IPO: AGRI Private Capital Fund (AGRI Fund)

Tuesday 3rd July 2007

AGRI Private Capital Fund (AGRI Fund)

The AGRI Fund provides a unique opportunity for investors to access returns from New Zealand’s dynamic and highly productive agricultural sector.

BT Funds Management and Agricultural Investments Limited (“AGInvest”) aim to raise more than $60 million in a public offer for a new fund that will invest in a portfolio of quality New Zealand farms and agri-businesses.

AGRI Fund aims to deliver balanced, quality returns to shareholders by ordinarily investing 50% of the funds raised in high potential pastoral farms and 50% in attractive agri-businesses.

AGRI Fund is being launched at a time when the agricultural industry is beginning to experience a global shift upwards in demand for food products.

This step change in demand reflects rising world populations, a rapidly emerging middle class in Asia and the reduction in the amount of land available for food production because of increased bio-fuel production.

New Zealand’s primary sector has a comparative advantage due to its temperate climate, economies of scale, past performance, and versatile land use.

The AGRI Fund is seeking to outperform average returns within the agricultural industry. It will target assets that have a realistic potential for development and management to deliver a targeted internal rate of return of 15% on equity invested in assets (before tax and Manager’s incentive return, but after annual Management Fees) over the life of that investment.

AGRI Fund’s objective is to generate attractive returns underpinned by strong long-term earnings growth. In addition, the AGRI Fund’s strategy of diversified investment into high potential farms and quality agri-businesses is designed to maximize opportunities in the long term and generate sustainable dividend streams to investors.

The AGRI Fund team has a blend of proven skills and experience in agriculture, business and professional funds management and has demonstrated an ability to deliver attractive returns to investors from active investment management.

The AGRI Fund is offering shares at $1.00 per share, to be initially partly paid to 40 cents, The offer is open until 3 August 2007, although AGRI Fund’s Board reserves the right to close the offer earlier if applications are received in respect of more than 60 million shares.

OFFER CLOSES 3 AUGUST 2007

A copy of the registered prospectus and the investment statement for the share offer can be obtained by calling BT Investor Relations or the Fund on 0800 800 600. Information is also available on the website www.agrifund.co.nz

Disclaimer: The Shares offered in the Prospectus and Investment Statement are not bank deposits of Westpac Banking Corporation, nor Westpac New Zealand Limited and are not liabilities of either bank. The Shares are subject to investment risk, including possible delays in repayment and loss of income and principal. None of Westpac Banking Corporation, Westpac New Zealand Limited, BT Financial Group (NZ) Limited, BT Funds Management (NZ) Limited, Agri Private Capital Management Limited (the Manager), nor any other member of the Westpac Banking Corporation Group, nor any other person, guarantees the performance or returns of the Shares or repayment of capital on them.

For more information on upcoming share offers visit: http://www.sharechat.co.nz/resources/ipos/

This Capital Raising material is for information only - it is not an offer to subscribe or a recommendation. It is not a substitute for professional investment advice. Tarawera Publishing Ltd and their associates disclaim all liability or responsibility for any loss or damage that may result from the action or failure to act by any person in reliance on any material provided herein. For full details on offers please refer to the relevant prospectuses and investment statements.

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