ELDERS LIMITED — Capital/Financing Update 2009

Jul 16, 2009

==> picture [581 x 100] intentionally omitted <==

17 July 2009

Company Announcements Office Australian Securities Exchange

FEA Earnings Guidance to impact Elders Earnings Expectations

Elders Limited (ASX: ELD) refers to the announcement to the ASX today by 31% owned associate Forest Enterprises Australia (FEA) and advises that FEA’s revised earnings guidance has brought a downwards revision to Elders’ earnings expectations.

Based on FEA’s guidance, Elders now anticipates taking up a loss of between $2 million and $3 million in respect of its 31% shareholding in FEA for the 12 months to 30 June 2009. This result is approximately $14 to $15 million lower than previously anticipated and will reduce Elders’ NPAT and EBIT expectations for the year by that amount.

Preparation of accounts for the twelve months to 30 June is still in progress. Announcement of the results will occur in the final two weeks of August 2009, at a date to be finalised.

Further Comment:

Malcolm Jackman 0439 642 876 Chief Executive Officer

Further information:

Mark Hosking 0439 833 816 Chief Financial Officer 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