SPH Notice - New Zealand Superannuation Fund Nominees Ltd

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 Ltd (“VSL”)
Relevant event being disclosed: Disclosure of more than 1% movement in substantial
holdings
Date of relevant event: 4
th
September 2025
Date this disclosure made: 8
th
September 2025
Date last disclosure made: 1
st
July 2024
Substantial product holder(s) giving disclosure
Full name(s): New Zealand Superannuation Fund Nominees Limited as nominee f or the
New Zealand Superannuation Fund being property of His Majesty the King in right of New
Zealand and managed by the Guardians of New Zealand Superannuation ("NZSF")
Summary of substantial holding
Class of quoted voting products: Ordinary Shares in VSL (ISIN: AU0000181984)
Summary f or NZSF
For this disclosure,—
(a) total number held in class: 9,480,917
(b) total in class: 141,754,400
(c) total percentage held in class: 6.688%
For last disclosure,—
(a) total number held in class: 6,758,602
(b) total in class: 131,408,572
(c) total percentage held in class: 5.143%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
Between 27
th
June 2024 and 4
th
September 2025, NZSF (through its internal portf olios
and portf olio managed by Mint Asset Management Limited) bought an aggregate of
1,910,399 ordinary shares in VSL on-market f or an aggregate of $13,981,331.68.

2
On 4 September 2025, NZSF (through its internal portf olios and portf olio managed by
Mint Asset Management Limited) was allotted an aggregate of 1,622,108 ordinary shares
in VSL in connection with the institutional component of the accelerated renounceable
entitlement of f er announced to NZX and ASX on 26 June 2025 f or an aggregate
consideration of $11,112,807.78.
Between 27
th
June 2024 and 4
th
September 2025, NZSF (through its internal portf olios)
sold an aggregate of 810,192 ordinary shares in VSL on-market f or an aggregate of
$6,787,573.10.
Details after relevant event
Details f or NZSF
Nature of relevant interest(s): Benef icial owner of shares and/or power to control the
acquisition/disposal of , and voting rights attached to, shares
For that relevant interest,—
(a) number held in class: 9,480,917
(b) percentage held in class: 6.688%
(c) current registered holder(s): New Zealand Central Securities Depository Limited (f or
NZSF). Of these shares, 6.159% are within NZSF’s internal equities portf olios and
0.530% are within NZSF’s portf olio managed by Mint Asset Management Limited.
(d) registered holder(s) once transf ers are registered: N/A
For a derivative relevant interest, also—
(a) type of derivative: N/A
(b) details of derivative: N/A
(c) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: N/A
Additional information
Address(es) of substantial product holder(s):
Level 12, Jarden House, 21 Queen Street 
Auckland 1010, New Zealand 

Contact details:
Hugh Fleming
Ph: +64 9 300 6980
Email: operations@nzsuperf und.co.nz

3
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 f inancial
products to which this disclosure relates: N/A
Certification
I, Hugh Fleming certif y that, to the best of my knowledge and belief , the inf ormation
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons f or whom it is made.