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:17 November 2022
Date this disclosure made: 21 November 2022
Date last disclosure made: 17 March 2021
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: 13,262,788
(b) total in class: 218,581,661
(c) total percentage held in class: 6.068%
For last disclosure,—
(a) total number held in class: 17,032,277
(b) total in class: 218,581,661
(c) total percentage held in class: 7.792%
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

2

COMMON
STOCK
COMMON
STOCK
19/03/2021 FIL BUY 3.6071 AUD 45,954 45,954
19/03/2021 FIL BUY 3.6071 AUD 19,375 19,375
19/03/2021 FIL BUY 3.6071 AUD 19,375 19,375
19/03/2021 FIL BUY 3.6071 AUD 4,317 4,317
22/03/2021 FIL BUY 3.5330 AUD 78,587 78,587
24/03/2021 FIL BUY 3.6517 NZD 47,277 47,277
30/04/2021 FIL BUY 3.0773 AUD 1,524 1,524
03/05/2021 FIL BUY 3.0459 AUD 95,276 95,276
04/05/2021 FIL BUY 3.1088 AUD 78,252 78,252
05/05/2021 FIL BUY 3.2300 AUD 384,569 384,569
05/05/2021 FIL BUY 3.4818 NZD 14,798 14,798
05/05/2021 FIL BUY 3.4818 NZD 29,305 29,305
05/05/2021 FIL BUY 3.2300 AUD 75,058 75,058
08/06/2021 FIL BUY 3.6700 NZD 1,744 1,744
11/06/2021 FIL BUY 3.2144 AUD 310 310
11/06/2021 FIL BUY 3.2144 AUD 27 27
11/06/2021 FIL BUY 3.2144 AUD 433 433
11/06/2021 FIL BUY 3.2144 AUD 1,540 1,540
11/06/2021 FIL BUY 3.2144 AUD 339 339
11/06/2021 FIL BUY 3.2144 AUD 188 188
11/06/2021 FIL BUY 3.2144 AUD 188 188
11/06/2021 FIL BUY 3.2144 AUD 2,267 2,267
11/06/2021 FIL BUY 3.2144 AUD 143 143
15/06/2021 FIL BUY 3.2216 AUD 1,876 1,876
15/06/2021 FIL BUY 3.2216 AUD 162 162
15/06/2021 FIL BUY 3.2216 AUD 2,624 2,624
15/06/2021 FIL BUY 3.2216 AUD 9,320 9,320
15/06/2021 FIL BUY 3.2216 AUD 2,050 2,050
15/06/2021 FIL BUY 3.2216 AUD 1,140 1,140
15/06/2021 FIL BUY 3.2216 AUD 1,140 1,140
15/06/2021 FIL BUY 3.2216 AUD 13,720 13,720
15/06/2021 FIL BUY 3.2216 AUD 864 864
16/06/2021 FIL BUY 3.3181 AUD 6,272 6,272
16/06/2021 FIL BUY 3.3181 AUD 543 543
16/06/2021 FIL BUY 3.3181 AUD 8,775 8,775
16/06/2021 FIL BUY 3.3181 AUD 31,163 31,163
16/06/2021 FIL BUY 3.3181 AUD 6,857 6,857
16/06/2021 FIL BUY 3.3181 AUD 3,812 3,812
16/06/2021 FIL BUY 3.3181 AUD 3,812 3,812

3
16/06/2021 FIL BUY 3.3181 AUD 45,880 45,880
16/06/2021 FIL BUY 3.3181 AUD 2,887 2,887
17/06/2021 FIL BUY 3.3465 AUD 3,529 3,529
17/06/2021 FIL BUY 3.3465 AUD 306 306
17/06/2021 FIL BUY 3.3465 AUD 4,937 4,937
17/06/2021 FIL BUY 3.3465 AUD 17,532 17,532
17/06/2021 FIL BUY 3.3465 AUD 3,857 3,857
17/06/2021 FIL BUY 3.3465 AUD 2,144 2,144
17/06/2021 FIL BUY 3.3465 AUD 2,144 2,144
17/06/2021 FIL BUY 3.3465 AUD 25,811 25,811
17/06/2021 FIL BUY 3.3465 AUD 1,624 1,624
18/06/2021 FIL BUY 3.3797 AUD 1,489 1,489
18/06/2021 FIL BUY 3.3797 AUD 129 129
18/06/2021 FIL BUY 3.3797 AUD 2,083 2,083
18/06/2021 FIL BUY 3.3797 AUD 7,398 7,398
18/06/2021 FIL BUY 3.3797 AUD 1,628 1,628
18/06/2021 FIL BUY 3.3797 AUD 905 905
18/06/2021 FIL BUY 3.3797 AUD 905 905
18/06/2021 FIL BUY 3.3797 AUD 10,892 10,892
18/06/2021 FIL BUY 3.3797 AUD 685 685
21/06/2021 FIL BUY 3.5531 AUD 1,420 1,420
21/06/2021 FIL BUY 3.5500 AUD 1,924 1,924
21/06/2021 FIL BUY 3.5391 AUD 13,608 13,608
21/06/2021 FIL BUY 3.5531 AUD 123 123
21/06/2021 FIL BUY 3.5500 AUD 166 166
21/06/2021 FIL BUY 3.5391 AUD 1,178 1,178
21/06/2021 FIL BUY 3.5531 AUD 1,987 1,987
21/06/2021 FIL BUY 3.5500 AUD 2,691 2,691
21/06/2021 FIL BUY 3.5391 AUD 19,038 19,038
21/06/2021 FIL BUY 3.5531 AUD 7,056 7,056
21/06/2021 FIL BUY 3.5500 AUD 9,559 9,559
21/06/2021 FIL BUY 3.5391 AUD 67,613 67,613
21/06/2021 FIL BUY 3.5531 AUD 1,553 1,553
21/06/2021 FIL BUY 3.5500 AUD 2,103 2,103
21/06/2021 FIL BUY 3.5391 AUD 14,876 14,876
21/06/2021 FIL BUY 3.5531 AUD 863 863
21/06/2021 FIL BUY 3.5500 AUD 1,169 1,169
21/06/2021 FIL BUY 3.5391 AUD 8,271 8,271
21/06/2021 FIL BUY 3.5531 AUD 863 863
21/06/2021 FIL BUY 3.5500 AUD 1,169 1,169
21/06/2021 FIL BUY 3.5391 AUD 8,271 8,271

4
21/06/2021 FIL BUY 3.5531 AUD 10,388 10,388
21/06/2021 FIL BUY 3.5500 AUD 14,072 14,072
21/06/2021 FIL BUY 3.5391 AUD 99,543 99,543
21/06/2021 FIL BUY 3.5531 AUD 653 653
21/06/2021 FIL BUY 3.5500 AUD 886 886
21/06/2021 FIL BUY 3.5391 AUD 6,265 6,265
22/06/2021 FIL BUY 3.5260 AUD 1,710 1,710
22/06/2021 FIL BUY 3.5260 AUD 148 148
22/06/2021 FIL BUY 3.5260 AUD 2,393 2,393
22/06/2021 FIL BUY 3.5260 AUD 8,499 8,499
22/06/2021 FIL BUY 3.5260 AUD 1,870 1,870
22/06/2021 FIL BUY 3.5260 AUD 1,040 1,040
22/06/2021 FIL BUY 3.5260 AUD 1,040 1,040
22/06/2021 FIL BUY 3.5260 AUD 12,512 12,512
22/06/2021 FIL BUY 3.5260 AUD 788 788
23/06/2021 FIL BUY 3.5309 AUD 16,515 16,515
23/06/2021 FIL BUY 3.5309 AUD 1,430 1,430
23/06/2021 FIL BUY 3.5309 AUD 23,104 23,104
23/06/2021 FIL BUY 3.5309 AUD 82,054 82,054
23/06/2021 FIL BUY 3.5309 AUD 18,053 18,053
23/06/2021 FIL BUY 3.5309 AUD 10,036 10,036
23/06/2021 FIL BUY 3.5309 AUD 10,036 10,036
23/06/2021 FIL BUY 3.5309 AUD 120,802 120,802
23/06/2021 FIL BUY 3.5309 AUD 7,603 7,603
03/09/2021 FIL SELL 3.3205 NZD -3,083 -3,083
25/10/2021 FIL SELL 3.5875 AUD -3,791 -3,791
15/06/2022 FIL BUY 2.7786 AUD 12,832 12,832
29/07/2022 FIL SELL 2.9355 AUD -3,910 -3,910
28/09/2022 FIL SELL 3.0315 AUD -225,162 -225,162
10/10/2022 FIL SELL 2.8649 AUD -97,813 -97,813
14/10/2022 FIL SELL 2.9182 AUD -101,732 -101,732
18/10/2021 FIL
Transition
Out
3.5600 AUD -48,853 -48,853
18/10/2021 FIL
Transition
Out
3.5600 AUD -15,978 -15,978
18/10/2021 FIL
Transition
Out
3.5600 AUD -51,333 -51,333
21/10/2022 FIL SELL 2.8100 AUD -3,058 -3,058
21/10/2022 FIL SELL 2.8100 AUD -53,050 -53,050
21/10/2022 FIL SELL 2.8100 AUD -19,554 -19,554
28/10/2022 FIL SELL 2.8556 AUD -2,704 -2,704
28/10/2022 FIL SELL 2.8556 AUD -7,841 -7,841
28/10/2022 FIL SELL 2.8556 AUD -2,906 -2,906

5
31/10/2022 FIL SELL 2.8650 AUD -274 -274
31/10/2022 FIL SELL 2.8650 AUD -14,004 -14,004
31/10/2022 FIL SELL 2.8650 AUD -5,190 -5,190
01/11/2022 FIL SELL 2.8292 AUD -29,561 -29,561
01/11/2022 FIL SELL 2.8292 AUD -10,957 -10,957
03/11/2022 FIL SELL 2.8884 AUD -2,701 -2,701
03/11/2022 FIL SELL 2.8884 AUD -13,998 -13,998
03/11/2022 FIL SELL 2.8884 AUD -5,226 -5,226
03/11/2021 FIL Transition In 3.2600 AUD 67,349 67,349
03/11/2021 FIL Transition In 3.2600 AUD 4,594 4,594
03/11/2021 FIL Transition In 3.2600 AUD 20,393 20,393
04/11/2022 FIL SELL 2.8947 AUD -2,745 -2,745
04/11/2022 FIL SELL 2.8947 AUD -16,010 -16,010
04/11/2022 FIL SELL 2.8947 AUD -5,977 -5,977
07/11/2022 FIL SELL 2.8826 AUD -3,863 -3,863
07/11/2022 FIL SELL 2.8826 AUD -76,437 -76,437
07/11/2022 FIL SELL 2.8826 AUD -28,537 -28,537
08/11/2022 FIL SELL 2.9042 AUD -18,669 -18,669
08/11/2022 FIL SELL 3.1700 NZD -2,847 -2,847
08/11/2022 FIL SELL 2.9042 AUD -2,665 -2,665
09/11/2022 FIL SELL 2.8892 AUD -13,861 -13,861
09/11/2022 FIL SELL 3.1584 NZD -2,566 -2,566
09/11/2022 FIL SELL 2.8892 AUD -2,645 -2,645
17/11/2022 FIL SELL 2.6963 AUD -4,472 -4,472
17/11/2022 FIL SELL 2.6963 AUD -3,592,847 -3,592,847
17/11/2022 FIL SELL 2.6963 AUD -75,579 -75,579
17/11/2022 FIL SELL 2.6963 AUD -28,626 -28,626
17/11/2022 FIL SELL 2.9601 NZD -207,735 -207,735
17/11/2022 FIL SELL 2.9601 NZD -410,299 -410,299
17/11/2022 FIL SELL 2.6963 AUD -404,280 -404,280

Total Buys 1,761,514 1,761,514

Total Sells (5,507,175) (5,507,175)

Total Transition In 92,336 92,336

Total Transition Out 116,164 116,164

Total Movement (3,769,489) (3,769,489)

Details after relevant event
Details for Refer to Annexure A
Nature of relevant interest(s): Investment discretion and/or voting power

6
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: Charles Guo, Senior Manager of Regulatory Reporting, C/O FIL Asia
Holdings Pte Limited, +852 2629 2657, apac.regulatory.filings@fil.com
*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, Charles Guo, 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.

Sign Here ____________________________________

7




Dated: 21 November 2022
Charles Guo
Regulatory Reporting Senior Manager
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
Management
(Australia) Limited
Level 11, 167
Macquarie Street,
Sydney, NSW 2000,
Australia
BROWN BROS
HARRIMN LTD LUX (C)
Investment Discretion /
Voting Power
1,711,086
CITIBANK LONDON 218,969
HSBC BANK PLC (C) 2,614,158
JP MORGAN,
BOURNEMOUTH (C)
258,675
NATIONAL ASTL BK
MELBOURNE (S)
247,168
NATIONAL
AUSTRALIAN BANK
92,336
NORTHERN TRUST
LONDON (C)
1,101,809
STATE STREET
LUXEMBOURG
603,591
FIL Investment
Management (Hong
Kong) Limited
Level 21, Two Pacific
Place, 88
Queensway,
Admiralty, Hong
Kong
BROWN BROS
HARRIMN LTD LUX (C)
1,715,702
CLEARSTREAM
BANKING SA LUX (C)
193,057
LANDESBANK BADEN-
WUERTTEMBERG
295,132
FIL Investment
Management
(Singapore) Limited
8 Marina View, #35-
06, Asia Square
Tower 1, 018960,
Singapore
NORTHERN TRUST
LONDON (C)
118,189

8
FIL Investments
International
Beech Gate, Millfield
Lane, Lower
Kingswood,
Tadworth, Surrey,
KT20 6RP, United
Kingdom
STATE STREET BANK
AND TR CO
4,650
FIL Responsible
Entity (Australia)
Limited
Level 11, 167
Macquarie Street,
Sydney, NSW 2000,
Australia
JP MORGAN,
BOURNEMOUTH (C)
4,075,434
JPMORGAN CHASE
BANK, N.A.
12,832

Grand Total

13,262,788