ELDERS LIMITED — Earnings Release 2008

Jun 24, 2008

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25 June 2008

Company Announcement Australian Securities Exchange

Earnings Update

Futuris advises that it has revised expectations of FY2008 underlying earnings downwards from that announced on 6 May as a consequence of slower than anticipated MIS sales, the prospect of a negative contribution from AAco and higher interest expense.

Guidance given on 6 May foreshadowed underlying profit to shareholders of approximately $100 million; subject to good continuing rainfall and MIS sales, and with the expectation of a positive mark to market for the six months to 30 June 2008.

Rainfall conditions, while below average for most of agricultural Australia, have been adequate. Elders Rural Services has recorded strong merchandise sales and is on track to record strong growth in underlying EBIT and its best financial result to date.

Demand for MIS products in the year to date has proven to be significantly weaker than in the previous year. As is customary, daily sales levels are accelerating as the peak selling period approaches. However, on the basis of sales to date, it appears improbable that ITC’s 2008 MIS sales will match the level recorded in the previous year. At this stage, a MIS sales result in the range of approximately $35 million to $45 million appears the most probable.

The company’s equity accounted share of earnings from AAco are now also expected to be negative.

Performance from Elders Financial Services and Futuris Automotive are in line with expectations.

While it is not possible to predict the final MIS sale and AACo result, a continuation of current trends is expected to result in an FY08 underlying net profit after tax result of approximately $80 million to $85 million. FY08 EBIT is forecast to fall within the range of current market expectations of $166 million to $182 million.

The level of MIS sales achieved in the current period will also influence FY09 earnings.

Futuris Corporation Limited • ABN 34 004 336 636 Level 9, 121 King William Street, Adelaide SA 5000 GPO Box 551, Adelaide SA 5001 Telephone: (08) 8425 4999 • Facsimile: (08) 8410 1597

Assuming MIS sales fall within the range of $35 million to $45 million forecast, it is expected that the Company’s underlying profit to shareholders would increase in FY09 to a range of approximately $85 million to $90 million, subject to the customary qualifications. FY09 EBIT is forecast to fall within the lower end of the range of current market expectations of $178 million to $191 million.

Outperformance above forecast is achievable in FY09 through MIS sales recovery, ongoing improvement in seasonal conditions, better then anticipated results from Elders Rural Services and Elders Financial Services and reduced interest expense as a result of the divestment of non-core and non-performing assets.

In respect of the latter, the Company committed to an acceleration of the noncore asset rationalisation process over the coming year, with the intention that funds raised will be applied to the balance sheet.

Futuris will report the MIS sales result on 1 July 2008 and announce its financial results for the 2008 financial year on 14 August 2008.

Further commentary concerning this update by the Chief Executive Officer and Chairman is contained in an Open Briefing issued to the ASX today.

25 June 2008

Further comment: Les Wozniczka 08 8425 4999 Further information: Don Murchland 0439 300 932

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