SPH Notice - Macquarie Group Limited

1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To NZX Limited
and
To Channel Infrastructure NZ Ltd
Date this disclosure made: 20 March 2025
Date on which substantial holding began: 19 March 2025
Substantial product holder(s) giving disclosure
Full name(s): Macquarie Group Limited & and its controlled bodies corporate listed in
Annexure A (Macquarie Group Entities)
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for Macquarie Group Entities
For this disclosure,—
(a) total number held in class: 52,962,631
(b) total in class: 410,004,702
(c) total percentage held in class: 12.92%

Details of relevant interests
Details for MACQUARIE ASSET MANAGEMENT PUBLIC INVESTMENTS (NZ) LIMITED
Nature of relevant interest(s): Power to control the exercise of a right to vote attached to
securities and/or control the disposal of securities in its capacity as manager.
For that relevant interest,—
(a) number held in class: 996,478
(b) percentage held in class: 0.24%
(c) current registered holder(s): BNP Paribas Securities Services (Australia)
(d) registered holder(s) once transfers are registered: Unknown

2
Details of relevant interests
Details for MACQUARIE BANK LIMITED
Nature of relevant interest(s): Power to control the exercise of a right to vote attached to
securities and/or control disposal of securities.
For that relevant interest,—
(a) number held in class: 5,779
(b) percentage held in class: 0.0014%
(c) current registered holder(s): Macquarie Bank Limited
(d) registered holder(s) once transfers are registered: Unknown

Details of relevant interests
Details for MACQUARIE SECURITIES (NZ) LIMITED
Nature of relevant interest(s): On 19 March 2025, Z Energy Limited (“Z”) entered into a
letter agreement (the "Agreement") with Macquarie Securities (NZ) Limited (the
"Underwriter") under which Z appointed the Underwriter to underwrite, sell and manage the
disposal of all of the 51,960,374 ordinary shares in CHI currently held by Z. A copy of the
Agreement which comprises [17] pages is attached to this notice (see Annexure B).
Pursuant to the Agreement, all of the 51,960,374 ordinary shares in CHI held by Z have
been allocated to investors, at a sale price of NZ$ 1.84 per ordinary share, with settlement
expected to occur on 24 March 2025. Settlement of the transaction is underwritten and
guaranteed by the Underwriter.
As a consequence of those allocations and the Agreement, there is a qualification on the
power of Z to dispose of, or control the disposal of, such shares.
For that relevant interest,—
(a) number held in class: 51,960,374
(b) percentage held in class: 12.67%
(c) current registered holder(s): Unknown
(d) registered holder(s) once transfers are registered: Unknown

3
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure: On 19 March 2025, Z Energy
Limited (“Z”) entered into a letter agreement (the "Agreement") with Macquarie Securities
(NZ) Limited (the "Underwriter") under which Z appointed the Underwriter to underwrite,
sell and manage the disposal of all of the 51,960,374 ordinary shares in CHI currently held
by Z. A copy of the Agreement which comprises [17] pages is attached to this notice (see
Annexure B).
Pursuant to the Agreement, all of the 51,960,374 ordinary shares in CHI held by Z have
been allocated to investors, at a sale price of NZ$ 1.84 per ordinary share, with settlement
expected to occur on 24 March 2025. Settlement of the transaction is underwritten and
guaranteed by the Underwriter.
As a consequence of those allocations and the Agreement, there is a qualification on the
power of Z to dispose of, or control the disposal of, such shares.

Date of
change
Person whose relevant interest
changed
Nature of
change
Consideration
per security
Number of
securities
affected
26-Nov-24
MACQUARIE ASSET MANAGEMENT
PUBLIC INVESTMENTS (NZ)
LIMITED
On market
purchase
NZD 1.6 78782
26-Nov-24
MACQUARIE ASSET MANAGEMENT
PUBLIC INVESTMENTS (NZ)
LIMITED
On market
purchase
NZD 1.8 21543
09-Dec-24
MACQUARIE ASSET MANAGEMENT
PUBLIC INVESTMENTS (NZ)
LIMITED
On market sale NZD 1.79 -21006
20-Dec-24 MACQUARIE BANK LIMITED
Rights Issue of
securities`
NZD 0.00 440
17-Jan-25
MACQUARIE ASSET MANAGEMENT
PUBLIC INVESTMENTS (NZ)
LIMITED
On market sale NZD 1.94 -19328
25-Feb-25
MACQUARIE ASSET MANAGEMENT
PUBLIC INVESTMENTS (NZ)
LIMITED
On market sale NZD 1.91 -18353
19-Mar-25
MACQUARIE SECURITIES (NZ)
LIMITED
Block Trade (see
Annexure B)
NZD 1.84 51,960,374

4
Additional information
Address(es) of substantial product holder(s): Level 1, 1 Elizabeth Street, Sydney, New
South Wales 2000, Australia
Contact details: Philip Alexander, +44 7785 428701, rmgpositionreporting@macquarie.com
Nature of connection between substantial product holders:
Each entity below is wholly owned subsidiary of Macquarie Group.
MACQUARIE ASSET MANAGEMENT PUBLIC INVESTMENTS (NZ) LIMITED
MACQUARIE BANK LIMITED
MACQUARIE SECURITIES (NZ) LIMITED
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, Philip Alexander, 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.

5
ANNEXURE A
Macquarie Group Limited’s controlled bodies corporate listed
Company No Company Name Country
1250 N LaSalle Member LLC United States
1250 N LaSalle Property LLC United States
2375 Ala Wai Holding LLC United States
2375 Ala Wai Property LLC United States
88-0896985 441 DG Holdings, LLC United States
12725483 Aberthaw Green Limited United Kingdom
B-88238381 Abeto New Energy S.L. Spain
13163487 Adapt Biogas FinanceCo Limited United Kingdom
13161489 Adapt Biogas HoldCo Limited United Kingdom
8199075 Adapt Biogas Limited United Kingdom
HRB 128514 Adler Capital Holdings GmbH Germany
Aerogy LLC United States
U40106TG2020F
TC139383 Akamu Sola
r Power Pvt Ltd India
B42869230 Alcala Del Jucar Energy S.L. Spain
B-88225867 ALCARAZ SOLAR S.L. Spain
20-8983572 Aligned Co-Invest GP LLC United States
14749827 Alphabet Equityco Limited United Kingdom
87-2097230 American Hydro LLC United States
683 163 886 ANZ LOGISTICS PROPERTY GROUP PTY LIMITED Australia
Aquila MSIG 3 (USD) Lev US Fund Aggregator 1 LP United States
Aquila MSIG 3 (USD) UnLev US Fund Aggregator 3 LP United States
U40106TG2019F
TC135162 Aquila Sola
r Power Pvt Ltd India
202036427C Aragorn Holding Company Two Pte. Ltd. Singapore
U40106TG2020F
TC140186 Aragorn Renewable Energy Pvt Ltd India
U40107TG2013P
TC134776 Arkha Sola
r Power Pvt Ltd India
Artemis Blocker Corporation United States
Artemis Investor Holdings, LLC United States
Artemis KE Blocker Buyer, Inc. United States
Artemis KE Blocker, L.P. United States
Artemis Outdoor Holdings, LLC United States
U40107TG2018F
TC125111 Atlantic Urja Pvt Ltd India
20-3690322 AVENAL POWER CENTER, LLC United States
653 880 785 B2R No. 1 Pty Limited Australia
653 881 040 B2R No. 2 Pty Limited Australia
653 881 693 B2R No. 3 Pty Limited Australia
Barcelona Funding Trust Australia
86-1973459 BBH DG Blocker, Inc. United States

6
8604966 BELIKE NOMINEES PTY. LIMITED Australia
96037946 Bellamy BESS Holding B.V. Netherlands
11974335 Bernard Topco Limited United Kingdom
16080578 Berrima Lendco Limited United Kingdom
15351758 Bestla UK Limited United Kingdom
12095099 Bilbao Offshore TopCo Limited United Kingdom
2023100122901-
01 BLE Philippines Holdings Inc. Philippines
202115880K BLE Project 103 Pte. Ltd. Singapore
CS2015160102 BLUE LEAF ENERGY SERVICES PHILIPPINES, INC. Philippines
201536002R BLUE LEAF ENERGY SPV HOLDCO PTE. LTD. Singapore
46-5587770 Blueshine, LLC United States
Bluestone Equity Release Series 1 Warehouse Trust Australia
12725566 Bolney Green Limited United Kingdom
008 607 065 BOND STREET CUSTODIANS LIMITED Australia
12723612 Bramley Solar Limited United Kingdom
58.257.030/0001-
68
BRASIL MB01 FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES MUL
TIESTRAT
ÉGIA RESPONSABILIDADE LIMITADA Brazil
58.423.425/0001-
93
BRASIL MB02 FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES MUL
TIESTRAT
ÉGIA RESPONSABILIDADE LIMITADA Brazil
13660085 Breachology Ltd United Kingdom
8371922 Bridge Partners Limited United Kingdom
12516809 Bridgwater Green Limited United Kingdom
14551448 BRIGADEIRO HOLDINGS LIMITED United Kingdom
692062 Broadstone Housing Investments Limited Ireland
88217 Bunhill Investments Unlimited Jersey
179-81-01129 BUSAN OFFSHORE WIND POWER CO., LTD. Korea, Republic of
2865830 BUTTONWOOD NOMINEES PTY LTD Australia
4800317 Capital Meters Limited United Kingdom
B42869248 Castellana De Robledo Energy S.L. Spain
B42869255 Castelo Melide Energy S.L. Spain
Central Park Advisers, LLC United States
20-8453707 Central Park Fund Administration, LLC United States
20-4816629 Central Park Group, LLC United States
538-88-01399 CERES HOLDINGS CO., LTD. Korea, Republic of
164108901000 Cero Development Hellas Single Member S.A. Greece
HRB 182832 Cero Erneuerbare Energien GmbH Germany

7
920 433 893 RCS
Nanterre Cero France SAS France
12415204 Cero Generation Holdings France Limited United Kingdom
14635736 Cero Generation Holdings Germany Limited United Kingdom
13356303 Cero Generation Holdings Greece Limited United Kingdom
12316686 Cero Generation Holdings Italy Limited United Kingdom
12479162 Cero Generation Holdings Poland Limited United Kingdom
11346219 Cero Generation Holdings Spain Limited United Kingdom
12318275 Cero Generation Holdings UK Limited United Kingdom
12272533 Cero Generation Limited United Kingdom
979335 Cero Generation Poland Spółka Z Ograniczoną Odpowiedzialnością Poland
162961101000 Cero Generation Services Greece Single Member Private Company Greece
13078063 Cero Generation Services Limited United Kingdom
M-
752842 Tomo 42
548 Folio 161 Cero Generation Services Limited, Sucursal en España Spain
B56794472 Cero Generation Services Spain S.L. Spain
12517980962 Cero Italy Projects 1 S.R.L. Italy
12517970963 Cero Italy Projects 2 S.R.L. Italy
12518000968 Cero Italy Projects 3 S.R.L. Italy
12495520962 Cero Italy Projects S.R.L. Italy
978917 Cero Polska 1 Spółka Z Ograniczoną Odpowiedzialnością Poland
982552 Cero Polska 2 Spółka Z Ograniczoną Odpowiedzialnością Poland
12289790961 Cero Services Italy S.R.L. Italy
10974030 CHAPTRE GreenCo Holdings Limited United Kingdom
436-87-01607 CHEONGSAPO OFFSHORE WIND POWER CO., LTD. Korea, Republic of
Chile Pacific HoldCo 2 SpA Chile
Chile Pacific Holdco 3 SpA Chile
Circularix Management Company, LLC United States
Circularix, LLC United States
CITRON HOLDINGS, LLC United States
Citron Ocala, LLC United States
Citron Platforms, LLC United States
13751493 Clifton Investment Holdings Limited United Kingdom
20-2937258 Closing Documentation Services, LLC United States
82-4708238 Cobalt Civil, LLC United States
Cobalt Contracting LLC United States
CER151028DM3 Comercializadora Energia de la Reforma S. de R.L. de C.V. Mexico

8
Commerce and Industry Brokerage Inc. United States
Corio Atlantic OSW Holdings 2 LLC United States
Corio Atlantic OSW Holdings 3, LLC United States
54252811000109 Corio Generation Brazil Limitada Brazil
617-86-04977 CORIO GENERATION BUSAN HOLDCO LIMITED Korea, Republic of
13805252 Corio Generation International Limited United Kingdom
T22FC0070G Corio Generation International Limited Singapore Branch Singapore
205-81-43369 CORIO GENERATION KOREA LLC Korea, Republic of
13715492 Corio Generation Limited United Kingdom
13481762 Corio Generation Service Company Limited United Kingdom
90610664 Corio Generation Taiwan Limited
Taiwan (Province of C
hina)
Corio Generation USA Holdings Inc. United States
Corio Generation USA LLC United States
Corio USA Atlantic Holdings L.P. United States
Corio USA Holdco LLC United States
Corio USA ProjectCo LLC United States
3241012 Corona Energy Limited United Kingdom
3241002 Corona Energy Retail 1 Limited United Kingdom
SC138299 Corona Energy Retail 2 Limited United Kingdom
2746961 Corona Energy Retail 3 Limited United Kingdom
2798334 Corona Energy Retail 4 Limited United Kingdom
2879748 Corona Gas Management Limited United Kingdom
92-2737524 CPG Fund Advisers United States
11496686 Craighouse Investments Limited United Kingdom
51-0566317 Crystal Screens Media LLC United States
CX Hatfield, LLC United States
CX Ocala, LLC United States
CX Team, LLC United States
81-3680468 DD Grid, LLC United States
23-3061021 Delaware Capital Management United States
23-2226487 Delaware Distributors, Inc. United States
23-2791871 Delaware Distributors, L.P. United States
Delaware Enhanced High Yield Municipal LLC United States
46-4850078 Delaware Investments Advisers Partner, Inc. United States
46-4639812 Delaware Investments Distribution Partner, Inc. United States
46-1906107 Delaware Investments Fund Advisers United States

9
46-5056965 Delaware Investments Fund Services Company United States
13-3465352 Delaware Investments Management Company, LLC United States
23-2859589 Delaware Management Company United States
13-3465338 Delaware Service Company, Inc. United States
15746566 Denwa Holdings Limited United Kingdom
15734867 Denwa Investment Holdings Limited United Kingdom
Dovel Holdings II, LLC United States
85-4264075 DynaGrid Acquisition, LLC United States
26-2800184 DynaGrid Construction Group, LLC United States
86-1253459 DynaGrid Group Holdings, LLC United States
82-4761117 DynaGrid Holdings LLC United States
85-4281427 DynaGrid Intermediate Holdings, LLC United States
SC499532 Dynamic Edge Group Limited United Kingdom
SC353045 Dynamic Edge Solutions Limited United Kingdom
Earth Resources Technology, LLC United States
Echo Bidco LLC United States
Echo Blocker Corporation United States
Echo Investor Holdings LLC United States
U40106TG2018F
TC125784 Egan Sola
r Power Pvt Ltd India
407-88-02089 EH ENERGY HOLDINGS CO., LTD. Korea, Republic of
307-88-02095 EH YANGJU CO., LTD. Korea, Republic of
127338827 ELAINE WINDFARM PTY LTD (IN DE-REGISTRATION) Australia
U40300TG2020F
TC138979 Elio Energy Private Limited India
12517332 Elstree Green Limited United Kingdom
6734150821 Energie Rinnovabili Monreale S.r.l. Italy
159289201000 Energy Storage Ventures Single Member Private Company Greece
159661801000 Energy Ventures 10 Single Member Private Company Greece
159662401000 Energy Ventures 6 Single Member Private Company Greece
12759332 Enso Green Holdings A Limited United Kingdom
12763872 Enso Green Holdings B Limited United Kingdom
12761273 Enso Green Holdings C Limited United Kingdom
12762856 Enso Green Holdings D Limited United Kingdom
12764449 Enso Green Holdings F Limited United Kingdom
12768166 Enso Green Holdings G Limited United Kingdom
12767586 Enso Green Holdings H Limited United Kingdom

10
12758956 Enso Green Holdings I Limited United Kingdom
12760999 Enso Green Holdings J Limited United Kingdom
12763391 Enso Green Holdings K Limited United Kingdom
12763931 Enso Green Holdings L Limited United Kingdom
12153574 Enso Green Holdings Limited United Kingdom
12764608 Enso Green Holdings M Limited United Kingdom
12767316 Enso Green Holdings N Limited United Kingdom
12767532 Enso Green Holdings O Limited United Kingdom
13327316 Enso Green Holdings P Limited United Kingdom
13327737 Enso Green Holdings Q Limited United Kingdom
13328511 Enso Green Holdings R Limited United Kingdom
13339227 ENSO GREEN HOLDINGS SS LIMITED United Kingdom
13328379 Enso Green Holdings U Limited United Kingdom
13328563 Enso Green Holdings V Limited United Kingdom
13328645 Enso Green Holdings W Limited United Kingdom
13328111 Enso Green Holdings X Limited United Kingdom
13328867 Enso Green Holdings Y Limited United Kingdom
13328913 Enso Green Holdings Z Limited United Kingdom
12483523 EOS INVESTMENT LIMITED United Kingdom
6435810 EQUITAS NOMINEES PTY. LIMITED Australia
B-88182340 ERDENE SOLAR, S.L. Spain
U40106TG2019F
TC135043 Eridanus Sola
r Power Pvt Ltd India
U40100TG2018F
TC125395 Ethan Energy India Pvt Ltd India
79878783 EURO FIN CO PTY LTD Australia
619687 Euro Investco PPP Ireland GP Limited Ireland
13182125 Evercreech BidCo Limited United Kingdom
10584231 Evercreech Renewable Energy Limited United Kingdom
SC273537 Exmos Limited United Kingdom
36-4649760 Farm & Ranch Construction, LLC United States
556654-2675 Favonius AB Sweden
202208128N FEMA HOLDCO PTE. LIMITED Singapore
827772 FEMOREN SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Poland
12725583 Fleet Green Limited United Kingdom
16099961 FLEETE ASSETS UK LIMITED United Kingdom

11
14151168 Fleete Group Limited United Kingdom
46-2260160 Florida Coral Lien Investments, LLC United States
16240241006 Fluorite New Energy S.R.L. Italy
06-1058201 Fox-Pitt Kelton Cochran Caronia Waller LLC United States
1601171 Fox-Pitt, Kelton Limited (in liquidation on 12 December 2024) United Kingdom
32157 Fox-Pitt, Kelton N.V. Curacao
99228 FPK Capital I CIP GP Limited Jersey
20-5600465 Fremantle Energy Holdings, LLC United States
20-2384759 Fremantle Wind Holdings Inc. United States
Fresh Air (Nevada) LLC United States
Fresh Air (US) LLC United States
BC1130577 Fresh Air Educators Inc. Canada
763643 Fuinneamh Og Teoranta Ireland
GGL230117QT6 Fund General Partner, S.A. de C.V. Mexico
54001400 GATESUN PTY. LIMITED Australia
44.854.251/0001-
09 Geradora Eólica Brigadeiro I Ltda. Brazil
44.699.178/0001-
48 Geradora Eólica Brigadeiro II Ltda. Brazil
44.699.212/0001-
84 Geradora Eólica Brigadeiro III Ltda. Brazil
44.699.201/0001-
02 Geradora Eólica Brigadeiro IV Ltda. Brazil
44.854.157/0001-
50 Geradora Eólica Brigadeiro V Ltda. Brazil
570800 GGB inBalans Investco Ireland GP Limited (pending dissolution) Ireland
GIG CCS HoldCo, LLC United States
GIG Infrastructure HoldCo, LLC United States
14043915 GIG OSW Investments Appointer Limited United Kingdom
794 084 640 GIG OSW Service Company Limited French Branch France
NO 930 498 696 GIG OSW Service Company Limited, Norway Branch Norway
44203. 0, 17, 8,
M-779340 GIG OSW Service Company Limited, Sucursal En Espana Spain
GIG SHE Finance, LLC United States
GIG SHE Holdings, LLC United States
GIG Solar HoldCo, LLC United States
GIG Solar US Legacy 1, LLC United States
GIG Solar US Legacy 2, LLC United States
GIG US Investment Holdings Inc. United States
GIG US Storage Holdings LLC United States
16266374 GIGIL Peregrine Holdings Limited United Kingdom

12
505-88-01841 GIJANG OFFSHORE WIND POWER CO., LTD. Korea, Republic of
157315340000 Gilda Energy Single Member Societe Anonyme Greece
9642942 GILLMAN PTY. LIMITED Australia
HRB 236848 Globe Beteiligungs GmbH Germany
5473771 Goonzaran Bluebell Leasing Limited United Kingdom
12296818 Gordon Topco Limited (in liquidation on 28 June 2024) United Kingdom
Not Registered Great Eastern Offshore Wind Farm Asset Trust Australia
Not Registered Great Eastern Offshore Wind Farm Hold Trust Australia
664 379 079 GREAT EASTERN OFFSHORE WIND FARM INVESTMENT PTY LTD Australia
Not Registered Great Eastern Offshore Wind Farm Investment Trust Australia
664 379 168 GREAT EASTERN OFFSHORE WIND FARM PROJECT CO PTY LTD Australia
664 379 140 GREAT EASTERN OFFSHORE WIND FARM PTY LTD Australia
14523174 Great Eastern Offshore Wind Farm UK HoldCo Limited United Kingdom
Great Lakes Broadband Holdings LLC United States
11654061 Green Empire WtE Holdings Limited United Kingdom
538-88-00707 GREEN INVESTMENT GROUP (KOREA) LLC Korea, Republic of
SC576143 Green Investment Group Investments Limited United Kingdom
SC574147 Green Investment Group Limited United Kingdom
846-87-01653 GYEONGJU CLEAN ENERGY CO., LTD. Korea, Republic of
77.447.163-4 HC Three Investments SpA Chile
11727242 HC2 Investments Limited United Kingdom
642634759 HEARTBEAT ENERGY HOLDCO PTY LIMITED Australia
125438600 HENDERSON WA PTY LIMITED Australia
not registered HENDERSON WA TRUST Australia
559017 Hermes Infrastructure Investco Ireland GP Limited Ireland
159714202000 Hibiscus Energy Single Member Societe Anonyme Greece
97666 Hydra Investments 2007 Limited Jersey
728755 Ibsen Investco PPP Limited Ireland
157422601000 Ilios Serron Single Member Societe Anonyme Greece
202302490 InEvo Re Ltd Bermuda
202302488 InEvo Re Management Services LLC Bermuda
InEvo Re Management Services US LLC United States
202302486 InEvo Re Midco LLC Bermuda

13
202302487 InEvo Re Topco LLC Bermuda
14256697 Infinity UK Borrower 1 Limited United Kingdom
14253490 Infinity UK HoldCo 1 Limited United Kingdom
INFINITY US BORROWER 1 LLC United States
INFINITY US HOLDCO 1 LLC United States
10510632 Insight Analytics Solutions Holdings Limited United Kingdom
10511025 Insight Analytics Solutions Limited United Kingdom
Insight Analytics Solutions USA, Inc United States
75920433 International Compliance Software Holding B.V. Netherlands
12517505 Iron Acton Green Limited United Kingdom
65-0417837 Ivy Distributors, Inc. United States
03-0481447 Ivy Investment Management Company United States
42155411 JBF Nearshore ApS Denmark
46-1277880 Jones Street Holdings, LLC United States
Kalkomey Borrower, LLC United States
Kalkomey Enterprises, LLC United States
BC1128884 Kalkomey Holdings Canada Inc. Canada
Kalkomey Holdings, LLC United States
BC1128891 Kalkomey Intermediate Holdings Canada Inc. Canada
Kalkomey Intermediate, LLC United States
Kalkomey PI Holdings, LLC United States
16079756 Kareela Holdco Limited United Kingdom
KE Sportsman Buyer, Inc. United States
B-06922330 Kiwi New Energy, S.L. Spain
U40106TG2020F
TC142784 Kleio Sola
r Power Pvt Ltd India
13621736 Kusten Offshore Holding Company Limited United Kingdom
56649800 L2 B.V. Netherlands
FC032012 L2 B.V. (UK Branch) United Kingdom
B-88164025 LA CARAVIA SOLAR, S.L. Spain
8763016 Lakehouse Mortgages Limited United Kingdom
615861259 LAL LAL WIND FARMS PTY LIMITED Australia
14200142 Lalune Holdings Limited United Kingdom
B-87927414 LIDABASHI INTERNATIONAL ADVISORS, S.L. Spain
7125975 LMS Computer Services Ltd United Kingdom
SC703876 Lochlann TopCo Limited United Kingdom
12517014 Lovedean Green Limited United Kingdom
M Acquisition Company V Corporation United States
M Acquisition Company VI Corporation United States
M Acquisition Company VII Corporation United States
M Acquisition V Sponsor, LLC United States

14
M Acquisition VI Sponsor, LLC United States
M Acquisition VII Sponsor, LLC United States
MAC FUND ONE TRUST Australia
198500776M MACQUARIE (ASIA) PTE LTD. Singapore
51983 Macquarie (Bermuda) Limited Bermuda
0100-01-068766 MACQUARIE (JAPAN) LIMITED Japan
SC280388 Macquarie (Scotland) GP Limited United Kingdom
6287793 Macquarie (UK) Group Services Limited United Kingdom
8594885 MACQUARIE ACCEPTANCES PTY LIMITED Australia
CS201900544 MACQUARIE ADVISORS (PHILIPPINES) INC. Philippines
2003/014483/07 Macquarie Advisory and Capital Markets South Africa Proprietary Limited South Africa
27-1564084 Macquarie Affiliated Managers (USA) Inc. United States
26-2103542 Macquarie Affiliated Managers Holdings (USA) Inc. United States
2000/001243/07 MACQUARIE AFRICA PROPRIETARY LIMITED South Africa
122169368 MACQUARIE AGRICULTURAL FUNDS MANAGEMENT LTD Australia
611566217
MACQUARIE AGRICULTURAL FUNDS MANAGEMENT NO.2 PTY LIMI
TED Australia
667 534 581 MACQUARIE ALLIANCE PARTNERS HOLDINGS PTY LIMITED Australia
Macquarie Alliance Partners Infrastructure Fund GP, LLC United States
Macquarie Alliance Partners Management, LLC United States
Macquarie Alliance Partners, LLC United States
37-1740746 Macquarie Alpine Inc. United States
103237181 MACQUARIE ALTERNATIVE ASSETS MANAGEMENT LTD Australia
26-3816229 Macquarie Alternative Strategies United States
Macquarie AM US Holdings, LLC United States
26-3769039 Macquarie America Holdings Inc. United States
124071414 MACQUARIE AMERICAS HOLDINGS PTY LTD Australia
Macquarie Artemis Investor, LLC United States
325180 Macquarie ASEAN Technology Investments Holdings GP Ltd. Cayman Islands
201713780Z Macquarie Asia Infrastructure Management 2 Pte. Limited Singapore
289176 Macquarie Asia Infrastructure Management Limited Cayman Islands

15
10348664 Macquarie Asia Securities Limited Hong Kong
313050 Macquarie Asia Specialized Asset Management I Limited Cayman Islands
B292982 Macquarie Asia-Pacific Infrastructure Fund 4 SCSp Luxembourg
202017632H Macquarie Asia-Pacific Infrastructure Management 3 Pte. Ltd. Singapore
202441938H Macquarie Asia-Pacific Infrastructure Management 4 Pte. Ltd. Singapore
41-2183382 Macquarie Asset Advisers United States
8253772
Macquarie Asset Finance Holdings Limited (in liquidation on 23 October 2
024) United Kingdom
0100-01-107687 MACQUARIE ASSET FINANCE JAPAN LIMITED Japan
57952C1/GBL MACQUARIE ASSET FINANCE MAURITIUS LTD Mauritius
64219601 MACQUARIE ASSET FINANCE PTY LIMITED Australia
11670775 Macquarie Asset Holdings Limited United Kingdom
461290 MACQUARIE ASSET MANAGEMENT (NZ) LIMITED New Zealand
Macquarie Asset Management Credit Advisers US, LLC United States
MACQUARIE ASSET MANAGEMENT CREDIT HOLDINGS LLC United States
637680767
MACQUARIE ASSET MANAGEMENT EUROPE HOLDINGS PTY LIMIT
ED Australia
B233.546 Macquarie Asset Management Europe S.à r.l. Luxembourg
925 197 626 Macquarie Asset Management Europe S.à r.l., France Branch France
MI - 2608249 Macquarie Asset Management Europe S.à r.l., Italy Branch Italy
84650265 Macquarie Asset Management Europe S.à r.l., Netherlands Branch Netherlands
Vol 44284, Sh. 20
0, M-780630 Macquarie Asset Management Europe S.à r.l., Sucursal en España Spain
HRB 265605
Macquarie Asset Management Europe S.à.r.l., Niederlassung Deutschlan
d Germany
134474712 MACQUARIE ASSET MANAGEMENT HOLDINGS PTY LIMITED Australia
FC037906 Macquarie Asset Management Holdings Pty Limited (UK Branch) United Kingdom
B291195 Macquarie Asset Management Insurance Capital Solutions I S.à.r.l. Luxembourg
B286264 Macquarie Asset Management Insurance Capital Solutions GP S.à r.l. Luxembourg

16
B288091
Macquarie Asset Management Insurance Capital Solutions SCSp SICAV-
RAIF Luxembourg
0100-01-156193 MACQUARIE ASSET MANAGEMENT JAPAN CO., LTD. Japan
397181 Macquarie Asset Management México, S.A. de C.V. Mexico
Macquarie Asset Management Solutions, LLC United States
14755579 Macquarie Asset Management Trustee Co Limited United Kingdom
12514361 Macquarie Asset Management UK Holdings No.1 Limited United Kingdom
12514477
Macquarie Asset Management UK Holdings No.2 Limited (pending dissol
ution) United Kingdom
637680374 MACQUARIE ASSET MANAGEMENT UK HOLDINGS PTY LIMITED Australia
637679102 MACQUARIE ASSET MANAGEMENT US HOLDINGS PTY LIMITED Australia
Macquarie Asset Management US Inc. United States
77595012
MACQUARIE AUSTRALIAN INFRASTRUCTURE MANAGEMENT 1 LIMI
TED Australia
131476910
MACQUARIE AUSTRALIAN INFRASTRUCTURE MANAGEMENT 2 LIMI
TED Australia
124071432 MACQUARIE B.H. PTY LTD Australia
B292044 Macquarie B1 Luxembourg GP S.à r.l. Luxembourg
848 958 278 Macquarie Bank Europe DAC, Paris Branch France
634817 Macquarie Bank Europe Designated Activity Company Ireland
HRB 115545 Macquarie Bank Europe Designated Activity Company, Frankfurt Branch Germany
8583542 MACQUARIE BANK LIMITED Australia
1045 Macquarie Bank Limited (DIFC Recognised Company) United Arab Emirates
FC018220 Macquarie Bank Limited (London Branch) United Kingdom
2019/524903/10
Macquarie Bank Limited (registered as an external company in South Afri
ca) South Africa
FC018220 Macquarie Bank Limited (US Representative Office) United States
N/A Macquarie Bank Limited (Zurich Rep Office) Switzerland
T11FC0018C MACQUARIE BANK LIMITED SINGAPORE BRANCH Singapore
R.P.M. 89239089
2 Macquarie Belgium TCG SRL Belgium
CNPJ03.516.449/
0001 MACQUARIE BRASIL PARTICIPACOES LTDA Brazil
Macquarie CAF LLC United States
839742-2 Macquarie Canada MPIP GP Ltd. Canada
839745-7 Macquarie Canada MPIP LP Ltd. Canada

17
683412-4 Macquarie Canada Services Ltd. Canada
123199548 MACQUARIE CAPITAL (AUSTRALIA) LIMITED Australia
61414 Macquarie Capital (Chile) SpA Chile
3704031 Macquarie Capital (Europe) Limited United Kingdom
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N/A Macquarie Capital (Europe) Limited, Geneva Representative Office Switzerland
104-81-64533 MACQUARIE CAPITAL (KOREA) LIMITED Korea, Republic of
1952567 MACQUARIE CAPITAL (NEW ZEALAND ) LIMITED New Zealand
199704430K MACQUARIE CAPITAL (SINGAPORE) PTE. LIMITED Singapore
98-0141094 MACQUARIE CAPITAL (USA) INC. United States
130 342 915 MACQUARIE CAPITAL ADVISERS CRE PTY LTD Australia
20-5426915 Macquarie Capital Americas Holdings Inc. United States
364888 Macquarie Capital Asia Technology Investments Holdings GP Ltd. Cayman Islands
905313-1 Macquarie Capital Development Canada Ltd. Canada
885 184 697 R.C.
S. Paris Macquarie Capital France Société Anonyme France
80503837 Macquarie Capital France Société Anonyme, Benelux Branch Netherlands
MI - 2629590 Macquarie Capital France Société Anonyme, Italy Branch Italy
HRB 120651 Macquarie Capital France Société Anonyme, Niederlassung Deutschland Germany
T. 41201, F. 171,
H. M-730487 Macquarie Capital France Société Anonyme, Sucursal en España Spain
897 955 597 R.C.
S. Paris
Macquarie Capital French Fund, Société d’Investissement à Capital Varia
ble France
13-3789912 Macquarie Capital Funding LLC United States
127185719 MACQUARIE CAPITAL GLOBAL EQUITIES PTY LIMITED Australia
2149050 Macquarie Capital Holdings (Canada) Ltd. Canada
45-4703789 Macquarie Capital Investment Holdings Inc. United States
8965703 MACQUARIE CAPITAL LIMITED Hong Kong
110-84-02227 MACQUARIE CAPITAL LIMITED (SEOUL BRANCH) Korea, Republic of
89407381 Macquarie Capital Limited, Taiwan Securities Branch
Taiwan (Province of C
hina)
565608
Macquarie Capital Markets Canada Ltd./Marchés Financiers Macquarie C
anada Ltée. Canada

18
1079073
Macquarie Capital Markets North America Ltd./Marchés Financiers Macq
uarie Amérique Du Nord Ltée. Canada
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MACQUARIE CAPITAL PARTNERS, LLC United States
803092-8 Macquarie Capital Principal Holdings Canada Ltd Canada
U65920MH1995P
TC090696 Macquarie Capital Securities (India) Private Limited India
MC-134609 MACQUARIE CAPITAL SECURITIES (JAPAN) LIMITED Cayman Islands
0100-03-012063
MACQUARIE CAPITAL SECURITIES (JAPAN) LIMITED (TOKYO BRAN
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199801007342 (4
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15184/2070C1/G
BL MACQUARIE CAPITAL SECURITIES (MAURITIUS) LIMITED Mauritius
180496 Macquarie Capital Securities (Philippines) Inc. Philippines
198702912C MACQUARIE CAPITAL SECURITIES (SINGAPORE) PTE. LIMITED Singapore
B240282 Macquarie Capital SG GP S.a r.l. Luxembourg
B240420 Macquarie Capital SICAV-RAIF Luxembourg
13-3789912 Macquarie Capital US Acquisitions LLC United States
201918662K
MACQUARIE CAPITAL VIETNAM GREEN INVESTMENTS PTE. LIMITE
D Singapore
81119477 MACQUARIE CGM TRADING PTY LIMITED Australia
Macquarie CLO Equity Fund LP United States
Macquarie CLO Equity GP LLC United States
5259474 Macquarie Commodities (UK) Limited (in liquidation on 28 June 2024) United Kingdom
15.246.175/0001-
50 Macquarie Commodities Brasil S/A Brazil
6863247
Macquarie Commodities Factoring Holdings (UK) Limited (liquidation on 2
8 June 2024) United Kingdom
5259503
Macquarie Commodities Finance (UK) Limited (in liquidation on 28 June
2024) United Kingdom
1049253-1 Macquarie Commodities Holding Canada Ltd. Canada
633 247 935 MACQUARIE COMMODITIES PTY LIMITED Australia
619688 Macquarie Commodities Trading (Ireland) Limited Ireland
91310000301734
7000 MACQUARIE COMMODITIES TRADING (SHANGHAI) CO, LTD China

19
91310000342091
408Y Macquarie Commodities Trading (Shanghai) Co, Ltd First Branch China
201711753C MACQUARIE COMMODITIES TRADING (SINGAPORE) PTE. LIMITED Singapore
620092435 MACQUARIE COMMODITIES TRADING AUSTRALIA PTY LIMITED Australia
199655 MACQUARIE COMMODITIES TRADING BAHAMAS LTD Bahamas
1049254-0 Macquarie Commodities Trading Canada Ltd. Canada
625 945 119 MACQUARIE COMMODITIES TRADING PTY LIMITED Australia
CHE-
490.254.918 Macquarie Commodities Trading SA Switzerland
Macquarie Commodities Trading US, LLC United States
200813631K MACQUARIE COMMODITY MARKETS (SINGAPORE) PTE. LIMITED Singapore
Macquarie Communications Infrastructure Holdings, LLC United States
4752472 Macquarie Corona Energy Holdings Limited United Kingdom
21001396 Macquarie Corporate (Hong Kong) Limited Hong Kong
6198910 MACQUARIE CORPORATE AND ASSET FINANCE LIMITED Australia
8606862 MACQUARIE CORPORATE FINANCE HOLDINGS PTY LIMITED Australia
8595426 MACQUARIE CORPORATE FINANCE LIMITED Australia
HRB52973
MACQUARIE CORPORATE FINANCE LIMITED NIEDERLASSUNG DE
UTSCHLAND Germany
686899659 Macquarie Corporate Holdings Belgium NV Belgium
125895 Macquarie Corporate Holdings Europe Limited Jersey
096 705 109 MACQUARIE CORPORATE HOLDINGS PTY LIMITED Australia
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123199253
MACQUARIE CORPORATE INTERNATIONAL HOLDINGS PTY LIMITE
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202410906W MACQUARIE DATA CENTRE INVESTMENTS PTE. LIMITED Singapore
202125957C MACQUARIE DIGITAL INFRASTRUCTURE ASIA PTE. LIMITED Singapore
202126530W MACQUARIE DIGITAL TOWER PTE. LIMITED Singapore
B 289214 Macquarie Direct Lending Europe GP S.à r.l. Luxembourg
Macquarie Echo Investor LLC United States
200408424K MACQUARIE EMERGING MARKETS ASIAN TRADING PTE. LIMITED Singapore

20
Macquarie Emerging Markets Debt Select Opportunities Master Fund, Ltd Cayman Islands
143365673 MACQUARIE EMERGING MARKETS INVESTMENTS PTY LTD Australia
22.084.882/0001-
53 Macquarie Energia Brasil Comercializadora Ltda. Brazil
1149253-5 Macquarie Energy Canada Ltd. Canada
122300592 MACQUARIE ENERGY HOLDINGS PTY LTD Australia
TDP 09.03.6.73.0
2806
MACQUARIE ENERGY HOLDINGS PTY LTD, Indonesia Foreign Trade
Representative Office Indonesia
0104-03-023033 MACQUARIE ENERGY JAPAN LIMITED Japan
8253776 Macquarie Energy Leasing Limited United Kingdom
93-1043421 Macquarie Energy LLC United States
MGS141223CE7 Macquarie Energy Mexico, S. de R.L. de C.V. Mexico
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Macquarie Energy Partners GP LLC United States
631 067 224 MACQUARIE ENERGY SERVICES PTY LIMITED Australia
Macquarie Energy Trading LLC United States
202335939D MACQUARIE ENERGY TRANSITION ASIA PTE. LIMITED Singapore
93-1552120 Macquarie Energy Transition ETF United States
Macquarie Energy Transition Infrastructure Fund, L.P. United States
Macquarie Equipment Capital Inc. United States
421234 Macquarie Equipment Finance Designated Activity Company Ireland
2017/387403/10
Macquarie Equipment Finance Designated Activity Company (Registered
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262381 MACQUARIE EQUIPMENT FINANCE LIMITED New Zealand
605377-7
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t Ltée. Canada
475730 Macquarie Equipment Finance Services Limited Ireland
199801003389
MACQUARIE EQUIPMENT LEASING SDN. BHD. (In Liquidation wef 07/
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91310000MAC1A
06U80 Macquarie Equipment Trading (Shanghai) Co., Ltd China
63906392 MACQUARIE EQUITIES (US) HOLDINGS PTY. LIMITED Australia
002 574 923 MACQUARIE EQUITIES LIMITED Australia

21
2006/000899/07
Macquarie Equities South Africa Proprietary Limited (In Voluntary Liquidat
ion) South Africa
7713808 Macquarie Euro Limited United Kingdom
6146573 Macquarie European Investment Holdings Limited United Kingdom
HRB 82991 Macquarie European Rail GmbH (in liquidation) Germany
8253782 Macquarie European Rail Limited (in liquidation on 23 October 2024) United Kingdom
202237491H MACQUARIE EV INVESTMENTS PTE. LIMITED Singapore
Macquarie Executive Holdings LLC United States
122169304 MACQUARIE FARM SERVICES PTY LIMITED Australia
26-2864605 Macquarie FG Holdings Inc. United States
U65999MH2009P
TC190863 MACQUARIE FINANCE (INDIA) PRIVATE LIMITED India
106-81-94256 MACQUARIE FINANCE KOREA CO., LTD. Korea, Republic of
124071398 MACQUARIE FINANCIAL LIMITED Australia
95135694 MACQUARIE FINANCIAL PRODUCTS MANAGEMENT LIMITED Australia
Macquarie Focused Emerging Markets Equity ETF United States
HRB 98935 Macquarie Fonds GmbH Germany
HRB 99628 Macquarie Fondsmanagement GmbH Germany
52230658 Macquarie Formosa 1 Co., Ltd.
Taiwan (Province of C
hina)
55667289 Macquarie Formosa Solar Co., Ltd. (In Liquidation 01/03/2024)
Taiwan (Province of C
hina)
127735960 MACQUARIE FUND ADVISERS PTY LIMITED Australia

Macquarie Fund Solutions - Macquarie Emerging Markets Debt Green Op
portunities Fund Luxembourg
1562805-9 MACQUARIE FUNDING 7 LTD. Canada
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1000746573 MACQUARIE FUNDING 9 LTD. Canada
657826-8 Macquarie Funding Holdings Canada Ltd. Canada
6581935 Macquarie Funding Inc. Canada
Macquarie Funding LLC United States
23.964.702/0001-
90
Macquarie Fundo De Investimento Multimercado Crédito Privado Investi
mento No Exterio
r Brazil
093 177 407 MACQUARIE FUNDS MANAGEMENT HOLDINGS PTY LIMITED Australia
31682176 MACQUARIE FUNDS MANAGEMENT HONG KONG LIMITED Hong Kong

22
201715715W MACQUARIE FUTURES (SINGAPORE) PTE. LIMITED Singapore
20-4193486 Macquarie Futures USA LLC United States
137072112 MACQUARIE FX INVESTMENTS PTY LTD Australia
HRB 82733 Macquarie Germany Holdings GmbH (In Voluntary Liquidation) Germany
128212868 Macquarie GIG Funds Management Limited Australia
Not Registered Macquarie GIG Renewable Energy Fund 3 Parallel Trust Australia
068897C1/GBL
MACQUARIE GLOBAL FINANCE SERVICES (MAURITIUS) LIMITED (In
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B 276.542 Macquarie Global Infrastructure Fund (EUR Feeder) SCSp Luxembourg
B 277.603 Macquarie Global Infrastructure Fund (JPY Feeder) SCSp Luxembourg
B 276.600 Macquarie Global Infrastructure Fund (USD Feeder) SCSp Luxembourg
5259497 Macquarie Global Investments (UK) Limited (In voluntary Liquidation) United Kingdom
93-1400824 Macquarie Global Listed Infrastructure ETF United States
Macquarie Global Services (USA) LLC United States
U93090DL2007F
TC199006 MACQUARIE GLOBAL SERVICES PRIVATE LIMITED India
MACQUARIE GLOBAL VALUE EQUITY FUND Australia
Macquarie Good Ventures Inc. United States
5718600 Macquarie GP2 Limited United Kingdom
WK-245599 Macquarie Greater China Infrastructure Management Limited Cayman Islands
124071389 MACQUARIE GROUP (US) HOLDINGS NO.1 PTY LTD Australia

MACQUARIE GROUP EMPLOYEE RETAINED EQUITY PLAN (MEREP
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200412291W MACQUARIE GROUP HOLDINGS (SINGAPORE) PTE. LIMITED Singapore
6357999 Macquarie Group Holdings (UK) No.2 Limited United Kingdom
1952566 MACQUARIE GROUP HOLDINGS NEW ZEALAND LIMITED New Zealand
124071478 MACQUARIE GROUP HOLDINGS NO.3 PTY LTD Australia
11670358 Macquarie Group Investments (UK) No.1 Limited United Kingdom
7438584 Macquarie Group Investments (UK) No.2 Limited United Kingdom
122169279 MACQUARIE GROUP LIMITED Australia
U74999DL2021F
TC375793 Macquarie Group Management (India) Private Limited India

23
CS201909201 MACQUARIE GROUP SERVICES (PHILIPPINES), INC. Philippines
200703288K MACQUARIE GROUP SERVICES (SINGAPORE) PTE. LIMITED Singapore
116467031 MACQUARIE GROUP SERVICES AUSTRALIA PTY LTD Australia
FC027877 MACQUARIE GROUP SERVICES AUSTRALIA PTY LTD (UK BRANCH) United Kingdom
891 855 033 R.C.
S Macquarie Group Services Australia Pty Ltd France France
909027 Macquarie Group Services Australia PTY LTD, Ireland Branch Ireland
637 731 250 MACQUARIE GROUP TREASURY FUNDING PTY LIMITED Australia
656 140 251 Macquarie GT Holdings Pty Limited Australia
388232 Macquarie Holdings (Mexico), S.A. DE C.V. Mexico
200703280D MACQUARIE HOLDINGS (SINGAPORE) PTE. LTD. Singapore
13-3789912 MACQUARIE HOLDINGS (U.S.A.) INC. United States
201714295K
MACQUARIE HOLDINGS 2 (SINGAPORE) PTE. LIMITED (In Liquidation
wef 27/06/2024) Singapore
516871829 Macquarie Holdings Israel Ltd Israel
2006/000891/07 Macquarie Holdings South Africa Proprietary Limited South Africa
36-4307649 MACQUARIE INC. United States
200823500E
MACQUARIE INDIA INFRASTRUCTURE MANAGEMENT HOLDINGS P
TE. LIMITED Singapore
B 279.414 Macquarie Inflation Linked Income Fund Luxembourg GP S.à r.l. Luxembourg
CS201221372 MACQUARIE INFRASTRUCTURE ADVISORY (PHILIPPINES) INC. Philippines
3976881 Macquarie Infrastructure and Real Assets (Europe) Limited United Kingdom
n/a Macquarie Infrastructure and Real Assets (Europe) Limited (Spain) Spain
499 798 742 R.C.
S. Paris Macquarie Infrastructure and Real Assets (Europe) Limited, Paris Branch France
084 32 112
Macquarie Infrastructure and Real Assets (Europe) Limited, Prague branc
h Czech Republic
21233278 Macquarie Infrastructure and Real Assets (Hong Kong) Limited Hong Kong
U67190MH2013P
TC241809 Macquarie Infrastructure and Real Assets (India) Private Limited India
784370-4 Macquarie Infrastructure and Real Assets (Sales) Canada Ltd Canada

24
200513362E
MACQUARIE INFRASTRUCTURE AND REAL ASSETS (SINGAPORE)
PTE. LIMITED Singapore
10640222 Macquarie Infrastructure and Real Assets Core Limited United Kingdom
82018399
MACQUARIE INFRASTRUCTURE AND REAL ASSETS HOLDINGS PT
Y LIMITED Australia
20-8983572 Macquarie Infrastructure and Real Assets Inc. United States
B 209.047
Macquarie Infrastructure and Real Assets Investments (Luxembourg) S.à
r.l. Luxembourg
8248121 Macquarie Infrastructure and Real Assets Investments Limited United Kingdom
39809207
Macquarie Infrastructure and Real Assets Management (Hong Kong) Limi
ted Hong Kong
B138295 Macquarie Infrastructure and Real Assets S.à r.l. Luxembourg
12867138 Macquarie Infrastructure and Real Assets US Holdings Limited United Kingdom
Macquarie Infrastructure Debt Opportunities, LLC United States
Macquarie Infrastructure Developments LLC United States
74311390
MACQUARIE INFRASTRUCTURE FUNDS MANAGEMENT PTY LIMITE
D Australia
5755862 Macquarie Infrastructure GP Limited United Kingdom
201218395M
MACQUARIE INFRASTRUCTURE HOLDINGS (PHILIPPINES) PTE. LIM
ITED Singapore
WK-228075 MACQUARIE INFRASTRUCTURE LIMITED Cayman Islands
112772871 MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED Australia
T06FC6823A
MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED
- SINGAPORE BRANCH Singapore
20-0643354 MACQUARIE INFRASTRUCTURE MANAGEMENT (USA) INC United States
1174010-5 Macquarie Infrastructure Partners Canada GP Ltd. Canada
Macquarie Infrastructure Partners II GP LLC United States
30-0777655 Macquarie Infrastructure Partners III GP LLC United States
20-4166306 Macquarie Infrastructure Partners Inc. United States
Macquarie Infrastructure Partners IV GP LLC United States
20-8983572 Macquarie Infrastructure Partners U.S. GP LLC United States
Macquarie Infrastructure Partners V GP, LLC United States
Macquarie Infrastructure Partners VI GP, LLC United States

25
46726 Macquarie Infrastructure Philippines Limited Bermuda
41533 MACQUARIE INFRASTRUCTURE REINSURANCE COMPANY LIMITED Bermuda
B272719 Macquarie Innovative Venture Partners (Lux) S.à r.l. Luxembourg
330937 Macquarie Innovative Vision Fund Manager Limited Cayman Islands
337957 Macquarie Innovative Vision Partners II Limited Cayman Islands
330936 Macquarie Innovative Vision Partners Limited Cayman Islands
200505701K MACQUARIE INSURANCE (SINGAPORE) PTE. LTD. Singapore
B231864 Macquarie Insurance Facility Luxembourg S.à r.l. Luxembourg
92985263 MACQUARIE INTERNATIONAL FINANCE LIMITED Australia
4125302 Macquarie International Holdings Limited United Kingdom
91310000736671
894N
MACQUARIE INTERNATIONAL HOUSING AND LAND CONSULTING (
SHANGHAI) COMPANY LIMITED (In Liquidation 31/08/2023) China
108590996 MACQUARIE INTERNATIONAL INVESTMENTS PTY LIMITED Australia
1802574 Macquarie International Limited United Kingdom
18764141 Macquarie International Services Limited Hong Kong
4957256 Macquarie Internationale Investments Limited United Kingdom
58955530 Macquarie Internet Investments Limited Hong Kong
91110000765502
969R MACQUARIE INVESTMENT ADVISORY (BEIJING) CO LTD China
91310000662467
128L
MACQUARIE INVESTMENT ADVISORY (BEIJING) CO LTD (SHANGHA
I BRANCH) China
91310000MA1K3
1CL4R Macquarie Investment Consulting (Shanghai) Co Ltd. China
91310000MA1FR
21D8P Macquarie Investment Consulting (Shanghai) Co Ltd. (Shanghai Branch) China
112017919 MACQUARIE INVESTMENT HOLDINGS NO.2 PTY LIMITED Australia
122939600 MACQUARIE INVESTMENT HOLDINGS PTY LIMITED Australia
41471 MACQUARIE INVESTMENT MANAGEMENT (BERMUDA) LIMITED Bermuda
23-2859590 Macquarie Investment Management Advisers United States
92552611 MACQUARIE INVESTMENT MANAGEMENT AUSTRALIA LIMITED Australia
FN 171881 t Macquarie Investment Management Austria Kapitalanlage AG Austria

26
N/A Macquarie Investment Management Business Trust United States
9612439 Macquarie Investment Management Europe Limited United Kingdom
41107480
Macquarie Investment Management Europe S.A. Denmark Branch, filial a
f Macquarie Investment Management Europe S.A., Luxembourg Denmark
B62.793 Macquarie Investment Management Europe SA Luxembourg
81-0842539 Macquarie Investment Management General Partner, Inc. United States
086 159 060 MACQUARIE INVESTMENT MANAGEMENT GLOBAL LIMITED Australia
FN 350922 m Macquarie Investment Management Holdings (Austria) GmbH Austria
B222865 Macquarie Investment Management Holdings (Luxembourg) S.à r.l. Luxembourg
604 942 127 MACQUARIE INVESTMENT MANAGEMENT HOLDINGS PTY LIMITED Australia
002 867 003 MACQUARIE INVESTMENT MANAGEMENT LTD Australia
CHE-
283.758.331 Macquarie Investment Management Switzerland GmbH Switzerland
071 745 401 MACQUARIE INVESTMENT SERVICES LIMITED Australia
WK-133809 MACQUARIE INVESTMENTS (SINGAPORE) LIMITED Cayman Islands
4104671 Macquarie Investments (UK) Limited United Kingdom
5582630 Macquarie Investments 1 Limited United Kingdom
5708696 Macquarie Investments 2 Limited (strike off pending) United Kingdom
7012592 Macquarie Investments 3 Limited United Kingdom
69416977 MACQUARIE INVESTMENTS AUSTRALIA PTY LIMITED Australia
HRB 74953 Macquarie Investments Deutschland GmbH Germany
45-2856257 Macquarie Investments US Inc. United States
104-81-76330 MACQUARIE KOREA ASSET MANAGEMENT CO., LTD. Korea, Republic of
91110000717864
826D
MACQUARIE LEASING (CHINA) CO LIMITED (In Liquidation 02/12/2024
) China
5867292 Macquarie Leasing Limited United Kingdom
20-3609362 Macquarie Leasing LLC United States
002 674 982 MACQUARIE LEASING PTY LIMITED Australia
OC363068 Macquarie Lending & Investment Partners LLP United Kingdom
3963773 MACQUARIE LIFE PTY LIMITED Australia
23-2693133 Macquarie Management Holdings, Inc. United States

27
71657006 Macquarie Markets Trading Limited Hong Kong
51142C1/GBL MACQUARIE MAURITIUS INVESTMENTS LIMITED Mauritius
616 486 974 MACQUARIE MEREENIE PTY LIMITED Australia
7361419 Macquarie Meters 3 (UK) Limited United Kingdom
50809018 Macquarie Meters 4 Limited Hong Kong
9794737 Macquarie Meters 5 (UK) Limited United Kingdom
130225222 MACQUARIE MIRA FUND INVESTMENTS PTY LTD Australia
B272746 Macquarie N1 Global Luxembourg GP S.a r.l. Luxembourg
200404077D
MACQUARIE NE HOLDINGS (SINGAPORE) PTE. LIMITED (in liquidatio
n wef 28/11/2016) Singapore
3481018 Macquarie North America Ltd. Canada
Macquarie Nufang US LLC United States
140 135 379 MACQUARIE OFFSHORE SERVICE HOLDINGS PTY LIMITED Australia
129 590 576 MACQUARIE OFFSHORE SERVICES PTY LTD Australia
FS200805155 Macquarie Offshore Services Pty Ltd - Philippine Branch Philippines
26-4389305 Macquarie Opportunities Inc. United States
Macquarie Pelican Inc. United States
Macquarie Pelican Investor LLC United States
Macquarie PF II LLC United States
Macquarie PF Inc. United States
Macquarie PF LLC United States
Macquarie PF Services LLC United States
9995266 Macquarie Physical Commodities UK Limited United Kingdom
83-2987158 Macquarie Physical Commodities, LLC United States
B 278.688 Macquarie Portfolio Financing Fund Luxembourg GP S.à r.l. Luxembourg
201842473W MACQUARIE PRINCIPAL FINANCE ASIA PTE. LIMITED Singapore
629759600 MACQUARIE PRINCIPAL FINANCE PTY LIMITED Australia
FC035740 Macquarie Principal Finance Pty Limited, UK Branch United Kingdom
11667655 Macquarie Principal Finance UK Limited United Kingdom
082 038 328 MACQUARIE PRISM PTY LIMITED Australia
92-2700467 Macquarie Private Fund Advisers United States
625128 Macquarie Products (Ireland) Limited Ireland
B274423 Macquarie Real Assets Investment Platform GP S.à r.l. Luxembourg
26-3872414 MACQUARIE REAL ESTATE ADVISORY SERVICES LLC United States

28
625995324
MACQUARIE REAL ESTATE INVESTMENT HOLDING (AUSTRALIA) P
TY LIMITED Australia
Macquarie Real Estate Investments Holdings (North America), Inc. United States
115524028 MACQUARIE REAL ESTATE MANAGEMENT (AUSTRALIA) LIMITED Australia
Macquarie Real Estate Management (US), LLC United States
616987949 MACQUARIE RENEWABLE ENERGY HOLDINGS PTY LIMITED Australia
26-1386300 MACQUARIE RENEWABLE ENERGY INC United States
Macquarie Renewables Asset Trust Australia
Macquarie Renewables Project Trust Australia
672846-4 Macquarie Resource Capital Canada Ltd. Canada
Macquarie Room 125 Holdings LLC United States
6309906 Macquarie Ropemaker Limited United Kingdom
15027886 MACQUARIE ROTORCRAFT GROUP LIMITED United Kingdom
Macquarie Rotorcraft Holdings (US) Inc. United States
15030922 MACQUARIE ROTORCRAFT HOLDINGS LIMITED United Kingdom
Macquarie Rotorcraft Holdings LLC United States
535266 Macquarie Rotorcraft Leasing (Ireland) Limited Ireland
11697950 Macquarie Rotorcraft Leasing Holdings Limited United Kingdom
70317926 Macquarie Rotorcraft Leasing Services (Hong Kong) Limited Hong Kong
640740 Macquarie Rotorcraft Leasing Services (Ireland) Limited Ireland
11744005 Macquarie Rotorcraft Leasing Services (UK) Limited United Kingdom
2019/234469/10
Macquarie Rotorcraft Leasing Services (UK) Limited (Registered as an ex
ternal Company in South Africa) South Africa
46-3045888 Macquarie Rotorcraft Leasing, Inc. United States
15022721 MACQUARIE ROTORCRAFT LIMITED United Kingdom
2832126 MACQUARIE SECURITIES (AUSTRALIA) LIMITED Australia
91310000664380
35XT
MACQUARIE SECURITIES (AUSTRALIA) LIMITED SHANGHAI REPRE
SENTATIVE OFFICE (In De-registration 01/10/2024) China
1748511 MACQUARIE SECURITIES (NZ) LIMITED New Zealand
105539119915 MACQUARIE SECURITIES (THAILAND) LIMITED Thailand

29
104-81-99444 MACQUARIE SECURITIES KOREA LIMITED Korea, Republic of
2006/023546/07 MACQUARIE SECURITIES SOUTH AFRICA (PTY) LTD South Africa
003 297 336 MACQUARIE SECURITISATION LIMITED Australia
54-2077555 Macquarie Semiconductor and Technology Inc. United States
27230949 Macquarie Semiconductor and Technology Inc. Taiwan Branch
Taiwan (Province of C
hina)
44 Macquarie Septa (Guernsey), LLP Guernsey
LP016856 Macquarie Septa (UK) I, LP United Kingdom
LP016857 Macquarie Septa (UK) II, LP United Kingdom
Macquarie Septa (US) I, LLC United States
Macquarie Septa Aero, LLC United States
18706438 MACQUARIE SERVICES (HONG KONG) LIMITED Hong Kong
388231 MACQUARIE SERVICES (MEXICO), S.A. de C.V. Mexico
608 027 667 MACQUARIE SERVICES PARTNERSHIP PTY LIMITED Australia
CHE-
147.179.326 Macquarie Services SA Switzerland
17733 Macquarie Servicios Electricos de Mexico S. de R.L de C.V. Mexico
11.988.470/001-
21 Macquarie Servicos de Consultoria Limitada Brazil
674385445 MACQUARIE SOLAR FINANCING PTY LIMITED Australia
116 582 524
MACQUARIE SPECIALISED ACCOMMODATION SOLUTIONS PTY LIM
ITED Australia
75295608 MACQUARIE SPECIALISED ASSET MANAGEMENT 2 LIMITED Australia
87382965 MACQUARIE SPECIALISED ASSET MANAGEMENT LTD Australia
9699834 Macquarie Specialised Asset Services Limited United Kingdom
86438995 MACQUARIE SPECIALIST INVESTMENT MANAGEMENT LIMITED Australia

Macquarie Specialized Infrastructure Global 3 (USD) UnLev Onshore Fun
d LP United States

Macquarie Specialized Infrastructure Global 3 (USD) Lev Onshore Fund
LP United States
46-2151809 Macquarie Storage Investments Inc. United States
086 587 635
MACQUARIE STRUCTURED AND SPECIALIST INVESTMENTS HOLDI
NGS PTY LIMITED Australia
65309033 MACQUARIE SYNDICATION (NO.12) PTY LIMITED Australia
93-1369617 Macquarie Tax-Free USA Short Term ETF United States
80218846 MACQUARIE TECHNOLOGY INVESTMENTS PTY LIMITED Australia

30
1460479-2 Macquarie Technology Services (Canada) 2 Ltd. Canada
680639-2 Macquarie Technology Services (Canada) Ltd. Canada
6863285
Macquarie Trade & Asset Finance International Limited (In Liquidation 07/
10/2024) United Kingdom
20-5913622 Macquarie Trading Services Inc. United States
78223382 MACQUARIE TRANSPORTATION FINANCE AUSTRALIA PTY LIMITED Australia
11655793 Macquarie Transportation Finance Limited United Kingdom
HRB 76979 Macquarie Treuvermögen GmbH Germany
8607109 MACQUARIE TWENTIETH AVIATION LEASING PTY. LIMITED Australia
2579363 Macquarie UK Holdings Limited United Kingdom
16027164 Macquarie UK Holdings No.2 Limited United Kingdom
655 531 561 Macquarie UK Holdings Pty Limited Australia
46-1366111 Macquarie US Gas Supply LLC United States
Macquarie US MPIP GP LLC United States
Macquarie US MPIP LP LLC United States
45-2856257 Macquarie US Trading LLC United States
65381847 Macquarie Ventures (Hong Kong) Limited (In Liquidation 28/03/2024) Hong Kong
HRB 131784 Macquarie Verwaltungs GmbH (in liquidation) Germany
Macquarie Waikiki Holdings LLC United States
46-2716036 Macquarie-PowerFin Solar, LLC United States
619 573 643 MAFCA INVESTMENTS PTY LIMITED Australia
672116844 MAFCA2 INVESTMENTS PTY LIMITED Australia
B 222.868 MAIF 2 Executives SCSp Luxembourg
B 215119 MAIF 2 Luxembourg GP S.à r.l. Luxembourg
B 271779 MAIF 3 Executives SCSp Luxembourg
B245842 MAIF 3 Luxembourg GP S.à r.l. Luxembourg
B291373 MAIF 4 Luxembourg GP S.à r.l. Luxembourg
MAM Americas, Inc. United States
863771713 MAM Ashita AMS1 BidCo BV Netherlands
B265917 MAM Ashita EMEA HoldCo S.à r.l. Luxembourg
MAM Co-Invest GP, LLC United States
MAM GIG US Renewable Holdings, Inc. United States
B 271.073 MAPIF Luxembourg GP S.à r.l. Luxembourg
Market Street CLO LLC I United States

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415097 Market Street CLO Ltd. I Cayman Islands
13743697 Maryland Topco Limited United Kingdom
9011066 Matrix Networks (Holdings) Limited United Kingdom
11227977 Matrix Networks Group Limited United Kingdom
6024071 Matrix Networks Limited United Kingdom
11279990 Matrix Networks Trustee Limited United Kingdom
14340098 Matrix Water Limited United Kingdom
MBL COVERED BOND TRUST Australia
26-1386300 MCP Solar Assets Partners I LLC United States
26-2282798 MCP Solar Assets Partners II LLC United States
76861646 MCTC Investments Holdings (Hong Kong) Limited Hong Kong
411574 MCTC Investments Holdings GP Ltd. Cayman Islands
Medical Student Loan Trust United States
Megavolt Borrower, LLC United States
33-3070974 Megavolt Parent, LLC United States
Megavolt Pledgor, LLC United States
4866246 MEIF (UK) Limited United Kingdom
SL029421 MEIF 5 Executives LP United Kingdom
61582 MEIF 5 Guernsey GP Limited Guernsey
B 205.045 MEIF 5 Luxembourg GP S.à r.l. Luxembourg
B 230.098 MEIF 6 Executives SCSp Luxembourg
B224086 MEIF 6 Luxembourg GP S.à r.l. Luxembourg
69775 MEIF 6 N2 GP Limited Guernsey
B294110 MEIF 7 Earth Co-Invest SCSp Luxembourg
B271939 MEIF 7 Executives SCSp Luxembourg
B256935 MEIF 7 Luxembourg GP S.à.r.l. Luxembourg
METI GP, LLC United States
METI TE Feeder, L.P. United States
MGECO Holdings US GP, LLC United States
B274722 MGECO Luxembourg GP S.a r.l. Luxembourg
B285454 MGECO SC 2 S.à r.l. Luxembourg
B285764 MGECO SC 3 S.à.r.l. Luxembourg
MGETS DELAWARE GP, LLC United States
MGETS ECI Executives, L.P. United States
MGETS Executives Blocker, L.P. United States
B283856 MGETS Executives SCSp Luxembourg
B252024 MGETS Luxembourg GP S.à r.l. Luxembourg
B284069 MGETS Sophisticated Staff Investors Feeder SCSp Luxembourg
61686 MGIDF Guernsey GP Limited Guernsey

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B250906 MGIF Luxembourg GP S.à r.l. Luxembourg
9299753 MGREF 1 GP Limited United Kingdom
B233863 MGREF 2 Luxembourg GP S.à r.l. Luxembourg
58972 MIDF UK1 GUERNSEY GP LIMITED Guernsey
7 MIDF UK1 LLP Guernsey
59027 MIDF UK1B GUERNSEY GP LIMITED Guernsey
61687 MIDF UK2 Guernsey GP Limited Guernsey
202308675C MIEP SG Management Pte. Ltd. Singapore
HRB 121454 MIF Holdings GmbH Germany
10140440 MIF Holdings Limited United Kingdom
20-8723490 MIF US Investment Holdings LLC United States
MIGS (ECI) GP, LLC United States
MIGS II (ECI) GP, LLC United States
MIHI Boxwood Sponsor, LLC United States
13-3789912 MIHI LLC United States
38-3938360 MIP III (ECI) GP LLC United States
MIP IV (Canada) GP, LLC United States
MIP IV (ECI) Australian Executives, G.P. United States
MIP IV (ECI) Carry, L.P. United States
MIP IV (ECI) Executives, L.P. United States
MIP IV (ECI) Global Executives, L.P. United States
MIP IV (ECI) GP, LLC United States
MIP IV Executives, L.P. United States
B 213.745 MIP IV Luxembourg GP S.à r.l. Luxembourg
MIP V (ECI) EXECUTIVES, L.P. United States
MIP V (ECI) Global Executives, L.P. United States
MIP V (ECI) GP, LLC United States
MIP V Executives, L.P. United States
B241810 MIP V Luxembourg GP S.à r.l. Luxembourg
MIP VI (ECI) GP, LLC United States
B267686 MIP VI Luxembourg GP S.à r.l. Luxembourg
82-1252911 MIRA Infrastructure Global Solution GP LLC United States
MIRA Infrastructure Global Solution II GP, LLC United States
62697 MIRA UK Gas Holdings GP Limited Guernsey
Mirova Global Sustainable Equity No. 2 Fund (Hedged) Australia
10480217 Moorgate PL Holdings Limited United Kingdom
MPC Americas, LLC United States
MPF Boca Investor LLC United States
MPF Delaware 1 General Partner, LLC United States

33
14972535 MPF General Partner 1 Limited United Kingdom
MPF Greenwich Lender LLC United States
8499211 MPF Nominees Limited United Kingdom
MPF Oxford Thompson Holding LLC United States
MPF Oxford Thompson Property LLC United States
7317376 MPF PARKING HOLDINGS NZ LIMITED New Zealand
7320380 MPF PARKING NZ LIMITED New Zealand
MPF Thompson Investor LLC United States
MPF Vanderbilt Boca Holding LLC United States
MPF Vanderbilt Boca PropCo Parent LLC United States
MPF Vanderbilt Boca Property II LLC United States
MPF Vanderbilt Boca Property LLC United States
12341536 MPRC Europe Ltd United Kingdom
MQ Car Park, LLC United States
600550 MQ PPP Investments Ireland GP Limited Ireland
U51909MH2012F
TC226545 MQG Commodities (India) Private Limited India
B 294050 MREP Blocked Executives SCSp Luxembourg
MREP Blocked Staff Investors SCSp Luxembourg
MREP Executives Aggregator SCSp Luxembourg
B262005 MREP GP S.à.r.l. Luxembourg
B 284816 MREP Lodge Co-Invest GP S.à r.l. Luxembourg
B 294048 MREP Sophisticated Staff Investors Feeder SCSp Luxembourg
B 214.067 MSCIF Luxembourg GP S.à r.l. Luxembourg
MSIG 3 (USD) Lev General Partner LLC United States
MSIG 3 (USD) Lev Offshore Fund US Blocker LLC United States
MSIG 3 (USD) UnLev General Partner LLC United States
MSIG 3 (USD) UnLev Offshore Fund US Blocker LLC United States
33-3099444 MSOF Megavolt Partners, L.P. United States
MSOF US GP, LLC United States
8000428 MTech IT (Leeds) Limited United Kingdom
124335333 MTF HOLDINGS PTY LIMITED (IN DE-REGISTRATION) Australia
7789756 Murrow AD Plant Ltd United Kingdom
B-88404819 NARA ES SOLAR 11 S.L Spain
B-88404835 NARA ES SOLAR 12 S.L. Spain
B-88404868 NARA ES SOLAR 13 S.L. Spain
B-88405220 NARA ES SOLAR 18 S.L. Spain

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B-88255682 NARA ES SOLAR 21 S.L. Spain
B-88532213 NARA ES SOLAR 23 S.L. Spain
B-88532437 NARA ES SOLAR 25 S.L. Spain
B-88576566 NARA ES SOLAR 26 S.L. Spain
B-88576616 NARA ES SOLAR 27 S.L. Spain
B-88576681 NARA ES SOLAR 28 S.L. Spain
B-88577044 NARA ES SOLAR 29 S.L. Spain
B-88577069 NARA ES SOLAR 30 S.L. Spain
B-02964583 NARA ES SOLAR 31 S.L. Spain
B-02964591 NARA ES SOLAR 32 S.L. Spain
B-02965200 NARA ES SOLAR 33 S.L. Spain
B-02966364 NARA ES SOLAR 34 S.L. Spain
B-02965549 NARA ES SOLAR 35 S.L. Spain
B-06819940 NARA ES SOLAR 36 S.L. Spain
B-06819643 NARA ES SOLAR 37 S.L. Spain
B-06819221 NARA ES SOLAR 38 S.L. Spain
B-06820187 NARA ES SOLAR 39 S.L. Spain
B-06820286 NARA ES SOLAR 40 S.L. Spain
B-06820815 NARA ES SOLAR 41 S.L. Spain
B-06820609 NARA ES SOLAR 42 S.L. Spain
B-16851826 NARA ES SOLAR 43 S.L. Spain
B-16852022 NARA ES SOLAR 44 S.L. Spain
B-16852113 NARA ES SOLAR 45, S.L. Spain
B-16852642 NARA ES SOLAR 46 S.L. Spain
B-16852519 NARA ES SOLAR 47 S.L. Spain
B-67749945 NARA ES SOLAR 48 S.L. Spain
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B-10549319 NARA ES SOLAR 51, S.L. Spain
B-10549749 NARA ES SOLAR 52 S.L. Spain
B-10568434 NARA ES SOLAR 53, S.L Spain
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B-44695633 NARA ES SOLAR 56 S.L. Spain
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B-44696342 NARA ES SOLAR 59 S.L. Spain
B-88380373 NARA ES SOLAR 6 S.L. Spain
B-44696672 NARA ES SOLAR 60 S.L. Spain
B16386567 NARA ES Solar 61 S.L. Spain
B16387961 NARA ES Solar 62 S.L. Spain
B16388167 NARA ES Solar 63 S.L. Spain
B16388357 NARA ES Solar 64 S.L. Spain
B16388522 NARA ES Solar 65 S.L. Spain
B-88380480 NARA ES SOLAR 7 S.L. Spain
B-88380738 NARA ES SOLAR 9 S.L. Spain
835048729 R.C.S
. Bordeaux Nara Sola
r France S.A.R.L. France

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857902210 Nara Solar NL B.V. Netherlands
H M684300 T384
71 F 158 Nara Solar, S.L. Spain
U40300TG2014P
TC094049 Natems Renewables Energy Pvt Ltd India
U40102TG2014P
TC094073 Natems Sola
r Power Pvt Ltd India
3785182 Net Technical Solutions Limited United Kingdom
4090144 Netmetix Limited United Kingdom
5629960 Neustro Consulting Limited United Kingdom
5446106 Neuways Limited United Kingdom
B132283 New World Gaming International S.a.r.l Luxembourg
Newton Solar SPV I LLC United States
11909504
Nordic Renewable Power Holdings (UK) Limited (in liquidation on 19 Dec
ember 2024) United Kingdom
13788742 NORGH HOLDING COMPANY LIMITED (in liquidation from 25 11 2024) United Kingdom
900275 NRG 1 spółka z ograniczoną odpowiedzialnością Poland
927704 NRG 10 spółka z ograniczoną odpowiedzialnością Poland
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9671449967 NRG 19 spółka z ograniczoną odpowiedzialnością Poland
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927712 NRG 7 spółka z ograniczoną odpowiedzialnością Poland
927741 NRG 8 spółka z ograniczoną odpowiedzialnością Poland

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927718 NRG 9 spółka z ograniczoną odpowiedzialnością Poland
803 529 221 R.C.
S. Bordeaux NS France 1 France
889 459 905 NS France 10 France
889 352 555 NS France 12 France
908 370 430 NS France 13 France
908 365 448 NS France 14 France
908 365 604 NS France 16 France
908 366 115 R.C.
S. Bordeaux NS France 19 France
908 366 172 R.C.
S. Bordeaux NS France 20 France
908 366 248 R.C.
S. Bordeaux NS France 21 France
908 366 297 R.C.
S. Bordeaux NS France 22 France
919 893 305 R.C.
S. Bordeaux NS France 23 France
919 893 396 R.C.
S Bordeaux NS France 24 France
919 893 487 R.C.
S Bordeaux NS France 25 France
920 041 761 R.C.
S. Bordeaux NS France 26 France
919 893 529 R.C.
S Bordeaux NS France 27 France
953 727 955 R.C.
S. Bordeaux NS France 28 France
953 732 864 R.C.
S. Bordeau NS France 29 France
953 731 064 R.C.
S. Bordeaux NS France 30 France
953 730 421 R.C.
S. Bordeaux NS France 31 France
953 741 246 R.C.
S. Bordeaux NS France 32 France
931 605 703 R.C.
S. Bordeaux NS France 33 France
931 608 558 R.C.
S. Bordeaux NS France 34 France
931 613 780 R.C.
S. Bordeaux NS FRANCE 35 France
931 621 627 R.C.
S. Bordeaux NS FRANCE 36 France
931 622 146 R.C.
S. Bordeaux NS France 37 France
889 121 968 NS France 5 France
889 352 746 NS France 7 France
889 352 811 NS France 8 France
889 353 025 NS France 9 France
B-88092036 ODOURI SOLAR S.L. Spain
27-4650575 OLF, LLC United States
26-33383464 One Call Debt Help LLC United States
84-3184450 One Shot Reliability, LLC United States
U74999TN2017F
TC115506 Onsight Analytics Solutions India Private Limited India
9266454 OnTech IT Limited United Kingdom
636312644 ONYX INSIGHT AUSTRALIA PTY LTD Australia
686-81-00064 Onyx Insight Korea Co.,Ltd. Korea, Republic of
T. 42302, F. 184,
H. M-748897 Onyx Insight Spain, S.L. Spain

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202432836K Orchestra Management G1 Pte. Ltd. Singapore
14044571 OSW Investments Japan JVCo 2 Limited United Kingdom
14043366 OSW Investments R4 JVCo (UK) Limited United Kingdom
13794983 OSW Investments Taiwan JVCo 1 Limited United Kingdom
13796726 OSW Investments Taiwan JVCo 2 Limited United Kingdom
13797421 OSW Investments Taiwan JVCo 3 Limited United Kingdom
C1301147 OutdoorSmart! Inc. Canada
42541265 Pakaa HoldCo ApS Denmark
B-06922413 Palatium New Energy, S.L. Spain
628 898 153 PATHWAY INVESTMENTS AUSTRALIA PTY LIMITED Australia
Pelican Bidco LLC United States
Pelican Blocker Corporation United States
Pelican Investor Holdings LLC United States
66 531 917 920 PELICAN WAREHOUSE TRUST NO.1 Australia
12725744 Pembroke Green Limited United Kingdom
B-06922447 Petra New Energy, S.L. Spain
752614982 Petro Tradelinks Inc. United States
13843650 Philippines OSW Investments Limited United Kingdom
202121888K Phil-Tower Holdings Pte. Ltd. Singapore
12023482 Poland Wind HoldCo Limited United Kingdom
617 378 006 Polaris Global Equity Fund (Hedged) Australia
B-06922462 Polenta New Energy, S.L. Spain
Procentrix, LLC United States
603672975 PROPERTYIQ PTY LIMITED Australia
U40200TG2018F
TC125773 Proteus Energy Pvt Ltd India
9120009631109 PT MACQUARIE SEKURITAS INDONESIA Indonesia
202123406C PTCI Holdings Pte. Ltd. Singapore
Not registered PUMA Series 2014-4P Australia
PUMA Series 2015-1 Australia
PUMA Series 2015-2P Australia
PUMA SERIES 2015-3 Australia
PUMA Series 2017-1 Australia
PUMA Series 2019-1 Australia
PUMA Series 2021-1P Trust Australia
PUMA Series 2021-2 Trust Australia
PUMA Series 2022-1 Trust Australia
PUMA Series 2023-1 Trust Australia
PUMA Series 2024-1 Trust Australia
PUMA Series 2024-2 Trust Australia
PUMA Series 2025-1 Trust Australia
PUMA Series R Trust Australia
PUMA Series W Trust Australia

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PUMA SUBFUND B-1 Australia
654223 Purple Investco PPP Limited Ireland
5273786 Quostar Solutions Limited United Kingdom
12517501 Rayleigh Green Limited United Kingdom
15092424 Redini Bidco Limited United Kingdom
15091334 Redini Midco Limited United Kingdom
15120002 Redini Parentco Limited United Kingdom
15088338 Redini Topco Limited United Kingdom
26-4203808 Regal Capital Group, LLC United States
15457854 ReGas UK Holdings Limited United Kingdom
671734071 REGINETTI HOLDINGS PTY LIMITED Australia
13515008 Renewables HoldCo Limited United Kingdom
U40108TG2014P
TC095876 Repal Green Powe
r Pvt Ltd India
U40102TG2014P
TC094845 Repal Renewables Pvt Ltd India
DMCC29287 Resolution IT MEA DMCC United Arab Emirates
CMP47096 Resolution IT Limited Guernsey
200921086K RESOURCE MARINE PTE. LIMITED Singapore
114 594 080 REVERSE MORTGAGE SERVICES PTY LTD Australia
827776 RIBOLLA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Poland
630706 Rijn InvestCo PPP Ireland GP Limited Ireland
MC-25427 ROC Asia Pacific Private Equity Offshore Fund, L.P. Cayman Islands
827762 ROSELLE SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Poland
198-81-02129 SAHA OFFSHORE WIND POWER CO., LTD. Korea, Republic of
Samphire CH Trust Australia
646786941 SAMPHIRE CHCO PTY LIMITED Australia
646765031 SAMPHIRE HOLDCO PTY LIMITED Australia
Samphire Partner Trust Australia
646791620 SAMPHIRE PARTNERCO PTY LIMITED Australia
B-06922488 Sandala New Energy, S.L. Spain
Savion Module Supply Support Provider, LLC United States
622786 Scheldt Investco PPP Ireland GP Limited Ireland
92-1250108 SCS Transmission Services LLC United States
SE Health LLC United States
SE Health Member LLC United States
SE Health Trust United States
13525889 Sea Lion Wind HoldCo Limited United Kingdom
622787 Shannon Investco PPP Ireland GP Limited Ireland

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Sierra-KBMP, LLC United States
627 172 445 SKYLIGHT DEV CO PTY LIMITED Australia
627 172 490 SKYLIGHT MID CO PTY LIMITED Australia
SKYLIGHT MID TRUST Australia
627172543 SKYLIGHT PROJECT CO PTY LIMITED Australia
SKYLIGHT PROJECT TRUST Australia
SKYLIGHT RETAIL NORTH SUB TRUST Australia
627172589 SKYLIGHT RN PTY LIMITED Australia
SMART ABS Series 2022-1P Trust Australia
SMART ABS Series W Trust Australia
SMART ABS SERIES W2 TRUST Australia
SMART ABS SERIES W3 Trust Australia
SMART B Trust Australia
16769431004 Smeraldo New Energy S.R.L. Italy
1985150893 SOL PV 1 S.R.L. Italy
10481790961 Solar Italy III S.R.L. Italy
10482220968 Solar Italy VI S.R.L. Italy
11788560 Sole Renewables Italy Limited United Kingdom
11729534 Sole Renewables Limited United Kingdom
8128232 Somerset Farm (East Anglia) Ltd United Kingdom
12068057 Sonne (Italy) Holdings Limited United Kingdom
15514680 Sota Investments (UK) HoldCo Limited United Kingdom
Not registered Southern Ocean Offshore Wind Asset Trust Australia
Not Registered Southern Ocean Offshore Wind Hold Trust Australia
655049504 SOUTHERN OCEAN OFFSHORE WIND INVESTMENT PTY LTD Australia
Not registered Southern Ocean Offshore Wind Investment Trust Australia
655049595 SOUTHERN OCEAN OFFSHORE WIND PROJECT CO PTY LTD Australia
655049693 SOUTHERN OCEAN OFFSHORE WIND PTY LTD Australia
13843476 Southern Ocean Offshore Wind UK HoldCo Limited United Kingdom
648 267 234 SPECIALISED ACCOMMODATION SOLUTIONS PTY LIMITED Australia
Specialty Finance Holdings, Inc. United States
Sportsman Tracker, Inc. United States
10707700968 SR Augusta S.R.L. Italy
10707690961 SR Bari S.R.L. Italy
10707680962 SR Project 1 S.R.L. Italy
10706920963 SR Project 5 S.R.L. Italy

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10706730966 SR San Giuseppe S.R.L. Italy
10706720967 SR Taranto S.R.L. Italy
10706710968 SR Torino S.R.L. Italy
10706700969 SR Trapani S.R.L. Italy
13639535 Steep Housing Holdings Limited United Kingdom
34298324 Stichting Security Trustee E-MAC DE 2009-I Netherlands
159285901000 Storage Ventures Single Member Private Company Greece
20-8538333 Substation Concrete Services, LLC United States
Summerset Intermediate Holdings 2 LLC United States
164223301000 Sunrider Holdings Single Member Societe Anonyme Greece
145646406000 Sunrider Single Member Societe Anonyme Greece
91441900MA7G
DQQP66 Sustainable Feedstocks Group Guangdong Limited China
13531506 Sustainable Feedstocks Group Limited United Kingdom
159672001000 Sustainable Ventures 10 Single Member Private Company Greece
159682501000 Sustainable Ventures 11 Single Member Private Company Greece
B-06922454 Talaria New Energy, S.L. Spain
12428321 Taranis Bidco Limited United Kingdom
12412264 Taranis Midco Limited United Kingdom
12415435 Taranis Parentco Limited United Kingdom
12409681 Taranis Topco Limited United Kingdom
U40300TG2020F
TC140936 Tasoula Energy Private Limited India
37-1750174 Tax Ease Company LLC United States
20-2937172 Tax Ease Employee Services Company LLC United States
75-3130882 Tax Ease Financial Services, LP United States
41-2228674 Tax Ease FL REO, LLC United States
75-3130887 Tax Ease Funding GP LLC United States
90-0909796 Tax Ease Funding Two, LLC United States
20-2937047 Tax Ease Holdings LLC United States
20-2937080 Tax Ease Lien Investments 1, LLC United States
26-4377481 Tax Ease Lien Servicing, LLC United States
20-2937103 Tax Ease Ohio, LLC United States
TAX EASE ROLLUP LLC United States
655672254 TC AKARUA 1 PTY LIMITED Australia
624 520 556 TC AKARUA 2 PTY LIMITED Australia
WC-374858 TC Feeder GP Ltd Cayman Islands
202105903W TC Singapore Holdings GP Pte Ltd Singapore
202132829Z TCK Holdings 1 GP Pte. Ltd. Singapore
Tech and Energy Transition Corporation United States

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Tech and Energy Transition Sponsor LLC United States
15479625 Teesside Flexible Holdings Limited United Kingdom
15495160 Teesside Flexible ReGas Port Limited United Kingdom
7784624 Tekkers IT Solutions Ltd (in liquidation) United Kingdom
12035922 Tenacity Capital Limited United Kingdom
14256032 The Caelum Way Limited United Kingdom
IT1935/08 THE MACQUARIE TOPI40 INVESTMENT TRUST South Africa
13167752 Thetis TopCo Limited United Kingdom
B-88282181 Ticopa Servicios Empresariales, S.L. Spain
16245141003 Topazio New Energy S.R.L. Italy
12159282 Tornado Acquisitions Bidco Limited United Kingdom
12156815 Tornado Acquisitions Midco Limited United Kingdom
12157015 Tornado Acquisitions Parentco Limited United Kingdom
12156673 Tornado Acquisitions Topco Limited United Kingdom
TRAMS ABS Series 2015-1 Australia
12993812 Treglown Bidco Limited United Kingdom
12987770 Treglown Topco Limited United Kingdom
2764070906 Trisol 81 S.r.l. Italy
2764090904 Trisol 82 S.r.l. Italy
1782120 Tristone Capital SA (Argentine Branch) Argentina
2012712838 Tristone Capital SA Ltd Canada
Turn Investor Holdings, LLC United States
7064975 UK Gas Transportation Limited United Kingdom
SC424067 UK Green Investment Bank Limited United Kingdom
9568027 UK Green Investment Climate International Limited United Kingdom
6339585 UK Power Distribution Limited United Kingdom
661644 UK PPP Transportation No 3 Limited Ireland
858428325 UNL Solar 10 B.V. Netherlands
858428301 UNL Solar 11 B.V. Netherlands
858428283 UNL Solar 12 B.V. Netherlands
858428337 UNL Solar 13 B.V. Netherlands
858428490 UNL Solar 14 B.V. Netherlands
858428428 UNL Solar 15 B.V. Netherlands
858427771 UNL Solar 16 B.V. Netherlands
858428556 UNL Solar 17 B.V. Netherlands
858428544 UNL Solar 19 B.V. Netherlands
858427151 UNL Solar 2 B.V. Netherlands
858428222 UNL Solar 3 B.V. Netherlands
858428209 UNL Solar 4 B.V. Netherlands
858427588 UNL Solar 5 B.V. Netherlands

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858428234 UNL Solar 6 B.V. Netherlands
858428830 UNL Solar 7 B.V. Netherlands
858427655 UNL Solar 8 B.V. Netherlands
858428374 UNL Solar 9 B.V. Netherlands
63193558 Urja Seventh B.V. (in liquidation 28 January 2025) Netherlands
3705740 Utility Metering Services Limited United Kingdom
B-88164017 VALDEBATAN SOLAR S.L. Spain
12980402 Vanadium Holdco Limited United Kingdom
U40100TG2021F
TC157349 VEH Aarush Renewables Private Limited India
U35105TS2023F
TC177997 VEH ADVIK ENERGY PRIVATE LIMITED India
U40200TG2022F
TC163766 VEH Aelius Energy Private Limited India
U35105TS2023F
TC172706 VEH ANSHU POWER PRIVATE LIMITED India
U40200TG2022F
TC163122 VEH Cyra Energy Private Limited India
U35105TS2023F
TC173479 VEH DAMEN POWER PRIVATE LIMITED India
U35105TS2023F
TC178469 VEH ELITE ENERGY PRIVATE LIMITED India
U35105TS2023F
TC172708 VEH ENER CREST POWER PRIVATE LIMITED India
U35105TS2023F
TC179158 VEH FUSION RENEWABLES PRIVATE LIMITED India
U40102TG2015F
TC097559 VEH Global India Pvt Ltd India
U35105TS2023F
TC178875 VEH GREEN AURA PRIVATE LIMITED India
U40106TG2022F
TC163085 VEH Green Energy Private Limited India
U40300TG2022F
TC153468 VEH Green Energy Solutions Private Limited India
U35105TS2023F
TC173265 VEH GREEN PLEDGE POWER PRIVATE LIMITED India
U40106TG2022F
TC163236 VEH Greencrest Energy Private Limited India
U40109TG2022F
TC165493 VEH Infinite Green Source Private Limited India
U40100TG2021F
TC157117 VEH Jayin Renewables Private Limited India
U40106TG2021F
TC157202 VEH Mitra Energy Private Limited India
U40108TG2022F
TC163208 VEH Pavan Urja Private Limited India
U35105TS2023F
TC173405 VEH POWER NIRMAN PRIVATE LIMITED India
U40108TG2022F
TC163205 VEH Radiant Energy Private Limited India
U40106TG2021F
TC157036 VEH Renewables Private Limited India
U40107TG2022F
TC166088 VEH Sau
r Urja Private Limited India
U40106TG2022F
TC163520 VEH Solano Sola
r Power Private Limited India
U35105TS2023F
TC171081 VEH Solis Energy Private Limited India
U40106TG2021F
TC156436 VEH Srishti Energy Private Limited India

43
U40300TG2021F
TC157482 VEH Surya Energy Private Limited India
U40106TG2022F
TC165492 VEH Sustainable Energy Solutions Private Limited India
U35105TS2023F
TC171241 VEH Taiyo Energy Private Limited India
U35105TS2023F
TC174260 VEH UJJAVAL ENERGY RENEWABLES PRIVATE LIMITED India
U35105TS2023F
TC177966 VEH ULTRAWAVE PRIVATE LIMITED India
U35105TS2023F
TC173317 VEH URJA PRIVATE LIMITED India
U35105TS2023F
TC179110 VEH VIVID POWER PRIVATE LIMITED India
U40100TG2022F
TC165603 VEH Wind Energy Private Limited India
15326776 Ventus Sensing Limited United Kingdom
B42869222 Viana Do Bolo Energy S.L. Spain
202235442D Vibrant Energy Holdings Company One Pte. Ltd. Singapore
202235443N Vibrant Energy Holdings Company Two Pte. Ltd. Singapore
201544292E Vibrant Energy Holdings Pte. Ltd. Singapore
201610864Z Vibrant Energy India Pte. Ltd. Singapore
2021020007075-
00 VIND ENERGY CORP. Philippines
90-0423397 W & R Corporate LLC United States
51-0261715 Waddell & Reed Financial, Inc. United States
43-1244426 Waddell & Reed Services Company United States
173818336000 WattCrop Energy Storage Single Member S.A. Greece
151637036000 WattCrop Hellas I.K.E Greece
13433898 Wattcrop Projects UK Limited United Kingdom
WaveCrest Energy Services, LLC United States
WaveCrest Energy, LLC United States
WCE Holdings, LLC United States
Whole Loan Trust United States
Wholesale DC Asset Holdings LLC United States
WI RNG EN LLC United States
WI RNG Hub North HoldCo LLC United States
85-2105927 WI RNG Hub North LLC United States
WI RNG MB LLC United States
WI RNG VDG LLC United States
54813080 WOODROSS NOMINEES PTY. LIMITED Australia
Woodway Bluebonnet Pipeline LLC United States
Woodway Energy Infrastructure LLC United States
Woodway Holdings LLC United States
Woodway Management Holdings LLC United States

44
Woodway Management LLC United States
Woodway Midstream Holdings LLC United States
Woodway Texas Coleto Connector LLC United States
Woodway Texas Pipeline LLC United States
12726341 Wylfa Green Limited United Kingdom
127338783 YENDON WINDFARM PTY LTD (IN DE-REGISTRATION) Australia
1449995 Yorkton Capital Partners II Inc. Canada
1430727 Yorkton Capital Partners Inc. Canada
763231 Young Energy Holding Company Limited Ireland
14044244 Young OSW JVCo Limited United Kingdom
B-88052105 YUBARI SOLAR, S.L. Spain
665216419 Zenzero Australia Pty Ltd Australia
202463725 Zenzero EOOD Bulgaria
3313680 Zenzero Solutions Limited United Kingdom
2018/432891/07 Zenzero Technologies (PTY) Limited South Africa

45
ANNEXURE B
Block Trade Agreement

Macquarie Securities (NZ) Limited
A Member of the Macquarie Group of Companies
Participant of NZX

Level 13, PwC Tower 15 Customs
Street West
AUCKLAND 1010
NEW ZEALAND

Telephone +64 9 357 6931
Fax +64 9 309 6220
Internet www.macquarie.co.nz



Macquarie Securities (NZ) Limited is not an authorised deposit-taking institution for the purposes of the Banking Act 1959
(Commonwealth of Australia), and Macquarie Securities (NZ) Limited’s obligations do not represent deposits or other liabilities of
Macquarie Bank Limited ABN 46 008 583 542. Any investments are subject to investment risk including possible delays in
repayment and loss of income and principal invested. Macquarie Bank Limited does not guarantee or otherwise provide
assurance in respect of the obligations of Macquarie Securities (NZ) Limited. Neither Macquarie Securities (NZ) Limited nor any
member of the Macquarie Group of companies is registered as a bank in New Zealand under the Reserve Bank of New Zealand
Act 1989.

CONFIDENTIAL

19 March 2025

By email
The Board of Directors Z
Energy Limited
3 Queens Wharf
Wellington Central
Wellington 6011

Dear Directors
UNDERWRITTEN SALE OF SECURITIES IN CHANNEL INFRASTRUCTURE NZ LIMITED
INTRODUCTION
A. This letter agreement sets out the terms and conditions upon which Z Energy Limited (the
"Seller") engages Macquarie Securities (NZ) Limited (the "Underwriter") to underwrite, sell
and manage the disposal of 51,960,374 fully paid ordinary shares in Channel Infrastructure
NZ Limited (the "Company") (the "Sale Shares" and the "Sale").

B. The Underwriter (itself and/or through any of its Affiliates) agrees to underwrite, sell and
manage the disposal of the Sale Shares in accordance with the terms of this Agreement.

AGREEMENT

1. UNDERWRITTEN SALE OF SALE SHARES

1.1 Underwrite:

(a) The Seller agrees to sell the Sale Shares in accordance with this Agreement and
the timetable set out in Schedule 1 (the "Timetable"). The Timetable may only be
amended by the Seller with the agreement of the Underwriter.

2
(b) The Underwriter agrees to manage the sale of the Sale Shares by using its best
endeavours to procure purchasers for the Sale Shares at or above a floor price
of NZ$1.78 per Sale Share (being the "Floor Price") by conducting a variable
price bookbuild process (the "Bookbuild") in accordance with the Timetable.

(c) Subject to clause 7 (Events of Termination), the Underwriter agrees to underwrite
and guarantee the sale of any Sale Shares not taken up as part of the Bookbuild
under clause 1.1(b) (the "Shortfall Shares") by purchasing each of the Shortfall
Shares from the Seller at the Floor Price.

1.2 Sale Price

(a) The Underwriter agrees to seek to maximise the price (“Sale Price”) of all the Sale
Shares that are to be sold under the variable price Bookbuild (provided that, and
for the avoidance of doubt, the Underwriter will only be required to subscribe for
any Shortfall Shares at the Floor Price).

(b) The Sale Price will not be set:

(i) higher than the price at which the Underwriter has received binding and
bona fide offers from investors for all of the Sale Shares which, in the
reasonable opinion of the Underwriter, are capable of acceptance and will,
if accepted, result in the formation of binding agreements for the sale of all
of the Sale Shares; or

(ii) lower than the Floor Price.

1.3 Updates: The Underwriter agrees to provide the Seller with updates in relation to the
progress of the Bookbuild including:

(a) Bookbuild messaging released to investors throughout the Bookbuild;

(b) the details of the orders, including sizes of orders, coverage ratios at different
prices, the price of any orders and/or any price limits associated with such orders
and the time of the orders; and

(c) such other information as reasonably requested by the Seller from time to time.

1.4 Bookbuild and Bloomberg: The Seller's prior written approval is required in respect of any
Bloomberg and any other marketing material for the Bookbuild, such approval not to be
unreasonably withheld or delayed.

1.5 Manner of Sale: The Underwriter will conduct the Sale by way of an offer only:

(a) in accordance with all applicable laws in any jurisdiction including the Financial
Markets Conduct Act 2013 (the "FMCA"), the Takeovers Regulations 2000 (the
"Takeovers Code") and the Overseas Investment Act 2005 (the "OIA"),
provided that the Underwriter will not be in breach of this sub-paragraph (a) to
the extent any breach is caused by: (i) an act or omission by the Seller, or its
Affiliates, officers, employees or representatives which constitutes a breach by
the Seller of its representations and warranties in clause 4.1 and undertaking
in clause 3.1 or (ii) a breach by an investor of its undertakings, representations

3
and warranties described in clause 1.6;

(b) to persons, and by way of transactions, in New Zealand in compliance with the
FMCA;

(c) to persons, and by way of transactions, in Australia, that do not need a prospectus
or other disclosure document (including disclosure under Part 6D.2 of the
Corporations Act) or any other lodgement, delivery, registration or filing with, or
approval by, a government agency; and
(d) if outside Australia and New Zealand, to persons, and by way of transactions, to
whom offers for sale of securities may lawfully be made without requiring the
preparation, delivery, lodgement or filing of any prospectus or other disclosure
document or any other lodgement, registration or filing with, or approval by, a
government agency (other than any such requirement with which Seller, in its sole
and absolute discretion, is willing to comply). Sale Shares will not be sold into the
United States of America or to "U.S. persons" (as defined in Rule 902(k) under the
U.S. Securities Act) (being "U.S. Persons") other than in reliance on, and in
compliance with, Regulation S under the U.S. Securities Act ("Regulation S").

1.6 Investor representations: The Underwriter must require any investor that purchases the
Sale Shares to confirm, including through deemed representations and warranties, among
other things:

(a) its status as an investor meeting the requirements of clause 1.5; and

(b) that they are able to make the relevant purchase in compliance with all relevant
laws and regulations (including the insider trading provisions of the FMCA, the
Takeovers Code, and the OIA).

1.7 Effecting of Sale and settlement: The Sale shall be effected on the Trade Date by way of
one more crossings or special crossings at the Sale Price by the Underwriter on the NZX,
with settlement to follow on a T+2 basis in accordance with the New Zealand Clearing
Limited's Clearing and Settlement Rules (the "Settlement Date"). Subject to this clause 1
and clause 7:

(a) by 11:00am on the Business Day before the Settlement Date (i.e. on a T+1 basis).
the Seller shall ensure that all of the Sale Shares are made available to, or placed
in one or more accounts nominated by, the Underwriter to facilitate settlement on a
delivery versus payment basis (and strictly on the basis that such Sale Shares are
held for the benefit of the Seller pending Settlement); and

(b) on the Settlement Date, the Underwriter shall make or procure payment to the
Seller of an amount equal to

(i) the Sale Price multiplied by the number of Sale Shares; less

(ii) any fees payable under clause 2,

by transfer to the Seller's account for value (in cleared funds in New Zealand
dollars) against delivery of all Sale Shares.

4
1.8 Interest:

(a) If, for any reason other than the non-performance or breach by the Seller of its
obligations, undertakings or warranties in this Agreement, the Underwriter has not
paid, or procured the payment of, any amount payable under this Agreement, then
interest will accrue at the rate of 12% per annum on any such unpaid amount,
calculated on a daily basis from and including the due date for payment until the
unpaid amount is paid in full.

(b) The right of the Seller to require payment of interest under this clause does not
limit any other right or remedy of the Seller.
2. FEES

2.1 Fees: In consideration of performing its obligations under this Agreement the Underwriter
shall be entitled to such fees as the parties agree.

3. UNDERTAKINGS

3.1 The Seller undertakes to the Underwriter that it will not, prior to the Settlement Date, commit,
be involved in or acquiesce in any activity that breaches:

(a) the FMCA the Takeovers Code or any other applicable laws;

(b) the Listing Rules; and

(c) any legal binding requirement of the Financial Markets Authority (the "FMA") or the
NZX

in each case to the extent such breach impacts or could reasonably be expected to impact
on the sale of the Sale Shares, this Agreement or the Company.

4. REPRESENTATIONS AND WARRANTIES

4.1 Representations and warranties by Seller: As at the date of this Agreement and on each
day until and including the Settlement Date, the Seller represents and warrants to the
Underwriter that:

(a) (body corporate) the Seller is a company limited by shares under the laws of the
place of its incorporation;

(b) (capacity) the Seller has full legal capacity and power to enter into this Agreement
and to carry out, or to procure the carrying out of, the transactions that this
Agreement contemplates;

(c) (authority) the Seller has taken or procured, or will have taken or procured by the
relevant time, all corporate action that is necessary or desirable to authorise its
entry into this Agreement and its entry into, and the entry into by its relevant
subsidiaries of the transactions that this Agreement contemplates;
(d) (agreement effective) this Agreement constitutes its legal, valid and binding
obligations, enforceable against the Seller in accordance with its terms subject to
any necessary stamping or registration;

5

(e) (ownership, encumbrances) the Seller will transfer the full legal and beneficial
ownership of the Sale Shares free and clear of all liens, charges, security interests,
claims, equities and pre-emptive rights, subject to registration of the transferee(s)
in the register of shareholders of the Company;

(f) (Sale Shares) following the Sale, the Sale Shares will rank equally in all respects
with all other outstanding ordinary shares of the Company, including their
entitlement to dividends;

(g) (power to sell) the Seller has the corporate authority and power to sell the Sale
Shares under this Agreement and no person has a conflicting right, whether
contingent or otherwise, to purchase or to be offered for purchase the Sale Shares;

(h) (NZX listing) the Sale Shares are quoted on the official list of the NZX Main Board;

(i) (no insider trading offence) the sale of the Sale Shares will not constitute a
violation by Seller (or its Affiliates) of applicable insider trading laws;

(j) (control) the Seller does not control the Company within the meaning of either
clause 48 of Schedule 1 of the FMCA and the Sale Shares may be offered for sale
in New Zealand otherwise than under a regulated offer under Part 3 of the FMCA
or in reliance on the exclusion for offers of financial products set out in clause 19 of
Schedule 1 of the FMCA;

(k) (no stabilisation or manipulation) neither the Seller nor any of its Affiliates has
taken or will take, directly or indirectly, any action designed to, or that might
reasonably be expected to, cause or result in the stabilisation or manipulation of
the price of the Sale Shares in violation of any applicable law;

(l) (no directed selling efforts) with respect to those Sale Shares offered and sold in
reliance on Regulation S, none of the Seller, any of its Affiliates, or any person
acting on behalf of any of them (other than the Underwriter or its Affiliates or any
person acting on behalf of any of them, as to whom no representation or warranty
is made), has, directly or indirectly, engaged or will engage in any "directed selling
efforts" within the meaning of Rule 902(c) under the U.S. Securities Act;

(m) (foreign private issuer and no substantial U.S. market interest) to the best of
the Seller's knowledge, the Company is a 'foreign private issuer' as defined in Rule
405 under the U.S. Securities Act and there is no 'substantial U.S. market interest'
(as defined in Rule 902(j) under the U.S. Securities Act) in the Sale Shares or any
security of the same class or series as the Sale Shares;

(n) (OFAC) neither the Seller nor, to the best of its knowledge after due enquiry, any
director, officer, agent, employee or Affiliate or other person acting on behalf of the
Seller is currently subject to any sanctions administered or enforced by the Office
of Foreign Assets Control of the US Department of the Treasury, the United
Nations Security Council, Her Majesty's Treasury, the European Union or any of its
Member States, or other relevant sanctions authority ("Sanctions"), or located,
organised or resident in a country or territory that is the subject of Sanctions; and
the Seller will not directly or indirectly use the proceeds of the Sale, or lend,
contribute or otherwise make available these proceeds to any subsidiary, joint

6
venture partner or other person or entity, to fund or facilitate any activities of any
person or entity or in any country or territory that is subject to any Sanctions, or in
any other manner that will result in a violation of Sanctions by any person
participating in the Sale (whether as an underwriter, placing agent, investor,
adviser or otherwise);


(o) (anti-money laundering) the operations of the Seller are and have been
conducted at all times in compliance with all financial record keeping and reporting
requirements imposed by law or regulation and in compliance with the money
laundering and proceeds of crime statutes of all applicable jurisdictions, the rules
and regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any government agency
(collectively, the "Money Laundering Laws") to the extent that they apply to the
Seller and no action, suit or proceeding by or before any court or government
agency, authority or body or any arbitrator involving the Seller or any of its Affiliates
with respect to the Money Laundering Laws is pending or threatened;

(p) (no bribery) neither the Seller or, to the best of its knowledge after due enquiry,
any director, officer, employee, Affiliate or other person acting on behalf of the
Seller has (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (ii) made any
direct or indirect unlawful payment to any foreign or domestic government official or
employee from corporate funds, or (iii) made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment, in each case, in violation of any
applicable law, including, but not limited to the United States Foreign Corrupt
Practices Act of 1977 if it is applicable; and

(q) (Vendor affiliate representations) The Seller is not an “affiliate” (as defined in
Rule 501(b) of the U.S. Securities Act 1933, as amended) (“U.S. Securities Act”) of
the Company.
For the purposes of the representations and warranties of the Seller above, the term
"Affiliate" does not include the Company or any Affiliate of the Company that the Company
controls.

4.2 Representations and warranties of the Underwriter: As at the date of this Agreement
and on each day until and including the Settlement Date, the Underwriter represents and
warrants to the Seller that:

(a) (body corporate) the Underwriter is a company limited by shares under the laws
of the place of its incorporation;

(b) (capacity) the Underwriter has full legal capacity and power to enter into this
Agreement and to carry out the transactions that this Agreement contemplates;

(c) (authority) the Underwriter has taken all corporate action that is necessary or
desirable to authorise its entry into this Agreement and it carrying out the
transactions that this Agreement contemplates;

(d) (agreement effective) this Agreement constitutes its legal, valid and binding
obligation, enforceable against the Underwriter in accordance with its terms;

7
(e) (status) the Underwriter is a not a person to whom disclosure needs to be
made under the FMCA or any other applicable laws (including the
Corporations Act) and it is a “qualified institutional buyer” (as defined in Rule
144A under the US Securities Act (QIB)) or is not a “US person” (as defined
in Rule 902(k) under the US Securities Act);

(a) (Takeovers Code matters) the Underwriter (or its relevant Affiliate) is a
professional underwriter (in terms of the Takeovers Code (Professional
Underwriters) Exemption Notice 2004) and is entering into this Agreement in order
to earn underwriting fees. Neither the Underwriter nor any Affiliate of the
Underwriter has a collateral purpose or intention, in respect of the Underwriter's
entry into this Agreement, of enabling the Underwriter or any of its Affiliates to
increase their control percentage in the Company.

(b) (no reliance) it has made its own independent enquiry and investigations in
relation to the Sale Shares and the Company and has entered into this Agreement
in reliance solely on its own judgment and not in reliance on any representations or
conduct of the Seller or any of its representatives (other than those expressly set
out in this Agreement);

(c) (no stabilisation or manipulation) neither the Underwriter nor any of its Affiliates
has taken or will take, directly or indirectly, any action designed to, or that might
reasonably be expected to, cause or result in the stabilisation or manipulation of
the price of the Sale Shares in violation of any applicable law;

(d) (compliance) the Underwriter and its Affiliates will perform their obligations under
this Agreement, and the Sale will be conducted by them, in accordance with all
applicable laws and regulations in any relevant jurisdiction, provided that it shall not
be in breach of this warranty to the extent any breach is caused by any act or
omission which constitutes a breach by the Seller of its representations, warranties
and undertakings in clause 4.1, or a breach by an investor of its undertakings,
representations and warranties described in clause 1.6;

(e) (no directed selling efforts) with respect to those Sale Shares to be offered and
sold in reliance on Regulation S, none of the Underwriter, any of its Affiliates or any
person acting on behalf of any of them has engaged or will engage in any
"directed selling efforts" within the meaning of Rule 902(c) of the U.S. Securities
Act; and

(f) (Regulation S selling restrictions) it acknowledges that the Sale Shares have
not been registered and will not be registered under the US Securities Act and that
the Underwriter, its Affiliates and any person acting on behalf of any of them has
offered and sold the Sale Shares, and will offer and sell the Sale Shares only
outside the United States in "offshore transactions" (as defined in Rule 902(h)
under the U.S. Securities Act) in reliance on Regulation S, including in regular
brokered transactions on the NZX where neither the Underwriter nor any person
acting on its behalf knows, or has reason to know, that the sale has been pre-
arranged with, or the purchaser is, a person in the United States.

4.3 Reliance: Each party giving a representation and warranty acknowledges that each other
party has relied on the above representations and warranties in entering into this

8
Agreement and will continue to rely on them in performing its obligations under this
Agreement.

4.4 Notification: Each party agrees that it will notify the other party promptly upon becoming
aware of any of the following occurring prior to the completion of the sale of the Sale
Shares:
(a) any material change affecting any of the representations and warranties in this
clause; or

(b) any of the representations or warranties in this clause becoming materially untrue
or materially incorrect.

4.5 Disclosure to potential purchasers: The Seller authorises the Underwriter to notify
potential purchasers of the representations and warranties contained in clause 4.1, and
also authorises the Underwriter to disclose the identity of the Seller to potential
purchasers.

5. INDEMNITY

5.1 Indemnified parties: Subject to clause 5.2 and 6.1, the Seller agrees with the Underwriter
that it will keep the Underwriter and its related companies (as that term is defined in the
Companies Act 1993 (NZ), read as if the expression "company" includes any body
corporate, wherever incorporated), and their respective directors, officers and employees
("Indemnified Parties") indemnified against any losses, damages, liabilities, costs, claims,
actions and demands (including any reasonable expenses arising in connection therewith)
("Losses") to the extent that such Losses are incurred or made in connection with the Sale
or as a result of a breach of this Agreement by Seller, including any breach of any of the
above representations or warranties given by Seller, and will reimburse the Underwriter for
all out of pocket costs, charges and expenses which its Indemnified Parties may reasonably
pay or incur in connection with investigating, disputing or defending any such action, demand
or claim for which it is indemnified under this Agreement.

5.2 Limitation of indemnity: The indemnity in clause 5.1 does not extend to, and is not to be
taken as an indemnity against, any Losses of an Indemnified Party with respect to any
damage to reputation or to the extent any Losses arise as result of:

(a) any fraud, recklessness, wilful misconduct or negligence of any Indemnified Party,
as determined by a court of competent jurisdiction;

(b) any penalty or fine which any Indemnified Party is required to pay for any
contravention of any law;

(c) any amount in respect of which the indemnity would be illegal, void or
unenforceable under any applicable law; or

(d) any breach by the Underwriter of this Agreement, save to the extent such a breach
resulted from an act or omission on the part of the Seller or a breach by an
investor of its undertakings, representations and warranties described in clause
1.6.

5.3 Release: The Seller agrees that no Indemnified Party will have any liability to the Seller, any

9
of its related bodies corporate or Affiliates or any of their respective directors, officers,
employees, advisers, representatives or agents or any of the Seller's security holders or
creditors for any Loss suffered by any of them in relation to any event to which the indemnity
in clause 5.1 relates, but provided that this release does not apply to the Underwriter to
extent that any Losses result from the matters set out in clause 5.2(a) or clause 5.2(d).

5.4 Notice by Underwriter: The Underwriter will notify the Seller as soon as reasonably
practicable of any proceeding being commenced, or any claim or action being made, against
the Underwriter or any other Indemnified Party, which is reasonably likely to give rise to a
claim against the Seller pursuant to the indemnity under clause 5.1. The failure of the
Underwriter to notify the Seller pursuant to this clause 5.4 will not release the Seller from any
obligation or liability which it may have pursuant to this Agreement except that, if the
Underwriter's failure to notify results in a defence no longer being available to the Seller or a
material increase in the amount payable by the Seller under the indemnity under clause 5.1,
the amount payable to the Indemnified Person under the indemnity in clause 5.1 will be
reduced by the extent to which the Seller would suffer loss or damage as a consequence of
that failure on the part of the Underwriter to notify the Seller.

5.5 Settlement by Indemnified Party: Neither the Seller nor an Indemnified Party may settle
any action, demand or claim to which the indemnity in clause 5.1 relates without the prior
written consent of the Underwriter (on behalf of the relevant Indemnified Party) or the Seller,
as applicable, such consent not to be unreasonably withheld.

5.6 Continuity of indemnity: The indemnity in clause 5.1 is a continuing obligation, separate
and independent from the other obligations of the parties under this Agreement and survives
termination or completion of this Agreement. It is not necessary for the Underwriter to incur
expense or make payment before enforcing that indemnity.

5.7 Privity: The parties agree that, for the purposes of Subpart 1 of Part 2 of the Contract and
Commercial Law Act 2017, the indemnity in this clause 5 is intended to confer a benefit on,
and be enforceable by, each Indemnified Party (provided that this Agreement may be varied
by the parties to it without the consent of any Indemnified Party).

6. LIABILITY

6.1 General underwriting losses excluded: Under no circumstances will the Seller be liable for
any Losses incurred or made by the Underwriter solely as a result of any resale of any Sale
Shares acquired from the Seller pursuant to this Agreement.

6.2 Excluded Persons: Under no circumstances will any directors, officers, employees,
managers or advisors of the Seller or the Underwriter or any of their respective Affiliates
(together the "Excluded Persons") be liable to the Underwriter or any other Indemnified
Parties (or the Seller or its Affiliates, as applicable) in relation to any matter arising directly
or indirectly in connection with this Agreement or the Sale, except to the extent that such
liability arises out of the fraud of any such Excluded Persons. The parties agree that, for the
purposes of Subpart 1 of Part 2 of the Contract and Commercial Law Act 2017, this clause
6 is intended to confer a benefit on, and be enforceable by, each Excluded Person
(provided that this Agreement may be varied by the parties to it without the consent of any
Excluded Person).
7. EVENTS OF TERMINATION:

10

7.1 Right of termination: If any of the following events occur prior to 10.00am (New Zealand
time) on the Trade Date (as set out in the Timetable) (or such earlier time as noted in the
specific clause) (the "Risk Period"), then the Underwriter may terminate its obligations under
this Agreement without cost or liability to itself at any time before the expiry of Risk Period,
by giving written notice to Seller:

(a) NZX actions: NZX does any of the following:

(i) announces that the Company will be removed from the official list of the
NZX Main Board or ordinary shares in the Company will be suspended
from quotation (other than with the approval (not to be unreasonably
withheld or delayed), or at the request, of the Underwriter);

(ii) removes the Company from the official list of the NZX Main Board; or

(iii) suspends the trading of ordinary shares in the Company for any period of
time (excluding any trading halt put in place in connection with, or to
facilitate, the Sale).

(b) FMA inquiry: The FMA issues or threatens to issue proceedings in relation to the
Sale or commences, or threatens to commence any inquiry or investigation in
relation to the Sale (other than in respect of the actions of the Underwriter where
such actions are not contemplated by this Agreement).

(c) Restricted actions: The Company, on or prior to the Settlement Date, commits, is
involved in or acquiesces in any activity, which breaches:

(i) its constitution;

(ii) the FMCA (other than as regards its continuous disclosure obligations),
the Takeovers Code or the OIA; or

(iii) any other applicable laws or regulations in New Zealand.

(d) Other termination events: Any of the following occurs:

(i) Banking moratorium: A general moratorium on commercial banking
activities in New Zealand, Australia, United States or the United Kingdom
is declared by the relevant central banking authority in any of those
countries, or there is a material disruption in commercial banking or
security settlement or clearance services in any of those countries.

(ii) Breach of Agreement: The Seller is in default of any of the terms and
conditions of this Agreement or breaches any representation or warranty
given or made by it under this Agreement.

7.2 Materiality: No event listed in clause 7.1 entitles the Underwriter to exercise its termination
rights unless, in the reasonable opinion of the Underwriter, it:

(a) has, or would reasonably be expected to have, a material adverse effect on:

11
(i) the willingness of persons to purchase the Sale Shares; or

(ii) the price at which ordinary shares in the Company are sold on the NZX
Main Board; or

(b) would reasonably be expected to give rise to a liability of the Underwriter under
the FMCA or any other applicable law.

7.3 Underwriter Affiliates and Sub-underwriters: The Seller acknowledges that the
Underwriter may:
(a) and may by law be required to, perform its obligations under this Agreement in
conjunction with, or through, its Affiliates (including if required for licensing or
regulatory purposes).

(b) appoint persons as sub-underwriters of its rights or obligations under this
Agreement but without releasing it from any of its obligations to the Seller, provided
that any sub-underwriter may not offer or sell any Sale Shares in the United States;
provided, further, that any such sub-underwriter enters into a customary form of
appointment letter containing representations, warranties and covenants designed
to preserve reliance on the “safe harbour” provided by Regulation S.

7.4 Effect of termination: Where, in accordance with this clause 7, the Underwriter terminates
its obligations under this Agreement, then:

(a) the obligations of the Underwriter under this Agreement immediately end;

(b) that termination is without prejudice to any entitlements or rights, including any
right to be indemnified, that either party has accrued under the Agreement; and

(c) no fees will be payable to the Underwriter.


8. ANNOUNCEMENTS

8.1 Announcements: Unless required by applicable law, a legal or regulatory authority or
applicable listing rules, and except as required in relation to procedural announcements via
Bloomberg, the prior written consent of Seller must be obtained prior to the Underwriter
making any public release or public announcement in relation to the Sale prior to settlement
on the Settlement Date and such release or announcement must be in compliance with all
applicable laws, including the securities laws of New Zealand, Australia and any other
jurisdiction.


9. CONFIDENTIALITY

9.1 Confidentiality: Each party agrees to keep the terms and subject matter of this Agreement
confidential, except:
(a) where disclosure is required by applicable law, a legal or regulatory authority or
applicable listing rules;

(b) disclosure is made to an adviser or to a person who must know for the purposes of
this Agreement, on the basis that the adviser or person keeps the information

12
confidential; or

(c) to a person to the extent reasonably necessary in connection with any actual or
potential claim or judicial or administrative process involving that party in relation to
the Sale.

10. GST AND TAX MATTERS

10.1 GST: The fees payable to the Underwriter under clause 2 exclude GST. The Seller will pay
to the Underwriter an amount equal to any GST that the Underwriter is liable to pay to any
tax authority in respect of any supply by the Underwriter to the Seller under or in connection
with this Agreement, at the same time as and in addition to the consideration
otherwise payable by the Seller for that supply, provided that the Underwriter has
issued to the Seller taxable supply information (or such other information or
documentation that may be required in accordance with the applicable legislation)
for that supply.

10.2 Reimbursements: If any amounts payable under or in connection with this Agreement are
calculated by reference to a cost or expense incurred by a party ("Relevant Expense"), the
amount of the Relevant Expense for the purposes of calculating the amount payable must be
reduced by the amount of any input tax credit or other deduction from output tax to which the
party is entitled in connection with that cost or expense for GST purposes.

10.3 Defined terms: In this clause 7, "GST" means goods and services tax chargeable in
accordance with the Goods and Services Tax Act 1985 (New Zealand) or the A New Tax
System (Goods and Services Tax) Act 1999 (Cth), as applicable. Where a party is a
member of a GST group, any reference to that party in this clause 10 should be read as a
reference to the representative member of that group.

10.4 Taxes and other imposts: Subject to clause 10.1, the Underwriter will be solely liable for
payment of all taxes (including but not limited to corporate taxes, personal income tax, fringe
benefits tax, payroll tax, stamp duty, withholding tax, PAYE, turnover tax, and any
subcontractor's taxes) which may be imposed in relation to any fees payable under this
Agreement.

10.5 Withholding Taxes: If the Seller is required in its opinion to withhold any amount in respect
of tax from a payment to be made under this Agreement, it is entitled to do so and such
withholding and payment to the relevant taxing authority will be a good discharge of its
obligation to pay the relevant amount. In the event that the Seller pays an amount without
withholding an amount in respect of tax, the Seller will be indemnified by the Underwriter for
any loss suffered by it as a result of failing to withhold. The Underwriter will provide to the
Seller any information reasonably requested by the Seller for the purposes of allowing the
Seller to satisfy its withholding tax obligations.

10.6 Lowest Price: The parties agree that for the purposes of the financial arrangements rules in
the Income Tax Act 2007:

(a) the amounts payable under this Agreement are the lowest price that they would
have agreed upon with respect to the property and services the subject of this
Agreement at the time this Agreement was executed on the basis of payment in full
at the time at which the first right in the property is to be transferred or the services

13
provided;

(b) the amounts payable under this Agreement are the value of the property and
services the subject of this Agreement; and

(c) they will compute their taxable income for the relevant period on the basis that the
amounts payable under this Agreement includes no capitalised interest, and will file
their tax returns accordingly.

For the purposes of this clause, the term "right" in the property shall bear the same meaning
as the term "right" in section YA 1 of the Income Tax Act 2007.

11. MISCELLANEOUS

11.1 Entire agreement: This Agreement and any agreement in relation to fees under clause 2
constitutes the entire agreement of the parties about its subject matter and supersedes all
previous agreements, understandings and negotiations on that matter.

11.2 No contra preferentem: No provision of this Agreement will be construed adversely to a
party solely on the ground that the party was responsible for the preparation of this
Agreement or that provision.

11.3 Governing law: This Agreement is governed by the laws of New Zealand. Each party
submits to the non-exclusive jurisdiction of courts exercising jurisdiction in New Zealand, and
waives any right to claim that those courts are an inconvenient forum.

11.4 Severability: Any provision of this Agreement, which is prohibited or unenforceable in any
jurisdiction, will be ineffective as to that jurisdiction to the extent of the prohibition or
unenforceability. That will not invalidate the remaining provisions of this Agreement nor affect
the validity or enforceability of that provision in any other jurisdiction.

11.5 Waiver and variation: A provision of or right vested under this Agreement may not be:

(a) waived except in writing signed by the party granting the waiver; or

(b) varied except in writing signed by the parties. For clarity, this Agreement may be
varied by the parties to it without the approval of any Indemnified Person or
Excluded Person.

11.6 No assignment: No party may assign its rights or obligations under this
Agreement without the prior written consent of the other party.
11.7 Notices and agreement in writing: Any notice, approval, consent, agreement, waiver or
other communication in connection with this Agreement must be in writing. Where this
Agreement contemplates the form of any document being agreed in writing, such agreement
may be by the exchange of emails recording that agreement.

11.8 Affiliates: In this Agreement, the term "Affiliates":

(a) means in relation to a specified person, any other person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, a person; "control" (including the terms "controlled by" and

14
"under common control with") means the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of a person,
whether through the ownership of securities by contract or agency or otherwise
and the term "person" is deemed to include a partnership; and

(b) is agreed to exclude the Company.

11.9 Business Day: In this Agreement, the term "Business Day" means a day on which NZX is
open for trading in securities and banks are open for general banking business in Auckland
and Wellington, New Zealand, and any reference to a time is to a time in New Zealand
unless otherwise stated.
11.10 Listing Rules: In this Agreement, the term "Listing Rules" means the listing rules of the
NZX.

11.11 Time is of the essence: Time is of the essence in each party's performance of its
obligations under this Agreement.

11.12 Counterparts: This Agreement may be executed in any number of counterparts, including
by the exchange of pdf. copies. All counterparts together will be taken to constitute one
agreement.

11.13 Acknowledgement: The Seller acknowledges that:

(a) the Underwriter is not obliged to disclose to the Seller or utilise for the benefit of the
Seller, any non-public information which the Underwriter and/or its Affiliates obtains
in the normal course of its business where such disclosure or use would result in a
breach of any obligation of confidentiality or any internal Chinese wall policies of
the Underwriter;

(b) without prejudice to any claim the Seller may have against the Underwriter, except
in the case of fraud, no proceedings may be taken against any director, officer,
employee or agent of the Underwriter and/or its Affiliates in respect of any claim
that the Seller may have against the Underwriter and/or its Affiliates; and

(c) it is contracting with the Underwriter and/or its Affiliates on an arm's length basis to
provide the services described in this Agreement and the Underwriter and/or its
Affiliates has not and is not assuming any duties or obligations (fiduciary or
otherwise) in respect of it other than those expressly set out in this Agreement.

[Signature pages follow]

EXECUTED by Macquarie Securities (NZ) Limited by:



Signature of authorised signatory

Martin Wight

Name of authorised signatory




Signature of authorised signatory

Sophie Spedding

Name of authorised signatory































[Signature page to the block trade agreement]

Accepted and agreed to as of the date of this Agreement:

EXECUTED by Z Energy Limited by:



Signature of authorised person









Greg Barnes


Name of authorised person








































[Signature page to the block trade agreement]

Schedule 1
Timetable

19 March 2025
20 March 2025
24 March 2025
Bookbuild (T - 1)
Trade Date (T)
Settlement Date (T + 2)
Date Key event