ELDERS LIMITED — Capital/Financing Update 2009

Nov 26, 2009

==> picture [177 x 61] intentionally omitted <==

==> picture [150 x 34] intentionally omitted <==

==> picture [150 x 33] intentionally omitted <==

ASX and Media Release

Friday, November 27, 2009

Gunns and Elders welcome ACCC approval of ITC Timber sale to Gunns

Gunns Limited and Elders Limited have welcomed today’s announcement by the Australian Competition and Consumer Commission that it will not oppose the revised proposed acquisition of ITC Timber Pty Ltd by Gunns Limited.

The revised transaction excludes ITC Timber’s 50 per cent shareholding in the SmartFibre woodchip joint venture.

The SmartFibre shareholding accounted for approximately 10 per cent of the original transaction’s gross value of $100 million.

It is Gunns’ and Elders’ intention to complete documentation of a final transaction with completion targeted for the coming week.

Contact:

Gunns

Matthew Horan 0403 934 958

Elders

Don Murchland 0439 300 932