Z Energy : ZEL) ceasing to be a substantial holder

For personal use only

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To NZX Limited and

To Z Energy Ltd

Date this disclosure made: 31 December, 2021

Date last disclosure made: 29 December, 2021

Date on which substantial holding ceased: 28 December, 2021

Substantial product holder(s) giving disclosure

Full name(s): Mitsubishi UFJ Financial Group, Inc., First Sentier Investors Realindex Pty Ltd, First Sentier Investors (Australia) IM Ltd.

Summary of previous substantial holding

Class of quoted voting products: Ordinary Shares (security code: NZZELE0001S1)

Summary for Mitsubishi UFJ Financial Group, Inc., First Sentier Investors Realindex Pty Ltd, First Sentier Investors (Australia) IM Ltd.

For last disclosure,-

1. total number held in class: 28,165,616
2. total in class: 520,136,969
3. total percentage held in class: 5.415%

For current holding after ceasing to have substantial holding,-

1. total number held in class: 24,041,167
2. total in class: 520,136,969
3. total percentage held in class: 4.622%

Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure:

For transaction details relating to subsidiaries of Mitsubishi UFJ Financial Group, Inc. see Annexure A.

For transaction details relating to the Morgan Stanley group see Annexure C.

1

For personal use only

Additional information

Address(es) of substantial product holder(s):

Mitsubishi UFJ Financial Group, Inc. - 2-7-1, Marunouchi, Chiyoda-ku, Tokyo 100-8330, Japan

First Sentier Investors Realindex Pty Ltd - Level 5, Tower Three International Towers Sydney, 300 Barangaroo Avenue, Barangaroo NSW 2000, Australia

First Sentier Investors (Australia) IM Ltd - Level 5, Tower Three International Towers Sydney, 300 Barangaroo Avenue, Barangaroo NSW 2000, Australia

Contact details: Mariko Onda, Phone: [phone],E-mail:[e-mail]

Nature of connection between substantial product holders: First Sentier Investors (Australia) IM Ltd and First Sentier Investors Realindex Pty Ltd are wholly-owned subsidiaries of Mitsubishi UFJ Financial Group, Inc.

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: Not applicable

Certification

I, Mariko Onda, 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.

2

For personal use only

Annexure A

Transaction details for subsidiaries of Mitsubishi UFJ Financial Group, Inc.

Nature

Number

Cash

Date of

Holder of Relevant

of

Class of

of

Consideration

Transaction

Interest

Transa

Securities

Securities

(NZD)

ction

None

-

-

-

0

0

3

For personal use only

Annexure B

Relevant interests held in the Morgan Stanley group

List of Morgan Stanley and its subsidiaries that have a relevant interest or are deemed to have a relevant interest in the shares.

Entities

└─┬─Morgan Stanley

├─┬─Morgan Stanley Capital Management, LLC

• └─┬─Morgan Stanley Domestic Holdings, Inc.
• ├─┬─Eaton Vance Acquisitions LLC
• │ └───Parametric Portfolio Associates LLC
• ├───Morgan Stanley & Co. LLC
• ├───Morgan Stanley Capital Services LLC
• └───Morgan Stanley Investment Management Inc.

└─┬─Morgan Stanley International Holdings Inc.

├─┬─Morgan Stanley (Australia) Securities Holdings Pty Limited

• └───Morgan Stanley Australia Securities Limited

└─┬─Morgan Stanley International Limited └─┬─Morgan Stanley Investments (UK)

└───Morgan Stanley & Co. International plc

4

For personal use only

Annexure C

Transaction details for the Morgan Stanley group

Date of

Holder of Relevant

Transaction Nature

Consideration

Class and number

Transaction

Interest

of securities

12/24/2021

Morgan Stanley & Co.

Buy

29,525.10

8,558 Ordinary

International plc

Shares

12/24/2021

Morgan Stanley & Co.

Collateral Received

N/A

37,264 Ordinary

International plc

Shares

Decrease in shares held

or in respect of which the

12/24/2021

Morgan Stanley & Co.

holder may exercise right

N/A

37,266 Ordinary

International plc

to rehypothecate

Shares

pursuant to the

agreement(s)

12/24/2021

Morgan Stanley & Co.

Sell

3,409,849.27

1,000,000 Ordinary

International plc

Shares

Morgan Stanley

12/24/2021

Australia Securities

Buy

1,607.18 (AUD)

493 Ordinary Shares

Limited

Morgan Stanley

6,316 Ordinary

12/24/2021

Australia Securities

Buy

20,558.58 (AUD)

Shares

Limited

Morgan Stanley

12/24/2021

Australia Securities

Sell

634.38 (AUD)

194 Ordinary Shares

Limited

Increase in shares held or

in respect of which the

12/27/2021

Morgan Stanley & Co.

holder may exercise right

N/A

1 Ordinary Share

International plc

to rehypothecate

pursuant to the

agreement(s)

Decrease in shares held

or in respect of which the

12/28/2021

Morgan Stanley & Co.

holder may exercise right

N/A

3,139,621 Ordinary

International plc

to rehypothecate

Shares

pursuant to the

agreement(s)

5