ELDERS LIMITED — Major Shareholding Notification 2019

Sep 26, 2019

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a 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

The holder ceased to be a substantial holder on:

27/09/2019

The previous notice was given to the 24/06/2019 company on:

The previous notice was dated:

24/06/2019

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 ofchange	Person whoserelevantinterestchanged	Nature ofchange (4)	Consideration givenin relation tochange (5)	Class (6) andnumber ofsecuritiesaffected	Person’svotes affected
25/06/2019 -27/09/2019	SIMAL	Buy	$5,454,240.24	982,189OrdinaryShares	982,189
25/06/2019 -27/09/2019	SIMAL	Sell	$4,575,891.48	706,753OrdinaryShares	706,753

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) 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 Related Fund Manager Limited (“SIMAL”)

4. Address

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

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