THE SYNLAIT STORY

• Synlait Milk launched. The name Synlait was derived from the words ‘synergy’ and ‘lait’ (French for milk).

• Synlait Milk entered an agreement to deliver all milk collected to Westland Milk Products during construction of Dryer 1.

• In June Synlait Dunsandel received its first milk from third-party farmer suppliers.
• The first milk was processed on 8 August 2008 at the new Dunsandel manufacturing plant.
• Dryer 1 was commissioned in August and the Anhydrous Milk Fat facility was commissioned in September.

• The special milks spray dryer was commissioned in August.

• Bright Dairy invested capital in Synlait Milk and became a 51% shareholder in November.
• Synlait Milk commenced construction of Dryer 2, a sophisticated purpose-built infant formula facility.

• On 15 September the first milk was processed in Synlait Dunsandel’s infant formula facility.
• Dryer 2 is commissioned. Synlait Milk has the capability to manufacture infant formula and nutritional products to unique customer specifications.

• In March, an agreement was signed with A2 Corporation Limited (later known as The a2 Milk Company™ Limited) for Synlait Milk to process and supply The a2 Milk Company™ Limited’s a2 Platinum® infant formula.

• In April, Synlait Milk launched its internationally accredited ISO/IEC 17065 dairy farm assurance programme, Lead With Pride™, which recognises and financially rewards farmer suppliers who achieve dairy farming best practice.
• On 23 July Synlait Milk Limited listed on NZX, New Zealand’s Exchange.

• At Synlait Dunsandel, the Lactoferrin extraction and purification facility was commissioned in April and the blending and consumer packing facility in July. Also, in July, Dry Store 3 was completed.

• Dryer 3, an infant formula grade spray dryer, was commissioned in September at Synlait Dunsandel.

• In October, Synlait Milk completed a $98 million capital raise.
• Synlait Milk Limited listed on the Australian Securities Exchange (ASX) on 25 November.

• Synlait Auckland, a blending and consumer packaging facility, was commissioned in November. This was formerly the site of The New Zealand Dairy Company Limited, which Synlait Milk purchased earlier that year in May.
• The Wetmix kitchen at Synlait Dunsandel was officially opened in December, doubling Synlait’s infant formula powder capacity.

• In February, Synlait announced the conditional purchase of 28 hectares of land in Pokeno, North Waikato to establish its second nutritional powder manufacturing site.
• This was followed by the official opening of the Synlait Research and Development Centre in Palmerston North, a partnership with Massey University and Food HQ, in March.
• In August, Dr John Penno, founder and former Managing Director stepped down from the role of CEO, and Leon Clement was appointed.
• Synlait announced bold 10-year sustainability targets in September and launched a new corporate brand identity and purpose ‘Doing Milk Differently For A Healthier World’ in November.
• Construction of the Advanced Liquid Dairy Packaging Facility commenced at Synlait Dunsandel.

• New Zealand’s first large-scale electrode boiler was commissioned at Synlait Dunsandel in March. This was a significant social and environmental performance milestone for Synlait Milk.
• Synlait Milk started suppling fresh liquid milk and cream to Foodstuffs South Island in April from its newly commissioned Advanced Liquid Dairy Packaging Facility.
• The acquisition of selected assets of Talbot Forest Cheese was completed in August. This acquisition supported Synlait Milk’s broader growth and diversification strategy.
• Synlait Milk announced in September that revenue exceeded $1 billion for the first time in the company’s history.
• Synlait Pokeno processed its first milk in September.
• Lactoferrin facility expansion at Synlait Dunsandel commissioned in October, doubling the manufacturing capacity.
• Whakapuāwai programme and electrode boiler officially opened by the Prime Minister at Synlait Dunsandel in December.
• Synlait Milk listed $180 million subordinated bonds on NZX’s Debt Market in December.

• Synlait Milk became the owner of Dairyworks Limited in April.
• Synlait Milk became a Certified B Corporation™ in June. In doing so, Synlait Milk joined a global community of for-profit organisations that use business as a force for good.
• Synlait Milk acquired farmland adjacent to Synlait Dunsandel in August. The land will enable Synlait Milk to pursue several strategic supply chain and sustainability initiatives that support Synlait Dunsandel’s long-term operation and expansion.
• A new manufacturing supply agreement is signed with a large multi-national customer to manufacture, blend and package nutritional products which include plant-based products.

• Synlait launches two sustainability-focused brands. Made With Better Milk, a premium and differentiated ingredient offering, and Synlait Swappa Bottle, a 1.5 litre reusable, stainless steel bottle of homogenised milk exclusively sourced from our highest performing farms.

Grant Watson joined Synlait as Chief Executive Officer in January 2022.

• The Synlait strategy was refreshed, with a strong future focus on Advanced Nutrition on Foodservice categories and expanding our key customer base.
• UHT whipping cream sales began into the China market, through a distribution partnership with Sinodis.
• Trials were completed and commercial production underway for a new large multinational Advanced Nutrition customer.
• In June Synlait received reregistration from SAMR which will allow us to manufacture and export infant formula into China for The a2 Milk Company for the next five years.
• In December we were re-certified as a B Corp organisation.

• Our Sustainability Strategy was refreshed and provides direction for the next five years.
• The two Synlait-owned farms at Dunsandel both achieve Lead with PrideTM certification during March and April 2024.
• Significant equity capital raise activity was undertaken, which resulted in over $215 million new equity coming into Synlait in October. This was supported by our two largest shareholders, Bright Dairy and The a2 Milk Company.