Refinish Old Wood Fence

I have an old wood fence in my backyard. It's at least 10 years old and is in marginal shape. The wood has never been stained for sealed as far as I can tell and is badly bleached and sun damaged.
I do not want to replace this fence and would like to do some minimal repairs to extend its life and improve its appearance. What is the best way to clean and treat an old, sun damaged fence?
I'm going to replace the boards which are rotten.
Thanks Fred
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