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>Sanford's (SAN) 1Q23 update indicates the recovery of the key mussel division is likely underway, while demand for salmon and wildcatch remains resilient in key markets.</li><li>There has been a material recovery in mussel pricing due to (1) rolling off lagged price contracts, and (2) product mix weighted towards higher value half-shell sales</li><li>Against our revised numbers, SAN currently trades at an undemanding one year forward PE multiple of ~13x, we continue to see value at current levels and remain OUTPERFORM.</li></ul>

Sanford's (SAN) 1Q23 update indicates the recovery of the key mussel division is likely underway, while demand for salmon and wildcatch remains resilient in key markets.There has been a material recovery in mussel pricing due to (1) rolling off lagged price contracts, and (2) product mix weighted towards higher value half-shell salesAgainst our revised numbers, SAN currently trades at an undemanding one year forward PE multiple of ~13x, we continue to see value at current levels and remain OUTPERFORM.

Sanford Limited

Sanford: Checking the Net