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: 4 June 2025
Date last disclosure made: 21 April 2025
Date on which substantial holding ceased: 30 May 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: 3,994,202

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

2

(c) total percentage held in class: 2.131%

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
Transaction
Holder of Relevant Interest Transaction Nature
Considera
tion
Class and number of
securities
04/17/2025 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
04/21/2025 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 1 Ordinary Share
04/29/2025 Morgan Stanley & Co. International plc Sell 4,408.29 5,067 Ordinary
Shares
05/01/2025 Morgan Stanley & Co. International plc Sell 73.87 83 Ordinary Shares
05/02/2025 Morgan Stanley & Co. International plc Buy 5,955.84 6,768 Ordinary
Shares
05/02/2025 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
05/02/2025 Morgan Stanley & Co. International plc Sell 5,888.16 6,768 Ordinary
Shares
05/05/2025 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 1 Ordinary Share
05/06/2025 Morgan Stanley & Co. International plc Sell 1,863.84 2,118 Ordinary
Shares
05/07/2025 Morgan Stanley & Co. International plc Sell 2,044.34 2,357 Ordinary
Shares
05/08/2025 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
05/08/2025 Morgan Stanley & Co. International plc Sell 346.58 403 Ordinary Shares
05/09/2025 Morgan Stanley & Co. International plc Sell 1,653.39 1,897 Ordinary
Shares
05/12/2025 Morgan Stanley & Co. International plc Sell 700.48 796 Ordinary Shares
05/13/2025 Morgan Stanley & Co. International plc Sell 220.11 253 Ordinary Shares
05/14/2025 Morgan Stanley & Co. International plc Buy 4,300.00 5,000 Ordinary
Shares
05/14/2025 Morgan Stanley & Co. International plc Sell 425.7 495 Ordinary Shares

3

05/15/2025 Morgan Stanley & Co. International plc Sell 5,731.97 6,531 Ordinary
Shares
05/28/2025 Morgan Stanley & Co. International plc Buy 69,064.72 55,723 Ordinary
Shares
05/28/2025 Morgan Stanley & Co. International plc Sell 71,558.95 55,723 Ordinary
Shares
05/29/2025 Morgan Stanley & Co. International plc Buy 53,070.71 40,097 Ordinary
Shares
05/29/2025 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
05/29/2025 Morgan Stanley & Co. International plc Sell 54,372.87 40,097 Ordinary
Shares
05/30/2025 Morgan Stanley & Co. International plc Buy 12,499.61 8,389 Ordinary
Shares
05/30/2025 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 5,386,349 Ordinary
Shares
05/30/2025 Morgan Stanley & Co. International plc Sell 12,499.61 8,389 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

4

2013 in relation to the financial products to which this disclosure relates: Not Applicable





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.

5


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

---

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: 4 June 2025
Date last disclosure made: 21 April 2025
Date on which substantial holding ceased: 30 May 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: 5.026%

For current holding after ceasing to have substantial holding,—

(a) total number held in class: 4,017,732

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

2

(c) total percentage held in class: 2.144%

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
Transaction
Holder of Relevant Interest Transaction Nature
Considera
tion
Class and number of
securities
04/17/2025 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
04/21/2025 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 1 Ordinary Share
04/29/2025 Morgan Stanley & Co. International plc Sell 4,408.29
5,067 Ordinary
Shares
05/01/2025 Morgan Stanley & Co. International plc Sell 73.87 83 Ordinary Shares
05/02/2025 Morgan Stanley & Co. International plc Buy 5,955.84
6,768 Ordinary
Shares
05/02/2025 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
05/02/2025 Morgan Stanley & Co. International plc Sell 5,888.16
6,768 Ordinary
Shares
05/05/2025 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 1 Ordinary Share
05/06/2025 Morgan Stanley & Co. International plc Sell 1,863.84
2,118 Ordinary
Shares
05/07/2025 Morgan Stanley & Co. International plc Sell 2,044.34
2,357 Ordinary
Shares
05/08/2025 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
05/08/2025 Morgan Stanley & Co. International plc Sell 346.58 403 Ordinary Shares
05/09/2025 Morgan Stanley & Co. International plc Sell 1,653.39
1,897 Ordinary
Shares
05/12/2025 Morgan Stanley & Co. International plc Sell 700.48 796 Ordinary Shares
05/13/2025 Morgan Stanley & Co. International plc Sell 220.11 253 Ordinary Shares
05/14/2025 Morgan Stanley & Co. International plc Buy 4,300.00
5,000 Ordinary
Shares
05/14/2025 Morgan Stanley & Co. International plc Sell 425.7 495 Ordinary Shares

3

05/15/2025 Morgan Stanley & Co. International plc Sell 5,731.97
6,531 Ordinary
Shares
05/22/2025
Morgan Stanley Australia Securities
Limited
Sell
218.70
(AUD)
270 Ordinary Shares
05/28/2025 Morgan Stanley & Co. International plc Buy 69,064.72
55,723 Ordinary
Shares
05/28/2025 Morgan Stanley & Co. International plc Sell 71,558.95
55,723 Ordinary
Shares
05/28/2025
Morgan Stanley Australia Securities
Limited
Buy
50,049.10
(AUD)
44,247 Ordinary
Shares
05/29/2025 Morgan Stanley & Co. International plc Buy 53,070.71
40,097 Ordinary
Shares
05/29/2025 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
05/29/2025 Morgan Stanley & Co. International plc Sell 54,372.87
40,097 Ordinary
Shares
05/29/2025
Morgan Stanley Australia Securities
Limited
Sell
57,463.57
(AUD)
44,247 Ordinary
Shares
05/30/2025 Morgan Stanley & Co. International plc Buy 12,499.61
8,389 Ordinary
Shares
05/30/2025 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
5,386,349 Ordinary
Shares
05/30/2025 Morgan Stanley & Co. International plc Sell 12,499.61
8,389 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

4


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





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.

5


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