Announcements and Notices - NOTICE OF ADJUSTMENT TO CONVERSION PRICE OF HK$4,862,600,000.00 3.08% CONVERTIBLE BONDS DUE 2026 (Debt Stock Code: 40946)

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This announcement does not constitute or form a part of any offer to sell or the solicitation of any offer to acquire, purchase or subscribe for any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Neither this announcement nor anything herein forms the basis for any contract or commitment whatsoever. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the ''Securities Act''), or the securities laws of any state of the United States or other jurisdiction. Unless they are registered, the securities may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction. The securities are being offered and sold outside the United States in reliance on Regulation S under the Securities Act. No public offering of the securities will be made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.

CHINA MENGNIU DAIRY COMPANY LIMITED

中 國 蒙 牛 乳 業 有 限 公 司*

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2319)

NOTICE OF ADJUSTMENT TO CONVERSION PRICE OF HK$4,862,600,000.00 3.08% CONVERTIBLE BONDS DUE 2026 (Debt Stock Code: 40946)

Reference is made to (1) the announcement of China Mengniu Dairy Company Limited (the ''Company'') dated November 26, 2021 in relation to completion of issue of HK$4,862,600,000.00 3.08% convertible bonds due 2026 (the ''Bonds'') and (2) the poll results announcement of the Company dated June 8, 2022 in relation to, among others,

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the approval by the shareholders of the Company of a final dividend of RMB0.381 per Share (the ''Final Dividend'') at the annual general meeting of the Company held on June 8, 2022. The Bonds are listed on the Stock Exchange (stock code: 40946).

Notice is hereby given that the conversion price of the Bonds will be adjusted in accordance with Condition 6(c) (Adjustments to Conversion Price) of the terms and conditions of the Bonds as a result of the Final Dividend. The Conversion Price, currently HK$34.73 per Share, will be adjusted to HK$34.33 per Share with effect from June 15, 2022, being the date immediately after the record date for the purpose of ascertaining the shareholders' entitlement to the Final Dividend. All other terms and conditions of the Bonds remain unchanged.

By order of the board of directors

China Mengniu Dairy Company Limited

Kwok Wai Cheong, Chris

Company Secretary

Hong Kong, June 8, 2022

As at the date of this announcement, the board of directors of the Company comprises: Mr. Jeffrey, Minfang Lu, Ms. Wang Yan and Mr. Zhang Ping as executive directors; Mr. Chen Lang, Mr. Wang Xi and Mr. Simon Dominic Stevens as non-executive directors; and Mr. Yih Dieter (alias Yih Lai Tak, Dieter), Mr. Li Michael Hankin and Mr. Ge Jun as independent non-executive directors.

• For identification purposes only

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