ELDERS LIMITED — M&A Activity 2009

Nov 26, 2009

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27 November 2009

Company Announcements Platform Australian Securities Exchange

ACCC ALLOWS REVISED PROPOSED ACQUISITION OF ITC TIMBER

Gunns Limited and Elders Limited welcome today’s announcement by the Australian Competition and Consumer Commission that it will not oppose the revised proposed acquisition of ITC Timber Pty Ltd by Gunns Limited. The revised transaction excludes ITC’ Timber’s 50 per cent shareholding in the SmartFibre woodchip joint venture. The SmartFibre shareholding accounted for approximately 10% of the original transaction’s gross value of $100 million.

It is Gunns’ and Elders’ intention to complete documentation of a final transaction with completion targeted for the coming week.

Yours sincerely

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Wayne Chapman Company Secretary

Contact:

Media: Matthew Horan – 0403 934 958

GUNNS LIMITED | ABN 29 009 478 148

PO Box 572 Launceston Tasmania Australia 7250 | 78 Lindsay Street Launceston Tasmania Australia 7250 T 03 6335 5201 | Int T +613 6335 5201 | F 03 6335 5406 | Int F +613 6335 5406 | www.gunns.com.au