ASX Appendix 3Y Rhys Jones

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Rule 3.19A.2
Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11

Name of entity:
Vulcan Steel Limited
ARBN:
652 996 015 (incorporated in New Zealand)

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for
the director for the purposes of section 205G of the Corporations Act.

Name of Director
Rhys Jones
Date of last notice
5 January 2026

Date of this notice
20 March 2026

Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be
disclosed in this part.

Direct or indirect interest
Indirect
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant
interest.

Securities held by Rhys Jones and Lorraine
Susan Taylor as trustees of the Ellsar Trust.
Rhys Jones is a beneficiary of that trust.

Date of change
18 March 2026

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

Appendix 3Y Page 2 01/01/2011

No. of securities held prior to change
67,427 ordinary shares held by Rhys Jones

4,718,000 ordinary shares held by Rhys
Jones and Lorraine Susan Taylor as trustees
of the Ellsar Trust. Rhys Jones is a
beneficiary of that trust.

191,498 performance share rights granted to
Rhys Jones (with vesting date of 1 July 2026,
subject to the satisfaction of certain
conditions) under Vulcan’s FY24 long-term
incentive plan.

160,594 performance share rights granted to
Rhys Jones (with vesting date of 1 July 2027,
subject to the satisfaction of certain
conditions) under Vulcan’s FY25 long-term
incentive plan.

Class
Ordinary shares
Number acquired
Nil
Number disposed
130,000 ordinary shares

Value/Consideration
Note: If consideration is non-cash, provide details and estimated
valuation

NZ$975,000
No. of securities held after change
67,427 ordinary shares held by Rhys Jones

4,588,000 ordinary shares held by Rhys
Jones and Lorraine Susan Taylor as trustees
of the Ellsar Trust. Rhys Jones is a
beneficiary of that trust.

191,498 performance share rights granted to
Rhys Jones (with vesting date of 1 July 2026,
subject to the satisfaction of certain
conditions) under Vulcan’s FY24 long-term
incentive plan.

160,594 performance share rights granted to
Rhys Jones (with vesting date of 1 July 2027,
subject to the satisfaction of certain
conditions) under Vulcan’s FY25 long-term
incentive plan.
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue
of securities under dividend reinvestment plan, participation in buy-
back
On-market trade on 18 March 2026

Appendix 3Y
Change of Director’s Interest Notice



+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be
disclosed in this part.

Detail of contract
N/A
Nature of interest


N/A
Name of registered holder
(if issued securities)

N/A
Date of change
N/A
No. and class of securities to which
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed

N/A
Interest acquired
N/A
Interest disposed
N/A
Value/Consideration
Note: If consideration is non-cash, provide details
and an estimated valuation

N/A
Interest after change
N/A

Part 3 –
+
Closed period

Were the interests in the securities or contracts
detailed above traded during a
+
closed period
where prior written clearance was required?



No. Securities purchased on 18 March
2026 were purchased within VSL’s
permitted 28-day trading window
(following 48 hours after the release of
VSL’s FY26 half-year results on
24 February 2026). However, written pre-
approval is still required under VSL’s
Securities Trading Policy. VSL’s Chair of
the Audit and Risk Committee (Carolyn
Steele) granted written prior approval to
trade on 16 March 2026.

If so, was prior written clearance provided to
allow the trade to proceed during this period?
N/A
If prior written clearance was provided, on what
date was this provided?
N/A