SPH Notice - Morgan Stanley

1


Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To NZX Limited
and
To EROAD LTD (ERD)
Date this disclosure made: 18 April 2025
Date last disclosure made: 16 April 2025
Date on which substantial holding ceased: 15 April 2025

Substantial product holder(s) giving disclosure
Full name(s): Morgan Stanley and its Subsidiaries listed in Annexure A

Summary of previous substantial holding
Class of quoted voting products: Ordinary Shares

Summary for Morgan Stanley and its Subsidiaries listed in Annexure A

For last disclosure,—

(a) total number held in class: 9,419,349.

(b) total in class: 187,410,632

(c) total percentage held in class: 5.0260%

For current holding after ceasing to have substantial holding,—

(a) total number held in class: 48,800

(b) total in class: 187,410,632

2

(c) total percentage held in class: 0.0260%

Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: set out in the table below

Date of
Transact
ion
Holder of Relevant
Interest
Transaction Nature
Considera
tion
Class and
number of
securities
4/14/202
5
Morgan Stanley & Co.
International plc
Increase in shares held or in respect of which the holder may exercise right to rehypothecate
pursuant to the agreement(s)
N/A 1 Ordinary Share
4/15/202
5
Morgan Stanley & Co.
International plc
Decrease in shares held or in respect of which the holder may exercise right to rehypothecate
pursuant to the agreement(s)
N/A
9,370,550 Ordinary
Shares



Additional information
Address (es) of substantial product holder(s):

Morgan Stanley - 1585 Broadway, New York, NY 10036, United States

Morgan Stanley & Co. International Plc - 25 Cabot Square, Canary Wharf, London E14 4QA, United Kingdom

Morgan Stanley Australia Securities Limited - Level 39, Chifley Tower 2 Chifley Square, Sydney, NSW 2000, Australia


Contact details: Ashish Koltharkar, Phone: +91 22 6995-2037, E-mail: apdoi@morganstanley.com

Nature of connection between substantial product holders:
Each of the entities (as listed in Annexure A) in the Morgan Stanley group is a body corporate that each upstream entity controls and therefore has the
relevant interests that the above entities collectively have.

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: Not Applicable

3




Certification
I, Ashish Koltharkar, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorized
to make this disclosure by all persons for whom it is made.

4


Annexure A
List of Morgan Stanley and its subsidiaries that have a relevant interest or deemed to have a relevant interest in the shares.



Entities
└─┬─Morgan Stanley
└─┬─Morgan Stanley International Holdings Inc.
├─┬─Morgan Stanley (Australia) Securities Holdings Pty Limited
│ └─┬─Morgan Stanley Australia Securities Limited
└─┬─Morgan Stanley International Limited
└─┬─Morgan Stanley Investments (UK)
└───Morgan Stanley & Co. International plc

---

1


Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To NZX Limited
and
To EROAD LTD (ERD)
Date this disclosure made: 18 April 2025
Date last disclosure made: 16 April 2025
Date on which substantial holding ceased: 15 April 2025

Substantial product holder(s) giving disclosure
Full name(s): Morgan Stanley International Holdings Inc. and its Subsidiaries listed in Annexure A

Summary of previous substantial holding
Class of quoted voting products: Ordinary Shares

Summary for Morgan Stanley International Holdings Inc. and its Subsidiaries listed in Annexure A

For last disclosure,—

(a) total number held in class: 9,410,549

(b) total in class: 187,410,632

(c) total percentage held in class: 5.021%

For current holding after ceasing to have substantial holding,—

(a) total number held in class: 40,000

(b) total in class: 187,410,632

2

(c) total percentage held in class: 0.0213%

Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: set out in the table below

Date of
Transact
ion
Holder of Relevant
Interest
Transaction Nature
Considera
tion
Class and
number of
securities
4/14/202
5
Morgan Stanley & Co.
International plc
Increase in shares held or in respect of which the holder may exercise right to rehypothecate
pursuant to the agreement(s)
N/A 1 Ordinary Share
4/15/202
5
Morgan Stanley & Co.
International plc
Decrease in shares held or in respect of which the holder may exercise right to rehypothecate
pursuant to the agreement(s)
N/A
9,370,550 Ordinary
Shares



Additional information
Address (es) of substantial product holder(s):

Morgan Stanley International Holdings Inc. - 1585 Broadway, New York, NY 10036, United States

Morgan Stanley & Co. International Plc - 25 Cabot Square, Canary Wharf, London E14 4QA, United Kingdom


Contact details: Ashish Koltharkar, Phone: +91 22 6995-2037, E-mail: apdoi@morganstanley.com

Nature of connection between substantial product holders:
Each of the entities (as listed in Annexure A) in the Morgan Stanley group is a body corporate that each upstream entity controls and therefore has the
relevant interests that the above entities collectively have.

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: Not Applicable

3


Certification
I, Ashish Koltharkar, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorized
to make this disclosure by all persons for whom it is made.

4


Annexure A
List of Morgan Stanley and its subsidiaries that have a relevant interest or deemed to have a relevant interest in the shares.


Entities
└─┬─Morgan Stanley International Holdings Inc.
└─┬─Morgan Stanley International Limited
└──┬─Morgan Stanley Investments (UK)
└──Morgan Stanley & Co. International plc