ELDERS LIMITED — Board/Management Information 2012

Jul 29, 2012

==> picture [140 x 58] intentionally omitted <==

30 July 2012

Elders re-sets Corporate and Back Office for current and future business requirements

• Corporate capacity and capability re-set with loss of 75 roles

• Board size reduced with retirement of 2 directors

• Supported by whole-of business cost-reduction

 Business as usual for clients and sales with network and operations unaffected

Elders today announced a series of initiatives designed to not only reduce the overall cost base of the business, but to reset core back office capability and capacity to levels appropriate for current and anticipated business conditions.

The initiatives are designed to reduce costs for both the Corporate and Network Support functions and will result in the loss of 75 roles at the company’s headquarters in Adelaide before September 30.

“Whilst there is, and always will be, a focus on reducing spend across the business, these cost reduction initiatives will not impact headcount in the branch network or customer facing roles” said Elders CEO, Malcolm Jackman.

“Within the branch network we continue to focus on the Cost to Serve and SalesPlus+ initiatives we launched in 2010. David Goodfellow, Group General Manager, Australian Network and his leadership team are very focused on driving sales, margin and profitability across the network, as well as improving the customer experience”.

“We need to manage the Corporate and Network Support functions in line with market conditions, also recognising the reduction in the size and complexity of Elders that has been achieved as we've divested non-core businesses in recent years" said Mr Jackman. “A leaner, more focused head office team better serves our branches and customers”.

In parallel with these initiatives, Elders Chairman, Mr John Ballard, announced a reduction in the size of the Board. Ray Grigg and Anna Buduls have volunteered to retire from the Board, as Directors believe that the interests of Elders and its shareholders are best served by a smaller Board.

“I would like to thank Ray and Anna, and acknowledge their contribution to the Board and their service to shareholders, during what has been a period of significant change” said Mr Ballard.

Further Comment:

Malcolm Jackman, Chief Executive Officer 08 8425 4821

Further information:

Media :

Amy McDonald, Senior Communications Adviser 0419 226 384 Financial and Investors : Malcolm Jackman 08 8425 4821 Mark Hosking, Chief Financial Officer 0439 833 816

1