SPH Notice – New Zealand Steel Limited

Disclosure of beginning to have substantial holding Section 276, 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 Steel & Tube Holdings Limited Date this disclosure made: 17 October 2018 Date on which substantial holding began: 16 October 2018 Substantial product holder(s) giving disclosure Full name(s): New Zealand Steel Limited Summary of substantial holding Class of quoted voting products: ordinary shares Summary for New Zealand Steel Limited For this disclosure,-- (a) total number held in class: 26,274,753 (b) total in class: 165,997,540 (c) total percentage held in class: 15.828% Details of relevant interests Details for New Zealand Steel Limited Nature of relevant interest(s): agreement to acquire legal and beneficial ownership of financial products For that relevant interest,-- (a) number held in class: 26,274,753 (b) percentage held in class: 15.828% (c) current registered holder(s): Milford Active Growth Wholesale Fund (12,918,658) Milford NZ Equities Wholesale Fund (2,635,672) Milford Income Wholesale Fund (2,086,413) Milford Australian Milford Private Equity Limited and MPE II GP Limited as a related body corporate of Milford Funds Limited (Custodian - FNZ) (8,634,010), collectively, the "Milford Entities". (d) registered holder(s) once transfers are registered: New Zealand Steel Limited Details of transactions and events giving rise to substantial holding Details of the transactions or other events requiring disclosure: On 16 October 2018, New Zealand Steel Limited entered into an agreement with the Milford Entities to purchase 26,274,753 shares in Steel & Tube Holdings Limited for $45,980,817.75, with settlement expected to occur on or about 19 October 2018. Additional information Address(es) of substantial product holder(s): 131 Mission Bush Road, Glenbrook, South Auckland Contact details: Jason Dale, Chief Financial Officer New Zealand & GM Pacific Islands, New Zealand Steel, Phone: +64 9 375 8878, Mobile: +64 21 359 017, Email: jason.dale@bluescopesteel.com 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: Milford Asset Management Limited Certification I, Jason Dale, 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:00325436 For:STU Type:SHINTR Time:2018-10-17 09:44:54