ELDERS LIMITED — Major Shareholding Notification 2007

Sep 16, 2007

604 page 1/2 13 march 2000

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial shareholders

To: Company Name/Scheme: IINET LIMITED ACN/ARSN 068 628 937

1. Details of substantial holder (1)

Name: FUTURIS CORPORATION LIMITED – ACN 004 336 636

VICKNER PTY LTD – ACN 106 588 738 and their Associates – refer Annexure A

ACN (if applicable) There was a change in the interests of the Substantial holder on 13/09/07 The previous notice was given to the company on 07/06/06 The previous notice was dated 07/06/06

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person’s votes	Voting power (5)	Person’s votes	Voting power (5)
OrdinaryShares	24,300,000	19.96%	26,857,482	21.38%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interests of the substantial shareholder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of shares affected	Person’s votes affected
				ORDINARY
20/10/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	228,833	24,528,833
23/10/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	80,000	24,608,833
23/10/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	8,000	24,616,833
26/10/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	15,134	24,631,967
27/10/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	4,866	24,636,833
30/10/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	116,607	24,753,440
31/10/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	33,000	24,786,440
28/11/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	252,218	25,038,658
29/11/06	Futuris Corporation Ltd	On market purchase byAMM	n/a	61,342	25,100,000
22/03/07	Futuris Corporation Ltd	On market purchase byAMM	n/a	5,081	25,105,081
26/03/07	Futuris Corporation Ltd	On market purchase byAMM	n/a	15,219	25,120,300
27/03/07	Futuris Corporation Ltd	On market purchase byAMM	n/a	1,000	25,121,300

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604 page 1/2 13 march 2000

24/08/07	Futuris Corporation Ltd	On market purchase byAMM	n/a	385,667	25,506,967
13/09/07	Futuris Corporation Ltd	On market purchase byAMM	n/a	1,350,515	26,857,482

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Persons entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
Futuris Corporation Ltd	Amcom Telecommunications Ltd	Amcom Telecommunications Ltd	Amcom Telecommunications Ltd (ACN 062 046 217) is the registered holder of the shares. Futuris Corporation Limited has a relevant interest in 49.09% of Amcom, through shares owned in Amcom by it’s wholly owned subsidiary, Vickner Pty Ltd (ACN 106 588 738) Futuris Corporation Limited is deemed to have a relevant interest in the shares pursuant to s608(3)(a) of the Corporations Act 2001.	Ordinary 14,513,567	14,513,567
Futuris Corporation Ltd	Colbern Fiduciary Nominee Pty Ltd	Amcom Telecommunications Ltd	Amcom Telecommunications Ltd (ACN 062 046 217) is the registered holder of the shares. Futuris Corporation Limited has a relevant interest in 49.09% of Amcom, through shares owned in Amcom by it’s wholly owned subsidiary, Vickner Pty Ltd (ACN 106 588 738) Futuris Corporation Limited is deemed to have a relevant interest in the shares pursuant to s608(3)(a) of the Corporations Act 2001.	Ordinary 12,343,915	12,343,915

5. Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN (ifapplicable)	**Nature of Association **
N/A

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604 page 1/2 13 march 2000

6. Addresses

The addresses of persons named in this form are:

Name Address Futuris Corporation Ltd Level 6, 27 Currie Street, Adelaide SA 5000 Vickner Pty Ltd Level 6, 27 Currie Street, Adelaide SA 5000

Signature

Print name: SONYA FUREY capacity SECRETARY Sign here: Date: 17 September 2007

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This is Annexure A of three pages referred to in Form 604

This is Annexure A of three pages referred to in Form 604 – Notice of change of interests of substantial shareholders – dated 17 September 2007 and signed by me.

---

Sonya Furey

Futuris Corporation Limited & Subsidiaries Registered Office – Level 6, 27 Currie Street, Adelaide SA 5000

A TOP PTY LTD 055 454 405 A.C.N. 073 323 038 PTY LTD 073 323 038 ABBINO PTY. LTD. 067 797 826 ACEHILL INVESTMENTS PTY LTD 081 939 273 ACTIVE LEISURE (SPORTS) PTY. LTD 006 298 657 AGRIBUSINESS INSURANCE BROKERS PTY LTD 008 152 501 AIM METALS PTY. LTD. 050 582 539 AIR INTERNATIONAL (CHINA) PTY LTD 069 955 031 AIR INTERNATIONAL (INDIA) PTY LTD 005 574 274 AIR INTERNATIONAL (MALAYSIA) PTY LTD 006 546 372 AIR INTERNATIONAL (VENTURES) NO 2 PTY LTD 009 765 271 AIR INTERNATIONAL (VENTURES) NO. 3. PTY LTD 010 461 640 AIR INTERNATIONAL ASIA PACIFIC OPERATIONS PTY LTD 096 062 270 AIR INTERNATIONAL COACHAIR PTY LTD 011 009 635 AIR INTERNATIONAL TRANSIT PTY LTD 000 900 970 ALDETEC PTY LTD 008 908 530 APT FINANCE PTY LTD 080 974 278 APT FORESTRY PTY LTD 008 927 731 APT LAND PTY LTD 065 125 519 APT NURSERIES PTY LTD 067 553 762 APT PROJECTS LTD 054 653 039 ARTREAL PTY LTD 091 000 583 ASHWICK (VIC.) NO.102 PTY. LTD. 006 327 340 AUSTECH VENTURES LTD 002 729 197 AUSTRALIAN PLANTATION TIMBER PTY LTD 054 653 057 AUSTRALIAN RETIREMENT MANAGERS PTY LTD 099 889 595 AUSTRALIAN RURAL FINANCE PTY. LTD. 067 579 953 AUSTRALIAN TOPMAKING SERVICES LIMITED 004 284 164 BALCOOMA PTY. LTD. 009 219 970 BANKS MARSDEN PTY LTD 071 310 140 BEDCELL PTY LTD 072 566 119 BHC SALES & MARKETING PTY LTD 094 933 918 BRIMHALL PTY. LTD 067 797 773 BROADWATER HOSPITALITY MANAGEMENT PTY LTD 097 743 130 BROADWATER HOSPITALITY PTY LTD 009 470 688 BWK AUSTRALIA PTY LTD 112 519 847 BWK HOLDINGS PTY LTD 095 156 120 CARBON BID CO PTY LTD 108 187 364 CAVERSHAM INVESTMENTS PTY LTD 009 353 799 CAVERSHAM LANDSCAPE D. & C. PTY LTD 070 071 091 CAVERSHAM PROJECTS PTY LTD 079 720 577 CAVERSHAM PROPERTY (SALES) PTY LTD 008 757 971 CAVERSHAM PROPERTY HOLDINGS PTY LTD 008 936 605 CHARLTON FEEDLOT PTY LTD 073 496 625 CLIMA AIR CONDITIONING PTY. LTD. 003 275 778 COLOTTI PTY. LTD. 067 320 352 COSTILLA PTY LTD 064 792 687 CP VENTURES LTD. 006 306 565 DAWLEY PTY. LTD 004 085 769 DEMAND FARMING AUSTRALIA PTY LTD 120 544 836 DOMENI PTY LIMITED 081 516 387 E GLOBULUS PTY LTD 073 502 968 E. & R. STEEDEN PTY. LTD. 009 721 831 ELDERS - GM PROPERTIES (S.A.) PROPRIETARY LIMITED 007 628 711 ELDERS - GM PROPERTIES (VIC) PTY. LTD. 004 566 634 ELDERS AUSTRALIA LIMITED 061 617 230 ELDERS BURNETT MOORE WA PTY LIMITED 009 463 067 ELDERS DISTRIBUTION COMPANY PTY LTD 092 014 054 ELDERS FINANCIAL SOLUTIONS PTY LTD 094 089 488

1

The above companies are all subsidiaries of Futuris Corporation Limited pursuant to section 9 of the Corporations Act.

This is Annexure A of three pages referred to in Form 604

ELDERS GLOBAL WOOL HOLDINGS PTY LTD 079 099 540 ELDERS HOME LOANS PTY LTD 118 064 654 ELDERS INSURANCE BROKERS PTY LTD 008 152 538 ELDERS INSURANCE HOLDINGS PTY LTD 081 990 669 ELDERS INSURANCE LTD 081 106 505 ELDERS INTERNATIONAL AUSTRALIA LIMITED 007 735 168 ELDERS LIMITED 004 045 121 ELDERS MERINO TOP LINE PTY LTD 116 995 870 ELDERS MORTGAGE BROKERS PTY LTD 118 064 645 ELDERS PROJECT MANAGEMENT PTY LTD 099 851 779 ELDERS REAL ESTATE (NSW) PTY LTD 000 127 882 ELDERS REAL ESTATE (QLD) PTY. LTD 010 155 370 ELDERS REAL ESTATE (TASMANIA) PTY LTD 092 699 191 ELDERS REAL ESTATE (WA) PTY LTD 008 670 719 ELDERS REAL ESTATE FRANCHISE (VIC.) PTY LTD 007 246 844 ELDERS RISK MANAGEMENT PTY. LTD. 066 580 694 ELDERS SECURITIES LIMITED 061 957 122 ELDERS TELECOMMUNICATIONS INFRASTRUCTURE PTY LTD 120 974 709 ELDERS TELECOMMUNICATIONS PTY LTD 117 261 864 ELDERS UNDERWRITING AGENCY PTY LTD 081 106 514 ELDERS WEBSTER PTY LTD 107 338 821 ELDERS WOOL INTERNATIONAL PTY LTD 064 486 719 EREF PTY LTD 050 205 091 FAMILY HOSPITALS PTY. LTD. 009 118 414 FARES EXPORTS PTY LTD 055 286 836 FGSF PTY LTD 009 454 344 FUTURIS ADMINISTRATION PTY. LIMITED 052 351 621 FUTURIS AGENCIES PTY LTD 009 321 948 FUTURIS AUTOMOTIVE GROUP LIMITED - 005 981 984 FUTURIS AUTOMOTIVE INTERIORS (AUSTRALIA) PTY LTD 065 993 553 FUTURIS AUTOMOTIVE INTERIORS HOLDINGS PTY LTD 089 973 071 FUTURIS AUTOMOTIVE PTY LTD . 004 684 628 FUTURIS CORPORATION LIMITED 004 336 636 FUTURIS RURAL PTY LTD 009 339 333 FUTURIS VENTURES PTY LTD 006 476 197 GEELONG WOOL COMBING LTD 007 072 773 GEORGE MOSS (QLD.) PTY. LTD. 010 463 868 GEORGE MOSS PTY LIMITED 008 670 031 GROUVILLE PTY. LTD. 009 312 092 H.W. HAYES & SONS (IPSWICH) PTY. LTD. 009 697 090 HALLETTE PTY LTD 110 390 559 HARVEY MEAT PROCESSING PTY LTD 117 445 397 HATMORE PTY LTD 096 553 909 HOLLYMONT LIMITED 067 320 503 HOSE & PIPE PTY. LTD. 007 095 230 IMA INVESTMENT MANAGEMENT AUSTRALIA - ADF PTY LTD 006 943 451 IMA INVESTMENT MANAGEMENT AUSTRALIA PTY. LTD. 007 423 681 INNERHADDEN LIMITED 008 928 783 INTEGRATED TREE CROPPING LTD 069 762 634 ITC FIBRE PTY LTD 104 233 883 ITC FINANCE PTY LTD 082 806 880 ITC PROJECT MANGEMENT LTD 081 643 147 ITC TIMBER ALEXANDRA PTY LTD 121 653 772 ITC TIMBER HEYFIELD PTY LTD 000 041 814 ITC TIMBER PTY LTD 009 478 068 ITC TIMBER SEYMOUR PTY LTD 091 652 550 ITC TIMBER TASMANIA PTY LTD 081 613 710 ITC TIMBERLANDS PTY LTD 089 781 840 J A GILMOUR & SONS (N S W) PTY LTD 002 047 949 JETOLEAF PTY LTD 009 623 572 KENTLAKE HOLDINGS PTY LTD 080 679 616 KERATIN HOLDINGS PTY LTD 009 461 027 KOJONUP FARMS PTY LTD 063 655 345 LEISURE INDUSTRIES INTERNATIONAL PTY LIMITED 006 568 958 M.E. DENILIQUIN PTY. LIMITED 003 552 298 MANET HOLDINGS PTY LTD 009 461 465 MANOR HILL PTY LTD 009 413 307 MARYBROOK DEVELOPMENT COMPANY PTY LTD 076 200 023 MARYBROOK INVESTMENTS LIMITED 076 195 367 MILLTOC PTY LTD 073 548 286 MUTUAL BENEFIT CONSULTING PTY LTD 002 902 418 MYLANG PTY LTD 074 416 863

2

The above companies are all subsidiaries of Futuris Corporation Limited pursuant to section 9 of the Corporations Act.

This is Annexure A of three pages referred to in Form 604

N.S.T.I. PTY LTD 000 041 814 NEW ASHWICK PTY LTD 079 099 415 NORTH AUSTRALIAN CATTLE COMPANY PTY. LTD 009 644 679 PACRIM MEAT & LIVESTOCK TRADING PTY LTD 009 476 242 PAKENHAM PROPERTIES PTY LTD 084 438 255 PERNATTY PTY. LTD. 009 286 926 PITT SON & KEENE PTY LTD 000 051 874 PLANTTECH PTY LTD 099 431 884 PRESTIGE PROPERTY HOLDINGS PTY LTD 009 796 623 PRIMAC ELDERS REAL ESTATE PTY LTD 009 878 139 PRIMAC EXPORTS PTY LTD 076 142 053 PRIMAC HOLDINGS LIMITED 010 019 351 PRIMAC PASTORAL CO PTY LTD 010 461 499 PRIMAC PTY LTD 010 023 284 PRIMAC SUPERANNUATION NO.1. PTY LTD 064 961 753 PRIMAC SUPERANNUATION NO.2. PTY LTD 064 961 780 PRIMAC SUPERANNUATION NOMINEES PTY LIMITED 009 745 028 PRIMAC TRAVEL PTY. LTD. 009 700 252 RACHID FARES ENTERPRISES OF AUSTRALIA PTY LTD 001 526 281 REDRAY ENTERPRISES PTY LTD 080 649 565 RELATRAN PTY LTD 091 000 574 SA BID CO PTY LTD 108 187 408 SIGMA AIR CONDITIONING (S.A.) PTY. LTD. 007 607 721 SOUTHERN WOOL SERVICES (GOULBURN) PTY LTD 055 531 532 STEEDEN HOLDINGS PTY. LTD. 009 876 402 STEERING SYSTEMS AUSTRALIA PTY. LTD. 006 526 718 SYCAMORE ENTERPRISES PTY LTD 062 597 602 TASHMORE PTY LTD 094 942 837 THE AUSTRALIAN SUPERANNUATION GROUP (WA) PTY LTD 082 510 236 THERM AIR AUSTRALIA PTY LTD 073 169 990 TOPSOILS OF AUSTRALIA PTY LTD 073 442 010 TREECROP PTY LTD 081 643 129 TREND-TO-ZERO PTY LTD 009 765 253 ULTRA ENTERPRISES PTY. LTD. 007 571 244 ULTRASOUND AUSTRALIA PTY LTD 008 798 801 ULTRASOUND INTERNATIONAL PTY. LTD. 010 443 615 ULTRASOUND TECHNICAL SERVICES PTY LTD 008 780 201 UNITED ALLIANCE GROUP LTD 090 600 703 V.P. SERVICES PTY. LTD. 006 419 549 V.P. TRAVEL PTY. LTD. 005 394 141 VICKNER PTY LTD 106 588 738 VICTORIAN INVESTMENT CORPORATION PTY. LTD. 006 538 156 VICTORIAN PRODUCERS' CO-OPERATIVE COMPANY PTY LTD 004 059 607 VOCKBAY PTY. LIMITED 052 000 656 VPC SUPERANNUATION FUND PTY LTD 065 690 593 WA BID CO PTY LTD 108 187 319 WOOLTECH MARKETING PTY. LTD. 057 196 951 YENLEY PTY LTD 097 135 709

WESTRALIA PROPERTY MANAGEMENT LIMITED

072 899 060 Registered Office: Grnd Flr, 66 Kings Park Road, West Perth, WA 6872

3

The above companies are all subsidiaries of Futuris Corporation Limited pursuant to section 9 of the Corporations Act.