SPH Notice - Salt Funds Management Limited

100080615/3821102.1
1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
Note: This form must be completed in accordance with the instructions at the end of the
form.
To NZX Limited
and
To New Zealand Rural Land Company Limited
Date this disclosure made:19/05/2025
Date on which substantial holding began:15/05/2025
Substantial product holder(s) giving disclosure
Full name(s):Salt Funds Management Limited
Summary of substantial holding
Class of quoted voting products: New Zealand Rural Land Company Limited (NS) Ordinary
Shares
Summary for Salt Funds Management Limited
For this disclosure,—
(a) total number held in class: 7,789,837
(b) total in class: 145,024,724
(c) total percentage held in class: 5.371%
Details of relevant interests
Details for Salt Funds management Limited
Nature of relevant interest(s): Investment Manager
For that relevant interest,—
(a) number held in class: 7,789,837
(b) percentage held in class: 5.371%
(c) current registered holder(s):
(d) registered holder(s) once transfers are registered: See Annexure 1
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure:
Refer to the table below for the full four months of transactions undertaken as part of
normal on-market trading activities by Salt Funds Management:

100080615/3821102.1
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Transaction Type Period Shares/Units Consideration
On-market purchases
15/01/2025–
15/05/2025
3,255,728 ($2,939,787.15)
On-market sales
15/01/2025–
15/05/2025
(1,987.00) $1,865.91

Additional information
Address(es) of substantial product holder(s): Level 3, The Imperial Buildings, 44 Queen
Street, Auckland 1050
Contact details:
Claire MacRae, Telephone +64 9 869 5123, Email: Claire.macrae@saltfunds.co.nz
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: Not applicable
Certification
I, Claire MacRae 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.

100080615/3821102.1
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ANNEXURE 1
SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD
DATED 15 May 2025
Name of type of shares
New Zealand Rural Land Company Limited (NS)
Ordinary Shares (NZL)
Percentage held 5.371%

Registered holder:
Guardian Nominees No.2 Ltd (as custodian for
BT Funds Management (NZ) Ltd)
Holding: 7,320,199 (5.048%)
Registered holder:
Apex Investment Administration (NZ) Limited
(as custodian for Salt Investment Funds Ltd)
Holding: 469,638 (0.324%)