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Media reporting mis-states result

Media And Market Advisory

Rural Portfolio Investments Securities Limited advises that media reporting on the company’s results for the 15 months to 30 June 2005 has mis-stated the result for the prior reporting period, with the effect of distorting the results for both periods.

Reports have stated net profits of $11 million for the nine months to 31 December 2004 and $2,000 for the 15 months to 30 June 2005. The result for the 31 December period was in fact $11,000, as reported to NZX on 1 March 2005.

The relevant part of the company’s 2005 year earnings announcement, issued on 29 August 2005, is repeated below for information.

”Rural Portfolio Investments Securities Limited (RPI Securities) reports a net surplus of $2,000 for the fifteen month period ended 30 June 2005. As previously reported in the half yearly report to 31 December 2004, the company applied for a change in balance date to 30 June (from 31 March) to align its reporting periods with Wrightson Limited.

”RPI Securities is a wholly-owned financing subsidiary of Rural Portfolio Investments Limited (RPI), which owns 50.01% of Wrightson Limited. RPI Securities issued Redeemable Preference Shares (RPS) to the public in July 2004 to assist with the funding of the Wrightson Limited transaction. RPI Securities receives interest from RPI on funds advanced from RPI Securities to RPI under FC1 Debentures. This interest income provides the funding to RPI Securities to meet the dividend payments to RPS note holders and company expenses relating to the maintenance of the register and the Trustee. There are no other operations of the company, and the resulting net surplus of the company is as anticipated.”

The 1 March 2005 announcement can be viewed at:

Baird McConnon

31 August 2005


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