ELDERS LIMITED — Major Shareholding Notification 2012

Jun 7, 2012

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For Transmission by Facsimile

8 June 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

substantial holder on 08 / 06 / 2012 The previous notice was given to the company on 04 / 06 / 2012 The previous notice was dated 04 / 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	23,211,185	5.17%	45,391,780	10.12%

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 of change 08/06/2012	Person whose relevant interest changed WHSP	Nature of change (6) On market acquisition by Ruralco Holdings Limited	Consideration given in relation to change (7) $5,012,814	Class and number of securities affected Ordinary shares 22,180,595	Person's votes affected 22,180,595

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 WHSP	Registered holder of securities Ruralco Holdings Limited	Person entitled to be registered as holder (8) Ruralco Holdings Limited	Nature of relevant interest (6) Deemed under section 608(3)(a)of the Corporations Act by reason	Class and number of securities Ordinary shares 45,308,446	Person's votes 45,308,446

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.