Notice of initial substantial holder

Ellerston Capital Limited
ABN 34 110 397 674
AFSL No. 283 000
Level 11, 179 Elizabeth Street
Sydney NSW 2000
Phone +612 9021 7797
Fax +612 9261 0528
www.ellerstoncapital.com
TO:The Manager, Company Announcements, ASX
FAX No:
FROM:Ellerston Capital Limited
DATE:20/12/2024
NO. OF PAGES (Including this page)6
Dear Manager
RE:
We note that the shares reported in this Form are owned by third party accounts under the discretionary investment
management of Ellerston Capital Limited.
None of Ellerston Capital Limited, nor any of its shareholders or any of their associates hold a direct interest
in any shares disclosed in this Form.
Yours sincerely,
Ian Kelly
Company Secretary
Ellerston Capital Limited
EROAD Limited - Form 603
We attach our notice of becoming a substantial holder (Form 603) in respect of EROAD Limited.

2. Details of 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
relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:
Class of securities (4)Number of securitiesPerson’s votes (5)Voting power (6)
Securities9,399,8489,399,8485.02%
The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder
became a substantial holder are as follows:
Holder of relevant interestNature of relevant interest (7)Class and number of securities
Primary Person
Form 603
Corporations Act 2001
Section 671B
Notice of initial substantial holder
The holder became a substantial holder on19/12/2024
ACN/ARSN/ARBN
1. Details of substantial holder (1)
NameEllerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B
ACN/ARSN (if applicable)ACN 110 397 674
To Company Name/SchemeEROAD Limited
The Primary Person in its capacity as
investment manager for various clients or as
trustee/responsible entity for investment
vehicles, has the power to exercise, or control
the exercise of, a right to vote attached to the
securities and has the power to dispose of, or
control the exercise a disposal of, the
securities
9,399,848 Securities

3. Details of relevant interests
of securities
4. Details of present registered holders
The persons registered as holders of the securities referred to in paragraph 3 above are as follows:
Holder of relevantRegistered holder ofPerson entitled to beClass and number
interestSecuritiesregistered as holder (8)
See Annexure A
The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the
substantial holder became a substantial holder is as follows:
5. Consideration
Primary PersonState Street (Australia) LtdState Street (Australia) Ltd7,939,898 Securities
Primary PersonNational Nominees LimitedNational Nominees Limited1,459,950 Securities

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(a)
(b)
(8)
(9)
7. Addresses
The addresses of persons named in this form are as follows:
Name
6. Associates
The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:
Name and ACN/ARSN (if applicable)Nature of association
Refer to Annexure B
Address
Signature
print nameIan Kelly
capacity
See annexures
The Substantial Shareholder – c/- Level 11, 179 Elizabeth
Street, Sydney, NSW, 2000
The entities listed in Annexure A – c/- Level 11, 179
Elizabeth Street, Sydney, NSW, 2000
EROAD Limited
260 Oteha Valley Road, Albany, Auckland 0632, New
Zealand
DIRECTIONS
Company Secretary
sign here
date
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 trust), 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 7 of the form.
Details of the consideration must include any and all benefits, moneys 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.
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.’”
See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
any qualification of the power of a 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 the particular securities to which the qualification applies).
any relevant agreement or other circumstances by which the relevant interest was acquired. 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
See the definition of "associate" in section 9 of the Corporations Act 2001.
See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
The voting shares of a company constitute one class unless divided into separate classes.
The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.
Include details of:
20/12/2024

Ian Kellycapacity
date
9/12/2024Primary Person$19,541.5022,990 Securities
11/12/2024Primary Person$7,612.299,030 Securities
12/12/2024Primary Person$3,109.963,670 Securities
10/12/2024Primary Person$7,165.208,530 Securities
EROAD Limited
Signature
Company Secretaryprint name
sign here
This is Annexure A of 1 pages referred to in Form Form 603 Notice of initial substantial holder.
20/12/2024
Date of Change
Person whose relevant interest
changed
Consideration give in relation to
change (5)
Class (6) and number of securities
affected
13/12/2024Primary Person$2,483.602,926 Securities
18/12/2024Primary Person$214,089.01243,062 Securities

065 064 164
065 059 458
006 530 347
150 851 666
082 885 961
137 556 524
Northkom Pty Ltd
Manoc Developments Pty Ltd
Jasopt Pty Ltd
CPH Zillow Holdings Pty Limited
CPH Zhaopin Holdings I Pty Limited
CPH Zhaopin Holdings Pty Limited
CPH S.One I Pty Limited
CPH Gaming II Pty Limited
CPH Direct Investments Pty Ltd
CPH (Ellerston Leisure) Holdings Pty Limited
CPH Gaming IVB Pty Limited
CPH Gaming IVA Pty Limited
CPH Gaming III Pty Limited
Ellerston Capital Limited
EC Ventures GP Pty Limited
ECS Investment Partners Pty Ltd
CPH Zillow Holdings I Pty Limited
CPH Gaming I Pty Limited
096 130 899
606 074 864
166 264 375
603 299 074
603 300 090
603 295 923
603 295 674
122 328 652
CPH S.One Holdings Pty Limited
Jaslib Pty Ltd
Hoyts Cinemas Operations Pty Ltd
Consolidated Press (Finance) II Pty Ltd603 295 834
Consolidated Press (Finance) III Pty Ltd604 881 030
Consolidated Press Property Pty Ltd
Consolidated Press Investments Pty Ltd
080 695 754Cavalane Holdings Pty Ltd
Ellerston Opportunities Pty Ltd
CPH Crown Holdings Pty Limited
110 397 674
603 298 344
603 298 719
603 297 310
608 726 334
603 296 546
603 297 927
603 296 537
603 296 162
603 296 804
001 557 035
071 513 409
008 394 492
160 602 853
088 047 974
This is Annexure B of 3 pages referred to in Form Form 603 Notice of initial substantial holder.
EROAD Limited
date20/12/2024
Signature
print name
Ian Kellycapacity
Company
Secretary
sign here
008 394 134
001 735 075
123 039 305
Castwo Pty Ltd084 494 520
CPH Capital Pty Ltd
The following entities represent the Passive Substantial Holders. Each is a related body corporate of the Principal
Person or a person that controls a related body corporate of the Principal Person and so an associate of the Primary
Person under section 12(2)(a) of the Corporations Act, and therefore a substantial holder in the Company.
PARTY/ENTITY NAME
AUSTRALIAN
COMPANY
008 457 869
008 394 509
004 160 703
000 089 118
Consolidated Custodians Pty Ltd
Conpress Securities Pty Limited
Consolidated Press Holdings Pty Limited
Consolidated Press Financial Services Pty Ltd
Consolidated Press (Finance) Pty Ltd
Consolidated Gaming Pty Ltd
Bareage Pty Ltd
Chermon Pty Ltd
Conpress Holdings Pty Ltd
Cairnton Holdings Limited
Cairnton Pty Ltd
060 526 865

PARTY/ENTITY NAME
AUSTRALIAN
COMPANY
627 444 464
633 536 179
633 535 565
002 348 503
056 229 728
058 139 923
604 022 899
084 494 495
084 494 575
602 375 253
084 712 774
066 234 900
601 640 215
Siltwo Pty Ltd
Silthree Pty Ltd
Toray Pty Ltd
Toranaga Pty Ltd
Tastee Shears Holdings Pty Limited
Wilbur One Aus Pty. Limited
Wilbur Holdings Aus Pty. Limited
ScrumPac Pty Ltd
Savabow Pty Ltd
Samenic Pty Limited
S.One Holding Company Pty Limited
Ridgegate Proprietary Limited
Northkom I Pty Limited