ELDERS LIMITED — Director's Dealing 2010

Sep 21, 2010

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final 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.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	STEPHEN GERLACH
Date of last notice	30 DECEMBER 2009
Date that director ceased to be director	21 September 2010

Part 1 – Director’s relevant interests in securities of which the director is the registered holder 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.

Number & class of securities

10,000 Ordinary Shares

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

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.

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

Name of holder & nature of interestNote: Provide details of the circumstances giving rise tothe relevant interestHeld by S Gerlach P/L ATFThe S Gerlach Family Trust No 2Held by S Gerlach P/L ATFThe S Gerlach Super Fund	Number & class of securities30,334 Ordinary Shares33,683 Ordinary Shares

Part 3 – Director’s interests in contracts

Detail of contract	Nil
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
No. and class of securities towhich interest relates	N/A

Peter Hastings Company Secretary 22 September 2010

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002