Rabobank announcement on Otago and Southland storm

Media Release September 28, 2010 1

Rabobank announcement on Otago and Southland storm damage

Rabobank New Zealand, a specialist agribusiness bank, has announced a range of measures to support clients impacted by the severe weather conditions in the Southern parts of the South Island.

General manager Rabobank New Zealand Ben Russell said the bank was in the process of contacting its clients in the impacted parts of Otago and Southland to check on their wellbeing and determine the extent of damage to their stock and farms.

“As a specialist in agribusiness, Rabobank takes a long-term outlook and we are adopting flexible and supportive measures to assist our clients during this difficult time,” Mr Russell said.

“While it is too early to determine the full extent and impact of damage to local agriculture, these storms have undoubtedly caused extensive losses to livestock and also damage to the properties of many of the farmers in the south.”

Mr Russell said Rabobank would work on “an individual case-by-case basis with each client to determine what it can do to support them through the devastation caused by the extreme weather event”.

Measures the bank will look to provide may include:

• Deferring scheduled loan payments

• Waiving applicable early termination fees and paying accrued interest up to the date of termination for any RaboDirect or Rabobank term deposit

• Waiving of fees on loan increases necessary to assist in rebuilding operations and

• Waiving of fees for equipment finance contract variations.

Mr Russell said Rabobank encourages all clients who have been impacted by the severe weather storm and not yet been reached by the bank to contact their local account managers to discuss how the bank can assist with any support required. For assistance please contact Rabobank on 0800 722 622.

ENDS

Rabobank New Zealand is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 110 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and has a AAA credit rating from Moody’s and Standard & Poor’s. Rabobank operates in 48 Media Release September 28, 2010 2

countries, servicing the needs of more than nine million clients worldwide through a network of more than 1600 offices and branches. Rabobank New Zealand is one of the leading rural lenders and a significant provider of business and corporate banking and financial services to the New Zealand food and agribusiness sector. The bank has 30 branches throughout New Zealand.

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