Lodgement of ASX Listing Application, Proposed Board Changes

24 February 2015

NZX Release: Lodgement of ASX Listing Application, Proposed Board Changes

The a2 Milk Company Limited (a2MC or Company) has today lodged an application for admission to the Official List with the Australian Securities Exchange (ASX) for the proposed dual listing of its securities on the ASX. a2MC will advise when further information on the ASX listing process is available.

A number of changes to the composition of the Board are proposed to take place shortly before the Company is admitted to the Official List of the ASX. These changes are consistent with the process of review and renewal of the Board which the Company commenced during 2013.

The current Chairman, Mr Cliff Cook has advised of his intention to resign as both Chairman and a Director of the Company.

Mr Cook has been a Director and Chairman of the Company since 2004 and has been instrumental in leading the evolution and growth of the Company since that time. Mr Cook has advised that the decision to resign has been made with careful consideration of the Company’s leadership requirements for the future. With the Company well established and strongly positioned to pursue further growth in the UK, China and the USA, Mr Cook believes the Chairman should possess significant Fast Moving Consumer Goods (FMCG) skills, broad international experience consistent with the Company’s target market strategies and be located closer to those markets. The remaining members of the Board concur with this approach which is consistent with the ongoing process of Board renewal. As such Mr Cook intends to resign shortly before the Company is admitted to the Official List of the ASX.

Mr Cook has also advised in this event that he will maintain a continuing interest in the on-going development of the Company and the entity holding shares associated with him intends to retain a significant holding in the Company.

Mr David Mair has also advised of his intention to resign as a Director shortly before the Company is admitted to the Official List of the ASX.

Mr Mair has been a director since 2008. He has been an active and contributory Board member including in his role as Chairman of the Remuneration Committee and the designated Non-Executive Director assisting the Company’s Asian growth initiatives.

Consistent with the approach outlined above, the Board has resolved that at the time of these changes, the current Deputy Chairman Mr David Hearn, who has significant international FMCG experience, will assume the role of Chairman and Ms Julia Hoare the role of Deputy Chairman. The Board will also consider the appointment of an additional independent non-executive Director with appropriate skills and experience in due course.

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