PIM 342 Jary Road Ohaupo

Ohaupo Dairy Unit342 Jary Road, Ohaupo, Waipa District

Property Information• This well located dairy unit is an excellentopportunity to secure a productive 80 hectares handy toHamilton City and in the heart of Ohaupo.• The property is well set up and appealing with itscommanding views over the district.• Quality infrastructure is clear here with a good arrayof support building all situated within easy access of the24ASHB.• Currently 230 cows are milked with production lastseason of 85,930 milk solids and a three year averageof 79,445 milk solids.• The contour is flat to gentle rolling. A large portion ofthe dairy platform is predominantly flat with peat soilsproviding for a fertile base.• Situated on a quiet country road with good visualappeal this easy to manage unit is definitely worthviewing. Hamilton, Te Awamutu and Cambridge are all aconvenient commute from this centrally located property.Contact Details Scott Macdonald For Sale M 027 753 3854Mike Fraser-Jones B 07 834 3847 $4,950,000 + GST (if any)M 027 475 9680B 07 834 3841 [email protected] Open Days Wed 3, 10 & 17 Feb [email protected] Success Realty Ltd, Bayleys, www.bayleys.co.nz/811084 Licensed under the REA Act 2008Success Realty Ltd, Bayleys,Licensed under the REA Act 2008Any interest in this property should be registered with the Vendor's Agency. Contents of the proposal do not form part of the contract. While care has been taken intheir preparation, no responsibility is accepted for the accuracy of the whole or any part and interested persons are urged to seek legal advice and to make their ownenquiries and satisfy themselves in all respects.

PROPERTY TYPE PROPERTY INFORMATION SHEET – 27/01/16LOCALITY Dairy 342 Jary Road, Ohaupo, Waipa DistrictLEGAL DESCRIPTION Lots 1-2, Deposited Plan South Auckland 75948, Certificate of Title SA58A/82and AREA * Total Area – 80.5927 hectares more or lessRATES * Waipa District Council $6,400.06 Waikato Regional Council $2,194.52CAPITAL VALUATION * As at 1 July 2015 Land Improvements $2,960,000 $2,370,000 $590,000WATER * Deep well bore (72m) to tank then pumped through 32 and 25mm lines to dairy shed, farm and housePADDOCKS * 58DWELLING *BUILDINGS * Four bedrooms, open plan kitchen and living area. Separate double garage and carport 24ASHB with De Laval milking plant and ACR’s, 4 bay calf shed ,6 bay half round hay barn; pump shed, 45 tonne covered PKE bin, 260 feed padCONTOUR Flat to gentle rolling 230 cows milkedSERVICES * Cows on farm Rural delivery 60 calves grazed off from early DecPRODUCTION * Heifers grazed off farm 2012/2013 Production – 77,450 kgMS 2013/2014 Production – 74,956 kgMS 2014/2015 Production – 85,930 kgMS Three year average – 79,445 kgMSFENCING * Boundary – 7 wire post and batten; internal – 3 wire electricSUPPLEMENT * PKE Purchased; Maize Silage Purchased: 2012/2013 – 102,575 kgDM 2012/2013 – 198T 2013/2014 – 58,083 kgDM 2013/2014 – 86T 2014/2015 – 188T Year to Dec 2015 – 132TEFFLUENT * Pump in pond, travelling irrigator covering approximately 25 hectaresSOIL TYPE * Peat soilFERTILISER * As per attached Ballance Agri-Nutrients informationVIEWING DETAILS Open Days Wednesday, 3rd,10th & 17th February between 12-1pmWED ID www.bayleys.co.nz/811804PRICE For Sale – $4,950,000 + GST (if any)AGENT & REFERENCE Mike Fraser-Jones Scott Macdonald M 027 475 9680 M 027 753 3854 D 07 834 3841 D 07 834 3847 E [email protected] E [email protected]* Information Source – Vendor, District Council, Regional Council, Property Guru, Fonterra, Ballance Agri-NutrientsPASSING OVER STATEMENTThis information has been supplied by the vendor or the vendor’s agents. Accordingly Success Realty Limited (Bayleys) is merely passing over the informationas supplied to us by the vendor or the vendor’s agents. We cannot guarantee its accuracy and reliability as we have not checked, audited, or reviewed theinformation and all intending purchasers are advised to conduct their own due diligence investigation into the same. To the maximum extent permitted by lawSuccess Realty Limited (Bayleys) do not accept any responsibility to any person for the accuracy of the information herein. Success Realty Limited – MREINZ, Licensed under the REA Act 2008 96 Ulster Street, PO Box 19-205, Hamilton, New Zealand Telephone (07) 834 3232 Facsimile (07) 834 3231 Internet: www.bayleys.co.nz A Member of the Bayleys Realty Group. Offices throughout New Zealand

Schools and schools zones relating to a propertyThe School Report provides detailed information on school zones, from Early Childhood Education through to Tertiary Institutions.Street Address: 342 Jary Road, OhaupoZoned Schools for this PropertyPrimary / Intermediate Schools 5.5 kmOHAUPO SCHOOL 5.7 kmPEKERAU SCHOOLSecondary SchoolsNo results foundEarly Childhood EducationNo results foundPrimary / Intermediate SchoolsOHAUPO SCHOOL Distance: 5.5 kmGreat South Road Decile: 8RD1 Age Range: Full PrimaryOhaupo Authority: StatePh. 07 823 6736 Gender: Co-Educational School Roll: 151PEKERAU SCHOOL Zoning: In Zone742 Te Rahu RoadTe Awamutu Distance: 5.7 kmPh. 07 871 6025 Decile: 4 Age Range: Contributing Authority: State Gender: Co-Educational School Roll: 303 Zoning: In Zone Secondary Schools Distance: 9.4 kmNo results found Tertiary type: Private Training Estab TertiaryCTC Aviation Training (NZ) LTdHamilton Airport, 131 Boyd RoadPh. 07 843 3304Scott Macdonald – Bayleys (Hamilton) 29 Jan 2016, page 1 of 2

Capernwray Bible School Distance: 9.2 kmMonavale Homestead, 3553 Cambridge RdPh. 07 823 1800 Tertiary type: Private Training EstabTe Wananga O Aotearoa Distance: 6.1 km1 Factory RoadPh. 07 871 4257 Tertiary type: WanangaWaikato Aero Club (Inc) Distance: 9.7 kmSteele RoadPh. 07 843 5655 Tertiary type: Private Training Estab Explanation of TermsFull Primary - Years 1 - 8Contributing - Years 1 - 6Intermediate - Years 7 - 8Composite - Years 1 - 15Restricted Composite - Years 7 - 10Kura Teina Composite - Maori Schools from years 1 - 15Kura Teina Primary - Maori Schools from years 1 - 8Decile Rating - A school's decile indicates the extent to which the school draws its students from low socio-economiccommunities. Decile 1 schools are the 10% of schools with the highest proportion of students from low socio-economiccommunities, whereas decile 10 schools are the 10% of schools with the lowest proportion of these students. A school's deciledoes not indicate the overall socio-economic mix of the school.Distance - The distance calculated is the point to point distance, walking and driving distances will normally be further.20 Hours Free - If yes, this Early Childhood Centre offers 20 hours free childhood education. From 1 July 2007, three and four-year-olds enrolled in a teacher-led ECE service and some kohanga reo qualify for up to 20 hours of free early childhood education(ECE). Currency of DataCoreLogic Address Data: 22 January 2016 DisclaimerInformation provided by this service is sourced from third parties. CoreLogic NZ Ltd. cannot and does not provide any warrantiesor assurances of any kind in relation to any information provided through this service. In particular CoreLogic NZ Ltd. does notwarrant that the material on the Site and the Service is free from errors, omissions, or other inaccuracies, or is fit for anyparticular purpose. CoreLogic NZ Ltd. will not be liable for any claims in relation to this service, the full terms and conditions forthe use of which are available at www.property-guru.co.nzScott Macdonald – Bayleys (Hamilton) 29 Jan 2016, page 2 of 2

Rating Information Database for 2015/16 - Waipa District Council Page 2 of 2 Search342 Jary Road RD 1 Ohaupo 3881Property informationSituation Address 342 Jary Road RD 1 Ohaupo 3881Property ID 34700Valuation No. 04631/029.01Legal Text LOTS 1 2 DPS 75948 BLK XV HAMILTON SDLand Area 81.1004 (Hectares)Improvements 3 DWG FG OBS OIWard KakepukuSummaryCapital Value $2960000Land Value $2370000Rating informationDescription Unit Rate Value of Factor Remission Rates SetGeneral Rate 0.001487 2960000 $4401.52Recycling Charge 54.00 3 $162.00Rural District Stormwater 0.000077 2960000 $227.92Rural Fire Management 0.0000210 2960000 $62.16Targeted Rate Kakepuku Ward 646.46 1 $646.46Uniform Annual General Charge 300.00 3 $900.00Total Rates $6400.06More informationClick to print rates summaryPage reviewed: 07 Aug 2015 11:45am 29/01/2016http://www.waipadc.govt.nz/our-services/rates/RID/Pages/default.aspx

1/29/2016 Find out your 2015/16 ratesRates 1 July 2015 ­ 30 June 2016These are the rates for 2015/16, based on the 2015­2025 Long Term Plan Consultation Documentand supporting documents.Rates Year 2015/2016Valuation Number: 04631/029/01Property Location: 342 Jary Road, OhaupoLand Value (LV): $2,370,000Capital Value (CV): $2,960,000Area (Ha): 80.5927Property Category: DFBImprovements: 3 DWG FG OBS OI Legal Description: LOT 1 DPS 75948 LOT 2 DPS 75948Regional Council General Differential Value of factor Rate factor RateWaipa code 2,960,000 CV 0.000306 amount 905.76Waikato­Waipa (Watershed) Differential Value of factor Rate factorContributor Rural code Rate amount 2,370,000 LV 0.00004880 115.66Catchment Waipa 2,960,000 CV 0.00003335 98.72Waipa Management Zone (Waipa DC) 2,960,000 CV 0.00008160 241.54Uniform Annual General Charge Differential Value of factor Rate factor RateUAGC code amount 1 UR 72.32 UR 72.32Protecting Lake Taupo Differential Value of factor Rate factor RateLake Taupo code amount 1 UR 9.84 UR 9.84Natural Heritage Differential Value of factor Rate factor RateNatural Heritage code amount 1 UR 5.80 UR 5.80Permitted Activity Differential Value of factor Rate factor RateMonitoring Compliance (properties 2ha+) code amount 1 UR 48.65 UR 48.65 Civil Defence & Emergency Mgmt 1/3http://www.waikatoregion.govt.nz/Council/Rates/Find­out­your­rates/

1/29/2016 Find out your 2015/16 rates Differential Value of factor Rate factor Rate code amountCivil Defence and Emergency Management UR 1 UR 6.95 6.95Biosecurity Differential Value of factor Rate factor Rate code 2,960,000 CV 0.00007320 amountPest Control and Regional Biosecurity 216.67(Waipa) Differential Value of factor Rate factorStock Truck Effluent code 2,960,000 CV 0.00000150 Rate amountStock Truck Effluent (properties 2ha+) Differential Value of factor Rate factorWaikato Central Drainage code 4.44 A 70.93 Ha 5.8659Rotomanuka RateRotomanuka G 9.6627 Ha 0 amountTBfree New Zealand 416.07 Differential Value of factor Rate factorLivestock code 2,960,000 CV 0.00001760 0.00 Rate amount 52.10Total rates (including GST) $2,194.52You can find out more about our work programmes by reading the  2015­2025 Long Term PlanConsultation Document and supporting documents.If you would like more information about what these rates pay for, check out these targeted rates.If you can't find the information you're looking for, call Waikato Regional Council's Freephone 0800800 401 or fax us at (07) 859 0928.Disclaimer: Waikato Regional Council and its employees, while providing this information in good faith, acceptno responsibility for any loss, damage, injury, or loss in value to any person, property, service orotherwise resulting from its use.Terms and conditions of useThis information is provided under Section 27 of the Local Government (Rating) Act 2002 as anelectronic representation of the Regional Rating Information Database.This service is provided by Waikato Regional Council as a public service. Use of this service toretrieve information constitutes your awareness and agreement to the following conditions of use.The preparation and provision of the information has been made in good faith from a number ofsources. While all due care has been taken, Waikato Regional Council does not give any warranty inregard to the availability, accuracy, completeness, currency or reliability of the information. Thisservice is not to be used for property settlement purposes.    © Waikato Regional CouncilPrivate Bag 3038 Waikato Mail Centre Hamilton 3240 Fax (07) 859 0998 Freephone 0800 800 401http://www.waikatoregion.govt.nz/Council/Rates/Find­out­your­rates/ 2/3

Fonterra Co-operative Group COPY Party Number: 63980Measures for Supply 73556 Supply Number: 73556 CSN: 310079880 5 June 2015Armstrong Farming Company LtdSupply Measures for the 2015/2016 Season FAX to: 2013The supply measures have been calculated from the following production: 09 374 9451 FRIS easonPlease Sign Here Type kgMbyS5pm 21 June 2013 kgMS2012/2013 Actual production 77,4sO5h0Rarsecaanndpaanydmeemntasi@l tfoo:nterra.com2013/2014 Actual production 74,9562014/2015 Actual production 85,930 238,336Three Season Average ÷ 3 = 79,4452015/2016 Season MeasuresMinimum Holding 79,445Maximum Holding 158,890Fonterra Co-operative Group Limited Shares and Payments Private Bag 92032, Auckland 1142, New Zealand 9 Princes Street, Auckland t 0800 65 65 68, f +64 9 374 9451 www.fonterra.comFonterra Co-operative Group Page 2

Farm Dairy & Environmental AssessmentPost to: for Supply Number - 73556Armstrong Farming Company Ltd152 McGregor RoadRD 2Opotiki [email protected]; [email protected] Shanon,Thank you for your time today to carry out your annual Farm Dairy and Environmental Assessment. This assessment is part of Fonterra’scommitment to having the best quality milk and best dairying environment in the world.The following report is a summary of your farm dairy assessment completed on the 15/01/2016. If you have any queries, please call meon(027 444 8442)Emma FarleyQCONZ Approved Assessor for Fonterra Food Safety Overall Classifications Environment A Animal Welfare A Not RatedHow the overall classification is allocated is shown below. Any queries please contact your farm dairy assessorA - 6 points and underB - 7 points to 29 pointsC - 30 points and over Food Safety Follow Up Environmental Animal health & Follow Up welfare QM Hygiene Hygiene plant & S&F Premise equipment A Follow Up Quality Management A As required No Not RatedClassifications A B to A A NoFollow-up required No No NoRevisit DateAssessor CommendationsAssessor CommentVery good improvements made. Tidy dairy, excellent book work. Thank you for your time and assistance.Farm DetailsClient present Yes Milk filtering % of requirement 106.09% Hot water % of requirement 112.50%Water status Compliant Last e-coli water test date 2/09/2015 e-coli test result AbsentWater clarity 100cm Water checklist risk No Water improvement plan in place N/ASupplier Number: 73556 Farm Dairy and Environmental Assessment Page 1 of 3Assessor : Emma Farley - Phone : 027 444 8442 Print Date: 16-Jan-16Assessment date : 15/01/2016

Food Safety Report Critical Major Revisit Major Minor Recommended ü Hazard Removed Key Faults ActionRating Assessor CommentQM (Quality Management) No Issues IdentifiedHygiene Premise and Cleanlinessü Major Medicine/Detergents Expired treatments. Removed at visit.Hygiene Plant and Equipment Some cluster bowl threads soiled, look atMinor Milk System cleaning. Trace of milk soil. Some cracks beginning to appear in yard.Structure and FacilitiesMinor Yards/Races/Feed Pads/Housing Slight deterioration.Animal health & welfare report No Issues IdentifiedSupplier Number: 73556 Farm Dairy and Environmental Assessment Page 2 of 3 Print Date: 16-Jan-16Assessor : Emma Farley - Phone : 027 444 8442Assessment date : 15/01/2016

Environmental ReportCompliant - Nitrogen information was provided last season, ensure this year’s nitrogen information is submitted pleaseensure this year’s nitrogen information is submitted. - Supplier aware. Key Critical Major Minor RecommendedHazards Faults Assessor Comment Recommended 7. Is there any indication that holding facilities are not adequately sealed, or that they might be structurally unsound? (includes ponds and sump)No evidence to support that effluent pond is sealed Unsure of sealing standards.i.e. unlikely to be impermeable.Agreed actions :INVESTIGATION OF SEALING RECOMMENDED: Your effluent system was identified as being at risk of not beingeffectively sealed. If your effluent holding facilities are not structurally sound, there is a risk that effluentwill leach to groundwater causing contamination. Regional Councils are beginning to monitor the sealingof effluent facilities more closely to ensure this risk is eliminated. Fonterra recommend that you consideroptions for testing that all effluent holding facilities are fully sealed, this can usually be undertaken by astructural engineer.EFFLUENT MANAGEMENTNO EFFLUENT ISSUES IDENTIFIEDDuring your Farm Dairy and Environmental Assessment your Farm Dairy Assessor did not identify any issues in relationto your effluent management system. Thank you for your efforts to minimise effluent’s impact on local waterways. Asthis assessment is a snapshot of your system on the day (similar to your council’s assessment process), we encourageyou to ensure your system is managed appropriately 365 days a year.WATERWAY MANAGEMENTNO ISSUE IDENTIFIEDFonterra has made a commitment to the New Zealand public to reduce the Co-operative's impacts on water quality bykeeping stock out of waterways and providing bridges and culverts at all regular crossing points. You have indicatedthat your farm is honouring that commitment and we thank you for your efforts. If your farm waterways have not yetbeen verified as 100% stock excluded, someone from Fonterra or our contracted service provider AsureQuality willorganise a visit over the coming months. This will ensure that Fonterra has reliable data to confidently report thegreat progress made by Fonterra farmers.NITROGEN MANAGEMENT - NO ISSUE IDENTIFIEDOther Information: Estimated Number of days of Effluent storage potential: 90+ Does the farm have water meter(s) at water source(s)? No Do you have a water meter to monitor farm dairy water? No Do you have a water meter to monitor stock drinking water? No Do you have a water meter to monitor fresh water irrigation? N/A Is there a formal irrigation planning tool used to schedule and track irrigation? N/A Do the water meter(s) have telemetry? N/ASupplier Number: 73556 Farm Dairy and Environmental Assessment Page 3 of 3 Print Date: 16-Jan-16Assessor : Emma Farley - Phone : 027 444 8442Assessment date : 15/01/2016

R J Hill Laboratories Limited Tel +64 7 858 2000 1 Clyde Street Fax +64 7 858 2001 Private Bag 3205 Email [email protected] Hamilton 3240, New Zealand Web www.hill-labs.co.nzANALYSIS REPORT Page 1 of 5Client: Shanon Armstrong Lab No: 1476424 s2chpv1Address: 328B Jary Road Date Registered: 17-Sep-2015 RD 1 OHAUPO 3881 Date Reported: 21-Sep-2015 Quote No: Order No: Client Reference: 4000898 Add. Client Ref: Armstrong Farming Co Submitted By: M Ter-MorshuizenSoil Analysis Results pH Olsen Sulphate Sulphur Potassium Calcium Magnesium Sodium Phosphorus mg/kg MAF unitsSample Name: pH Units MAF units MAF units MAF unitsPeat Flats 29, 28, 27 6.2 mg/L 5 5 24 27 2Effluent 54, 53, 52 6.0 32 5 5 32 32 2Hills 6.8 52 5 30 22 44 5 107Sample Name: Total Nitrogen* - - ---Peat Flats 29, 28, 27 Soil Sample - - ---Effluent 54, 53, 52 % Depth* - - ---Hills mm - 0-150 - 0-150 0.55 0-75 This Laboratory is accredited by International Accreditation New Zealand (IANZ), which represents New Zealand in the International Laboratory Accreditation Cooperation (ILAC). Through the ILAC Mutual Recognition Arrangement (ILAC-MRA) this accreditation is internationally recognised. The tests reported herein have been performed in accordance with the terms of accreditation, with the exception of tests marked *, which are not accredited.

R J Hill Laboratories Limited Tel +64 7 858 2000 1 Clyde Street Fax +64 7 858 2001 Private Bag 3205 Email [email protected] Hamilton 3240, New Zealand Web www.hill-labs.co.nzANALYSIS REPORT Page 2 of 5Client: Shanon Armstrong Lab No: 1476424 s2chpv1Address: 328B Jary Road Date Registered: 17-Sep-2015 RD 1 OHAUPO 3881 Date Reported: 21-Sep-2015 Quote No: Order No: Client Reference: 4000898 Add. Client Ref: Armstrong Farming Co Submitted By: M Ter-MorshuizenSoil Analysis ResultsSample Name: Peat Flats 29, 28, 27 Sample Name: Effluent 54, 53, 52Lab Number: 1476424.1 Lab Number: 1476424.2Sample Type: SOIL Arable, Peat (S256) Sample Type: SOIL Arable, Peat (S256)Analysis Level Optimum Below Optimum Above Analysis Level Optimum Below Optimum AbovepH pH Units 6.2 5.2 - 5.8 pH pH Units 6.0 5.2 - 5.8Olsen Phosphorus mg/L 32 20 - 30 Olsen Phosphorus mg/L 52 20 - 30Potassium MAF units 5 6 - 12 Potassium MAF units 5 6 - 12Calcium MAF units 24 6 - 14 Calcium MAF units 32 6 - 14Magnesium MAF units 27 12 - 25 Magnesium MAF units 32 12 - 25Sodium MAF units 2 0 - 14 Sodium MAF units 2 0 - 14Sulphate Sulphur mg/kg 5 10 - 20 Sulphate Sulphur mg/kg 5 10 - 20Soil Sample Depth* mm 0-150 Soil Sample Depth* mm 0-150Base Saturation % K 0.8 Ca 63 Mg 4.1 Na 0.2 Base Saturation % K 0.6 Ca 63 Mg 3.5 Na 0.1me/100g K 0.44 Ca 33.2 Mg 2.14 Na 0.08 me/100g K 0.46 Ca 49.5 Mg 2.77 Na 0.09Additional Properties Cation Exchange Capacity (me/100g) 53 Additional Properties Cation Exchange Capacity (me/100g) 79 Total Base Saturation (%) 68 Total Base Saturation (%) 67 Volume Weight (g/mL) 0.57 Volume Weight (g/mL) 0.52Sample Name: HillsLab Number: 1476424.3Sample Type: SOIL Mixed Pasture, Dairy (Ash) (S180)Analysis Level Optimum Below Optimum AbovepH pH Units 6.8 5.8 - 6.0Olsen Phosphorus mg/L 107 20 - 30Potassium MAF units 30 7 - 10Calcium MAF units 22 4 - 10Magnesium MAF units 44 8 - 10Sodium MAF units 5Sulphate Sulphur mg/kg 5 10 - 12Total Nitrogen* % 0.55Soil Sample Depth* mm 0-75Base Saturation % K 6.5 Ca 76 Mg 8.5 Na 0.5me/100g K 1.97 Ca 23.0 Mg 2.58 Na 0.14Additional Properties Cation Exchange Capacity (me/100g) 30 Total Base Saturation (%) 91 Volume Weight (g/mL) 0.75The above nutrient graph compares the levels found with reference interpretation levels. NOTE: It is important that the correct sample type be assigned, and that therecommended sampling procedure has been followed. R J Hill Laboratories Limited does not accept any responsibility for the resulting use of this information.IANZ Accreditation does not apply to comments and interpretations, i.e. the 'Range Levels' and subsequent graphs.Analyst's CommentsSamples 1-2 Comment:The medium range guidelines shown in the histogram report relate to sampling protocols as per Hill Laboratories’ cropguides and are based on reference values where these are published. Results for samples collected to different depths thanthose described in the crop guide should be interpreted with caution.For pastoral soils, the medium ranges are specific for a 75mm sample depth, but if a 150mm sampling depth is used thenutrient levels measured may appear low against these ranges, as nutrients are typically more concentrated in the top of theLab No: 1476424 v 1 Hill Laboratories Page 2 of 5

R J Hill Laboratories Limited Tel +64 7 858 2000 1 Clyde Street Fax +64 7 858 2001 Private Bag 3205 Email [email protected] Hamilton 3240, New Zealand Web www.hill-labs.co.nzANALYSIS REPORT Page 3 of 5Client: Shanon Armstrong Lab No: 1476424 s2chpv1Address: 328B Jary Road Date Registered: 17-Sep-2015 RD 1 OHAUPO 3881 Date Reported: 21-Sep-2015 Quote No: Order No: Client Reference: 4000898 Add. Client Ref: Armstrong Farming Co Submitted By: M Ter-MorshuizenAnalyst's Commentssoil profile. These soil profile differences are altered upon cultivation or contouring.Samples 1-2 Comment:The high CEC level found in this soil indicates that it has a high capacity to retain cation nutrients (potassium, calcium,magnesium and sodium). The normal ranges and the derived histograms are based on a typical soil with a CEC levelbetween 12 and 25 me/100g.The % base saturation data for each element provides an alternative presentation that may be more appropriate for soilswith atypical CEC values.Normal %BS levels, as a general guide, are: K 2%-5%, Ca 50%-75%, Mg 5%-15%, Na 1%-2%.Sample 3 Comment:While soil Mg MAF levels of 8-10 are sufficient for pasture production, soil levels of 25-30 are required to ensure adequateMg content in pasture for animal health (greater than 0.22%).Lab No: 1476424 v 1 Hill Laboratories Page 3 of 5

R J Hill Laboratories Limited Tel +64 7 858 2000 1 Clyde Street Fax +64 7 858 2001 Private Bag 3205 Email [email protected] Hamilton 3240, New Zealand Web www.hill-labs.co.nzANALYSIS REPORT Page 4 of 5Client: Shanon Armstrong Lab No: 1476424 s2chpv1Address: 328B Jary Road Date Registered: 17-Sep-2015 RD 1 OHAUPO 3881 Date Reported: 21-Sep-2015 Quote No: Order No: Client Reference: 4000898 Add. Client Ref: Armstrong Farming Co Submitted By: M Ter-MorshuizenSUMMARY OF METHODSThe following table(s) gives a brief description of the methods used to conduct the analyses for this job. The detection limits given below are those attainable in a relatively clean matrix.Detection limits may be higher for individual samples should insufficient sample be available, or if the matrix requires that dilutions be performed during analysis.Sample Type: Soil Method Description Default Detection Limit Sample No Samples were registered according to instructions received. - 1-3TestSample Registration* Air dried at 35 - 40°C overnight (residual moisture typically 4%) - 1-3Soil Prep (Dry & Grind)* and crushed to pass through a 2mm screen.pH 1:2 (v/v) soil:water slurry followed by potentiometric 0.1 pH Units 1-3 determination of pH. 1 mg/L 1-3Olsen PhosphorusSulphate Sulphur Olsen extraction followed by Molybdenum Blue colorimetry.Potassium (MAF) 0.02M Potassium phosphate extraction followed by Ion 1 mg/kg 1-3Calcium (MAF) Chromatography.Magnesium (MAF)Sodium (MAF) 1M Neutral ammonium acetate extraction followed by ICP-OES. 1 MAF units 1-3Total Nitrogen* 1M Neutral ammonium acetate extraction followed by ICP-OES. 1 MAF units 1-3PotassiumCalcium 1M Neutral ammonium acetate extraction followed by ICP-OES. 1 MAF units 1-3MagnesiumSodium 1M Neutral ammonium acetate extraction followed by ICP-OES. 2 MAF units 1-3Potassium (Sat)Calcium (Sat) Determined by NIR, calibration based on Total N by Dumas 0.04 % 3Magnesium (Sat) combustion.Sodium (Sat)CEC 1M Neutral ammonium acetate extraction followed by ICP-OES. 0.01 me/100g 1-3Total Base Saturation 1M Neutral ammonium acetate extraction followed by ICP-OES. 0.5 me/100g 1-3Volume Weight 1M Neutral ammonium acetate extraction followed by ICP-OES. 0.04 me/100g 1-3 1M Neutral ammonium acetate extraction followed by ICP-OES. 0.05 me/100g 1-3 1M Neutral ammonium acetate extraction followed by ICP-OES. 0.1 %BS 1-3 1M Neutral ammonium acetate extraction followed by ICP-OES. 1 %BS 1-3 1M Neutral ammonium acetate extraction followed by ICP-OES. 0.2 %BS 1-3 1M Neutral ammonium acetate extraction followed by ICP-OES. 0.1 %BS 1-3 Summation of extractable cations (K, Ca, Mg, Na) and 2 me/100g 1-3 extractable acidity. May be overestimated if soil contains high 5% 1-3 levels of soluble salts or carbonates. Calculated from Extractable Cations and Cation Exchange Capacity. The weight/volume ratio of dried, ground soil. 0.01 g/mL 1-3Lab No: 1476424 v 1 Hill Laboratories Page 4 of 5

These samples were collected by yourselves (or your agent) and analysed as received at the laboratory.Samples are held at the laboratory after reporting for a length of time depending on the preservation used and the stability ofthe analytes being tested. Once the storage period is completed the samples are discarded unless otherwise advised by theclient.This report must not be reproduced, except in full, without the written consent of the signatory.W endy HomewoodOperations Support - Agriculture DivisionLab No: 1476424 v 1 Hill Laboratories Page 5 of 5

Customer 3033890 Armstrong Farming Co LtdPropertyCalendar Day 01.06.2013 - 31.12.2015Customer Order Summary Report29.01.2016 Order Date Order quantity Remaining Quantity Despatch Date Delivery quantityProperty Order Number Customer PO number Customer Order No. Document Status Line Item Product Delivery TT T4000898 Armstrong Farming - Jary Road 453593 # 1207381 Completely Processed 10 Sulphurgain 30S 81287502 # 27.11.2013 1.200 81287499 81300600 20.11.2013 1.200 # 453598 # 1207380 Completely Processed 10 Superten 15K 81447427 27.11.2013 11.000 # 81447184 05.12.2013 12.800 # 81447304 20.11.2013 23.800 81452523 487763 # 1213241 Completely Processed 10 Sulphurgain 30S # 19.05.2014 1.600 487764 # 1213242 Completely Processed 10 Serpentine Super 81590657 487770 # 1213243 Completely Processed 10 15% Potash Sulphur Super # 05.05.2014 1.600 19.05.2014 1.600 81590802 # 19.05.2014 6.400 81590796 81658231 05.05.2014 6.400 19.05.2014 6.400 # 81786236 19.05.2014 6.620 81802960 # 23.05.2014 7.520 # 81786245 05.05.2014 14.100 -0.040 19.05.2014 # 525145 EFFLUENT 30864502 Completely Processed 10 Sulphurgain 30S 81786243 24.10.2014 1.600 525152 HILL 30864532 Completely Processed 10 Superten # 525158 FLAT 30864533 Completely Processed 10 Superten 15K 81917388 16.10.2014 1.600 24.10.2014 1.600 81944296 # 24.10.2014 2.740 81917387 # 16.10.2014 2.730 -0.010 24.10.2014 2.740 # 24.10.2014 15.000 11.12.2014 15.000 16.10.2014 30.000 24.10.2014 560828 # 73099609 Completely Processed 10 15% Potash Sulphur Super 01.05.2015 7.530 20.05.2015 7.320 30.04.2015 14.800 -0.050 Special Mix - Ballance 10.04.2015 Sulphurgain 30S 95390008 # 95390008 Completely Processed 10 01.05.2015 1.620 95390009 # 95390009 Completely Processed 10 Superten 95439361 # 95439361 Completely Processed 10 30.04.2015 1.600 -0.020 Special Mix - Ballance 01.05.2015 2.520 30.04.2015 2.500 -0.020 13.10.2015 15.010 29.10.2015 15.130 09.10.2015 30.125 -0.015 95439370 SPRING 95439370 Completely Processed 10 Special Mix - Ballance 13.10.2015 2.140 95458167 SUMMER 95458167 SustaiN 25K 09.10.2015 2.140 Not yet processed 10 06.11.2015 7.980 7.980

Fertiliser Recommendation (v 1.32)Prepared for (customer): Shanon (son)Roger Armstrong (Armstrong Farming) (Cust No: 3033890)Property:Recommendation: Armstrong Farming Co Ltd (Prop No: 4000898) Mark Ter-MorshuizenDate: 027 294-3708 Ohaupo 2015/16 Representative: 05/10/2015 Phone: Having considered all available data relevant to your property Ballance Agri-Nutrients recommends the following fertilliser to be applied.Block: Effluent Area (Ha): 10.7000 Usage: Application Kg/Ha Product N P K S Mg Ca Na % of Kg/T $/Tonne Total $ Crt/Sprd $/Ha Total $ Mix (Prod) (Kg nutrient / ha) (Prod) ($/T) $1,181.28Spring Merchant: Farmlands Opotiki Delivery Date: 8/10/2015 $1,181.28Fert Rec ID: LL07700651 Carrier: Te Awamutu Bulk Spreaders $2,362.56 Store: Te Awamutu Service Centre Spreader: Te Awamutu Bulk Spreaders Sales order: 95439370 150.000 PhaSedN 75 $552.00 $1,181.28 $0.00 $110.40 50.000 Salt Grade 10 (Ag) 25Tot App Rate/Ha: 200.000 Total tonnes: 2.140 38 0 0 43 0 9 20 100Autumn Merchant: Farmlands Opotiki Delivery Date: Carrier: 150.000 Store: Te Awamutu Service Centre Spreader: Te Awamutu Bulk Spreaders 50.000 Te Awamutu Bulk Spreaders Tot App Rate/Ha: 200.000 PhaSedN 75 Salt Grade 10 (Ag) Total tonnes: 2.140 25 Block Analysis: 38 0 0 43 0 9 20 100 $552.00 $1,181.28 $0.00 $110.40 Maintenance: 76 0 0 86 0 18 40 4.280 tonnes $2,362.56 00 00 000

Block: Ohaupo Non Effluent Area (Ha): 66.5000 Usage:Application Kg/Ha Product N P K S Mg Ca Na % of Kg/T $/Tonne Total $ Crt/Sprd $/Ha Total $ Mix (Prod) (Kg nutrient / ha) (Prod) ($/T)Spring Merchant: Farmlands Opotiki Delivery Date: 8/10/2015Fert Rec ID: LL07700653 Carrier: Te Awamutu Bulk Spreaders Store: Te Awamutu Service Centre Spreader: Te Awamutu Bulk Spreaders Sales order: 95439361 400.000 Superten 15K 30.125 20 25 60 30 2 64 0 88 $471.09 $14,191.35 $0.00 $213.41 $14,191.35 53.000 Coated Urea 12Tot App Rate/Ha: 453.000 Total tonnes: 100Summer Merchant: Farmlands Opotiki Delivery Date: 23/11/2015 Carrier: Te Awamutu Bulk SpreadersFert Rec ID: LL07700652 Store: Te Awamutu Service Centre Spreader: Te Awamutu Bulk Spreaders 120.000 Sales order: 95458167 100 Tot App Rate/Ha: 120.000 0 0 0 100 SustaiN 25K 28 0 30 0 $681.00 $5,434.38 $0.00 $81.72 $5,434.38 Total tonnes: 7.980Autumn Merchant: Farmlands Opotiki Delivery Date: Carrier: 250.000 Store: Te Awamutu Service Centre Spreader: Te Awamutu Bulk Spreaders 80.000 Te Awamutu Bulk Spreaders 15% Potash Sulphur Super 30 17 19 43 2 45 76 Tot App Rate/Ha: 330.000 24 $455.79 $10,002.31 $0.00 $150.41 $10,002.31 Coated Urea 0 100 Total tonnes: 21.945Dry Off Cows Merchant: Farmlands Opotiki Delivery Date: Carrier: 130.000 Store: Te Awamutu Service Centre Spreader: Te Awamutu Bulk Spreaders Tot App Rate/Ha: 130.000 Te Awamutu Bulk Spreaders PhaSedN 100 $611.00 $5,282.10 $0.00 $79.43 $5,282.10 Total tonnes: 8.645 33 0 0 37 0 7 0 100 Block Analysis: 111 42 109 110 4 116 0 68.695 tonnes $34,910.22 $34,910.14 Maintenance: 0000 00 0Block: Ohaupo Whole Property Area (Ha): 77.2000 Usage: Dairy N P K S Mg CaApplication Kg/Ha Product Na % of Kg/T $/Tonne Total $ Crt/Sprd $/Ha Total $ (Kg nutrient / ha) Mix (Prod) $62.60 Farmlands Opotiki (Prod) ($/T) $4,832.72 Te Awamutu Service Centre $4,832.72July/August Merchant: Delivery Date: Store: Carrier: Spreader: Te Awamutu Bulk Spreaders Te Awamutu Bulk Spreaders 100.000 PhaSedN Quick Start 100Tot App Rate/Ha: 100.000 Total tonnes: 7.720 31 0 0 17 0 2 0 100 $626.00 $4,832.72 $0.00 Block Analysis: Maintenance: 31 0 0 17 0 2 0 7.720 tonnes $4,832.72 0000000

tonnes Recommendation Totals:80.69 $42,105.50 $42,105.4This is a fertiliser recommendation, not a quote. The prices shown are indicative only, and are exclusive of GST. On acceptance of a recommendation a salesorder confirmation will be issued; this will show pricing on the day of issue. Fertiliser prices are subject to change; customers will be invoiced based on pricesruling on day of deliveryOur technical advice is given in good faith but without warranty. The application and use of products is beyond our control and we therefore do not warrant pasture, plant or crop performance to any specific level. In makingrecommendations we rely on information provided to us by the customer and/or third parties such as commercial analytical services. As an animal health precaution, do not allow livestock to graze pasture until fertiliser hasdisappeared from foliage. Mixes containing nitrogen can become unstable and should be applied either separately or immediately upon delivery. Please refer to the Fertiliser Codes of Practice with respect to both third party andenvironmental risk effects.Stock fluoride poisoning (fluorosis) can occur following application of phosphate (P) fertilisers.To minimise the risk of fluorosis, Ballance recommends that: - Following application of P-fertiliser, pastures should not be grazed until at least 25 mm of rainfall has occurred, or sufficient time has elapsed so that no fertiliser residues are evident on the leaves of the pasture. - P-fertiliser application should be staggered so that there is feed available to stock at all times that is not contaminated with fertiliser residuesShould you choose to disregard the above principals, the fertiliser application practice you undertake is done so at your own risk. Managing P-fertiliser applications based on the following principals will reduce the risk of fluorosis,however, Ballance does not recommend application outside of the conditions outlined above. - Application of P-fertilisers containing lower levels of fluoride will reduce the risk of fluorosis. For example, RPR and Superphosphate have higher fluoride levels than DAP and Triple super. - Well-granulated fertiliser products are less likely to adhere to plant leaves - Avoid applying P-fertilisers when the pasture is damp (e.g. on a morning dew) - Low application rates (<200 kg/ha) will reduce the risk of fluorosis - Defer P-fertiliser applications away from early spring when stock have high feed demand and are under stress, and where pasture covers are lowHi RogerPlease find attached a copy of the fertiliser recommendation.pH/Calcium.Lime is not require, pH in above optimum rangePhosphate.Phosphate levels are above optimum range for pasture, I have applied maintenance phosphate to maintain the Olsen P levels.Potassium.The K levels are low. I have increased potassium to maintain and improve the soil test results.Sulphur.The Sulphur levels are still low which is typical of peat soil. These levels will slowly improve as the peat consolidates. Magnesium.The Mg levels are adequate in the soil to grow the crop, no magnesium fertiliser is required. I have changed the Ammo to PhaSed N Quick Start and addedPhaSed N when drying off the cows to try and increase S levels.If you have any questions please feel free to contact me.Regards,Mark Ter-Morshuizen

COMPUTER FREEHOLD REGISTER UNDER LAND TRANSFER ACT 1952 Guaranteed Search Copy issued under Section 172A of the Land Transfer Act 1952Identifier SA58A/82Land Registration District South AucklandDate Issued 24 October 1996Prior ReferencesSA27C/369Estate Fee SimpleArea 80.5927 hectares more or lessLegal Description Lot 1-2 Deposited Plan South Auckland 75948ProprietorsShirley Ann Armstrong and Sharp & Cookson Trustee Services LimitedInterestsTransaction Id Guaranteed Search Copy Dated 18/01/16 9:11 am, Page 1 of 2Client Reference btesnado001 Register Only

Identifier SA58A/82Transaction Id Guaranteed Search Copy Dated 18/01/16 9:11 am, Page 2 of 2Client Reference btesnado001 Register Only

Property Information April 2012 Copyright Notice Data Statement 29 Jan 2016 Search Result: Copyright 2006-2016 CoreLogic NZ Limited. Accuracy of aerial imagery +/-0.5m. Accuracy of property Date of Imagery: Certain information on this report is sourced boundaries 1-3m in urban areas, up to 30m in rurual areas. from LINZ. Crown copyright reserved. Property boundaries and legal descriptions sourced from LINZ. Report Date: