ELDERS LIMITED — Major Shareholding Notification 2021

Nov 10, 2021

15 July 2001

605

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

ToCompany Name/Scheme		Elders Limited
ACN/ARSN		004 336 636
1. Details of substantial holder (1)
Name		Vanguard Group	(The Vanguard Group, Inc. and its controlled entities including Vanguard
	_________Investments Australia Ltd)
ACN/ARSN (if applicable)		N/A
The holder ceased to be a
substantial holder on			5November 2021
The previous notice was given to the	company on		4 August 2021
The previous notice was dated			4 August 2021

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 whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change (5)	Class (6) andnumber ofsecuritiesaffected	Person'svotesaffected
5November2021	VanguardInvestmentsAustralia Ltd.	Vanguard Investments Australia Ltd. hasceased to be the Investment Manager for aninstitutional client mandate and as a resulthas ceased to hold a relevant interest in theshares held within that mandate.	Nil – There is no selldown activityassociated with thischange.	746,827 shares	746,827shares
Note: All other Vanguard Group relevant interest changes between 4 August 2021 and 10 November 2021 will be provided as soon as theinformation is identified and verified in the form of an update to this notice. We do not expect these changes to result in the VanguardGroup becoming a substantial shareholder.

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
N/A	N/A

4. Addresses

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

	Name		Address
	Vanguard Group		P.O. Box 2600, V26 Valley Forge, PA 19482 USA
		Shawn AckercapacityCompliance Manager date10 November 2021