New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Wildcatch: prices +8%, volumes +17% on the prior corresponding period (3Q21) as strong volumes were achieved despite tight crew availability (due to COVID)</li><li>Mussels: prices +7%, volumes +8%. Prices continue to recover in line with our expectations around SAN’s lagged fixed price contracts</li><li>Salmon: prices +23%, volumes -17%, prices have more than offset the fall in sales volumes</li></ul>

Wildcatch: prices +8%, volumes +17% on the prior corresponding period (3Q21) as strong volumes were achieved despite tight crew availability (due to COVID)Mussels: prices +7%, volumes +8%. Prices continue to recover in line with our expectations around SAN’s lagged fixed price contractsSalmon: prices +23%, volumes -17%, prices have more than offset the fall in sales volumes

Sanford Limited

Sanford (SAN): 3Q22 Trading Update