Sanford : Q3 FY23 Market Update Presentation

MARKET UPDATE

Q3 FY23

DISCLAIMER

Important Notice

This presentation contains not only a review of operations and information about Sanford Limited (the Company) but may also contain some forward-looking statements about the Company and the environment in which it operates.

Information has been prepared by the Company with due care and attention. However, neither the Company, nor any of its related companies, directors, officers, employees, agents, advisers or shareholders nor any other person gives warranties or representations (express or implied) as to the accuracy, completeness, value or reasonableness of this information. To the maximum extent permitted by law, none of the Company, its related companies, directors, officers, employees, agents, advisers, 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 for the quarter ended 30 June 2023.

To the extent this presentation contains forward-looking statements, 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 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 any 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.

NZX 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 the Company's performance to differ from any forward-looking statements in this presentation. This presentation should be read in conjunction with other material published by the Company.

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.

This disclaimer applies to this presentation and any written or verbal communications in relation to it.

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Please note : Some of the financial metrics provided in this document are management figures and are unaudited.

CRAIG ELLISON INTRODUCTION

• Long involvement in the Fisheries and Seafood sector including running the marketing, finance and quota management for his family company, Ōtākou Fisheries.
• Past Chief Executive of Ngāi Tahu Holdings, Chair of Ngāi Tahu Seafood, Poutama Trust, Moana Pacific, Prepared Foods, the NZ Seafood Standards Council, as well as serving on the executive of the Fishing Industry Association Board, and numerous stakeholder organisations.
• Previously served on the Board of Airways New Zealand, NIWA, the Trade Liberalisation Network, New Zealand Trade and Enterprise, and Co-chaired the PECC Fisheries Task Force (with Chinese Taipei).
• Craig was a Commissioner with the Treaty of Waitangi Fisheries Commission (Te Ohu Kai Moana).
• Craig served on the board of Aotearoa Fisheries and through that on the boards of Moana and Sealord. He was also a member on the Te Ohu Kai Moana review panel.
• Graduate from Otago University with a Masters in Zoology.

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Q3 FY23: STRONG DEMAND & PRICING SUSTAINED, LOWER VOLUMES.

• Pricing remains above pre-covid levels in all divisions.
• Demand for Sanford products remains strong, particularly in export markets.
• Sales volumes are below pcp due to reduced catch (particularly squid), extreme weather and closure of some water space areas impacting mussel performance.
• Wildcatch: pricing up 31% vs. pcp driven by a general increase in prices and improved mix with less-lower priced squid sales. Sales volumes down 36.5% vs Q3FY22
• Mussels: pricing up 36% vs. pcp due to favourable product mix. Sales volumes down 21% vs pcp.
• Salmon: pricing up 20% vs pcp driven by strong demand and reduced fish mortality. Sales volume consistent with pcp and with pre-covid levels.

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WILDCATCH DIVISION: Q3 QUARTERLY DATA - SALES VOLUME AND PRICING

5	1. Average FOB Price/GWkg is calculated with reference to total external division revenue (previous presentations FOB price/GWkg included was on Seafood Sales only)