SPH Notice - Regal Funds Management Pty Ltd

100080615/3821102.1
1
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.
To NZX

And

To
EROAD LIMITED
Relevant event being disclosed:
Change of Substantial Shareholding by 1% or more
Date of relevant event: 07 August 2025
Date this disclosure made: 11 August 2025
Date last disclosure made:
30 May 2025
Substantial product holder(s) giving disclosure
Full name(s): Regal Funds Management Pty Ltd
Summary of substantial holding
Class of quoted voting products: Ordinary Shares, ISIN: NZERDE0001S5
Summary for Regal Funds Management Pty Ltd
For this disclosure,—
(a) total number held in class:
22,763,850
(b) total in class: 187,469,855
(c) total percentage held in class: 12.143%
For last disclosure,—
(a) total number held in class: 19,754,320
(b) total in class: 187,410,632
(c) total percentage held in class: 10.541%
Details of transactions and events giving rise to relevant event
In the period from the last disclosure, as part of normal on-market trading activity Regal Funds
Management Pty Limited total buy = 3,576,785 shares ($5,334,764.27 AUD) and total sell = 567,255
($769,397.75 AUD)

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Details of relevant interests
Details for Regal Funds Management Pty Ltd
Nature of relevant interest(s): Relevant interest by virtue of Regal Funds Management Pty
Limited having the power to acquire or dispose of financial products in its capacity as trustee and
manager of the Regal Atlantic Absolute Return Fund, Regal No. 3 Fund, Regal Australia Small
Companies Fund, Regal Australia Small Companies Trust, Regal Global Small Companies Fund,
Regal Investment Fund, Regal Partners Private Fund.

For that relevant interest,—
(a) number held in class: 19,494,778
(b) percentage held in class: 10.399%
(c) current registered holder(s):
Regal Atlantic Absolute Return Fund (0.472%), (UBS Nominees Pty Ltd)
Regal Atlantic Absolute Return Fund (0.314%), (J.P. Morgan Prime Nominees Ltd)
Regal Atlantic Absolute Return Fund (0.352%), (Citicorp Nominees Pty Ltd)
Regal Tasman Market Neutral Fund (0.079%), (Citicorp Nominees Pty Ltd)
Regal No. 3 Fund (0.533%), (UBS Nominees Pty Ltd)
Regal No. 3 Fund (0.266%), (J.P. Morgan Prime Nominees Ltd)
Regal No. 3 Fund (0.133%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal No. 3 Fund (0.133%), (HSBC Custody Nominees (Australia))
Regal No. 3 Fund (0.061%), (Citicorp Nominees Pty Ltd)
Regal Australia Small Companies Fund (1.555%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Australia Small Companies Fund (0.597%), (UBS Nominees Pty Ltd)
Regal Australia Small Companies Fund (0.533%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal Australia Small Companies Fund (0.533%), (J.P. Morgan Prime Nominees Ltd)
Regal Australia Small Companies Fund (0.533%), (HSBC Custody Nominees (Australia))
Regal Australia Small Companies Fund (0.287%), (Citicorp Nominees Pty Ltd)
Regal Australia Small Companies Trust (1.013%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Australia Small Companies Trust (0.448%), (Citicorp Nominees Pty Ltd)
Regal Australia Small Companies Trust (0.302%), (UBS Nominees Pty Ltd)
Regal Australia Small Companies Trust (0.267%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal Australia Small Companies Trust (0.267%), (J.P. Morgan Prime Nominees Ltd)
Regal Global Small Companies Fund (0.052%), (Citicorp Nominees Pty Ltd)
Regal Investment Fund (0.275%), (UBS Nominees Pty Ltd)
Regal Investment Fund (0.267%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal Investment Fund (0.166%), (Citicorp Nominees Pty Ltd)
Regal Investment Fund (0.010%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Partners Private Fund (0.915%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Partners Private Fund (0.031%), (Citicorp Nominees Pty Ltd)
Regal Partners Private Fund (0.006%), (UBS Nominees Pty Ltd)

Details of relevant interests
Details for Regal Funds Management Pty Limited
Nature of relevant interest(s): derivative relevant interest over quoted underlying.
For that relevant interest,—
(a) number held in class:
3,269,072
(b) percentage held in class: 1.744%

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(c) current registered holder(s):
Zambezi Absolute Return Fund (0.531%), (UBS Nominees Pty Ltd)
Zambezi Absolute Return Fund (0.366%), (J.P. Morgan Prime Nominees Ltd)
Zambezi Absolute Return Fund (0.240%), (HSBC Custody Nominees (Australia))
Zambezi Absolute Return Fund (0.177%), (Citicorp Nominees Pty Ltd)
Regal Absolute Return Master Fund (0.111%), (UBS Nominees Pty Ltd)
Regal Absolute Return Master Fund (0.080%), (J.P. Morgan Prime Nominees Ltd)
Regal Absolute Return Master Fund (0.053%), (HSBC Custody Nominees (Australia))
Regal Absolute Return Master Fund (0.035%), (Citicorp Nominees Pty Ltd)
Amazon Market Neutral Fund (0.133%), (Citicorp Nominees Pty Ltd)
Amazon Market Neutral Fund (0.018%), (J.P. Morgan Prime Nominees Ltd)


(d) registered holder(s) once transfers are registered: Unknown
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure: (refer attached)
Additional information
Address(es) of substantial product holder(s): Regal Funds Management Pty Ltd
Level 46, 1 Macquarie Place, NSW, 2000, Sydney, Australia
Contact details: Regal Funds Management Pty Ltd
Ph: +61 2 8197 4333
Email: reception@regalfm.com

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, Ian Cameron 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.

____________________ Date: 11/08/2025
Ian Cameron
Director
Regal Funds Management

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Parties to the Derivative
UBS Nominees Pty Ltd,
Zambezi Absolute
Return Fund
UBS Nominees Pty
Ltd, Regal Absolute
Return Master Fund
J.P. Morgan Prime
Nominees Ltd,
Zambezi Absolute
Return Fund
Notional number of
underlying financial products
995,526 208,221 686,581
Cash or physical settled Cash settled swap Cash settled swap Cash settled swap
Maturity Date 13 September 2027 31 October 2025 1 June 2027
Expiry Date n/a n/a n/a
Entry price
AUD 1.1317 – AUD
1.3767
AUD 1.1317 – AUD
1.3767
AUD 1.1322
How value of derivative
determined by value of the
underlying

Mark to market

Mark to market

Mark to market

Parties to the Derivative
J.P. Morgan Prime
Nominees Ltd, Regal
Absolute Return
Master Fund

J.P. Morgan Prime
Nominees Ltd,
Amazon Market
Neutral Fund

Citicorp Nominees
Pty Ltd, Zambezi
Absolute Return
Fund

Notional number of
underlying financial products
150,243 33,555 331,236
Cash or physical settled Cash settled swap Cash settled swap Cash settled swap
Maturity Date 1 June 2027
1 September
2027
4 October 2027
Expiry Date n/a n/a n/a
Entry price AUD 1.1322 AUD 1.7208 AUD 1.1963
How value of derivative
determined by value of the
underlying

Mark to market

Mark to market

Mark to market

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Parties to the Derivative
Citicorp Nominees
Pty Ltd, Regal
Absolute Return
Master Fund
Citicorp Nominees
Pty Ltd, Amazon
Market Neutral
Fund
HSBC Custody
Nominees
(Australia),
Zambezi Absolute
Return Fund

Notional number of
underlying financial products
64,776 248,934 450,000
Cash or physical settled Cash settled swap Cash settled swap Cash settled swap
Maturity Date 4 October 2027 4 October 2027 31 May 2030
Expiry Date n/a n/a n/a
Entry price AUD 1.1835 AUD 1.4642 AUD 1.3500
How value of derivative
determined by value of the
underlying

Mark to market

Mark to market

Mark to market


Parties to the Derivative
HSBC Custody
Nominees
(Australia), Regal
Absolute Return
Master Fund

Notional number of
underlying financial products
100,000
Cash or physical settled Cash settled swap
Maturity Date 31 May 2030
Expiry Date n/a
Entry price AUD 1.3500
How value of derivative
determined by value of the
underlying

Mark to market