SPH Notice – Forsyth Barr Investment Management Limited

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Section 277 and 278, Financial Markets Conduct Act 2013 To: NZX Limited and To: Sanford Limited Relevant event being disclosed: Movement of 1% or more in substantial holding Date of relevant event: 31 October 2018 Date of this disclosure: 1 November 2018 Date last disclosure made: 17 August 2018 Substantial product holder(s) giving disclosure: Full name(s): 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: 5,202,469 (b) total in class: 93,626,735 (c) total percentage held in class: 5.557% For last disclosure,-- (a) total number held in class: 6,721,738 (b) total in class: 93,626,735 (c) total percentage held in class: 7.179% See attached table. Additional Information Address(es) of substantial product holder(s): Forsyth Barr House, The Octagon, Dunedin Contact details: Dunja Sumar T: +64 9 368 0059 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, Dunja Sumar, 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:00326189 For:SAN Type:SHINTR Time:2018-11-01 15:11:39