SPH Notice – Masfen Securities Limited

1
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: 17 September 2020
Date on which substantial holding began: 17 September 2020
Substantial product holder(s) giving disclosure
Full name(s): Masfen Securities Limited
Summary of substantial holding
Class of quoted voting products: Ordinary shares in Sanford Limited
Summary for Peter Masfen, Anatole Masfen, and Raphael Yan
For this disclosure,—
(a) total number held in class: 5,882,654
(b) total in class: 93,506,137
(c) total percentage held in class: 6.3%
Details of relevant interests
Details for The Opito Trust
Nature of relevant interest(s): Beneficial Owner
For that relevant interest,—
(a) number held in class: 1,434,549
(b) percentage held in class: 1.5%
(c) current registered holder(s): Masfen Securities Limited and Unknown
(d) registered holder(s) once transfers are registered: Masfen Securities Limited
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

2
Details for The PH Masfen Family No.2 Trust
Nature of relevant interest(s): Beneficial Owner
For that relevant interest,—
(a) number held in class: 3,904,605
(b) percentage held in class: 4.2%
(c) current registered holder(s): Masfen Securities Limited
(d) registered holder(s) once transfers are registered: Masfen Securities Limited
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 for The Masfen Foundation
Nature of relevant interest(s): Beneficial Owner
For that relevant interest,—
(a) number held in class: 350,000
(b) percentage held in class: 0.4%
(c) current registered holder(s): Masfen Securities Limited
(d) registered holder(s) once transfers are registered: Masfen Securities Limited
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

3
Details for The Eugenie Masfen Yan Trust
Nature of relevant interest(s): Beneficial Owner
For that relevant interest,—
(a) number held in class: 120,000
(b) percentage held in class: 0.1%
(c) current registered holder(s): Masfen Securities Limited
(d) registered holder(s) once transfers are registered: Masfen Securities Limited
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 for The Eugenie Masfen Yan No.2 Trust
Nature of relevant interest(s): Beneficial Owner
For that relevant interest,—
(a) number held in class: 45,000
(b) percentage held in class: 0.0%
(c) current registered holder(s): Unknown
(d) registered holder(s) once transfers are registered: Masfen Securities Limited
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

4
Details for The Anatole Masfen Trust
Nature of relevant interest(s): Beneficial owner
For that relevant interest,—
(a) number held in class: 28,500
(b) percentage held in class: 0.0%
(c) current registered holder(s): Masfen Securities Limited
(d) registered holder(s) once transfers are registered: Masfen Securities Limited
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: On market acquisition of
shares up to and including 17 September 2020.
Additional information
Address(es) of substantial product holder(s): Level 37, Vero Centre, 48 Shortland Street,
Auckland
Contact details: Bridget McCarthy (09 307 2660, bmm@masfengroup.co.nz)
Nature of connection between substantial product holders: Overlapping director and
beneficial interests.
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, Philip Talacek, 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.