CARBONXT GROUP LIMITED — Major Shareholding Notification 2020

Nov 18, 2020

ELI t.am,

Can you please file this on market.

Thanks, Rhea

[signature_2746430001 [signature_185863371] [mignaturi_1746255534] Rhea Goundar Inviatmant Oparationm Analymt

Level Ona, 1 Byron Avenue PO BOX 33 1079, Takapuna 0622 Auckland PH+64 9 486 1701 MOB +64 22 619 1601 [A close up of a logo Description automatically generated]

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Pia Pundm Management Limited im the immuar of the Pia Pundm Management Schima and JUNO Kiwisaver Scheme. To download our Product Disclosure Statements visit nrir.piafund.m. co.n: and/or v,w. junokiwimaver.co.n:http://vvw. junokiwimaver.co.n:/ . Any information provided in this co=unication (or any attachment hereto) does not constitute parmonalimad financial adviaa, unlamm otharwima indicatid. You may wimh to maak financial advice before investing with um. Past performance im not a guarantee of future returns. No person, including the Directors or shareholders of Pie Funds, guarantaam the repaymant of unitm in the fundm or any raturnm of unitm in the funds. Returns can be negative as well as positive and returns over different periods may vary. The information contained in this document is CONFIDENTIAL and im intandad only for the addrammaa. If you ara not the addrammaa, you ara hereby notified that any use or dissemination of this information and the copying of the documant im mtria

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

Carbonxt Group Ltd To Company Name/Scheme
ACN/ARSN	097 247 454
1. Details of substantial holder (1)
Name	Pie Funds Management Limited
ACN/ARSN (if applicable)
There was a change in the interests of the substantial holder on		$16/N$ ovember/2020
The previous notice was given to the company on		11/November/2020
The previous notice was dated		13/November/2020

2. Previous and present voting power

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:

Class of securities (4)	Previous notice.		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	13, 154, 285	10.899%	13, 154, 285	9.433%

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 as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given In relation to change	Class and number of securities affected	Person's votes affected
16/11/2020	Fie Funds Management Ltd	Dilution of Shares

4. Present relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Pie Funda Management Limited	National Nominees Ltd	National Nominees Ltd	Power to exercise, vote, and dispose of securities as а discretionary	Ordinary 13,154,295	13.154.285

	investment manager

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
	Pie Funds Management Ltd Level 1, 1 Byron Avenue, Takapuna, Auckland

Signature

print name	Mark Devoich	capacity	Chief Investment Officer
sign here		date	$19/N$ ovember/2020

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. 731
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4)
  applies, a copy of any document setting out the terms of any relevant agreement, and a statemen $\bf(a)$ accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired
has, or may, become entitled to receive in relation to that acquisition. Details m $(7)$ happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• $(8)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write
  "unknown".
• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Fax for at on +64800449707

19-Nov-2020 12:40 p.m. Page 5 of 5