Change in substantial holding

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:30/05/2025
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 604
We attach our notice of a change in substantial holding (Form 604) in respect of EROAD Limited.

Date of change
See Annexure A
Voting power (5)
6.16%
Present Notice
Person’s votes
11,540,085
Previous Notice
Voting power (5)
5.02%
Person’s votes
9,399,848
See Annexure A
Person's votes affected
Class and number of securities
affected
See Annexure A
Consideration given
in relation to change
(7)
See Annexure A
Nature of change (6)
See Annexure A
Person whose relevant
interest changed
See Annexure A
Notice of change of interests of substantial holder
3. Changes in relevant interests
Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting
securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:
Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
4. Present relevant interests
ACN/ARSN (if applicable)
Securities
20/12/2024
The previous notice was dated
20/12/2024
Class of securities (4)
Holder of relevant
interest
Registered holder of
Securities
Person entitled to
be registered as
holder (8)
Nature of
relevant
interest (6)
The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:
5. Associates
Note, all transactions took place on a prescribed financial market (ASX or ChiX)
Name and ACN/ARSN (if applicable)
N/A
Nature of association
Address
EROAD Limited

Ellerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B
ACN 110 397 674
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 when last
required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:
2. Previous and present voting power
1. Details of substantial holder (1)
Form 604
Corporations Act 2001
ACN/ARSN/ARBN
To Company Name/Scheme
There was a change in the interests of the
substantial holder on28/05/2025
Name
Section 671B
The previous notice was given to the company on
6. Addresses
The addresses of persons named in this form are as follows:
Name
In respect of 10,181,060 Securities
shares held by State Street (Australia)
Ltd as nominee under s608(1)(b) and (c)
by having the power to control voting and
disposal.
Primary Person
Primary Person
Class and
number of
securities
Person’s votes
National Nominees
Limited
State Street (Australia)
Ltd
National Nominees
Limited
State Street
(Australia) Ltd
In respect of 1,359,025 Securities shares
held by National Nominees Limited as
nominee under s608(1)(b) and (c) by
having the power to control voting and
disposal.
5.43%
.73%
1,359,025
Securities
10,181,060
Securities

Company Secretary
30/05/2025
capacity
date
260 Oteha Valley Road, Albany, Auckland 0632, New Zealand
The entities listed in Annexure B – c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
The Substantial Shareholder – c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
print name
sign here
Ian Kelly
See annexures
Signature
EROAD Limited

Ian Kellycapacity
date
Date of Change
Person whose relevant interest
changed
Consideration give in relation to
change (5)
Class (6) and number of securities
affected
10/04/2025Primary Person$28.9936 Securities
28/05/2025Primary Person$1,999,999.431,769,911 Securities
EROAD Limited
Signature
Company Secretary
print name
sign here
This is Annexure A of 1 pages referred to in Form Form 604 Change of interests of substantial holder.
30/05/2025
24/03/2025Primary Person$51,575.9960,000 Securities
20/03/2025Primary Person$42,250.0150,000 Securities
12/03/2025Primary Person$38,479.5045,000 Securities
21/03/2025Primary Person$29,216.7334,576 Securities

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
088 047 974
This is Annexure B of 3 pages referred to in Form Form 604 Change of interests of substantial holder.
EROAD Limited
date30/05/2025
Signature
print name
Ian Kellycapacity
Company
Secretary
sign here
008 394 134
001 735 075
123 039 305
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
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
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
065 064 164
065 059 458
006 530 347
150 851 666
082 885 961
137 556 524

PARTY/ENTITY NAME
AUSTRALIAN
COMPANY
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
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