SPH Notice – Avalon Investment Trust Limited

Disclosure of ceasing to have substantial holding Section 279, Financial Markets Conduct Act 2013 Note: This form must be completed in accordance with the instructions at the end of the form. To NZX Limited and To Sanford Limited Date this disclosure made: 22 August 2018 Date last disclosure made: 10 May 2018 Date on which substantial holding ceased: 16 August 2018 Substantial product holder(s) giving disclosure Full name(s): Avalon Investment Trust Limited Summary of previous substantial holding Class of quoted voting products: Ordinary shares (SAN) Summary for Avalon Investment Trust Limited For last disclosure,-- (a) total number held in class: 7,656,054 (b) total in class: 93,626,735 (c) total percentage held in class: 8.177% For current holding after ceasing to have substantial holding,-- (a) total number held in class: 3,500,000 (b) total in class: 93,626,735 (c) total percentage held in class: 3.738% Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure: 1. On 25 May 2018 Forsyth Barr Custodians Limited disposed of 500,000 shares in Sanford Limited (which it held pursuant to investment management agreements to which Forsyth Barr Investment Management Limited is a party in its capacity as the manager of investment management services) in an off market transaction for consideration amounting to $3,875,000.00. 2. On 6 July 2018 Forsyth Barr Custodians Limited disposed of 250,000 shares in Sanford Limited (which it held pursuant to investment management agreements to which Forsyth Barr Investment Management Limited is a party in its capacity as the manager of investment management services) in an off market transaction for consideration amounting to $1,925,000.00. 3. On 16 August 2018 Forsyth Barr Custodians Limited disposed of 3,406,054 shares in Sanford Limited (which it held pursuant to investment management agreements to which Forsyth Barr Investment Management Limited is a party in its capacity as the manager of investment management services) in an off- market transaction for consideration amounting to $25,613,526.08. Additional information Address(es) of substantial product holder(s): Avalon Investment Trust Limited has ceased to be a substantial product holder. Contact details: William Goodfellow, email william@exploregroup.co.nz , telephone +64 9 965 1939. 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, William Goodfellow, Director, 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:00322591 For:SAN Type:SHINTR Time:2018-08-22 14:35:58