SPH Notice - New Zealand Superannuation Fund Nominees

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Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Vulcan Steel (“VSL”)
Date this disclosure made: 26 March 2026
Date last disclosure made: 15 January 2026
Date on which substantial holding ceased: 24 March 2026
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 previous substantial holding
Class of quoted voting products: Ordinary Shares in VSL (ISIN: AU0000181984)
Summary for NZSF
For last 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 current holding after ceasing to have substantial holding,—
(a) total number held in class: 7,204,511
(b) total in class: 146,529,960
(c) total percentage held in class: 4.917%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
Between 14 of January 2026 and 24 of March 2026, NZSF (through its internal
portfolios) bought an aggregate of 19,465 ordinary shares in VSL on-market for an
aggregate of $150,612.38.
Between 14 of January 2026 and 24 of March 2026, NZSF (through its internal
portfolios) sold an aggregate of 1,094,347 ordinary shares in VSL on-market for an
aggregate of $7,946,817.59.

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Additional information
Address(es) of substantial product holder(s):
Level 12, GHD House, 21 Queen Street, Auckland, New Zealand 1010
Contact details:
Lara Utatao
Ph: +64 9 373 8955
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
Certification
I, Lara Utatao, 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.