ELDERS LIMITED — Board/Management Information 2009

Aug 16, 2009

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17 August 2009

Company Announcements Office Australian Securities Exchange

Elders announces new Management Structure

Elders advises it has completed a management re-organisation to create a single integrated management team within the Company.

The new management structure will integrate what were formerly separate management structures for the Company’s corporate and operational management.

Chief Executive Malcolm Jackman said that the implementation was one of the final outstanding items for completion from the Agenda for Change company renewal program announced in December last year.

“The transformation of what was Futuris into a focussed, cohesive enterprise rebuilt around the Elders brand and network is a core element of the Agenda for Change.

“Our announcement today sets out the management framework for this to occur. It also marks that we are drawing close to completion of the Agenda for Change. We will soon be lifting our sights from reform and renewal to growth and the delivery of improving returns for our shareholders” said Malcolm Jackman.

The new structure also incorporates changes arising from the forthcoming sale of Insurance operations to QBE under the Heads of Agreement announced 31 July 2009.

The reorganisation will see some senior management roles abandoned and while others previously focussed on Rural Services operations will be replaced with positions with a broader area of responsibility. Accounting and finance functions are to be streamlined, and have reporting responsibility redirected to the Chief Financial Officer Mark Hosking.

“Our new structure supports our objectives of increasing senior management focus on our operations and core business, streamlining financial reporting and establishing the framework for a united team that covers all bases” said Malcolm Jackman.

Key elements of the new senior management structure include:

• Creation of Chief Operating Officer position, reporting to the Chief Executive Malcolm Jackman. Mike Guerin, currently Managing Director Elders Rural Services, has taken on this role where he will be able to concentrate on the leadership of Elders branded operations. Mike will retain all operational reporting responsibilities he currently holds and will continue to be responsible for the delivery of shareholder value and client service improvements through the Elders Transformation Project.

• Creation of the Chief Information Officer position, to be filled by Shaun Hughes, currently Chief Financial Officer Elders Rural Services.

Elders Limited ABN 34 004 336 636 Registered office: Level 3, 27 Currie Street, Adelaide, South Australia 5000. Postal Address: GPO Box 1176, Adelaide, South Australia 5001. Telephone: (08) 8425 4000 Facsimile: (08) 8410 1597

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• Improved leverage and management of information is a critical element of the Elders Transformation Project. Shaun is ideally qualified for this role with his experience as CFO, Elders Rural Services, and previously with IBM for 10 years having given him an understanding of Elders’ current and prospective information needs and a highly developed understanding of information technology systems, planning and hardware implementation.

• Re-direction of all accounting and finance roles from reporting to operational management to reporting through to the Chief Financial Officer. This reform will give direct line reporting of financial matters through to senior financial management and shorten reporting lines.

  • The reform of the finance and accounting function also involves the creation of two new positions: Head of Balance Sheet Management and Head of Performance and Planning; reporting to the Chief Financial Officer. The former position reflects Elders’ desire for more proactive management of its balance sheet position while the latter will support real time measurement of financial performance and the setting and achievement of ‘best in class’ financial objectives that will deliver shareholder value.

In announcing the new structure Malcolm Jackman acknowledged the work performed by Mike Guerin and Shaun Hughes in their previous positions.

“Both Mike and Shaun have completed a phenomenal amount of work as they have led their teams through the Elders Transformation Project and more recently the additionally demands brought by our Refinance. They can take due credit from the progress that has been made in a very substantial task.”

“While the creation of a single management structure meant that their previous positions could no longer exist, the new structure means that the organisation will benefit from Mike and Shaun being able to apply their considerable talents in positions with much sharper focus” said Malcolm Jackman.

The new management structure will take effect progressively over the next few months and is expected to deliver some small cost savings.

Further Comment:

Malcolm Jackman 0439 642 876 Chief Executive Officer

Further information:

Don Murchland 0439 300 932 Investor Relations Manager

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