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Ballance Agri-Nutrients Appoints New Chairman


MEDIA RELEASE

1st October 2003

FOR IMMEDIATE RELEASE

Ballance Agri-Nutrients Appoints New Chairman

Ballance Agri-Nutrients Co-operative Ltd has appointed 47 year old accountant David Graham as chairman of the board replacing Peter Jensen who retires after 10 years of service.

Mr Graham, formerly the deputy chairman, has been on the board of directors for the past five years and is a director of associated fertiliser company, Summit Quinphos. He was previously a director of NZ Dairy Foods prior to its recent sale.

Mr Graham is a chartered accountant and partner in an accountancy practise based in Putaruru.

Mr Graham said he was looking forward to helping the company enter a new phase as one of New Zealand's leading fertiliser manufacturers.

"We have maintained a strong focus on providing our shareholders with an excellent financial return and I intend to drive further growth and profitability for the company over the coming year."

He said the company needs to focus on continued growth by pushing into new areas and improving distribution networks. He also believes it is vital to provide a higher level of service for customers and the merchant companies have a crucial part to play in ensuring this improved service is delivered.

Mr Jensen, said he is pleased with the appointment of Mr Graham and is confident the company is in good health going forward.

"Ballance is in very strong financial health, and is well positioned for the future. We have maintained relatively high revenues and strong profitability. I am happy to be standing down at a time when the company is in such good shape," Mr Jensen said.

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Since being elected to the board in 1993, Mr Jensen has been at the heart of many of the most significant developments the company has seen.

Among the highlights he has been party to include the merger with SouthFert, the buyout of Farmers Fertiliser in Whangarei and the buyout of Fernz Corporation's interests in 1999.

Mr Jensen was also involved in the successful negotiation of a joint venture with Norsk Hydro, the world's largest fertiliser company and in overseeing the emergence of Ballance Agri-Nutrients as a national company in 2001.

/Ends.


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