ELDERS LIMITED — Earnings Release 2008

Nov 30, 2008

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1 December 2008

Company Announcements Platform Australian Securities Exchange

Earnings Update arising from the Agenda for Change

Futuris has issued a detailed earnings update as part of its Agenda for Change market briefing today. The guidance reflects expectations arising from a comprehensive review of trading results and outlook as well as the anticipated impact of adjustments against book value arising from the company’s decision to writedown, discontinue or divest assets under the Agenda.

FY09 underlying EBIT and underlying net profit to shareholders

Futuris’ earnings expectations for the 2009 financial year (FY09) have been revised downwards.

The revised earnings expectation takes into account the anticipated impact of market conditions on its Financial Services, Forestry and Automotive operations and a stronger projected uplift in performance from Elders Rural Services, which has just completed the second stage of its Business Transformation Project.

Underlying (prior to non-recurring items and impairments) EBIT for the twelve months to 30 June 2009 (FY09) is now expected to approximate $136 million. FY09 underlying profit after tax to shareholders is forecast to approximate $60 million.

The revised underlying earnings expectations incorporates:

• The expectation of a lower full year contribution from Elders Financial Services, ITC and Futuris Automotive due to current and expected economic conditions. Futuris Automotive (which has been affected by reduced passenger vehicle production) and ITC (lower MIS sales and timber demand) are expected to account for most of the movement.

Elders Rural Bank is anticipating a net profit after tax result in line with the $41 million recorded in FY08. Insurance operations are expecting to maintain gross written premium growth but be adversely affected by reduced interest income and tighter margins brought by recent financial market events.

• The strong improvement in the full year contribution anticipated from Elders Rural Services, driven by benefits from the Business Transformation project. Annualised cost savings of $30 million (10% of total Elders Rural Services costs) arising from the project were announced today in the Agenda for Change presentation. An EBIT contribution of approximately $86 million is anticipated from Elders Rural Services. However the company has identified that realisation of additional gains deliverable in the current year, which if realised, could see Elders Rural Services achieve an underlying EBIT contribution of up to $104 million for FY09.

• Net interest expense is expected to be approximately 5% lower than that recorded in the 2008 financial year.

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FY09 Reported profit

The Agenda for Change announced today incorporates one-off impairment charges or writedowns for 8 non-core businesses or assets as the Company implements its strategy of focusing on its core Elders agricultural services businesses.

Impairments and writedowns anticipated for the FY09 accounts and announced today total a net $204 million after tax. This is expected to be offset to a large degree by the gain realised on the sale of the company’s shareholding in Australian Agricultural Company which is currently the subject of an ongoing sales process. In addition, anticipated non-recurring items totalling a charge of $56.4 million after tax have been announced for:

• an anticipated operating loss of $4.4 million from German wool processing operations to be discontinued.

• restructuring costs incurred in the Elders Rural Services business transformation project of $27.9 million;

• redundancy costs of $11.4 million arising from the transformation project;

• redundancy and restructuring costs of $12.7 million anticipated as a result of restructuring initiated by Futuris Automotive to right size its business for reduced demand.

Interim profit announcement – six months to 31 December

As detailed in the Agenda for Change presentation, results for the six months to 31 December will be affected by the impairments and writedowns announced today. The major costs associated with the Elders Business Transformation project will be overwhelmingly concentrated in the six months to December whilst FY09 benefits will be concentrated in the second half. In addition, Futuris Automotive is forecasting an underlying EBIT loss for the period, as its Right Sizing the Business initiative is implemented and gains traction.

As a result Futuris anticipates recording a modest underlying loss of approximately $9 million after tax for the six months to December 2008. Reported profit will be affected by the nonrecurring items and impairments announced today.

Comment by the Chief Executive Malcolm Jackman on FY09 earnings outlook:

“Today we’ve given the market a very detailed insight into our near term outlook and the impact of current market conditions on our financial services, forestry and automotive operations.

“This is in line with our commitment to provide clearer, simpler and more transparent reporting of our operations and financial performance.

“We’ve also outlined the substantial dividends that we anticipate from the Elders Business Transformation project. The costs and short term disruption required to bring the project to its current stage will be evident in the first half accounts but the forecast gains in the second half highlight the strength of the business and merits of our decision to rebuild our company around Elders.

“Each of our businesses is facing significant change, whether that be arising from the Global Financial Crisis or change within their sector. I am impressed and encouraged by how the management of each of our businesses is dealing with these challenges.

‘The results coming out of the Elders Rural Services transformation project are very promising and resulted in a substantial upgrade to the contribution we expect from that

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business. Our financial services operations are solid and performing in line with expectations given the market conditions.

“Both our forestry and automotive operations are the strong players in sectors that are facing significant restructuring. As such both are in a good position to benefit from the rationalisation which will occur. Our approach through this process will be determined by shareholder value considerations whilst capitalising on the positions these businesses have established.

“The heavy lifting that we are doing in the first half will not be rewarded in our results for the six months to December, but it is expected to drive a strong finish to the year that will have us in good shape for 2010 and beyond.”

Further Comment:

Malcolm Jackman 0439 642 876 Chief Executive Officer

Further information:

Don Murchland 0439 300 932 Investor Relations Manager

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