RURAL EQUITIES LIMITED - General Announcement

The Directors of RotoruaTrust Perpetual Capital Fund Limited advise that theyhave sold 1,000,000 shares in Rural Equities Limited at $3.27, for a total consideration of $3,270,000.00.

This transaction results in RotoruaTrust Perpetual Capital Fund Limited holding 1,515,677 shares in Rural Equities Limited representing 4.05% of the shares on issue.

RotoruaTrust Perpetual Capital Fund Limited beneficially holds these shares on behalf of the Rotorua Energy Charitable Trust.