SSH: PGW: SSH Notice (Rural Portfolio Investments Limited)

21 Apr 2010 3:07 pm

PGW 21/04/2010 SSH

REL: 1507 HRS PGG Wrightson Limited

SSH: PGW: SSH Notice (Rural Portfolio Investments Limited)

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed: change in nature of relevant interest Date of relevant event: 21 April 2010 To NZX And PGG Wrightson Limited Date this disclosure made: 21 April 2010 Date last disclosure made: 23 December 2009

Substantial security holder(s) giving disclosure Name(s): Rural Portfolio Investments Limited and Rural Portfolio Investments Securities Limited Contact details: Sandra Keay sandra.keay@aorangi.biz (03) 471 8953

Summary of substantial holding to which disclosure relates Class of listed voting securities: ordinary shares in PGG Wrightson Limited Summary for Rural Portfolio Investments Limited and its wholly owned subsidiary Rural Portfolio Investments Securities Limited, regarding an unconditional contract to sell 48,457,450 shares held by Rural Portfolio Investments Securities Limited, with a settlement date of 26 April 2010.

For this disclosure: (a) total number held in class: 95,222,318 (46,764,868 held by Rural Portfolio Investments Limited and 48,457,450 held by Rural Portfolio Investments Securities Limited) (b) total in class: 758,440,543 (c) total percentage held in class: 12.56% (6.17% by Rural Portfolio Investments Limited and 6.39% by Rural Portfolio Investments Securities Limited)

For last disclosure: (a) total number held in class: 95,222,318 (46,764,868 by Rural Portfolio Investments Limited and 48,457,450 by Rural Portfolio Investments Securities Limited) (b) total in class: 758,440,543 (c) total percentage held in class: 12.56% (6.17% by Rural Portfolio Investments Limited and 6.39% by Rural Portfolio Investments Securities Limited)

Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure under the instructions to this form: Rural Portfolio Investments Securities Limited has unconditionally agreed to sell its 48,457,450 PGG Wrightson Limited (PGW) shares in an off-market transaction, with consideration of $0.56cps ($27,136,172.00). As a result of this agreement, the relevant interest of Rural Portfolio Investments Securities Limited in its shares has changed from a legal and beneficial to a legal interest only. Settlement is to take place on 26 April 2010.

Details of relevant interests in substantial holding after relevant event Details for Rural Portfolio Investments Limited Nature of relevant interest(s): Registered holder and beneficial owner of securities. For that relevant interest,-- (a) number held in class: 46,764,868 (b) percentage held in class: 6.17% (c) current registered holder(s) of securities: Rural Portfolio Investments Limited (d) registered holder(s) of securities once transfers registered: Rural Portfolio Investments Limited (no change) No relevant agreement document needs to be attached.

Details for Rural Portfolio Investments Securities Limited Nature of relevant interest(s): Registered holder of securities. For that relevant interest,-- (a) number held in class: 48,457,450 (b) percentage held in class: 6.39% (c) current registered holder(s) of securities: Rural Portfolio Investments Securities Limited (d) registered holder(s) of securities once transfers registered: unknown

Additional information Nature of connection between substantial security holders: Rural Portfolio Investments Securities Limited is a wholly owned subsidiary of Rural Portfolio Investments Limited. Address(es) of substantial security holder(s): 10th Floor, John Wickliffe House, 275 Princes Street, Dunedin. Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: n/a

Declaration I, Sandra Anne Keay, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00194015 For:PGW Type:SSH Time:2010-04-21:15:07:23

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