Welcome to EastPack

Our vision - world class, orchard to market

Our objectives Operational excellence Excellent customer service Leading financial performance Sustainable future

10 reasons why you should pack with EastPack

• 20centpertrayreductioninpackingcosts• 20centscashrebate-effectivelygivingagreenbase

packingchargeof$1.11pertray-thelowestintheindustry

• WedeliverindustryleadingOGRsyearinyearout• 100%Growerowned–ALLprofitsreturnedtogrowers• Renownedforsupportingourgrowersthroughgood

andbad• InvestmentinresearchanddevelopmenttocombatPsa• Worldclassmanufacturingprocesses,technologyand

commitmenttoquality• Stateoftheartautomatedpacking• Arecord21.4milliontrayspackedin2011• Marketsharegrowthmorethandoublethatof

theindustry

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TofindoutmoreabouthowEastPackcanhelpyou,giveusanobligationfreecall…we’dlovetotalk,showyouaroundourpackhouses,compareyourOGR,and/ordiscussincreasingyourorchard’sproductivity

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A story of growthEastPackconsistentlydeliversindustry-leadingorchardgatereturns(OGR)andwe’remakingitevenbetterbyofferinggrowers20centspertrayreductioninpackingcostsplusa20centcashrebateinJune2012.There’snocapitalcallontherebate,sothatmeansmorecashinyourpocket.

EastPackis100percentgrowerownedsoourgrowersshareinthecompany’ssuccess.OurexperiencedandskilledstaffatoursitesinTePuke,EdgecumbeandOpotikiputgrowersattheheartofeverythingtheydo.

We’reproudtobethesecondbiggestpostharvestoperatorandthelargestsupplierofgoldkiwifruit.In2011,wepackedarecord21.4millionclass1trays,withhighquality,lowrejectratefruitsuppliedbyourgrowers.

We’vesaved20percentincostsinthreeyearsthroughour“GrowingExcellence”LEANmanufacturingprocessandplantimprovements,whichhaveenabledustogivebacktoourgrowersandtoinvestinresearchanddevelopmenttocombatPsa.

Psa research and developmentEastPack,togetherwithSeeka,hascommissionedandfundedscientificworktohelpfindalongertermprotectantforPsaV.Anumberoflaboratoryandfieldtrialsareunderway.

EastPackisalsosupportinggrowersandEastPackstaffinvariouswaysduringthisdifficulttime,withanumberofgrowermeetings,technicalsessionsandevents.Ourrelationshipwithourgrowerscontinuestobebasedonhonesty,integrityandopenness.

EastPack’s market share (tray volume) has grown by 235% in the past 11 years – compared to the rest of the

industry, which has grown by 86%. That means more and more growers are choosing to pack with EastPack and

receive industry-leading OGR

Percentage Increase in Class - Tray Submitted Volumes 2000 - 2011

86%62%61% 61%

49%27%31%25%

-2%-7%0%

150% 156%166%

235%

115%117%108%

79%

13%7%3%0%

-50 %

0 %

50 %

100 %

150 %

200 %

250 %

Accumulated Industry

Accumulated EastPack

201120102009200820072006200520042003200220012000

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Quality focus, service, cost and deliveryPackhouse, grower and orchard management services

Quality service and technical experienceEastPackoffersawidevarietyofpostharvestservicestoitgrowersincludingpacking,coolstorage,technicalexperitse,orcharddevelopment,orchardmanagementandleasing.

Leading technology and automationEastPackhaspackhousesinEdgecumbe,OpotikiandTePuke,allwithpurpose-builtsidetippingfruitsizersandthelatestpackingtechnology,includingstackingandstrappingrobotsattheTePukesite.

Fruit packingZespri™GreenandZespri™GoldarepackedatallthreeEastPacksites.AsthelargestsupplierofZespri™Gold,with30percentmarketshare,weareexperiencedinhandlingthisfruit.

Inthe2011season,495orchards(KPINs)fromTauranga,Coromandel,Katikati,TePuke,Whakatane/Edgecumbe,Opotiki,WaikatoandtheHawke’sBayprovided21.4milliontraysofkiwifruitforexport-12.8milliontraysofZespri™Greenand8.6milliontraysofZespri™Gold.

EastPackrecentlyhandled175,000traysoforganicgreenkiwifruitandiscommittedtoprovidinganenvironmentandservicetoitsclientsthatincorporatesallprotocolsandprinciplesofBIO-GRO.ClassIIispackedatallthreeEastPacksites.

Picking and transportEastPackhaslongstandingrelationshipswithanumberofexperiencedcontractpickersandtransportoperators.TheseoperatorscontracttogrowersandworkwithboththegrowerandEastPacktodeliverhighqualityfruittothepackhouse.

Technical expertise and practical know-howEastPackandEKO(EastPackKiwifruitOperations)haveanexperienced,knowledgeableandtechnicallyfocusedteamtoassistgrowersinmanaginghighperformingorchardsanddeliveringstrongorchardgatereturns.Alongwithaccesstouptodate

scientific,researchandtrialinformation,EastPack’sfocusisontranslatingtechnicalinformationintopracticalandfinanciallysustainableoutcomesforgrowers.

Successful growers – pool of knowledgeEastPackhasastrongreputationforbeingapostharvestfacilityownedandrunbyastrongnetworkofgrowers.Alongwiththesupport,assistanceandexperienceprovidedbytheEastPackteam,growersalsohaveaccesstoadeeppoolofknowledgeandindustryunderstanding.

EastPack field days, workshops and technical seminarsInordertointroducenewresearchfindings,technicalconceptsandtodemonstrateneworchardpractices,EastPackholdsregularfielddays,workshopsandseminars.TheseEastPackeventsareexcellentopportunitiesforgrowerstodiscuss,learnandimproveorchardperformance.

KiwiGreen monitoringEastPackhasahighlycompetentKiwiGreenteamwhoprovideaccurateinformationandrecommendations.Webelieveinkeepingourgrowers’coststoaminimumandwilltailorthisservicetomeetgrowerrequirements.

EastPack maturity monitoring EastPackhasapprovedlaboratoriesonallsites.Pre-harvestmaturitytestingiscarriedoutfreeforallEastPackgrowersandencompassesbrixtesting,drymatter,size,Goldfleshcolourandrejectrateanalysis.Thetechnicalinformationcollectedbythelaboratoriesisusedbygrowers,harvestplannersandinventorymanagers.Anindependentlaboratorywillcollectandtestyourfruitforthefinalclearance.

Kiwistart EastPackhassignificantexperienceinprovidingZespri™withbothGreenandGoldKiwistartfruit.Basedonexperience,sizeandsignificantpackingcapacity,EastPackisabletoidentify,harvestand

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processasignificantvolumeofKiwistartfruit.EastPackfullysupportstheKiwistartprogrammeandallfinancialpaymentsarepassedontotheKiwistartgrower.

Honesty, integrity and opennessOurrelationshipwithourgrowersisbasedonhonesty,integrityandopenness.EastPackisfocusedonatransparentandup-frontapproachtokeepinggrowersup-to-date.Wecommunicatethroughregulargrowermeetings,monthlyfinancialstatements,monthlyloadoutreports,packoutsummaries,OGRforecasts,technicalbulletins,EastPackandindustrynews,EastPack’swebsite,andregularstructuredvisitswithgrowers.EastPackstaffpridethemselvesonbeingabletoanswerandprovidesolutionstogrowerinquiresinthefastestpossibletime.Wewelcomeinputandfeedbackfromourgrowers.

EKO – Orchard management/leasingEKO(EastPackKiwifruitOperations)isaseparatebusinessunitofEastPackLtdandisfocusedonprovidingcost-effectiveorchardmanagementandleaseservices.ThedegreeofEKOinputisflexibleandcanbetailoredtospecificrequirements.InmostcircumstancesthedegreeofEKOinputisdictatedbytheamountofinputthegrowerrequires.Forexample,ifagrowerwantedtocarryoutmaintenanceandmowing,EKOcouldcoverthevinemanagement.

EKO – Orchard development EKOandEastPackhaveconsiderableexperienceindevelopingbothGreenandGoldorchards.Weareavailabletoassistanyonewishingtodevelopnewplantingsorupgradeexistingorchards.

EastPack Entity TrustTheEETisastandaloneTrustandthereforeprotectsgrowerfunds.TheEETreceivesallfundsfromZespriandisresponsibleforZespri™Green,Zespri™GoldandZespri™Organicpayments.Growersareelectedas“AdvisoryTrustees”.EETmeetingsareheldapproximatelyeverytwomonths,atwhichtimetheAdvisoryTrusteesreceivefullfinancialreportsanddiscuss,formulateandestablishpoolpolicy.AcontracthasbeenestablishedbetweenEETandEastPackoutlining,inprecisedetail,thepaymentofservicesthatEastPackcarriesoutonbehalfofEETanditsgrowers(coolstorage,conditioncheckingetc.)EastPackisonlypaidtimeserviceandbasechargesfortraysthatareshipped.Thisensuresamanagementfocusoninventorymanagementandstorage.Thisfocusenablesthebusinesstominimisefruitloss,capitaliseonstoragepaymentsandmaximisegrowerreturns.

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Grower Payments

Hayward Grower Payments per Month - 2010 Season (combined pools)

ThefollowingillustrateshowEastPackGreengrowersarepaidthroughouttheyear.SubmitGreen$2.25(paidwithin14daysofpacking)Guaranteedpaymentplan–July/August/SeptemberDuringthemonthsofJuly,AugustandSeptemberEastPackpaysitsgrowersanaverageof$0.20cents/tray/month(fortrayspacked).Thisguaranteedpaymentschemeisuniqueintheindustryandwasdevelopedtohelpgrowersmanagetheircashflowandthecostsofwinteractivitiessuchaspruningandfertiliserapplication.Theaveragepaymentof$0.20cents/tray/monthisprofileadjustedforsizeandtastemeaningthatgrowerpaymentswillvaryeithersideofthe$0.20cent/trayaveragedependingonthesizeandtasteoftheirfruit.

0

1

2

3

4

5

Accumulated OGR

Payments per Month

JuneMayAprMarFebJanDecNovOctSepAugJulyJuneSubmit

4.28

0.140.170.100.340.240.14

0.440.500.30

0.650.420.53

0.19

4.694.554.38

3.943.70

3.563.12

2.61

2.31

1.66

1.24

0.710.52

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EET Hayward Pool2010 Grower Actual – Orchard Gate Return (OGR)

Packed Trays

Average Size

Hectares

Trays per Hectare

Submit & Progress Payments

Fruit Incentives:

Kiwistart

TasteZespriTM

MarketDeliveryPremium

ShoulderPricing

Subtotal Fruit Incentives

Service Payments:

PackTypeDifferential

TimePayments

StorageIncentives

Subtotal Service Payments

Subtotal Incentive & Service Payments

Class 1 Return on Trays Supplied

LoyaltyPremium

Class 1 Return on Trays Supplied incl Loyalty

FruitLoss

Class 1 Return on Trays Packed

AverageClass2perClass1Tray

AverageNonStandardSupplyperClass1Tray

OtherIncome(nondividend)

Rebate

Forecast Total Return

Post Harvest Costs Deducted:

Packing&Transport

PackTypeDifferential

BaseCoolstorage

TimeCosts

Port&Transport

NZFFLevy&Admin

Total Post Harvest & Service Costs

Net Orchard Gate Returns / Tray

Net Orchard Gate Returns / Hectare

Zespri

72,900,000

33.5000

9,937

7,336

4.2700

0.3400

1.4600

0.0900

1.8900

0.2200

0.3100

0.6300

1.1600

3.0500

7.3200

0.2500

7.5700

-0.3200

7.2500

0.1000

0.0100

0.0100

7.3700

-1.7500

-0.2200

-0.7400

-0.3200

-0.1300

-3.1600

4.2100

30,674

EET Pool Average

10,525,611

32.8549

1408

7,475

4.3420

0.2788

1.3589

0.0810

1.7187

0.2329

0.4953

0.5528

1.2810

2.9997

7.3417

0.2404

7.5821

-0.1345

7.4476

0.2358

0.0084

0.3000

7.9918

-1.7242

-0.2329

-0.7189

-0.4953

-0.1139

-0.0093

-3.2945

4.6973

35,112

8

Grower Payments

EastPackisthelargestsupplierofGoldkiwifruit,with30percentmarketshare.ThefollowingillustrateshowEastPackGoldgrowersarepaidthroughouttheyear.SubmitGold$2.80(paidwithin14daysofpacking)Guaranteedpaymentplan–July/August/SeptemberDuringthemonthsofJuly,AugustandSeptemberEastPackpaysitsgrowersanaverageof$0.20cents/tray/month(fortrayspacked).Thisguaranteedpaymentschemeisuniqueintheindustryandwasdevelopedtohelpgrowersmanagetheircashflowandthecostsofwinteractivitiessuchaspruningandfertiliserapplication.Theaveragepaymentof$0.20cents/tray/monthisprofileadjustedforsizeandtastemeaningthatgrowerpaymentswillvaryeithersideofthe$0.20cent/trayaveragedependingonthesizeandtasteoftheirfruit.

Gold Grower Payments per Month - 2010 Season (combined pools)

0

2

4

6

8

10

Accumulated OGR

Payments per Month

JuneMayAprMarFebJanDecNovOctSepAugJulyJuneSubmit

0.15 0.150.080.600.280.20

0.501.12

0.35

2.29

1.071.510.14

9.098.948.798.718.117.83

7.637.13

0.66

6.015.66

3.37

2.30

0.80

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EET Gold Pool2010 Grower Actual – Orchard Gate Return (OGR)

EET Pool Average

6,150,837

32.9260

586

10,498

6.1556

1.1149

3.2769

0.2082

0.0655

4.6655

0.7805

0.2995

0.4031

1.4831

6.1486

12.3042

0.2420

12.5462

-0.1632

12.3830

0.1684

0.2947

0.3000

13.1461

-2.1389

-0.7805

-0.7261

-0.2995

-0.1051

-0.0043

-4.0544

9.0917

95,445

Packed Trays

Average Size

Hectares

Trays per Hectare

Submit & Progress Payments

FruitIncentives:

Kiwistart

TasteZespriTM

MarketDeliveryPremium

ShoulderPricing

Subtotal Fruit Incentives

Service Payments:

PackTypeDifferential

TimePayments

StorageIncentives

Subtotal Service Payments

Subtotal Incentive & Service Payments

Class 1 Return on Trays Supplied

LoyaltyPremium

Class 1 Return on Trays Supplied incl Loyalty

FruitLoss

Class 1 Return on Trays Packed

AverageClass2perClass1Tray

AverageNonStandardSupplyperClass1Tray

OtherIncome(nondividend)

Rebate

Forecast Total Return

Post Harvest Costs Deducted:

Packing&Transport

PackTypeDifferential

BaseCoolstorage

TimeCosts

Port&Transport

NZFFLevy&Admin

Total Post Harvest & Service Costs

Net Orchard Gate Returns / Tray

Net Orchard Gate Returns / Hectare

Zespri

21,400,000

33.1000

2,330

9,185

6.1600

1.0500

3.7100

0.2200

4.9800

0.8100

0.2100

0.4900

1.5100

6.4900

12.6500

0.2500

12.9000

0.3100

12.5900

0.1000

0.2900

0.0100

12.9900

-2.2300

-0.7900

-0.7500

-0.2100

-0.1200

-4.1000

8.8900

81,655

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Shares Transacting and Investor Shares

EastPack has two types of shares:

• Transactor Shares• Investor Shares

Transactor Shares

• Availabletoallgrowers

• Transactingshareshavefirstcallonprofit

• For2012,allTransactortrayswillreceive20centspertrayrebate,payablenolaterthan20June2012*

• ForgrowerspackingwithEastPackforthefirsttimein2012,theywillneedtopurchase1,000sharesat$1.00eachpriortopacking($1,000)

• TherewillbenosharecallonTransactorsharesforthe2012packingseason

Anyfurtherprofitdistributionwillbedecidedbydirectorsafter20June2012.

*Subjecttomeetingbudgetedtrayvolumes.

Investor Shares

• EastPackhas24,000,000InvestorsharesissuedDividendspaidoverthepastfewyearshaverangedfrom13centsto15cents(in2011)grosspershare

• InvestorsharescanonlybeheldbytransactorshareholdersandseniorEastPackstaff

• InthecurrentPsaenvironmentitisimpossibletopredictfutureearningsforinvestorshares

• InvestorsharescanbetradedbetweenEastPackshareholders

Grower owned, grower returns

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Rebate

0.84

0.60

0.66

0.85

0.94

0.81

0.30

0.30

0.30

0.30

0.30

0.30

0.20

0.20

0.20

0.20

0.30

0.30

Financial performance

Thisshowsthefulldistributionofprofitsbywayofrebateanddividend.

EastPack’s financial performanceNote–Priorto2000,EastPackwasaco-operativeandallprofitsweredistributedbyrebate.Theprofitisnowdistributedbywayofrebateanddividendasshownbelow.

Year

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Green

1.78

1.60

1.62

1.58

1.48

1.43

1.28

1.31

1.33

1.36

1.37

1.34

1.35

1.46

1.57

1.67

1.72

1.62

(averagepackingprice) (averagepackingprice) (cents/tray)

Gold

1.49

1.61

1.77

1.81

1.72

1.74

1.73

1.89

2.13

2.21

2.14

2.08

Gross Dividend/Share

0.15

0.13

0.11

0.14

0.15

0.15

0.06

0.06

0.13

0.13

0.15

0.15*

*estimated

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Directors EastPack is governed by six elected grower directors and two independent commercial directors.

Ray SharpChairman

RaySharphasbeeninvolvedasashareholderandgrowerwithEastPacksince1997andhasbeenChairmansince2007.Rayisinvolvedingovernance,planningandthestrategicdirectionofEastPack,andhassignificantinterestsinkiwifruitorchardsinOpotikiandTaurangaandholdsanumberofdirectorships.

Grant EynonDeputyChairman

Granthasbeeninvolvedinthekiwifruitindustryfor20years.HebecameanEastPackDirectorin2000,afterthesaleofZestCompany.GrantisaformerNZKGIforummemberandChairman.HewasaKelloggsRuralLeadershipScholarin2000.

Michael MontgomeryMichaelhasbeeninvolvedinthekiwifruitindustryasagrowerandapost-harvestoperatorsince1981.HebecameanEastPackDirectorin2000,aftersellinghispostharvestoperation,ZestCompany.TogetherwithbusinesspartnerGrantEynon,heoperatesapartnershipwhichhasorchardsintheBayofPlentyandHawke’sBay.MichaelisapastmemberofNZKGIandcompletedtheKelloggsRuralLeadershipTrainingProgrammein2002.MichaelisChairmanoftheISG(IndustrySupplyGroup).

Adrian GaultAdrianhasbeenaDirectorofEastPacksinceApril2009.HeholdsaBachelorofAgriculturalScienceandisaNuffieldScholar(2000).AdrianisaDirectorofOtaraLandCo.whichhas15canopyhectaresofkiwifruit,fivecanopyhectaresofnewplantingsand400hasheepandbeef.Hehas23yearsexperienceinagricultureandhorticulture.

Mark Hudson MarkandhiswifeHelenhavea50,000traycropandhavedevelopedafivehectaregreenorchardintheWhakatanearea.MarkhasafinancialandaccountingbackgroundandaBachelorofEducation.

Dr Mike AshbyMikejoinedtheEastPackboardasanIndependentCommercialDirectorin2007.HeiscurrentlyDirectorofTheBreakthroughCompany.PriortothathewasChiefOperatingOfficeratSouthernCrossHealthcare,takingoverattheheightoftheoperationalcrisisinlate2001.Mikesuccessfullyledaturnaroundwhichsawalossof$42millionturnedintoaprofitof$16millionintheJune2003yearand$30millioninJune2004.MikehasalsoworkedforCapGemini(formerlyErnst&YoungConsulting),leadingthenationalStrategyandTransformationteam,andworkedwithanumberoflargeandsmallfirmsinagribusiness,insurance,governmentandfinancialservices.MikehasaPhDinInternationalRelationsfromVictoriaUniversity.

Maurice KiddMauricehasafinanceandinvestmentbackgroundwithextensiveseniormanagementandgovernanceexperienceinawiderangeofsectorsincludingfinance,retail,health,businesssystems,infrastructureandexportproducebothinNewZealandandinternationally.HeiscurrentlyChairmanofSolutionDynamicsLtd,MonstarVisionHoldingsLtd,MolemapNZLtdandisamemberoftheAdvisoryBoardforasubstantialpropertyfund.HespenteightyearswithPriceWaterhouseintheUKandNewZealand,hasaBachelorofCommerceandisamemberoftheNZInstituteofCharteredAccountantsandNZInstituteofDirectors.MauricewasCommercialDirectoroftheNZKMBin1988and1989.

Murray McBrideMurrayhasbeeninvolvedinthekiwifruitindustrysince1979.HemanagedtheMcBridefamilypost-harvestfacilityandin1990purchasedhisfirstorchard.SincethenMurrayhasbeenheavilyinvolvedindevelopingnewGoldorchardplantingsandisrenownedintheindustryasaleaderinthisfield.MurrayisalsoamemberoftheZespriGoldDevelopmentGroup.

Leadership teamTony HawkenChiefExecutive

TonyhasbeenwithEastPacksinceitsopeningin1983.Hehasabroadunderstandingofallfacetsofthekiwifruitindustry,fromtheorchardtothemarketplace.TonyhasaDiplomainHorticultureandHorticulturalManagement.Hewelcomesandappreciatestheopportunitytomeetanddiscussissueswithgrowers.

Jason GibbsChiefFinancialOfficer

JasonisaCharteredAccountantwithexperienceinavarietyofindustriesinNewZealand,USAandtheUK.Hehasworkedwithanumberofpostharvestsupplierssince2007andjoinedEastPackin2011.

Donna SmitCompanyAdministrator

DonnaisaCharteredAccountantandhasworkedwithEastPacksincethemid1980s.ShehasheldthepositionofCompanyAdministratorsince1995.AswellasworkingforEastPack,DonnaandherfamilyhaveextensivedairyfarminterestsinboththeNorthandSouthIslands.

Matt HillGeneralManager–GrowerServicesandEKOLimited

MatthasbroadcommercialskillsandexperiencefocusingonGrowerServices,generalmanagement,supplychainandmarketing.MatthaspreviouslyworkedforFletcherBuildingandMercuryEnergy.HehasaBachelorofForestryScienceandaBachelorofCommercefromCanterburyUniversity.

Richard Fraser-MackenzieGeneralManagerLogistics&Supply

RichardisresponsiblefortheOrderandSupplyfunctionatEastPackandiscurrentlyGeneralManagerofSouthlink(EastPack’sSupplyGroup).RichardhaspreviouslyworkedforZespriinacommercialrolefornon-NewZealandsupply.HeoriginatesfromZimbabwewherehewasinvolvedinafamilyfarmingbusiness.

John HindmarshSpecialProjectsManager/ITManager

JohnhasbeenwithEastPacksince1991.HehaspreviouslyworkedforcorporatesincludingCartersandFletcherChallenge.JohnisaCharteredAccountantandhasaBachelorinBusinessStudies.

Nigel MartinOperationsManager

NigeljoinedEastPackafterreturninghomefromspendingseveralyearsworkingforalargemanufacturingorganisationinTexas.NigelhasaBachelorofEngineering(Chemical&Materials)andexperienceinensuringbestpracticemanufacturingprocessesarerolledoutacrossamulti-siteoperation.

13

14

FacilitiesEdgecumbe

Shelley ThompsonSiteManager–Edgecumbe

Shelley’sfirstinvolvementwithEastPackbeganattheEdgecumbesitein1988.AfterworkinginWellingtonforseveralyearswithTranzRailandtheEmployersandManufacturersAssociationShelleyrejoinedEastPackin2006asHumanResourceManager.In2008,ShelleybecameEdgecumbePackhouseManager.ShehasaBachelorofBusinessStudies.

packing3.75mtraysofZespri™Green980,000traysofZespri™Gold

coolstorage (on site)conventional-2.0mtrays–7,800palletsCAgreen-850,000trays–12,140bins

specs and info Utilisesamodernsix-laneCompacsidetippingfruitsizerwith12gradingtables.

• ThissitehasfullBIO-GROcertification.

Opotiki

Kerry McCreeSiteManager–Opotiki

KerryjoinedEastPackin2007andhas30yearsexperienceinthefoodmanufacturingandcoolstorageindustry.HehasworkedforAFFCO(PlantManageratAFFCORangiuru,TePuke)andPlantManageratPPCSTakapau,incentralHawkesBay.KerrycomestoEastPackwithexperienceinthekiwifruitindustryaftermanagingcoolstoresatBayofPlentyFruitpackersnowSatara.

packing2.6mtraysofZespri™Green1.7mtraysofZespri™Gold

coolstorage (on site)conventional-1.3mtrays–5,200palletsCA-1.1mtrays–16,000bins

specs and info Utilisesamodernsix-laneCompacsidetippingfruitsizerwith12gradingtables.

15

Te Puke

Janette MontgomerySiteManager–TePuke

Janetteisoneoftheindustry’smoreexperiencedpost-harvestoperatorsandhasbeeninvolvedinthekiwifruitindustrysince1982.ShehasextensiveexperienceinfruitqualitymanagementandhasheldaseniormanagementroleatEastPacksince1990.

Alan DavidsonPackhouseManager–TePuke

EmigratingfromScotlandthreeyearsago,AlanstartedlifewithEastPackattheEdgecumbesiteasaLineManager.HethenmovedtotheroleofProductionManagerattheOpotikisiteandin2010waspromotedtoPackhouseManagerinTePuke.AlanworkedinthehospitalityindustryforSheratonasaFitnessManagerandhasaDegreeinSportsScience.

packing6.4mtraysofZespri™Green6.0mtraysofZespri™Gold

coolstorage (on site) conventional(onsite)-4.5mtrays–17,280palletsCA(offsite)-1.95mtrays–28,800binscoolstorage

coolstorage (off site)1.09mtrays–4,377pallets

specs and info• Sitehasthreemodernsix-laneCompac

side-tippingfruitsizers,oneofwhichutilisesfullyautomatedstacking,strappingandcartonhandling.

16

Investment statement

ThisisanInvestmentStatementforthepurposesoftheSecuritiesAct1978preparedasat19August2003forEastPackLimited(“EastPack”),acompanyincorporatedundertheCompaniesAct1993andtheCo-operativeCompaniesAct1996.

ThepurposeofthisInvestmentStatementistoprovidecertainkeyinformationthatislikelytoassistaprudentbutnon-expertpersontodecidewhetherornottoacquireTransactorSharesinEastPackandtobringtotheattentionofprospectiveinvestorsthefactthatotherimportantinformationabouttheTransactorSharesinEastPackisavailableinotherdocuments.

ThisInvestmentStatementaccompaniesaProspectusdated19August2003,registeredundertheSecuritiesAct1978.TheProspectuscontainsfurtherdetailsoftheoffertowhichthisInvestmentStatementrelates.EveryapplicantforTransactorSharesinEastPackwhodoesnotreceiveacopyofthisInvestmentStatementpriortoapplyingforthesharesmay,within10workingdaysofthedateonwhichtheInvestmentStatementissenttoit,withdrawitsapplicationbywrittennoticetoEastPack.

Important information

(TheinformationinthissectionisrequiredundertheSecuritiesAct1978)Investmentdecisionsareveryimportant.Theyoftenhavelong-termconsequences.Readalldocumentscarefully.Askquestions.Seekadvicebeforecommittingyourself.

Choosing an investment

Whendecidingwhethertoinvest,considercarefullytheanswerstothefollowingquestionsthatcanbefoundonthepagesnotedbelow: Page

Choosing an investment advisor 17What sort of investment is this? 17How much do I pay? 17What are the charges? 17What returns will I get? 17What are my risks? 19Can the investment be altered? 19How do I cash in my investment? 20Who do I contact with enquiries about my investment? 20Is there anyone to whom I can complain if I haveproblems with the investment? 20What other informationcan I obtain about this investment? 20

InadditiontotheinformationinthisInvestmentStatement,importantinformationcanbefoundinthecurrentregisteredprospectusforthisinvestment.Youareentitledtoacopyofthatprospectusonrequest.

17

Choosing an investment adviser

Youhavetherighttorequestfromanyinvestmentadviserawrittendisclosurestatementstatinghisorherexperienceandqualificationstogiveadvice.Thatdocumentwilltellyou:Whethertheadvisergivesadviceonlyaboutparticulartypesofinvestments.Whethertheadviceislimitedtotheinvestmentsofferedbyoneormoreparticularfinancialorganisations.

Whethertheadviserwillreceiveacommissionorotherbenefitfromadvisingyou.Youarestronglyencouragedtorequestthatstatement.Aninvestmentadvisercommitsanoffenceifheorshedoesnotprovideyouwithawrittendisclosurestatementwithinfiveworkingdaysofyourrequest.Youmustmaketherequestatthetimetheadviceisgivenorwithinonemonthofreceivingtheadvice.

Inaddition:

Ifaninvestmentadviserhasanyconvictionfordishonestyorhasbeenadjudgedbankrupt,heorshemusttellyouthisinwriting.

Ifaninvestmentadviserreceivesanymoneyorassetsonyourbehalf,heorshemusttellyouinwritingthemethodsemployedforthispurpose.Telltheadviserwhatthepurposeofyourinvestmentis.Thisisimportantbecausedifferentinvestmentsaresuitablefordifferentpurposes.

What sort of investment is this?

ThesecuritiesbeingofferedareTransactorSharesinEastPack.TransactorSharesarenominalvaluesharesissuedundertheCo-operativeCompaniesAct1996.AtthedateofpreparationofthisInvestmentStatement,thenominalvalueoftheTransactorSharesis$1.00.TransactorSharesgivetheholdertherighttoparticipateinanyannualrebatedeclaredbytheDirectors.SubjecttotheCo-operativeCompaniesActandtheConstitutionofEastPack,theycanbesurrenderedattheirnominalvalue.TheTransactorsharesrankaheadofInvestorSharesondistributionofasurplusonliquidationofEastPack,astorepaymentofthe$1.00nominalvalue.

TransactorSharesareissuedtopartieswhotransactwithEastPackandarepaidforincashorfromcash

rebatesotherwisepayabletotheShareholderbyEastPack.ThetotalnumberofTransactorSharesonissueatanytimecarry60%ofthevotingpowerofallsharesonissue,notwithstandingthenumberofsharesinanyparticularclassatanyonetime.

TransactorSharesarenotfreelytradableastheymayonlybeheldbyotherTransactingShareholders.TransactorSharesarenotentitledtodividends.ThenominalvaluemaybealteredbyanalterationtoEastPack’sconstitution.Thereisnomaximumnumberoramountofsharesoffered.

TheofferorofthesharesisEastPack,whichhasitsregisteredofficeat678EastbankRoad,(POBox45)Edgecumbe.Therearenopromotersoftheoffer.

EastPackcarriesonbusinessasafruitpackingco-operative.Mostofthefruitiskiwifruitandthecompanyalsooperatesleasedkiwifruitorchards.EastPackhasbeencarryingontheseactivitiessinceitwasoriginallyformedin1980underthenameRangitaikiPlainsFruitpackersLimited.

How much do I pay?

ThenominalvalueofeachTransactorShareis$1.00,whichistheamountthatmustbepaidbyasubscriber.PaymentforthesharesistobemadetoEastPackatitsregisteredofficeat678EastbankRoad,Edgecumbe,ortoPOBox45,Edgecumbe.DetailsofhowtoapplycanbefoundontheapplicationformdistributedwiththisInvestmentStatement.

What are the charges?

Therearenocharges,commissionorbrokeragepayablebythesubscribertotheCompany,ortoanyoneassociatedwiththeCompany,inrespectoftheoffer.

What returns will I get?

ThereturnsonTransactorSharesaretraditionallypaidbywayofrebate.TheamountofanyrebateisdeterminedbytheBoard,andistraditionallycalculatedonthenumberoftraysofClass1KiwifruitpackedbytheTransactorShareholderwithEastPack.ThevalueofTransactorSharesisfixedat$1.00bytheConstitutionofEastPack.ThevalueofTransactorSharesmaydeclineifthevalueoftheCompany’sassetsisreducedtoalevelatwhichtheTransactor

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Shareswouldnotbepaidinfullonaliquidation.ThenominalvalueofTransactorSharescanalsobealteredbyspecialresolutionofEastPack.Furtherinformationissetoutbelowundertheheading“WhataremyRisks?”

TheamountofanyrebateswillbedeterminedbythesuccessofthebusinessoperationsofEastPackandnopromisesorguaranteesaremadeastothosereturns.EastPackcangivenoassuranceabouttheleveloffuturerebates,ifany,orthelevelofimputationcreditswhichmightbeattachedtothem.Theselevelswilldependonanumberoffactors,includingthesolvencyofEastPack,requirementsforcapitalandoperatingconditions,aswellasthosefactorsdiscussedinthisInvestmentStatementundertheheading“WhataremyRisks?”below.

EastPackislegallyliabletopayanyrebatesifandwhendeclared.EastPackdoesnotguaranteethereturnofcapitalortheamountofreturns(ifany)inrelationtoaninvestmentarisingfromthisoffer.

Taxesmayaffectthereturntoyou.Inparticular,rebateswillbesubjecttotax.Thesecommentsinrelationtotaxareofageneralnatureonly,anddonotconstitutelegalorfinancialadvice.Ifyouareconsideringthepurchaseofsharesintheofferyoushouldconsultyourownfinancialortaxadvisorsconcerningthetaxconsequencesofowningshares,inlightofyourparticularsituation.

What are my risks?

Yourprincipalriskisthatofbeingunabletorecoupyouroriginalinvestment.Thiscouldhappenforanumberofreasons,including:

• IfEastPack’soperationalandfinancialperformanceisworsethanexpected,theunderlyingvalueoftheCompanycouldbereduced.InrelationtoTransactorShares,itispossiblethatinfuturethenominalvaluecouldbereducedbyamendmenttotheconstitutionofEastPackbyspecialresolutionoftheshareholders.

• YouareunabletosurrenderyourTransactorSharesbecausetheCompanyisinfinancialdifficulties.

• EastPackisplacedinreceivershiporliquidation.Ifthisoccursyoumayreceivenothing,orlessthanyouroriginalinvestment.

• Youmaynotreceiveanyreturnonyourinvestment.

• TheprincipalbusinessactivityofEastPackispackingandcoolstoringNewZealandkiwifruitonanannualbasis.Itfollows,therefore,thatthefactorsandrisksoutlinedbelowmayhaveamaterialimpactontheCompany’sannualfinancialperformance,andontherisktoyourinvestment:

• Theriskoffrost,hail,diseaseandotherclimaticinfluenceswhichresultinreducedcropvolume;

• ThelevelofsuccessorotherwiseofZespri™GroupLimitedintheexportmarketingofNewZealandkiwifruit;

• Thereturnsreceivedfromtheinternationalmarketforkiwifruit,whichareaffectedbyforeignexchangerates–anymovementintheNewZealanddollarmayaffectkiwifruitpricesandthereforetheCompany’sprofits;

• Thepriceofpackagingmaterial;

• Thepriceoflabour,particularlypackhouselabour;thevolumeoffruitsuppliedbyGrowersinanyoneseason;

• Internationalpricingandconsumptiontrendsforfreshfruit;

• AnychangetothecurrentlegislationgoverningthemarketingofNewZealandkiwifruit.

• YouwillnotbeliabletopayanymoneytoanypersonasaresultoftheinsolvencyoftheCompany,providedyourTransactorSharesarefullypaidup.Ifyoursharesarenotfullypaidup,youmayberequiredtopayupthebalanceoutstanding.AllcreditorsofEastPackwillrankaheadofshareholderclaimsiftheCompanyisliquidated.Afterallsuchcreditorshavebeenpaid,theremainingassetswillbeavailablefordistributionamongsttheshareholders.TheTransactorShareholdersarefirstpaidthenominalvalueoftheirshares,withtheothershareholdersbeingpaidafterthat.

Can the investment be altered?

RightsattachingtotheTransactorSharesaregovernedbyEastPack’sConstitution.ThatConstitutionmayonlybealteredbyspecialresolutionofshareholders,subjecttotherightsofinterestgroupsundertheCompaniesAct1993,orincertaincircumstancesbycourtorder.

Section117oftheCompaniesAct1993restrictsacompanyfromtakinganyactionthataffectstherights

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attachedtoitssharesunlessthatactionhasbeenapprovedbyaspecialresolutionoftheshareholderswhoserightsareaffectedbytheaction.UndercertaincircumstancesashareholderwhoserightsareaffectedbyaspecialresolutionmayrequireEastPacktopurchaseitsshares.

AtthedateofpreparationofthisInvestmentStatement,thenominalvalueofTransactorSharesis$1.00.ThatvalueisfixedbytheConstitution,andcanaccordinglybeamendedbySpecialResolutionoftheshareholdersoftheCompany.ItisthereforepossiblethatiffurtherTransactorSharesarerequiredatalaterdate,theissuepriceofthosenewTransactorSharesmaybemoreorlessthan$1.00.TheissuepriceofTransactorSharescannotbechangedafterthoseShareshavebeenallottedtoyou.

How do I cash in my investment?

TransactorSharesarenominalvaluesharesundertheCo-operativeCompaniesAct1996.ThatActcontainsprovisionsgivingbothEastPackandtheshareholdercertainrightstorequireoragreeuponthesurrenderofnominalvalueshares.TheConstitutionofEastPackalsoprovidesforthesurrenderofnominalvaluesharesincertaincircumstances.TransactorSharescanalsobesold,buttheConstitutionofEastPackprovidesthattheycanbesoldonlybetweenexistingTransactorShareholdersorwiththeapprovaloftheBoardtoathirdpartyotherwiseeligibletobeaTransactorShareholder.IntheopinionoftheCompany,themarketforsuchsalesislimited.

Who do I contact with enquiries about my investment?

Enquiriesaboutsharesshouldbemadeto:

Donna SmitCompanyAdministratorEastPackLimited678EastbankRoadPOBox45,EdgecumbeEmail: Donna.Smit@eastpack.co.nzPhone: 07-3048226Fax: 07-3048262

Is there anyone to whom I can complain if I have problems with the investment?

IfyouhaveproblemswiththeinvestmentcomplaintsshouldbedirectedtoDonnaSmit,attheaddress

andphone/faxnumberssetoutintheprecedingparagraph.ThereisnoOmbudsmantowhomcomplaintsaboutthesharescanbemade.

What other information can I obtain about this investment?

OtherinformationabouttheTransactorSharesandaboutEastPackiscontainedinaProspectusdatedAugust2003.

AcopyoftheProspectusandotherdocumentsoforrelatingtoEastPack,includingitsfinancialstatements,maybeinspectedfreeofchargeattheofficesofEastPackduringnormalbusinesshours.TheProspectusandtheFinancialStatementshavealsobeenlodgedattheCompaniesOfficeandareavailableforpublicinspectionuponpaymentofafee.TheProspectuscanbeviewedontheCompaniesOfficewebsiteatwww.companies.govt.nz.WheretheProspectusisnotavailableonthewebsite,arequestforthedocumentcanbemadebycontactingSearchlinkatwww.searchlink.co.nz.EachshareholderwillbesentanoticeofgeneralmeetingsofEastPackandallnotices,accountsandotherdocumentsrequiredtobesenttoshareholdersundertheConstitutionofEastPackortheCompaniesAct1993,includingtheannualreport.ShareholdersofEastPackmayalsorequest,atanytime,freeofcharge:

• AcopyofEastPack’smostrecentAnnualReportandFinancialStatements,togetherwithalldocumentsthatarerequiredtoberegisteredwiththosefinancialstatementsundertheFinancialReportingAct1993;

• AcopyofthemostrecentProspectusrelatingtosharesinEastPack;

• AcopyofthemostrecentInvestmentStatementrelatingtosharesinEastPack.

• ShareholdersinEastPackarealsoentitledtoinspectand,subjecttocertainrestrictionsandpaymentoftheCompany’sreasonablecosts,totakecopiesofthefollowing:

• TheCertificateofIncorporationofEastPack;

• TheConstitutionofEastPack;

• TheShareRegister;

• ThefullnamesandresidentialaddressesoftheDirectors;

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• TheregisteredofficeandtheaddressforserviceofEastPack;

• Minutesofallmeetingsandresolutionsofshareholders;

• Copiesofwrittencommunicationstoshareholdersduringtheprecedingtenyears,includingAnnualReports,FinancialStatementsandGroupFinancialStatements;

• CertificatesgivenbyDirectorsundertheCompaniesAct1993;

• AcomparisonoftheactualresultsofEastPackagainsttheforecastsintheProspectus;

• TheInterestsRegisterofEastPack.

• Sucharequestshouldbemadeinwritingto:

Donna SmitCompanyAdministratorEastPackLimited678EastbankRoadPOBox45,EdgecumbeEmail: Donna.Smit@eastpack.co.nzPhone: 07-3048226Fax: 07-3048262

Glossary of Terms

ThetermsandphrasesdescribedinthisGlossaryapplytotheattachedInvestmentStatement.AnytermwhichisnotdefinedinthisGlossary,butwhichisdefinedintheSecuritiesAct1978orSecuritiesRegulations1983,whichisusedintheattacheddocuments,carriesthemeaninggiventoitbythatActorthoseRegulationsasthecasemaybe.“Board”meanstheBoardofDirectorsofEastPack.“BusinessDay”meansanydayonwhichtradingbanksareopeninAuckland,butexcludingSaturdays,Sundaysandpublicholidays.“Company”and“EastPack”meansEastPackLimitedandincludestheEastPackLimitedgroup,asthecontextmayrequire.“Directors”meansthedirectorsforthetimebeingofEastPack.“TransactorShares”meanstheclassofsharesprovidedforintheConstitutionofEastPackanddescribedinthatConstitutionasTransactorShares.

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Contact detailsEdgecumbePhone0800-722554Fax07-3048262

Tony HawkenChiefExecutive027-4971796

Tony HooperManager–GrowerServices/EKO(Edgecumbe)027-2924639

Jacki McCormackGrowerServices(Edgecumbe/TePuke)027-3468942

Grant AllenGrowerServices(Edgecumbe/TePuke)027-2034456

Paul MansonEKOOrchardManager(Edgecumbe)027-6774502

Te PukePhone07-5739309Fax07-5739310

Matt HillGeneralManager–GrowerServices/EKO027-4895088

David StephensonManager–GrowerServices/EKO(TePuke)027-2589820

Adam FranklinGrowerServices(WesternBay/TePuke)027-6981264

Tim TorrTechnicalTransferManager027-2057520

Anthony PangbornTechnicalManager–Pre-harvestandGrowerInformation027-2457295

Glen CarterGrowerServices(TePuke)027-2749790

Bryan LeachGrowerServices(TePuke)027-5738346

Peter SavoryGrowerServices(TePuke)027-7426778

Alan KaleGrowerServices(HawkesBay)027-2864797

Opotiki SitePhone07-3155226Fax07-3155224

Ross SteeleManager–GrowerServices/EKO(Opotiki)027-4794224

Daile McDonaldGrowerServices/EKOOrchardManager(Opotiki/EastCoast)027-4532752

Nicky EdwardsGrowerServices/EKOOrchardManager(Opotiki)027-2342513

Contact us or visit our websitewww.eastpack.co.nz

Application for shareholding The DirectorsEastPack LimitedP O Box 45Edgecumbe

Date:

Dear SirsI/We hereby apply for shareholding in EastPack Limited, and agree to purchase prior to packing 1,000 shares, being the nominal amount of shares.

I/We understand my/our shareholding requirement will be reviewed annually in accordance with current policy and the terms and conditions of the Company’s Constitution.

I/We acknowledge that we have received a copy of the Investment Statement of EastPack Ltd.

I/We request that shares are issued in the name of, as follows:

Phone:

Fax:

Email:

Mobile:

Date:

Date:

Shareholder Name in full:

Trading Name:

First Name/s:

Postal Address:

Orchard Address:

Grower Services Representative:

KPIN Number:

GREEN Area: (Canopy Ha)

GOLD Area: (Canopy Ha)

Structure: (TBar/Pergola)

Signature of applicant(s)

Grower

Kpin

Orchard name

Orchard address

Postal address

Phone

Mobile

Contact person

Orchard management

Client Services Representative

Neighbour contact details (for spray notification)

Preference for receiving packhouse reports – circle one

Orchard map

Zespri supply agreement

GlobalGAP No

Expiry date

Orchard gate sign

Application for shareholding

Orchard history Production, pest monitoring, fertiliser records

New grower checklist

Green Ha Gold Ha

Fax

Email

Phone

Email Fax Post

Grower:

KPIN:

Orchard Name:

Orchard Address:

Postal Address:

Phone:

Mobile:

Contact Person:

Orchard Management:

Client Services Representative:

Neighbour Contact Details (for spray notification):

Preference for receiving packhouse reports – circle one:

CHECKLIST

Orchard Map

Zespri Supply Agreement

GlobalGAP No:

Expiry date:

Orchard Gate Sign

Application for Shareholding

Orchard History Production, pest monitoring, fertiliser records

New grower checklist

Green Ha: Gold Ha:

Fax:

Email:

Phone:

Email Fax Post