SPH Notice – Masfen Securities 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
and
To Sanford Limited
Relevant event being disclosed: Movement of 1% or more in the substantial holding
Date of relevant event: 10 March 2022
Date this disclosure made: 14 March 2022
Date last disclosure made: 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
Summary for Peter Masfen, Anatole Masfen, and Raphael Yan
For this disclosure,—
(a) total number held in class: 7,046,201
(b) total in class: 93,506,137
(c) total percentage held in class: 7.5%
For last 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 transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: On-market purchases 20
December 2020 through 10 March 2022
Details after relevant event
Details for The Opito Trust
Nature of relevant interest(s): Beneficial Owner
For that relevant interest,—
(a) number held in class: 2,598,096

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(b) percentage held in class: 2.8%
(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 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%

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(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 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%

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(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

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

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.

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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: 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.