ELDERS LIMITED — Major Shareholding Notification 2022

Mar 17, 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 EldersLimited ACN/ ARSN 004336 636 1. Details of substantial holder (1) Name VinvaInvestmentManagementLimited ACN/ ARSN (if applicable) 142528783 The holder ceased to be a substantial holder on The previous notice was given to the company on The previous notice was dated 16/03/2022 9/03/2022 7/03/2022	EldersLimited	EldersLimited
	004336 636
	VinvaInvestmentManagementLimited
	142528783
		16/03/2022 9/03/2022 7/03/2022

2. 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 ofchange (4)	Consideration given in relationto change (5)	Class (6) and number of securities affected	Person's votes affected
08/03/2022 - 16/03/2022	Vinva Investment Management Limited
		Disposalof 25,089 shares	Consideration for Disposal of Shares $332,181	25,089 shares	25,089 shares

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 andACN/ARSN(ifapplicable)	Nature ofassociation
N/A
s es of persons named in this form are as follows:
Name	Address
VinvaInvestmentManagementLimited	Level 13,10Bridge Street, Sydney,NSW 2000

4. Addresses

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

Signature

Robert Cochrane Capacity Chief Operating Officer

Print name

Sign here Date 18 / 03 / 2022

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.

• (8) 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.

Details of relevant interests

1 2 3 4 5 6 7 8	Holder of relevant interest	Nature of relevant interest	Class and number of securities	Class and number of securities
	Vinva Investment Management Limited	Power to (or to control) exercise vote and/or dispose of the securities as discretionary investment managers or advisers of superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements.	Fully paid ordinary shares 7,814,434
	Holder of relevant interest 004 336 636	Registered holder of securities	Persons entitled to be a registered holder	Class and number of securities
	Vinva Investment Management Limited	JP Morgan Nominees Australia Ltd	JP Morgan Nominees Australia Ltd	3,367,351 FPO
	Vinva Investment Management Limited	National Nominees Ltd	National Nominees Ltd	640,381 FPO
	Vinva Investment Management Limited	Cogent Nominees Limited	Cogent Nominees Limited	451,371 FPO
	Vinva Investment Management Limited	Northern Trust	Northern Trust	997,440 FPO
	Vinva Investment Management Limited	State Street Australia Limited	State Street Australia Limited	2,183,997 FPO
	Vinva Investment Management Limited	HSBC Custody Nominees Limited	HSBC Custody Nominees Limited	173,894 FPO

7,814,434