Sanford Limited – Long Term Incentive Securities Allotment

22 February 2017 Client Market Services NZX Limited Level 1, NZX Centre 11 Cable Street WELLINGTON By email: announce@nzx.com NOTIFICATION OF ALLOTMENT OF SECURITIES For the purposes of Listing Rule 7.12.1, Sanford Limited (the Company) advises that the following securities have been issued on 22 February 2017: a Class of security Unlisted performance share rights issued pursuant to the Company's long-term incentive plan (the LTI Plan). ISIN Not applicable. b Number issued 38,525 performance share rights. c Nominal value Not applicable. Issue Price Nil consideration is payable for the issue of the performance share rights. The performance share rights have a nil exercise price. d Payment terms Not applicable. e Amount paid up Not applicable. f Principle terms of performance share rights Issued under the Company's LTI Plan. The holder has the right to acquire one ordinary share in the Company ranking pari passu with the existing ordinary shares on exercise of each performance share right. The performance share rights have a nil exercise price, but are only exercisable if certain performance hurdles are met. The performance share rights will become exercisable during a 7 month period after the expiry of the vesting period, after which time any unexercised performance share rights will lapse. g Percentage of class of securities 21.30% of the Company's performance share rights on issue (post allotment). h Reason for issue Issue of performance share rights to the Chief Executive Officer (the CEO) under the Company's LTI Plan to encourage, incentivise and reward the CEO for growth in certain of the Company's underlying earnings metrics (as determined by the board). i Authority for issue Directors' resolution dated 22 February 2017. j Number of securities in existence after issue 180,858 performance share rights. The performance share rights are not quoted on NZX. k Treasury stock Not applicable. l Date of issue 22 February 2017. Yours faithfully Sanford Limited Dean McIntosh General Manager Risk and Corporate Affairs End CA:00297220 For:SAN Type:ALLOT Time:2017-02-22 14:12:03