ELDERS LIMITED — Major Shareholding Notification 2011

Dec 21, 2011

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22 December 2011

QBE Insurance Group Limited ABN 28 008 485 014 82 Pitt Street Sydney NSW 2000 Australia

Postal Address GPO Box 82 Sydney NSW 2001 Telephone: 61 2 9375 4444 Facsimile: 61 2 9231 6104 DX 10171, Sydney Stock Exchange

The Manager Company Announcements ASX Limited Level 6 Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam,

Re: Elders Limited – Notice of change of interests of substantial holder

For the market’s information, please find enclosed our signed Form 604 following an intra-group transfer.

Yours faithfully,

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Duncan Ramsay

Company Secretary

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