NATSTEEL LTD: NOTICE OF A CHANGE IN THE PERCENTAGE LEVEL OF A SUBSTANTIAL SHAREHOLDER'S INTEREST

Notice of Interest/Change in Interest
* Asterisks denote mandatory information
Name of Announcer *	NATSTEEL LTD
Company Registration No.	196100107C
Announcement submitted on behalf of	NATSTEEL LTD
Announcement is submitted with respect to *	NATSTEEL LTD
Announcement is submitted by *	LIM SU-LING
Designation *	COMPANY SECRETARY
Date & Time of Broacast	07-Jul-2008 19:29:04
Announcement No.	00167
Price Sensitivity	No

>> Announcement Details

The details of the announcement start here ...

>> Part I
1. Date of notice to issuer *	07/07/2008
2. Name of Substantial Shareholder *	REEF INVESTMENTS PTE LTD
3. Please tick one or more appropriate box(es): *
- Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Part III and IV]

>> Part II
1. Date of change of [Select Option]
2. Name of Registered Holder
3. Circumstance(s) giving rise to the interest or change in interest
# Please specify details
4. Information relating to shares held in the name of the Registered Holder
No. of N.A. held before the change
As a percentage of issued share capital
No. of N.A. which are subject of this notice
As a percentage of issued share capital
Amount of consideration (excluding brokerage and stamp duties) per share paid or received
No. of N.A. held after the change
As a percentage of issued share capital

>> Part III
1. Date of change of Deemed Interest	04/07/2008
2. The change in the percentage level	From 51.23 % to 81.24 %
3. Circumstance(s) giving rise to the interest or change in interest	# Others
# Please specify details	OFF-MARKET PURCHASE. PURSUANT TO SECTION 7 OF THE COMPANIES ACT, REEF INVESTMENTS PTE LTD IS DEEMED INTERESTED IN THE NATSTEEL LTD SHARES HELD BY 98 HOLDINGS PTE. LTD.
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions	THE CHANGE IN THE PERCENTAGE LEVEL IS THE RESULT OF A TRANSACTION.

>> Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest:
	Direct	Deemed
No. of shares held before the change	0	191360453
As a percentage of issued share capital	0 %	51.23 %
No. of shares held after the change	0	303484453
As a percentage of issued share capital	0 %	81.24 %