ELDERS LIMITED — Capital/Financing Update 2009

Aug 30, 2009

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MARKET RELEASE

31 August 2009

Elders Limited

TRADING HALT

The securities of Elders Limited (the “Company”) will be placed in pre-open at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Wednesday, 2 September 2009 or when the announcement is released to the market.

Security Code: ELD ELDPA

Kate Kidson Principal Adviser, Issuers (Melbourne)

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31 August 2009

Company Announcements Australian Securities Exchange

Elders in trading halt pending announcement of recapitalisation and refinancing

Elders Limited (ASX: ELD) has requested a trading halt in its securities pending finalisation of the terms of a comprehensive recapitalisation and refinancing of the Company.

The recapitalisation and refinancing, together with asset sales announced today or in recent months, will provide Elders with the strong and sustainable balance sheet with which it can pursue its strategy to be Australia’s leading rural services company.

Sale of Timber operations

Elders today announced that it had entered into a binding purchase and sale agreement with Gunns Limited for the sale of ITC Timber Pty Ltd, an entity which holds Elders’ hardwood timber processing operations as well as its 50% stake in Smartfibre Pty Ltd.

The deal is subject to customary regulatory approvals and government consents and is expected to complete by mid-October. Gross proceeds of approximately $100 million will be applied to the recapitalisation and deleveraging of Elders’ balance sheet.

Sale of insurance operations

Elders has entered into binding agreements with QBE for the sale of its insurance operations to QBE at a price of $270 million, as announced to the ASX on Friday 31 July 2009.

The insurance sale contract is expected to complete on or before 30 September 2009 and remains conditional on regulatory and other approvals.

Equity investment in Elders by QBE

QBE has undertaken to subscribe to a $45 million placement of Elders shares at a price and on terms consistent with the recapitalisation.

FY09 results

The Appendix 4F announcement to report on Elders’ financial results for the 12 months to 30 June 2009 will be released together with the recapitalisation and refinancing announcement.

Further Comment:

Malcolm Jackman 0439 642 876 Chief Executive Officer

Further information:

Don Murchland 0439 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