ELDERS LIMITED — Major Shareholding Notification 2010

May 23, 2010

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

To: Elders Limited ACN: 004 336 636 ASX Code: ELD

1. Details of substantial holder

Name: IOOF Holdings Limited ACN: ACN 100 103 722

This notice is given by IOOF Holdings Limited on behalf of itself and its subsidiaries.

There was a change in the interest of the substantial holder on: 20/05/2010 The previous notice was given to the company on: 14/05/2010 The previous notice was dated: 12/05/2010

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 had a relevant interest in when last required and when now required to give a substantial holding notice to the company or scheme, are as follows:

Class of	Previous notice		Present notice
securities	Person's votes	Voting Power	Person's votes	Voting Power
Ordinary	33,747,475	7.523%	39,176,057	8.733%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder 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	Person	Nature	Consideration	Class &	Person's votes
				number
				(ord)
	Perennial Investment Partners Limited	Purchased on
13/05/2010	(ACN 087901 620)	market	$982,411.19	977,976	977,976
	Perennial Investment Partners Limited	Purchased on
14/05/2010	(ACN 087 901 620)	market	$1,361,948.05	1,318,047	1,318,047

2

19/05/2010	IOOF Investment ManagementLimited(ACN006695021)	Purchased onmarket	$829,361.47	737,518	737,518
20/05/2010	IOOF Investment ManagementLimited(ACN006695021)	Purchased onmarket	$2,554,857.09	2,395,041	2,395,041

4. Present Relevant Interests

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

Holder	Registered holderof securities	PersonEntitledto beholder	Nature of relevantinterest	Class &Number(Ord)	Person'svotes
Perennial InvestmentPartners Limited (ACN087 901620)	State Street		InvestmentManager	1,728,920	1,728,920
Perennial InvestmentPartners Limited (ACN087 901 620)	ANZ Nominees Ltd		Investment Manager	9,741,864	9,741,864
Perennial InvestmentPartners Limited (ACN087 901620)	NAB CustodianServices		InvestmentManager	9,294,736	9,294,736
Perennial InvestmentPartners Limited (ACN087 901620)	JP Morgan		Investment Manager	5,012,496	5,012,496
Perennial InvestmentPartners Limited (ACN087 901 620)	Citigroup		Investment Manager	8,904,117	8,904,117
Perennial InvestmentPartners Limited (ACN087 901620)	BNP		InvestmentManager	890,176	890,176
IOOF InvestmentManagement Limited(ACN006695021)	NAB CustodianServices		Investment Manager	3,597,564	3,597,564
IOOF InvestmentManagement Limited(ACN006695021)	NAB CustodianServices		InvestmentManager	6,184	6,184

3

5. Changes in association

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

Name & ACN Nature of association

Not applicable

6. Addresses

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

Name	Address
IOOF Holdings Limited	Level 29, 303 Collins StreetMelbourne Victoria 3000
IOOF Investment Management Limited	Level 29, 303 Collins StreetMelbourne Victoria 3000
Perennial Investment Partners Limited	Level 29, 303 Collins StreetMelbourne Victoria 3000
Elders Limited	Level 3, 27 Currie StAdelaide,SA 5000