Article 2

directly or through any nominee or trustee to acquire any shares or interests in shares of S&N or of any subsidiary of S&N in circumstances where Elders and its subsidiaries and any person associated with Elders or any of its subsidiaries hold, or after the acquisition would hold, directly or indirectly, 15 per cent, or an interest in 15 per cent, of any class of shares of S&N or of any subsidiary of S&N, or

to exercise, directly or indirectly, 15 per cent or more of the total voting rights exerciseable at general meetings of, or of any class of the members of, S&N or any of its subsidiaries.