ELDERS LIMITED — Director's Dealing 2009

Nov 10, 2009

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	ELDERS LIMITED
ABN	34 004 336 636

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director Date of last notice

CHARLES ERNEST BRIGHT 9 May 2002

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Held by Sandhurst Trustees Limited MGMT A/C> and beneficially owned by Charles Bright
Date of change	2 November 2009
No. of securities held prior to change	103,492 ordinary shares, of which: • 60,000 shares are held by Sandhurst Trustees Limited and beneficially owned by Charles Bright; • 20,000 shares are held by Mr Charles Ernest Bright & Mr Charles Bernard Gore Brett of C E L Bright A/C> and beneficially owned by Charles Bright; • 1,452 shares are held by Shipway Pty Ltd and beneficially owned by Charles Bright.
Class	Ordinary Fully Paid
Number acquired	133,334
Number disposed	Nil

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$0.15 per share
No. of securities held after change	236,826 ordinary shares, of which: • 193,334 shares are held by Sandhurst Trustees Limited and beneficially owned by Charles Bright; • 20,000 shares are held by Mr Charles Ernest Bright & Mr Charles Bernard Gore Brett of C E L Bright A/C> and beneficially owned by Charles Bright; • 1,452 shares are held by Shipway Pty Ltd and beneficiallyowned byCharles Bright.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of securities pursuant to the Company’s Share Purchase Plan as announced on 4 September 2009

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Ross Mallett

Company Secretary 11 November 2009

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002