ELDERS LIMITED — Major Shareholding Notification 2012

Aug 9, 2012

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For Transmission by Facsimile

10 August 2012

The Company Secretary Elders Limited Level 3, 27 Currie Street ADELAIDE SA 5000

Facsimile: 08 8410 1597

Dear Mr Hastings

Notice of Change of Interests of Substantial Holder

We enclose Corporations Act 2001 Form 604, Notice of Change of Interests of Substantial Holder, lodged today with the Australian Securities Exchange.

Yours faithfully

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I.D. Bloodworth Company Secretary

604 Page 1 of 3 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

Elders Limited

ACN/ARSN 004 336 636

1. Details of substantial holder (1)

Name Washington H. Soul Pattinson and Company Limited (WHSP)

ACN/ARSN (if applicable)

000 002 728

There was a change in the interests of the substantial holder on 09 / 08 / 2012 The previous notice was given to the company on 08 / 06 / 2012 The previous notice was dated 08 / 06 / 2012

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 (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

ompany or scheme, are as follows:
Class of securities (4)	Previous notice		Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinary Shares	45,391,780	10.12%	54,112,972	12.06%

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:

s follows:
Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
Refer to Annexure 'A'	WHSP	On market acquisition by Ruralco Holdings Limited	Refer to Annexure 'A'	Refer to Annexure 'A'	Refer to Annexure 'A'

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
WHSP	Ruralco Holdings Limited	Ruralco Holdings Limited	Deemed under section 608(3)(a)of the Corporations Act by reason	Ordinary shares 54,029,638	54,029,638

604 Page 3 of 3 15 July 2001

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

• (7) 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.

• (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) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure 'A' to Form 604

To: Elders Limited A.C.N. 004 336 636

Substantial holder: Washington H. Soul Pattinson and Company Limited A.C.N. 000 028 728

			ration Person's votes Class and	ration Person's votes Class and	ration Person's votes Class and	ration Person's votes Class and
	Date of	Conside	ration	Class and	Person's votes
	change	given in r to cha	elation nge	number of securitied	affected
				affected
02-Jul-12 03-Jul-12 04-Jul-12 05-Jul-12 06-Jul-12 09-Jul-12 10-Jul-12 11-Jul-12 12-Jul-12 13-Jul-12 16-Jul-12 17-Jul-12 18-Jul-12 19-Jul-12 20-Jul-12 24-Jul-12 25-Jul-12 26-Jul-12 27-Jul-12 30-Jul-12 31-Jul-12 01-Aug-12 02-Aug-12 07-Aug-12 08-Aug-12 09-Aug-12	02-Jul-12	$40,4	63	181,448 Ord	181,448
	03-Jul-12	$45,6	53	203,808 Ord	203,808
	04-Jul-12 05-Jul-12	$35,4 $42,6	37 79	154,072 Ord 185,563 Ord	154,072 185,563
	06-Jul-12	$22,6	55	98,502 Ord	98,502
	09-Jul-12 10-Jul-12 11-Jul-12	$12,6 $29,6 $42,0	50 71 84	55,000 Ord 129,568 Ord 187,039 Ord	55,000 129,568 187,039
		$31,500 $20,250 $22,500 $52,028 $43,090 $30,431 $31,780 $34,500 $31,535 $23,827 $97,425 $46,000 $97,090 $112,000 $46,000 $535,900 $241,500 $235,000		140,000 Ord 90,000 Ord 100,000 Ord 231,235 Ord 192,366 Ord 135,250 Ord 140,000 Ord 150,000 Ord 137,707 Ord 104,505 Ord 433,000 Ord 200,000 Ord 422,129 Ord 500,000 Ord 200,000 Ord 2,300,000 Ord 1,050,000 Ord 1,000,000 Ord	140,000 90,000 100,000 231,235 192,366 135,250 140,000 150,000 137,707 104,505 433,000 200,000 422,129 500,000 200,000 2,300,000 1,050,000 1,000,000
		$2,003,648		8,721,192 Ord	8,721,192

This is annexure 'A' of 1 page referred to in form 604 Notice of change of interests of substantial holder

Dated: 10 August 2012

Signed:

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I.D. Bloodworth Company Secretary