SPH Notice – Tasman, Arden and Past

1
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
Relevant event being disclosed: Disclosure of movement of 1% or more in substantial
holding and change in nature of relevant interest
Date of relevant event: 16 December 2022
Date this disclosure made: 16 December 2022
Date last disclosure made: 18 November 2022
Substantial product holder(s) giving disclosure
Full name(s):
Tasman Equity Holdings Limited (Tasman), Arden Capital Limited (Arden) and Past
Limited Partnership (Past)
Summary of substantial holding
Class of quoted voting products:
Summary for Tasman, Arden and Past
For this disclosure,—
(a) total number held in class: 13,064,131
(b) total in class: 93,506,137 (excluding 120,598 shares held as treasury stock)
(c) total percentage held in class: 13.971%
For last disclosure,—
(a) total number held in class: 13,564,131
(b) total in class: 93,506,137 (excluding 120,598 shares held as treasury stock)
(c) total percentage held in class: 14.506%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
On 18 November 2022, Tasman sold on-market 375,000 shares for $4.15 each, and Arden
sold on market 125,000 shares for $4.15 each.

2
On 16 December 2022, Tasman sold 3,000,000 shares, and Arden sold 1,000,000 shares
to Past for $4.24 each. As a consequence the number of shares held by Past has increased
to 9,000,000.
Details after relevant event
Details for Tasman, Arden and Past
Nature of relevant interest(s):
Tasman is the beneficial owner of 3,048,099 SAN shares. Arden is the beneficial owner of
1,016,032 SAN shares. Past is the beneficial owner of 9,000,000 SAN shares.
Tasman and Arden also continue to have an undocumented arrangement/understanding to
make acquisitions of SAN shares in concert as described in the substantial product holder
notices of 18 September 2020, 9 November 2020, 18 November 2021, 13 June 2022 and
18 November 2022.
ASB Nominees Limited holds shares as bare trustee for Past. Past is a Limited Partnership
of which Arden and Dresden Holdings Limited (a related company of Tasman) are the
limited partners.
For that relevant interest,—
(a) number held in class: 13,064,131
(b) percentage held in class: 13.971%
(c) current registered holder(s): Tasman as to 3,048,099 shares and Arden as to
1,016,032 shares and ASB Nominees Limited on bare trust for Past as to 9,000,000
shares.
(d) registered holder(s) once transfers are registered: N/A
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
Tasman Equity Holdings Limited:
Address: Level 9, 33 Federal Street, Auckland, 1010, NZ
Contact person: Brigitte Adelinger, brigitte@osf.co.nz, 09 303 1255

3
Arden Capital Limited:
Address: Brown Webb Richardson Ltd, 111 Avenue Road East, Hastings, Hastings 4122, NZ
Contact person: Jonathan McHardy, jfmchardy@outlook.com 06 875 8409
Past Limited Partnership:
Address: Level 9, 33 Federal Street, Auckland, 1010, NZ
Contact person: Brigitte Adelinger, brigitte@osf.co.nz, 09 303 1255
Nature of connection between substantial product holders: As described above.
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: N/A
Certification
I, Roger Wallis, Solicitor, 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.