ELDERS LIMITED — Capital/Financing Update 2019

Aug 7, 2019

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8 August 2019

ASX & Media Release

Not for release to US wire services or distribution in the United States

ELDERS SUCCESSFULLY COMPLETES THE RETAIL ENTITLEMENT OFFER

Elders Limited (ASX:ELD) ( Elders ) is pleased to announce the successful completion of the retail offer component ( Retail Entitlement Offer ) of its fully underwritten 1 for 6.7 pro rata accelerated non-renounceable entitlement offer ( Entitlement Offer ) of new fully paid Elders ordinary shares ( New Shares ) announced on 15 July 2019.

The Retail Entitlement Offer was very well supported by eligible Elders retail shareholders. Eligible retail shareholders applied for approximately A$26 million pursuant to their entitlements (representing a take up rate of approximately 70%). Applications under the Retail Top-Up Facility were $6.7 million after scale back in accordance with the terms of the Entitlement Offer, increasing the total take-up from eligible Elders retail shareholders to $32.7 million (representing a total take up rate of approximately 87%). The shortfall stock will be allotted to sub-underwriters of the Entitlement Offer.

Completion of the Retail Entitlement Offer represents the final stage of Elders' approximately A$137 million equity raising. The institutional placement and the institutional offer component of the Entitlement Offer closed on 16 July 2019, raising gross proceeds of approximately $100 million.

The New Shares to be issued under the Retail Entitlement Offer will rank equally with existing Elders ordinary shares in all respects from the date of their issue. The settlement date for New Shares to be issued under the Retail Entitlement Offer is expected to be Friday, 9 August 2019. New Shares are expected to be issued on Monday, 12 August 2019 and commence trading on the ASX on Tuesday, 13 August 2019.

MEDIA ENQUIRIES

Meagan Burbidge, Elders Communications, m: 0417 841 092, e: meagan.burbidge@elders.com.au

Important Notice

This announcement has been prepared for publication in Australia 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 as amended (the " US Securities Act ") and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements under the US Securities Act and applicable US state securities laws.

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