ELDERS LIMITED — Capital/Financing Update 2009

Sep 29, 2009

30 September 2009

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Company Announcements Office Australian Securities Exchange

Sale of Insurance Operations Completed

Elders Limited (ASX:ELD) announces completion of the sale of the Company’s insurance operations to QBE Insurance Group, with proceeds of $270 million received in full. The transaction was originally announced to the ASX on 31 July 2009.

The transaction will see QBE acquire Elders Insurance underwriting and distribution operations. Insurance distribution will continue through the Elders network through a joint venture Managed General Insurance Agency (MGIA) (QBE interest 75%; Elders 25%). The MGIA holds exclusive distribution rights to the Elders network for 20 years under the agreement.

Elders has retained an option to repurchase a further 25% of the MGIA exercisable no later than 15 days after production of the 31 December 2010, 2011 and 2012 audited accounts.

Elders Managing Director Malcolm Jackman welcomed the completion of the transaction: “We are very pleased with the new structure for our insurance operations and that we have been able to secure the long term commitment of QBE to joint venture distribution of insurance under the Elders brand. We look forward to working with them in what we see as being Australia’s premier rural and regional insurance provider”.

“While it will be business as usual for our insurance clients, there are some distinct advantages for Elders from this restructuring which also illustrates our new approach to financial services.

“We are shifting our focus from ownership and control to a business model where we focus on growth and returns through participation in ‘aligned partnerships’ with industry specialists.

“The bottom line is that we are much better off with a more competitive financial services product offering for our clients and improved growth prospects for our business,” said Malcolm Jackman.

The QBE:Elders MGIA will trade under the name Elders Insurance and will be led by Tim Plant, who will transfer from the position of Managing Director Elders Financial Services Group to Managing Director, Elders Insurance. “Tim is ideally suited to lead the joint venture given his success as Managing Director of Elders Insurance over several years and the senior management roles he has performed previously with insurers such as QBE and Swiss Re,” said Malcolm Jackman.

The proceeds will be applied to debt reduction under the refinance and recapitalisation plans announced to the ASX on 4 September 2009.

Further Comment: Malcolm Jackman 439 642 876 Chief Executive Officer Further information: Don Murchland 439 300 932 Investor Relations Manager

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