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Synlait Milk Ltd. Will Conduct IPO

12 November 2009

Synlait Milk Limited (Synlait Milk) is pleased to announce that it intends to proceed with the launch of an initial public offering of ordinary shares (the Offer) and seek a sharemarket listing on the NZSX. Synlait Milk is currently a wholly owned subsidiary of Synlait Limited.

The final terms of the Offer have yet to be determined but the proposed Offer is likely to comprise three parts:

* an Institutional Offer to selected institutional investors in New Zealand, Australia and possibly other selected jurisdictions;

* an NZX Firm Offer open to applicants who are clients of NZX Firms and who provide a registration address in New Zealand; and

* a Synlait Offer open to suppliers, staff of Synlait Milk and Synlait Limited, shareholders of Synlait Limited and others selected by Synlait Milk.

The Offer is likely to comprise a mix of new ordinary shares issued by Synlait Milk and existing ordinary shares sold by Synlait Limited. The majority of the funds to be raised by Synlait Milk will be used to create the financial capacity to fund a proposed second milk processing plant on Synlait Milk’s existing site at Dunsandel, Canterbury, doubling its capacity to process raw milk into a variety of milk powders for export. Synlait Milk’s first milk processing plant commenced production in August 2008.

It is anticipated that the prospectus in respect of the Offer will be registered, and the Offer will open, later this month.

No money is currently being sought and no applications for securities of Synlait Milk will be accepted or money received unless the applicant has received an investment statement in respect of the Offer.

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First NZ Capital Limited has been appointed Lead Manager for the Offer.

Application has been made to NZX for permission to list the securities of Synlait Milk Limited on the NZSX and all the requirements of NZX relating thereto that can be complied with on or before the date of this notice have been duly complied with. However, NZX accepts no responsibility for any statement in this notice.


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