ELDERS LIMITED — Share Issue/Capital Change 2019

Jul 14, 2019

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Elders Limited 80 Grenfell Street Adelaide, SA, Australia 5000 GPO Box 551, Adelaide SA 5001 p | 08 8425 4000 f | 08 8425 4627 elders.com.au

15 July 2019

The Manager Company Notices Section ASX Limited Rialto Towers Level 45, 525 Collins Street MELBOURNE VIC 3000

Dear Sir/Madam

Notice under section 708AA(2)(f) of the Corporations Act 2001 (Cth)

This notice is given by Elders Limited ACN 004 336 636 (ASX: ELD) ( ELD ) under section 708AA(2)(f) of the Corporations Act 2001 (Cth) ( Corporations Act ) as notionally modified by ASIC Corporations (Non-Traditional Rights Issue) Instrument 2016/84 ( ASIC Instrument 2016/84 ).

Where applicable, references in this notice are to sections of the Corporations Act are to those sections as modified by ASIC Instrument 2016/84.

ELD announced on 15 July 2019 a fully underwritten accelerated pro rata non-renounceable entitlement offer ( Entitlement Offer ) of 1 fully paid ordinary share in ELD ( New Shares ) for every 6.7 fully paid ordinary shares held in ELD as at 7.00pm (Melbourne time) on 17 July 2019 to eligible shareholders with a registered address in Australia or New Zealand and certain other jurisdictions in which ELD has decided to make the Entitlement Offer.

ELD states that:

• (a) ELD will offer the New Shares for issue without disclosure to investors under Part 6D.2 of the Corporations Act;

• (b) this notice is being given under section 708AA(2)(f) of the Corporations Act;

• (c) as at the date of this notice, ELD has complied with:

  • (i) the provisions of Chapter 2M of the Corporations Act as they apply to ELD; and

  • (ii) section 674 of the Corporations Act;

• (d) as at the date of this notice, there is no excluded information of the type referred to in sections 708AA(8) and 708AA(9) of the Corporations Act; and

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Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000

• (e) the potential effect that the Entitlement Offer will have on the control of ELD, and the consequences of that effect, will depend on a number of factors, including investor demand and existing shareholdings. However, because of the structure of the Entitlement Offer as a pro rata issue and the fact that no ELD shareholder currently has or is expected to have after the Entitlement Offer voting power exceeding 20% in ELD, the Entitlement Offer is not expected to have any material effect or consequence on the control of ELD.

Yours sincerely,

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Peter Hastings Company Secretary Elders Limited

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Elders Rural Services Australia Limited ABN 72 004 045 121. Registered Office: 80 Grenfell Street, Adelaide SA Australia 5000