ELDERS LIMITED — Major Shareholding Notification 2017

Feb 23, 2017

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme: Elders Ltd ACN/ARSN: 004 336 636

1. Details of substantial holder (1)

Name: Schroder Investment Management Australia Limited ACN/ARSN (if applicable): 000 443 274 There was a change in the interests of the 24/02/2017 substantial holder on: The previous notice was given to the 20/01/2017 company on: The previous notice was dated: 20/01/2017

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’s votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	5,912,525	5.19%	7,089,982	6.23%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
21/01/2017 - 24/02/2017	SIMAL	Buy	$5,178,203.38	1,212,694 Ordinary shares	1,212,694
21/01/2017 - 24/02/2017	SIMAL	In specie transfer out	Nil	35,237 Ordinary shares	35,237

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
SIMAL	BNP Paribas Securities Services	BNP Paribas Securities Services	Power to dispose of securities	2,249,307 Ordinary Shares	2,249,307
SIMAL	Citicorp Nominees Ltd HK	Citicorp Nominees Ltd HK	Power to dispose of securities	986,482 Ordinary Shares	986,482
SIMAL	HSBC Custody Nominees (Australia) Ltd	HSBC Custody Nominees (Australia) Ltd	Power to dispose of securities	263,103 Ordinary Shares	263,103
SIMAL	JP Morgan Custoidal Services	JP Morgan Custoidal Services	Power to dispose of securities	2,818,377 Ordinary Shares	2,818,377
SIMAL	National Nominees Ltd - Melbourne	National Nominees Ltd - Melbourne	Power to dispose of securities	772,713 Ordinary Shares	772,713

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN(if applicable)	Nature of association
Schroder Investment Management Australia Limited (“SIMAL”)	Relevant Fund Manager

6. Address

The address of persons named in this form are as follows:

Name	Address
Schroder Investment Management (Australia) Limited (“SIMAL”)	Level 20, Angel Place, 123 Pitt Street, Sydney, 2000, Australia