Mary and Peter Wells’ Share Gift To Vulcan Employees

Vulcan Steel Limited ("Vulcan") ASX/NZX/Media Release 31 May 2022 Mary and Peter Wells' Share Gift To Vulcan Employees Vulcan (ASX: VSL, NZX: VSL) is pleased to announce that Mary and Peter Wells, via their shareholding entity Takutai Limited - Peter being Vulcan's founder director - have unconditionally gifted 250 Vulcan shares to 839 eligible Vulcan employees. The total number of shares transferred to the Vulcan employees is 209,750 ordinary shares. Commenting on their Share Gift, Mary and Peter said, "2021 was a truly definitive year in the life of Vulcan. From the original portacom office in 1995 to 2022, it has been a wonderful experience for both of us. Whilst the business success has been rewarding, the people we have worked with stick in our minds. This Gift to Vulcan employees represents a permanent reminder of us having been part of the journey." Commenting on Mary's and Peter's Share Gift, the Vulcan Board said, "Even before this Share Gift, Mary and Peter's contribution in positioning and shaping Vulcan's culture and financial success were already well recognised by everyone in our company. We are all humbled by their generosity. Their benevolence will leave an indelible mark on Vulcan's culture and employees. "On behalf of all our staff and shareholders, we would like to thank Mary and Peter." While this is Mary's and Peter's personal gift to Vulcan employees, Vulcan is required by accounting standards for share-based payment by a related party to reflect this in its income statement as an expense. It is anticipated that this will have approximately NZ$3m negative non-cash pre-tax impact on Vulcan's FY22 reported earnings but no impact on the company's shareholders funds. The issued shares capital of Vulcan remains at 131,408,572 ordinary shares. ENDS Kar Yue Yeo Investor and media contact Email: karyue.yeo@vulcan.co Phone: +64 9 273 7214 This announcement was authorised by Vulcan Board of Directors About Vulcan Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and value-added processor with 29 logistics and processing facilities employing over 850 staff across the company's Steel and Metals divisions. 1 International Financial Reporting Standards 2 (IFRS2) End CA:00393009 For:VSL Type:GENERAL Time:2022-05-31 11:21:33