Synlait Annual Meeting 2022

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com






NZX: SML
ASX: SM1


2 December 2022

Synlait Annual Meeting 2022

Please see attached presentation which will be delivered to shareholders by Synlait Chair, Dr John
Penno, and CEO, Grant Watson, at the company’s Annual Meeting commencing at 12 noon today.

To access the meeting virtually please go to: www.meetnow.global/nz

More details about joining the meeting can be found in the Notice of Meeting.

A replay of the Annual Meeting will be available at the link below following the meeting:

https://www.synlait.com/investors/

For more information contact:
Hannah Lynch
Head of Corporate Affairs & Brand
P: +64 21 252 8990
E: hannah.lynch@synlait.com

---

Doing Milk Differently For A Healthier World
WELCOME
TO SYNLAIT’S
ANNUAL
MEETING
2 December 2022

VOTING ONLINE
• Voting is now open.
• To vote, click on the vote tab, and select
your preferred option. Once your vote has
been cast a tick will appear.
• You can vote for all resolutions at once or
by each resolution.
• There is no submit or send button, your
selection is automatically recorded. It can
be changed up until the time voting closes.
PAGE 2SYNLAIT’S ANNUAL MEETING 2022

ASKING A
QUESTION ONLINE
• To ask a question click on the Q&A icon.
• Click on the box, type your question, and
press submit.
• Your question will be asked at the
appropriate part of the meeting.
• Please ensure questions are succinct,
clear and relevant to the meeting.
• Questions submitted ahead of the meeting
will be answered during general business.
PAGE 3SYNLAIT’S ANNUAL MEETING 2022

NEED HELP?
• Check the virtual meeting guide on Synlait’s
website.
• Call the Computershare team on +64 9 488 8777
• Use the Q&A tab to message a Computershare
representative.
PAGE 4SYNLAIT’S ANNUAL MEETING 2022

CHAIR ADDRESS
Dr John Penno
PAGE 5SYNLAIT’S ANNUAL MEETING 2022

TODAY’S AGENDA
• Chair Address
• CEO Address
• Resolutions and Voting
• Other Business
PAGE 6SYNLAIT’S ANNUAL MEETING 2022

AFTER A DIFFICULT FY21, SYNLAIT IS NOW
WELL INTO A COMPREHENSIVE TURNAROUND
STRONG FY22 CASH
FLOWS ENABLED:
• Significant debt repayment.
• Completion of major
CAPEX (includes Pokeno).
• SAP implementation.
• Total average milk price
of $9.59 kgMS (29 cents
above market on average).
FY22 RESULTS:
29%
33%
NET DEBT
CAPEX
$
341.9M
$
96.3M
$214.5M
OPERATING CASH FLOW
$
232.9M
79% 77%
DEBT/EBITDAADJUSTED DEBT/EBITDA*
2.6X2.9X
* Normalised for the gain on sale and leaseback of Auckland land and building ($13.4m post-tax benefit) and non-cash impact of Temuka cheese plant impairment charge ($8.8m post-tax impact).
PAGE 7SYNLAIT’S ANNUAL MEETING 2022

EXECUTIVE LEADERSHIP TEAM
AND STRATEGY REFRESHED COMPLETED
CEO Grant Watson established
in role – 11 months in.
Paul Mallard
Director of Strategy, Innovation
and Corporate Affairs
Naiche Nogueira
Director of
Advanced Nutrition
Charles Fergusson
Director of On-Farm Excellence
and Business Sustainability
In Progress
President China and
Director of Foodservice
High performing Executive Leadership
Team appointed and in place by
Q2 2023.
Review and refresh of Synlait’s
strategy completed to ensure it is fit
for purpose and focused.
Focus shifts to executional excellence
PAGE 8SYNLAIT’S ANNUAL MEETING 2022

SYNLAIT’S WORLD CLASS ADVANCED
NUTRITION CAPABILITIES POSITIONS
IT FOR ACCELERATED GROWTH
This is underpinned by our strong and enduring relationship with
The a2 Milk Company, dating back ten years.
• State Administration for Market Regulation (SAMR) licence for The a2
Milk Company’s Chinese labelled 至初® Infant Formula owned by Synlait.
• Evergreen manufacturing and supply arrangement has exclusivity
arrangements.
• Significant lift in The a2 Milk Company demand requires additional shifts.
• New opportunities developing in the USA – temporary FDA approval.
PAGE 9SYNLAIT’S ANNUAL MEETING 2022

SYNLAIT’S NEW MULTINATIONAL
CUSTOMER HAS THE POTENTIAL TO
BE ITS LARGEST WITHIN FIVE YEARS
Relationship with Synlait Pokeno’s new multinational customer
expected to fill this facility in time.
• Strong relationship and building.
• Commercial production to start in early 2023, with product planned
for distribution in Southeast Asia from Q2 2023.
• Distribution markets expanded to include Australia and New
Zealand by the end of 2023 (calendar year).
• Additional product trials for new products in the clinical nutrition
category have commenced and these are progressing to plan.
• Customer will deliver diversified customer, category and
geographical growth.
PAGE 10SYNLAIT’S ANNUAL MEETING 2022

A WORLD LEADING LACTOFERRIN
BUSINESS HAS BEEN BUILT AT DUNSANDEL
AND IS EXTREMELY PROFITABLE
• A study by the University of California Davis found that Synlait lactoferrin is
one of the best performing lactoferrin products globally for infant nutrition.
• Demand primarily driven by the China infant formula market, as new recipe
registrations include higher lactoferrin dosages for improved benefits.
• Current production capacity is 40 MT, with further capacity expansion
being considered.
• Market pricing remains firm.
PAGE 11SYNLAIT’S ANNUAL MEETING 2022

SYNLAIT IS WELL POSITIONED
AS THE CHINESE INFANT FORMULA
MARKET CHANGES SHAPE
• Active engagement with the top eight infant formula brand owners in
the Chinese market.
• In FY23, Synlait was successfully approved as a third party
manufacturer (TPM) of paediatric powders with a leading China-based
infant formula brand.
• Well positioned to potentially gain additional China market licenses at
the Synlait Dunsandel and Pokeno manufacturing sites.
PAGE 12SYNLAIT’S ANNUAL MEETING 2022

DIVERSIFIED CUSTOMER, CHANNEL,
CATEGORY AND GEOGRAPHICAL
GROWTH INCLUDES...
• Synlait Pokeno’s multinational customer potentially fully utilising this facility
within five years.
• Strong demand by various multinational customers for UHT line at Synlait
Dunsandel’s liquids facility.
• Foodservice UHT cream launch into lucrative China market in partnership
with SAVENCIA Group.
• Expansion of Dairyworks into China and South East Asia (selective markets).
PAGE 13SYNLAIT’S ANNUAL MEETING 2022

YOUR BOARD
Chair succession
• Independent Director Simon Robertson will
replace Dr John Penno as Chair, effective today
(2 December 2022).
Director retirement
• Director Sam Knowles has given notice that
he will retire by rotation and not stand for
re-election today.
Director election
• Paul Washer and Paul McGilvary will stand for
election by Synlait shareholders at the Annual
Meeting as Independent Directors.
Min Chen (Joyce)
Bright Dairy
Appointed Director
Dr Gui Min (Gracie)
Bright Dairy
Appointed Director
Simon Robertson
Independent Chair
Sihang Yang (Edward)
Bright Dairy
Appointed Director
Dr John Penno
Board Appointed
Director
Paul McGilvary
Independent Director
Paul Washer
Independent Director
Hon Ruth Richardson
Bright Dairy
Appointed Director
Proposed Board Structure
PAGE 14SYNLAIT’S ANNUAL MEETING 2022

CEO ADDRESS
Grant Watson
PAGE 15SYNLAIT’S ANNUAL MEETING 2022

STRATEGY REFRESH PROCESS AND SCOPE
TIMELINE
High performing Executive Leadership Team appointed and in placeAnnual review with Board runs from May-Jul
FY22FY23
MARAPRMAYJUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY
Workshops
with senior
leaders
to review
strategic
drivers and
historical
financial
performance
of business
units.
40%
direction
of travel
presented
to Board for
input.
70%
progressed.
Refresh
completed,
Board sign
off.
Execution
frameworks
finalised.
Refreshed
strategy
released at
FY22 result.
Strategy
overview
at Annual
Meeting.
Annual
Strategy
Review
process
commences.
Overview
of four
business unit
strategies
when new
Executive
Leadership
Team in
place at
Investor Day.
PAGE 16SYNLAIT’S ANNUAL MEETING 2022

SYNLAIT’S STRATEGY FY23 – FY27
CATEGORIES
OUR FOCUS PRODUCTS
CHANNELS
OUR FOCUS BUSINESS TYPES
RIGHT TO PLAY
OUR STRONG FOUNDATIONS
AMBITION
TO FY27
RIGHT TO WIN
OUR COMPETITIVE ADVANTAGE MODELS
KEY ENABLERS
OF EXECUTION
Singapore
Malaysia
Thailand
New Zealand
Australia
China
Philippines
Vietnam
Indonesia
GEOGRAPHIES
OUR GROWTH MARKETS
OUR
PURPOSE
AND CULTURE
MADE WITH
BETTER MILK
COMPETITIVE, TRANSPARENT
FARMGATE MILK PRICE
FAVOURABLE
ADVANCE RATE
AND NO SHARES
DIGITAL TOOLS
AND ON-FARM
SUPPORT
INDUSTRY AND
COMMUNITY
ENGAGEMENT
SPECIALTY
MILK PREMIUMS
LEAD WITH
PRIDE™
1
5
3
7
2
6
4
8
OUR
PURPOSE
AND CULTURE
FOOD SAFETY, QUALITY AND
TRACEABILITY AND SURETY OF SUPPLY
NEW ZEALAND
PROVENANCE AND
MARKET ACCESS
BASE
PRODUCT
PORTFOLIO
VALUE-ADD
PRODUCT
PORTFOLIO
CUSTOMISED PRODUCT
PORTFOLIO
1
5
3
2
4
8
MADE WITH
BETTER MILK
AND B CORP™
7
DEEP CHANNEL
EXPERTISE
6
On-Farm
Excellence
Customer
Engagement
Disciplined
NPD and NTD
Employer
of Choice
Systems, Tools
and Processes
Manufacturing
and Supply Chain
Our Purpose – Doing Milk Differently For A Healthier World
Milk PowderFood Safety
and Quality
B Corp™
Score of 115
Consumer
CUSTOMERSFARMER SUPPLIERS
Beverages
and Cream
RegulatoryFarmer Net
Promoter Score
Top Quartile
FoodserviceAMF
and Butter
Nutritionals
Know-How
IWS Level 3Manufacturing
CheeseSurety of
Supply
Customer Net
Promoter Score
Top Quartile
Infant and
Adult Nutrition
Efficient
Manufacturing
Staff Engagement
Top Quartile
LactoferrinSustainability
Credentials
Return on
Capital 15%
PAGE 17SYNLAIT’S ANNUAL MEETING 2022

AMBITION
TOP QUARTILE
FARMER
SUPPLIER NET
PROMOTER
SCORE
Achieving highly
engaged farmer
suppliers with a Net
Promoter Score in
the top quartile.
TOP QUARTILE
EMPLOYEE
ENGAGEMENT
Growing a highly
engaged workforce
with a Gallup score
in the top quartile.
15%
RETURN
ON CAPITAL
Delivering a return on
capital of 15% through
a diversified portfolio
of channels, categories
and geographies.
IWS PHASE 3
IWS PHASE 3
Achieving Phase
3 of Integrated
Work Systems
(IWS), delivering
high performance
sustainably across
cost, quality, yield
and reliability.
B CORP™
SCORE
Lifting our
leadership position
in sustainability
across people,
planet and profit.
>115
CUSTOMER NET
PROMOTER
SCORE
Achieving highly
engaged customers
with a Net Promoter
Score in the top
quartile.
TOP QUARTILE
PAGE 18SYNLAIT’S ANNUAL MEETING 2022

RIGHT TO PLAY
FOOD SAFETY,
QUALITY AND
TRACEABILITY
REGULATORYNUTRITIONALS
KNOW-HOW
SURETY
OF SUPPLY
EFFICIENT
MANUFACTURING
SUSTAINABILITY
CREDENTIALS
Global regulatory expertise
with strong industry
engagement.
FSSC 22000 accreditation
delivered by an embedded
quality culture, including
supply chain traceability.
Expertise from formulation
to processing. Strong
government and industry
relationships.
Surety of supply provided
by contracted farms and
gate-to-plate integration with
strong market access.
High-efficiency modern
assets with flexibility to meet
customer requirements.
World-leading sustainability
credentials as evidenced by
B Corp™ certification.
PAGE 19SYNLAIT’S ANNUAL MEETING 2022

CHANNELS
MANUFACTURING
Ingredients and semi-finished
products for use in nutritional,
beverage and other product
applications.
FOODSERVICE
Accessing out-of-home
consumption through bakeries,
cafes and other foodservice
channels.
CONSUMER
Consumer-packaged products
available through modern trade,
specialty retail and e-commerce
platforms.
PAGE 20SYNLAIT’S ANNUAL MEETING 2022

AMF AND
BUTTER
CATEGORIES
CHEESE
BEVERAGES
AND CREAM
MILK
POWDER
INFANT AND
ADULT NUTRITION
LACTOFERRIN
PAGE 21SYNLAIT’S ANNUAL MEETING 2022

Singapore
Malaysia
Thailand
New Zealand
Australia
China
Philippines
Vietnam
Indonesia
From
GEOGRAPHIES
China
Southeast Asia
Oceania
Rest of world
To
China
Southeast Asia
Oceania
Rest of world
INDICATIVE ONLY
PAGE 22SYNLAIT’S ANNUAL MEETING 2022

RIGHT TO WIN
FARMER SUPPLIERS
OUR
PURPOSE
AND CULTURE
MADE WITH
BETTER MILK
COMPETITIVE, TRANSPARENT
FARMGATE MILK PRICE
FAVOURABLE
ADVANCE RATE
AND NO SHARES
DIGITAL TOOLS
AND ON-FARM
SUPPORT
INDUSTRY AND
COMMUNITY
ENGAGEMENT
SPECIALTY
MILK PREMIUMS
LEAD WITH
PRIDE™
1
5
3
7
2
6
4
8
PAGE 23SYNLAIT’S ANNUAL MEETING 2022

RIGHT TO WIN
CUSTOMERS
DEEP CHANNEL
EXPERTISE
FOOD SAFETY, QUALITY AND
TRACEABILITY AND SURETY OF SUPPLY
NEW ZEALAND
PROVENANCE AND
MARKET ACCESS
BASE
PRODUCT
PORTFOLIO
VALUE-ADD
PRODUCT
PORTFOLIO
CUSTOMISED PRODUCT
PORTFOLIO
1
5
3
6
7
2
4
MADE WITH
BETTER MILK
AND B CORP™
OUR
PURPOSE
AND CULTURE
8
PAGE 24SYNLAIT’S ANNUAL MEETING 2022

EXECUTIONAL EXCELLENCE (KEY ENABLERS)
ON-FARM
EXCELLENCE
SYSTEMS, TOOLS
AND PROCESSES
WORLD CLASS
MANUFACTURING
AND SUPPLY CHAIN
WORLD CLASS
CUSTOMER
ENGAGEMENT
DISCIPLINED
NEW PRODUCT
DEVELOPMENT AND
NEW TECHNOLOGY
DEVELOPMENT
EMPLOYER
OF CHOICE
• Market Mapping and
Segmentation
• Joint Business Planning
and Customer Satisfaction
Measurement
• Sales and Pricing Capability
• Digital Solutions
• Deep Customer/
Channel Expertise
• Fewer, Bigger
and Better New Product
Development
• Bigger and Better New
Technology Development
• Pilot Plant and Application
Laboratory
• Product Management
Review
• Health, Safety
and Wellbeing
• Capability and Culture
• Career Pathways
• High Performing Teams
• Diversity and Inclusion
• SAP
• Integrated Business
Planning
• Business Information
• Strategic Planning
• Information Services
Strategy and Roadmap
• Food Safety, Quality,
Regulatory and Laboratory
• Integrated Work Systems
• Procurement and Logistics
• Asset Care
• Asset Planning
• Farmer Supplier Cashflow
and Payment System
• Lead With Pride™ and
Made With Better Milk
• Digital Tools
• Industry and Community
Engagement
• Farmer Communications
and Engagement
Enabled by a high performance framework
PAGE 25SYNLAIT’S ANNUAL MEETING 2022

NEW ELT STRUCTURE
ALIGNED TO KEY BUSINESS UNITS AND ENABLERS
Grant Watson
Chief Executive Officer
Nigel Macdonald
Director of
Operations
Paul Mallard
Director of
Strategy,
Innovation and
Corporate Affairs
Dr Suzan Horst
Director
of Quality,
Regulatory and
Laboratory
Naiche Nogueira
Director of
Advanced Nutrition
Adam Maxwell
Director of
Ingredients
Charles Fergusson
Director of On-
Farm Excellence
and Business
Sustainability
Rob Stowell
Chief Financial
Officer
Tim Carter
CEO Dairyworks
and Director of
Consumer
Boyd Williams
Director of
People and
Culture
In Progress
President China
and Director of
Foodservice
PAGE 26SYNLAIT’S ANNUAL MEETING 2022

BUSINESS UNIT
STRATEGIES
PAGE 27SYNLAIT’S ANNUAL MEETING 2022

INGREDIENTS STRATEGY FY23 – FY27
CATEGORIES
OUR FOCUS PRODUCTS
CHANNELS
OUR FOCUS BUSINESS TYPES
RIGHT TO PLAY
OUR STRONG FOUNDATIONS
AMBITION
TO FY27
RIGHT TO WIN
OUR COMPETITIVE ADVANTAGE MODEL
KEY ENABLERS
OF EXECUTION
GEOGRAPHIES
OUR GROWTH MARKETS
Our Purpose – Doing Milk Differently For A Healthier World
Thailand
China
Vietnam
Indonesia
Out-Perform
NPM
Food Safety
and Quality
Customer Net
Promoter Score
Top Quartile
Integrated
Value Chain
50/50
Customer Ratio
Regulatory
B Corp™
Score of 115
Efficient
Manufacturing
Staff Engagement
Top Quartile
Sustainability
Credentials
IWS Level 3Dairy
Know-How
Food
Manufacturing
Beverage
Manufacturing
Customised
Milk Powder
SMP and WMP
AMF and
Butter
Bulk
Cheese
On-farm
Excellence
Customer
Engagement
Disciplined
NPD and NTD
Employer
of Choice
Systems, Tools
and Processes
Manufacturing
and Supply Chain
FOOD SAFETY AND QUALITY,
TRACEABILITY AND SURETY OF SUPPLY
NEW ZEALAND
PROVENANCE AND
MARKET ACCESS
1
2
INGREDIENTS
PORTFOLIO
3
CUSTOMISED
INGREDIENTS PORTFOLIO
4
DEEP CUSTOMER
EXPERTISE
5
OUR
PURPOSE
AND CULTURE
7
MADE WITH
BETTER MILK
AND B CORP™
6
PAGE 28SYNLAIT’S ANNUAL MEETING 2022

ADVANCED NUTRITION STRATEGY FY23 – FY27
CATEGORIES
OUR FOCUS PRODUCTS
CHANNELS
OUR FOCUS BUSINESS TYPES
RIGHT TO PLAY
OUR STRONG FOUNDATIONS
AMBITION
TO FY27
RIGHT TO WIN
OUR COMPETITIVE ADVANTAGE MODEL
KEY ENABLERS
OF EXECUTION
GEOGRAPHIES
OUR GROWTH MARKETS
Our Purpose – Doing Milk Differently For A Healthier World
Infant Formula
– Base
Infant Formula
– Consumer
Nutritional
Beverages
LactoferrinClinical
Nutrition
Life Stage
Nutrition – Base
and Consumer
Customer
Engagement
Deep Channel
Expertise
Disciplined
NPD and NTD
Employer
of Choice
Systems, Tools
and Processes
Manufacturing
and Supply Chain
Malaysia
New Zealand
Australia
China
Philippines
Vietnam
Indonesia
Food Safety
and Quality
Infant Grade
Manufacturing
Facilities
Regulatory
Deep Category
Knowledge
Sustainability
Credentials
Nutritionals
Know-How
OUR
PURPOSE
AND CULTURE
FOOD SAFETY AND QUALITY,
TRACEABILITY AND SURETY OF SUPPLY
NEW ZEALAND
PROVENANCE AND
MARKET ACCESS
BASE
PRODUCT
PORTFOLIO
VALUE-ADD PRODUCT
PORTFOLIO AND
PATENTED TECHNOLOGY
CUSTOMISED PRODUCT
PORTFOLIO
1
5
3
2
4
8
MADE WITH
BETTER MILK
AND B CORP™
7
DEEP CHANNEL
EXPERTISE
6
Gross margin
of $250m
Customer Net
Promoter Score
Top Quartile
Diversified
Customers and
Categories
Staff Engagement
Top Quartile
Sales volumes
of 90,000 MT
IWS Level 3
Consumer
ManufacturingMedical
Specialty
Retail
E-Commerce
PAGE 29SYNLAIT’S ANNUAL MEETING 2022

CONSUMER FOODS STRATEGY FY23 – FY27
CATEGORIES
OUR FOCUS PRODUCTS
AMBITION
TO FY27
RIGHT TO WIN
OUR COMPETITIVE ADVANTAGE MODEL
KEY ENABLERS
OF EXECUTION
GEOGRAPHIES
OUR GROWTH MARKETS
Our Purpose – Doing Milk Differently For A Healthier World
Return on
Capital 15%
Customer
Advantage
Top 5
Staff Engagement
Top Quartile
Geographic
Diversification
FoodserviceConsumerNatural
Cheese
Specialty
Cheese
Fresh Milk
and Cream
Functional
Beverages
Butter
Offshore Market
Capability
Manufacturing
and Supply Chain
Leverage Synlait
Capabilities
Deep Channel
Expertise
Disciplined
NPD and NTD
Employer
of Choice
Singapore
Malaysia
Thailand
New Zealand
Australia
China
Philippines
Food Safety
and Quality
Global
Sourcing
Dairy
Know-How
Sustainability
Credentials
Surety of
Supply
Dedicated
NPD Capability
Sales volumes
of 35,000 MT
Gross margin
of $50m
FOOD SAFETY AND QUALITY
AND SURETY OF SUPPLY
NEW ZEALAND
PROVENANCE AND
MARKET ACCESS
INTEGRATED AND FLEXIBLE
FIT FOR PURPOSE
MANUFACTURING
BASE AND VALUE-ADD
DAIRY PORTFOLIO
DEDICATED NEW PRODUCT
DEVELOPMENT CAPABILITY
1
5
3
2
4
OUR
PURPOSE
AND CULTURE
8
DEEP CHANNEL
EXPERTISE
6
MADE WITH
BETTER MILK
AND B CORP™
7
CHANNELS
OUR FOCUS BUSINESS TYPES
RIGHT TO PLAY
OUR STRONG FOUNDATIONS
PAGE 30SYNLAIT’S ANNUAL MEETING 2022

FOODSERVICE STRATEGY FY23 – FY27
CATEGORIES
OUR FOCUS PRODUCTS
CHANNELS
OUR FOCUS BUSINESS TYPES
RIGHT TO PLAY
OUR STRONG FOUNDATIONS
AMBITION
TO FY27
RIGHT TO WIN
OUR COMPETITIVE ADVANTAGE MODEL
KEY ENABLERS
OF EXECUTION
GEOGRAPHIES
OUR GROWTH MARKETS
Our Purpose – Doing Milk Differently For A Healthier World
Customer
Engagement
Deep Channel
Expertise
Disciplined
NPD and NTD
Employer
of Choice
Systems, Tools
and Processes
Manufacturing
and Supply Chain
BakeryBeveragesQSRFoodservice
Cream
Beverages
ButterCheese
STATE OF THE
ART, FLEXIBLE
MANUFACTURING
DEDICATED
NPD CAPABILITY
1
5
2
4
FOOD SAFETY AND QUALITY,
TRACEABILITY AND SURETY OF SUPPLY
NEW ZEALAND
PROVENANCE AND
MARKET ACCESS
Food Safety
and Quality
Integrated
Value Chain
Dedicated
NPD Capability
Flexible
Manufacturing
Sustainability
Credentials
Dairy
Know-How
Malaysia
China
Philippines
Vietnam
Indonesia
MADE WITH
BETTER MILK
AND B CORP™
7
DEEP CHANNEL
EXPERTISE
6
BASE
PRODUCT
PORTFOLIO
3
OUR
PURPOSE
AND CULTURE
8
Category
Diversification
Operational
Excellence
Gross margin
of $18m
Sales volumes
of 12,000 MT
Customer Net
Promoter Score
Top Quartile
Staff Engagement
Top Quartile
PAGE 31SYNLAIT’S ANNUAL MEETING 2022

KEY PRIORITIES
FOR FY23
Enable The a2 Milk
Company’s growth ambitions
Re-registration of SAMR license for
The a2 Milk Company’s Chinese
labelled 至初® Infant Formula
Stabilise SAP
Embed new Executive
Leadership Team
Adapt to the post-pandemic world
i.e., labour shortages, inflation, geopolitical dynamics,
operational and supply chain stability.
Commercialise multinational customer
opportunity at Synlait Pokeno
Grow Foodservice cream and
consumer beverage volumes
PAGE 32SYNLAIT’S ANNUAL MEETING 2022

A SUMMARY OF
OUR FY27 AMBITIONS
REVENUE GREATER
THAN $2.5 BILLION
RETURN ON CAPITAL
AT 15%
DIVERSIFIED GROWTH
ACROSS CUSTOMER,
CHANNEL, CATEGORY
AND GEOGRAPHY
ADDITIONAL CHINA
MARKET ACCESS
COMPELLING
COMPETITIVE
ADVANTAGE FOR
FARMER SUPPLIERS
PAGE 33SYNLAIT’S ANNUAL MEETING 2022

QUESTIONS
PAGE 34SYNLAIT’S ANNUAL MEETING 2022

ASKING A
QUESTION ONLINE
• To ask a question click on the Q&A icon.
• Click on the box, type your question, and
press submit.
• Your question will be asked at the
appropriate part of the meeting.
• Please ensure questions are succinct,
clear and relevant to the meeting.
• Questions submitted ahead of the meeting
will be answered during general business.
PAGE 35SYNLAIT’S ANNUAL MEETING 2022

RESOLUTIONS
AND VOTING
PAGE 36SYNLAIT’S ANNUAL MEETING 2022

YOUR BOARD
Chair succession
• Independent Director Simon Robertson will
replace Dr John Penno as Chair, effective today
(2 December 2022).
Director retirement
• Director Sam Knowles has given notice that
he will retire by rotation and not stand for
re-election today.
Director election
• Paul Washer and Paul McGilvary will stand for
election by Synlait shareholders at the Annual
Meeting as Independent Directors.
Min Chen (Joyce)
Bright Dairy
Appointed Director
Dr Gui Min (Gracie)
Bright Dairy
Appointed Director
Simon Robertson
Independent Chair
Sihang Yang (Edward)
Bright Dairy
Appointed Director
Dr John Penno
Board Appointed
Director
Paul McGilvary
Independent Director
Paul Washer
Independent Director
Hon Ruth Richardson
Bright Dairy
Appointed Director
Proposed Board Structure
PAGE 37SYNLAIT’S ANNUAL MEETING 2022

Voting online
To vote, click on the vote tab, and select your preferred option.
Once your vote has been cast a tick will appear. There is no
submit or send button, your selection is automatically recorded,
although it can be changed up until the time voting closes.
Need help?
Call Computershare on +64 9 488 8777
RESOLUTION 1
AUDITOR’S REMUNERATION
“That the Board be authorised to determine
the auditor’s fees and expenses for the 2023
financial year.”
PAGE 38SYNLAIT’S ANNUAL MEETING 2022

Voting online
To vote, click on the vote tab, and select your preferred option.
Once your vote has been cast a tick will appear. There is no
submit or send button, your selection is automatically recorded,
although it can be changed up until the time voting closes.
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RESOLUTION 2
ELECTION OF DIRECTOR
“That Paul Washer be elected as a Director.”
PAGE 39SYNLAIT’S ANNUAL MEETING 2022

Voting online
To vote, click on the vote tab, and select your preferred option.
Once your vote has been cast a tick will appear. There is no
submit or send button, your selection is automatically recorded,
although it can be changed up until the time voting closes.
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Call Computershare on +64 9 488 8777
RESOLUTION 3
ELECTION OF DIRECTOR
“That Paul McGilvary be elected as a Director.”
PAGE 40SYNLAIT’S ANNUAL MEETING 2022

OTHER
BUSINESS
PAGE 41SYNLAIT’S ANNUAL MEETING 2022

ASKING A
QUESTION ONLINE
• To ask a question click on the Q&A icon.
• Click on the box, type your question, and
press submit.
• Your question will be asked at the
appropriate part of the meeting.
• Please ensure questions are succinct,
clear and relevant to the meeting.
• Questions submitted ahead of the meeting
will be answered during general business.
PAGE 42SYNLAIT’S ANNUAL MEETING 2022

CHAIR-ELECT
Simon Robertson
PAGE 43SYNLAIT’S ANNUAL MEETING 2022

THIS CONCLUDES
SYNLAIT’S ANNUAL MEETING
Thank you for attending
PAGE 44SYNLAIT’S ANNUAL MEETING 2022

This presentation is given on behalf of Synlait
Milk Limited (Synlait). Information in this
presentation:
• comprises a statement or report made to or
for the purposes of a meeting of Synlait’s
shareholders and is provided for general
information purposes only, and is not an offer
or invitation for subscription, purchase, or
recommendation of securities in Synlait;
• should be read in conjunction with, and is
subject to, Synlait’s audited Annual Report
for the twelve months ended 31 July 2022,
prior annual and interim reports and Synlait’s
market releases on the NZX and ASX;
• includes forward-looking statements about
Synlait and the environment in which Synlait
operates which are subject to uncertainties
and contingencies outside of Synlait’s control.
Synlait’s actual results or performance may
differ materially from these statements;
• includes statements relating to past
performance, which should not be regarded
as a reliable indicator of future performance;
• may contain information from third parties
believed to be reliable; however, no
representations or warranties are made as
to the accuracy or completeness of such
information; and
• is current at the date of this presentation,
unless otherwise stated. Synlait is not under
any obligation to update this presentation
at any time after its release, whether as a
result of new information, future events or
otherwise.
All currency amounts are expressed in New
Zealand dollars unless otherwise stated and
figures, including percentage movements, are
subject to rounding. Similarly, unless otherwise
indicated, all references to a year in the
presentation are for the financial year ended
31 July 2022.
Synlait, its directors, employees and/or
shareholders shall have no liability whatsoever
to any person for any loss arising from this
presentation or any information supplied in
connection with it. Nothing in this presentation
constitutes financial, legal, tax or other advice.
Synlait has been designated as a “Non-
Standard” (NS) issuer by NZX due to the
nature of the company’s constitution. In
particular, Bright Dairy and Food Co Limited
(which holds its shares in Synlait through its
wholly-owned subsidiary, Bright Dairy Holding
Limited) has the right to appoint four directors
to the board of Synlait. Further details of these
director appointment rights are included on
pages 122 to 140 of Synlait’s Annual Report for
the financial year ended 31 July 2022.
For the purposes of this Disclaimer and
Important Notice, “presentation” means
this presentation, any presentation of this
presentation by Synlait and any question and
answer session that follows that presentation.
DISCLAIMER
PAGE 45SYNLAIT’S ANNUAL MEETING 2022