Covid-19 Briefing

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This presentation contains not only a review of operations, but also some forward looking statements about Sanford
Limited and the environment in which the company operates. Because these statements are forward looking, Sanford
Limited’s actual results could differ materially. Media releases, management commentary and analysts presentations,
including those relating to the previous results announcement, are all available on the company’s website and contain
additional information about matters which could cause Sanford Limited’s performance to differ from any forward
looking statements in this presentation. Please read this presentation in the wider context of material previously
published by Sanford Limited.
DISCLAIMER
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•Welcome, introduction, facilitationSir Rob McLeod
•Overview and business continuity/operational focusVolker Kuntzsch
•Sales and customer trendsAndre Gargiulo
•Financial position and performanceKatherine Turner
•Q&AAll
Sanford and the Impact of COVID-19
ORGANISATIONAL
CAPABIILTY
OPERATIONAL
EXCELLENCE
INNOVATION
BRANDING
INVESTMENT
SOCIAL LICENSE
INNOVATION
FRESHSALMONMUSSELSFROZEN
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A Focussed Strategic Intent
•To retain our ability to feed New Zealand and the world while keeping our people safe and secure
FY20 Outlook : Opaque
•Avoiding knee-jerk reactions, developing understanding of the ‘now normal’ and the
impacts on the global economy, NZ and Sanford business
Overview
The Learnings through March 2020
•Seafood remains in demand and business fundamentals remain strong
•Immensely proud of our people, their engagement, motivation and agility
•Consumer behaviour changing significantly, which has impacted performance in recent weeks
•Foodservice in NZ and USA non-existent
•Huge increase in Online
•H1 result (31 March)
•Pleased with how Aquaculture business has performed
•Reduction in Antarctic toothfish volume impacting wildcatch, somewhat mitigated by increase in quota for
Patagonian toothfish in South Georgia in H2
•Result will reflect absence of pelagic business vs H1 2019

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FY20 Priorities
•Scenario planning to mitigate impact
•Embed new ways of working and mitigate risk of complacency
•Developing alternative product formats and sales channels
•Strategic review in context of future landscape
Business Continuity and Operational Focus
Main effort –5 streams
•People and communication –Keeping people safe, communicating purpose,
maintaining open lines of communication with government
•Land based operations and farming –temp. closure of plants, re-induction of staff
•Fishing operations –ensuring safe turn-arounds of vessels and safety bubble
•Sales and Supply chain –keeping product moving
•Finance –scenario planning and cash-flow
Recent Priorities
•Establishing systems and new ways of working to ensure safe working areas across the business (distancing rules
and PPE), and meet MPI requirements
•Establishing clear communications with our people to alleviate fear, safety at home, importance of the bubble

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FY20 Go Forward
•Developing alternative product formats and sales channels
Sales and Consumer Trends
Key market focus
•NZ, continue to feed NZ and pivot our offer to online and retail
•Australia, grow our frozen offer margin through our new business model in Melbourne
•USA, pivot both volume and premium lines to retail for the long term
•China, increase sales of frozen lines to offset short term impact in other markets,
without long term damage to market diversification
Trends
•Globally consumer trends have followed a clear pattern as COVID related lock downs have sent 2billion + consumers
into isolation/lockdown
•Retail and e-commerce are the clear winners across all markets as foodservice collapses
•In the USA fresh seafood sales are up ~35% and frozen ~100% + reflecting previously low in-home consumption of
fresh fish and a (global) trend of frozen in retail being the big winner
•E-commerce and meal kit delivery businesses continue to soar off the back of this channel switch including Sanford and
Sons in NZ with a 10 fold increase in sales and climbing

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Scenario Planning
•A number of different scenarios between worst (not expected), likely and best case
•Criteria (amongst others):
•Duration of foodservice channel closure in NZ and USA
•Timing of China re-opening to air-freighting salmon
•Potential Covid-19 outbreak forcing closure of one or several of our sites and/or vessels
•Speed at which new sales channels can be established
•Note: Sanford’s diversification of sales channels, markets, products and geographical location across NZ
provides a natural hedge against significant downside
FY20 Outlook : Challenging
•H1 will be impacted by toothfish volume and Covid-19 situation
•Not able to foresee H2, however fundamentals are strong and product is moving through
•FX and oil upsides –more information at half year briefing –timing to be confirmed
Financial Position and Cash Flow
Balance Sheet and Cash Flow
•Strong balance sheet (September FY19 gearing: 23.6%)
•Sufficient headroom in borrowing facilities to withstand shocks

Mitigatingrisk through geographic spread, diversity and innovation

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Thank you!
Questions?