SSH Notice – Third Avenue Management LLC

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both Sections 23 and 24, Securities Markets Act 1988 Relevant event being disclosed: Notice of a change in the number of voting securities in which a substantial security holder has a relevant interest Date of relevant event: March 31, 2017 To: NZX Limited And: Rubicon Ltd. Date this disclosure made: April 3, 2017 Date last disclosure made: May 12, 2016 Substantial security holder(s) giving disclosure Name(s): Third Avenue Management LLC Contact details: 622 Third Avenue, 32nd Floor, New York, NY 10017. W. James Hall, Phone: 212-888-5222, Email jhall@thirdave.com. Andrea D'Amore, Phone: 212-888-5222, Email adamore@thirdave,com. Summary of substantial holding to which disclosure relates Class of listed voting securities: ordinary share Summary for: Third Avenue Management LLC For this disclosure,-- (a) total number held in class: 45,641,558 (b) total in class: 409,051,400 (c) total percentage held in class: 11.16% For last disclosure,-- (a) total number held in class: 50,421,282 (b) total in class: 409,051,400 (c) total percentage held in class: 12.33% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure under the instructions to this form: The change in percentage held was due to transactions initiated by TAM. Details of relevant interests in substantial holding after relevant event Details for: Third Avenue Management LLC Nature of relevant interest(s): Third Avenue Management LLC ("TAM") is the investment adviser of a fund that has beneficial interest in shares of Rubicon Limited, and as such, TAM has voting and dispositional authority over these shares. For that relevant interest,-- (a) number held in class: 45,641,558 (b) percentage held in class: 11.16% (c) current registered holder(s) of securities: Name of Registered Holder: Third Avenue International Value Fund owns 45,641,558 ORD shares of Rubicon Ltd. (d) registered holder(s) of securities once transfers registered: N/A Additional information Nature of connection between substantial security holders: N/A Address(es) of substantial security holder(s): N/A Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: Unknown Declaration I, W. James Hall, declare 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. End CA:00299325 For:RBC Type:SSH Time:2017-04-04 08:30:09