SSH: PGW: SSH Notice (Kerryn Mark Downey and Andrew John Grenfell)

17 May 2010 9:26 am

PGW 17/05/2010 SSH

REL: 0926 HRS PGG Wrightson Limited

SSH: PGW: SSH Notice (Kerryn Mark Downey and Andrew John Grenfell)

DISCLOSURE OF CEASING TO HAVE SUBSTANTIAL HOLDING Section 25, Securities Markets Act 1988

To: NZX Limited And: PGG Wrightson Limited Date this disclosure made: 17 May 2010 Date last disclosure made: 6 May 2010

Substantial security holder(s) giving disclosure Name(s): Kerryn Mark Downey and Andrew John Grenfell Contact details: Kerryn Mark Downey (phone: 09 926 5110, email: kdowney@mcnp.co.nz) Date on which substantial security holder(s) ceased to have substantial holding: 14 May 2010

Summary of previous substantial holding to which disclosure relates Class of listed voting securities: ordinary shares in PGW Summary for: Kerryn Mark Downey and Andrew John Grenfell

For last disclosure,-- total number held in class: 46,764,868 total in class: 758,440,543 total percentage held in class: 6.17%

For current holding after ceasing to have substantial holding,-- number held in class: 0 total in class: 758,440,543 percentage held in class: 0%

Details of transactions and events giving rise to person beginning to have substantial holding Details of the transactions or other events requiring disclosure under the instructions to this form: On 14 May 2010 Kerryn Mark Downey and Andrew John Grenfell (as receivers in respect of specific assets of Rural Portfolio Investments Limited) disposed of 46,764,868 shares held by Rural Portfolio Investments Limited in PGW by way of broker placements to various parties. The total consideration for the transactions was $0.5201cps or $24,322,407.85 in aggregate. Kerryn Mark Downey and Andrew John Grenfell were appointed as receivers in respect of specific assets of Rural Portfolio Investments Limited, including the shares held by Rural Portfolio Investments Limited in PGW, by letter of appointment dated 3 May 2010.

Additional information Nature of connection between substantial security holders: Appointed receivers Address(es) of substantial security holder(s): Level 17, Auckland Club Tower, 34 Shortland Street, Auckland 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: Rural Portfolio Investments Limited

Declaration I, Andrew John Grenfell, 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:00194948 For:PGW Type:SSH Time:2010-05-17:09:26:54

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