ELDERS LIMITED — Major Shareholding Notification 2008

Jan 10, 2008

603 Page 1 of 4 1/10/2008

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme

Futuris Corporation Limited

ACN/ARSN

1. Details of substantial holder (1)

Name

M&G Investment Management Limited
M&G Limited
M&G Group Limited
Prudential plc

ACN/ARSN (if applicable)

The holder became a substantial holder on 08 January 2008

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary NPV Shares	38,610,496	38,610,496	5.10%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
M&G Investment Management Limited M&G Limited M&G Group Limited Prudential plc	Power to exercise or control the exercise of, a right to vote attached to the securities. Power to dispose of, or control the exercise of a power to dispose of, the securities.	Ordinary NPV Shares 38,610,496

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered asholder(8)	Class and number ofsecurities
M&G Investment Funds (3) M&G Investment Management Limited M&G Limited M&G Group Limited Prudentialplc	Nortrust Noms Ltd A/C MKK01	Nortrust Noms Ltd A/C MKK01	12,820,370
M&G Investment Funds (1) M&G Investment Management Limited M&G Limited M&G Group Limited Prudentialplc	Nortrust Noms Ltd A/C MEJ01	Nortrust Noms Ltd A/C MEJ01	25,716,139
M&G Investment Management Limited, M&G Limited, M&G Group Limited, Prudentialplc	PCA Global Basics Equity Fund	PCA Global Basics Equity Fund	2,886
M&G Investment Management Limited, M&G Limited, M&G Group Limited, Prudentialplc	PRUCLT HSBC GIS NOM(UK) PPL AC	PRUCLT HSBC GIS NOM(UK) PPL AC	71,101

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant Date of acquisition Consideration (9) Class and number of interest securities

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		Cash	Non-cash
Nortrust Noms Ltd A/C MKK01 - REC	07 NOV 07 08 NOV 07 09 NOV 07 12 NOV 07 13 NOV 07 14 NOV 07 15 NOV 07 16 NOV 07 19 NOV 07 20 NOV 07 21 NOV 07 22 NOV 07 23 NOV 07 26 NOV 07 27 NOV 07 28 NOV 07 29 NOV 07 30 NOV 07 03 DEC 07 04 DEC 07 08 JAN 08	1,869,129 470,682 868,523 567,922 615,659 944,927 1,015,189 36,149 1,010,285 1,263,571 1,006,930 735,829 364,197 2,042,700 271,566 743,594 980,044 1,980,183 3,591 8,156,115 2,305,959		868,233 223,687 408,728 270,041 289,430 431,499 455,846 16,780 465,756 594,582 470,711 353,585 173,420 990,970 132,790 362,695 468,927 941,421 1,707 3,831,052 1,068,510
Nortrust Noms Ltd A/C MEJ01 – AUST	06 NOV 07 07 NOV 07 08 NOV 07 09 NOV 07 12 NOV 07 13 NOV 07 14 NOV 07 15 NOV 07 16 NOV 07 19 NOV 07 20 NOV 07 21 NOV 07 22 NOV 07 23 NOV 07 26 NOV 07 27 NOV 07 28 NOV 07 29 NOV 07 30 NOV 07 03 DEC 07 04 DEC 07 06 DEC 07 07 DEC 07 10 DEC 07 11 DEC 07 12 DEC 07 13 DEC 07 14 DEC 07 17 DEC 07 18 DEC 07 19 DEC 07 20 DEC 07 28 DEC 07 31 DEC 07 02 JAN 08 03 JAN 08 04 JAN 08 07 JAN 08 08 JAN 08	619,942 879,772 479,261 884,351 578,274 626,878 962,148 1,033,691 36,806 1,028,696 1,286,599 1,025,280 749,239 370,834 2,079,928 276,515 757,146 997,905 2,016,273 3,657 8,236,794 1,574,016 1,745,145 1,593,514 1,554,793 1,682,768 1,118,361 1,592,752 2,107,907 2,079,851 2,050,011 4,517,376 812,017 494,296 635,258 1,226,472 2,450,750 2,209,292 607,485		293,142 408,665 227,764 416,177 274,963 294,704 439,363 464,154 17,085 474,244 605,418 479,289 360,029 176,580 1,009,030 135,210 369,305 477,473 958,579 1,738 3,868,948 750,000 810,000 740,000 700,000 761,706 504,351 733,943 1,000,000 1,000,000 950,000 2,050,000 377,315 229,553 295,553 578,872 1,153,000 1,048,496 281,490
PCA Global Basics Equity Fund (KBAS)	28 DEC 07 31 DEC 07 02 JAN 08 03 JAN 08	1,581 962 1,238 2,389		735 447 576 1,128
PRUCLT HSBC GIS NOM(UK) PPL AC	21 NOV 07	-43,915		-20,585

603 Page 3 of 4 1/10/2008

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
M&G Investment Funds(1)	Laurence Pountney Hill, London EC4R 0HH, England
M&G Investment Funds(3)	Laurence Pountney Hill, London EC4R 0HH, England
M&G Investment Management Limited	Laurence Pountney Hill, London EC4R 0HH, England
M&G Limited	Laurence Pountney Hill, London EC4R 0HH, England
M&G Group Limited	Laurence Pountney Hill, London EC4R 0HH, England
Prudentialplc	Laurence Pountney Hill, London EC4R 0HH, England
Nortrust Nominees	The Northern Trust Company, 50 Bank Street, Canary Wharf, London E14 5NQ, England

Signature

print name sign here	Emma Thompson capacity Notifiables Administrator
	Emma Thompson date 10 January 2008

603 Page 4 of 4 1/10/2008

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.