SPH Notice – First NZ Capital Group Limited

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To NZX Limited and To Sanford Limited (SAN) Date this disclosure made: 20 December 2017 Date on which substantial holding began: 19 December 2017 Substantial product holder(s) giving disclosure Full name(s): First NZ Capital Group Limited Summary of substantial holding Class of quoted voting products: Ordinary shares Summary for: Harbour Asset Management Limited and First NZ Capital Securities Limited For this disclosure - (a) total number held in class: 4,701,223 (b) total in class: 93,626,735 (c) total percentage held in class: 5.021% Details of relevant interests: see attached. Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: From 19 August 2017, in the ordinary course of business, Harbour Asset Management Limited purchased 646,509, for a gross consideration of $5,033,087, and sold 62,550 for a gross consideration of $477,338 SAN shares on behalf of clients as beneficial owners, taking its total holdings in SAN on behalf of clients as beneficial owners to 4.999%. This, together with First NZ Capital Securities Limited's daily trading position in SAN of 20,504, created a substantial product holding for First NZ Capital Group Limited of 5.021%. Additional information Address(es) of substantial product holder(s): Level 14, 171 Featherston Street, Wellington Contact details: Helen Stevens, + 64 4 474 4430, helen.stevens@fnzc.co.nz Nature of connection between substantial product holders: First NZ Capital Group Limited, First NZ Capital Securities Limited and Harbour Asset Management Limited are related bodies corporate. Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: none. Certification I, Helen Stevens, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00312244 For:SAN Type:SHINTR Time:2017-12-20 14:58:13