Synlait forecast milk price update

Synlait Milk Limited (Synlait) has increased its forecast base milk price for the 2020 / 2021 season to $7.55 kgMS from $7.20 kgMS. Synlait's opening forecast for the 2021 / 2022 season is $8.00 kgMS. Synlait CEO John Penno commented: "Commodity prices have continued to outperform our expectations, predominantly due to strong Chinese demand, combined with a relatively stable FX rate, meaning we are pleased to increase our forecast for this season and next." Forecasts are based on the best information available to Synlait at the time. Synlait will continue to monitor movements and keep its farmer suppliers up to date. Synlait's final milk price for the 2020 / 2021 season will be confirmed when the company releases its full year 2021 result on Monday 27 September. The 2021 / 2022 season forecast will be updated at the same time. For more information contact: Media Jessica Thorn Senior Communications Advisor - External P: +64 27 548 4895 E: jessica.thorn@synlait.com Investors Hannah Lynch Corporate Affairs Manager P: +64 21 252 8990 E: hannah.lynch@synlait.com End CA:00373086 For:SML Type:MKTUPDTE Time:2021-05-31 08:30:47