ELDERS LIMITED — Major Shareholding Notification 2012

May 20, 2012

Form 605

Corporations Law Section 671B Notice of ceasing to be a substantial holder

To: Company Name/Scheme Elders Limited

ACN ~~/ARSN~~ 004 336 636

1. Details of substantial holder (1)

Name Bank of America Corporation and its related bodies corporate

ACN/ARSN (if applicable):

The holder ceased to be a substantial shareholder on 17 May 2012 The previous notice was given to the company on 20 April 2012 The previous notice was dated 17 April 2012

The previous notice was dated

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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	Person whose relevant interest changed	Nature of Change (4)	Consideration given in relation to change (5)	Class (6) and Number of securities affected	Person’s votes affected
Please see Annexure A.

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A	N/A

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Bank of America Corporation	100 North Tryon Street, Charlotte, North Carolina, 28255, USA
Merrill Lynch (Australia) Futures Ltd	Level 38, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia
Merrill Lynch International (Australia) Ltd	Level 38, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia
Merrill Lynch International	2 King Edward Street, London EC1A 1HQ, United Kingdom
Merrill Lynch (Australia) Nominees Pty Ltd	Level 19, 120 Collins St, Melbourne Vic 3000, Australia
MLEQ Nominees Pty Ltd	Level 38, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia

SIGNATURE

Print Name: Fiona Cheng Capacity: Authorised signatory Sign Here: Date: 21 May 2012

Annexure A

**Date of change **	Person whose relevant interest changed	Nature of change (4)	Consideration (5)	Class (6) of securites	Securities affected	Person's votes affected
19-Apr-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(2,182,327)	(2,182,327)
19-Apr-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(2,701,295)	(2,701,295)
20-Apr-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(400,000)	(400,000)
24-Apr-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(1,352,150)	(1,352,150)
26-Apr-12	Merrill Lynch(Australia)Futures Ltd	Buy	N/A	Ordinary	5,000,000	5,000,000
26-Apr-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(1,583,523)	(1,583,523)
27-Apr-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(420,527)	(420,527)
27-Apr-12	Merrill Lynch(Australia)Futures Ltd	Buy	N/A	Ordinary	10,206	10,206
1-May-12	Merrill Lynch(Australia)Futures Ltd	Buy	N/A	Ordinary	48,658	48,658
3-May-12	Merrill Lynch(Australia)Futures Ltd	Buy	N/A	Ordinary	5,000,000	5,000,000
8-May-12	Merrill Lynch(Australia)Futures Ltd	Buy	N/A	Ordinary	20,000	20,000
8-May-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(1,400,000)	(1,400,000)
10-May-12	Merrill Lynch(Australia)Futures Ltd	Buy	N/A	Ordinary	60,367	60,367
15-May-12	Merrill Lynch(Australia)Futures Ltd	Sell	N/A	Ordinary	(7,000,000)	(7,000,000)
19-Apr-12	Merrill Lynch International(Australia)Ltd	Securities returned	N/A	Ordinary	(15,053,656)	(15,053,656)
19-Apr-12	Merrill Lynch International(Australia)Ltd	Securities borrowed	N/A	Ordinary	19,624,636	19,624,636
19-Apr-12	Merrill Lynch International(Australia)Ltd	Securities borrowed	N/A	Ordinary	34,678,292	34,678,292
19-Apr-12	Merrill Lynch International(Australia)Ltd	Securities returned	N/A	Ordinary	(19,624,636)	(19,624,636)
27-Apr-12	Merrill Lynch International(Australia)Ltd	Securities returned	N/A	Ordinary	(16,598,800)	(16,598,800)
7-May-12	Merrill Lynch International(Australia)Ltd	Securities returned	N/A	Ordinary	(40,000)	(40,000)
10-May-12	Merrill Lynch International(Australia)Ltd	Securities borrowed	N/A	Ordinary	16,598,800	16,598,800
17-May-12	Merrill Lynch International(Australia)Ltd	Securities returned	N/A	Ordinary	(18,079,492)	(18,079,492)
17-May-12	Merrill Lynch International(Australia)Ltd	Securities returned	N/A	Ordinary	(6,957,144)	(6,957,144)
19-Apr-12	Merrill Lynch International	Securities returned	N/A	Ordinary	(19,624,636)	(19,624,636)
27-Apr-12	Merrill Lynch International	Securities borrowed	N/A	Ordinary	16,598,800	16,598,800
10-May-12	Merrill Lynch International	Securities returned	N/A	Ordinary	(16,598,800)	(16,598,800)

Appendix: Prescribed information

Type of agreement	Prime Brokerage Agreement / Global Master Securities Lending Agreement
Parties to agreement	Merrill Lynch International, Merrill Lynch International (Australia) Limited and Mathews Capital Partners Pty Limited as Trustee of the Sabre Fund
Transfer date	For the period from 18 April 2012 to 17 May 2012
Holder of voting rights	Securities borrower. Securities lender may instruct the registered holder to vote on securities.
Are there any restrictions on voting rights?	No
If yes, detail	N/A
Scheduled return date (if any)	On recall of the securities loan by the securities lender.
Does the borrower have the right to return early?	Yes
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender have the right to recall early?	Yes
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities be returned on settlement?	Yes
If yes, detail any exceptions	N/A