EROAD LIMITED — Major Shareholding Notification 2026

Apr 14, 2026

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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: 14/04/2026

NO. OF PAGES (Including this page)

5

Dear Manager

RE:

EROAD Limited - Form 605

We attach our notice of ceasing to be a substantial holder (Form 605) in respect of EROAD Limited.

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,

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Ian Kelly Company Secretary Ellerston Capital Limited

Form 605 Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme

EROAD Limited

ACN/ARSN/ARBN

1. Details of substantial holder (1)

Name Ellerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B ACN/ARSN (if applicable) ACN 110 397 674

The holder ceased to be a substantial on 13/04/2026 The previous notice was given to the company on 5/08/2025 The previous notice was dated 6/08/2025

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) 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
N/A

4. Addresses

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

Name	Address
See annexure	The Substantial Shareholder – c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
	The entities listed in Annexure A – c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
EROAD Limited	260 Oteha Valley Road, Albany, Auckland 0632, New Zealand

Signature

print name	Mr Ian Kelly	capacity	Company Secretary
sign here		date	14/04/2026

EROAD Limited

This is Annexure A of 1 pages referred to in Form Form 605 Notice of ceasing to be a substantial holder.

Signature

print name sign here

Ian Kelly capacity Company Secretary	Ian Kelly capacity Company Secretary	Ian Kelly capacity Company Secretary	Ian Kelly capacity Company Secretary	Ian Kelly capacity Company Secretary
date 14/04/2026
Date of Change	Person whose relevant interest changed	Natures of change (4)	Consideration give in relation to change (5)	Class (6) and number of securities affected
13/04/2026	PrimaryPerson	Sell	$11,487,161.07	-14,918,391 Securities
25/03/2026	PrimaryPerson	Buy	$4,380.17	6,213 Securities
10/03/2026	PrimaryPerson	Buy	$20,925.00	27,900 Securities
24/10/2025	PrimaryPerson	Buy	$180,180.00	100,000 Securities
23/10/2025	PrimaryPerson	Buy	$327,140.00	200,000 Securities
26/09/2025	PrimaryPerson	Sell	$28,548.99	-12,900 Securities
19/09/2025	PrimaryPerson	Sell	$902,860.00	-350,000 Securities
18/09/2025	PrimaryPerson	Sell	$10,894.00	-4,190 Securities
17/09/2025	PrimaryPerson	Sell	$372,000.00	-150,000 Securities
16/09/2025	PrimaryPerson	Sell	$60,596.64	-24,336 Securities
15/09/2025	PrimaryPerson	Sell	$1,035,404.08	-431,113 Securities
12/09/2025	PrimaryPerson	Sell	$1,210,000.00	-500,000 Securities
5/09/2025	PrimaryPerson	Buy	$432,267.82	188,057 Securities
29/08/2025	PrimaryPerson	Sell	$19,030.94	-8,600 Securities
26/08/2025	PrimaryPerson	Buy	$107,734.98	49,129 Securities
21/08/2025	PrimaryPerson	Buy	$79,057.08	37,116 Securities
11/08/2025	PrimaryPerson	Buy	$0.00	Securities
6/08/2025	PrimaryPerson	Buy	$151,340.98	107,716 Securities

EROAD Limited

This is Annexure B of 2 pages referred to in Form 605 Notice of ceasing to be a substantial holder.

Signature

print name sign here	Ian Kelly capacity Company Secretary
	date 14/04/2026

sign here

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
Bareage PtyLtd	060 526 865
Cairnton Holdings Limited	008 394 134
Cairnton PtyLtd	001 735 075
Castwo Pty Ltd	084 494 520
Cavalane Holdings PtyLtd	080 695 754
Chermon PtyLtd	123 039 305
Conpress Holdings PtyLtd	088 047 974
Conpress Securities PtyLimited	160 602 853
Consolidated Custodians PtyLtd	008 394 492
Consolidated GamingPtyLtd	071 513 409
Consolidated Press(Finance)PtyLtd	001 557 035
Consolidated Press(Finance)II PtyLtd	603 295 834
Consolidated Press(Finance)III PtyLtd	604 881 030
Consolidated Press Financial Services PtyLtd	008 457 869
Consolidated Press Holdings PtyLimited	008 394 509
Consolidated Press Investments PtyLtd	000 089 118
Consolidated Press PropertyPtyLtd	004 160 703
CPH Capital PtyLtd	096 130 899
CPH Crown Holdings PtyLimited	603 296 804
CPH Direct Investments PtyLtd	122 328 652
CPH GamingI PtyLimited	603 295 674
CPH GamingII PtyLimited	603 295 923
CPH GamingIII PtyLimited	603 296 162
CPH GamingIVA PtyLimited	603 296 537
CPH GamingIVB PtyLimited	603 296 546
CPH(Ellerston Leisure)Holdings PtyLimited	608 726 334
CPH S.One Holdings PtyLimited	603 297 927
CPH S.One I PtyLimited	603 297 310
CPH Zhaopin Holdings PtyLimited	603 298 719
CPH Zhaopin Holdings I PtyLimited	603 298 344
CPH Zillow Holdings PtyLimited	603 300 090
CPH Zillow Holdings I PtyLimited	603 299 074
ECS Investment Partners PtyLtd	166 264 375
EC Ventures GP PtyLimited	606 074 864
Ellerston Capital Limited	110 397 674
Ellerston Opportunities PtyLtd	150 851 666
Hoyts Cinemas Operations PtyLtd	006 530 347
Jaslib PtyLtd	065 059 458
Jasopt PtyLtd	065 064 164
Manoc Developments PtyLtd	137 556 524
Milnar PtyLtd	054 169 685
Northkom PtyLtd	082 885 961
Northkom I PtyLimited	604 022 899

AUSTRALIAN PARTY/ENTITY NAME COMPANY Ridgegate Proprietary Limited 058 139 923 S.One Holding Company Pty Limited 601 640 215 Samenic Pty Limited 066 234 900 Savabow Pty Ltd 084 712 774 ScrumPac Pty Ltd 602 375 253 Silthree Pty Ltd 084 494 575 Siltwo Pty Ltd 084 494 495 Tastee Shears Holdings Pty Limited 627 444 464 Toranaga Pty Ltd 056 229 728 Toray Pty Ltd 002 348 503 Wilbur Holdings Aus Pty. Limited 633 535 565