Salt Funds Management Wholesale* Client Investment Performance History to 31 July 2017

Performance is gross of fees and taxes and excludes imputation credits to 31 July 2017. Performance is annualised for periods greater than 12 months.

Inception dates are 30 September 2008 for Focus Shares, NZ Shares Plus & NZ Dividend Shares and 31 December 2008 for Listed Property.

Past performance is not a reliable indicator of future performance and no representation or warranty, express or implied, is made regarding future performance.


Unit Trust Client Investment Performance History to 31 July 2017

Performance is after fees, excludes imputation credits and before PIE tax to 31 July 2017. No allowance is made for buy/sell margin. Performance is annualised for periods greater than 12 months.

Inception date is 30 June 2014 for Salt Long Short Fund, 11 November 2014 for Salt Enhanced Property Fund and 30 June 2015 for Salt NZ Dividend Appreciation Fund.

Past performance is not a reliable indicator of future performance and no representation or warranty, express or implied, is made regarding future performance.