SPH Notice - Z Energy Limited

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or
both

Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Channel Infrastructure NZ Limited
Relevant event being disclosed: Change in nature of relevant interest
Date of relevant event: 19 March 2025
Date this disclosure made: 20 March 2025
Date last disclosure made: 3 June 2015

Substantial product holder(s) giving disclosure
Full name(s): Z Energy Limited ("Z")

Summary of substantial holding
Class of quoted voting products: Ordinary shares in Channel Infrastructure NZ Limited (NZX: CHI)
Summary for Z
For this disclosure,
(a) total number held in class: 51,960,374
(b) total in class: 410,004,702
(c) total percentage held in class: 12.67%
For last disclosure,
(a) total number held in class: 47,999,980
(b) total in class: 312,576,453
(c) total percentage held in class: 15.36%

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
The change in total percentage held by Z has reduced since the last disclosure due to Z not acquiring
additional shares in certain capital raises undertaken by CHI following the date of Z’s last disclosure.
On 19 March 2025, 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 18 pages is attached to this notice.
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 $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.
Settlement of this sale is expected to occur on 24 March 2025.

Details after relevant event
Details for Z Energy Limited
Nature of relevant interest(s): Registered holder and beneficial owner of ordinary shares in Channel
Infrastructure NZ Limited
For that relevant interest,
(a) number held in class: 51,960,374
(b) percentage held in class: 12.67%
(c) current registered holder(s): Z Energy Limited
(d) registered holder(s) once transfers are registered: N/A

Additional information
Address(es) of substantial product holder(s): Z Energy Limited, 3 Queens Wharf, Wellington Central,
6011 Wellington, New Zealand
Contact details:
Name: Sarah Moore
Phone: +6427 463 0379
Email: sarah.moore@z.co.nz
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: Macquarie Securities (NZ) Limited

Certification
I, Sarah Moore, Company Secretary, 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.