ELDERS LIMITED — Major Shareholding Notification 2022

Jun 7, 2022

605 page 1/2 15 July 2001

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 BlackRock Group (BlackRock Inc. and subsidiaries named in Annexures

ACN/ARSN (if applicable) to this form) The holder ceased to be a substantial holder on 06 / / 06 2022 The previous notice was given to the company on 06 / / 06 2022 The previous notice was dated 02 / / 06 2022

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 of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change(5)	Class (6) and number of securities affected	Person's votes affected
	Annexure A

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

4. Addresses

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

	Name		Address
	Annexure B
Signature
	print name	Casey Tyler		capacity	*Authorised Signatory
	sign here			date	08	/	06	/	2022

• At a meeting of the Board on 22 November 2013, the Directors resolved to approve the delegation of the preparation and lodgement of substantial shareholder notices on behalf of BlackRock Investment Management (Australia) Limited.

605 page 2/2 15 July 2001

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (4) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

This is Annexure A of 1 page referred to in form 605 Notice of ceasing to be a substantial shareholder

Casey Tyler, Authorised Signatory

08-Jun-22 Date

2. Changes in relevant interests

ELDERS LTD (ELD)

Date of Change	Person whose relevant interest changed	Nature of change Consideration given in change (5)	(4) / relation to	CCY	Class (6) and number of securities affected	Class (6) and number of securities affected	Person's votes affected
03-Jun-22	BlackRock Investment Management	on mkt sell	13.30	AUD	ORD	-4,834	-4,834
	(Australia)Limited
03-Jun-22	BlackRock Investment Management	on mkt sell	13.30	AUD	ORD	-25,783	-25,783
	(Australia)Limited
03-Jun-22	BlackRock Institutional Trust	on mkt buy	13.30	AUD	ORD	1,249	1,249
	Company,National Association
03-Jun-22	BlackRock Institutional Trust	on mkt buy	13.30	AUD	ORD	249	249
	Company,National Association
03-Jun-22	BlackRock Institutional Trust	on mkt buy	13.30	AUD	ORD	264	264
	Company,National Association
03-Jun-22	BlackRock Investment Management	on mkt buy	13.31	AUD	ORD	2,882	2,882
	(Australia)Limited
06-Jun-22	BlackRock Institutional Trust	on mkt buy	13.37	AUD	ORD	1,887	1,887
	Company,National Association
06-Jun-22	BlackRock Institutional Trust	on mkt buy	13.37	AUD	ORD	262	262
	Company,National Association
06-Jun-22	BlackRock Institutional Trust	on mkt buy	13.37	AUD	ORD	261	261
	Company,National Association
06-Jun-22	BlackRock Investment Management	on mkt sell	13.35	AUD	ORD	-12,225	-12,225
	(Australia)Limited
06-Jun-22	BlackRock Investment Management	on mkt sell	13.35	AUD	ORD	-1,766	-1,766
	(Australia) Limited

ELD

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Annexure B

This is Annexure B of 1 page referred to in form 605 Notice of ceasing to be a substantial shareholder

08-Jun-22 Casey Tyler, Date Authorised Signatory

7. Addresses

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

Name	Address
BlackRock Group
BlackRock Inc.	55 East 52nd Street
	New York NY 10055 USA
BlackRock Institutional Trust Company, National	1225 17th Street,
Association	Suite 300,
	Denver, CO 80202(Colorado, USA)
BlackRock Investment Management (Australia) Limited	Level 37 Chifley Tower, 2 Chifley Square,
	Sydney NSW 2000
	Australia

ELD

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