SPH Notice – Forsyth Barr Investment Management Limited

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To: NZX Limited and To: Sanford Limited Date this disclosure made: 1 May 2018 Date on which substantial holding began: 27 April 2018 Substantial product holder(s) giving disclosure: Forsyth Barr Investment Management Limited Summary of substantial holding Class of quoted voting products: Ordinary Shares (SAN) Summary for Forsyth Barr Investment Management Limited For this disclosure,-- (a) total number held in class: 10,758,321 (b) total in class: 93,626,735 (c) total percentage held in class: 11.491% Details of relevant interests Details for Forsyth Barr Investment Management Limited Nature of relevant interest(s): The relevant interest arises under various investment management agreements to which Forsyth Barr Investment Management Limited is a party in its capacity as the manager of the Forsyth Barr Investment Funds and as a provider of discretionary investment management services (DIMS). The relevant interest arises only from the powers of investment contained in those agreements, including the power to control the exercise of the right to vote attached to the shares and to control the disposal of the shares. A relevant agreement document need not be attached under regulation 139. For that relevant interest,-- (a) number held in class: 10,758,321 (b) percentage held in class: 11.491% (c) current registered holder(s): See below (d) registered holder(s) once transfers are registered: Not applicable For a derivative relevant interest, also-- (a) type of derivative: Not applicable (b) details of derivative: Not applicable (c) parties to the derivative: Not applicable (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: Not applicable Details of transactions and events giving rise to substantial holding Details of the transactions or other events requiring disclosure in the period 26 December 2017 to 27 April 2018: See attached for Table. Additional information Address(es) of substantial product holder(s): Forsyth Barr House, The Octagon, Dunedin Contact details: Rakesh Soma T: +64 (9) 368 0035 E: compliance@forsythbarr.co.nz 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: Not applicable Certification I, Rakesh Soma, 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:00317412 For:SAN Type:SHINTR Time:2018-05-01 13:07:05