Strategy Refresh Presentation

SANFORD STRATEGY REFRESH
-FIVE YEAR STRATEGIC DIRECTION -
21.06.22

WELCOME

YOUR SAFETY IN THE EVENT OF AN EMERGENCY
•All Evacuation Alarms must be treated as genuine
•Follow all Emergency Warden Instructions
•Evacuate immediately via the closest Emergency Exit to the nearest Muster
Point
•Leave everything behind
•Remain at the Muster Point until the ‘All Clear’ is given to return to the site
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DISCLAIMER
Important Notice
This presentation contains not only a review of operations and information about Sanford Limited (the Company), but also contains some forward-looking statements about the Company and the
environment in which it operates. This disclaimer applies to this presentation and any written or verbal communications in relation to it.
Information has been prepared by the Company with due care and attention. However, neither the Company, nor any of its directors, employees or shareholders nor any other person gives
warranties or representations (express or implied) as to the accuracy or completeness of this information. To the maximum extentpermitted by law, none of the Company, its directors,
employees, shareholders or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this
presentation or any information supplied in connection with it.
This presentation contains financial information taken from management accounts and from the Company’s unaudited results for thesix months ended 31 March 2022.
This presentation also contains forward-looking statements regarding a variety of items. Such forward-looking statements are based on current expectations, estimates and assumptions and are
subject to a number of risks, and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances, including further impacts from Covid-19 on
the Company. There is no assurance that results contemplated in any of these forward-looking statements will be realised, nor is there any assurance that the expectations, estimates and
assumptions underpinning those forward-looking statements are reasonable. The Company’s actual results may differ materially from the forward-looking statements in this presentation. No
person is under any obligation to update this presentation at any time after its release. Investors are strongly cautioned not to place undue reliance on forward-looking statements.
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. This presentation should be read in
conjunction with the material published by Sanford Limited.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. The presentation does not constitute an
offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Nothing in this presentation constitutes legal,
financial, tax or other advice.
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Please note : All financial metrics provided in this document are unaudited.

AGENDA
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Presentation:
•Why Sanford
•The strategic context -global to local
•Our strategic response -priorities and
strategic initiatives
•Financing our strategy
•Questions
Lunch and informal Q&A:
•Walk and fork menu
•Meeting key Sanford leaders

WHY SANFORD?
New Zealand’s oldest and largest seafood
company and the only fully integrated
seafood business, operating in:
•Wildcatch
•Greenshell Mussels
•Salmon
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KEY MESSAGES
Sanford has:
•Aclear pathway to pre-Covid
profitability and beyond
•The ability to fund capital requirements
while restoring a dividend
•A balance of protecting cash flow from
wildcatch while investing for growth in
aquaculture
•A plan for investment in systems and
processes that will help drive our
journey to becoming a high achieving
organisation
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THANK YOU
•We thank our shareholders for their
commitment to Sanford.
•We are confident we have the right
structures and people in place to
deliver on our goals.
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OUR VISION AND
STRATEGIC PRINCIPLES

COVID CONTEXT
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Data source: Open Table state-of-the-industry, sample of 20,000 restaurants
The impact of Covid-19 was particularly pronounced for seafood, with 70%+ of global seafood
consumed out of home. But, global demand is now back (slightly above) pre 2019 levels.

STRATEGY ON A PAGE

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FIVE YEAR TARGET
The above are targets only.Actual performance will depend on a range of variables, some of which are outside Sanford's control. Investors should refer to the disclaimer on page 4

TARGET: IMPROVEMENT BY SEGMENT
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DIVISIONAL GROWTH TARGETS
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Pre-Covid
Avg
FY21 ActFY26 Target

PROFIT TO BECOME MORE DIVERSIFIED
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THE CONTEXT

an all-time
Global demand for aquatic foods predictedto
nearly double by 2050
•Human population growth is expected to grow
from 7.9 billion today to 9.7 billion in 2050*
•Projections to 2050 suggest a future need for
more than 500megatonnesof meat per year*
•Scaling up the production of land-derived
food crops is challenging
Growth of the world population from 1950 to 2050
The world population is likely to eat twice
as much fish and aquatic foods by 2050
versus2015*
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*Sources: UN FAO and Stockholm Resilience
Centre, Stockholm University
CONTEXT –GLOBAL DEMAND GROWTH

•UN’s Food and Agriculture
Organisationestimatesa 22%
increase in theaverage price
ofinternationally traded fish
by2030, relative to 2018
•Aquaculture will continue to
be the driving force behind
the growth in global fish
production
•Overall, farmed fish prices will
climb 24% by 2030
Fish demand and prices are expected to lift
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CONTEXT–PRICES
New ScientistSource:Naylor et al / Nature Communications

•New Zealand's Exclusive Economic Zone is
thefourth-largest in the world
•New Zealand is globally recognisedas a world-
leader in sustainable and innovative aquaculture
management
•Our seafood industry is very small internationally –
less than 0.5% of the global supply chain
•The New Zealand Government intends to support
aquaculture –goal to grow revenue to $3 billion by
2035 (currently $600m)
New Zealand industry is recognised as a world
leader. We expect opportunities in open ocean are
likely to emerge with Government support.
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Sources: DOC, Seafood New Zealand, MBIE
CONTEXT –THE
NEW ZEALAND PICTURE

Sanford is well placed as a sustainable, New Zealand
company
•31% of fish populations in the world are overexploited
(overfished, UN FAO)
•When managed by good science fisheries do well-The New
Zealand fishery is managed by good science
•New Zealand has a strict regulatory framework and carefully
monitored fishery, putting us ahead of much of the rest of the
world
o94% of catch come from stocks with no sustainability risk (MPI
figures)
o30% of New Zealand waters set aside as Benthic (sea floor)
Protection Areas
Sustainable seafood companies are expected
toprosper. A sustainable approach is required.
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CONTEXT –OUR OFFERING: BEAUTIFUL NEW ZEALAND SEAFOOD

Global fisheries production 1980-2022
•Aquaculture will need to continue to grow
to meet the growing needs of the global
human population
•Aquaculture production worldwide has
undergone a transformation from labour-
intensive farming methods to greater
mechanisation
•Wildcatch remains important but catch
levels will remain largely static in New
Zealand under our Quota Management
System
•Wildcatch levels globally are likely to
remain static or drop.Aquaculture
production volumes have now surpassed
those of wild caught fish*
Aquaculture is where growth will come
from–automation and reduced labour is
key. Wildcatch remains static.
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*Source: OECD-FAO Agriculture Outlook
CONTEXT -GROWTH WILL COME FROM AQUACULTURE

CONTEXT –WILDCATCH
REMAINS OUR ENGINE ROOM
•Our wildcatchoffering will continue to be in
demand
•Wildcatchis the foundation of our business
•60% of our sales volume in H1 2022
•We have scale and experience
•Sanford holds 19.8% of New Zealand’s fishing
quota*
•A significant commodity component
*Quota ownership based on New Zealand Annual Catch Entitlement
(ACE).
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CONTEXT –OUR STRENGTHS
•Our size –nimble by global standards, large
and with scale by New Zealand standards
•Reputation
•Excellent products
•Diversity of products, markets and channels
•Large sustainable quota holdings
•Aquaculture water space access
•Prudent debt management
•History and experience
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CONTEXT –CONCLUSION
•More people eating more fish at a higher
price
•New Zealand is very well placed
•-Secure regulatory environment
•-Sustainable wildcatch
•-Commitment to aquaculture
•Sanford is positioned to benefit
•-Significant quota holdings
•-Integrated mussel business
•-Salmon track record
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OUR STRATEGIC
PRIORITIES

STRATEGY ON A PAGE

SUSTAINABILITY
We are committed to a sustainable
future for our business and
stakeholders, our people, customers and
communities.
Our mission:
To sustainably grow shareholder value.
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SUSTAINABILITY
Climate
New Zealand sector-wide climate adaptation
strategy (2021-2030) has set a target to reduce
operational carbon emissions by 25% by 2030.
To be achieved through:
•Vessel efficiency improvements
•Operational improvements -more efficient
boilers, waste treatment systems and
modern refrigeration technologies used
across the business
•Phased rollout of sustainable marine fuels
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SUSTAINABILITY
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Going forward:
•TCFD (Task Force on Climate Related
Financial Disclosures)/NZCS (New
Zealand Climate Standard)
•ESG platform / database
•Supplier engagements –Code of
Conduct
•Continued focus on partnerships,
transparency, engagement, community
work

SUSTAINABILITY
IN EVERYTHING
WE DO

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STRATEGIC PRIORITIES
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OUR STRATEGIC
PRIORITIES
1.GROW SALMON
2.GROW MUSSELS
3.SUSTAIN DEEPWATER
4.TURNAROUND INSHORE

•Global growth in aquaculture required to
support increasing global protein
demands
•New Zealand produces King Salmon
making up only 0.7% of the world's total
farmed salmon.Most salmon producers
globally farm Atlantic Salmon
•Investment is to expand current volumes
from 4,800 GWT to 6,100 GWT (27%
increase) by FY26:
oRAS hatchery to support growth targets
oKey “in market” presence
oAutomation (automatic deboning, portioning
and primary line automation) will be
implemented
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1. GROW SALMON

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BREEDING
•Developing RAS
hatchery inSouthland
•Better controlled
environment
•Smolt grows to a larger
size before farm transfer
FARMING
•Grow volumes
within limits
•Investing in new
vessels and feed
barges
PROCESSING
•New factory
•More automation
•Increase consistency and
quality
PRODUCTS
•BGB brand expansion
from 45% to 75%
•New formats and
export markets
SALES
•Increased margins from
brandingand portioning
SALMON –GROWTH PATHWAY

Farming
1.Unique farming location
2.Legacy hatchery at Kaitangata
3.Brood and smolt farm in BGB
4.Grower cages in BGB. Max output
4800GWT
Farming
1.World class RAS hatchery
2.BGB focused on grower cages.
Max output 6,100 GWT
3.Improved infrastructure to
ensure reliability and risk
mitigation, advanced
oxygenation
Processing
1.Ageing processing factory
2.Partial automation and
suboptimal layout
3.High level of manual handling
4.Challenged to deliver highest
quality consumer specs
Sales/Marketing
1.Premium raw material
2.Strong local market with minimal
brand presence
3.Strong but young BGB brand in
export markets
4.Diverse country mix
Processing
1.Modern processing factory that
drives efficiency and quality
2.Automated multi-product
capability. Fresh portions to
smoked
3.Market leading cost per kg
4.Maintain freshness of product
from harvest to consumer
Sales/Marketing
1.Diverse markets and channels
2.70% of salmon in BGB brand
3.Product diversification to allow
100% fish utilization
TO
FROM
BUILDING SUSTAINABLE COMPETITIVE ADVANTAGE -SALMON

•Price and volume recovery anticipated
over FY22/23 following Covid-19
pandemic
•Global growth in aquaculture is required
to support increasing global protein
demands
•Greenshellmussels are native to New
Zealand
•Investment to grow volume-35,000 GWT
to 55,000 GWT (57% increase) by FY26:
oGrowing our world first Greenshellmussel spat
hatchery facility
oA new marine extract facility producing mussel
powder and oils
oAutomation which will deliver improved cost
per kilogram
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2. GROW MUSSELS

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MUSSELS -GROWTH PATHWAY
HATCHERY
•Deliver hatchery output
•Minor expansion to
existing hatchery
•Planning underway for
major expansion or
second location
FARMING
•Optimisefarming
assets
•Location diversity
•Utilisehatchery spat
to fullest extent
PROCESSING
•Fully utiliseprocessing assets
•Grow marine extracts facility
•Use third parties as required
PRODUCTS
•Diversify product range
•Develop new products to
meet retail demand
SALES
•Maintain diversified markets
•Grow smaller markets to optimize
value

NEW MARINE EXTRACTS CENTRE
•ConstructionbeganinNovember2021,scheduledfor
completionandcommissioningbefore year end 2022
•Interimcollagenmanufacturingfacilityhasbeen in
productionfromMarch2021andhas exceeded
productiontargetsthroughouttheyear,convertinglow
valuehokiskins,intohighvaluecollagen
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Farming
1.SPATnzhatchery
2.Geographical diversification
3.Split between Sanford
andindependent farmers
Farming
1.GrowSPATnzvolume and
breedingcapacity to grow category
2.Farms for specific purpose/quality
3.Developprofitpartnership
programmewithindependent
farmers
Processing
1.SI & NI processing facilities –high
use of manual labour
2.Partial automation through
currentAutomatic Mussel Openers
3.Limited product diversification
capacityor capability
Sales/Marketing
1.Customer base largely at
importerlevel with value chain
upside
2.Margin opportunity on table
3.Primarily foodservice focused
4.Highly commoditisedprotein source
Processing
1.CommercialiseAMO’s
2.Fully automated packing
3.Leading high-value functional
extractproducts
4.Increased processing footprint with
potential toinclude industry
collaboration
5.Product diversification to
enablevalue growth
Sales/Marketing
1.Maximisenutritional
andsustainable attributes to grow
margin
2.Channel diversification, greater
retail
3.Diversified product portfolio
4.Branded with provenance
storySanford and Sons
5.Leader in high value marine
extractsproducts
TO
FROM
BUILDING SUSTAINABLE COMPETITIVE ADVANTAGE -MUSSELS

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•Wildcatchis the engine room of Sanford’s
business and fundsourgrowth
•In addition to the three priorityinvestment areas
there issignificant investment required over the
next five years tokeep thedeepwaterfleet
operating and up to standard
•Vessels are required to have five-year surveys
and midlifemakeovers
•This capex does not includenew vessels (outside
of scampiboats).
•Will explore collaboration opportunities as larger
vessels need replacing.There may be an
industry-wide solution and a better way
ofmanaging the harvesting of quota
3. SUSTAIN WILDCATCH

High value speciescontributing higher revenue and
gross marginper kg than other wildcatch
•Sanfordfishes51%of total NZACE (Annual Catch
Entitlement)
•Scampi fleet is end of life(average age of 35 years),
increasing maintenance costs and down-time and
second-hand optionsare not available
•Sanford has unfished ACEeach season of 50–60T
(around 20% of our quota), because of sub-optimal
fleet.The new vessels can meet their target returns
and increase quota returns –value has been lost in
the meantime (other options also being evaluated)
•Mixture of stay in business and growth capex
•Cost and timing options being explored
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3. SUSTAIN WILDCATCH -SCAMPI

BUILDING SUSTAINABLE COMPETITIVE ADVANTAGE -DEEPWATER
Fleet
1.Quota Management System globally
recognisedsustainable fishery
2.Great balance of commodity
andvalue species
3.Access to 20%hoki, 36%
orangeroughy, 60% scampi
Fleet
1.Continued engagement through
worldleading quota system
2.New scampi fleet improving
reliability and catch rates
3.PSH utilized on all vessels
toimprove yield, quality and
sustainability
Processing
1.High level of automation on vessels
2.Processing challenged by technology
3.Output fillet or fishmeal
4.Marine extractshokicollagen
Sales/Marketing
1.Predominantly
commoditisedtrading
2.Value gain only from
limitedquantity
3.Flexibility to meet market conditions
Processing
1.Consolidated national fit
forpurpose processing footprint
2.Additionalland-based
automationto facilitate value add
products
3.Extend offer from fillet and elevate
up from fishmeal
4.Marine extracts NPD
unlockingother high value
opportunitiesegoil, sounds
Sales/Marketing
1.Continued commodity and value
added
2.Linkage back to provenance
throughSanford and Sons with
branded product
3.Partnership with highest
returningcustomers
ofscampiandorange
roughy
TO
FROM

•Due to significance, strategic priorities have
been Salmon, Mussels and Deepwater
•Now turning to opportunities in inshore
where we can improve
•These include:-
•Consolidation and collaboration for
processing
•Additional utilisation of inshore vessels
(in good state relative to industry)
•Pricing opportunities
•Further utilising strong retail
partnerships
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4. OPPORTUNITIES IN INSHORE

BUILDING SUSTAINABLE COMPETITIVE ADVANTAGE -INSHORE
Fishing
1.Bulk traditional trawl dominant
2.Under utilisedassets
3.Strong position on quota package
4.Leading market in terms
ofintegration
Fishing
1.Further investment in PSH catch,
moretargeted business
2.Fullyutilisedassetsincl.replacing
two oldervessels with one
3.Market leading quality
Processing
1.Auckland facility doesn’t fit current
business model
2.No automation in filleting
3.Current location untenable medium
term
4.Uncompetitive cost per kg
Sales/Marketing
1.Low margin delivery across the
totalcatch
2.Lack of market and channel diversity
3.No customer brand presence
Processing
1.Move to new premises, either JV or
potentialtoll
2.Competitive cost structure
3.Retail readySKUs including fixed
priceportions
Sales/Marketing
1.Leading customer brand
2.Diversified markets and
channelsthroughout Asia
3.Supplier of choice for quality and
scale
TO
FROM

STRATEGIC INITIATIVES
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STRATEGY ON A PAGE

FINANCING OUR STRATEGY

FINANCING OUR STRATEGY
•Operating cashflow
•Existing debt facilities
•Not intending to raise equity
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HURDLE RATES FOR INVESTMENT
Investment AreaHurdle Rate*
Integrity capital9.0%
Growth of Existing business12.0%
A new Business20.0%
* These hurdles are subject to review
•Different hurdle rates are used for investments with different risk profiles (using the company WACC
plus a risk premium)
•Hurdle rates vary according to the risks associated with the activity (such as volatility), and the duration
and nature of investment
•Hurdle rates are subject to regular reviews that account for changes to inflation and risk
•Maximisation of shareholder value is a keymetric

WHAT WILL IT COST?
PRIORITISED CAPEX SPEND
•Five-year capex (growth and
maintenance) estimated to be between
$300m -$395m
•Focus of aquaculture growth is salmon
and mussels
•Scampi vessel replacement –best
performing deepwatercatch with some
growth opportunities –timing to be
determined
•Protection of core wildcatch business via
maintenance of deepwaterfleet
•Mussel diversification (powder and oil)
•Includes automation capex for mussels
and salmon
•New factory build salmon
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•2022 capex forecast
between $50 -$60m
•Mixture of growth (40%) and
integrity capex (60%)
PRIORITISED CAPEX SPEND BY DIVISION

•Investment in a new operating and ERP system
critical to support growth plans and reduce
risk
•Spend to date is $23m and remaining spend
for calendar year 2022 of$12m
•Manual and aged, unsupported systems need
replacement. Increasedefficiency and
improvements in data accuracy
•The investment is compressed (updating and
modernising)
•Sancoreproject cost complete in 2023, with
on-going normalised investment in system
infrastructure in subsequent years
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SANCORE

FUNDING THE EXPANSION
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•The capital requirements over five years will mainly
be funded out of operating cashflows and debt
•In addition, $52.7m of funds received from the sale
of the crayfish quota will be used to invest in higher
returning growth initiatives (scampi, mussels and
salmon). Current debt levels circa $130m
•Headroom on existing facilities of $140m
•Active working capital management throughout the
Covid period, with inventory at improved levels
•An equity raise is not being considered
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184
181
179
176
126
80
100
120
140
160
180
200
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Current
$m
Net Debt ($m)

DIVIDENDS
•No interim dividend announced for
2022
•Intention is to return to regular
dividend as soon as practicable
•Strong likelihood a modest final
dividend will be payable after the full
year result announced at the end of the
FY22 –subject to performance
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HIGH LEVEL FINANCIAL TARGETS –FY26
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TargetMeasure
Net Debt / EBITDA1.5x to 2.25x
Gearing (debt/debt + equity)Less than 35%
Gross margin %17% -25%
Adjusted EBIT$85m -$105m
Adjusted EBIT CAGR FY21 -FY2630% -35%

RISK MITIGATION
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RiskManaged by...
Geopolitical•Diversity of markets
•Strong customer relationships
•Fewest layers possible in customer relationships
Labour•Increasing hourly rates
•Build employee engagement
•Recruitment drives, including working to attract overseas talent
•Accommodation offered where appropriate
•Automation
•Improving the employee experience
Supply chain•Diversity in markets
•Diversity in load ports
•High percentage of domestic sales
•Kotahi
Climate change•Oxygenation and other mitigation measures for salmon
•Salmon breeding for resilience
•SPATnzbreeding for tolerance

RISK MITIGATION
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RiskManaged by...
Cost inflation and interest
raterises
•Long term fixed rate interest hedging
•Fuel hedging
•Alternative feed supply.Optimising growth rates
Regulatory change•Engage with industry representation on legislative submissions
•Active engagement with regulators and decision-making bodies at all
levels of Government
•Participate in local and global communications initiatives
Pressure groups andsocial
license
•Emphasize sustainable approach
•Maintaining strong community links
•Programme of engagement with select NGOs
•Engaging with industry, regulator and Government

LOOKING FOWARD
WRAP-UP

IN CONCLUSION
Sanford has:
•A well placed portfolio
•From a country that manages its seafood
resource well
•In a world where there is growing demand
for our products
63

IN CONCLUSION
Sanford has:
•Aclear pathway to pre-Covid profitability
and growth
•The ability to fund capital requirements
•A balance of protecting cash flow from
wildcatchwhile investing for growth in
aquaculture
•A plan for investment in systems and
processes that will help drive our journey to
becoming a high achieving organisation
64

IN CONCLUSION
Sanford has:
•A target range of $85 -$105 million
for AdjustedEBIT by 2026
•The intention to return to paying a
dividend, starting with a modest
final dividend payment at the end of
this financial year
•The ability to fund our capital
initiatives via operating cashflow,
existing debt facilities and without
an equity raise
65

IN CONCLUSION
Sanford is investing for growth in
three clear areas:
1.Mussel growth to $32-$45million of
AdjustedEBIT by 2026
2.Salmon growth to $32-$41million of
AdjustedEBIT by 2026
3.New scampi vessels to secure our
foundations and enable growth
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IN CONCLUSION
Opportunities exist for further
growth and/or to sustain
profitability:
•Wildcatchfleet investment
•Inshore area rebuild
•Customer partnerships
•SanCore
•An ongoing commitment to people and
sustainable practices
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IN CONCLUSION

THE SANFORD LEADERSHIP TEAM
THE EXECUTIVE
Peter Reidie, CEO
Paul Alston, CFO
Andre Gargiulo, CCO
Peter Young, (Acting) COO
Karen Duffy, CPO
Louise Wood, CSCO
Colin Williams, GM Fishing
SENIOR LEADERS
Stuart Houliston, GM Finance
Richard Miller, GM Salmon
Andrew Stanley, GM Innovation
Fiona MacMillan, GM Communications
Rodney Roberts, GM SPATnz
PeterLongdill,GMSustainability
Hardeep Kang, GM Food Safety and Quality
Blair Robinson, GM International Sales
Karyn Murray, Market Manger, North America
Mackenzie Collis, Group Export Sales Manager
Paul Turnbull, GM Strategic Projects
Adrian Grey, GM Business Development

QUESTIONS?