06 December 2019

Synlait bond offer – interest rate set

Synlait Milk Limited (Synlait) today announced that, following a successful bookbuild for its offer of five-year
unsecured subordinated fixed rate bonds (the Offer), NZ$180 million of bonds have been allocated. This
included oversubscriptions of NZ$30 million.

The interest rate has been set at 3.83% per annum. This reflects a margin of 2.50% per annum above the
five-year swap rate. The bonds are expected to be quoted on the NZX Debt Market under the ticker code
SML010.

Synlait Chair Graeme Milne commented: “The proceeds from this Offer will be used to reduce a portion of
Synlait’s existing bank debt and provide diversification of funding sources to support Synlait’s growth
strategy.”

The Offer will open on Monday, 9 December 2019 and close on Friday, 13 December 2019. There is no
public pool available for the Offer.

A copy of the final terms sheet for the Offer is attached and is also available at: www.synlait.com/bondoffer
Synlait has lodged a Product Disclosure Statement (PDS) with the Registrar of Financial Services Providers
in New Zealand (Registrar) and made available further information on the register of offers of financial
products administered by the Registrar (Register Entry) (the PDS and the Register Entry are the Offer
Materials) in respect of the Offer. The Offer Materials are available at www.companies.govt.nz/disclose
under Synlait’s offer number (OFR12776). The PDS is also available at www.synlait.com/bondoffer or from a
Joint Lead Manager, the Co-Manager or a NZX Participant. The Offer Materials contain details of the Offer
and should be read before any investment decision is made. Investors should not subscribe for any bonds
in Synlait except on the basis of information in the Offer Materials and should consult their financial and
other advisers before making any investment in Synlait.