BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

LEI: 213800JUXEVF1QLKCC27

10 March 2026

Transaction in Own Shares and Total Voting Rights

The Board of Baker Steel Resources Trust Limited (the "Company") announces that on 9 March 2026 the Company purchased for cancellation 43,000 ordinary shares of no par value at a price of 115.18p per share. The lowest/highest price paid per share was 114.00p/ 115.50p respectively.

Following the transaction, the Company's issued share capital comprises:

105,971,102 shares (excluding treasury shares)

700,000 shares held in treasury

106,671,102 shares (including treasury shares)

Therefore, the total number of ordinary shares with voting rights in issue in the Company is now 105,971,102, which is inclusive of 9,167 Management Ordinary Shares. The above figure (105,971,102) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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