Synlait Annual Meeting 2024 Presentation

ANNUAL MEETING
PRESENTATION
Wednesday 4 December 2024
Annie McLaren and Andrew Lindsay,
Synlait Area Managers

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PAGE 2ANNUAL MEETING PRESENTATION 2024

ASKING A QUESTION ONLINE
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PAGE 3ANNUAL MEETING PRESENTATION 2024

NEED HELP?
• Use the Q&A tab to message a
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guide issued with the Notice of
Meeting or on Synlait’s website.
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+64 9 488 8777.
PAGE 4ANNUAL MEETING PRESENTATION 2024

CHAIR
ADDRESS
George Adams
PAGE 5ANNUAL MEETING PRESENTATION 2024

TODAY’S
AGENDA
• Chair Address
• Acting CEO Address
• Resolutions and Voting
• Other Business
ANNUAL MEETING PRESENTATION 2024PAGE 6PAGE 6

FY24 KEY ACHIEVEMENTS
These steps forward will enable Synlait to focus on further lifting performance
and returning to profitability.
Much-needed
balance sheet
reset delivered
North Island
strategic review
completed
Synlait and The
a2 Milk Company
settle disputes
Retaining milk
supply
Customer
growth continues
Two-step plan
(shareholder loan and
equity raise) underpinned
by bank refinancing.
Operations to solely focus
on producing Advanced
Nutrition products which
do not require raw milk.
Resolved all disputes
subject to arbitration,
including those regarding
exclusivity, pricing, and
other matters.
Expansion into
South East Asia in
Advanced Nutrition,
Foodservice and
Consumer business units.
Balance sheet reset
enables competitive
advance rates and
additional one-off milk
price payments.
PAGE 7ANNUAL MEETING PRESENTATION 2024

Timing: July 2024
Proceeds: $130 million
Use of proceeds: repayment of
bank debt
Approved by: 99.59% of
shareholders
Timing: September 2024
Proceeds: approximately $217.8
million
Use of proceeds: repayment of bank
debt and retail bonds
Bank refinancing: $450 million
package
Timing: November 2024
Current status: $169 million of
$180 million repaid
Next steps: non-electing holders
able to trade until today (4
December 2024), ahead of maturity
on 17 December 2024
KEY FY24 HIGHLIGHT: BALANCE SHEET RESET DELIVERED
SHAREHOLDER
LOAN
EQUITY RAISE AND
BANK REFINANCING
BOND
REDEMPTION
123
PAGE 8ANNUAL MEETING PRESENTATION 2024

FY25 IS NOT THE TIME TO TAKE OUR FOOT OFF THE PEDAL
Grow secured
milk supply
Lift operational
performance to
drive cash flow
New customer growth
to uplift earnings and
capacity utilisation
Attract and retain
key talent to deliver
Synlait’s suite of
complex products
Deliver new product
development and
enter new markets
CEO
recruitment
There is still a lot of work to do. The Board’s focuses are:
ANNUAL MEETING PRESENTATION 2024PAGE 9

KEY FY25 FOCUS: LIFTING OPERATIONAL PERFORMANCE
TO DRIVE FURTHER CASH FLOW
Driving uplift in operational performance
One-off settlement
payment from The
a2 Milk Company to
Synlait in the order of
$24.75 million made
Operational
efficiencies
Working capital unlock
Receivables
assignment
programme
Smarter inventory
management
PAGE 10ANNUAL MEETING PRESENTATION 2024

ACTING
CEO ADDRESS
Tim Carter
ANNUAL MEETING PRESENTATION 2024PAGE 11

Execution
Outcome
driven
Data-driven
decision making
Customer
centricity
Capability
building
Let’s
hustle!
FIRST IMPRESSIONS: HOW SYNLAIT WILL RETURN TO PROFITABILITY
Underpinned by a focus on:
ANNUAL MEETING PRESENTATION 2024PAGE 12

MANAGEMENT’S FY25 FOCUS AREAS
BUSINESS
PERFORMANCE
VOLUME
GROWTH
GROWING SECURED
MILK SUPPLY
231
Focus on plant reliability,
supply chain, procurement and
cost structures
Continue to develop and
grow the Advanced Nutrition
and Foodservice business-to-
business product portfolios
Retaining current farmers and
attracting new ones
Underpinned by
• Improved Ingredients business
performance
• Laser focus on customers and sales
Underpinned by
• Accelerate Advanced Nurtition volumes
• Optimise Lactoferrin business
• Grow Foodservice volume via entry to
new markets
Underpinned by
• Financial incentives
• Market leading support
• Business development
PAGE 13ANNUAL MEETING PRESENTATION 2024

REFRESHED SUSTAINABILITY STRATEGY
RIGHT TO PLAY
OUR STRONG FOUNDATIONS
AMBITION
TO FY29
KEY ENABLERS
OF EXECUTION
Business
commitment
Integrated sustainability
throughout all
Synlait functions
Lead With Pride™
Whakapuāwai
Customer
relationships
World-class
manufacturing
and supply chain
Sustainability progress,
reporting and credentials
-30% GHG on-farm
per kgMS by FY29
Regenerative
agriculture and
soil health
100% of product packaging reusable,
recyclable or compostable
Natural ecosystems
and biodiversity
Value chain – balanced nature,
climate, financial procurement
-45% GHG absolute
Scope 1 and 2 by FY29
Water
stewardship
Lead With Pride
TM

farmer leadership
Science-based nature targets
for water, biodiversity and soil
-20% water use and
N discharge by FY29
B Corp™
B Corp™
Score of 105
Roadmap to net
zero emissions
Mentally safe environment
for our people to thrive
Whakapuāwai ecological
centre of excellence
99% of non-hazardous waste
diverted from landfill by FY29
Value chain
collaboration
RIGHT TO WIN
OUR COMPETITIVE ADVANTAGE MODELS
OUR OPPORTUNITIES
RESPONDING TO OUR CUSTOMERS
LEAD WITH
PRIDE™
3
B CORP™
CERTIFICATION
7
NATURE
LEADERSHIP
4
BEST IN CLASS
CUSTOMER MANAGEMENT
6
LOW CARBON
MILK
5
FARMER SUPPLIER
BUSINESS RESILIENCE
SUPPORT
2
SPECIALTY
MILK PREMIUMS
1
WHAKAPUĀWAI
8
CO2
CO2
PAGE 14ANNUAL MEETING PRESENTATION 2024

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
concise, clear, and relevant to
the meeting.
PAGE 15ANNUAL MEETING PRESENTATION 2024

RESOLUTION
& VOTING
ANNUAL MEETING PRESENTATION 2024PAGE 16

Voting online
To vote, click the vote tab and select your preferred option. Once your vote is 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 voting closes.
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RESOLUTION 1
DIRECTOR ELECTION
“That George Adams be elected as a Director.”
ANNUAL MEETING PRESENTATION 2024PAGE 17PAGE 17

Voting online
To vote, click the vote tab and select your preferred option. Once your vote is 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 voting closes.
Need help?
Call Computershare on +64 9 488 8777.
RESOLUTION 2
DIRECTOR ELECTION
“That Sihang Yang (Edward) be elected as a Director.”
ANNUAL MEETING PRESENTATION 2024PAGE 18PAGE 18

Voting online
To vote, click the vote tab and select your preferred option. Once your vote is 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 voting closes.
Need help?
Call Computershare on +64 9 488 8777.
RESOLUTION 3
AUDITOR’S REMUNERATION
“That the Board be authorised to determine the auditor’s
fees and expenses for the coming financial year.”
ANNUAL MEETING PRESENTATION 2024PAGE 19PAGE 19

OTHER
BUSINESS
ANNUAL MEETING PRESENTATION 2024PAGE 20

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
concise, clear, and relevant to
the meeting.
PAGE 21ANNUAL MEETING PRESENTATION 2024

THIS CONCLUDES SYNLAIT’S
2024 ANNUAL MEETING
PAGE 22ANNUAL MEETING PRESENTATION 2024

DISCLAIMER
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 2024, 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 2024.
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 in Synlait’s Annual Report for the
financial year ended 31 July 2024.
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.
ANNUAL MEETING PRESENTATION 2024PAGE 23PAGE 23

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






NZX: SML
ASX: SM1


4 December 2024

Synlait Annual Meeting 2024 Presentation

The attached presentation will be delivered to shareholders by Synlait Chair George Adams and Acting
CEO Tim Carter at the company's Annual Meeting, commencing at 1.30pm 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 meeting will be available at below link afterwards: https://www.synlait.com/investors/

For more information contact:
Warren Rosser
Communications Manager
P: +64 27 702 8790
E: warren.rosser@synlait.com