SPH Notice – FIL Limited

1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To New Zealand Stock Exchange
and
To Synlait Milk Limited
Relevant event being disclosed: Movement of 1% or more in the substantial holding
Date of relevant event:18 November 2020
Date this disclosure made: 20 November 2020
Date last disclosure made: 9 June 2020
Substantial product holder(s) giving disclosure
Full name(s): FIL Limited and the entities listed in Annexure A (“FIL”)
Summary of substantial holding
Class of quoted voting products: ordinary share
Summary for [name of substantial product holder(s)]
For this disclosure,—
(a) total number held in class: 14,261,922
(b) total in class: 212,151,909
(c) total percentage held in class: 6.723%
For last disclosure,—
(a) total number held in class: 9,661,572
(b) total in class: 179,306,908
(c) total percentage held in class: 5.388%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
Date of Change Person whose
relevant interest
changed
Nature of
change (6)
Consideration
given in
relation to
change (7)
Class and
number of
securities
affected
Person’s votes
affected

COMMON
STOCK
COMMON
STOCK
06/09/2020 FIL BUY 6.9778 AUD 53,043 53,043
06/16/2020 FIL BUY 6.6082 AUD 20,011 20,011
06/17/2020 FIL BUY 6.7000 AUD 10,000 10,000
06/18/2020 FIL BUY 6.8560 AUD 23,777 23,777
07/06/2020 FIL SELL 6.6025 AUD 1,428 1,428

2
07/07/2020 FIL SELL 6.7004 AUD 27,200 27,200
07/10/2020 FIL BUY 6.7552 AUD 64,271 64,271
07/24/2020 FIL BUY 6.7334 AUD 10,095 10,095
07/24/2020 FIL BUY 6.7334 AUD 101,107 101,107
07/24/2020 FIL BUY 7.2000 NZD 4,346 4,346
07/24/2020 FIL BUY 7.2000 NZD 10,032 10,032
07/27/2020 FIL SELL 6.5972 AUD 19,023 19,023
07/29/2020 FIL BUY 6.9750 NZD 4,453 4,453
07/29/2020 FIL BUY 6.9750 NZD 10,472 10,472
08/18/2020 FIL BUY 6.4542 AUD 115,372 115,372
08/24/2020 FIL BUY 5.9388 AUD 11,836 11,836
08/24/2020 FIL BUY 5.9388 AUD 133,480 133,480
08/25/2020 FIL BUY 5.9469 AUD 11,859 11,859
08/25/2020 FIL BUY 5.9469 AUD 137,574 137,574
09/07/2020 FIL BUY 5.6900 AUD 25,701 25,701
09/07/2020 FIL BUY 6.1750 NZD 10,317 10,317
09/07/2020 FIL BUY 6.1750 NZD 24,140 24,140
09/08/2020 FIL BUY 5.6397 AUD 1,416 1,416
09/09/2020 FIL BUY 5.5974 AUD 15,384 15,384
09/09/2020 FIL BUY 5.5974 AUD 199,839 199,839
09/09/2020 FIL BUY 6.1000 NZD 7,759 7,759
09/09/2020 FIL BUY 6.1000 NZD 18,178 18,178
10/06/2020 FIL BUY 5.1850 AUD 19,308 19,308
10/08/2020 FIL BUY 5.1400 AUD 8,843 8,843
10/09/2020 FIL BUY 5.1896 AUD 5,361 5,361
10/09/2020 FIL BUY 5.6114 NZD 5,405 5,405
10/09/2020 FIL BUY 5.6114 NZD 12,645 12,645
10/09/2020 FIL SELL 5.6325 NZD 25,240 25,240
10/12/2020 FIL SELL 5.6762 NZD 29,069 29,069
10/13/2020 FIL SELL 5.5522 NZD 51,322 51,322
10/14/2020 FIL BUY 5.2009 AUD 45,813 45,813
10/14/2020 FIL BUY 5.2050 AUD 105,573 105,573
10/14/2020 FIL BUY 5.5964 NZD 7,269 7,269
10/14/2020 FIL BUY 5.5964 NZD 16,997 16,997
10/14/2020 FIL SELL 5.5944 NZD 172,865 172,865
10/14/2020 FIL SELL 5.5969 NZD 4,630 4,630
10/22/2020 FIL BUY 5.0797 AUD 79,661 79,661
10/22/2020 FIL BUY 5.4200 NZD 5,870 5,870
10/22/2020 FIL BUY 5.4200 NZD 13,766 13,766
11/12/2020 FIL

TRANSITION
OUT
5.1000 NZD 335,254 335,254
11/18/2020 FIL PLACEMENT 4.7838 AUD 1,363 1,363
11/18/2020 FIL PLACEMENT 4.7838 AUD 1,437 1,437
11/18/2020 FIL PLACEMENT 4.7838 AUD 3,910 3,910
11/18/2020 FIL PLACEMENT 4.7838 AUD 5,018 5,018
11/18/2020 FIL PLACEMENT 4.7838 AUD 7,051 7,051
11/18/2020 FIL PLACEMENT 4.7838 AUD 9,628 9,628
11/18/2020 FIL PLACEMENT 4.7838 AUD 12,232 12,232
11/18/2020 FIL PLACEMENT 4.7838 AUD 16,679 16,679
11/18/2020 FIL PLACEMENT 4.7838 AUD 17,191 17,191
11/18/2020 FIL PLACEMENT 4.7838 AUD 21,424 21,424
11/18/2020 FIL PLACEMENT 4.7838 AUD 22,645 22,645
11/18/2020 FIL PLACEMENT 4.7838 AUD 23,472 23,472
11/18/2020 FIL PLACEMENT 4.7838 AUD 37,111 37,111
11/18/2020 FIL PLACEMENT 4.7838 AUD 37,833 37,833
11/18/2020 FIL PLACEMENT 4.7838 AUD 40,663 40,663
11/18/2020 FIL PLACEMENT 4.7838 AUD 52,231 52,231
11/18/2020 FIL PLACEMENT 4.7838 AUD 55,209 55,209
11/18/2020 FIL PLACEMENT 4.7838 AUD 90,476 90,476
11/18/2020 FIL PLACEMENT 4.7838 AUD 92,236 92,236
11/18/2020 FIL PLACEMENT 4.7838 AUD 123,227 123,227

3
11/18/2020 FIL PLACEMENT 4.7838 AUD 140,698 140,698
11/18/2020 FIL PLACEMENT 4.7838 AUD 218,969 218,969
11/18/2020 FIL PLACEMENT 4.7838 AUD 252,062 252,062
11/18/2020 FIL PLACEMENT 4.7838 AUD 258,675 258,675
11/18/2020 FIL PLACEMENT 4.7838 AUD 300,424 300,424
11/18/2020 FIL PLACEMENT 4.7838 AUD 384,033 384,033
11/18/2020 FIL PLACEMENT 4.7838 AUD 614,524 614,524
11/18/2020 FIL PLACEMENT 4.7838 AUD 936,268 936,268
11/18/2020 FIL PLACEMENT 5.1000 NZD 41,500 41,500
11/18/2020 FIL PLACEMENT 5.1000 NZD 97,219 97,219

Total Buys
1,350,973 1,350,973

Total Sells (330,777) (330,777)

Total Placement 3,915,408 3,915,408

Total Transition
Out
(335,254) (335,254)

Total Movement 4,600,250 4,600,350

Details after relevant event
Details for Refer to Annexure A
Nature of relevant interest(s): Investment discretion and/or voting power
For that relevant interest,—
(a) number held in class: Refer to Annexure A
(b) percentage held in class: Refer to Annexure A
(c) current registered holder(s): Refer to Annexure A
(d) registered holder(s) once transfers are registered: N/A
For a derivative relevant interest, also—
(a) type of derivative: N/A
(b) details of derivative: N/A
(c) parties to the derivative: N/A
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative:
Additional information
Address(es) of substantial product holder(s): Refer to Annexure A
Contact details: Jen Li, Head of Regulatory Reporting, C/O FIL Asia Holdings Pte Limited,
+852 2629 2657, apac.regulatory.filings@fil.com

4
*Nature of connection between substantial product holders:
*Omit if disclosure is made for only 1 substantial product holder.
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: N/A
*Disclosure has effect for purposes of directors’ and senior managers’ disclosure
[Name] is also a [specify either director or senior manager] of [name of listed issuer].
This disclosure also constitutes disclosure for the purposes of the directors’ and senior
managers’ disclosure obligations.
*Omit if inapplicable (see section 302 of the Financial Markets Conduct Act 2013).

Certification
I, Jen Li, certify that, to the best of my knowledge and belief, the information contained in
this disclosure is correct and that I am duly authorised to make this disclosure by all
persons for whom it is made.






Dated: 20 November 2020
Jen Li
Head of Regulatory Reporting, Asia Pacific
Duly authorized under Powers of Attorney by and on behalf of FIL Limited


Annexure A


Investment
Manager
Address Custodian Nature of
Relevant Interest
Sum of Numerator
Shares

FIL Investment
Advisors
Pembroke Hall, 42
Crow Lane, Pembroke,
Bermuda
BROWN BROS HARRIMN LTD
LUX (C)
Investment
Discretion /
Voting Power
1,341
FIL Investment
Management
(Australia) Limited
Level 11, 167
Macquarie Street,
Sydney, NSW 2000,
Australia
BROWN BROS HARRIMN LTD
LUX (C)
1,711,086
BROWN BROTHERS
HARRIMAN AND CO
3,910
CITIBANK LONDON 218,969
HSBC BANK PLC (C) 2,165,281
JP MORGAN, BOURNEMOUTH
(C)
258,675
NATIONAL ASTL BK
MELBOURNE (S)
313,937
NORTHERN TRUST LONDON
(C)
1,107,686
STATE STREET LUXEMBOURG 229,240
FIL Investment
Management
Level 21, Two Pacific
Place, 88 Queensway,
BROWN BROS HARRIMN LTD
LUX (C)
3,185,370

5
(Hong Kong)
Limited
Admiralty, Hong Kong CLEARSTREAM BANKING SA
LUX (C)
338,828
LANDESBANK BADEN-
WUERTTEMBERG
590,396
FIL Limited Pembroke Hall, 42
Crow Lane, Pembroke,
Bermuda
STATE STREET BANK AND TR
CO
2,258
FIL Responsible
Entity (Australia)
Limited
Level 11, 167
Macquarie Street,
Sydney, NSW 2000,
Australia
JP MORGAN, BOURNEMOUTH
(C)
4,134,945

Grand Total

14,261,922