ELDERS LIMITED — M&A Activity 2007

Oct 11, 2007

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Webster Limited ABN 23 009 476 000

120 Campbell Street HOBART TAS 7000 Postal address GPO Box 333 HOBART TAS 7001 Australia Telephone 61 (03) 6238 0315 Facsimile 61 (03) 6238 0309

12th October 2007

The Manager Companies Announcement Section Australian Stock Exchange Level 4, Bridge Street SYDNEY NSW 2000

Via elodgement

JOINT ASX RELEASE FROM WEBSTER LIMITED AND FUTURIS CORPORATION LIMITED

Dear Sir/Madam,

Please find enclosed joint ASX announcement from Webster Limited and Futuris Corporation Limited.

Yours sincerely,

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Nicholas Abbott Company Secretary

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12 October 2007

PROPOSED WEBSTER AND FUTURIS TRANSACTION NOT TO PROCEED

On 15 August 2007 Webster and Futuris announced a conditional in-principle agreement involving:

• the transfer of Futuris’ aquaculture and horticulture interests, for a proposed value of $36.7 million, to Webster in consideration for shares in Webster; and

• the provision of a $25 million secured converting loan facility to Webster.

Subject to these events, and other conditions precedent, Futuris advised that it was prepared to make a conditional cash offer for the ordinary shares of Webster at $1.40 per share.

Both the in-principle agreement and the cash offer will now not proceed as conditions precedent have not been met.

In the period since announcement, Webster has undertaken a detailed review of the opportunity and although the transactions will not proceed, Webster will continue its strategic focus on its core assets in aquaculture and horticulture and the examination, with Futuris, of alternative mutually beneficial opportunities for the development of those interests.

For further information

David Robinson Executive Chairman Webster Limited Ph: 03 6238 0315

Les Wozniczka Chief Executive Futuris Corporation Limited Ph: 08 8425 4999

Don Murchland Manager Investor Relations Futuris Corporation Limited Ph: 08 8425 4999/0439 300 932

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