A2 Milk Company: New Performance Rights Issued to Employees

The A2 Milk Company Limited (ATM) has issued 1,119,274 Performance Rights to its employees under its Long Term Incentive (LTI) Plan. These rights, representing 21.9% of the total Performance Rights on issue, have a nil exercise price and are scheduled to vest on a date determined by the board following the release of the company's full-year audited results for FY2028.

Upon vesting and automatic exercise, each Performance Right entitles the holder to acquire an ordinary share in ATM, subject to the satisfaction of certain performance hurdles and continued employment until the vesting date. The issued shares will rank equally with existing ordinary shares.

Following this issuance, the total number of Performance Rights of the class after the issue stands at 6,219,071. The rights are not quoted. This capital change became effective on October 9, 2025.