#1Synlait POKENO INSTITUTIONAL INVESTOR SITE TOUR 30 October 2023#2SYNLAIT'S EVOLUTION Grant Watson Chief Executive Officer#3TO REMAIN COMPETITIVE SYNLAIT'S STRATEGY NEEDED TO EVOLVE ... FROM (PRE-2022) • Concentration risk • Risk appetite Capacity and supply led Scattergun approach to opportunities Quick-fix problem solving • Reliant on people experience • Siloed mentality . Tactical responses to customer needs • Well positioned for milk supply TO (2022 ONWARDS POST STRATEGY REFRESH) • • Diversified channels, categories and geographies Business stability • Customer and demand led ° • Opportunities grounded in competitive advantage Permanent quality solutions Enabled by mature systems, tools and processes Cross functional ways of working World class customer engagement Processing partner of choice Enabled by a refreshed Executive Leadership Team POKENO INSTITUTIONAL INVESTOR SITE TOUR#4BUT THE MACRO ENVIRONMENT HAS CHANGED AB COVID-19 China birth rates declining Substantial capital investment in China-based manufacturing assets Global supply chain challenges Tight labour market CO2 Inflationary pressures New Zealand CO2 shortages Extreme weather events impacting milk supply Geopolitical changes POKENO INSTITUTIONAL INVESTOR SITE TOUR#5SO, HOW HAS SYNLAIT EVOLVED? MILK SUPPLY Milk processors Peak cow and milk Synlait Farmer Leadership Team PEOPLE Staff numbers Shift numbers PROFITABILITY Customer demand Net Profit After Tax (NPAT) POKENO INSTITUTIONAL INVESTOR SITE TOUR#6-.5 03/04 0 04/05 05/06 .5 06/07 07/08 1 60/80 Milk production (m' kgMS) 2 1.5 09/10 MILK SUPPLY Milk production is flat, while milk processors are rising. New Zealand milk production volume 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 YOY production 100% change (%) 90% 20 80% 70% 15 60% 10 50% 40% 5 30% 20% 0 10% -5 0% 03/04 04/05 05/06 Processor share of New Zealand milk pool MILK FLOWS HAVE BEEN RELATIVELY FLAT FOR SEVERAL YEARS ... AND SYNLAIT HAS RETAINED ITS 4% MARKET SHARE. 06/07 07/08 60/80 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 Fonterra Synlait Other POKENO INSTITUTIONAL INVESTOR SITE TOUR#7Total milking cows (million heads) 5.5 MILK SUPPLY Peak milk and cow have also arrived. How do we compete? Total milking cows and production per cow Production per cow (kgMS/cow) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 96/97 66/86 66/86 98/99 00/01 02/03 04/05 06/07 60/80 10/11 12/13 14/15 16/17 18/19 20/21 450 8 PURPOSE AND CULTURE 400 350 300 250 200 MADE WITH BETTER MILK LEAD WITH PRIDE™ COMPETITIVE, TRANSPARENT FARMGATE MILK PRICE FAVOURABLE ADVANCE RATE AND NO SHARES DIGITAL TOOLS AND ON-FARM SUPPORT INDUSTRY AND COMMUNITY ENGAGEMENT SPECIALTY MILK PREMIUMS Dairy farmers are committed to making it work. What is Synlait doing? 1 RETENTION & GROWTH 2) GROWTH 3 GROWTH Establish Synlait's competitive advantage. Achieve geographic expansion. Synlait is a New Zealand company. Resource appropriately. POKENO INSTITUTIONAL INVESTOR SITE TOUR#8MILK SUPPLY Synlait established a Farmer Leadership Team of eight farmer suppliers who are a conduit to the company. Phill Everest Co-Chair Adam Williamson South Island Dan Schat South Island Gary Michael South Island Henry Bolt Rebecca Hubbard Susie Woodward Will Burrett South Island North Island North Island South Island POKENO INSTITUTIONAL INVESTOR SITE TOUR#91200 900 600 300 PEOPLE Macro impacts and customer demand changes significantly impact planning and production cycles. Total headcount trend Where headcount growth has come from 200 150 100 50 50 0 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 22 North Island South Island Total FY 23 ERP implementation Current customer demand changes COVID-19 New customer growth SAMR registration Training centralised POKENO INSTITUTIONAL INVESTOR SITE TOUR#10• PEOPLE Customer demand changes also have a significant impact on national shift numbers. New shifts take a minimum of nine months to recruit (three months), reach a competent level without supervision (three months), and support the delivery of full attainment to plan (three months). • Blending and canning shift numbers: • Dunsandel: 23 people • Auckland: 25 people • 6 5 4 3 2 - 1 Shift changes also require changes to other team structures, i.e., quality, warehousing, maintenance, and other manufacturing teams. Blending & Canning shift reduction (65) Blending & Canning shift Blending & Canning shift reduction (43) increase (45) Blending & Canning shift reduction (54) Dec Jan Feb Mar Apr May Jun Jul Aug 2020 2021 2021 2021 2021 2021 2021 2021 2021 Sep 2021 Oct 2021 Nov 2021 Dec Jan 2021 2022 Feb Mar 2022 2022 Apr May Jun Jul Aug Sep 2022 2022 2022 2022 2022 2022 Oct 2022 Nov Dec Jan 2022 2022 2023 2023 Feb Mar 2023 Customer demand decreases Blending & Canning shift 15% of workforce reduction (54) Customer demand decreases Blending & Canning shift increase (3 4) Blending & Canning shift increase (56) ERP implementation Back on track with infant formula supply SAMR re- registration expired (COVID-19) disestablished in reaction to demand decrease China-label stock build for SAMR registration POKENO INSTITUTIONAL INVESTOR SITE TOUR#11PROFITABILITY Synlait built capacity ahead of the curve, allowing capacity and supply to underpin strategic assumptions. Advanced Nutrition volumes Dryers required (FY 18 forecast vs FY 23 actuals) 5 4 3 N 2 1 Pokeno site acquisition COVID-19 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 Net Profit After Tax Advanced Nutrition volumes FY 18 forecast - - Actual Advanced Nutrition volumes The business has pivoted its strategy to be customer and demand-led but is still playing catch up while navigating significant macro impact. POKENO INSTITUTIONAL INVESTOR SITE TOUR#12AMBITION TO FY 28 Farmer Net Promoter Score Top Quartile Да 1000 Customer Net Promoter Score Top Quartile Staff Engagement Top Quartile Certified Corporation SYNLAIT STRATEGY FY 24 - FY 28 Our Purpose - Doing Milk Differently For A Healthier World RIGHT TO PLAY OUR STRONG FOUNDATIONS 000 CHANNELS OUR BUSINESS TYPES CATEGORIES OUR PRODUCTS Food Safety and Quality Highly Utilised, Advanced Nutrition Efficient Plants and Foodservice Advanced Nutrition Foodservice Infant Nutrition Adult Nutrition Advanced Ingredients Foodservice Cream Know-How $ IWS Level 2 Return on Capital 15% B Corp™ Score of 105 Integrated Value Chain Regulatory Know-How Sustainability Credentials GEOGRAPHIES OUR GROWTH MARKETS Thailand -O Greater China Singapore Philippines Vietnam Indonesia Malaysia TBC, further opportunities being explored. Australial PURPOSE AND CULTURE Ingredients AMF and Butter* Cream Cheese* Commodity Powders RIGHT TO WIN OUR COMPETITIVE ADVANTAGE MODELS FARMER SUPPLIERS CUSTOMERS MADE WITH BETTER MILK COMPETITIVE, TRANSPARENT FARMGATE MILK PRICE FAVOURABLE ADVANCE RATE AND NO SHARES DIGITAL TOOLS (9) AND ON-FARM SUPPORT PURPOSE AND CULTURE INDUSTRY AND COMMUNITY ENGAGEMENT B CORP AND MADE WITH BETTER MILK (6) LEAD WITH. (5) SPECIALTY PRIDE MILK PREMIUMS New Zealand DEEP CHANNEL EXPERTISE FOOD SAFETY, QUALITY, TRACEABILITY AND SURETY OF SUPPLY 200 NEW ZEALAND PROVENANCE AND MARKET ACCESS BASIC PRODUCT PORTFOLIO ADVANCED PRODUCT PORTFOLIO On-Farm Excellence FLEXIBLE WORLD CLASS MANUFACTURING FACILITIES High Performance Culture BEST IN CLASS CUSTOMER ENGAGEMENT KEY ENABLERS OF EXECUTION Best In Class Customer Engagement Disciplined Product Innovation -O Systems, Tools and Processes World Class Manufacturing and Supply Chain POKENO INSTITUTIONAL INVESTOR SITE TOUR#13ADVANCED NUTRITION AND FOODSERVICE MARKET INSIGHTS Naiche Nogueira Director of Advanced Nutrition Abby Ye President of China & Director of Foodservice#14ADVANCED NUTRITION Naiche Nogueira Director of Advanced Nutrition Synlait WHERE WE PLAY 10#15Sales Volumes of 75,000 MT AMBITION TO FY28 Gross Margin of $200m да ADVANCED NUTRITION STRATEGY FY24 - FY28 Our Purpose - Doing Milk Differently For A Healthier World RIGHT TO PLAY OUR STRONG FOUNDATIONS CUSTOMERS OUR FOCUS PARTNERS CATEGORIES OUR FOCUS PRODUCTS Customer Net Promoter Score Top Quartile Food Safety and Quality Highly Utilised, Efficient Plants Nutritionals Know-How Strategic Multinational Partners Chinese Local Leaders SEA Local Leaders Early Life Nutrition Adult Nutrition Advanced Ingredients Staff Engagement IWS Level 2 Top Quartile Diversified Customers, Markets and Categories Deep Category Regulatory Knowledge Sustainability Credentials GEOGRAPHIES OUR GROWTH MARKETS Malaysia China Philippines Vietnam Indonesia a Australia RIGHT TO WIN OUR COMPETITIVE ADVANTAGE MODEL FOOD SAFETY AND PURPOSE AND CULTURE MADE WITH BETTER MILK AND B CORP" New Zealand BEST IN-CLASS CUSTOMER ENGAGEMENT QUALITY, TRACEABILITY TURNKEY CONSUMER PACKAGED SOLUTIONS NEW ZEALAND PROVENANCE, MARKET ACCESS AND SURETY OF SUPPLY FLEXIBLE WORLD CLASS FACILITIES AND OPERATIONS FLEXIBLE PROTEIN CAPABILITY EXPERT NUTRITION AND SCIENCE-BASED SOLUTIONS Flexible Protein Sources Base and Consumer Powders Consumer Beverages KEY ENABLERS OF EXECUTION On-Farm Excellence Best In Class Customer Engagement High Performance Culture -O Disciplined Product Innovation Systems, Tools and Processes World Class Manufacturing and Supply Chain POKENO INSTITUTIONAL INVESTOR SITE TOUR#16ADVANCED NUTRITION - LIFE STAGE NUTRITION ADVANCED INGREDIENTS EARLY LIFE NUTRITION ADULT NUTRITION Lactoferrin and specialty ingredients Maternal nutrition Infant nutrition Children nutrition Active nutrition Sports nutrition Healthy ageing Clinical nutrition PRODUCT CONCEPT PRODUCT CONCEPT YOUR BRUND HERE PRODUCT CONCEPT YOUR BRAND HERE PRODUCT CONCEPT 50° 50° 50° PRODUCT CONCEPT PRODUCT CONCEPT POKENO INSTITUTIONAL INVESTOR SITE TOUR#17EARLY LIFE NUTRITION - APAC LOW CATEGORY GROWTH PREMIUMISATION APAC total market value: US $31 B (CAGR 1.3%) China Infant: $23 B (0.5%) Japan Infant: $0.5 B (-2%) South Korea Infant: $0.2 B (1%) Philippines Infant: $0.9 B (2%) Vietnam Infant: $2 B (5%) Indonesia Infant: $2 B (2%) Thailand Infant: $0.9 B (3%) New Zealand Infant: $0.1 B (5%) RANGE EXTENSIONS TO CHILDREN'S Malaysia Infant: $0.6 B (3%) Australia Infant: $0.7 B (4%) Source: Eruomonitor, Allied Market Research. Market Value is for tracked markets only. Notes: CAGR is estimated from 2020-2026, ELN includes Stages 1-4 POKENO INSTITUTIONAL INVESTOR SITE TOUR#18EARLY LIFE NUTRITION Largest global market at 49% of global share Birth rate (millions) 20 16 16 12 8 00 4 Marriage and birth rates - CHINA Marriage rate (millions) 14 Domestic vs import 8 Domestic 40% International 60% Domestic 57% International 43% 12 10 20% 64 2 O 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 e-2023 2014 2023 Birth rate Marriage rate Source: Euromonitor, Statista, Chemlinked 2023, Macquarie 2022 Notes: CAGR is estimated from 2023-2028, ELN includes Stages 1-4 POKENO INSTITUTIONAL INVESTOR SITE TOUR#19ADULT NUTRITION AGEING POPULATION APAC total market value: US $13 B (CAGR 8%) Japan Adult: $2 B (7%) South Korea Adult: $1 B (8%) China Adult: $7 B (7%) Philippines Adult: $0.3 B (8%) PREVENTATIVE NUTRITION Vietnam Adult: $0.3 B (8%) Indonesia Adult: $0.7 B (8%) Thailand Adult: $0.5 B (8%) INCREASED SPEND ON NUTRITION Malaysia Adult: $0.1 B (8%) Australia Adult: $1 B (9%) Source: Euromonitor. Market value is for tracked markets only. Note: Graphic shows major significant market only. POKENO INSTITUTIONAL INVESTOR SITE TOUR#20NUTRITION FOR WELLNESS Fortified powders PRODUCT MATURITY Healthy ageing Whole milk and calcium Basic fortification Gut health Weight loss Broad support Targeted support Formulated support Complete support Dairy and plant-based milk sources POKENO INSTITUTIONAL INVESTOR SITE TOUR#21WHY IS ADULT NUTRITION SYNLAIT'S NEXT GROWTH OPPORTUNITY? Demographic change м Increasing nutrition and health awareness Да ☐ ☐ ☐ Synlait Leverages dairy and plant-based capability Synergises with infant capability Accelerated awareness and trust POKENO INSTITUTIONAL INVESTOR SITE TOUR#22FOODSERVICE Abby Ye President of China & Director of Foodservice 新悦纯牧 ® JOYHANA 超高温灭菌搅打稀奶油 专业厨师精选#23Sales Volumes of 22,000 MT AMBITION TO FY28 FOODSERVICE STRATEGY FY24 - FY28 Our Purpose - Doing Milk Differently For A Healthier World Gross Margin of $24m Да 000 Customer Net Promoter Score Top Quartile RIGHT TO PLAY OUR STRONG FOUNDATIONS CHANNELS OUR FOCUS BUSINESS TYPES CATEGORIES OUR FOCUS PRODUCTS 000 日 Да Food Safety and Quality Highly Utilised, Dairy Bakery Beverages OEM Efficient Plants Know-How Foodservice Cream Butter (TBC)* Cream Cheese (TBC)* $ Staff Engagement Top Quartile IWS Level 2 Category Diversification Integrated Value Chain Dedicated NPD Capability Sustainability Credentials GEOGRAPHIES OUR GROWTH MARKETS Malaysia and Singapore TBC, further opportunities being explored. China Philippines Vietnam Indonesia RIGHT TO WIN OUR COMPETITIVE ADVANTAGE MODEL FOOD SAFETY AND QUALITY, TRACEABILITY AND SURETY OF SUPPLY PURPOSE AND CULTURE MADE WITH BETTER MILK AND B CORP" BEST IN-CLASS CUSTOMER ENGAGEMENT DEEP CHANNEL EXPERTISE I NEW ZEALAND PROVENANCE AND MARKET ACCESS AA FLEXIBLE WORLD no CLASS FACILITIES AND OPERATIONS BASE PRODUCT PORTFOLIO DEDICATED NPD CAPABILITY On-Farm Excellence High Performance Culture KEY ENABLERS OF EXECUTION Best In Class Customer Engagement Disciplined Product Innovation -0 Systems, Tools and Processes World Class Manufacturing and Supply Chain POKENO INSTITUTIONAL INVESTOR SITE TOUR#24CONSUMPTION CHANNELS 卡 BAKERIES CAFES BEVERAGE CHAINS POKENO INSTITUTIONAL INVESTOR SITE TOUR#25WHY IS FOODSERVICE CREAM SYNLAIT'S NEXT GROWTH OPPORTUNITY? 0-----0 From New Zealand Headed for South East Asia Entering fast growing channels An emerging opportunity Potentially another plant based opportunity POKENO INSTITUTIONAL INVESTOR SITE TOUR#26THE DATA SPEAKS FOR ITSELF NEW ZEALAND CREAM IMPORTS TO CHINA 39% of total import volume (cream) 44% of total import value (cream) • O---- • $8.3 billion export market to China FAST GROWING CHANNELS • China bakery growth 9.9% • Beverage growth 13.4% EMERGING OPPORTUNITIES IN CHINA • • Central kitchens growing at 25% Frozen bakery segment – less than 10% market penetration (US is 70%) Pre made dish segment – just 8% market penetration (Japan at 60%) POKENO INSTITUTIONAL INVESTOR SITE TOUR#27CHINA'S CREAM MARKET HAS SIGNIFICANT POTENTIAL China Import Statistics - Cream 58% New Zealand France United Kingdom Spain Ireland Netherlands 2022 Chinese cream market: 250,000MT New Zealand accounts for 58% of all China's cream imports Belgium Australia Germany Others For comparison: Australia accounts for just 2% of China's cream imports POKENO INSTITUTIONAL INVESTOR SITE TOUR#28JOYHANA CREAM IN MARKET West China Chengdu 成都 South China - Shenzhen/Guangzhou 深圳/广州 MOMENT OTHER North China Beijing 北京 合作伙伴签约仪式 PARTNER SIGNING CEREMONY East China 1 Shanghai 上海 JOYHANA 新脱缍妝 JOYHANA 共创喜悦时光 新悦纯牧 SOYHENG POKENO INSTITUTIONAL INVESTOR SITE TOUR#29CUSTOMER FEEDBACK 新悦纯牧® 10YHANA 66 The whipping rate of Joyhana is quite good, a good option for mousse cake. 66 Looking forward for more creations from Joyhana cream! 66 Joyhana cream goes very well with fruit taste. DIS POKENO INSTITUTIONAL INVESTOR SITE TOUR#30QUESTIONS Grant Watson Chief Executive Officer Naiche Nogueira Director of Advanced Nutrition Abby Ye President of China & Director of Foodservice