ELDERS LIMITED — Director's Dealing 2010

Jan 5, 2010

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 11 November 2009

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 Direct and Indirect Nature of indirect interest As set out below (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. Date of change 29 December 2009 No. of securities held prior to change 236,826 ordinary shares, of which: • 193,334 shares are held by Sandhurst Trustees Limited <JM Asset MGMT A/C> and beneficially owned by Charles Bright; • 20,000 shares are held by Mr Charles Ernest Bright & Mr Charles Bernard Gore Brett <Estate 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 Nil 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/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	N/A
No. of securities held after change	23,684 ordinary shares, of which:• 19,334 shares are held by Sandhurst TrusteesLimited <JM Asset MGMT A/C> and beneficiallyowned by Charles Bright;• 2,000 shares are held by Mr Charles ErnestBright & Mr Charles Bernard Gore Brett <Estateof C E L Bright A/C> and beneficially owned byCharles Bright;• 146 shares are held by Shipway Pty Ltd andbeneficially owned by Charles Bright.
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestmentplan, participation in buy-back	Consolidation of Elders Ltd Ordinary Shares on a 1for 10 ratio as announced on the 16 November2009.

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 whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation	N/A
Interest after change	N/A

Ross Mallett Company Secretary 6 January 2010

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002