ELDERS LIMITED — M&A Activity 2006

3 July 2006

Company Announcements Platform Australian Stock Exchange Limited

HATMORE TO PROCEED TO COMPULSORY ACQUISITION

We refer to the off-market bid by Hatmore Pty Ltd, a wholly owned subsidiary of Futuris Corporation Limited ("Hatmore"), for all the issued shares in Integrated Tree Cropping Limited ("ITC", ASX code ITF) dated 26 May 2006.

The offer closed at 7.00pm EST on Friday 30 June 2006.

Immediately after the close of the Offer Period, Hatmore and its associates had a relevant interest in 93.24% of the securities in the bid class.

Hatmore will proceed to compulsorily acquire the balance of the shares in ITC that it does not already own. Compulsory acquisition notices will be issued in the coming week.

Michael Sadlon Company Secretary

Level 6, 27 Currie Street, Adelaíde, SA 5000 GPO Box 551 Adelaide SA 5001 Telephone: (08) 8425 4999 Facsimile: (08) 8410 1597 Futuris Corporation Limited A.B.N. 34 004 336 636