Veritas Investments : SSH 1% Movement – Salt Funds Management

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 Veritas Investments Limited Relevant event being disclosed:

Date of relevant event: 10 February 2017 Date this disclosure made: 14 February 2017

Date last disclosure made: 14 September 2016

Substantial product holder(s) giving disclosure

Full name(s): Salt Funds Management Limited

Summary of substantial holding

Class of quoted voting products: Veritas Investments Limited Ordinary Shares (VIL) Summary for Salt Funds Management Limited

For this disclosure,-

1. total number held in class: 4,267,528

2. total in class: 43,306,618

3. total percentage held in class: 9.854% For last disclosure,-

1. total number held in class: 3,813,758

2. total in class: 43,306,618

3. total percentage held in class: 8.806%

   Details of transactions and events giving rise to relevant event

   Details of the transactions or other events requiring disclosure:

   Salt Funds Management undertook the following transactions as part of normal on-market trading activities:

   Transaction Type	Period	Shares/Units	Consideration
   On-market purchases	27/9/16 - 10/2/17	482,270	$103,880.46
   On-market sales	11/1/17 - 2/2/17	(28,500)	($5,594.63)
   453,770

   Details after relevant event

   Details for Salt Funds Management Limited

   Nature of relevant interest(s): Investment Manager

   For that relevant interest,-

4. total number held in class: 4,267,528

5. total in class: 43,306,618

6. total percentage held in class: 9.854%

7. registered holder(s) once transfers are registered: See Annexure 1.

8. Additional information

   Address(es) of substantial product holder(s): Level 3, The Imperial Buildings, 44 Queen Street, Auckland 1050

   Contact details:

   Julia Diepbrink, Telephone: [phone], Email: [e-mail]

   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, Julia Diepbrink, 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.

   ANNEXURE 1 SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD DATED 14 February 2017

   Name of type of shares	Veritas Investments Limited Ordinary Shares
   Percentage held	9.854%

   Registered holder:	Guardian Nominees No.2 Ltd (as custodian for BT Funds Management (NZ) Ltd)
   Holding:	2,974,846 (6.869%)
   Registered holder:	National Nominees Ltd (as custodian for Salt Investment Funds Ltd)
   Holding:	1,292,682 (2.985%)