ELDERS LIMITED — Major Shareholding Notification 2012

May 31, 2012

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1 June 2012

ASX ANNOUNCEMENT RURALCO HOLDINGS LIMITED (ASX CODE: RHL) STRATEGIC INVESTMENT IN ELDERS LIMITED (ASX CODE: ELD)

Ruralco Holdings Limited (“Ruralco”) today announced it had acquired an economic interest in 10.1 per cent of Elders Limited (“Elders”).

“This is a strategic investment and there is no current intention to make a takeover offer for Elders” Ruralco Managing Director John Maher said.

“Elders is a major Australian agribusiness with a national network and a well recognised brand. The investment in Elders is part of Ruralco’s strategy to strengthen its participation in the agribusiness sector and hopefully ensure that we have an opportunity to play a role in shaping its future structure.”

“Whilst this is a key strategic investment for Ruralco our focus remains clearly on the continued strong performance of our existing operations. It is business as usual for our people and customers,” Mr Maher said.

Ruralco reported a 24 per cent rise in profit for the year ended September 30 2011, with a 12 per cent increase in dividends. Since 2005 Ruralco has had a compound annual growth rate in EBIT of 40 per cent.

Further Information:

John Maher Managing Director Ph: 0418 687 016

Ruralco Holdings Limited (ASX:RHL), is a leading Australian agribusiness. Ruralco operates through a national footprint of businesses that specialise in providing rural customers with products and services in merchandise, fertiliser, seed, wool, livestock, real estate, risk management, water, grain, finance and insurance. Ruralco's businesses around the country operate under their own brands. They have their own cultures, their own service models and their own unique value propositions - all designed to meet the demands of local or regional markets. The group’s businesses are committed to supporting the communities within which they operate.