In House Shipping CompanyFor Ravensdown Fertiliser

Co-operative Limited of Christchurch

Ravensdown Shipping Services Pty Ltd MelbourneEstablished February

2011

Contact

“The Shed”, 144 Ferrars street,South Melbourne, Victoria 3205,Australia Tel +61.3.96821259

Email:chartering@rdnss.com.au operations@rdnss.com.auwww.rdnss.com.au

Primary Trades

• Primary trade in-house fertiliser cargoes to New Zealand and Australia sourced from worldwide origins followed by logs or coal from New Zealand and various export commodities from Australia, grain, scrap, steel, concentrates, alumina, salt, coal, iron ore, sugar, gypsum etc..

Cargo carried to date• Cargo carried 2011 100,000 mts fertilisers 90,000 jascbm logs

• Cargo carried 2012 775,000 mts fertilisers 550,000 jascbm logs 200,000 mts other cargo

• Cargo carried 2013 833,000 mts fertilisers 815,000 jascbm logs 344,000 mts other cargo

Turnover

• 2011 Au$ 19 million (feb/may)

• 2012 Au$ 165 million (full year june/may)

• 2013 Au$ 130 million (full year june/may)

Bunker Suppliers/Brokers

• Cockett Marine• World Fuel Service• Universal Bunkering• O W Bunker

We have credit facilities with all major bunker suppliers.

P and I Club

• Full entry with The Charterers Club

Also entered for delay insurance with The Strike Club

Bankers

• National Australia Bank Ground floor, 500 Bourke Street, Melbourne, Victoria 3000 Australia

Ravensdown Fertilizer Co-operative Limited• Created by farmers in 1977 in Dunedin focusing on fertiliser manufacture and sales in the south island• 1997 expand into north island• 2008 expand into West Australia• 2009 move into Queensland• 2010 jv with dfi to supply fertiliser to South Australia, Victoria and NSW

Fertiliser Sales

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

200,000400,000600,000800,000

1,000,0001,200,0001,400,0001,600,0001,800,000

NZ AUSFertiliser sales (tonnes)Total fertiliser purchase

Turnover and Tonnage 2013

$NZ1.04 billion1.494 million tonnes

Total Equity19

7919

8019

8119

8219

8319

8419

8519

8619

8719

8819

8919

9019

9119

9219

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

13 F

2014

B

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

Total Equity(NZD'000)

Superphosphate Plants

AwatotoHornby

Ravensbourne

Awatoto

Hornby

Ravensbourne

WebstersBrown’s

Greenleaf

Ngarua

Dipton

White Rock

Geraldine

Supreme

Waikaretu

Westport

Windy Point

East Cape

Mata

Te PahuLime Quarries

Largest aglime provider in New Zealand

Store Network

Ground Spreading Spreading Northland (4)

Spreading Waikato (1)

Spreading FBT (10)Spreading Sandford (12)Rural Bulk Spreading (6)

Rae Brothers (3)

Spreading Canterbury (9)

North Otago Ground Spreading (2)Advanced Spreading (5)Spreading Southland (3)

Aero Work

Aero Works

• Successful consolidation of assets of Taumarunui Aerial Co-operative (TAC)

• Complete fleet now contains–12 Crescos– 2 Fletchers for fixed wing

• Strengthened aerial service to area with 75% Ravensdown shareholders

• Commenced - June 2011

Aerial Spreading

Wanganui Aero Work

Aerial Sowing

Urea/Multipurpose Silos

14 tonne capacity Minimum ground clearance under silo 2.4m Internal clearance between legs 3.2m Sealed lockable shut off mechanism Concrete block supplied with silo or can be bolted to concrete base

over 1,100 installed on farm including 3 in Australia

Nutrition

Dairy Hi-Carb sales – 10% of PKE salesTarget – 25% of PKE sales

2 new blends – PKE/Maize and PKE/Maize/Wheat – increasing sales into pelletized (in shed) market.

AustraliaRavensdown WA- in process of sale to Louis Dreyfus

Ravensdown Fertiliser Australia

½ share being sold

M/V CAPE KNOX