ELDERS LIMITED — Earnings Release 2008

May 5, 2008

==> picture [539 x 72] intentionally omitted <==

6 May 2008

Company Announcements Platform Australian Securities Exchange

Ma Market Guidance Statement y

Following is a statement providing guidance on Futuris Corporation Limited's expectations for 2008 financial year earnings.

Ross Mallett Company Secretary

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

==> picture [539 x 72] intentionally omitted <==

Market guidance statement

FY2008 Projected results

Futuris Corporation advises that its earnings for the 2008 financial year (FY2008) are likely to reach the current range of market expectations.

Outlook

Underlying EBIT is projected to grow strongly on the 2007 result of $164.7 million, and is expected to be at the higher end of the range of market forecasts of $154 million to $183 million. Increased interest expense arising from higher levels of activity and the cash redemption of notes which matured on 31 December 2007 will offset a part of this growth in EBIT. Underlying profit to shareholders is expected to approximate $100 million.

Achievement of these projections would represent Futuris’ strongest-ever six month operational performance.

These expectations are predicated on continuing good rainfall and MIS sales. We are also expecting a positive mark-to-market in AACo’s result in the six month period 30 June 2008.

Operations

Trading results in the 4 months to 30 April have seen vigorous recovery by Elders Rural Services, driven largely by crop-related merchandise sales and further growth in income from grain accumulation and trading operations.

A good seasonal break has occurred in Western Australia and parts of South Australia with further rainfall expected. Cropping activity is well underway in these regions and is being reflected in accelerated merchandise sales. These trends are expected to become well established in the eastern states in the coming weeks as rainfall spreads.

Livestock operations are experiencing lower levels of activity and income as postdrought restocking occurs. The consequent increase in herd numbers will benefit trading in subsequent periods. In wool, agency operations are trading in-line with the previous year, but downstream operations are being impacted by the effects of reduced discretionary spending in major economies.

Real Estate continues to perform well despite recent interest rate rises reducing sales activity.

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

Elders Rural Bank is trading ahead of its previous year results and is being well supported by its deposit customers in a very competitive market. Elders Insurance is anticipating a good full year result albeit below that of 2007, as loss ratios return to normal levels from an exceptionally low outcome in 2007.

ITC is tracking broadly in-line with the previous year. Operating costs are being impacted by higher maintenance costs, caused by fertiliser and chemical prices. The performance in MIS sales to 30 June 2008 will determine the improvement year-on-year.

ITC’s expectation, based on feedback from its adviser channels, is for a significant rise in MIS sales in 2008, notwithstanding the volatility in financial markets. All the 2008 products have attracted high investment quality ratings, equal to, or exceeding, those of the previous year.

Futuris Automotive has recorded improved performance in the year to date and its full year underlying results are expected to exceed that of the previous year.

Futuris Chief Executive Officer Les Wozniczka said the earnings outlook was positive and augured well for the Company’s performance in more typical seasonal conditions.

“We needed significant growth in most parts of our business to recover from our drought affected first half. For the first time in a number of years, there has been a good start to both the summer and winter cropping seasons.

“Elders merchandise operations have performed particularly strongly, winning new business as growers seek to access reliable and competitive sources of supply for fertilizer and agricultural chemicals amidst short supply.

“The new season, strong grain prices and the prospect of grain deregulation are all supporting a renewed sense of optimism amongst Elders grain clients. We expect this to be reflected in Elders sales levels as the seasonal break becomes established across winter cropping regions. Our expectation is that Elders Rural Services will report its strongest underlying earnings result to date.

“Looking to the new financial year, we expect added impetus from the deregulation of bulk wheat marketing. Elders is looking forward to the opportunity to extend its grain service offering to growers of export wheat. As has proved to be the case in barley, we expect to compete strongly and that the new business resulting will prove an excellent leverage point for Elders other products and services.”

2

Reporting date

The company will report its results for the 2008 financial year on Thursday 14 August 2008.

6 May 2008

Further comment:

Les Wozniczka Chief Executive, Futuris Corporation Limited

08 8425 4999

Further information

Don Murchland Investor Relations Manager

08 8425 4617 0439 300 932

3