SPH Notice - Regal Partners Funds Management Pty Limited

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: 26 May 2026
Date this disclosure made: 28 May 2026
Date last disclosure made:
03 November 2025
Substantial product holder(s) giving disclosure
Full name(s): Regal Partners Funds Management Pty Limited
Summary of substantial holding
Class of quoted voting products: Ordinary Shares, ISIN: NZERDE0001S5
Summary for Regal Partners Funds Management Pty Limited
For this disclosure,—
(a) total number held in class:
29,639,922
(b) total in class: 188,087,793
(c) total percentage held in class: 15.759%
For last disclosure,—
(a) total number held in class: 27,277,553
(b) total in class: 187,587,526
(c) total percentage held in class: 14.541%
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 Partners
Funds Management Pty Limited total buy = 5,160,471 shares ($5,780,618.51 AUD) and total sell =
2,798,102 shares ($3,358,092.49 AUD)

100080615/3821102.1
2
Details of relevant interests
Details for Regal Partners Funds Management Pty Limited
Nature of relevant interest(s): Relevant interest by virtue of Regal Partners 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 Tasman Market Neutral 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,
Regal Tactical Opportunities Fund, Regal Tactical Opportunities (Offshore) Master Fund.

For that relevant interest,—
(a) number held in class: 23,692,774
(b) percentage held in class: 12.597%
(c) current registered holder(s):
Regal Atlantic Absolute Return Fund (0.419%), (UBS Nominees Pty Ltd)
Regal Atlantic Absolute Return Fund (0.169%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal Atlantic Absolute Return Fund (0.305%), (Citicorp Nominees Pty Ltd)
Regal Atlantic Absolute Return Fund (0.180%), (Palm Beach Nominees Pty Ltd)
Regal Tasman Market Neutral Fund (0.165%), (UBS Nominees Pty Ltd)
Regal Tasman Market Neutral Fund (0.079%), (Citicorp Nominees Pty Ltd)
Regal No. 3 Fund (0.531%), (UBS Nominees Pty Ltd)
Regal No. 3 Fund (0.085%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal No. 3 Fund (0.265%), (J.P. Morgan Prime Nominees Ltd)
Regal Australia Small Companies Fund (1.097%), (UBS Nominees Pty Ltd)
Regal Australia Small Companies Fund (1.550%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Australia Small Companies Fund (0.532%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal Australia Small Companies Fund (0.777%), (J.P. Morgan Prime Nominees Ltd)
Regal Australia Small Companies Fund (1.202%), (Citicorp Nominees Pty Ltd)
Regal Australia Small Companies Fund (0.142%), (Palm Beach Nominees Pty Ltd)
Regal Australia Small Companies Trust (0.519%), (UBS Nominees Pty Ltd)
Regal Australia Small Companies Trust (1.009%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Australia Small Companies Trust (0.266%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal Australia Small Companies Trust (0.387%), (J.P. Morgan Prime Nominees Ltd)
Regal Australia Small Companies Trust (0.652%), (Citicorp Nominees Pty Ltd)
Regal Investment Fund (0.720%), (UBS Nominees Pty Ltd)
Regal Investment Fund (0.010%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Investment Fund (0.053%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Regal Investment Fund (0.134%), (J.P. Morgan Prime Nominees Ltd)
Regal Investment Fund (0.194%), (Citicorp Nominees Pty Ltd)
Regal Investment Fund (0.150%), (Palm Beach Nominees Pty Ltd)
Regal Partners Private Fund (0.036%), (UBS Nominees Pty Ltd)
Regal Partners Private Fund (0.912%), (HSBC Custody Nominees (Australia) Limited A/C 2)
Regal Partners Private Fund (0.005%), (J.P. Morgan Prime Nominees Ltd)
Regal Tactical Opportunities Fund (0.054%), (UBS Nominees Pty Ltd)

Details of relevant interests
Details for
Regal Partners Funds Management Pty Limited
Nature of relevant interest(s): derivative relevant interest over quoted underlying.
For that relevant interest,—
(a) number held in class:
5,947,148

100080615/3821102.1
3
(b) percentage held in class: 3.162%
(c) current registered holder(s):
Zambezi Absolute Return Fund (1.084%), (UBS Nominees Pty Ltd)
Zambezi Absolute Return Fund (0.422%), (Merrill Lynch (Aus) Nominees Pty Ltd)
Zambezi Absolute Return Fund (0.632%), (J.P. Morgan Prime Nominees Ltd)
Zambezi Absolute Return Fund (0.357%), (Citicorp Nominees Pty Ltd)
Amazon Market Neutral Fund (0.470%), (UBS Nominees Pty Ltd)
Amazon Market Neutral Fund (0.018%), (J.P. Morgan Prime Nominees Ltd)
Amazon Market Neutral Fund (0.132%), (Citicorp Nominees Pty Ltd)
Regal Tactical Opportunities (Offshore) Master Fund (0.048%), (UBS Nominees Pty 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 Partners Funds Management Pty Limited
Level 46, 1 Macquarie Place, NSW, 2000, Sydney, Australia
Contact details: Regal Partners Funds Management Pty Limited
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, Candice Driver 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: 28/05/2026
Candice Driver
Company Secretary
Regal Partners Funds Management Pty Limited

100080615/3821102.1
4
Parties to the Derivative
UBS Nominees Pty Ltd,
Zambezi Absolute
Return Fund
UBS Nominees Pty
Ltd, Regal Tactical
Opportunities
(Offshore) Master
Fund
UBS Nominees
Pty Ltd, Regal
Amazon Market
Neutral Fund
Notional number of
underlying financial products
2,038,030 89,967 883,783
Cash or physical settled Cash settled swap Cash settled swap Cash settled swap
Maturity Date 13 September 2027 2 February 2029 17 September
2027
Expiry Date n/a n/a n/a
Entry price
AUD 0.703 – AUD
1.9029
AUD 0.7500 AUD 1.7026
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,
Zambezi Absolute
Return 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
1,188,113 33,555 671,012
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 1.2178 AUD 1.7208 AUD 1.0657
How value of derivative
determined by value of the
underlying

Mark to market

Mark to market

Mark to market

100080615/3821102.1
5


Parties to the Derivative
Citicorp Nominees
Pty Ltd, Amazon
Market Neutral
Fund

Merrill Lynch
(Aus) Nominees
Pty Ltd,
Zambezi
Absolute Return
Fund
Notional number of
underlying financial products
248,934 793,754
Cash or physical settled Cash settled swap Cash settled swap
Maturity Date 4 October 2027 31 December
2027
Expiry Date n/a n/a
Entry price AUD 1.4642 AUD 1.07 – AUD
1.355
How value of derivative
determined by value of the
underlying

Mark to market

Mark to market