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CHALLENGER LIMITED Major Shareholding Notification 2020

Dec 8, 2020

64641_rns_2020-12-08_bf173d3a-bc9f-47d3-906b-1f3276253826.pdf

Major Shareholding Notification

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Sydney

Level 2, 5 Martin Place Sydney NSW 2000 Australia GPO Box 3698 Sydney NSW 2001 www.challenger.com.au

Telephone 02 9994 7000 Facsimile 02 9994 7777

9 December 2020

The Manager Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

By electronic lodgement

Dear Sir/Madam

Re: Notice of initial substantial holder – Elders Limited (ELD)

We attach a notice of initial substantial holder in Elders Limited. This notice is given by Challenger Limited and each of its associated entities named in Annexure 2 to this notice.

Yours faithfully

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Andrew Brown Company Secretary

Melbourne Level 19, 31 Queen Street PO Box 297, Flinders Lane, Melbourne VIC 3000 Telephone 02 9994 7000 Facsimile 02 9994 7777 Brisbane Level 6, 215 Adelaide Street, Brisbane QLD 4000 Telephone 07 3136 5400 Facsimile 07 3136 5407 Perth Level 26, 140 St Georges Terrace, Perth WA 6000 Telephone 08 6466 9613 Adelaide Level 7, Suite 714, 147 Pirie Street, Adelaide SA 5000 Telephone 08 8427 9511

Challenger Limited ABN 85 106 842 371 Challenger Group Services Pty Limited ABN 91 085 657 307 Challenger Life Company Limited ABN 44 072 486 938 AFSL 234670 Challenger Investment Partners Limited ABN 29 092 382 842 AFSL 234 678 Challenger Retirement and Investment Services Limited ABN 80 115 534 453 AFSL295642 RSE Licence No. L0001304 Challenger Mortgage Management Pty Ltd ABN 72 087 271 109 Challenger Securitisation Management Pty Ltd ABN 56 100 346 898 AFSL 244593 Challenger Investment Solutions Management Pty Ltd ABN 63 130 035 353 AFSL 487354

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Form 603 Corporations Act 2001 Section 671B

Notice of initial substantial holder

To
CompanyName/Scheme
Elders Limited
ACN/ARSN 34 004 336 636
1. Details of substantial holder (1)
Name Challenger Limited(and its entities listed in Annexure 2)
ACN/ARSN (if applicable) 106 842 371
The holder became a substantial holder on 07/12/2020

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4) Number of securities Number of securities Person's votes (5) Voting power (6)
Ordinary Fully Paid Same as persons votes 7,837,757 5.02%
3. Details of relevant interests
The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a
substantial holder are as follows:
Holder of relevant interest Nature of relevant interest (7) Class and number of securities
Challenger Limited (and its entities Ordinary Fully Paid securities Refer Annexure 1
listed in Annexure 2) purchased and sold on market by
Challenger Limited (and its
entities listed in Annexure 2) and
obtains a relevant interest by
virtue of section 608(3) of the
Corporations Act 2001 (Cth).

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest Registered holder of securities Person entitled to be registered as
Class and number of securities
Person entitled to be registered as
Class and number of securities
holder (8)
Challenger Limited (and its National Nominees National Nominees Limited
811,074 (Ordinary
entities listed in Annexure 2) Limited Fully Paid)
Challenger Limited (and its J P Morgan Nominees J P Morgan Nominees
1,696,638 (Ordinary
entities listed in Annexure 2) Australia Limited Australia Limited
Fully Paid)
Challenger Limited (and its Citicorp Nominees Pty Citicorp Nominees Pty
1,972,240 (Ordinary
entities listed in Annexure 2) Limited Limited
Fully Paid)
Challenger Limited (and its HSBC Custody HSBC Custody Nominees
3,045,433 (Ordinary
entities listed in Annexure 2) Nominees (Australia) (Australia) Limited
Fully Paid)
Limited
Challenger Limited (and its BNP Paribas Nominees 312,372 (Ordinary
BNP Paribas Nominees Pty
entities listed in Annexure 2) Pty Limited Fully Paid)
Limited
5. Consideration
The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder
became a substantial holder is as follows:
Holder of relevant interest Date of acquisition Consideration (9) Class and number of securities
Cash Non-cash
Refer Annexure 2 Refer Refer Refer
Annexure 1 Annexure 1 Annexure 1

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name and ACN/ARSN (if applicable) Nature of association N/A N/A 7. Addresses The addresses of persons named in this form are as follows: Name Address Challenger Limited (and its entities Level 2, 5 Martin Place, Sydney NSW 2000 listed in Annexure 2) Signature print name Andrew Brown capacity Company Secretary sign here date 09/12/2020

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in section s608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The total number of votes attached to all the voting shares in the company or voting interests in thescheme (if any) that the person or an associate has a relevant interest in.

(6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7) Include details of:

(a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

Annexure 1 consists of 2 pages and is referred to in Form 603 signed by me and dated 09/12/2020

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Andrew Brown Company Secretary of Challenger Limited

Transactions: Company Name/Scheme: Elders Limited (ELD) As at: 07/12/2020 Class of security: Ordinary Fully Paid

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
OpeningBalance 6,209,587 6,209,587
10/07/2020 Challenger Limited (and its
entities listed in Annexure 2)
Buy 572,506 58,300 58,300
10/07/2020 as above Sell 572,506 58,300
-
58,300
31/08/2020 as above Buy 904,716 90,000 90,000
15/09/2020 as above Buy 29,273 2,888 2,888
18/09/2020 as above Buy 441,918 43,344 43,344
18/09/2020 as above Buy 88,722 8,702 8,702
22/09/2020 as above Buy 129,508 12,407 12,407
07/10/2020 as above Buy 241,788 20,812 20,812
07/10/2020 as above Buy 237,210 20,418 20,418
07/10/2020 as above Buy 113,749 9,791 9,791
07/10/2020 as above Buy 390,982 33,654 33,654
07/10/2020 as above Buy 37,723 3,247 3,247
08/10/2020 as above Buy 246,428 21,086 21,086
08/10/2020 as above Buy 241,765 20,687 20,687
08/10/2020 as above Buy 115,933 9,920 9,920
08/10/2020 as above Buy 398,461 34,095 34,095
08/10/2020 as above Buy 38,450 3,290 3,290
15/10/2020 as above Buy 92,090 7,682 7,682
20/10/2020 as above Buy 59,314 4,925 4,925
28/10/2020 as above Buy 986,876 87,000 87,000
06/11/2020 as above Buy 16,446 1,447 1,447
20/11/2020 as above Buy 397,952 35,900 35,900
24/11/2020 as above Buy 816,527 77,440 77,440
24/11/2020 as above Buy 529,602 50,223 50,223
24/11/2020 as above Buy 737,774 69,971 69,971
24/11/2020 as above Buy 478,522 45,379 45,379
24/11/2020 as above Buy 353,456 33,522 33,522
24/11/2020 as above Buy 229,248 21,740 21,740
24/11/2020 as above Buy 1,225,434 116,221 116,221
24/11/2020 as above Buy 794,808 75,373 75,373
24/11/2020 as above Buy 118,451 11,234 11,234
24/11/2020 as above Buy 76,820 7,285 7,285
25/11/2020 as above Buy 52,823 5,106 5,106
25/11/2020 as above Buy 47,878 4,628 4,628
25/11/2020 as above Buy 22,936 2,217 2,217
25/11/2020 as above Buy 78,614 7,599 7,599
25/11/2020 as above Buy 7,614 736 736
26/11/2020 as above Buy 81,609 7,885 7,885
26/11/2020 as above Buy 73,960 7,146 7,146
26/11/2020 as above Buy 35,438 3,424 3,424
26/11/2020 as above Buy 121,456 11,735 11,735
26/11/2020 as above Buy 11,768 1,137 1,137
27/11/2020 as above Buy 278,291 26,961 26,961
27/11/2020 as above Buy 252,218 24,435 24,435
27/11/2020 as above Buy 120,850 11,708 11,708
27/11/2020 as above Buy 414,181 40,126 40,126
27/11/2020 as above Buy 40,111 3,886 3,886

Page 1 of 2

Date of Change Holder of relevant interest Nature of Change Consideration Number of
Securities
Person's Votes
Affected
30/11/2020 as above Buy 564,603 54,210 54,210
30/11/2020 as above Sell 94,975 9,126
-
9,126
30/11/2020 as above Buy 508,299 48,804 48,804
30/11/2020 as above Buy 243,495 23,379 23,379
30/11/2020 as above Buy 834,999 80,172 80,172
30/11/2020 as above Buy 80,655 7,744 7,744
01/12/2020 as above Buy 1,180,608 107,411 107,411
01/12/2020 as above Buy 1,060,053 96,443 96,443
01/12/2020 as above Buy 507,214 46,146 46,146
07/12/2020 as above Buy 88,942 8,851 8,851
07/12/2020 as above Buy 78,883 7,850 7,850
07/12/2020 as above Buy 37,713 3,753 3,753
07/12/2020 as above Buy 129,489 12,886 12,886
07/12/2020 as above Buy 12,410 1,235 1,235
Total Number of Securities 7,837,757

Page 2 of 2

Annexure 2

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Company Name ACN /
Company No.
Country of
Incorporation
255 FINANCE GROUP PTY LTD 628 853 056 AUSTRALIA
255 FINANCE INVESTMENTS PTY LTD 164 516 401 AUSTRALIA
255 FINANCE PTY LTD 168 112 507 AUSTRALIA
ACCURIUM HOLDINGS PTY LTD 158 242 936 AUSTRALIA
ACCURIUM PTY LTD 009 492 219 AUSTRALIA
APPIA EUROPE LIMITED 6490323 ENGLAND/WALES
APPIA GROUP LIMITED 99865 JERSEY
CDPG AUSTRALIA PTY LIMITED 124 498 095 AUSTRALIA
CDPG LUXEMBOURG HOLDINGS SARL B 127717 LUXEMBOURG
CDPG LUXEMBOURG II SARL B 127580 LUXEMBOURG
CDPG LUXEMBOURG SARL B 127515 LUXEMBOURG
CDPG MALTA LIMITED C 41110 MALTA
CESCADE PTY LIMITED 096 097 399 AUSTRALIA
CHALLENGER DIRECT PTY LTD 006 475 501 AUSTRALIA
CHALLENGER DIVERSIFIED PROPERTY DEVELOPMENT PTY LIMITED 121 624 833 AUSTRALIA
CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND PTE. LTD 200804361D SINGAPORE
CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND, L.P. CAYMAN ISLANDS
CHALLENGER FINANCIAL SERVICES PTY LIMITED 087 464 131 AUSTRALIA
CHALLENGER FM 2 HOLDINGS PTY LIMITED 080 036 657 AUSTRALIA
CHALLENGER FUNDS MANAGEMENT HOLDINGS PTY LIMITED 107 728 030 AUSTRALIA
CHALLENGER GROUP HOLDINGS LIMITED 002 993 302 AUSTRALIA
CHALLENGER GROUP PTY LIMITED 003 374 196 AUSTRALIA
CHALLENGER GROUP SERVICES (UK) LIMITED 04244127 ENGLAND/WALES
CHALLENGER GROUP SERVICES PTY. LTD. 085 657 307 AUSTRALIA
CHALLENGER HOME LOAN CORPORATION PTY LTD 058 891 302 AUSTRALIA
CHALLENGER INVENTORY FINANCE SERVICING PTY LIMITED 107 706 810 AUSTRALIA
CHALLENGER INVESTMENT PARTNERS LIMITED 092 382 842 AUSTRALIA
CHALLENGER INVESTMENT SOLUTIONS MANAGEMENT PTY LTD 130 035 353 AUSTRALIA
CHALLENGER JAPAN HOLDINGS KABUSHIKI KAISHA 0100-01-182399 �����
CHALLENGER JAPAN HOLDINGS PTY LIMITED 617 208 205 ���������
CHALLENGER JAPAN KABUSHIKI KAISHA 0100-01-182920 �����
CHALLENGER KABUSHIKI KAISHA 0100-01-182872 �����
CHALLENGER LBC TERMINALS HOLDING COMPANY LIMITED C41149 MALTA

Annexure 2

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Company Name ACN /
Company No.
Country of
Incorporation
CHALLENGER LIFE CDI NOMINEES PTY LTD 055 293 644 AUSTRALIA
CHALLENGER LIFE COMPANY HOLDINGS PTY LTD 006 381 193 AUSTRALIA
CHALLENGER LIFE COMPANY LIMITED 072 486 938 AUSTRALIA
CHALLENGER LIFE DEBT INVESTMENTS (EUROPE) LIMITED 07626067 ENGLAND/WALES
CHALLENGER LIFE FUND PROPERTY INVESTMENTS PTY LTD 161 212 693 AUSTRALIA
CHALLENGER LIFE INVESTMENTS UK LIMITED 6067787 ENGLAND/WALES
CHALLENGER LIFE NOMINEES NO.2 PTY LTD 078 627 013 AUSTRALIA
CHALLENGER LIFE NOMINEES NO.3 PTY LIMITED 151 482 147 AUSTRALIA
CHALLENGER LIFE NOMINEES PTY LTD 091 336 793 AUSTRALIA
CHALLENGER LIFE SUBSIDIARY HOLDINGS PTY LIMITED 099 742 122 AUSTRALIA
CHALLENGER LIMITED 106 842 371 AUSTRALIA
CHALLENGER MANAGED INVESTMENTS (INTERNATIONAL) PTY LIMITED 120 871 212 AUSTRALIA
CHALLENGER MANAGEMENT SERVICES (UK) LIMITED 06393787 ENGLAND/WALES
CHALLENGER MARGIN LENDING PTY LTD 091 338 822 AUSTRALIA
CHALLENGER MBK EMERGING MARKET INFRASTRUCTURE FUND GP LTD WK-209744 CAYMAN ISLANDS
CHALLENGER MORTGAGE MANAGEMENT PTY LTD 087 271 109 AUSTRALIA
CHALLENGER NON-CONFORMING FINANCE PTY LTD 107 725 486 AUSTRALIA
CHALLENGER ORIGINATOR FINANCE PTY LTD 095 085 466 AUSTRALIA
CHALLENGER PROPERTY ASSET MANAGEMENT PTY LTD 077 569 021 AUSTRALIA
CHALLENGER RETIREMENT AND INVESTMENT SERVICES LIMITED 115 534 453 AUSTRALIA
CHALLENGER SECURITISATION MANAGEMENT PTY LTD 100 346 898 AUSTRALIA
CHALLENGER SKYBRIDGE (GROUP) HOLDING COMPANY PTY LTD 130 888 327 AUSTRALIA
CHALLENGER SKYBRIDGE (HASTINGS) HOLDING COMPANY PTY LTD 130 888 274 AUSTRALIA
CHALLENGER SPECIAL SERVICING PTY LTD 107 707 415 AUSTRALIA
������������������������ 168 107 355 AUSTRALIA
CHALLENGER TREASURY LIMITED
CHALLENGER UK TERMINALS LIMITED
093 307 996
95751
AUSTRALIA
AUSTRALIA
CHALLENGER WHOLESALE FINANCE HOLDINGS PTY LIMITED 087 284 240 AUSTRALIA
CHALLENGER WIND HOLDINGS PTY LIMITED 151 496 061 UNITED STATES
CLS US HOLDINGS, LLC 5302598 AUSTRALIA
CPHIC INVESTMENTS PTY LTD 093 340 526 AUSTRALIA
CSPP1 MAITLAND PTY LTD 122 460 968 AUSTRALIA
CSPP1 MAVIS COURT PTY LTD 122 461 983 GUERNSEY
FIDANTE PARTNERS (GUERNSEY) LIMITED 40288 AUSTRALIA
FIDANTE PARTNERS ALPHINITY HOLDINGS PTY LTD 140 716 016 AUSTRALIA
FIDANTE PARTNERS ARDEA HOLDINGS PTY LTD 133 865 853 AUSTRALIA
FIDANTE PARTNERS ARETE HOLDINGS PTY LTD 143 836 373 AUSTRALIA
FIDANTE PARTNERS AVENIR CAPITAL HOLDINGS PTY LTD 616 504 502 AUSTRALIA
FIDANTE PARTNERS BENTHAM HOLDINGS PTY LTD 140 715 573 AUSTRALIA
FIDANTE PARTNERS EIGER HOLDINGS PTY LIMITED 631 837 360 AUSTRALIA

Annexure 2

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Andrew Brown - Company Secretary of Challenger Limited� 09/12/20��

09/12/20��
Company Name ACN /
Company No.
Country of
Incorporation
FIDANTE PARTNERS EUROPE LIMITED 04040660 ENGLAND/WALES
FIDANTE PARTNERS FME HOLDINGS LIMITED 11410594 UNITED KINGDOM
FIDANTE PARTNERS HOLDINGS (GUERNSEY) LIMITED 43315 GUERNSEY
FIDANTE PARTNERS HOLDINGS EUROPE LIMITED 06172534 ENGLAND/WALES
FIDANTE PARTNERS HOLDINGS PTY LIMITED 123 318 650 AUSTRALIA
FIDANTE PARTNERS KAPSTREAM HOLDINGS PTY LIMITED 123 319 460 AUSTRALIA
FIDANTE PARTNERS LATIGO HOLDINGS LLC 5651705 UNITED STATES
FIDANTE PARTNERS LENNOX HOLDINGS PTY LIMITED 616 975 565 AUSTRALIA
FIDANTE PARTNERS LIMITED 002 835 592 AUSTRALIA
FIDANTE PARTNERS MERLON HOLDINGS PTY LTD 140 715 662 AUSTRALIA
FIDANTE PARTNERS METISQ HOLDINGS PTY LTD 143 376 961 AUSTRALIA
FIDANTE PARTNERS NOVAPORT HOLDINGS PTY LTD 140 715 797 AUSTRALIA
FIDANTE PARTNERS R&M HOLDINGS PTY LIMITED 152 375 436 AUSTRALIA
FIDANTE PARTNERS SERVICES LIMITED 119 605 373 AUSTRALIA
FIDANTE PARTNERS TEMPO HOLDINGS PTY LTD 167 321 262 AUSTRALIA
FIDANTE PARTNERS USA LLC 81-4925448 UNITED STATES
FIDANTE PARTNERS WAVESTONE HOLDINGS PTY LIMITEDFIDANTE 133 626 276 AUSTRALIA
PARTNERS WHITEHELM HOLDINGS PTY LTD 169 043 903 AUSTRALIA
FIDANTE PARTNERS WYETREE LIMITED 09387239 ENGLAND/WALES
GASVALPO S.A. 96.960.800-6 CHILE
GV CAYMAN COMPANY LIMITED OG-206918 CAYMAN ISLANDS
GV CHILE HOLDING LIMITADA 124311723611675 CHILE
GV CHILE LIMITADA 124301725311696 CHILE
GV JERSEY HOLDING COMPANY LIMITED 100293 JERSEY
GV JERSEY TRUSTEE COMPANY LIMITED 100294 JERSEY
GV JERSEY TRUSTEE COMPANY NO. 2 LIMITED 100367 JERSEY
HOWARD COMMERCIAL LENDING PTY LTD 000 033 143 AUSTRALIA
KUDU INVESTMENT MANAGEMENT LLC 1231609 UNITED STATES
KUDU INVESTMENT PARTNERS I, LP 47-2497501 UNITED STATES
KUDU INVESTMENTS GP LLC 1244682 UNITED STATES
LANV PTY LTD 147 224 502 AUSTRALIA
LEASE COLLATERAL NO.2 PTY LTD 168 112 481 AUSTRALIA
LEASE COLLATERAL PTY LTD 168 112 472 AUSTRALIA
LEASE FUNDING MANAGEMENT PTY LTD 168 112 490 AUSTRALIA
MAITLAND NOMINEE HOLDINGS PTY LIMITED 122 853 114 AUSTRALIA
MAWBURY PTY LIMITED 096 097 479 AUSTRALIA
METISQ CAPITAL HOLDINGS PTY LTD 158 011 351 AUSTRALIA

Annexure 2

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Company Name ACN /
Company No.
Country of
Incorporation
METISQ CAPITAL PTY LTD 104 642 613 AUSTRALIA
METISQ LIBRA GREATER CHINA EQUITY FUND LTD. WK-237319 CAYMANISLANDS
MIR LIBRA CAPITAL MANAGEMENT LTD 236748 CAYMAN ISLANDS
OAKLANDS HILL PTY LTD 149 814 559 AUSTRALIA
OAKLANDS HILL WIND FARM PTY LTD 126 595 935 AUSTRALIA
OFFSHORE REINSURER (BERMUDA) COMPANY LIMITED 51746 BERMUDA
RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES FUND LTD. 212456 CAYMAN ISLANDS
RESIDENTIAL REAL ESTATE TOTAL RETURN OPPORTUNITIES MASTER FUND L.P. 27263 CAYMAN ISLANDS
SABRAND LIMITED 126677 CYPRUS
THE LIBERTY GROUP CONSORTIUM PTY LTD 082 564 289 AUSTRALIA
TLG SERVICES PTY LIMITED 092 500 608 AUSTRALIA
TLGH PTY LIMITED 092 927 467 AUSTRALIA
TRE DATA CENTRES CANBERRA PTY LTD 141 881 227 AUSTRALIA
US LLC HOLDINGS PTY LTD 130 888 292 AUSTRALIA
US LLC INVESTMENTS LLC 4811214
36-
UNITED STATES
WATERFORD COUNTY PTY LIMITED 122 853 089 AUSTRALIA
WELCOME BREAK GROUP LIMITED 03147949 ENGLAND/WALES
WELCOME BREAK HOLDINGS (1) LIMITED 04099287 ENGLAND/WALES
WELCOME BREAK HOLDINGS (2) LIMITED 04379574 ENGLAND/WALES
WELCOME BREAK HOLDINGS LIMITED 03290817 CAYMAN ISLANDS
WELCOME BREAK LIMITED 01735476 ENGLAND/WALES
WELCOME BREAK NO.1 LIMITED 08331837 ENGLAND/WALES
WELCOME BREAK NO.2 LIMITED 08331870 ENGLAND/WALES
WELCOME BREAK SERVICES LIMITED 04099292 ENGLAND/WALES
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