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ELDERS LIMITED Major Shareholding Notification 2010

May 13, 2010

64835_rns_2010-05-13_10c873d3-bdee-4f5e-95aa-e0d5498ef512.pdf

Major Shareholding Notification

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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: 12/05/2010 The previous notice was given to the company on: 11/02/2010 The previous notice was dated: 09/02/2010

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 28,820,897 6.425% 33,747,475 7.523%

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 &number (ord) Person's votes
15/03/2010 Perennial Investment Partners Limited(ACN 087901 620) Purchased onmarket $381,299.65 298,000 298,000
16/03/2010 Perennial Investment Partners Limited(ACN 087 901 620) Purchased onmarket $357,762.87 280,000 280,000

2

Perennial Investment Partners Limited Purchased on
19/03/2010 (ACN 087 901 620) market $83,592.34 60,641 60,641
Perennial Investment Partners Limited Purchased on
23/03/2010 (ACN 087 901 620) market $10,173.84 7,418 7,418
Perennial Investment Partners Limited Purchased on
16/04/2010 (ACN 087 901 620) market $1,216,639.00 964,504 964,504
Perennial Investment Partners Limited Purchased on
20/04/2010 (ACN 087 901 620) market $148,611.55 117,183 117,183
Perennial Investment Partners Limited Purchased on
21/04/2010 (ACN 087 901 620) market $747,184.51 584,319 584,319
Perennial Investment Partners Limited Purchased on
22/04/2010 (ACN 087 901 620) market $307,808.77 240,000 240,000
Perennial Investment Partners Limited Purchased on
3/05/2010 (ACN 087 901 620) market $645,584.69 583,716 583,716
Perennial Investment Partners Limited Purchased on
4/05/2010 (ACN 087 901 620) market $145,876.00 131,089 131,089
Perennial Investment Partners Limited Purchased on
5/05/2010 (ACN 087 901 620) market $748,983.00 723,367 723,367
IOOF Investment Management
6/05/2010 Limited(ACN006695021) Sold on market -$3,566.57 - 2,000 - 2,000
Perennial Investment Partners Limited Purchased on
11/05/2010 (ACN 087 901 620) market $428,607.03 423,838 423,838
Perennial Investment Partners Limited Purchased on
12/05/2010 (ACN 087 901 620) market $519,312.14 514,503 514,503

4. Present Relevant Interests

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

Holder Registered holder Person Nature of relevant Class & Person's
of securities Entitled interest Number votes
to be (Ord)
holder
Perennial Investment Partners Limited
(ACN 087 901 620) State Street InvestmentManager 1,641,509 1,641,509
Perennial Investment Partners Limited
(ACN 087901 620) ANZNomineesLtd InvestmentManager 9,011,480 9,011,480
Perennial Investment Partners Limited NAB Custodian
(ACN 087901 620) Services Investment Manager 8,830,631 8,830,631
Perennial Investment Partners Limited
(ACN 087901 620) JP Morgan InvestmentManager 4,751,682 4,751,682
Perennial Investment Partners Limited
(ACN 087901 620) Citigroup InvestmentManager 8,197,019 8,197,019
Perennial Investment Partners Limited
(ACN 087901 620) BNP InvestmentManager 843,965 843,965
IOOF Investment Management Limited NAB Custodian
(ACN006695021) Services InvestmentManager 465,005 465,005
IOOF Investment Management Limited NAB Custodian
(ACN006695021) Services Investment Manager 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