China Modern Dairy Holdings Ltd. (CMD) has formally commenced a mandatory conditional cash offer—executed by CLSA Limited—to acquire all issued shares of China Shengmu Organic Milk Limited (CSM) that it and Start Great do not already own.

Key Terms • Consideration: HK$0.35 in cash for each CSM share tendered. • Acceptance window: Offer Shareholders must submit the completed Form of Acceptance, together with valid share certificates or other title documents, to Computershare Hong Kong Investor Services Limited no later than 4:00 p.m. (Hong Kong time) on 21 July 2026 (the first closing date). CMD reserves the right to extend this deadline in accordance with the Hong Kong Takeovers Code. • Settlement: Cheques for accepted shares will be dispatched within seven business days after (i) receipt of all required documents or (ii) the date on which the offer becomes or is declared unconditional in all respects, whichever is later. Seller’s ad valorem stamp duty will be deducted from the payment.

Procedural Requirements • Shareholders accepting the offer must specify the exact number of CSM shares tendered, sign the Form of Acceptance in the presence of a witness, and lodge original share certificates and/or valid transfer receipts. • Incomplete, inaccurate, or incorrectly executed forms may be returned for correction and must be resubmitted before the final acceptance deadline to remain valid. • Joint shareholders must ensure all registered holders sign the form.

Regulatory and Jurisdictional Notes • The offer is subject to the terms set out in the Composite Document dated 30 June 2026 and the accompanying Form of Acceptance. • Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited, and Hong Kong Securities Clearing Company Limited assume no responsibility for the contents of the offer documentation. • Offer shareholders residing outside Hong Kong are responsible for ensuring compliance with local regulations, including securing any requisite governmental or exchange-control approvals and settling any applicable taxes. • Acceptance of the offer constitutes a warranty that tendered shares are free of encumbrances and come with all rights attached on or after the offer despatch date.

Administrative Details • Receiving Agent: Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17/F, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong. • Transferee: China Modern Dairy Holdings Ltd., care of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

Investors should review the full Composite Document and the Form of Acceptance for comprehensive terms, conditions, and procedural guidance before taking any action regarding their CSM shares.