1. TNS Independent Rural Readership Survey July 2010

2. |2NZX Agri Readership Dashboard; Key results at a glance Key Point Review Notes:1.Base: All farms, n = 450 2. Base: Dairy, n = 155 Topics of importance – all farmers: Across all farmers, NZ Farmers Weekly is the publication that is most strongly associated with market information and analysis and with farm news and agri- business issues. Country-Wide is the publication that farmers most associate with good farm management articles, pasture management and articles that inspire. Straight Furrow is most frequently associated with farm machinery. Time spent reading - all farmers: The proportion of all farmers that spend 15 minutes or more reading NZ Farmers Weekly and Straight Furrow is similar. More farmers spend 15 minutes or more reading NZ Farmers Weekly (66%) than Rural News (55%) Worth reading – all farmers: 60% of all farmers rate NZ Farmers Weekly a 7 or more out of 10 as being worthwhile reading. 64% of dairy farmers rate NZ Dairy Exporter a 7 or more as being worthwhile reading. Dairy farmers only

3. |3NZX Agri3 For all information sources mentioned - farming publications are the most frequently mentioned Notes:(1) Base: All Respondents n = 450; (2) QCW3 Where would you say you get your farming information? Question is multiple response so total will sum to greater than 100%, April 2010 Sources of farming information – All Mentioned (1)(2)

4. |4NZX Agri All Farmers

5. |5NZX Agri All Farmers - Summary All Farmers Country-Wide leads for recognition of quality articles about;  Farm management  Pasture management, and  For having articles that inspire NZ Farmers Weekly leads for recognition of quality articles about;  Farm news, issues and agri-business, and  Market analysis Of all farmers, a higher proportion do spend 15 minutes or more reading NZ Farmers Weekly relative to other publications with the exception of Straight Furrow Collectively, the proportion of farmers that spend 15 minutes or more reading NZ Farmers Weekly and Straight Furrow is similar The three dairy publications, NZ Dairy Exporter, The Dairyman and Dairy News, and Country-Wide are all associated with the same types of articles. NZ Farmers Weekly and Straight Furrow are the most differentiated publications. NZ Dairy Exporter is the most differentiated of the dairy publications

6. |6NZX Agri The three dairy publications and Country-Wide are positioned on similar attributes. Rural News and Straight Furrow are seen as similar. NZ Farmers Weekly occupies a unique space Note:(1) Base: All Farms, n = 450 Perceptual Map (All Farmers) (1) All Farmers Perceptual maps are used to illustrate complex relationships between competitors and criteria used by customers in making purchase decisions. The purpose is to transform consumer judgments of similarity into distances represented in multidimensional space. Results presented provide a means for directly comparing similarity or dissimilarity of the various rural publications and their associated attributes. The further attributes and brands are positioned from the origin, the more differentiated they are. The distance that a brand vector is to an attribute provides a visual assessment of how closely that brand is associated with the attribute. Brands and attributes close to the origin show little differentiation

7. |7NZX Agri NZ Farmers Weekly has a relative strength with market analysis and Straight Furrow and Rural News with articles about machinery. Country-Wide is strongly differentiated on farm management type articles, pasture management and articles that inspire Farm management Research & development Farm news, issues & agri-business Equipment & machinery Market information & analysis Livestock / animal health Pasture management Real Estate Articles that Inspire Farmers Weekly Straight Furrow Rural News Country- Wide VARIANCE ANALYSIS Notes:1.Base: n = 450 All farms

8. |8NZX Agri NZ Dairy Exporter is the only dairy publication with a differentiated profile NZ Dairy Exporter The Dairyman Dairy News Farm management Research & development Farm news, issues & agri-business Equipment & machinery Market information & analysis Livestock / animal health Pasture management Real Estate Articles that Inspire VARIANCE ANALYSIS Notes:1.Base: n = 450 All farms

9. |9NZX Agri NZ Farmers Weekly is the most strongly recognised publication for farm news and market analysis and Country-Wide for farm management and pasture management (3) ** Notes:1.Base: All farms, n = 450; 2.QCW1 What magazines or publications do you most associate with each statement? 3.** Result is statistically significant based on 95% CI Article Type and Publication Association – All Farmers (1) (2) ** CWFWSFDEDNDMRN All Farmers CWFWSFDEDNDMRN CWFWSFDEDNDMRN CWFWSFDEDNDMRN

10. |10NZX Agri Country-Wide is also the most strongly recognised publication for articles that inspire (3) ** Notes:1.Base: All farms, n = 450; 2.QCW1 What magazines or publications do you most associate with each statement? 3.** Result is statistically significant based on 95% CI Article Type and Publication Association – All Farmers (1) (2) All Farmers CWFWSFDEDNDMRN CWFWSFDEDNDMRNCWFWSFDEDNDMRN

11. |11NZX Agri NZ Dairy Exporter and NZ Farmers Weekly appear to be the two publications rated most worthwhile reading. The result is not conclusive as mean scores across all publications are within the 95% CI (3) Mean score7.036.366.346.507.216.556.54 Publications Worth Reading (All Farmers) (1)(2) Asked of Dairy Farmers only (2) Notes:1.Base: All farms, n = 450; 2.Dairy farms n = 155; 3.Significance tests calculated on mean scores using a 95% CI All Farmers

12. |12NZX Agri There is not a significant difference between time spent reading NZ Farmers Weekly and Straight Furrow. However, more farmers do spend 15 minutes or more reading NZ Farmers Weekly than they do publications other than Straight Furrow (3) No significant difference Publications Spent More than 15 Minutes Reading in Last Month – All Farmers (1)(2) Notes:1.Base: All farms, n = 450; 2.Dairy farms n = 155 3. Significance test based on 95% CI Asked of Dairy Farmers only (2) N = 29628025924788776569 All Farmers

13. |13NZX Agri Dairy Farmers

14. |14NZX Agri Dairy Farmers - Summary Dairy Farmers NZ Dairy Exporter leads for recognition of quality articles about;  Farm management  Pasture management  Research & development, and  For having articles that inspire The publication NZ Farmers Weekly appears to have the highest readership amongst dairy farmers. The result however is not conclusive when compared with the proportion of dairy farmers that spend 15 minutes or more reading NZ Dairy Exporter and Straight Furrow A higher proportion of dairy farmers spend 15 minutes or more reading NZ Farmers Weekly than do reading The Dairyman, Rural News, Country-Wide or Dairy News NZ Dairy Exporter is highly regarded as a publication that is worth reading

15. |15NZX Agri Amongst dairy farmers, NZ Dairy Exporter is strongly recognised for quality articles about farm management, pasture management, livestock, research, and for articles that inspire (3) Notes:1.Base: Dairy Farmers, n = 155; 2.QCW1 What magazines or publications do you most associate with each statement? 3.** Result is statistically significant based on 95% CI Article Type and Publication Association – Dairy Farmers Only (1) (2) ** Dairy Farmers CWFWSFDEDNDMRN CWFWSFDEDNDMRN CWFWSFDEDNDMRN CWFWSFDEDNDMRN

16. |16NZX Agri Amongst dairy farmers, NZ Dairy Exporter is strongly recognised for quality articles about farm management, pasture management, livestock, research, and for articles that inspire (3) Notes:1.Base: Dairy Farmers, n = 155; 2.QCW1 What magazines or publications do you most associate with each statement? 3.** Result is statistically significant based on 95% CI Article Type and Publication Association – Dairy Farmers Only (1) (2) ** Dairy Farmers CWFWSFDEDNDMRN CWFWSFDEDNDMRNCWFWSFDEDNDMRN

17. |17NZX Agri Dairy farmers regard NZ Dairy Exporter highly as a publication that is worth reading. It is favoured significantly more than Country-Wide and Rural News (2) Publications Worth Reading - Dairy Farmers Only (1) Mean score7.216.556.546.716.226.075.69 Notes:1.Base: Dairy Farms, n = 155; 2.Mean score for NZ Dairy Exporter sig higher than Country-Wide & Rural News, but not other publications; at 95% CI Dairy Farmers

18. |18NZX Agri The proportion of dairy farmers that spend more than 15 minutes each month reading publications is about equal between NZ Farmers Weekly, Straight Furrow and NZ Dairy Exporter. However, a higher proportion spend more than 15 minutes reading NZ Farmers Weekly than do The Dairyman, Rural News, Country-Wide & Dairy News (2) No significant difference Publications Spent More than 15 Minutes Reading in Last Month – Dairy Farmers Only (1) Notes:1.Base: Dairy farms, n = 155; 2.Significance test based on 95% CI N = 10091887776686522 Dairy Farmers

19. |19NZX Agri Farmers Excluding Dairy

20. |20NZX Agri Excluding dairy farmers - Summary Farmers excluding dairy Country-Wide leads for recognition of quality articles about;  Farm management,  Pasture management and for  Articles that inspire  It is also well regarded amongst this audience for articles about research & development, and livestock NZ Farmers Weekly is the publication that is the most strongly associated with quality articles about;  Farm news, and  Market analysis The proportion of farmers that spend 15 minutes or more reading publications is about the same for NZ Farmers Weekly, Country-Wide, Straight Furrow and Rural News

21. |21NZX Agri Excluding dairy farmers, NZ Farmers Weekly is the most recognised publication for farm news and market analysis. Country-Wide is the most recognised publication for quality farm management articles and pasture management (3) Notes:1.Base: Farms excluding Dairy Farms, n = 295 ; 2.QCW1 What magazines or publications do you most associate with each statement? 3.** Result is statistically significant based on 95% CI Article Type and Publication Association – Excluding Dairy Farmers (1) (2) ** CWFWSFRN ** Farmers Excluding Dairy Farmers CWFWSFRNCWFWSFRN CWFWSFRN

22. |22NZX Agri Country-Wide also holds the lead position as being most recognised for articles that inspire Notes:1.Base: Farms excluding Dairy Farms, n = 295 ; 2.QCW1 What magazines or publications do you most associate with each statement? 3.** Result is statistically significant based on 95% CI Article Type and Publication Association – Excluding Dairy Farmers (1) (2) ** Farmers Excluding Dairy Farmers CWFWSFRN CWFWSFRN CWFWSFRN

23. |23NZX Agri Of all farms excluding dairy, NZ Farmers Weekly and Country-Wide appear the most worthwhile reading. Results are within the confidence limits of the study (2) Mean score 7.21 6.43 6.49 6.91 Publications Worth Reading - All Farmers Excluding Dairy (1) Notes:1.Base: Farms excluding Dairy Farms, n = 295 2.Mean scores were tested using 95% CI and no significant differences were found to exist Farmers Excluding Dairy Farmers

24. |24NZX Agri Amongst farmers excluding dairy, there is no distinguishable difference between the proportions that spend 15 minutes or more reading each of the publications (2) No significant difference Publications Spent More than 15 Minutes Reading in Last Month – All Farmers Excluding Dairy (1) Notes:1.Base: Farms excluding Dairy Farms, n = 295 2.Significance test based on 95% CI and no significant differences were found to exist N = 19619118917147

25. |25NZX Agri A variance analysis looks at profiles across brands and determines what attributes are peaking on that brand, so regardless of the number of people who have chosen a brand, attributes can still be identified as high on that brand. A variance analysis can be used to produce performance scores for a number of brands on a number of attributes. If a difference score of -5% is yielded, it means that brand was associated with that attribute 5% less than expected. If a difference score is +5% it means the brand was associated with that attribute 5% more than expected. This means that difference scores are a measure of how a brand is ‘performing' on that attribute. Variance Analysis explanation

26. |26NZX Agri TNS New Zealand and Conversa Global merged in 2007 to form New Zealand’s largest custom research company. The New Zealand office based in Auckland is part of TNS Global, the largest customised market research organisation in the world, with offices in over 80 countries. In 2008 TNS became part of WPP, one of the world’s largest communications services groups. The group includes leading companies in advertising (e.g. JWT, Ogilvy and Mather, Y&R), media planning and buying (e.g. Mediacom), PR, branding and identity, below-the-line marketing and information, insight and consultancy. The organisation employs 110,000 people working in 2,000 offices As a full service research-based business consultancy, TNS combines the global reach and access to leading- edge intellectual property of TNS, and the commercial, marketing, statistical and research expertise and processes of Conversa Global. We use statistics, market research, economic and financial analysis and commercial skills and experience to solve market facing problems and track market performance. Our clients include New Zealand’s largest and most successful organisations Research for the NZX Agri rural publication readership was undertaken between 7 th July and 22 nd July as part of a quarterly omnibus survey of agri-businesses in New Zealand. The omnibus survey interviewed 450 farmers Interviews were conducted by telephone using Computer Assisted Telephone Interviewing (CATI) Technical