TR1 Notification of Interest

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

BAKER STEEL RESOURCES TRUST (ISIN GG00B6686L20)

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

BAKER STEEL CAPITAL MANAGERS LLP (DISCRETIONARY CLIENTS OF AND ASSOCIATED OR CONNECTED/RELATED PARTIES)

4. Full name of shareholder(s)  (if different from 3.):iv

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

20th August 2015

6. Date on which issuer notified:

21st August 2015

7. Threshold(s) that is/are crossed orreached: vi, vii

11% / 10% / 9%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GG00B6686L20

12,973,139

12,973,139

8,673,307

8,673,307

514,832

7.57%

0.45%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

9,188,139

8.02%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

BAKER STEEL CAPITAL MANAGERS LLP

14. Contact name:

TINO ISNARDI

15. Contact telephone number:

020 7389 0009

Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

BAKER STEEL CAPITAL MANAGERS LLP

Contact address

(registered office for legal entities)

3rd FLOOR, 86 JERMYN STREET, LONDON SW1Y 6JD

Phone number & email

020 7389 0009 / [email protected]

Other useful information

(at least legal representative for legal persons)

PRIYA MUKHERJEE - COO

B: Identity of the notifier, if applicable

Full name

AS ABOVE

Contact address

Phone number & email

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FCA website.