Lachlan Star Limited — Major Shareholding Notification 2012

Mar 11, 2012

Fax To: Australian Stock Exchange

Attention: Company Announcements Office

Fax No: 00 612 9347 0005 / 9778 0999

No. of pages: (including cover) 4

9th March 2012 Date:

Sender: Aneil Bhatt

In the event of any query, please call the sender on +44 (0)20 7389 0009

Dear Sir,

Please find enclosed completed Form 604 Notice of Change of Interests of Substantial Holder relating to our group holding in Lachlan Star Ltd

A copy has also been sent directly to the company.

Please advise if you have any queries regarding this notice,

Regards,

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name / Scheme	LACHLAN STAR LTD
ACN/ARSN
1. Details of substantial holder (1)
Name ACN/ARSN (if applicable)	BAKER STEEL CAPITAL MANAGERS LLP (CLIENTS OF AND ASSOCIATED OR CONNECTED PARTIES)
There was a change in the interests of the substantial holder on $\;$ The previous notice was given to the company on The previous notice was dated	09-Mar-12

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a The collimation of some analists of an are vering analog in the company of vering interests in are sensitive use supplement model of an assumption of the company of scheme, are as follows:

(Class of securities (4)	Previous notice		Present notice
	Person's vote	Voting power (5)	Person's vote	Voting power (5)
Ordinary Shares			4 4 2 6 4 5 1	5.9%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme,
since the substantial holder was last required to give

Date of Change	Person whose relevant i interest changed	Nature of change (6)	Consideration given in frelation to change (7)	Class and number of securities affected	Person's votes affected
	++refer to schedule 1++

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	i Person entitled to be registered as holder (8) interest (6)	Nature of relevant	Class and number of lsecurities	lPerson's vote
Genus Dynamic Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	_registered holder	ordinary / 959,707	959,707
CF Ruffer Baker Steel Gold Fund	National Nominees Ltd	as previous column	registered holder	ordinary / 2.659.744	2.659.744
RIT Capital Partners PLC	INational Nominees Ltd	las previous column	registered holder	iordinary . 163.000	183,000
Baker Steel Gold Fund	HSBC Custody Nominees (Australia) Ltd	as previous column	registered holder!	ordinary . 340,000	340,000
[Baker Steel Alpha Gold Fund	HSBC Custody Nominees (Australia) Ltd	as previous column	registered holder	íordinary i 304,000	304,000

6. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
n/a

6. Addresses

The addresses of persons named in this form are as follows:

Name	. Address
for all entities listed	__ c/o Baker Steel Capital Managers LLP
	________

Signature

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trusts, the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interast" in sections 608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) Include details of:

(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

the policy was a minor substitute of the person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to
which the relevant interest relates (indicating clearly See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

09.MAR.2012 14:53 02073898222

BAKERSTEEL

$\Delta \phi$

SCHEDULE 1

Date of Change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
	09-Mar-12 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 611,990	ordinary	381.611
	07-Mar-12 Baker Steel Alpha Gold	market purchase	-AUD 92,202	ordinary	60,064
	07-Mar-12 Baker Steel Gold Fund	market purchase	-AUD 76.753	ordinary	50.000
	07-Mar-12 Genus Dynamic Gold Fund	market purchase	-AUD 240,907	ordinary	156,936
	07-Mar-12 RIT Capital Partners PLC	market purchase	-AUD 35,306	ordinary	23,000
	22-Feb-12 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 110,788	ordinary	86,293
	20-Feb-12 Baker Steel Alpha Gold	market purchase	-AUD 69,466	ordinary	55,936
	20-Feb-12 Baker Steel Gold Fund	market purchase	-AUD 68,303	ordinary	55,000
	20-Feb-12 RIT Capital Partners PLC	market purchase	-AUD 37,256	ordinary	30,000
	13-Feb-12 Genus Dynamic Gold Fund	market purchase	99,759 -AUD	ordinary	89.428
	07-Feb-12 Genus Dynamic Gold Fund	market purchase	-AUD 48,473	ordinary	43,193
	03-Feb-12 Genus Dynamic Gold Fund	market purchase	17,002 -AUD	ordinary	15.150
	01-Feb-12 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 2,349,791	ordinary	2,093,840
	30-Jan-12 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 108,241	ordinary	98,000
	10-Jan-12 Baker Steel Alpha Gold	market purchase	-AUD 28,112	ordinary	31,532
	09-Jan-12 Baker Steel Alpha Gold	market purchase	24,705 -AUD	ordinary	28,112
	23-Dec-11 Baker Steel Alpha Gold	market purchase	-AUD 76,615	ordinary	85,000
	22-Dec-11 Baker Steel Alpha Gold	market purchase	AUD- 38,714	ordinary	43,356
	01-Dec-11 Baker Steel Gold Fund	market purchase	-AUD 211,923	ordinary	235,000
	01-Dec-11 Genus Dynamic Gold Fund	market purchase	-AUD 590,679	ordinary	655,000
	01-Dec-11 RIT Capital Partners PLC	market purchase	-AUD 99.198	ordinary	110,000