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 (“VSL”)
Relevant event being disclosed: Disclosure of more than 1% movement in substantial
holdings
Date of relevant event: 13
th
January 2026
Date this disclosure made: 15
th
January 2026
Date last disclosure made: 8
th
September 2025
Substantial product holder(s) giving disclosure
Full name(s): New Zealand Superannuation Fund Nominees Limited as nominee for 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 for NZSF
For this disclosure,—
(a) total number held in class: 8,279,393
(b) total in class: 146,529,960
(c) total percentage held in class: 5.650%
For last 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%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
Between 5
th
September 2025 and 13
th
January 2026, NZSF (through its portfolio
managed by Mint Asset Management Limited) bought an aggregate of 542,808 ordinary
shares in VSL on-market for an aggregate of $4,436,061.50.

2
Between 5
th
September 2025 and 13
th
January 2026, NZSF (through its internal
portfolios) sold an aggregate of 1,744,332 ordinary shares in VSL on-market for an
aggregate of $14,830,994.14.

Details after relevant event
Details for NZSF
Nature of relevant interest(s): Beneficial 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: 8,279,393
(b) percentage held in class: 5.650%
(c) current registered holder(s): New Zealand Central Securities Depository Limited (for
NZSF). Of these shares, 4.767% are within NZSF’s internal equities portfolios and
0.883% are within NZSF’s portfolio managed by Mint Asset Management Limited.
(d) registered holder(s) once transfers 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@nzsuperfund.co.nz
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: N/A

3
Certification
I, Hugh Fleming, 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.