SPH Notice – First NZ Capital Group Limited

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Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Sanford Limited (SAN)
Relevant event being disclosed: Disclosure of movement of 1% or more in substantial
holding
Date of relevant event: 16 August 2018
Date this disclosure made: 17 August 2018
Date last disclosure made: 20 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 First NZ Capital Group Limited
For this disclosure,—
(a) total number held in class: 5,940,362
(b) total in class: 93,626,735
(c) total percentage held in class: 6.345%
For last disclosure, Harbour Asset Management Limited
(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 transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: In the four month period
prior to this disclosure date, as part of normal on-market trading activity under discretionary
investment mandates, Harbour Asset Management Limited purchased 766,500 SAN ordinary
shares for total consideration of $5,795,770 and sold 137,700 SAN ordinary shares for total
consideration of $1,049,357.
In the four month period prior to this disclosure date, as part of normal on-market trading
activity, First NZ Capital Securities Limited purchased 362,726 SAN ordinary shares for total

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consideration of $2,802,654 and sold 379,717 SAN ordinary shares for a total consideration
of $2,929,980.
Details after relevant event
Details for Harbour Asset Management Limited
Nature of relevant interest(s): Harbour Asset Management Limited, as a fund manager, has
the power to exercise a right to vote attached to, and the power to acquire or dispose of the
product, under powers of investment contained in investment management contracts with
clients (the beneficial owners of the product).
For that relevant interest,—
(a) number held in class: 5,926,433
(b) percentage held in class: 6.330%
(c) current registered holder(s): 565,000 SAN ordinary shares unknown and 5,361,433
SAN ordinary shares held by various nominee companies on behalf of clients as
beneficial owners of Harbour Asset Management Limited funds.
(d) registered holder(s) once transfers are registered: 5,926,433 SAN ordinary shares
held by various nominee companies on behalf of clients as beneficial owners of
Harbour Asset Management Limited funds.
Details for: First NZ Capital Securities Limited
Nature of relevant interest(s): Beneficial owner of financial products
For that relevant interest,—
(a) number held in class: 13,929
(b) percentage held in class: 0.015%
(c) current registered holder(s): unknown
(d) registered holder(s) once transfers are registered: First NZ Capital Securities Limited
No relevant agreement needs to be attached under Regulation 139.
Additional information
Address(es) of substantial product holder(s): Level 14, 171 Featherston Street, Wellington
Contact details: Kate Livingston, + 64 9 307 5747, kate.livingston@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.

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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, Kate Livingston, 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.