Change in substantial shareholding from AEF

Phone 02 8276 6288 Email enquiries@australianethical.com.au
Web australianethical.com.au Post GPO Box 8, GPO Box Centre, Sydney NSW 2001
Australian Ethical Investment Ltd ABN 47 003 188 930 AFSL 229949
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
Note: This form must be completed in accordance with the instructions at the end of the form.
• NZX; and
• Eroad Limited
Relevant event being disclosed: A movement of 1% in the substantial holding
Date of relevant event: 06 May 2024
Date this disclosure made: 07 May 2024
Date last disclosure made: 06 March 2024
Substantial product holder(s) giving disclosure
Full name(s): National Nominees Ltd ACF Australian Ethical Investment Limited (ABN 51 003
188 930)
Summary of substantial holding
Class of quoted voting products: Ordinary shares (ERD)
For this disclosure,—
(a) total number held in class: 16,748,878
(b) total in class: 184,821,022
(c) total percentage held in class: 9.06%
For last disclosure,—
(a) total number held in class: 14,623,500
(b) total in class: 184,821,021
(c) total percentage held in class: 7.91%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: Multiple on market transactions changed the
ownership by more than 1% (See attachment)

Phone 02 8276 6288 Email enquiries@australianethical.com.au
Web australianethical.com.au Post GPO Box 8, GPO Box Centre, Sydney NSW 2001
Australian Ethical Investment Ltd ABN 47 003 188 930 AFSL 229949
Details after relevant event
Details for National Nominees Ltd ACF Australian Ethical Investment Limited
Nature of relevant interest(s): National Nominees Limited ACF Australian Ethical Investment Limited is the registered
holder and beneficial owner of the Products. Please note that National Nominees Ltd is the custodian of registered
managed investment schemes; Australian Ethical Investment Limited is the Responsible Entity. A relevant agreement
need not be attached under regulation 139.
For that relevant interest,—
(a) number held in class: 16,748,878
(b) percentage held in class: 9.06%
(c) current registered holder(s): no change since last disclosure
(d) registered holder(s) once transfers are registered: N/A
For a derivative relevant interest, also—
(a) type of derivative: N/A
(b) details of derivative: N/A
(c) parties to the derivative: N/A
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the
derivative: N/A
Additional information
Address(es) of substantial product holder(s): National Nominees Ltd, Level 12, 500 Bourke Street, Melbourne VIC 3000
Contact details: Robert Bush, Head of Fund Accounting, Australian Ethical Investment Limited +61 413 043 177 and
Fundaccounting@australianethical.com.au
Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial
Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: N/A
Certification
I, Karen Hughes, Company Secretary, Australian Ethical Investment Limited certify that, to the best of my knowledge
and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.

Phone 02 8276 6288 Email enquiries@australianethical.com.au
Web australianethical.com.au Post GPO Box 8, GPO Box Centre, Sydney NSW 2001
Australian Ethical Investment Ltd ABN 47 003 188 930 AFSL 229949