ELDERS LIMITED — Capital/Financing Update 2010

Mar 30, 2010

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31 March 2010

Elders increases its investment in Australian beef sector with feedlot acquisition

Elders (ASX:ELD) announces that it will reinforce its position within the Australian livestock sector further by moving to 100% ownership of the Killara feedlot effective from 1 April 2010.

Elders will acquire the outstanding 46.75% interest previously held by Taiwan Sugar Corporation. Elders already holds a 53.25% interest in Killara with the operation having been conducted as a joint venture between the two organisations.

Killara is a 20,000 head capacity feedlot located 70 km south-west of Tamworth in the prime beef producing Liverpool Plains region. The feedlot supplies grain fed cattle to local abattoirs for the Australian retail and international markets.

Elders also owns and operates the 20,000 head Charlton feed lot in north-western Victoria. Completion of the Killara acquisition will see Elders rank as the 4[th] largest feedlot operator in Australia.

Elders Managing Director Malcolm Jackman said that the decision to increase investment in Killara reflected Elders’ belief in the strong outlook for the Australian meat and livestock industry.

“We’ve invested because of the bright future we see for the Australian meat and livestock sector and the opportunity to lift Killara’s performance.

“Feedlots are a highly strategic point in the beef industry value chain where Elders has proven capability as an operator. Our operating model consistently generates top performance on the key cost, production and quality KPI’s and as 100% owner operator, we will now move to apply the operating model at Killara. Added efficiencies will also be enabled by the change in management structure from joint venture to owner-operator” said Malcolm Jackman.

The acquisition is expected to be earnings and cash accretive from 2011 onwards.

Malcolm Jackman said that the completion of the acquisition “highlighted that Elders was back on the front foot” following completion of its refinancing and recapitalisation in late 2009.

“Our Agenda for Change strategy stated that Elders’ future would be built around the Australian farm sector with an owner-operator focus on cash and returns.

“Whereas the initial execution of this strategy has focused on divestment of non-core and minority interests, we are now in the position where we are considering acquisitions that add to our earnings and cash generation and reinforce our value to growers and investors” said Malcolm Jackman.

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

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: ()8) 8425 4999 Facsimile: (08) 8410 1597