SPH Notice – Castlerigg Master Investments, Ltd.

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 Note: This form must be completed in accordance with the instructions at the end of the form. To: NZX Limited and To: Rubicon Limited Relevant event being disclosed: Movement of 1% Date of relevant event: 14 December 2017 Date this disclosure made: 15 December 2017 Date last disclosure made: 13 December 2017 Substantial product holder(s) giving disclosure Full name(s): Castlerigg Master Investments, Ltd. Summary of substantial holding Class of quoted voting products: Ordinary Shares Summary for: Castlerigg Master Investments, Ltd. For this disclosure,-- (a) total number held in class: 15,914,511 (b) total in class: 487,908,343 (c) total percentage held in class: 3.26% For last disclosure,-- (a) total number held in class: 22,032,011 (b) total in class: 487,908,343 (c) total percentage held in class: 4.52% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: The sale of a beneficial interest in 6,117,500 ordinary shares by Castlerigg Master Investments, Ltd. at a weighted average of $0.1912 per share between 13 December 2017 and 14 December 2017. Details after relevant event Details for: Castlerigg Master Investments, Ltd. Nature of relevant interest(s): Castlerigg Master Investments, Ltd. is the beneficial owner of 15,914,511 ordinary voting shares of Rubicon Limited. For that relevant interest,-- (a) number held in class: 15,914,511 (b) percentage held in class: 3.26% (c) current registered holder(s): HSBC Nominees (New Zealand) Limited (d) registered holder(s) once transfers are registered: no change For a derivative relevant interest, also-- (a) type of derivative: N/A (b) details of derivative: N/A (c) parties to the derivative: N/A (d) 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): 540 Madison Avenue, 36th Floor New York, NY 10022, USA Contact details: Triet Leminh +1 212 603 5816 tleminh@sandellmgmt.com Nature of connection between substantial product holders: N/A 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: Sandell Asset Management Corp. Certification I, Triet Leminh, 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. End CA:00312063 For:RBC Type:SHINTR Time:2017-12-18 08:56:12