Response to Synlait’s market update announcement

ASX Code: A2M
NZX Code: ATM

The a2 Milk Company Limited
www.thea2milkcompany.com


22 December 2023
NZX/ASX Market Release

Response to Synlait’s market update announcement
New pricing and other matters in dispute

The a2 Milk Company Limited (a2MC, the Company) notes the market announcement made today by Synlait Milk
Limited (Synlait) providing an update in relation to:

• The confidential binding arbitration in relation to the written notice provided by a2MC to Synlait
cancelling the exclusive manufacturing and supply rights held by Synlait in respect of stages 1 to 3 of
a2MC’s current infant milk formula (IMF) products (being a2 Platinum® and a2 至初®) for sale by a2MC in
the markets of China, Australia and New Zealand, which Synlait has disputed (Exclusivity Arbitration); and

• various additional commercial matters in dispute between a2MC and Synlait.

a2MC remains confident in its position in respect of all of the issues in dispute in the Exclusivity Arbitration, as
noted in Synlait’s announcement.
The Company is also confident in its position overall in relation to the “New pricing and other matters in dispute”,
as noted in Synlait’s announcement and which largely relate to matters initially raised by a2MC. All of these
matters are commercial in nature and are not expected to have any operational impact on a2MC.
The disputed matters do not impact the FY24 guidance a2MC has given. a2MC will announce its 1H24 Results on
Monday, 19 February 2024.

Authorised for release by the Board of Directors

David Bortolussi
Managing Director and CEO
The a2 Milk Company Limited

For further information, please contact:
Investors / Analysts
David Akers
Group Head of Investor Relations and Sustainability
M +61 412 944 577
david.akers@a2milk.com



Anna Guan
Investor Relations Manager
M +61 430 166 872
anna.guan@a2milk.com
Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au