ELDERS LIMITED - Major Shareholding Notification 2020

Corporations Law Section 671B

Form 604

Notice of change of interests of substantial holder

To Company Name/Scheme ELDERS LIMITED ACN/ARSN 004 336 636

1. Details of substantial holder (1)

Name PERPETUAL LIMITED and its related bodies corporate ACN (if applicable) 000 431 827 There was a change in the interests of the Substantial holder on _ 11 _ / 02 / 2020 __ The previous notice was given to the company on _13 _ / 12 / 2020 __ The previous notice was dated _09 _ / 01 /_ 2020 __

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)	Previousnotice	Previousnotice	Presentnotice	Presentnotice
	Person’s votes	Voting power (5)	Person’s votes	Voting power (5)
Ordinary	11,417,715	7.33%	13,039,439	8.38%

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 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
	Refer annexure 3

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
	Refer annexure 1 & 2

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 (if applicable) Nature of association Perpetual Investment Management Limited Related bodies corporate of Perpetual Limited Perpetual Trustee Company Limited Related bodies corporate of Perpetual Limited

6. Addresses

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

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Name Address
Perpetual Limited 18/123 Pitt Street Sydney, NSW 2000
Perpetual Investment Management Limited 18/123 Pitt Street Sydney, NSW 2000
Perpetual Trustee Company Limited 18/123 Pitt Street Sydney, NSW 2000
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Signature

Print name CHRIS GREEN Capacity COMPANY SECRETARY

ANNEXURE 1 - Perpetual Investments Account Codes & Details

Perpetual Investment Management Limited (PIML), subsidiary of Perpetual Limited, as Responsible Entity for:

INTERNAL CODE	REGISTRATION DETAILS
17	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
26	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
33	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
118	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
212	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
649	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
650	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
652	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
653	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
651	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
654	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
670	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
695	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
774	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001

This is Annexure 1 Page 1 of 6 referred to in Form 603

855	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2093	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2095	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2124	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2125	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2127	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2128	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2199	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2210	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2219	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2130	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2089	RBC Investor Services Australia Nominees Pty Limited GPO Box 5430 Sydney NSW 2001
2086	RBC Investor Services Australia Nominees Pty Ltd GPO Box 5430 Sydney NSW 2001
106	RBC Investor Services Australia Nominees Pty Ltd GPO Box 5430 Sydney NSW 2001
133	RBC Investor Services Australia Nominees Pty Ltd GPO Box 5430 Sydney NSW 2001

This is Annexure 1 Page 2 of 6 referred to in Form 603

323	RBC Investor Services Australia Nominees Pty Ltd GPO Box 5430 Sydney NSW 2001
669	RBC Investor Services Australia Nominees Pty Ltd GPO Box 5430 Sydney NSW 2001
139	RBC Investor Services Australia Nominees Pty Ltd GPO Box 5430 Sydney NSW 2001
44	UBS Nominees Pty Ltd Level 16 Chifley Tower 2 Chifley Square Sydney NSW 2000
108	UBS Nominees Pty Ltd Level 16, Chifley Tower 2 Chifley Square Sydney NSW 2000
414	UBS Nominees Pty Ltd Level 16 Chifley Tower 2 Chifley Square Sydney NSW 2000
696	UBS Nominees Pty Ltd Level 16 Chifley Tower 2 Chifley Square Sydney NSW 2000
941	UBS Nominees Pty Ltd Level 16 Chifley Tower 2 Chifley Square Sydney NSW 2000

Perpetual Investment Management Limited (PIML), subsidiary of Perpetual Limited, as Trustee for:

ALL 'SS' CODES	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001

Perpetual Investment Management Limited (PIML), subsidiary of Perpetual Limited, under Investment Management Agreements with:

INTERNAL CODE	REGISTRATION DETAILS
227	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225
248	BNP Paribas Noms Pty Ltd P.O. Box R209 Royal Exchange Sydney NSW 1225
702	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225
740	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225

This is Annexure 1 Page 3 of 6 referred to in Form 603

786	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225
2085	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225
2122	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225
2131	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225
2216	BNP Paribas Nominees Pty Ltd PO Box R209 Royal Exchange NSW 1225
220	Citicorp Nominees Pty Ltd GPO Box 764G Melbourne VIC 3001
221	Citicorp Nominees Pty Ltd GPO Box 764G Melbourne VIC 3001
222	Citicorp Nominees Pty Ltd GPO Box 764G Melbourne VIC 3001
224	Citicorp Nominees Pty Ltd GPO Box 764G Melbourne VIC 3001
2163	Northern Trust Company Melbourne Branch: HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2222	Citicorp Nominees Pty Ltd GPO Box 764G Melbourne VIC 3001
194	Northern Trust Company Melbourne Branch: HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
779	State Street Limited 420 George Street Sydney NSW 2000
2101	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2152	Northern Trust Company Melbourne Branch: HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001

This is Annexure 1 Page 4 of 6 referred to in Form 603

2161	HSBC Custody Nominees (Australia) Limited GPO Box 5302 Sydney NSW 2001
2172	State Street Limited 420 George Street Sydney NSW 2000
210	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
215	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
230	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
231	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
392	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
394	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
449	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
773	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
788	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
791	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
2100	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
2166	JPMorgan Nominees Australia Limited Locked Bag 20049 Melbourne VIC 3001
711	National Nominees Pty Ltd PO Box 1406 Melbourne VIC 3001

This is Annexure 1 Page 5 of 6 referred to in Form 603

787	National Nominees Pty Ltd PO Box 1406 Melbourne VIC 3001
2083	National Nominees Pty Ltd PO Box 1406 Melbourne VIC 3001
2097	National Nominees Pty Ltd PO Box 1406 Melbourne VIC 3001
2160	National Nominees Pty Ltd PO Box 1406 Melbourne VIC 3001
2220	National Nominees Pty Ltd PO Box 1406 Melbourne VIC 3001
2243	National nominees Pty Ltd PO Box 1406 Melbourne VIC 3001

Perpetual Trustee Company Limited as trustee, custodian or nominee	Perpetual Trustee Company Limited as trustee, custodian or nominee
INTERNAL CODE	REGISTRATION DETAILS
T2	Perpetual Trustee Company Limited GPO Box 4172 Sydney NSW 2001
T3	The Trust Company Limited GPO Box 4270 Sydney NSW 2001
T4	Perpetual Trustee Company Limited GPO Box 4172 Sydney NSW 2001
T6	Perpetual Trustee Company Limited GPO Box 4172 Sydney NSW 2001
T7	Perpetual Trustee Company Limited GPO Box 4172 Sydney NSW 2001

This is Annexure 1 Page 6 of 6 referred to in Form 603

ANNEXURE 2

PRESENT RELEVANT INTERESTS

ASXCode	Internal Code	Holding
ELD	17	354,183
ELD	2130	1,275,326
ELD	2222	73,305
ELD	2243	60,739
ELD	649	3,414,185
ELD	650	653,884
ELD	2125	74,959
ELD	2124	41,887
ELD	44	3,140,508
ELD	220	759,765
ELD	653	3,190,698

This is annexure 2 Page 1 of 1 referred to in Form 604 Title: Notice of change of interests of substantial holder

ANNEXURE 3

CHANGES IN RELEVANT INTERESTS

	Security	Volume		AsAtDate
2130	ELD	32,395	237,152	28/01/2020
44	ELD	3,603	26,288	29/01/2020
44	ELD	152,624	1,111,851	03/02/2020
649	ELD	34,952	258,410	31/01/2020
649	ELD	96,002	698,599	29/01/2020
44	ELD	17,406	127,866	24/01/2020
650	ELD	1,570	11,576	03/02/2020
2243	ELD	618	4,569	31/01/2020
220	ELD	25,344	185,555	28/01/2020
220	ELD	3,790	27,845	24/01/2020
2222	ELD	1,146	8,306	30/01/2020
650	ELD	6,700	49,535	31/01/2020
2243	ELD	3,773	27,486	03/02/2020
2222	ELD	2,884	21,115	28/01/2020
650	ELD	31,618	230,334	03/02/2020
2124	ELD	428	3,164	31/01/2020
649	ELD	117,790	862,298	28/01/2020
2124	ELD	1,050	7,641	29/01/2020
650	ELD	1,505	10,992	23/01/2020
649	ELD	53,419	387,118	30/01/2020
220	ELD	1,824	13,451	03/02/2020
2222	ELD	2,336	17,001	29/01/2020
2124	ELD	2,176	15,852	03/02/2020
44	ELD	93,499	680,385	29/01/2020
2124	ELD	655	4,747	30/01/2020
2124	ELD	48	350	29/01/2020
2124	ELD	1,223	8,953	28/01/2020
2124	ELD	186	1,366	24/01/2020
2124	ELD	235	1,724	22/01/2020
2125	ELD	86	627	29/01/2020
2124	ELD	100	737	03/02/2020
2243	ELD	174	1,271	23/01/2020
2243	ELD	334	2,450	22/01/2020
653	ELD	200,000	1,640,959	11/02/2020
650	ELD	10,246	74,251	30/01/2020
2243	ELD	383	2,814	24/01/2020
2125	ELD	2,416	17,687	28/01/2020
44	ELD	7,541	55,603	03/02/2020
2222	ELD	410	3,007	22/01/2020
44	ELD	6,408	46,803	23/01/2020
2125	ELD	102	745	23/01/2020
2222	ELD	193	1,410	23/01/2020
2125	ELD	1,171	8,486	30/01/2020
2130	ELD	5,497	40,382	24/01/2020
220	ELD	7,783	57,548	31/01/2020
220	ELD	11,912	86,334	30/01/2020
220	ELD	4,268	31,307	22/01/2020

This is annexure 3 Page 1 of 2 referred to in Form 604 Title: Notice of change of interests of substantial holder

2222	ELD	84	613	29/01/2020
44	ELD	32,199	238,056	31/01/2020
44	ELD	49,228	356,747	30/01/2020
44	ELD	17,583	128,961	22/01/2020
2125	ELD	3,901	28,418	03/02/2020
2125	ELD	418	3,066	22/01/2020
220	ELD	871	6,356	29/01/2020
2243	ELD	145	1,069	03/02/2020
649	ELD	6,456	47,153	23/01/2020
649	ELD	17,750	130,393	24/01/2020
649	ELD	8,190	60,388	03/02/2020
220	ELD	1,268	9,262	23/01/2020
2222	ELD	176	1,298	03/02/2020
2222	ELD	750	5,546	31/01/2020
2222	ELD	3,803	27,709	03/02/2020
650	ELD	24,291	177,826	28/01/2020
650	ELD	19,780	143,938	29/01/2020
650	ELD	3,670	26,917	22/01/2020
649	ELD	172,029	1,253,215	03/02/2020
220	ELD	20,325	147,920	29/01/2020
650	ELD	750	5,472	29/01/2020
2125	ELD	2,039	14,838	29/01/2020
220	ELD	37,076	270,136	03/02/2020
2222	ELD	445	3,269	24/01/2020
2243	ELD	69	503	29/01/2020
44	ELD	115,143	842,920	28/01/2020
2243	ELD	945	6,848	30/01/2020
2243	ELD	1,977	14,386	29/01/2020
2243	ELD	2,466	18,053	28/01/2020
649	ELD	3,909	28,521	29/01/2020
650	ELD	3,726	27,372	24/01/2020
649	ELD	19,135	140,344	22/01/2020
2125	ELD	180	1,327	03/02/2020
2125	ELD	767	5,671	31/01/2020
653	ELD	100,000	835,783	07/02/2020
2125	ELD	357	2,623	24/01/2020

This is annexure 3 Page 2 of 2 referred to in Form 604 Title: Notice of change of interests of substantial holder

AI assistant

ELDERS LIMITED Major Shareholding Notification 2020

64835_rns_2020-02-12_67b89bd6-7e15-481d-bc1d-8780cc975300.pdf

Form 604

Notice of change of interests of substantial holder

1. Details of substantial holder (1)

2. Previous and present voting power

3. Changes in relevant interests

4. Present relevant interests

5. Changes in association

6. Addresses

Signature

ANNEXURE 1 - Perpetual Investments Account Codes & Details

Perpetual Investment Management Limited (PIML), subsidiary of Perpetual Limited, as Trustee for:

ANNEXURE 2

ANNEXURE 3

CHANGES IN RELEVANT INTERESTS

AI assistant

ELDERS LIMITED — Major Shareholding Notification 2020

64835_rns_2020-02-12_67b89bd6-7e15-481d-bc1d-8780cc975300.pdf

Form 604

Notice of change of interests of substantial holder

1. Details of substantial holder (1)

2. Previous and present voting power

3. Changes in relevant interests

4. Present relevant interests

5. Changes in association

6. Addresses

Signature

ANNEXURE 1 - Perpetual Investments Account Codes & Details

Perpetual Investment Management Limited (PIML), subsidiary of Perpetual Limited, as Trustee for:

ANNEXURE 2

ANNEXURE 3

CHANGES IN RELEVANT INTERESTS

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ELDERS LIMITED Major Shareholding Notification 2020