743	Ordinary
03/02/2022	GAUS	Buy	168	28	Ordinary
03/03/2022	GSI	Buy	12,810	2,181	Ordinary
03/03/2022	GSI	Return of Borrowed Securities	N/A	400,000	Ordinary
03/03/2022	GSI	Sell	223	38	Ordinary
03/03/2022	GSI	Buy	223	38	Ordinary
03/03/2022	GSI	Sell	625,075	107,251	Ordinary
03/03/2022	GAUS	Sell	150,996	25,484	Ordinary
03/03/2022	GAUS	Buy	5,421	915	Ordinary