Sims Metal Management : Ceasing to be a substantial holder from NAB

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Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder To: Company Name/Scheme ACN The Secretary Sims Metal Management Limited Level 2, Suite 3 32-34 Lord Street Botany NSW 2019 Ph: [phone] Fax: [phone] 838 630 SGM

1. Details of substantial holder

   Name & ACN (if applicable)

   National Australia Bank Limited and its associated entities listed in Annexure A (ACN 004 044 937)

   The holder ceased to be a substantial holder on

   29/12/2016

   The previous notice was given to the company on

   20/12/2016

   The previous notice was dated (d/m/y)

   15/12/2016

2. 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 a substantial holding notice to the company or scheme are as follows:

   Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
   Fully paid ordinary shares
   20/12/2016	Antares Capital Partners Limited	Purchase	$39,447.98	3,000	3,000
   20/12/2016	MLC Investments Limited	Sale	$98,530.28	7,309	7,309
   16/12/2016	Antares Capital Partners Limited	Purchase	$499.61	37	37
   22/12/2016	Antares Capital Partners Limited	Purchase	$717.08	55	55
   23/12/2016	Antares Capital Partners Limited	Purchase	$4,182.25	322	322
   16/12/2016	NULIS Nominees (Australia) Limited	Sale	$391.07	29	29
   23/12/2016	NULIS Nominees (Australia) Limited	Sale	$65.25	5	5
   16/12/2016 to 29/12/2016	National Australia Bank Limited	Securities Lending	No consideration directly referable to the securities provided by NAB	Refer to Appendix 1 Table	Refer to Appendix 1 Table

3. Changes in association

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

   Name and ACN (if applicable)	Nature of association
   No change

4. Addresses

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

Address
National Australia Bank Limited	Level 1 800 Bourke Street DOCKLANDS VIC 3008
Antares Capital Partners Limited	Ground Floor 105-153 Miller Street North Sydney NSW 2062
MLC Investments Limited	Ground Floor 105-153 Miller Street North Sydney NSW 2062
NULIS Nominees (Australia) Limited	Ground Floor 105-153 Miller Street North Sydney NSW 2062
Signature
Name		Louise Thomson	Capacity Company Secretary for and on behalf of National Australia Bank Limited
Signature		Date 04/01/2017

Appendix 1 - SGM

Type of agreement and parties to agreement	National Australia Bank Limited and		National Australia Bank Limited and
	Securities Borrowing Agreement (SBA) clients		AMSLA Counterparties
	(iv)	MOTOR TRADES ASSOCIATION OF AUSTRALIA SUPERANNUATION FUND PTY LIMITED	( a )	DEUTSCHE SECURITIES AUSTRALIA LIMITED
	(ix)	AUSTSAFE PTY LTD	( b )	UBS SECURITIES AUSTRALIA LTD
	(v)	CARE SUPER PTY LTD	( c )	MACQUARIE BANK LTD
	(vii)	VICSUPER PTY LTD	( d )	MERRILL LYNCH EQUITIES (AUSTRALIA) LTD
	(xii)	PRIME SUPER PTY LTD
Transfer dates	16/12/2016 to 29/12/2016		16/12/2016 to 29/12/2016
	Specific dates for each transfer can be found by matching the number reference in the 'Type of agreement and parties to agreement' field to the accompanying list of transactions.		Specific dates for each transfer can be found by matching the number reference in the 'Type of agreement and parties to agreement' field to the accompanying list of transactions.
Holder of voting rights	Registered owner		Registered owner
Are there any restrictions on voting	The registered owner holds voting rights. However, in certain circumstances the lender may request for the borrower to use best endeavours to arrange for voting instructions to be exercised in accordance with the instructions from the lender.		The registered owner holds voting rights. However, in certain circumstances the lender may request for the borrower to use best endeavours to arrange for voting instructions to be exercised in accordance with the instructions from the lender.
Scheduled date of return (if any)	On demand		On demand
Does the borrower have the right to return early?	Yes - at notice		Yes - at notice
Does the lender have the right to recall early?	Yes - at notice		Yes - at notice
Will the securities be returned on settlement?	Yes, or equivalent protection under Securities Borrowing Agreement.		Yes, or equivalent protection under AMSLA.
National Australia Bank Limited will, if required by the company or responsible entity to whom the prescribed form must be given or ASIC give a copy of the agreements to the company, responsible entity or ASIC.

Appendix 1- SGM

Date	Nature of Change	Consideration	No. of Securities	Class	AMSLA Counterparty
16/12/2016	Collateral Return Security		-64000	ORD	( a )
19/12/2016	Settle Sec Loan	80000	ORD	( b )
20/12/2016	Settle Sec Loan	24000	ORD	( c )
20/12/2016	Settle Sec Loan	2000	ORD	( d )
20/12/2016	Return Security	-80000	ORD	( b )
20/12/2016	Settle Sec Loan	100000	ORD	( b )
20/12/2016	Collateral Return Security		-55000	ORD	( a )
21/12/2016	Settle Sec Loan	310000	ORD	( c )
21/12/2016	Return Security	-100000	ORD	( b )
21/12/2016	Settle Sec Loan	200000	ORD	( b )
21/12/2016	Settle Sec Loan	20000	ORD	( b )
21/12/2016	Collateral Return Security		-15000	ORD	( a )
22/12/2016	Return Security	-112544	ORD	( b )
22/12/2016	Return Security	-20000	ORD	( b )
22/12/2016	Settle Sec Loan	210000	ORD	( b )
22/12/2016	Settle Sec Loan	10000	ORD	( b )
22/12/2016	Collateral Return Security		-70000	ORD	( a )
23/12/2016	Return Security	-21000	ORD	( d )
23/12/2016	Settle Sec Loan	44000	ORD	( d )
23/12/2016	Return Security	-87456	ORD	( b )
23/12/2016	Return Security	-22760	ORD	( b )
23/12/2016	Return Security	-10000	ORD	( b )
23/12/2016	Settle Sec Loan	200000	ORD	( b )
28/12/2016	Return Security	-187240	ORD	( b )
28/12/2016	Return Security	-126835	ORD	( b )
28/12/2016	Settle Sec Loan	100000	ORD	( b )
29/12/2016	Return Security	-24000	ORD	( c )
29/12/2016	Return Security	-25000	ORD	( c )
29/12/2016	Return Security	-73165	ORD	( b )
29/12/2016	Return Security	-100000	ORD	( b )