SPH Notice – Salt Funds Management Limited

100080615/3821102.1
1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To NZX Limited
and
To Scales Corporation Limited
Date this disclosure made: 15 February 2018
Date on which substantial holding began: 13 February 2018
Substantial product holder(s) giving disclosure
Full name(s): Salt Funds Management Limited
Summary of substantial holding
Class of quoted voting products: Scales Corporation Limited Ordinary Shares (SCL)
Summary for Salt Funds Management Limited
For this disclosure,—
(a) total number held in class: 7,037,993
(b) total in class: 140,510,292
(c) total percentage held in class: 5.009%
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: 7,037,993
(b) percentage held in class: 5.009%
(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:
Salt Funds Management filed a ceasing to be a substantial shareholder on 9
th
January
2018. Since that date, Salt Funds Management sold 628,701 shares on-market for
consideration of $3,027,190.01 and purchased 657,480 shares on-market for consideration
of $2,945,906.13 over the period 8
th
January 2018 to 13
th
February 2018.

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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:
Transaction Type Period Shares/Units Consideration
On-market purchases 18/10/17 – 13/02/18 752,018 $3,303,051.92
On-market sale 10/10/17 – 19/01/18 2,120,032 $9,301,779.04

-1,368,014


Additional information
Address(es) of substantial product holder(s): Level 3, The Imperial Buildings, 44 Queen
Street, Auckland 1050
Contact details:
Randall Clement, Telephone: 09 869 7278, Email: randall.clement@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, Randall Clement, 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.

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3
ANNEXURE 1
SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD
DATED 15 February 2018
Name of type of shares Scales Corporation Limited Ordinary Shares
(SCL)
Percentage held 5.009%

Registered holder: Guardian Nominees No.2 Ltd (as custodian for
BT Funds Management (NZ) Ltd)
Holding: 3,360,832 (2.392%)
Registered holder: National Nominees Ltd (as custodian for Salt
Investment Funds Ltd)
Holding: 1,105,876 (0.787%)
Registered holder: Trustees Executors Limited (as custodian for
TGH Equities Ltd)
Holding: 165,528 (0.118%)
Registered holder: BNP Paribas Nominees (NZ) Ltd (as custodian for
AMP Capital Investors (New Zealand) Ltd)
Holding: 2,405,757 (1.712%)