SPH Notice - Salt Funds Management Limited

100080615/3821103.1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To New Zealand Rural Land Company Limited
Relevant event being disclosed:
Date of relevant event: 11 June 2025
Date this disclosure made: 13 June 2025
Date last disclosure made: 19 May 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: 9,299,026
(b) total in class: 145,024,724
(c) total percentage held in class: 6.412%
For last 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%

100080615/3821103.1
Details of transactions and events giving rise to relevant event:
Details of the transactions or other events requiring disclosure:
Transaction Type Period Shares/Units Consideration
On-market purchases
23/05/2025-
11/06/2025
1,617,124 -$1,484,062
On-market sales
20/05/2025-
21/05/2025
-107,935 $100,362.86

Details after relevant event
Details for Salt Funds Management Limited
Nature of relevant interest(s): Investment Manager
For that relevant interest,—
(a) total number held in class: 9,299,026
(b) total in class: 145,024,724
(c) total percentage held in class: 6.412%
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.

100080615/3821103.1
ANNEXURE 1
SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD
DATED 13 June 2025
Name of type of shares
New Zealand Rural Land Company Limited (NS)
Ordinary Shares (NZL)
Percentage held 6.412%

Registered holder:
Guardian Nominees No.2 Ltd (as custodian for
BT Funds Management (NZ) Ltd)
Holding: 8,736,255 (6.024%)
Registered holder:
Apex Investment Administration (NZ) Limited
(as custodian for Salt Investment Funds Ltd)
Holding: 562,771 (0.388%)