1. NZARM

2. OUR VISION To nurture our people, our place, our future. OUR VISION To nurture our people, our place, our future. OUR VALUES Vision & Values

3. KaitiakitangaKaitiakitanga

4. MangakinoMangakino

5. DAIRY UNIT 3,600 HA DAIRY SUPPORT UNIT 625 HA FORD & CONSUL RD 680 HA FORESTRY BLOCK 5,800 HA TOTAL 10,705 HA DAIRY UNIT 3,600 HA DAIRY SUPPORT UNIT 625 HA FORD & CONSUL RD 680 HA FORESTRY BLOCK 5,800 HA TOTAL 10,705 HA Northern Forest SouthernForestSouthernForest DSUDSU DSUDSU SouthernForestSouthernForest

6. WMF1WMF1 WMF2WMF2 WMF3WMF3 WMF4WMF4 WMF6WMF6 WMF7WMF7 WMF12WMF12 WMF8WMF8 WMF14WMF14 WMF9WMF9 WMF11WMF11 WMF6WMF6 SouthernForestSouthernForest DAIRY UNIT 3,600 HA DAIRY SUPPORT UNIT 625 HA FORD & CONSUL RD 680 HA FORESTRY BLOCK 5,800 HA TOTAL 10,705 HA DAIRY UNIT 3,600 HA DAIRY SUPPORT UNIT 625 HA FORD & CONSUL RD 680 HA FORESTRY BLOCK 5,800 HA TOTAL 10,705 HA WMF15WMF15 DSUDSU DSUDSU

7. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0 0 50 100 150 200 250 300 Total Asset & Equity Growth in millions 2015 Total Assets Equity Growth

8. Dairy Forestry Property Investments Current Assets Total Assets $256m Dairy $196m (76%) Forestry $28m (11%) Investment $25m (10%) Property $4m (2%) Current Asset $3m (1%) Asset Portfolio Mix 2015

9. Executive Director General Manager Finance Director Finance Director Operations Manager (DSU and SM) WMI Farm Managers Staff Board Business Advisory Group (BAG) Incorporation Secretary Manager Shareholder Relations Operations Manager (OO Farms) Financial Accountant Financial Accountant Administration Share Registrar Administration Dairy Support and Sharemilkers Staff WMI Structure

10. Strategic Plan 2016 Pathways Integrated Management Team Integrated Management Team Enterprise Business Plans Enterprise Business Plans Training & Development Training & Development Manage Threats and Opportunities Manage Threats and Opportunities Communication and Information Communication and Information On-going Enterprise Analysis On-going Enterprise Analysis Seek Competitive Advantage Seek Competitive Advantage Growth Beyond Current Asset Protect and Enhance the Land Asset Protect and Enhance the Land Asset Benchmarking against peers Preferred employer Industry recognition JV/Partnerships identified Benchmarking against peers Preferred employer Industry recognition JV/Partnerships identified Industry Leader Shareholder Pride Environmental Plan developed Land-use investment prioritised Achieve regulatory standards Environmental Plan developed Land-use investment prioritised Achieve regulatory standards Investment opportunities identified Net wealth of shareholders improved Return on Capital targets reached Debt/Equity ratio achieved Investment opportunities identified Net wealth of shareholders improved Return on Capital targets reached Debt/Equity ratio achieved Shareholder survey undertaken Bi-annual reports to shareholders Increasing # attending AGM Shareholder survey undertaken Bi-annual reports to shareholders Increasing # attending AGM Pay a Dividend Achieve profit targets Achieve capital/equity growth targets A regular & growing annual dividend Achieve profit targets Achieve capital/equity growth targets A regular & growing annual dividend 2020 Outcomes Performance Indicators Tasks for 2014/15 1.Continue to bed-in resilient System 3 farm systems 2.Complete the shed on farm 5 3.Continue upgrade of water and effluent systems 4.Continue development of bio-physical and financial IT systems 5.Continue support of Miraka and Whai Hua strategies 6.Develop People Strategy & comprehensive Farm Training Development Programme for all levels 7.Implement new environmental strategy Tasks for 2014/15 1.Continue to bed-in resilient System 3 farm systems 2.Complete the shed on farm 5 3.Continue upgrade of water and effluent systems 4.Continue development of bio-physical and financial IT systems 5.Continue support of Miraka and Whai Hua strategies 6.Develop People Strategy & comprehensive Farm Training Development Programme for all levels 7.Implement new environmental strategy Tasks for 2015/16 1.Bed-in resilient System 3 farm systems 2.Trial TH Farm Model on Farm 7 3.Minimise all Cash Expenditure across the whole business for 2015/16 4.Improve feed conversion efficiency and reduce feed costs, as well as reproduction performance 5.Continue to support Whai Hua and Miraka Strategy 6.Exercise pre-emptive right for purchase of TTP shares in Miraka Tasks for 2015/16 1.Bed-in resilient System 3 farm systems 2.Trial TH Farm Model on Farm 7 3.Minimise all Cash Expenditure across the whole business for 2015/16 4.Improve feed conversion efficiency and reduce feed costs, as well as reproduction performance 5.Continue to support Whai Hua and Miraka Strategy 6.Exercise pre-emptive right for purchase of TTP shares in Miraka

11. 2003 Irrigation Review2003 Irrigation Review Winter Forage Review and N leachingWinter Forage Review and N leaching SFF Winter cropping ProjectSFF Winter cropping Project Review of pumice soilsReview of pumice soils SMPsSMPs Fertiliser ReviewFertiliser Review WMI Resource StrategyWMI Resource Strategy WMI cropping reviewWMI cropping review WMI System ReviewWMI System Review 2003 Irrigation Review2003 Irrigation Review Winter Forage Review and N leachingWinter Forage Review and N leaching SFF Winter cropping ProjectSFF Winter cropping Project Review of pumice soilsReview of pumice soils SMPsSMPs Fertiliser ReviewFertiliser Review WMI Resource StrategyWMI Resource Strategy WMI cropping reviewWMI cropping review WMI System ReviewWMI System Review Reviews to Date

12. Growth within limitsGrowth within limits Focus on efficiency and accuracyFocus on efficiency and accuracy Acquire more landAcquire more land Do not develop any further forest landDo not develop any further forest land Retire landRetire land Take back sharemilker farmsTake back sharemilker farms MirakaMiraka Growth within limitsGrowth within limits Focus on efficiency and accuracyFocus on efficiency and accuracy Acquire more landAcquire more land Do not develop any further forest landDo not develop any further forest land Retire landRetire land Take back sharemilker farmsTake back sharemilker farms MirakaMiraka

13. Growth within limitsGrowth within limits Focus on efficiency and accuracyFocus on efficiency and accuracy Acquire more landAcquire more land Do not develop any further forest landDo not develop any further forest land Retire landRetire land Take back sharemilker farmsTake back sharemilker farms MirakaMiraka Growth within limitsGrowth within limits Focus on efficiency and accuracyFocus on efficiency and accuracy Acquire more landAcquire more land Do not develop any further forest landDo not develop any further forest land Retire landRetire land Take back sharemilker farmsTake back sharemilker farms MirakaMiraka

14. Project N – understand what our baseline is and what our options are?Project N – understand what our baseline is and what our options are? What will we do?What will we do? Reduce N fertReduce N fert Reduce numbersReduce numbers Best practice with croppingBest practice with cropping High yield coppingHigh yield copping Increase effluent areasIncrease effluent areas Continue to manage irrigationContinue to manage irrigation Project N – understand what our baseline is and what our options are?Project N – understand what our baseline is and what our options are? What will we do?What will we do? Reduce N fertReduce N fert Reduce numbersReduce numbers Best practice with croppingBest practice with cropping High yield coppingHigh yield copping Increase effluent areasIncrease effluent areas Continue to manage irrigationContinue to manage irrigation

15. WMF1WMF1 WMF2WMF2 WMF3WMF3 WMF4WMF4 WMF6WMF6 WMF7WMF7 WMF12WMF12 WMF8WMF8 WMF14WMF14 WMF9WMF9 WMF11WMF11 WMF6WMF6 Northern Forest SouthernForestSouthernForest DAIRY UNIT 3,600 HA DAIRY SUPPORT UNIT 625 HA FORD & CONSUL RD 680 HA FORESTRY BLOCK 5,800 HA TOTAL 10,705 HA DAIRY UNIT 3,600 HA DAIRY SUPPORT UNIT 625 HA FORD & CONSUL RD 680 HA FORESTRY BLOCK 5,800 HA TOTAL 10,705 HA WMF15WMF15 DSUDSU DSUDSU

16. Ford Road

17. Capex Ford Road – As originally PlannedFord Road – As originally Planned Ford Road

18. Kaharoa Block Cattle Yards

20. New Effluent Pond Farm 9

21. New Effluent Pond Farm 11

23. New Effluent Pond Farm 14

24. Te Ara Miraka