ELDERS LIMITED — Major Shareholding Notification 2010

Feb 10, 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: 09/02/2010 The previous notice was given to the company on: 02/02/2010 The previous notice was dated: 29/01/2010

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 ofsecurities	Previous notice		Present notice
	Person's votes	Voting Power	Person's votes	Voting Power
Ordinary	23,781,465	5.301%	28,820,897	6.425%

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
1/02/2010	Perennial Investment Partners Limited(ACN 087901 620)	Purchased onmarket	$2,386,962.24	1,728,449	1,728,449
2/02/2010	Perennial Investment Partners Limited(ACN 087 901 620)	Purchased onmarket	$786,020.40	570,499	570,499

2

	Perennial Investment Partners Limited	Purchased on
4/02/2010	(ACN 087 901 620)	market	$217,617.39	160,994	160,994
	Perennial Investment Partners Limited	Purchased on
5/02/2010	(ACN 087 901 620)	market	$1,061,423.20	819,779	819,779
	Perennial Investment Partners Limited	Purchased on
8/02/2010	(ACN 087 901 620)	market	$332,750.45	259,711	259,711
	Perennial Investment Partners Limited	Purchased on
9/02/2010	(ACN 087 901 620)	market	$1,926,056.10	1,500,000	1,500,000

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 901620)	State Street		InvestmentManager	1,391,849	1,391,849
Perennial Investment
Partners Limited (ACN	NAB Custodian
087 901620)	Services		Investment Manager	7,953,872	7,953,872
Perennial Investment
Partners Limited (ACN	NAB Custodian
087 901 620)	Services		Investment Manager	7,427,213	7,427,213
Perennial Investment
Partners Limited (ACN
087 901620)	JP Morgan		InvestmentManager	4,034,392	4,034,392
Perennial Investment
Partners Limited (ACN
087 901620)	Citigroup		Investment Manager	6,897,999	6,897,999
Perennial Investment
Partners Limited (ACN
087 901 620)	BNP		Investment Manager	642,383	642,383
Perennial Investment
Partners Limited (ACN	NAB Custodian
087 901620)	Services		InvestmentManager	465,005	465,005
	IOOF Investment
IOOF Investment	Management
Management Limited	Limited
(ACN006695021)	(ACN006695021)		Investment Manager	8,184	8,184

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 Street
	Melbourne Victoria 3000
IOOF Investment Management Limited	Level 29, 303 Collins Street
	Melbourne Victoria 3000
Perennial Investment Partners Limited	Level 29, 303 Collins Street
	Melbourne Victoria 3000
Elders Limited	Level 3, 27 Currie St
	Adelaide,SA 5000