SPH Notice – Cooper Investors Pty Limited

Disclosure of ceasing to have substantial holding Section 25, Securities Markets Act 1988 To: New Zealand Stock Exchange And: Z Energy Limited Date this disclosure made: 2 February 2018 Date last disclosure made: 19 September 2013 Substantial security holder(s) giving disclosure Name(s): Cooper Investors Pty Limited (ABN 26 100 409 890) of Level 1, 60 Collins Street, Melbourne VIC 3000, Australia Contact details: Jacqueline Verhaeg, Compliance Manager (613) 9660 2632 or jverhaeg@cooperinvestors.com Date on which substantial security holder(s) ceased to have substantial holding: 1 February 2018 Summary of previous substantial holding to which disclosure relates Class of listed voting securities: Ordinary Shares Summary for: Cooper Investors Pty Limited For last disclosure,-- (a) total number held in class: 24,937,044.00 (b) total in class: 400,000,000.00 (c) total percentage held in class: 6.234% For current holding after ceasing to have substantial holding: (a) total number held in class: 19,609,610.00 (b) total in class: 400,000,000 (c) total percentage held in class: 4.902% Details of transactions and events giving rise to person ceasing to have substantial holding Details of the transactions or other events requiring disclosure under the instructions to this form: See Annexure A Additional information Nature of connection between substantial security holders: N/A Address(es) of substantial security holder(s): N/A Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: [name] Declaration I, Jacqueline Verhaeg, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00313735 For:ZEL Type:SHINTR Time:2018-02-05 09:04:23