Change in Substantial Shareholder Interests

1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Vulcan Steel Limited (VSL or Company)
Date this disclosure made: 8 November 2021
Date last disclosure made: 4 November 2021
Date on which substantial holding ceased: 8 November 2021
Substantial product holder(s) giving disclosure
Full name(s): Adrian John Casey, Henderika Fiona Casey and B.W.S Trustee Company
2012 Limited as trustees of the Casey Family Trust (the Casey Trustees)
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares in Vulcan Steel Limited (NZX: VSL)
Summary for the Casey Trustees
For last disclosure,—
(a) total number held in class: 9,784,518 (Pre-Settlement Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 7.446%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 5,870,711 (Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 4.468%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
As a result of VSL’s initial public offer of shares and listing on 4 November 2021, the Casey
Trustees became substantial product holders in respect of the Pre-Settlement Shares for
the purposes of the Financial Markets Conduct Act 2013 from 4 November 2021.
While listing on ASX and NZX occurred on 4 November 2021, settlement of the initial public
offer on NZX and transfer of shares to Vulcan Sale Company Limited (and then on to
applicants) under the initial public offer did not occur until 8 November 2021
(Settlement).
As part of the initial public offer of shares in VSL, the Casey Trustees have elected to sell
40% of their Pre-Settlement Shares at Settlement to Vulcan Sale Company Limited

2
pursuant to a sale deed. Accordingly, upon Settlement, the Casey Trustees’ shareholding
has decreased (as set out above) below 5% of the shares in VSL, giving rise to this
cessation of the Casey Trustees’ substantial holding in VSL.
The other party to the transaction is Vulcan Sale Company Limited, which acquired
3,913,807 of the Pre-Settlement Shares from the Casey Trustees. Consideration received
for the disposal was the offer price for the initial public offering.
The sale deed was attached to the substantial product holder notice provided by the Casey
Trustees on 4 November 2021 (disclosure of beginning to have a substantial holding). That
agreement is not re-attached to this notice.
Additional information
Address(es) of substantial product holder(s):
Adrian John Casey and Henderika Fiona Casey: 7 Hopkins Crescent, Kohimarama,
Auckland, 1071, New Zealand
B.W.S Trustee Company: c/o Ainger Tomlin Limited, Level 1, Ainger Tomlin House, 136
Ilam Road, Ilam, Christchurch, 8041, New Zealand
Contact details: Adrian John Casey; Adrian.casey@vulcan.co; Mob +6421586884
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: Vulcan Steel Limited (in relation to the escrow
restrictions which will continue to apply to the Shares).
Certification
I, Adrian John Casey, 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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1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Vulcan Steel Limited (VSL or Company)
Date this disclosure made: 8 November 2021
Date last disclosure made: 4 November 2021
Date on which substantial holding ceased: 8 November 2021
Substantial product holder(s) giving disclosure
Full name(s): Helen Cynthia Moore, Patrick James Moore and P J & H C Moore Trustee
Limited as trustees of the PJ & HC Moore Family Trust (the Moore Trustees)
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares in Vulcan Steel Limited (NZX: VSL)
Summary for the Moore Trustees
For last disclosure,—
(a) total number held in class: 9,000,000 (Pre-Settlement Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 6.849%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 5,400,000
(b) total in class: 131,408,572
(c) total percentage held in class: 4.109%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
As a result of VSL’s initial public offer of shares and listing on 4 November 2021, the Moore
Trustees became substantial product holders in respect of the Pre-Settlement Shares for
the purposes of the Financial Markets Conduct Act 2013 from 4 November 2021.
While listing on ASX and NZX occurred on 4 November 2021, settlement of the initial public
offer on NZX and transfer of shares to Vulcan Sale Company Limited (and then on to
applicants) under the initial public offer did not occur until 8 November 2021
(Settlement).

2
As part of the initial public offer of shares in VSL, the Moore Trustees have elected to sell
40% of their Pre-Settlement Shares at Settlement to Vulcan Sale Company Limited
pursuant to a sale deed. Accordingly, upon Settlement, the Moore Trustees’ shareholding
has decreased (as set out above) below 5% of the shares in VSL, giving rise to this
cessation of the Moore Trustees’ substantial holding in VSL.
The other party to the transaction is Vulcan Sale Company Limited, which acquired
3,600,000 of the Pre-Settlement Shares from the Moore Trustees. Consideration received
for the disposal was the offer price for the initial public offering.
The sale deed was attached to the substantial product holder notice provided by the Moore
Trustees on 4 November 2021 (disclosure of beginning to have a substantial holding). That
agreement is not re-attached to this notice.
Additional information
Address(es) of substantial product holder(s):
Helen Cynthia Moore and Patrick James Moore: Unit 3a, 517 Mount Wellington Highway,
Mount Wellington, Auckland, 1060, New Zealand
P J & H C Moore Trustee Limited: c/o Acudio Ltd, Unit 3a, 517 Mount Wellington Highway,
Mt Wellington, Auckland, 1060, New Zealand
Contact details: Patrick James Moore; Email: pat.moore1918@gmail.com; Mob: 021 924
508
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: Vulcan Steel Limited (in relation to the escrow
restrictions which will continue to apply to the Shares).
Certification
I, Patrick James Moore, 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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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 Vulcan Steel Limited (VSL or Company)
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 8 November 2021
Date this disclosure made: 8 November 2021
Date last disclosure made: 4 November 2021
Substantial product holder(s) giving disclosure
Full name(s): Partitio Trustee Limited as trustee of the Aoraki Partnership Trust; Wayne
Robert Boyd; Ann Lorraine Clarke
Summary of substantial holding
Class of quoted voting products: Ordinary shares in Vulcan Steel Limited (NZX: VSL)
Summary for Partitio Trustee Limited as trustee of the Aoraki Partnership Trust, Wayne
Robert Boyd and Ann Lorraine Clarke
For this disclosure,—
(a) total number held in class: 7,303,688
(b) total in class: 131,408,572
(c) total percentage held in class: 5.558%
For last disclosure,—
(a) total number held in class: 12,172,814 (Pre-Settlement Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 9.263%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
As a result of VSL’s initial public offer of shares and listing on 4 November 2021, Partitio
Trustee Limited as trustee of the Aoraki Partnership Trust, Wayne Robert Boyd and Ann
Lorraine Clarke became substantial product holders in respect of the Pre-Settlement
Shares for the purposes of the Financial Markets Conduct Act 2013 from 4 November 2021.
While listing on ASX and NZX occurred on 4 November 2021, settlement of the initial public
offer on NZX and transfer of shares to Vulcan Sale Company Limited (and then on to

2
applicants) under the initial public offer did not occur until 8 November 2021
(Settlement).
As part of the initial public offer of shares in VSL, Partitio Trustee Limited as trustee of the
Aoraki Partnership Trust has elected to sell 40% of its Pre-Settlement Shares at Settlement
to Vulcan Sale Company Limited pursuant to a sale deed. Accordingly, upon Settlement,
Partitio Trustee Limited’s shareholding has decreased (as set out above) giving rise to this
movement in 1% or more of Partitio Trustee Limited (as trustee of the Aoraki Partnership
Trust), Wayne Robert Boyd and Ann Lorraine Clarke’s substantial holding in VSL.
The other party to the transaction is Vulcan Sale Company Limited, which acquired
4,869,126 of the Pre-Settlement Shares from Partitio Trustee Limited as trustee of the
Aoraki Partnership Trust. Consideration received for the disposal was the offer price for the
initial public offering.
Details after relevant event
Details for Partitio Trustee Limited as trustee of the Aoraki Partnership Trust, Wayne
Robert Boyd, Ann Lorraine Clarke
Nature of relevant interest(s):
Partitio Trustee Limited as trustee of the Aoraki Partnership Trust is the registered holder
and beneficial owner of 7,303,688 fully paid ordinary shares in VSL (Shares).
Wayne Robert Boyd and Ann Lorraine Clarke have the power to control the exercise of the
right to vote attaching to the Shares and the power to control the acquisition or disposal of
the Shares, by virtue of having the power to appoint and remove trustees of the Aoraki
Partnership Trust (subject to the qualifications referred to in this notice).
The relevant interests of Partitio Trustee Limited as trustee of the Aoraki Partnership Trust
and Wayne Robert Boyd and Ann Lorraine Clarke in respect of the Shares are qualified by
certain escrow restrictions preventing the registered holder from selling or otherwise
dealing in the Shares until the occurrence of certain events (subject to certain permitted
exceptions) as set out in an escrow deed.
The sale deed and escrow deed were attached to the substantial product holder notice
provided by Partitio Trustee Limited on 4 November 2021 (disclosure of beginning to have
a substantial holding). Those relevant agreements are not re-attached to this notice.
For that relevant interest,—
(a) number held in class: 7,303,688
(b) percentage held in class: 5.558%
(c) current registered holder(s): Partitio Trustee Limited as trustee of the Aoraki
Partnership Trust
(d) registered holder(s) once transfers are registered: Not applicable
For a derivative relevant interest, also—
(a) type of derivative: Not applicable

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(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable
Additional information
Address(es) of substantial product holder(s): Partitio Trustee Limited c/o Tgt Legal, Level
7, 3-13 Shortland Street, Auckland Central, Auckland, 1010, New Zealand
Contact details: Wayne Boyd; Email: wayne@teawatea.net.nz; Mob: +64 27 590 2007
Nature of connection between substantial product holders: Partitio Trustee Limited is the
trustee of the Aoraki Partnership Trust and holds the Shares in VSL. Wayne Robert Boyd
and Ann Lorraine Clarke have the power to control the exercise of the right to vote
attaching to the Shares and the power to control the acquisition or disposal of the Shares
held by Partitio Trustee Limited as trustee of the Aoraki Partnership Trust (subject to the
qualifications mentioned in this SPH notice), by virtue of having the power to appoint and
remove trustees of the Aoraki Partnership Trust.
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: Vulcan Steel Limited (in relation to the escrow
restrictions described above, preventing the registered holder from selling or otherwise
dealing in the Shares until the occurrence of certain events).
Certification
I, Wayne Robert Boyd, 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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1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Vulcan Steel Limited (VSL or Company)
Date this disclosure made: 8 November 2021
Date last disclosure made: 4 November 2021
Date on which substantial holding ceased: 8 November 2021
Substantial product holder(s) giving disclosure
Full name(s): Rhys Jones and Lorraine Susan Taylor as trustees of the Ellsar Trust (the
Ellsar Trustees)
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares in Vulcan Steel Limited (NZX: VSL)
Summary for the Ellsar Trustees
For last disclosure,—
(a) total number held in class: 7,863,333 (Pre-Settlement Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 5.984%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 4,718,000 (Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 3.590%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
As a result of VSL’s initial public offer of shares and listing on 4 November 2021, the Ellsar
Trustees became substantial product holders in respect of the Pre-Settlement Shares for
the purposes of the Financial Markets Conduct Act 2013 from 4 November 2021.
While listing on ASX and NZX occurred on 4 November 2021, settlement of the initial public
offer on NZX and transfer of shares to Vulcan Sale Company Limited (and then on to
applicants) under the initial public offer did not occur until 8 November 2021
(Settlement).
As part of the initial public offer of shares in VSL, the Ellsar Trustees have elected to sell
40% of their Pre-Settlement Shares at Settlement to Vulcan Sale Company Limited

2
pursuant to a sale deed. Accordingly, upon Settlement, the Ellsar Trustees’ shareholding
has decreased (as set out above) below 5% of the shares in VSL, giving rise to this
cessation of the Ellsar Trustees’ substantial holding in VSL.
The other party to the transaction is Vulcan Sale Company Limited, which acquired
3,145,333 of the Pre-Settlement Shares from the Ellsar Trustees. Consideration received
for the disposal was the offer price for the initial public offering.
The sale deed was attached to the substantial product holder notice provided by the Ellsar
Trustees on 4 November 2021 (disclosure of beginning to have a substantial holding). That
agreement is not re-attached to this notice.
Additional information
Address(es) of substantial product holder(s): 286 Jervois Road, Herne Bay, Auckland,
1011, New Zealand
Contact details: Contact details: Rhys Jones; Email: rhys.jones@vulcan.co; Mob: +64 21
848 956
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: Vulcan Steel Limited (in relation to the escrow
restrictions which will continue to apply to the Shares).
Certification
I, Rhys Jones, 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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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 Vulcan Steel Limited (VSL or Company)
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 8 November 2021
Date this disclosure made: 8 November 2021
Date last disclosure made: 4 November 2021
Substantial product holder(s) giving disclosure
Full name(s): Takutai Limited as trustee of the Takutai Trust; Peter Kevin Wells; Mary
Elisabeth Wells
Summary of substantial holding
Class of quoted voting products: Ordinary shares in Vulcan Steel Limited (NZX: VSL)
Summary for Takutai Limited as trustee of the Takutai Trust, Peter Kevin Wells and Mary
Elisabeth Wells
For this disclosure,—
(a) total number held in class: 18,416,039
(b) total in class: 131,408,572
(c) total percentage held in class: 14.014%
For last disclosure,—
(a) total number held in class: 30,693,398 (Pre-Settlement Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 23.357%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
As a result of VSL’s initial public offer of shares and listing on 4 November 2021, Takutai
Limited as trustee of the Takutai Trust, Peter Kevin Wells and Mary Elisabeth Wells became
substantial product holders in respect of the Pre-Settlement Shares for the purposes of the
Financial Markets Conduct Act 2013 from 4 November 2021.
While listing on ASX and NZX occurred on 4 November 2021, settlement of the initial public
offer on NZX and transfer of shares to Vulcan Sale Company Limited (and then on to

2
applicants) under the initial public offer did not occur until 8 November 2021
(Settlement).
As part of the initial public offer of shares in VSL, Takutai Limited as trustee of the Takutai
Trust has elected to sell 40% of its Pre-Settlement Shares at Settlement to Vulcan Sale
Company Limited pursuant to a sale deed. Accordingly, upon Settlement, Takutai Limited’s
shareholding has decreased (as set out above) giving rise to this movement in 1% or more
of Takutai Limited (as trustee of the Takutai Trust), Peter Kevin Wells and Mary Elisabeth
Wells’ substantial holding in VSL.
The other party to the transaction is Vulcan Sale Company Limited, which acquired
12,277,359 of the Pre-Settlement Shares from Takutai Limited as trustee of the Takutai
Trust. Consideration received for the disposal was the offer price for the initial public
offering.
Details after relevant event
Details for Takutai Limited as trustee of the Takutai Trust, Peter Kevin Wells and Mary
Elisabeth Wells
Nature of relevant interest(s):
Takutai Limited as trustee of the Takutai Trust is the registered holder and beneficial owner
of 18,416,039 fully paid ordinary shares in VSL (Shares).
Peter Kevin Wells and Mary Elisabeth Wells have the power to control the exercise of the
rights attaching to the Shares and the power to control the acquisition or disposal of the
Shares, by virtue of having the power to appoint and remove trustees of the Takutai Trust
(subject to the qualifications referred to in this notice).
The rights of Takutai Limited as trustee of the Takutai Trust and Peter Kevin Wells and
Mary Elisabeth Wells in respect of the Shares are qualified by certain escrow restrictions
preventing the trustee from selling or otherwise dealing in the Shares until the occurrence
of certain events (subject to certain permitted exceptions).
The sale deed and escrow deed were attached to the substantial product holder notice
provided by Takutai Limited on 4 November 2021 (disclosure of beginning to have
substantial holding). Those relevant agreements are not re-attached to this notice.
For that relevant interest,—
(a) number held in class: 18,416,039
(b) percentage held in class: 14.014%
(c) current registered holder(s): Takutai Limited as trustee of the Takutai Trust
(d) registered holder(s) once transfers are registered: Not applicable
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable

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(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable
Additional information
Address(es) of substantial product holder(s): Takutai Trustee Limited c/o Ainger Tomlin
Ltd, Level 1, 136 Ilam Road, Ilam, Christchurch, 8041, New Zealand
Contact details: Peter Kevin Wells, Mob: 021476938; Email: peter@takutai.com
Nature of connection between substantial product holders: Takutai Limited is the trustee of
the Takutai Trust and holds the Shares in VSL. Peter Kevin Wells and Mary Elisabeth Wells
have the power to control the exercise of the right to vote attaching to the Shares and the
power to control the acquisition or disposal of the Shares held by Takutai Limited as
trustee of the Takutai Trust (subject to the qualifications mentioned in this SPH notice), by
virtue of having the power to appoint and remove trustees of the Takutai Trust.
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: Vulcan Steel Limited (in relation to the escrow
restrictions described above, preventing the registered holder from selling or otherwise
dealing in the Shares until the occurrence of certain events).
Certification
I, Peter Kevin Wells, 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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1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Vulcan Steel Limited (VSL or Company)
Date this disclosure made: 8 November 2021
Date last disclosure made: 4 November 2021
Date on which substantial holding ceased: 8 November 2021
Substantial product holder(s) giving disclosure
Full name(s): Vulcan Sale Company Limited
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares in Vulcan Steel Limited (NZX: VSL)
Summary for Vulcan Sale Company Limited
For last disclosure,—
(a) total number held in class: 52,344,428 (Sale Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 39.833%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 0
(b) total in class: 131,408,572
(c) total percentage held in class: 0.000%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
While listing of VSL on ASX and NZX occurred on 4 November 2021, settlement of the
initial public offer of VSL did not occur until 8 November 2021 (Settlement).
Between the period of VSL listing and Settlement, Vulcan Sale Company Limited (SaleCo)
had the power to acquire and control the voting rights attached to, the Sale Shares giving
rise to SaleCo becoming a substantial product holder in respect of the Sale Shares for the
purposes of the Financial Markets Conduct Act 2013 from 4 November 2021.
At Settlement, the Sale Shares were transferred to new shareholders who represent
approximately 39.8% of the shareholding of VSL. The existing shareholders of VSL prior to
VSL listing have retained a majority shareholding of 60.2% of the shares of VSL.

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Accordingly, upon Settlement, SaleCo’s relevant interest decreased below 5% of the shares
in VSL (to 0.000%), giving rise to this cessation of SaleCo’s substantial holding in VSL.
The sale deed referred to above was attached to the substantial product holder notice
provided by Vulcan Sale Company Limited on 4 November 2021 (disclosure of beginning to
have a substantial holding).
Additional information
Address(es) of substantial product holder(s): Vulcan Sale Company Limited; c/o Grant
Thornton New Zealand Ltd, L4, 152 Fanshawe Street, Auckland, 1010, New Zealand
Contact details: Kar Yue Yeo; Email: KarYue.Yeo@vulcan.co; Tel: 09 273 7214
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:
Takutai Limited as trustee for the Takutai Trust (in respect of 12,277,359 of the Sale
Shares).

Partitio Trustee Limited as trustee for the Aoraki Partnership Trust (in respect of 4,869,126
of the Sale Shares).
Adrian John Casey, Henderika Fiona Casey and B.W.S Trustee Company 2012 Limited as
trustees for the Casey Family Trust (in respect of 3,913,807 of the Sale Shares).
Helen Cynthia Moore, Patrick James Moore and P J & H C Moore Trustee Limited as trustees
of the PJ & HC Moore Family Trust (in respect of 3,600,000 of the Sale Shares).
Rhys Jones and Lorraine Susan Taylor as trustees for the Ellsar Trust (in respect of
3,145,333 of the Sale Shares)
Wide View Enterprises Limited (in respect of 3,069,339 of the Sale Shares).
Certification
I, Kar Yue Yeo, 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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1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Vulcan Steel Limited (VSL or Company)
Date this disclosure made: 8 November 2021
Date last disclosure made: 4 November 2021
Date on which substantial holding ceased: 8 November 2021
Substantial product holder(s) giving disclosure
Full name(s): Wide View Enterprises Limited
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares in Vulcan Steel Limited (NZX: VSL)
Summary for Wide View Enterprises Limited
For last disclosure,—
(a) total number held in class: 7,673,348 (Pre-Settlement Shares)
(b) total in class: 131,408,572
(c) total percentage held in class: 5.839%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 4,604,009
(b) total in class: 131,408,572
(c) total percentage held in class: 3.504%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
As a result of VSL’s initial public offer of shares and listing on 4 November 2021, Wide View
Enterprises Limited became a substantial product holder in respect of the Pre-Settlement
Shares for the purposes of the Financial Markets Conduct Act 2013 from 4 November 2021.
While listing on ASX and NZX occurred on 4 November 2021, settlement of the initial public
offer on NZX and transfer of shares to Vulcan Sale Company Limited (and then on to
applicants) under the initial public offer did not occur until 8 November 2021
(Settlement).
As part of the initial public offer of shares in VSL, Wide View Enterprises Limited has
elected to sell 40% of its Pre-Settlement Shares at Settlement to Vulcan Sale Company

2
Limited pursuant to a sale deed. Accordingly, upon Settlement, Wide View Enterprises
Limited’s shareholding has decreased (as set out above) below 5% of the shares in VSL,
giving rise to this cessation of Wide View Enterprises Limited’s substantial holding in VSL.
The other party to the transaction is Vulcan Sale Company Limited, which acquired
3,069,339 of the Pre-Settlement Shares from Wide View Enterprises Limited. Consideration
received for the disposal was the offer price for the initial public offering.
The sale deed was attached to the substantial product holder notice provided by Wide View
Enterprises Limited on 4 November 2021 (disclosure of beginning to have a substantial
holding). That agreement is not re-attached to this notice.
Additional information
Address(es) of substantial product holder(s): 9 Gillard Place, Bucklands Beach, Auckland,
2012, New Zealand
Contact details: Tommy S.K Lau; topbeast@gmail.com; +6421 02664388
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: Vulcan Steel Limited (in relation to the escrow
restrictions which will continue to apply to the Shares).
Certification
I, Tommy S.K Lau, 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.