In House Shipping Company

For 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

79

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

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

Websters

Brown’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 S

owing

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 sales

Target – 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