EROAD opens NZ$8 million Share Purchase Plan

Transportation technology business EROAD Limited (NZX/ASX: ERD) ("EROAD") announced today the opening of its NZ$8 million non-underwritten share purchase plan ("SPP"). The SPP is part of EROAD's capital raising announced on 17 September 2020 of NZ$50 million. The capital raise included a NZ$42 million fully underwritten placement at a price of NZ$3.90 per share. Eligible EROAD shareholders can apply for a maximum of NZ$50,000 of new shares per shareholder. The price payable under the SPP will be the lower of the price paid by investors in the placement (NZ$3.90 per share) or a 2.5% discount to the five day volume weighted average price of EROAD shares traded on the NZX during the five trading days up to, and including, the SPP closing date. The SPP Offer Booklet, together with an application form, will be sent today to eligible shareholders as at the record date of 16 September 2020 with a registered address in New Zealand or Australia and is available online at www.eroadshares.co.nz. Given the present uncertainties with respect to postal deliveries, eligible shareholders wishing to apply for new shares under the SPP are encouraged to do so online. The new shares to be issued under the SPP will rank equally in all respects with EROAD's existing ordinary shares. Authorised for release to NZX and ASX by EROAD's Board of Directors. For Investor and media enquires please contact: Anna Bonney Investor Relations ph: +64 21 844 155 anna@merlinconsulting.co.nz This announcement has been prepared for publication in New Zealand and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws. Shares under the SPP will not be offered or sold to persons resident in the United States. End CA:00360221 For:ERD Type:OFFER Time:2020-09-23 09:17:00