Notification of issue of securities – Ordinary shares

For the purposes of Listing Rules 7.12.1 and 7.12.9 of the NZX Main Board/Debt Market Listing Rules, Synlait Milk Limited (SML) advises that the following securities have been issued on conversion of Performance Share Rights: a Class of security Ordinary Shares ISIN NZSMLE0001S9 b Number issued 30,227 c Issue price N/A (Ordinary Shares issued upon exercise of Performance Share Rights and no additional consideration is payable by the employees) d Payment in cash N/A e Amount paid up N/A f Principle terms of issue N/A g Percentage of class of securities 0.02% h Reason for issue Issue of shares under the SML IPO Incentive Scheme as part of employee remuneration i Authority for issue Resolution of the Board upon vesting of the Performance Share Rights j Terms of issue None k Total number of securities of the class in existence after the issue 179,179,846 l Treasury stock N/A m Date of issue 30 March 2017 There are no details to be disclosed of any interest or dividend conditions attaching to the Performance Share Rights and/or the Ordinary Shares. 43,182 Performance Share Rights remain to be converted into Ordinary Shares under the same SML IPO Incentive Scheme. Yours faithfully, Quentin Lowcay General Counsel & Commercial Manager End CA:00299099 For:SML Type:ALLOT Time:2017-03-30 16:53:58