ASM – Chair and Interim CEO Addresses and Presentation

18 December 2023

Sanford 2023 Annual Meeting – Chair and Acting Chief Executive Speeches

CHAIR: SIR ROB MCLEOD

Our Board

I would like to introduce my co-directors, David Mair and Craig Ellison. Also joining us is Paul Alston,
Sanford’s Chief Financial Officer. We have an apology from Fiona Mackenzie who is unable to attend.
As previously announced, Fiona has advised that she will be stepping down from the end of this
meeting.

I would like to thank Craig for stepping into the Acting CEO role at short notice in August this year.
This has ensured stability and a smooth continuity of our operations. Craig has extensive seafood
sector, managerial and governance experience, which has well enabled him to serve as our interim
chief executive.

We are looking to recruit a permanent CEO and will commence a search process in the new year.

As shareholders will be aware, there has been considerable change in Sanford’s board in the last two
years. This can be attributed to a variety of factors including where a director has reached the end of
their term and has chosen not to stand for re-election.

We are committed to maintaining a diverse and skilled board that supports the long-term success of
the company. Our preference is for six directors, which I believe is appropriate for a company the size
of Sanford. As such, we are actively seeking new directors with appropriate skills and experience.

We are pleased to welcome John Strowger to our meeting.

John has been nominated as a director and will be standing for election by shareholders today. John
was a corporate law partner at Chapman Tripp and has deep governance experience. He sits on the
boards and advisory committees of a number of private businesses, and is also Chair of Skellerup
Holdings Limited. You will have an opportunity to hear from John later in the meeting.

John has been nominated by Tasman Equity Holdings Limited, a significant shareholder in Sanford.
Due to John’s association with that shareholder, the Board has determined that, if elected, he will
serve as a non-independent director. The very factors that may make a director non-independent can
also add a unique perspective to Board decision making.

The concept of director independence is an important governance matter for your Board and we do
not take it lightly.

We follow a thorough process when determining the status of a director as independent or not.
While that determination is ultimately a matter for the Board, where appropriate it includes seeking
technical legal advice and it always involves the Board considering the relevant factors set out in the

NZX Corporate Governance Code and the Listing Rules. This includes taking into account any
personal, social and business relationships.

At its core, the key question we must ask ourselves is whether these relationships, if any, are such
that they might interfere with, or might reasonably be seen to interfere with, the ability of any
director to exercise independent judgement and act in the best interests of the company.

We are very comfortable that the independence of Sanford’s existing directors will not be
compromised if John is elected by shareholders today.

The Board believes John would bring significant value to Sanford and supports his election.

I regard shareholders as the owners of our business, and so shareholders views are very important.
However, we recognise that the activism of shareholders and their actions can, in some
circumstances, make it more challenging to attract and retain high quality directors. I’ve observed in
recent years that this dynamic is not unique to Sanford.

I want to emphasise that I see the legal and commercial role of a Board as representing the interests
of all shareholders, and not a subset of them. Your Board considers that positive and constructive
engagement with any shareholder is in the best interests of the company and all shareholders
generally.

Our Strategy

We continue to implement our strategy – to recover and rebuild to where we were before the
pandemic, and then to grow from there.

We have a clear focus on three commercial goals – strengthen Wildcatch, grow Salmon and grow
Mussels.

I would like to touch on the Moana transaction. The profitability of our inshore business has been
challenging for a number of years. The long term lease of much our North Island inshore Annual
Catch Entitlement has simplified our operations and established a lower-risk revenue stream, as well
as delivering improved profitability for the Wildcatch division. We remain focused on our deepwater
operations which are central to our sales revenue.

Financial Performance

Our primary commercial goal remains to improve and maximise profitability and share value. While
we still have not exceeded our pre-covid profit results, we have exceeded pre-covid sales and are not
far off reaching pre-covid levels of profit.

In FY23, we reported our highest revenue result in five years, and a year-on-year improvement in our
adjusted EBIT. We expect this annual trend to continue for the current financial year. The board
declared a total dividend of 12 cents per share in FY23, an increase in the total dividend payment
over the prior year.

We still have some catch up to do in integrity capital expenditure, with higher spend in both the last
financial year and the current year as we maintain our existing assets, particularly vessels.

We have also invested in a new group-wide technology platform, a new state of the art scampi vessel
and the Bioactives facility in pursuit of new profit opportunities.

Our People

Essential to our success are our people. FY23 was a year of change, with a new business unit
structure, technology platform and leadership. I’d like to thank every person in the Sanford team for
their efforts in meeting challenges and achieving year on year performance improvements.

Looking To The Future

New Zealand is a very small supplier on the international stage. However, as a country, we have a
reputation for high quality, sustainable, delicious seafood. For Sanford, this means that everything
we can extract from the water, we can sell. But one of the only ways we can grow to meet local and
international demand, is by increasing our farm footprint.

The new government has indicated its support for enterprises and industries that support growth.
We hope that this will see increased support for the New Zealand aquaculture industry and initiatives
which enable proven companies to further grow and generate wealth.

We remain committed to the NZ quota management system which ensures that our waters can be
sustainably fished, monitored and managed to safeguard over-fishing New Zealand’s oceans.


ACTING CEO: CRAIG ELLISON

I am delighted to be talking to you today as Sanford’s Acting CEO. Having been involved in the
fisheries sector for most of my life, and a director of Sanford since 2021, I am passionate about our
company, its heritage and the opportunities ahead.

I was able to visit some of our international markets this year which reaffirmed the excitement and
demand for our key species, including salmon and scampi, and for New Zealand produce in general.

FY23 Snapshot

Our FY23 performance and progress has been well laid out in our annual report and investor
presentation.

In summary:
• Sales and profitability of the Wildcatch and Mussels businesses were challenging, however
the Salmon business outperformed expectations, with strong demand and pricing for our
premium product.
• The Mussel business was hampered by labour shortages during the processing season, so we
were unable to take full advantage of higher levels of demand. These teams have now been
rebuilt to full strength and there is strong demand for half shell mussels.
• Wildcatch delivered consistent earnings, however, sales volumes were down year on year,
mainly due to seasonal factors impacting on squid catch.

• The Moana transaction settled 31 October 2023. This allows us to focus our attention on our
deepwater business.
• There were challenges in commissioning of the Bioactives centre but steady improvements
have been made.
• We delivered on the Sancore technology programme, which will enhance our operations and
improve our capabilities.
• We also continued to invest in the protection and update of our assets, particularly our
vessels. Construction of the new scampi vessel is now underway and due to launch in Q1
2025.

Turning now to each of our three focus areas ...

Grow Salmon

Our Salmon business is going from strength to strength under the Big Glory Bay brand.

King salmon from New Zealand is a premium and prized product and there is significant demand,
particularly in international markets such as the USA and China.

Our focus is on growing and delivering an exceptional quality product to market. We are now coming
into the heat of El Nino summer conditions, when salmon is at most risk. We have taken steps to
safeguard the business with oxygenation technology, the separation of the farms in Big Glory Bay and
intensive monitoring. We are also looking at improving handling and processing facilities, and cold
chain management to control the 1 – 2 degrees that can make all the difference to quality.

We are continuing to look at how we can maximise our existing footprint through smart farming and
will also be engaging with new Ministers to see how we can expand in order to create more export
value for New Zealand.

Grow Mussels

While warm weather is not so good for salmon, it’s great for mussels. Pricing and demand is still
strong for half shell mussels. We will be making the most of the conditions and are enjoying the
benefits of the return to a full workforce. However, we expect less to be harvested in 2024 due to
low seeding, particularly in Coromandel, in 2023.

Refinement of the technology at the Bioactives facility is now largely complete, however, we are still
very much in start-up mode as we continue to assess and develop these new product opportunities.

Strengthen Wildcatch

With the long term lease of much our North Island inshore Annual Catch Entitlement, our focus is on
deepwater fishing. We expect to see a continuation of the strong demand and prices for key species
including hoki, scampi, and toothfish and are looking to rebuild markets for other species such as
orange roughy and oreo dories. We are forecasting a lower-than-average squid catch for FY24 based
on historical trends, but we are not concerned for the long-term viability of the species.

Every year at about this time, we send two long liners to the Ross Sea to catch Antarctic Toothfish –
this is highly prized by chefs for its versatility, taste and texture. The Ross Sea Antarctic Toothfish

fishery is one of the most well-managed fisheries in the world, and only authorised vessels are
allowed to fish here. Only about 3% of the Ross Sea is commercially fished, and under strict rules. The
conditions are challenging and there is just a 90 to 100-day window when the sea ice clears enough
for fishing. We have very experienced crews working on the boats, lifting each fish on board, hook
after hook and making sure everything we do is within rules. Our vessels also contribute to research
in the Ross Sea, tagging and releasing fish.

As our largest division, the deep water fleet requires a significant amount of integrity capital
investment. This year, for example, one of our longline vessels was put into dry dock for a five-year
survey. This can take several months and cost millions of dollars, however, it enables us to go to the
Ross Sea in the Southern Ocean with confidence. There is a high cost to maintain and replace vessels
so future industry collaboration initiatives will be investigated.

We work closely with our fishing partners from Japan and Korea and I’d like to acknowledge their
contribution and efforts.

People, Place, Performance

We remain committed to the fundamental elements on which our business is built and which
underpin our business – our customers, our team, safeguarding our environment, positive
engagement with our communities, operational excellence and shareholder value.

In our Annual Report, you can read about our focus areas, initiatives and investment into these
essential areas.

A few highlights from the past year include the following:
• We continued to build on our trusted customer partnerships in new and existing markets.
• We rebuilt our team back to full force and were proud to see them embrace the change in
our business as we move to become future-fit.
• We reported a significant drop in waste going to landfill and remain on track to achieve our
2030 target of a 25% reduction in carbon emissions from the FY20 base year.
• We continued to support our communities, through food donations and financial
contributions.
• We received a number of industry Awards in recognition of our innovative thinking, quality
products and commitment to sustainable farming practices.
• Operational excellence remained front of mind with a new business unit organisational
structure, the delivery of the Sancore technology system programme, and smart thinking to
make our operations more efficient and cost effective.


FY24 Outlook and Q1 Update

We are now three months into the 2024 financial year and we are seeing continuing strong markets
and pricing for premium species, particularly scampi, mussels and salmon.

Economic headwinds continue with inflation and cost of living pressures. We adamantly believe that
healthy nutritious seafood should be available to all and are responding by providing customers with
products in a range of price points, from premium fillets at the top of the range to mussel meat and
lower demand species at different value points.

While we are still experiencing inflationary pressures, we expect to see a softening of fuel costs in
FY24, as well as a more favourable currency cross with the USD and improved freight availability.

Global economic conditions can be variable with many countries attempting to bring inflation down
so we are monitoring in-market conditions closely. At this stage, there has been limited impact on
the demand for New Zealand seafood which remains positive.

CHAIR CLOSING REMARKS:

Sanford continues to improve on its road to recovery. We anticipate a stronger year in FY24 as we
implement our strategy in our three businesses.

Our long-term vision remains unchanged - to create value for all stakeholders consistent with share
value and dividend maximisation. Your board is very confident of Sanford’s future.

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2023 ANNUAL SHAREHOLDERS’ MEETING
18 December 2023
2023 Annual Meeting

2023 Annual Meeting
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CHAIR
SIR ROB MCLEOD
2023 Annual Meeting

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2023 Annual Meeting
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AGENDA
1.Presentations
2.Shareholder Discussion
3.Resolutions
4.General Business
5.Close of the Meeting
2023 Annual Meeting

SANFORD BOARD
2023 Annual Meeting
Sir Rob McLeod
Independent Chair
Craig Ellison
Executive director & Acting CEO
David Mair
Independent director
Fiona Mackenzie
Independent director
Retiring at end of 2023 ASM

2023 Annual Meeting

FY23 RESULTS SNAPSHOT
1.See Appendix for Adjusted EBIT and Adjusted EBITDA reconciliation to GAAP Reported NPAT
2.FY22 NPAT included one-off gain on sale of crayfish quota of $43.7m
2023 Annual Meeting
CATCH/HARVEST
VOLUME
112.5K GWT
+2.8%
SALES VOLUME
92.0K GWT
-12.1%
REVENUE
$553.4m
+4.0%
EBIT GW KG
54 cents
+16 cents/kg
ADJUSTED EBIT
1
$49.4m
+22.9%
ADJUSTED
EBITDA
1
$81.5m
+19.4%
NPAT
2
$10.0m
-82.1%
EPS
10.7 cps
FY22: 59.8 cps
TOTAL FY23
DIVIDEND
12 cps
+20%
•Highest revenue result for 5 years
reflecting good demand and strong in-
market prices.
•Lower sales volume down 12.1% due to
reduced squid catch as a result of
seasonal factors, execution of the North
Island arrangement with Moana and
increased stock holdings.
•Prior year NPAT included a one-off
$43.7m gain on the sale of Sanford's
crayfish quota.
•Improved operating profit with Adjusted
EBIT continuing positive recovery
towards pre-covid levels.

OUR PEOPLE
2023 Annual Meeting

LOOKING
TO THE
FUTURE
2023 Annual Meeting
•Strong international and local demand for high
quality, sustainable, delicious seafood.
•Positive momentum towards pre-covid results.
•Volume growth will be achieved through smart
farming and ability to increase our farm footprints.
•Committed to integrity of the quota management
system.
•Working together with Government and other
stakeholders to enable a valuable seafood industry
for New Zealand.

ACTING CEO
CRAIG ELLISON
2023 Annual Meeting

FY23 KEY EVENTS AND HIGHLIGHTS
2023 Annual Meeting
•Outperformance in Salmon
business.
•Reset of Mussel business to meet
strong demand – profitability
improving.
•Wildcatch delivering consistent
earnings – material decrease in
squid catch.
•Announced long term lease of much of
Sanford’s North Island inshore Annual Catch
Entitlement (ACE) to Moana New Zealand.
Transaction settled 31 October 2023.
•Challenges in the commissioning of the Sanford
Bioactives centre.
•Implemented the company wide Sancore ERP
system change programme.
•Focus on integrity capital expenditure;
construction of new scampi vessel underway
and due to launch in Q1 2025.

GROW SALMON
2023 Annual Meeting
Sales Volume GWT
4.8k tonnes
FY22: 5.1k tonnes
Revenue
$93.6m
FY22: $79m
Profit Contribution
$32m
FY22: $23m
•Salmon business going from strength
to strength under Big Glory Bay
brand.
•NZ King salmon is a premium and
prized product - significant demand,
particularly in international markets.
•Challenges of El Nino summer – risk
mitigations in place.
•Focus on sustaining margins and cost
management through smart farming.
•New feed barge arriving March 2024.
•Volume growth limited with current
farm footprint.

GROW MUSSELS
2023 Annual Meeting
Sales Volume GWT
30.1k tonnes
FY22: 36k tonnes
Revenue
$122.9m
FY22: $106m
Profit Contribution
$6.9m
FY22: $0.4m
•Well positioned to capitalise on
warm growing conditions and return
to full workforce.
•Pricing and demand remain strong
for half shell mussels.
•Low seeding in 2023 will limit harvest
volumes in 2024.
•Bioactives facility now commissioned
– continuing to assess and develop
the opportunity.
•In a strong position with water space
and infrastructure (growth
aspirations achievable with existing
waterspace).

STRENGTHEN
WILDCATCH
2023 Annual Meeting
Sales Volume GWT
57.1k tonnes
FY22: 64k tonnes
Revenue
$299.8m
FY22: $302m
Profit Contribution
$48.8mm
FY22: $52m
•Focus on deepwater fishing.
•Continuation of strong demand and
prices for key species.
•Integrity capital investment for fleet
and infrastructure.
•Priority focus on improving
operational efficiency.
•Forecasting lower-than-average squid
catch for FY24 based on historical
trends.
•Future industry collaboration
initiatives will be investigated.
•Long term lease of North Island
inshore ACE will support improved
profitability.

PEOPLE, PLACE, PERFORMANCE: FY23 HIGHLIGHTS
1
•Continued to build on our trusted customer partnerships in new and existing markets.
•Rebuilt team back to full force.
•Reported a significant drop in waste going to landfill; remain on track to achieve our 2030 target of a 25%
reduction in carbon emissions from the FY20 base year.
•Continued to support our communities, through food donations and financial contributions.
•Industry Awards in recognition of innovative thinking, quality products and commitment to sustainable
farming practices.
•Operational excellence remained front of mind with a new business unit organisational structure, the
delivery of the Sancore technology system programme, and smart thinking to make our operations more
efficient and cost effective.
1
Refer to Integrated Report for further details
2
Sanford emissions target is a reduction in absolute GHG of 25% by 2030 from a 2020 base year. (Scope 1 & 2 emissions)
3
Aligned with the XRB standards (NZCS1-3); Sanford’s first mandatory period for reporting is FY24
2023 Annual Meeting

FY24 OUTLOOK
2023 Annual Meeting
•Continuing strong pricing and
demand for premium species,
particularly scampi, mussels and
salmon.
•Economic headwinds continue
with inflation and cost of living
pressures –serving our
customers by providing
products at different value
points.
•Monitoring global in-market
conditions closely –at this
stage, the positive demand for
NZ seafood remains unchanged.
•Market prices and demand expected to remain at current
strong levels.
•Salmon expected to perform well and maintain current
profitability.
•Mussel improvement planned – headwinds remain with low
volume year in the North Island and with Bioactives centre still
in start-up mode.
•Wildcatch improvement following inshore transaction; Squid
catch expected to remain below historical averages.
•Reduction in fuel and freight costs from 2023 peaks; continued
pressure on labour rates.
•More favourable exchange rates for exporting, particularly
NZD/USD.
•Increased labour availability, particularly for Mussel
operation.
Q1 FY24 UPDATE

SHAREHOLDER
DISCUSSION

RESOLUTIONS
Resolution 1: Election of William John Strowger
That Mr Strowger be elected as a Director of the Company, having been nominated by Tasman
Equity Holdings Limited, a shareholder of the Company, in accordance with NZX Listing Rule 2.3.
Resolution 2: Auditor
To authorisethe Directors to fix the fees and expenses of the Auditor for the ensuing year.

OTHER BUSINESS
CLOSE OF THE MEETING

FY23 FINANCIAL RESULTS -GAAP TO NON-GAAP
Non-GAAP Profit measures
Sanford’s standard profit measure prepared under New Zealand GAAP is net profit.
Sanford have used non-GAAP measures when discussing financial performance in this
document. The Directors and management believe that these measures provide useful
information as they are used internally to evaluate divisional and total Group
performance and to establish operating and capital budgets. Non-GAAP profit
measures are not prepared in accordance with NZ IFRS (New Zealand equivalents to
International Financial Reporting Standards) and are not uniformly defined, therefore
the non-GAAP profit measures included in this report are not comparable with those
used by other companies. They should not be viewed in isolation or as a substitute for
GAAP profit measures as reported by Sanford in accordance with NZ IFRS
Definitions
Reported EBIT: Earnings before interest, taxation, net gain on sale of investments,
property, plant and equipment and intangibles.
Adjusted EBIT: Reported EBIT adjusted for impairment, restructuring, software as a
service (SaaS) expenditure, other one-off items and gain from lease termination.
Adjusted EBITDA: Adjusted EBIT before depreciation and amortisation.
2023 Annual Meeting
GAAP to Non-GAAP Reconciliation
30-Sep-2330-Sep-22
$000$000
Reported net profit for the period (GAAP)10,011 55,772
Add back:
Income tax expense7,471 6,692
Net interest expense13,522 8,731
Net (gain) on sale of investments, property, plant and equipment and
intangibles
(35) (43,616)
Reported EBIT30,969 27,579
Adjustments
Impairment of assets1,418 1,301
Restructuring costs5,544 345
Software as a Service (SaaS) expenditure12,714 10,312
Receipt from surrender of lease(2,200)
Other one-off items947 639
Adjusted EBIT49,392 40,176
Add back:
Depreciation and amortisation32,142 28,086
Adjusted EBITDA81,534 68,262

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 extent permitted by law, none of the
Company, its directors, employees, shareholders or any other person shall have any liability whatsoever to any person for anyloss (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 audited results for the year ended 30 September 2023.
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 ofrisks, and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances. 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 withthe purchase or sale of any security. Nothing in this
presentation constitutes legal, financial, tax or other advice.
Please note : Some of the financial metrics provided in this document are management figures and are unaudited.
2023 Annual Meeting