ELDERS LIMITED — Major Shareholding Notification 2022

Mar 8, 2022

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/ Scheme ACN/ ARSN 1. Details of substantial holder (1) Name ACN/ ARSN (if applicable) The holder became a substantial holder on	Elders Limited
	004 336 636
	Vinva Investment Management Limited
	142 528 783
	7/03/2022

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Person's votes(5)	Voting power(6)
FPO	7,839,523	7,839,523	5.01%
*Based on issued capital of 156,476,574 shares

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

bstantial holder are as follows:	bstantial holder are as follows:
Holder of relevant interest		Nature of relevant interest(7)		Class and number of securities
See Schedule 1
present registered holders registered as holders of the securities referred to inparagraph 3 above are as follows:
Holder of relevant interest	Registered Holder of securities		Person entitled to be registered as holder(8)	Class and number of securities
See Schedule 1

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash
Vinva Investment Management Limited	07/11/2021 - 07/03/2022	Consideration for Acquisition of Shares $11,683,592		Acquisition of 984,030 shares
		Consideration for Disposal of Shares $4,710,095		Disposal of 400,455 shares
			Transfer in 215,995 shares	215,995 shares
			Transfer out of 46,843 shares	46,843 shares

603 page 2/2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ ARSN(if applicable)	Nature of association
N/A
s es of persons named in this form are as follows:
Name	Address
Vinva Investment Management Limited	Level 13,10 Bridge Street,Sydney,NSW 2000

7. Addresses

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

Signature

Print name	Robert Cochrane	Capacity	Chief OperatingOfficer
Sign here		Date	/ / 9 3 2022

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 7 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001. (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. (4) The voting shares of a company constitute one class unless divided into separate classes. (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. (7) Include details of: (a) any relevant agreement or other circumstances by which the relevant interest was acquired. 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.

(8)

If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

(9) 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.

Schedule 1 - Vinva Investment Management Limited becoming a substantial holder in Elders Limited 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 7,839,523
	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	3,392,440 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

7,839,523