Carbon Fund – Annual Report – 31 March 2026

Salt Listed Funds





Annual Report
For the year ended 31 March 2026

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1.0 - DETAILS OF SCHEME
Name of Scheme
Salt Listed Funds (Scheme’)

Type of Scheme
Managed Fund

Name of Manager
Salt Investment Funds Limited

Name of Supervisor
The New Zealand Guardian Trust Company Limited

Date and Status of Latest PDS
9 June 2025 and open for applications

Latest Fund Updates for Scheme
The latest fund update for the Carbon Fund is dated 1 May 2026.

Latest Financial Statements
The Scheme’s latest financial statements are for the financial year ended 31 March 2026. Those financial statements, and
the auditor’s report on those financial statements, were lodged with the Registrar of Financial Service Providers on 30
June 2026. The financial statements and auditor’s report are available on the scheme register at disclose-
register.companiesoffice.govt.nz or at carbonfund.co.nz/documents.

2.0 - INFORMATION ON CONTRIBUTIONS & SCHEME PARTICIPANTS
Number of Managed Investment Products (units) on issue:


1 April 2025 31 March 2026
Carbon Fund 47,176,460 47,176,460

3.0 - CHANGES RELATING TO THE SCHEME
Governing Document
The Scheme’s Master Trust Deed was updated on 9 June 2025 to include the following changes:
i. Addition of clause 1.7 to describe the application of the Trusts Act 2019;
ii. Addition of clause 24 to describe the Manager’s powers with respect to Treasury Units;
iii. Amendment of the definition of ‘Market Value’ to remove the right of the Supervisor to engage a valuer for
valuation due to the relevant NZX Listing Rule being deleted;
iv. Removal of clause 17.1(iii) of the Master Trust Deed, which provided the Supervisor with the ability to remove
the Manager in specified circumstances, including a breach of the Manager’s obligations under the Fund’s
governing documents. This provision has been deleted as a result of the removal of the relevant NZX Listing
Rule;
v. Removal of clause 17.9 of the Master Trust Deed, which required the Supervisor’s consent to any change in
Manager or terms of the Manager’s appointment. This provision has been removed as the relevant NZX Listing
Rule has been repealed.
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Table of contents
1.0 Details of Scheme
2.0 Information on contributions & Scheme participants
3.0 Changes relating to the Scheme
4.0 Other information for particular types of managed fund
5.0 Changes to persons involved in the Scheme
6.0 How to find further information
7.0 Contact details & complaints

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Terms of the Offer
The Scheme’s Product Disclosure Statement (PDS) was updated on 9 June 2025 to include the following changes:
vi. Addition of “Treasury Units” and “Carbon-Related Businesses” to the ‘Investment objectives and strategy’;
vii. Changed “We do not currently intend to make distributions” to “We may make distributions” under ‘How this
investment works’;
viii. Update of the Unit Registrar’s name change to ‘MUFG Pension and Market Services’;
ix. Further detail on types of Announcements made to NZX, including daily NTA and the Fund acquiring Treasury
Units.
Statement of investment policy and objectives (SIPO)
The Scheme’s Statement of Investment Policy and Objectives (SIPO) was updated on 13 June 2025 to include the
following changes:
i. Addition of “Treasury Units” and “Carbon-Related Businesses” to the ‘Investment Objectives of the Carbon Fund’
and ‘Investment Policies’;
ii. Addition of “Treasury Units”, “financial products(including debt and equity securities) issued by Carbon Related
Business” and “any other investment, right interest, obligation or property of a nature consistent with the
Fund’s investment objective” as “Authorised Investments”
iii. Addition of the appointment of Apex as custodian in the ‘Description of the Scheme and Fund’;
iv. Update of the name of the Administrator from “MMC Limited” to “Apex Investment Administration (NZ)
Limited”
v. Update of the name of the Registrar from “Link Market Services” to “MUFG Pension and Market Services”;
Related party transactions
As at 31 March 2026, Salt Funds Management Limited held no units of the Fund (31 March 2025: 1,601 units, or
0.003% of the Fund). During the year, Salt Funds Management Limited sold 1,601 units in the Fund.

As at 31 March 2026, Salt Long Short Fund held 757,500 units, or 1.61% of the Fund (31 March 2025: 757,500 units,
or 1.61 % of the Fund). During the year, the Salt Long Short Fund did not trade any units in the Fund.

As at 31 March 2026, Salt Capital Growth Fund held 543,726 units, or 1.15% of the Fund (31 March 2025: 543,726
units, or 1.15% of the Fund). During the year, the Salt Capital Growth Fund did not trade any units in the Fund.

As at 31 March 2026, Carbon Fund held 24,840,316 repurchased units, or 52.65% of the Fund (31 March 2025:
15,348,285 units, or 32.53% of the Fund). During the year, the Carbon Fund bought 9,492,031 units and did not sell
any units in the Fund.

All related party transactions were conducted on normal commercial terms and conditions and were on an arm’s
length basis.

4.0 - OTHER INFORMATION FOR PARTICULAR TYPES OF MANAGED FUNDS
The unit prices for the Fund within the Scheme at the beginning and end of the accounting period are shown below:


1 April 2025 31 March 2026
Carbon Fund 1.7463 1.3786

5.0 - CHANGES TO PERSONS INVOLVED IN THE SCHEME
There were no changes to the Scheme’s Manager during the period; however, Kate Armstrong and Paul Harrison were
replaced as directors by Mei Fong, Shane Edmond and Brett Gamble on 1 September 2025.

There were no changes to the Scheme’s Supervisor during the period.

There were no changes to the Scheme’s administration manager, custodian, securities registrar, or auditor of the scheme
during the period.

The Scheme’s investment manager, Salt Funds Management Limited, was acquired by Alvarium (NZ) Wealth
Management Holdings Limited (now SPH Wealth Holdings Limited) on 1 September 2025. Kate Armstrong and Paul
Harrison were replaced as directors of the investment manager by Mei Fong, Shane Edmond and Brett Gamble on 1
September 2025.

6.0 - HOW TO FIND FURTHER INFORMATION
Further information relating to the Scheme, including financial statements, PDS, annual reports, quarterly fund updates,

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the master trust deed and establishment deed for the Fund, SIPO, and other material information is available on the
offer register (offer number OFR12502) and the scheme register (scheme number SCH12498) at disclose-
register.companiesoffice.govt.nz and on written request from the Manager free of charge.

You may also receive a statement of the units held within 14 days of allotment of your investment.

Quarterly fund updates and the information on the offer register or scheme register can also be obtained, free of
charge from our website carbonfund.co.nz and on request to info@carbonfund.co.nz.

You can inspect documents we hold that are relevant to you, and other documents legally required to be provided to
you, at our offices during normal business hours, or request an extract of those documents, by written request to us.
These will be provided free of charge. Direct investors in the Fund can also obtain an estimate of unit holdings in the
same way.

You can find general information about us, Salt Funds Management Limited, and the investment management team on
our website at saltfunds.co.nz.

7.0 - CONTACT DETAILS & COMPLAINTS
Manager
Salt Investment Funds Limited
Level 37 PwC Tower, 15 Customs Street West
Auckland 1010
09 967 7276

Supervisor
New Zealand Guardian Trust Company Limited
Level 6, 191 Queen Street
Auckland 1010
0800 87 87 82

Securities Registrar
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Level 30, PwC Tower, 15 Customs Street West
Auckland 1010
09 375 5998

You can lodge a complaint with us:

Call: 09 967 7276 during normal business hours
Email: info@saltfunds.co.nz
Write to: Salt Investment Funds Limited, PO Box 2673, Auckland, 1010

You can lodge a complaint with the Supervisor:

Call: 0800 87 87 82 during normal business hours
Write to: New Zealand Guardian Trust Company Limited, PO Box 274, Shortland Street, Auckland 1140

You can lodge a complaint with our independent dispute resolution scheme:

We and the Supervisor are each a member of an approved dispute resolution scheme operated by Financial Services
Complaints Limited (FSCL). If you have complained to us and you have reached the end of our internal complaints
process without your complaint being resolved to your satisfaction, FSCL may be able to consider your complaint.
FSCL will not charge a fee to any complainant to investigate or resolve a complaint.
Call: 0800 347 257 during normal business hours
Email: complaints@fscl.org.nz
Write to: Financial Services Complaints Limited, PO Box 5967, Wellington 6145

If you are an Australian resident, instead of complaining to FSCL, you may lodge a complaint with:

The Australian Financial Complaints Authority (AFCA) Australian Financial Complaints Authority
GPO Box 3, Melbourne VIC 3001
Call: 1800 931 678 (free call)
Email: info@afca.org.au
Online: www.afca.org.au
AFCA will not charge a fee to any complainant to investigate or resolve a complaint. Time limits may apply to
complaints to FSCL or AFCA and so you should act promptly or otherwise consult the FSCL and AFCA websites to find
out if or when the time limit relevant to your circumstances expires.