SPH Notice – Australian Ethical Investment Limited

Disclosure of beginning to have substantial holding Section 276, 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 Date this disclosure made: 30 October 2018 Date on which substantial holding began: 29 October 2018 Substantial product holder(s) giving disclosure Full name(s): National Nominees Ltd ACF Australian Ethical Investment Limited (ABN 51 003 188 930) Summary of substantial holding Class of quoted voting products: Ordinary shares Summary for ERD For this disclosure,-- (a) total number held in class: 3,560,075 (b) total in class: 68,278,772 (c) total percentage held in class: 5.21% Details of relevant interests Details for National Nominees Ltd ACF Australian Ethical Investment Limited Nature of relevant interest(s): National Nominees Limited ACF Australian Ethical Investment Limited is the registered holder and beneficial owner of the Products. Please note that National Nominees Ltd is the custodian of registered managed investment schemes; Australian Ethical Investment Limited is the Responsible Entity. A relevant agreement need not be attached under regulation 139. For that relevant interest,-- (a) number held in class: 3,560,075 (b) percentage held in class: 5.21% (c) current registered holder(s): Unknown (d) registered holder(s) once transfers are registered: Unknown For a derivative relevant interest, also-- (a) type of derivative: N/A (b) details of derivative: N/A (c) parties to the derivative: N/A (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: N/A Additional information Address(es) of substantial product holder(s): National Nominees Ltd, Level 12, 500 Bourke Street, Melbourne VIC 3000 Contact details: David Wilson, Fund Accounting Manager, Australian Ethical Investment Limited +61 2 8276 6230 and dwilson@australianethical.com.au 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, Tom May, Company Secretary, Australian Ethical Investment Limited 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. End CA:00326015 For:ERD Type:SHINTR Time:2018-10-31 08:30:30