SPH Notice - ANZ New Zealand Investments 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 Limited
and
To Sanford Ltd/NZ
Relevant event being disclosed: Change in nature of relevant interest in the substantial
holding
Date of relevant event: 11 November 2026
Date this disclosure made: 11 November 2026
Date last disclosure made: 8 June 2026
Substantial product holder(s) giving disclosure
Full name(s): ANZ New Zealand Investments Limited, ANZ Bank New Zealand Limited and
ANZ Custodial Services New Zealand Limited
Summary of substantial holding
Class of quoted voting products: Common Stock - SAN
Summary for: ANZ New Zealand Investments Limited and ANZ Bank New
Zealand Limited (aggregated as related bodies corporate)
For this disclosure,—
(a) total number held in class: 8,020,119
(b) total in class: 93,506,000
(c) total percentage held in class: 8.577%
For last disclosure,—
(a) total number held in class: 7,373,056
(b) total in class: 93,506,000
(c) total percentage held in class: 7.885%
The above summary excludes the custodial holdings of ANZ Custodial Services New
Zealand Limited and the discretionary investment management service (DIMS) relevant
interest of ANZ Bank New Zealand Limited (which are set out in this notice), so that these
are not double-counted in the aggregated related bodies disclosure.
Summaries of the individual holdings of each of ANZ New Zealand Investments Limited,
ANZ Bank New Zealand Limited and ANZ Custodial Services New Zealand Limited are as
follows.

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Summary for ANZ New Zealand Investments Limited
For this disclosure,—
(a) total number held in class: 6,996,176
(b) total in class: 93,506,000
(c) total percentage held in class: 7.482%
For last disclosure,—
(a) total number held in class: 6,711,135
(b) total in class: 93,506,000
(c) total percentage held in class: 7.177%
Summary for ANZ Bank New Zealand Limited
For this disclosure,—
(a) total number held in class: 1,023,943
(b) total in class: 93,506,000
(c) total percentage held in class: 1.095%
For last disclosure,—
(a) total number held in class: 733,321
(b) total in class: 93,506,000
(c) total percentage held in class: 0.784%
Summary for ANZ Custodial Services New Zealand Limited
For this disclosure,—
(a) total number held in class: 1,023,943
(b) total in class: 93,506,000
(c) total percentage held in class: 1.095%
For last disclosure,—
(a) total number held in class: 733,321
(b) total in class: 93,506,000

100080615/3821103.1
(c) total percentage held in class: 0.784%
Details of transactions and events giving rise to relevant event

Details of the event requiring disclosure by ANZ New Zealand Investments
Limited:

ANZ Bank New Zealand Limited (ANZ Bank) acts as a DIMS provider in respect of
investment portfolios under a DIMS client agreement (DIMS CA). On 11 November 2026,
ANZ Bank appointed ANZ New Zealand Investments Limited (ANZ Investments) to manage
ANZ Bank’s DIMS strategies under an investment management contract, including
investment philosophy, asset allocation, investment selection and how voting rights are
exercised (DIMS IMA). ANZ Bank remains responsible for implementing the DIMS
strategies in client portfolios, including instructing trades under a strategy, and
implementing ANZ Investment’s voting decisions.
As a consequence of the appointment, ANZ Investments will now have the following
relevant interests in 952,543
financial products:
-the qualified power to control the exercise of the right to vote attached to the financial
products, with ANZ Bank implementing the exercise of that power; and
-the qualified power to control the acquisition or disposal of the financial products, but ANZ
Bank may instruct ANZ Investments to vary its decisions, and in any event ANZ Bank
implements the exercise of this power.

ANZ Investments’ relevant interests for 952,543
financial products arising under the DIMS
IMA arises only from the powers of investment contained in the DIMS IMA.
Consideration is payable to ANZ Investments for services provided under the DIMS IMA,
but no consideration was paid for the change in nature of the relevant interest.
Details of the event requiring disclosure by ANZ Bank New Zealand Limited:
As noted above, ANZ Bank acts as a DIMS provider in respect of investment portfolios
under a DIMS CA. On 11 November 2026, ANZ Bank appointed ANZ Investments to
manage ANZ Bank’s DIMS strategies under the DIMS IMA. ANZ Bank remains responsible
for implementing the DIMS strategies in client portfolios, as noted above.
As a consequence of the appointment of ANZ Investments, ANZ Bank’s relevant interest in
952,543
financial products changes as ANZ Bank will have:
-a qualified power to control the acquisition or disposal of the financial products, as it may
instruct ANZ Investments to vary its decisions; and
-the qualified power to control the exercise of the right to vote attached to the financial
products, reflecting only its implementation of ANZ Investments’ voting decisions.

ANZ Bank still has a qualified power to acquire or dispose of the financial products given
that it still implements a given strategy.

ANZ Bank’s qualification on its relevant interest for 952,543
financial products arising
under the DIMS IMA, as explained above, arises only from the powers of investment
contained in the DIMS IMA.

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Consideration is payable to ANZ Investments for services provided under the DIMS IMA,
but no consideration was paid for the change in nature of this relevant interest.
Details after relevant event
Details for: ANZ New Zealand Investments Limited
Nature of relevant interest(s):

ANZ Investments acts as a manager for certain managed investment schemes under
investment management contracts. ANZ Investments has a relevant interest in the
financial products arising only from the powers of investment contained in the investment
management contracts as it has:
-a qualified power to control the exercise of the right to vote attached to the financial
products; and
-a qualified power to acquire or dispose of the financial products.
These investment management contracts are not attached to this notice pursuant to
regulation 142 of the Financial Markets Conduct Regulations 2014 (Regulations).
For that relevant interest,—
(a) number held in class: 6,996,176
(b) percentage held in class: 7.482%
(c) current registered holder(s): The New Zealand Guardian Trust Company Limited
(d) registered holder(s) once transfers are registered: Not applicable
ANZ Investments also manages ANZ Bank’s DIMS strategies under the DIMS IMA (as
described earlier in this notice). ANZ Investments’ relevant interests in the financial
products arising under the DIMS IMA arise only from the powers of investment contained
in the DIMS IMA which are:
-a qualified power to control the exercise of the right to vote attached to the financial
products; and
-a qualified power to control the acquisition or disposal of the financial products.
This DIMS IMA is not attached to this notice pursuant to regulation 142 of the Financial
Markets Conduct Regulations 2014 (Regulations).
For that relevant interest,—
(a) number held in class: 952,543
(b) percentage held in class: 1.019%
(c) current registered holder(s): ANZ Custodial Services New Zealand Limited
(d) registered holder(s) once transfers are registered: Not applicable
ANZ Investments also has a relevant interest in the holdings of ANZ Bank New Zealand
Limited and ANZ Custodial Services New Zealand Limited, as disclosed in this notice,
because all of these companies are related bodies corporate.

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Details for: ANZ Bank New Zealand Limited
Nature of relevant interest(s):

ANZ Bank acts as a DIMS provider in respect of investment portfolios under a DIMS CA.
ANZ Bank’s relevant interests in the financial products arising under the DIMS CA arise
only from the powers of investment contained in the DIMS CA, and the qualifications to
those relevant interests arising under the DIMS IMA arise only from the powers of
investment contained in the DIMS IMA, which together are:
-a qualified power to control the exercise of the right to vote attached to the financial
products;
-a qualified power to control the acquisition or disposal of the financial products; and
-a qualified power to acquire or dispose of the financial products.

The DIMS CA and DIMS IMA are not attached to this notice pursuant to regulation 142 of
the Regulations.

For that relevant interest,—
(a) number held in class: 952,543
(b) percentage held in class: 1.019%
(c) current registered holder(s): ANZ Custodial Services New Zealand Limited
(d) registered holder(s) once transfers are registered: Not applicable
ANZ Bank also provides a trading and custody service in respect of individual client
investment portfolios under a trading service client agreement. ANZ Bank has a relevant
interest in the financial products arising only from the powers of investment contained in
the trading service client agreement as it has:
-a qualified power to control the exercise of the right to vote attached to the financial
products; and
-a conditional power to dispose of the financial products.
The trading service client agreement is not attached to this notice pursuant to regulation
142 of the Regulations.

For that relevant interest,—
(a) number held in class: 71,400
(b) percentage held in class: 0.076%
(c) current registered holder(s): ANZ Custodial Services New Zealand Limited
(d) registered holder(s) once transfers are registered: Not applicable
ANZ Bank also has a relevant interest in the holdings of ANZ New Zealand Investments
Limited and ANZ Custodial Services New Zealand Limited, as disclosed in this notice,
because all of these companies are related bodies corporate.
Details for: ANZ Custodial Services New Zealand Limited

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Nature of relevant interest(s):

ANZ Custodial Services New Zealand Limited (ANZCS) is the custodian for ANZ Bank New
Zealand Limited’s DIMS and trading and custody service under a custody agreement.
ANZCS has a relevant interest in the financial products as it is the registered holder of the
financial products.
The custody agreements are not attached to this notice pursuant to regulation 141 of the
Regulations.
For that relevant interest,—

(a) number held in class: 1,023,943
(b) percentage held in class: 1.095%
(c) current registered holder(s): ANZ Custodial Services New Zealand Limited
(d) registered holder(s) once transfers are registered: Not applicable
ANZCS also has a relevant interest in the holdings of ANZ Bank New Zealand Limited and
ANZ New Zealand Investments Limited, as disclosed in this notice, because all of these
companies are related bodies corporate.
Additional information
Address(es) of substantial product holder(s):
ANZ Investments, ANZ Bank and ANZCS: ANZ Centre, 23-29 Albert Street, Auckland 1010
Contact details: David Otero-Lambert, 0800 269 296, David.otero-lambert@anz.com
Nature of connection between substantial product holders: ANZ Investments, ANZ Bank
and ANZCS are related bodies corporate under section 237(d) of the Financial Markets
Conduct Act 2013.
Certification
I, David Otero-Lambert, 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.