Notification of Issue of Securities

17 December 2018

NOTIFICATION OF ISSUE OF SECURITIES – PERFORMANCE SHARE RIGHTS

For the purposes of Listing Rule 7.12.1 of the NZX Main Board/Debt Market Listing Rules,
Synlait Milk Limited (SML) advises that the following securities, convertible into quoted ordinary
shares, have been issued:

a Class of security Performance Share Rights (PSR)
ISIN N/A
b Number issued 134,582
c Issue price PSRs are issued for nil consideration
d Payment in cash N/A
e Amount paid up N/A
f Principal terms of PSRs Each PSR converts on a 1:1 basis for nil
consideration into fully paid ordinary shares,
subject to the participant remaining employed
and vesting of PSRs on a progressive scale
dependent on SML’s TSR and EPS growth over
a 3 year vesting period. Vesting is also subject
to pro-rata scaling if the total value of all PSRs
vesting in a given calendar year exceeds 5% of
the increase in market capitalisation over the
vesting period. PSRs are non-transferable and
have no voting or other share rights and are
otherwise subject to the rules of the SML
Employee Share Scheme and individual award
agreements.
g Percentage of class of
securities
34.97%
h Reason for issue Issue of PSRs under the SML Employee Share
Scheme as part of employee remuneration
i Authority for issue Resolution of the Board and Listing Rule 7.3.6.
j Terms of issue The grant of PSRs is made under the SML
Employee Share Scheme as part of employee
remuneration. No cash consideration is payable
by the employee on the grant of PSRs or on the
issue of fully paid ordinary shares following
vesting of PSRs. As noted above, vesting of
PSRs is subject to certain performance hurdles
and pro-rata scaling.

k Total number of securities of
the class in existence after the
issue
519,424
l Treasury stock N/A
m Date of issue 17 December 2018


Yours faithfully,

Deborah Marris
Director, Legal, Risk & Governance