RURAL EQUITIES LIMITED - Update

Repurchase of shares

The repurchase by the Company of 1,000,000 shares held on behalf of Rotorua Energy Charitable Trust, as detailed in a letter to shareholders dated 9 March 2012, was settled on 4 October 2012. The 1,000,000 shares were acquired for $3.27 per share and have now been cancelled. As a consequence of the transaction the Company now has 37,407,824 shares on issue.

This follows the earlier repurchase of 1,725,000 shares held on behalf of Rotorua Energy Charitable Trust that was settled on 30 March 2012.

Property portfolio

Settlement of the sale of the Trust’s South Canterbury property Ernsdale was completed as scheduled on 1 October 2012.