exv10w107






Exhibit 10.107




LOGISTICS SERVICES AGREEMENT



This Logistics Services Agreement is made on                   
               
           
                       
                     
           May 4, 2010



between               Carter Holt Harvey Limited (trading as Lodestar) (Lodestar)



and                      Whakatane Mill Limited (WML)




INTRODUCTION



This Agreement sets out the terms agreed between Lodestar and WML in relation to the provision of
logistics services by Lodestar to WML.



In this Agreement, except as specified otherwise, a reference to New Zealand dollars, dollars, NZ$
or $ is a reference to the lawful currency of New Zealand.




IT IS AGREED





	1.	 	INTERPRETATION







	 	 	In this Agreement, unless the context otherwise requires:






	 	 	Agreement means this agreement including all appendices to this agreement;






	 	 	Base Rates means the base freight rates for the various Services as at 1 March 2010 set out
in Appendices 2 to 5 (inclusive) of this Agreement, together with the base rates (as
notified by Lodestar to WML) for any other services requested by WML under this Agreement;






	 	 	Bunker Adjustment Factor or BAF means a fuel surcharge based on prevailing world bunker oil
prices, measured and adjusted in accordance with international fuel indices;






	 	 	Commencement Date means the date of closing under the asset purchase agreement between
Carter Holt Harvey Limited and WML dated on or about the date of this Agreement;






	 	 	Confidential Information means the subject matter, contents and fact of the existence of
this Agreement and any know-how, trade secrets, technical processes, software, databases,
information relating to products, finances, contractual arrangements with customers or
suppliers and other information relating to a Party, which by its nature, or by the
circumstances of its disclosure to the holder of the information (whether such disclosure
occurred before or after the date of this Agreement), is or could reasonably be expected to
be regarded as confidential;






	 	 	Customer means a customer of WML;






	 	 	Force Majeure Event means any or all of the following events or occurrences and the effects
thereof: act of God or public enemy, flood, earthquake, storm, cyclone, tornado, hurricane,
lightning, fire, explosion, epidemic, war, embargo, riot or civil disturbance, strike or
other labour dispute, sabotage, expropriation, confiscation or requisitioning of
facilities, order or temporary or permanent injunction of any duly constituted court of
competent jurisdiction and any other matter or event which is beyond the control of a Party
(but excluding the payment of money for any reason)




 









 






	 	 	and of which that Party could not take reasonable measures to prevent or mitigate the
effects;






	 	 	GST means goods and services tax imposed under the Goods and Services Tax Act 1985 or equivalent
legislation;






	 	 	Insolvency Event means in respect of a Party (other than for the purpose of a solvent
reconstruction or amalgamation) any one or more of the following:






	 	(a)	 	a receiver, receiver and manager, liquidator, provisional liquidator, trustee, statutory
manager, administrator, controller, inspector appointed under any companies or securities
legislation, or similar official is appointed in respect of that Party or any of its property,
or a Party being the subject of any reorganisation, moratorium or other administration
involving its creditors or any class of its creditors, or any security over any substantial
part of its assets is enforced;
	 
	 	(b)	 	the Party ceases to carry on all or substantially all of its business, is unable to pay its
debts when due, or is deemed unable to pay its debts under any law, or makes an assignment for
the benefit of, or enters into or makes any arrangement or compromise with, that Party’s
creditors or threatens to do so, or stops payments to its creditors generally;
	 
	 	(c)	 	the Party is, becomes, or is deemed to be, insolvent or bankrupt;
	 
	 	(d)	 	a distress, attachment or other execution is levied or enforced upon or commenced against any
substantial part of its assets and is not stayed within 14 days; or
	 
	 	(e)	 	anything having a similar effect to any of the events specified above happens under the law
of any applicable jurisdiction.






	 	 	Management Fee means the management fee set out in clause 6.3 of this Agreement (as may be amended
at each Review Date in accordance with clause 6.3(b) and the mechanism set out in clause 6.1 (c));
	 
	 	 	Party means a party to this Agreement and includes any successors or permitted assignees of a Party
(and Parties will have the corresponding meaning);
	 
	 	 	Relationship Manager means, in respect of each Party, the relationship manager for that Party
specified in clause 20.1 and any substitute relationship manager as notified to the other Party in
writing from time to time;
	 
	 	 	Review Date means each anniversary of the Commencement Date;
	 
	 	 	Services means the freight and logistics management services summarised in Appendix 1 and set out
in more detail in Appendices 2 to 5 (inclusive) of this Agreement;
	 
	 	 	Service Charges means the Service Charges payable by WML for the Services in accordance with clause
6.1 and at the rates set out in Appendices 2 to 5 (inclusive) of this Agreement (as may be amended
at each Review Date in accordance with clause 6.1 (c));
	 
	 	 	Site means the Whakatane Mill and any other sites which the Parties agree in writing from time to
time;




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	 	 	Taxation means all forms of taxation and all other
statutory, governmental or local
governmental impositions, duties, levies, tariffs, and rates, whether imposed or payable in
New Zealand or elsewhere, and includes any reassessment thereof, and all penalties, fines
and interest in connection with any of the foregoing;
	 
	 	 	Term means the term of this Agreement;
	 
	 	 	Whakatane Mill means WML’s mill at Whakatane;
	 
	 	 	Working Day means any day (other than a Saturday or a Sunday or public holiday) on which
registered banks in New Zealand are open for business; and
	 
	 	 	Year means any 12 month period during the Term, with the first such Year commencing on the
Commencement Date.
	 
	2.	 	TERM
	 
	2.1.	 	This Agreement will commence on the Commencement Date and will continue thereafter until
terminated in accordance with the provisions of this Agreement.
	 
	3.	 	PROVISION OF SERVICES
	 
	3.1.	 	Lodestar will provide the Services to WML by consolidating services procured from third party
service providers and/or directly managing the necessary assets and resources during the Term.
	 
	3.2.	 	All performance warranties in respect of the supply of Services are expressly excluded
except:






	 	(a)	 	to the extent of any performance warranties set out in Appendices 2 to 5
(inclusive); and
	 
	 	(b)	 	as mandatorily implied by law.






	3.3.	 	The Parties will meet each Year and no later than 30 days prior to each Review Date
to review and discuss service levels in respect of each of the Services.
	 
	4.	 	EXCLUSIVE SUPPLY
	 
	4.1.	 	WML agrees to engage all of its requirements for the Services from Lodestar, and Lodestar
agrees to supply all of WML’s requirements for the Services in accordance with the terms of
this Agreement. The Parties agree to take all reasonable steps to address any issues in a
co-operative manner.
	 
	4.2.	 	WML agrees that the Services provided under this Agreement are intended to be for its sole
use and benefit and, save as otherwise agreed by Lodestar in writing, WML shall not on-sell or
pass on the benefit of such Services to any third party, except where such third party is a
related company of WML whose use or access to the Services is directly required to support the
business of WML.
	 
	5.	 	RELATIONSHIP MANAGERS
	 
	5.1.	 	The Relationship Managers will meet regularly and at agreed intervals for the purposes of
reviewing and discussing the operational relationship between the Parties (including service
quality issues).




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	5.2.	 	At the beginning of each Year the Relationship Managers will agree key “Service and
Operational Performance Indicators” to measure and improve the service delivery as determined
by this Agreement.
	 
	6.	 	CHARGES
	 
	6.1.	 	Service Charges






	 	(a)	 	Service Charges by Service area are listed in Appendices 2 to 5 (inclusive)
of this Agreement. The Service Charges include the Base Rates and variable charges
(where applicable).






	 	(b)	 	Lodestar will charge WML the Service Charges plus GST (if any) for the
provision of Services under this Agreement, except where service charge rates expire
or are adjusted earlier, as indicated in the attached service schedules.






	 	(c)	 	Lodestar will be entitled to review and change the Service Charges on each
Review Date, provided that:






	 	(i)	 	Lodestar notifies WML in writing of such change at least 30 days
before
each Review Date;
	 
	 	(ii)	 	there is a reasonable commercial justification for such change set out in
the notice given under 6.1(c) (i); and
	 
	 	(iii)	 	adjustments to the Service Charges as a result of any fuel adjustments as
notified to Lodestar by any of its service providers will be applied as from
the date the fuel adjustment is implemented by that service provider,
subject in all cases to written notice being provided by Lodestar to WML.






	 	(d)	 	Lodestar may nominate expiry dates that occur earlier than the next Review
Date where components of the Service Charges will be subject to renegotiation with
third party service providers prior to the next Review Date.






	 	(e)	 	Any disputes in relation to any increase in the Service Charges under clause
6.1(c) will be referred to an Independent Expert in accordance with clause 13.3,
provided that:






	 	(i)	 	WML will pay such increased Service Charges following a Review Date
until such time as an Independent Expert determines otherwise in
accordance with clause 13.3; and
	 
	 	(ii)	 	if an Independent Expert determines that Lodestar has increased Service
Charges in contravention of clause 6.1(c), the Independent Expert will
determine the correct level of Service Charges in accordance with this
Agreement to be paid by WML and consequently the amount of any
overpayment of Service Charges by WML to Lodestar since the last Review
Date and Lodestar will promptly reimburse WML for such overpaid amount.






	6.2.	 	Invoicing and Payment of Service Charges
	 
	 	 	Lodestar will provide WML with distribution invoices by activity for all Service Charges
relating to Services provided directly by Lodestar and/or procured from third party service
providers under this Agreement during the invoice period. WML will, on receipt of an
invoice from Lodestar, pay each invoice according to the payment terms set out in
Appendices 2 to 5 (inclusive).




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	6.3.	 	Management Fee






	 	(a)	 	In addition to the Service Charges, WML will pay Lodestar an annual
Management Fee of $160,000 which shall be the compensation for Lodestar providing all
Services rendered under this Agreement (except for reasonable out-of-pocket expenses).
Lodestar will invoice WML for the Management Fee plus GST (if applicable) by equal
monthly instalments during the Term. WML will, on receipt of an invoice from Lodestar
in respect of the Management Fee, pay each invoice amount to Lodestar no later than 20
Working Days after the invoice date.






	 	(b)	 	Lodestar will be entitled to review and change the Management Fee on each
Review Date in accordance with the mechanism set out in clause 6.1(c). Any dispute in
relation to an increase in the Management Fee following such review will be dealt with
in accordance with the process set out in clause 6.1(e).






	6.4.	 	Project Charges
	 
	 	 	Where a cost saving project is identified by a Party, that Party will promptly notify the
other Party of the project. If the Parties jointly determine that capital expenditure is
required to capture the cost savings, the Parties will discuss and agree in writing whether
any capital expenditure will be made and by whom (bearing in mind the principle that
allocation of any capital expenditure should fairly reflect the allocation of benefit
resulting from such initiative). In the event that the Parties cannot agree whether to make
such capital expenditure and/or who should make it, then neither Party is obliged to incur
any capital expenditure.
	 
	7.	 	TERMINATION
	 
	7.1.	 	Subject to clause 7.2, either Party may terminate this Agreement on not less than 3 months’
written notice to the other, provided that such notice may only be given following the first
anniversary of the Commencement Date.
	 
	7.2.	 	A Party (the Non-defaulting Party) may terminate this Agreement immediately by giving written
notice to the other Party (the Defaulting Party) if:






	 	(a)	 	the Defaulting Party suffers an Insolvency Event; or
	 
	 	(b)	 	the Defaulting Party breaches any material obligation of the Defaulting Party
under this Agreement which either is not capable of being remedied or, if it is
capable of being remedied, the Defaulting Party fails to remedy the breach to the
Non-defaulting Party’s satisfaction (acting reasonably) within 30 days after receiving
written notice of the breach.






	8.	 	CONSEQUENCES OF TERMINATION
	 
	8.1.	 	Upon termination of this Agreement, Lodestar will provide reasonable assistance to WML as WML
may reasonably require to facilitate the transfer of the provision of the Services either back
to WML, to its Customers or to an alternate service provider if nominated by WML or its
Customers (in each case as directed by WML to Lodestar). The timing of such transfer will be
as soon as practicable following written notice of termination and Lodestar will be entitled
to charge WML for its reasonable costs in relation to providing such assistance.




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	8.2.	 	Termination of this Agreement will be without prejudice to:






	 	(a)	 	the rights and obligations of the Parties which have accrued prior to
termination; and






	 	(b)	 	any of the provisions of this Agreement which are expressed to survive
termination.






	9.	 	FORCE MAJEURE
	 
	9.1.	 	Neither Party will be liable for any failure to perform its obligations under this
Agreement where such failure is due to a Force Majeure Event, provided that the
affected Party:






	 	(a)	 	promptly notifies the other Party of the cause arising;
	 
	 	(b)	 	uses its reasonable endeavours to overcome or work around such cause and to
minimise its effects; and
	 
	 	(c)	 	uses its reasonable endeavours to resume performance of the obligation
frustrated by such cause as soon as such cause has abated.






	9.2.	 	Either Party may terminate this Agreement in whole or in part to the extent the other Party’s
performance of its obligations under this Agreement is materially affected by a Force Majeure
Event lasting more than 20 days.
	 
	9.3.	 	If Lodestar is unable to provide any of the Services due to a Force Majeure Event, then WML
may purchase or source the relevant Services from a third party while the Force Majeure Event
continues.
	 
	10.	 	TITLE AND RISK
	 
	10.1.	 	Nothing in this Agreement, nor the performance of the Services, will confer on Lodestar any
right, title or interest in or to any products of WML or any products of any Customers.
	 
	10.2.	 	Risk in any products of WML or its Customers will, at all times while those products are in
the possession or control of Lodestar pursuant to this Agreement, remain with WML and its
Customers.
	 
	11.	 	LIMITATION OF LIABILITY
	 
	11.1.	 	Subject to clauses 11.2 and 11.3, the liability of either Party under this Agreement shall
be limited to $30,000 per claim or series of related claims.
	 
	11.2.	 	The liability of either Party where, and to the extent that, the losses or damages of the
other Party are caused by the liable Party’s gross negligence or wilful act or wilful omission
shall not be subject to the limitations in clauses 11.1 and 11.4.
	 
	11.3.	 	Other than in respect of WML’s obligation to pay all Service Charges, the Management Fee and
any other fees or charges payable by WML pursuant to this Agreement, the liability of either
Party under this Agreement shall be limited in any 12 month period commencing as from the
Commencement Date to an amount equal to the Management Fee payable (exclusive of any GST,
duties, levies or other taxes) by WML in the previous 12 month period pursuant to this
Agreement, or where 12 months has not elapsed since the Commencement Date, then the Management
Fee for one Year (exclusive of any GST, duties, levies or other taxes):




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	 	(a)	 	payable; and






	 	(b)	 	forecasted to be payable, but not yet payable,






	 	 	from the Commencement Date until the date that is 12 months from the Commencement Date.






	11.4.	 	Subject to clause 11.2, each Party shall not in any circumstances be liable to the other
Party for any loss of profits or indirect or other consequential loss or damage (including any
loss of: business income; profits; revenue; customers; penalties; fines; damages for personal
injury; use of an asset; production; contract; goodwill; or loss or corruption of data and
additional finance or interest costs) in relation to this Agreement.






	11.5.	 	Where any product in the possession or control of Lodestar pursuant to this Agreement is
lost, destroyed or damaged, the following recovery regime will apply (unless otherwise agreed
in writing by the Relationship Managers for cost/practicality reasons):






	 	(a)	 	Lodestar will notify WML within one Working Day of it becoming aware of any
claims or potential losses;






	 	(b)	 	Lodestar will, on reasonable request from WML, make a claim on behalf of WML
against the relevant third party service provider for the loss and attempt to
negotiate a settlement between the parties, subject to Lodestar obtaining the prior
consent of WML to any settlement (not to be unreasonably withheld or delayed). WML
will reimburse Lodestar for its reasonable out-of-pocket expenses (e.g. the costs of
independent cargo surveys, and any pre-agreed travel costs etc.) incurred in respect
of making such claim and undertaking any settlement negotiations. For the avoidance of
doubt, WML may, acting reasonably, conduct claims against and/or negotiate settlements
with third party service providers as contemplated in this clause 11.5(b) directly;
and






	 	(c)	 	If Lodestar or WML, as applicable, is unsuccessful in negotiating a
settlement as contemplated in clause 11.5(b), Lodestar will, on request from WML,
provide reasonable assistance to WML in relation to any insurance claim initiated by
WML in respect of the loss. WML will reimburse Lodestar for its reasonable
out-of-pocket expenses incurred in respect of providing assistance in respect of any
such insurance claim. Any loss which is not covered by or recovered under WML’s
existing insurance policies (including without limitation losses above the limited
carriers liability level which all domestic carriers operate under) will be borne by
WML.






	11.6.	 	Notwithstanding any provision to the contrary in this Agreement, the liability of a Party
(the Liable Party) to the other Party (the Claimant Party) under this Agreement shall be
limited, restricted or reduced as follows:






	 	(a)	 	both Parties must use all reasonable endeavours to mitigate any loss arising
out of or in connection with this Agreement, including assisting the other Party to
mitigate its loss. The liability of the Liable Party shall be reduced to the extent
that the Claimant Party has not complied with this obligation to mitigate its loss;






	 	(b)	 	the liability shall not extend to any liability, loss or damage to the extent
that the Claimant Party has, by its actions or inaction, contributed to such
liability, loss or damage;




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	 	(c)	 	to the extent necessary to take into account any savings to the Claimant
Party in Taxation as a result of the liability, loss or damage in respect of which the
liability to the Claimant Party arose; and






	 	(d)	 	the Liable Party shall not be liable for any claims made by the Claimant
Party more than 12 months after the termination of this Agreement.






	11.7.	 	The liability of the Liable Party shall not in any circumstances exceed the amount of the
actual loss suffered by the Claimant Party.
	 
	11.8.	 	The Parties acknowledge that the liability limitations in this Agreement were a condition of
entering into this Agreement and are reflected in the Service Charges and Management Fee.
	 
	11.9.	 	The provisions of this clause 11 are without prejudice to the Parties’ termination rights
under clause 7 of this Agreement.
	 
	12.	 	INSURANCE
	 
	12.1.	 	WML will arrange and maintain during the Term, at its cost, all necessary insurances for the
carriage of WML goods both domestically and internationally and will provide copies of current
insurance certificates for all such insurances to Lodestar on request. Lodestar will in no
circumstances be required to obtain any such insurances.
	 
	12.2.	 	Lodestar will arrange and maintain during the Term, at its cost, an appropriate level of
public liability insurance.
	 
	13.	 	DISPUTE RESOLUTION PROCESS
	 
	13.1.	 	Procedure
	 
	 	 	If any dispute arises between the Parties under or in connection with this Agreement:






	 	(a)	 	the dispute must initially be referred to the Parties’ respective nominated
Relationship Manager;






	 	(b)	 	the Relationship Managers must then use their reasonable endeavours to
resolve the dispute; and






	 	(c)	 	if the Relationship Managers are unable to resolve the dispute within 30 days
of the referral, or such other period as is agreed in writing, the dispute must be
referred to the Parties’ respective Chief Executives who will use their reasonable
endeavours to resolve the dispute within 10 days.






	13.2.	 	No resolution
	 
	 	 	If the dispute cannot be resolved by the Parties’ respective Chief Executives within the
time period specified in clause 13.1(c), either Party may require the dispute to be referred
to an independent expert (Independent Expert) in accordance with the provisions of clause
13.3. The Independent Expert’s decision will be final and binding on the Parties, save for
manifest error.




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	13.3.	 	Independent Expert
	 
	 	 	The Independent Expert will be appointed in accordance with the following provisions:






	 	(a)	 	the Independent Expert will be appointed by both Parties or, where the
Parties cannot agree within 14 days, appointed by the President of the New Zealand Law
Society;






	 	(b)	 	the Independent Expert will act as an expert and not as an arbitrator and the
law relating to arbitration will not apply to the Independent Expert’s determination;
and






	 	(c)	 	the costs and expenses of the Independent Expert will be shared by the
Parties equally.






	13.4.	 	Confidentiality
	 
	 	 	The Parties will hold confidential, unless otherwise required by law or at the direction of
a court of competent jurisdiction, all information relating to the subject matter of the
dispute as disclosed during or for the purposes of dispute resolution under this clause 13.
	 
	14.	 	CONFIDENTIALITY
	 
	14.1.	 	Each Party must at all times keep confidential, treat as privileged, and not directly or
indirectly copy, disclose or use any Confidential Information of the other Party, except
to the extent that:






	 	(a)	 	disclosure is required by law or any stock exchange;






	 	(b)	 	disclosure, use or copying is necessary to obtain the benefit of, or to carry
out an obligation under, this Agreement but for no other purpose whatsoever;






	 	(c)	 	such Party determines, acting reasonably, that disclosure is required during
the course of its business or any part thereof, and such disclosure is made under terms
that restrict further disclosure to the extent necessary to protect the interest of the
other Party;






	 	(d)	 	the information is or becomes available in the public domain without breach by
a Party of its confidentiality obligations under this clause 14.1 or at law;






	 	(e)	 	the Parties otherwise agree in writing to such disclosure;






	 	(f)	 	it is required to be discussed in the context of a due diligence disclosure
process involving the sale of either Party or any wider business of which that Party
forms part.






	14.2.	 	This clause will continue to apply after the termination or expiry of this Agreement.




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	15.	 	ASSIGNMENT
	 
	15.1.	 	No assignment without consent
	 
	 	 	This Agreement may be assigned by either Party subject to approval in writing from the
other Party. This approval is not to be unreasonably withheld and shall be given if:






	 	(a)	 	the Party requesting approval (Requesting Party) proves to the reasonable
satisfaction of the other Party that the proposed assignee is respectable, responsible
and has the financial resources to meet the Requesting Party’s obligations under this
Agreement; and






	 	(b)	 	all amounts due and payable by the Requesting Party under this Agreement have
been paid and there is not any subsisting material breach of the Requesting Party’s
obligations under this Agreement.






	15.2.	 	Assignment to related entities
	 
	 	 	Notwithstanding clause 15.1 and clause 15.3, either Party may assign or otherwise transfer
without the approval of the other Party any right or obligation arising out of this
Agreement to any entity who is (directly or indirectly) owned or controlled by Mr. Graeme
Richard Hart.
	 
	15.3.	 	Change in Control
	 
	 	 	A change in control of either Party will be deemed to be an assignment for the purposes of
this clause 15. For the purposes of this Agreement, change in control means:






	 	(a)	 	where a Party ceases to be controlled directly or indirectly by Mr. Graeme
Richard Hart;
	 
	 	(b)	 	where there is a change in direct or indirect control of a Party (but, for
the avoidance of doubt, if a Party is controlled directly or indirectly by Mr Graeme
Richard Hart, there will not be a change in control of that Party arising from any
transfer or other transaction if, following that transfer or transaction, that Party
continues to be controlled directly or indirectly by Mr. Graeme Richard Hart);
	 
	 	(c)	 	a sale of the majority of the assets comprising the Whakatane Mill to a third
party who is not controlled directly or indirectly by Mr. Graeme Richard Hart; or
	 
	 	(d)	 	a sale of the majority of the assets comprising the Carter Holt Harvey
Limited division known as Lodestar to a third party who is not controlled directly or
indirectly by Mr. Graeme Richard Hart.






	16.	 	VARIATION
	 
	 	 	No variation to this Agreement (including without limitation any variation to the scope of
any of the Services) will be effective unless it is in writing and signed by both Parties.
	 
	17.	 	INDEPENDENT CONTRACTOR
	 
	 	 	The relationship between WML and Lodestar is, and will be for all purposes, that of a
company and independent contractor, and nothing in this Agreement will be taken as
construing any other relationship.




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	18.	 	NO WAIVER
	 
	18.1.	 	A failure, delay, relaxation or indulgence by a Party in exercising any power or right
conferred on the Party by this Agreement does not operate as a waiver of the power or right.
	 
	18.2.	 	A single or partial exercise of the power or right does not preclude a further exercise of
it or the exercise of any other power or right under this Agreement.
	 
	18.3.	 	A waiver of a breach does not operate as a waiver of any other breach.
	 
	19.	 	ENTIRE AGREEMENT
	 
	 	 	This Agreement constitutes the entire agreement between the Parties relating to the
provision of the Services and it supersedes and extinguishes all earlier negotiations,
understandings and agreements, whether oral or written, between the Parties relating to the
provision of the Services.
	 
	20.	 	NOTICES
	 
	20.1.	 	Particulars for notices
	 
	 	 	The particulars for delivery of notices are initially:






	 	(a)	 	Carter Holt Harvey Limited, trading as
Lodestar




Address: Physical address

               Level 1, Building B

               59 Apollo Drive

               Albany

               North Shore City 0632

               Postal address

               PO Box 300097

               Albany

               North Shore City 0752

Attention: Murray Home

Telephone: 09 477 5800

Facsimile: 09 477 5820

Email: Murray.Home@chh.co.nz



Copy to each of the persons named below:



Carter Holt Harvey Limited

Address: 173 Captain Springs Road

               Te Papapa

               Private Bag 92-106

               Auckland 1142

Attention: Business Legal Counsel — Pulp, Paper and Packaging

Facsimile: 09 633 0601



Rank Group Limited

Address: Level Nine

               148 Quay Street

               PO Box 3515

               Auckland

Attention: Greg Cole

Facsimile: 09 366 6263

Email: Greg.Cole@rankgroup.co.nz




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Rank Group Limited

Address: Level Nine

               148 Quay Street

               PO Box 3515

               Auckland

Attention: Helen Golding

Facsimile: 09 366 6263

Email: Helen.Golding@rankgroup.co.nz





	 	(b)	 	Whakatane Mill
Limited




Address: Mill Road

               Whakatane

Attention: Graham Millar

Telephone: 07 306 3800

Facsimile: 07 306 3655

Email: Graham.Millar@chh.co.nz



Copy to each of the persons named below:



SIG Group

Address: Laufengasse 18 CH-8212 Neuhausen am Rheinfall

               Switzerland

Attention: Marco Haussener

Facsimile: 0041 52 674 7200

Email: Marco.Haussener@sig. biz



SIG Group

Address: Laufengasse 18 CH-8212 Neuhausen am Rheinfall

               Switzerland

Attention: Daniel Petitpierre

Facsimile: 0041 52 674 6556

Email: Daniel.Petitpierre@sig.biz





	20.2.	 	Delivery
	 
	 	 	Any notice, demand, consent or other communication given or made under this Agreement
(Notice) must be:






	 	(a)	 	left at the address (or addresses) set out or referred to in clause 20.1;
	 
	 	(b)	 	sent by prepaid ordinary post (airmail if appropriate) to the address (or
addresses) set out or referred to in clause 20.1;
	 
	 	(c)	 	sent by fax to the fax number set out or referred to in clause 20.1;
	 
	 	(d)	 	sent by email to the email address set out or referred to in clause 20.1; or
	 
	 	(e)	 	given in any other way permitted by law.






	 	However, if the intended recipient has notified a changed postal address, physical address,
fax number or email address, then the communication must be to that address or number.
	 
	20.3.	 	When effective
	 
	 	 	A Notice takes effect from the time it is received unless a later time is specified.




12









 






	20.4.	 	Receipt — post
	 
	 	 	if sent by post, a Notice is taken to be received three days after posting (or seven days
after posting if sent to or from a place outside New Zealand).
	 
	20.5.	 	Receipt — fax
	 
	 	 	If sent by fax, a Notice is taken to be received at the time shown in the transmission
report as the time that the whole fax was sent.
	 
	20.6.	 	Receipt — email
	 
	 	 	If sent by email, a Notice is taken to be received at the time shown in the sent email as
the time that the email was sent.
	 
	20.7.	 	After hours communications
	 
	 	 	If a Notice is given:






	 	(a)	 	after 5.00 pm in the place of receipt;
	 
	 	(b)	 	on a day which is a Saturday, Sunday or bank or public holiday in the place
of receipt; or
	 
	 	(c)	 	on a day starting from and including 24 December to 3 January,






	 	 	it is taken as having been given at 9.00 am on the next day which is not a Saturday, Sunday
or bank or public holiday in that place.
	 
	21.	 	COUNTERPARTS
	 
	 	 	This Agreement may be executed in any number of counterparts each of which is to be deemed
an original, but all of which together are to constitute a single instrument. A Party may
enter into this Agreement by executing any counterpart. This Agreement may be executed on
the basis of an exchange by electronic transmission or facsimile of executed copies of this
Agreement and execution of this Agreement by such means is to be a valid and sufficient
execution.
	 
	22.	 	LAW AND JURISDICTION
	 
	 	 	This Agreement is to be governed by and construed in accordance with the laws of New
Zealand. Each Party submits to the exclusive jurisdiction of the courts of New Zealand.
	 
	23.	 	FURTHER ASSURANCES
	 
	 	 	Each of the Parties will execute and deliver all such further documents and do such further
acts and things as may be reasonably required from time to time to give effect to this
Agreement.




13









 









	 	 	 	 	 
	 	Executed as an agreement.
 	 
	 	
 	 
	 	Executed by Carter Holt Harvey
 	          )
	 	Limited trading as Lodestar
 	          )
	 	 	 
	 	 	 
	 	/s/ HELEN D. GOLDING
 	 
	 	Authorised Signatory 
 	 
	 		 
	 	HELEN D. GOLDING
 	 
	 	Print name	 
	 
	 	Executed by Whakatane Mill Limited
 	          )
	 	
 	          )

	 	
 	 
	 	
 	 
	 	/s/ HELEN D. GOLDING
 	 
	 	Authorised Signatory 
 	 
	 		 
	 	HELEN D. GOLDING
 	 
	 	Print name	 
	 	 	 



14









 






	 	 	 	 	 



APPENDIX 1




Summary of Services



Services Summary and Scope



The Services include provision of New Zealand domestic and export distribution and logistics
functions for WML.



The scope of the Services includes movement of cargo from the Site to Customers in accordance with
the individual Service provisions (as set out in more detail in Appendices 2 to 5 (inclusive) of
this Agreement).



Service operations specifically provided by Lodestar are:



Domestic Freight Management Services (see Appendix 2)





	•	 	Movement of New Zealand domestic cargo from the Site to Customers or ports in New Zealand
including without limitation inter-business freight transfers using a mix of modes such as
road, rail and coastal shipping services.





International Shipping Management Services (see Appendix 3)





	•	 	Movement of cargo from New Zealand ports to Customers in international markets using a mix of
international sea freight carriers in containers.





Port Management Services (see Appendix 4)





	•	 	Provision of port services required to effect export shipments through nominated ports
(Auckland/Tauranga) in New Zealand including but not limited to warehousing, storage,
container packing, cargo handling, stevedoring and fumigation services.





Export Documentation Management Services (see Appendix 5)





	•	 	Preparation and lodgement of pre and post export shipping documents required to effect WML’s
international shipments out of New Zealand.






15











 





APPENDIX 2 




Domestic Freight Management Services



Service Summary



Lodestar provides freight management services for all WML domestic freight movements in New Zealand
from the Site to Customers or ports by road, rail and coastal shipping (subject to certain
exceptions outlined in the Scope below).




Scope



Freight management services for all outbound Products (as defined below) manufactured and/or
produced at the Site and distributed by WML within New Zealand. To a limited extent, inward
material deliveries that assist the overall freight networks.



These services include the transport planning and the procurement and execution of services by
third party carriers, in each case to provide the necessary capacity required to move Products from
the Site to Customers as per the agreed service requirements.



Products: any or all of raw materials, in-process materials and finished goods related to carton
board and/or liquid packaging board and all other goods reasonably requested by WML to be
distributed.



Exceptions to the above (i.e. where Lodestar currently does not provide or procure domestic freight
management services) are:





	(a)	 	couriered deliveries;
	 
	(b)	 	customer collects; and
	 
	(c)	 	other mutually agreed items.




Service Commitment



Lodestar will use its reasonable endeavours to:





	(a)	 	provide total transportation planning and execution functions to meet the day-to-day service
requirements of WML;
	 
	(b)	 	procure services from third party carriers to provide day to day and long term capacity
requirements to move the freight within New Zealand at agreed base rates and any applicable
variable charges;
	 
	(c)	 	work with third party carriers and WML to deliver on agreed cost savings targets;
	 
	(d)	 	meet domestic service delivery targets agreed between WML and Lodestar;
	 
	(e)	 	continually improve the service and cost delivery by constantly working closely with WML and
its Customers to seek new ways of doing things;
	 
	(f)	 	improve visibility of freight movements and cost transparency through technology platforms
such as eCargo; and




16









 






	(g)	 	provide domestic freight market trends and information necessary to support decisions
relating to WML’s business strategies.





Service Levels



Lodestar and WML will mutually agree and establish service levels and key performance indicators
measured on agreed timeframes in relation to the services listed in this Appendix 2.




Service Charge Rates



WML’s domestic freight comprises approximately 35 routes, with full load and part load rate
variation. All Rates are currently uploaded into the Whakatane Mill domestic freight data base
maintained by Lodestar.



The Base Rates are subject to the following variables:





	(a)	 	by reference to ‘Fuel Adjustment Factor’ (a published index for wholesale diesel rates in NZ)
to be calculated and applied quarterly;
	 
	(b)	 	rise and fall of non fuel related inputs (i.e. wages, salaries, tyres etc.) calculated by
reference to the transport subsection of the Producers Price Index and applied 6 monthly.




Both (a) and (b) use the same model an example of which is below;



Truck Cost Model Indices



Cost model indices are reviewed for rise and fall on a six monthly basis with the exception of fuel
which is reviewed quarterly.




	 	 	 	 	 
	Expense	 	 	 	 
	Category	 	Model Index	 	Comments
	Tyres

	 	PPI — Series SNI01 — 1262
	 	Series SNI01 is a measure of Road Transport inputs
	 
	 	 	 	 
	Fuel

	 	Actual — 58.88
	 	Based on the published BP weekly “Platts” wholesale
diesel Truckstop/bulk rate
	 
	 	 	 	 
	RUC’s

	 	Regulation
	 	As defined by Land Transport NZ
	 
	 	 	 	 
	Wages

	 	LCI — Series SE4319 — 1081
	 	Private Sector — All Salary & Wage Rates -Transport &
Storage.
	 
	 	 	 	 
	R&M Materials

	 	PPI — Series SNI01 — 1262
	 	Road Transport Inputs
	 
	 	 	 	 
	R&M Labour

	 	N/A
	 	R&M Labour is not split out in the cost model.
	 
	 	 	 	 
	Ownership / Lease

	 	CGPI- Series 2ED- 1030
[Capital potion-50%)
Lend Rate-9.5% (Finance
portion 30%) PPI-Series
SNI01 — 1262 (R&M portion
20%)
	 	Lease cost split into components and costed accordingly.
	 
	 	 	 	 
	Direct Overheads

	 	PPI-Series SU9-1172
	 	Preference is to use PPI Outputs for all industries, as
these are more likely to affect overheads than just
Transport outputs.
	 
	 	 	 	 
	Indirect 

Overheads

	 	PPI-Series SU9 — 1172
	 	As above.






17









 




Base Rates are subject to review and amendment by Lodestar where there is a 15% volume change by
WML affecting factored network efficiency.



Lodestar will use its reasonable endeavours to procure the best available rates that meet the
service requirements of WML and notify WML of rates pertaining to any additional routes or other
Domestic Freight Management Services WML may require from time to time.




Payment Terms



All products: Invoiced weekly and payable within 10 calendar days after invoice date.



Road freight rates




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WML road freight base rates	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Exclusive of Fuel Adjustment Factor)	 	(as at 1 Jan 2010)	 	Rate / cubic tonne	 	 	 	 	 	 	Rate per	 
	From	 	To	 	Service	 	Unit	 	Under 5.00	 	 	5.00 - 9.99	 	 	10.00 +	 	 	unit	 
	Whakatane
	 	Auckland Central	 	MILKRUN	 	WGT	 	$	56.09	 	 	$	26.52	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland Central	 	PAPLH	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland Central	 	RFL	 	WGT	 	 	 	 	 	$	26.52	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland Central	 	RPL	 	WGT	 	$	56.09	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland East	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland East	 	RFL	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland North	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland North	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland North	 	PAPFGPL	 	WGT	 	$	56.09	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland	 	PAPLH	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland	 	RFL	 	WGT	 	 	 	 	 	$	26.52	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland	 	RPL	 	WGT	 	$	56.09	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland South	 	MILKRUN	 	WGT	 	$	56.09	 	 	$	26.52	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland South	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Auckland South	 	PAPFGPL	 	WGT	 	$	56.09	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland West	 	MILKRUN	 	WGT	 	$	56.09	 	 	$	26.52	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland West	 	RFL	 	WGT	 	 	 	 	 	$	26.52	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Auckland West	 	RPL	 	WGT	 	$	56.09	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Albany	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Albany	 	PAPFGPL	 	WGT	 	$	56.09	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Blenheim	 	PAPFGPL	 	WGT	 	$	258.93	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Christchurch	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	188.36	 	 	 	 	 
	Whakatane
	 	Cambridge	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	25.01	 	 	 	 	 
	Whakatane
	 	Dunedin	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	278.18	 	 	 	 	 
	Whakatane
	 	Frankton	 	MILKRUN	 	WGT	 	$	58.26	 	 	 	 	 	 	$	58.26	 	 	 	 	 
	Whakatane
	 	Frankton	 	RFL	 	WGT	 	 	 	 	 	$	16.60	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Grey Lynn	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	26.52	 	 	 	 	 
	Whakatane
	 	Grey Lynn	 	PAPFGPL	 	WGT	 	$	56.09	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Hamilton	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	58.26	 	 	 	 	 
	Whakatane
	 	Hastings	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	98.93	 	 	 	 	 
	Whakatane
	 	Hastings	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	54.37	 	 	 	 	 
	Whakatane
	 	Hastings	 	PAPFGPL	 	WGT	 	$	98.93	 	 	 	 	 	 	 	 	 	 	 	 	 










18









 








	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WML road freight base rates	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Exclusive of Fuel Adjustment Factor)	 	(as at 1 Jan 2010)	 	Rate / cubic tonne	 	 	 	 	 	 	Rate per	 
	From	 	To	 	Service	 	Unit	 	Under 5.00	 	 	5.00 — 9.99	 	 	10.00 +	 	 	unit	 
	Whakatane
	 	Invercargill	 	PAPFGPL	 	WGT	 	$	377.01	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Kawerau	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	4.95	 	 	 	 	 
	Whakatane
	 	Kawerau	 	PAPFGPL	 	WGT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Kinleith	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	15.80	 	 	 	 	 
	Whakatane
	 	Kinleith	 	PAPFGPL	 	WGT	 	$	28.82	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Katikati	 	PAPFGPL	 	WGT	 	$	40.70	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Masterton	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	56.20	 	 	 	 	 
	Whakatane
	 	Masterton	 	PAPFGPL	 	WGT	 	$	102.22	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Napier	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	101.48	 	 	 	 	 
	Whakatane
	 	Paeroa	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	38.39	 	 	 	 	 
	Whakatane
	 	Paeroa	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	20.59	 	 	 	 	 
	Whakatane
	 	Paeroa	 	PAPFGPL	 	WGT	 	$	37.40	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Palmerston North	 	PAPFGPL	 	WGT	 	$	90.10	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Port of Tauranga	 	1WLK	 	WGT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Port of Tauranga	 	MILKRUN	 	WGT	 	$	17.15	 	 	$	17.15	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Port of Tauranga	 	MT PALLETS	 	QTY	 	 	 	 	 	 	 	 	 	$	1.24	 	 	$	1.24	 
	Whakatane
	 	Port of Tauranga	 	PAPFGFL	 	WGT	 	 	 	 	 	$	16.69	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Port of Tauranga	 	PAPFGPL	 	WGT	 	$	30.39	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Port of Tauranga	 	PAPLH	 	WGT	 	 	 	 	 	 	 	 	 	$	13.20	 	 	 	 	 
	Whakatane
	 	Port of Tauranga	 	PBKLOAD	 	WGT	 	 	 	 	 	 	 	 	 	$	13.20	 	 	 	 	 
	Whakatane
	 	Rotorua	 	PAPFGPL	 	WGT	 	$	54.32	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Te Awamutu	 	PAPFGPL	 	WGT	 	$	61.70	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whakatane
	 	Waikanae	 	PAPFGFL	 	WGT	 	 	 	 	 	 	 	 	 	$	72.28	 	 	 	 	 
	Whakatane
	 	Wellington	 	MILKRUN	 	WGT	 	 	 	 	 	 	 	 	 	$	114.51	 	 	 	 	 
	Whakatane
	 	Wellington	 	RFL	 	WGT	 	 	 	 	 	 	 	 	 	$	75.13	 	 	 	 	 





Note: Fuel Adjustment Factor as at 1 April 2010 is 7.09%





19









 








APPENDIX 3




International Shipping Management Services



Service Summary



Lodestar provides sea freight management services for all WML international shipping movements out
of New Zealand. These services are either procured from external shipping lines or provided
directly using Lodestar operated vessels.




Scope



Export shipping services for products manufactured by WML to be delivered to Customers in global
destinations in accordance with terms of trade obligations set out in the sales terms agreed by WML
and its Customers as specified in this Agreement.



Goods transported include any or all of raw materials, in-process materials and finished goods
related to carton board and/or liquid packaging board and some specific import and export shipping
services as agreed with WML from time to time.




Service Commitment



Lodestar will use its reasonable endeavours to:





	(a)	 	plan, source and execute long term and spot shipping capacity required for WML exports at an
acceptable cost considering the service requirements of WML and its Customers;
	 
	(b)	 	receive freight bookings for day to day shipping requirements and make necessary arrangements
with relevant shipping companies to effect the shipments within required service levels
including but not limited to:






	 	(i)	 	accepting and confirming the shipping capacity allocations by carrier;
	 
	 	(ii)	 	securing necessary space required with respective carriers; and
	 
	 	(iii)	 	securing and presenting necessary equipment for loading of products;






	(c)	 	provide information to WML relating to cost transparency of export shipments, including
delivery status information through technology platforms such as eCargo;
	 
	(d)	 	ensure service delivery is maintained and performance improvement targets are met; and
	 
	(e)	 	provide international freight and shipping market trends and information relating to the
Services necessary to support decisions relating to WML’s business strategies.





Service Levels



Lodestar and WML will mutually agree and establish service levels and key performance indicators
measured on agreed timeframes in relation to the services listed in this Appendix 3.





20









 








Service Charge Rates



International sea freight rates are provided on a container or break-bulk basis as required. The
Base Rates negotiated by Lodestar and payable by WML are listed below.



Sea freight Base Rates are subject to review from time to time, primarily for Bunker Adjustment
Factors, with any such amended Base Rates to be effective upon 7 calendar days’ written notice from
Lodestar to WML. Such Base Rate reviews are in reference to internationally accepted mechanisms
linked to independent price tracking indices.



Lodestar will use its reasonable endeavours to procure the best available rates that meet any new
service requirements of WML and notify WML of rates pertaining to any additional International
Shipping Management Services required by WML from time to time.



Transit times reflect approximate delivery days from load port to discharge port. Transit time for
any freight route can change without advance notice.



When there is more than one rate/carrier for any route, Lodestar shall use its reasonable
endeavours to use the lowest freight rate carrier. However it is recognised that on some routes,
more than one carrier may have been allocated volume under contract, and as such a target of the
weighted average rate will be the benchmark for rates. Actual variations to this average will be
reported each month. In the event Lodestar allocates volume to another carrier at a higher rate.
Lodestar shall provide reasonable prior commercial justification to WML for such allocation.



Additional charges from the carrier will be incurred by WML where sales are made under DDU or DDP
sales terms. These charges include, but are not limited to, onshore delivery, customs clearances
and import fees and will be on charged at cost to WML.




Lodestar Shipping rates for WML





21











 





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	BAF US$	 	Total	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	Sub	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	from 1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	Volume pa	 	Time (days)	 	Start Date	 	Expiry Date	 	Base Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates
	Auckland
	 	Kuwait	 	20’GP	 	Lodestar	 	 	 	MSC	 	5	 	49	 	1-Nov-09	 	31-Oct-10	 	1104	 	95	 	1199	 	USD	 	BAF	 	Ref Pt
	Auckland
	 	Kuwait	 	40’GP	 	Lodestar	 	 	 	MSC	 	20	 	49	 	1-Nov-09	 	31-Oct-10	 	1774	 	175	 	1949	 	USD	 	BAF	 	Ret Pt
	Auckland
	 	Long Beach	 	20’GP	 	Lodestar	 	 	 	HBS	 	5	 	16	 	1-Nov-09	 	31-Oct-10	 	776	 	428	 	1204	 	USD	 	BAF	 	Ref Pt
	Auckland
	 	Melbourne	 	40’HC	 	Lodestar	 	 	 	MSC	 	 	 	12	 	1-Nov-09	 	31-Oct-10	 	841	 	260	 	1101	 	NZD	 	BAF	 	Ref Pt
	Auckland
	 	Melbourne	 	40’HC	 	Lodestar	 	 	 	Maersk	 	 	 	7	 	1-Nov-09	 	31-Oct-10	 	1126	 	0	 	1126	 	USD	 	None	 	None
	Tauranga
	 	Acajutla	 	20’GP	 	Lodestar	 	 	 	Maersk	 	5	 	29	 	1-Nov-09	 	31-Oct-10	 	3176	 	0	 	3176	 	USD	 	None	 	None
	Tauranga
	 	Acajutla	 	40’HC	 	Lodestar	 	 	 	Maersk	 	7	 	29	 	1-Nov-09	 	31-Oct-10	 	4151	 	0	 	4151	 	USD	 	None	 	None
	Tauranga
	 	Adelaide	 	20’GP	 	Lodestar	 	 	 	HBS	 	4	 	6	 	1-Nov-09	 	31-Oct-10	 	367	 	330	 	697	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Adelaide	 	20’GP	 	Lodestar	 	 	 	ANL	 	4	 	9	 	1-Nov-09	 	31-Oct-10	 	825	 	100	 	925	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Adelaide	 	40’GP	 	Lodestar	 	 	 	ANL	 	7	 	9	 	1-Nov-09	 	31-Oct-10	 	1225	 	200	 	1425	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Adelaide	 	40’HC	 	Lodestar	 	 	 	MSC	 	 	 	9	 	1-Nov-09	 	31-Oct-10	 	966	 	260	 	1226	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Adelaide	 	40’HC	 	Lodestar	 	 	 	HBS	 	14	 	6	 	1-Nov-09	 	31-Oct-10	 	579	 	660	 	1239	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Adelaide	 	40’HC	 	Lodestar	 	 	 	ANL	 	60	 	9	 	1-Nov-09	 	31-Oct-10	 	1225	 	200	 	1425	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Alexandria	 	20’GP	 	Lodestar	 	 	 	CMA	 	6	 	49	 	1-Nov-09	 	31-Oct-10	 	1400	 	538	 	1938	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Alexandria	 	40’GP	 	Lodestar	 	 	 	CMA	 	8	 	49	 	1-Nov-09	 	31-Oct-10	 	1900	 	1076	 	2976	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Alexandria	 	40’HC	 	Lodestar	 	 	 	Maersk	 	20	 	34	 	1-Nov-09	 	31-Oct-10	 	2876	 	0	 	2876	 	USD	 	None	 	None
	Tauranga
	 	Alexandria	 	40’HC	 	Lodestar	 	 	 	CMA	 	10	 	49	 	1-Nov-09	 	31-Oct-10	 	1900	 	1076	 	2976	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Aqaba	 	20’GP	 	Lodestar	 	 	 	MSC	 	5	 	43	 	1-Nov-09	 	31-Oct-10	 	1564	 	95	 	1659	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Aqaba	 	40’GP	 	Lodestar	 	 	 	MSC	 	7	 	43	 	1-Nov-09	 	31-Oct-10	 	2654	 	175	 	2829	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Aqaba	 	40’HC	 	Lodestar	 	 	 	MSC	 	5	 	43	 	1-Nov-09	 	31-Oct-10	 	2654	 	175	 	2829	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Barcelona	 	20’GP	 	Lodestar	 	 	 	CMA	 	5	 	34	 	1-Nov-09	 	31-Oct-10	 	1300	 	538	 	1838	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Barcelona	 	40’GP	 	Lodestar	 	 	 	CMA	 	4	 	34	 	1-Nov-09	 	31-Oct-10	 	1600	 	1076	 	2676	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Barcelona	 	40’HC	 	Lodestar	 	 	 	CMA	 	17	 	34	 	1-Nov-09	 	31-Oct-10	 	1600	 	1076	 	2676	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Bardon	 	40’GP	 	Lodestar	 	1	 	CMA	 	25	 	31	 	1-Nov-09	 	31-Oct-10	 	1785	 	1076	 	2861	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Bardon	 	40’HC	 	Lodestar	 	1	 	CMA	 	 	 	31	 	1-Nov-09	 	31-Oct-10	 	1785	 	1076	 	2861	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Belfast	 	40’GP	 	Lodestar	 	1	 	CMA	 	 	 	31	 	1-Nov-09	 	31-Oct-10	 	2263	 	1076	 	3339	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Belfast	 	40’HC	 	Lodestar	 	1	 	CMA	 	 	 	31	 	1-Nov-09	 	31-Oct-10	 	2263	 	1076	 	3339	 	USD	 	BAF	 	Qtly






 









 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	BAF US$	 	Total	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	Sub	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	from 1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	Volume pa	 	Time (days)	 	Start Date	 	Expiry Date	 	Base Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates
	Tauranga
	 	Bilbao	 	20’GP	 	Lodestar	 	 	 	CMA	 	5	 	36	 	1 -Nov-09	 	31-Oct-10	 	1300	 	538	 	1838	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Bilbao	 	40’GP	 	Lodestar	 	 	 	CMA	 	7	 	36	 	1-Nov-09	 	31-Oct-10	 	1800	 	1076	 	2876	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Boston	 	40’GP	 	Lodestar	 	1	 	CMA	 	16	 	31	 	1-Nov-09	 	31-Oct-10	 	1825	 	1076	 	2901	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Brisbane	 	20’GP	 	Lodestar	 	 	 	MSC	 	2	 	5	 	1-Nov-09	 	31-Oct-10	 	516	 	130	 	646	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Brisbane	 	40’HC	 	Lodestar	 	 	 	MSC	 	1	 	5	 	1-Nov-09	 	31-Oct-10	 	896	 	260	 	1156	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Buenaventura	 	40’HC	 	Lodestar	 	 	 	Maersk	 	3	 	26	 	1-Nov-09	 	31-Oct-10	 	3651	 	0	 	3651	 	USD	 	None	 	None
	Tauranga
	 	Caldera	 	20’GP	 	Lodestar	 	 	 	HBS	 	5	 	41	 	1-Nov-09	 	31-Oct-10	 	2306	 	428	 	2734	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Caldera	 	40’GP	 	Lodestar	 	 	 	HBS	 	6	 	41	 	1 -Nov-09	 	31-Oct-10	 	4306	 	855	 	5161	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Caldera	 	40’HC	 	Lodestar	 	 	 	HBS	 	5	 	41	 	1-Nov-09	 	31-Oct-10	 	4306	 	855	 	5161	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Callao	 	40’HC	 	Lodestar	 	 	 	CMA	 	5	 	27	 	1-Nov-09	 	31-Oct-10	 	2400	 	1076	 	3476	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Cambridge	 	40’GP	 	Lodestar	 	1	 	CMA	 	10	 	31	 	1-Nov-09	 	31-Oct-10	 	1705	 	1076	 	2781	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Cape Town	 	40’HC	 	Lodestar	 	 	 	MOL	 	1	 	40	 	1-Nov-09	 	31-Oct-10	 	2200	 	0	 	2200	 	USD	 	None	 	None
	Tauranga
	 	Cartagena	 	20’GP	 	Lodestar	 	 	 	CMA	 	5	 	24	 	1-Nov-09	 	31-Oct-10	 	1650	 	538	 	2188	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Cartagena	 	40’GP	 	Lodestar	 	 	 	CMA	 	4	 	24	 	1-Nov-09	 	31-Oct-10	 	2900	 	1076	 	3976	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Cartagena	 	40’HC	 	Lodestar	 	 	 	CMA	 	11	 	24	 	1-Nov-09	 	31-Oct-10	 	2900	 	1076	 	3976	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Caucedo	 	40’HC	 	Lodestar	 	 	 	Maersk	 	2	 	27	 	1-Nov-09	 	31-Oct-10	 	4501	 	0	 	4501	 	USD	 	None	 	None
	Tauranga
	 	Chicago (Railhead)	 	20’GP	 	Lodestar	 	 	 	ANL	 	5	 	24	 	1 -Nov-09	 	31-Oct-10	 	1754	 	296	 	2050	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Chicago (Railhead)	 	40’HC	 	Lodestar	 	 	 	ANL	 	11	 	24	 	1-Nov-09	 	31-Oct-10	 	2558	 	592	 	3150	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Chicago (Door)	 	20’GP	 	Lodestar	 	1	 	ANL	 	5	 	24	 	1-Nov-09	 	31-Oct-10	 	2004	 	296	 	2300	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Chicago (Door)	 	40’HC	 	Lodestar	 	1	 	ANL	 	11	 	24	 	1-Nov-09	 	31-Oct-10	 	2808	 	592	 	3400	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Colombo	 	20’GP	 	Lodestar	 	 	 	NYK	 	5	 	23	 	1-Nov-09	 	31-Oct-10	 	745	 	95	 	840	 	USD	 	BAF	 	Ref Pf
	Tauranga
	 	Colombo	 	40’GP	 	Lodestar	 	 	 	NYK	 	10	 	25	 	1-Nov-09	 	31-Oct-10	 	1450	 	200	 	1650	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Colombo	 	40’HC	 	Lodestar	 	 	 	NYK	 	1	 	25	 	1-Nov-09	 	31-Oct-10	 	1450	 	200	 	1650	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Dammam	 	40’HC	 	Lodestar	 	 	 	MSC	 	4	 	38	 	1-Nov-09	 	31-Oct-10	 	1669	 	175	 	1844	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Dublin	 	40’HC	 	Lodestar	 	1	 	CMA	 	 	 	31	 	1-Nov-09	 	31-Oct-10	 	2322	 	1076	 	3398	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Durban	 	20’GP	 	Lodestar	 	 	 	PIL	 	5	 	22	 	1-Nov-09	 	31-Oct-10	 	1106	 	125	 	1231	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Durban	 	40’GP	 	Lodestar	 	 	 	MSC	 	100	 	37	 	1-Nov-09	 	31-Oct-10	 	1699	 	500	 	2199	 	USD	 	BAF	 	Ref Pt






23









 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	BAF US$	 	Total	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	Sub	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	from 1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	Volume pa	 	Time (days)	 	Start Date	 	Expiry Date	 	Base Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates
	Tauranga
	 	Durban	 	40’GP	 	Lodestar	 	 	 	HBS	 	61	 	41	 	1-Nov-09	 	31-Oct-10	 	1600	 	600	 	2200	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Durban	 	40’HC	 	Lodestar	 	 	 	MSC	 	50	 	37	 	1-Nov-09	 	31-Oct-10	 	1699	 	500	 	2199	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Durban	 	40’HC	 	Lodestar	 	 	 	HBS	 	78	 	41	 	1-Nov-09	 	31-Oct-10	 	1600	 	600	 	2200	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Durban	 	40’HC	 	Lodestar	 	 	 	PIL	 	 	 	22	 	1-Nov-09	 	31-Oct-10	 	2007	 	250	 	2257	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Fremantle	 	20’GP	 	Lodestar	 	 	 	MSC	 	2	 	24	 	1-Nov-09	 	31-Oct-10	 	979	 	130	 	1109	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Fremantle	 	40’HC	 	Lodestar	 	 	 	MSC	 	4	 	24	 	1-Nov-09	 	31-Oct-10	 	1407	 	260	 	1667	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Grand Rapids, Ml	 	40’HC	 	Lodestar	 	1	 	ANL	 	 	 	26	 	1-Nov-09	 	31-Oct-10	 	3458	 	592	 	4050	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Hamburg	 	20’GP	 	Lodestar	 	 	 	CMA	 	5	 	40	 	1-Nov-09	 	31-Oct-10	 	1150	 	538	 	1688	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Hamburg	 	40’GP	 	Lodestar	 	 	 	MSC	 	 	 	43	 	1-Nov-09	 	31-Oct-10	 	1324	 	1162	 	2486	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Hamburg	 	40’GP	 	Lodestar	 	 	 	CMA	 	8	 	40	 	1-Nov-09	 	31-Oct-10	 	1600	 	1076	 	2676	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Hamburg	 	40’HC	 	Lodestar	 	 	 	MSC	 	 	 	43	 	1-Nov-09	 	31-Oct-10	 	1324	 	1162	 	2486	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Hamburg	 	40’HC	 	Lodestar	 	 	 	CMA	 	4	 	40	 	1-Nov-09	 	31-Oct-10	 	1600	 	1076	 	2676	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Heshan	 	20’GP	 	Lodestar	 	 	 	HBS	 	5	 	24	 	1-Nov-09	 	31-Oct-10	 	406	 	300	 	706	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Heshan	 	40’HC	 	Lodestar	 	 	 	HBS	 	78	 	24	 	1-Nov-09	 	31-Oct-10	 	756	 	600	 	1356	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Hodeidah	 	40’GP	 	Lodestar	 	 	 	MSC	 	2	 	46	 	1-Nov-09	 	31-Oct-10	 	2104	 	175	 	2279	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Hong Kong	 	40’GP	 	Lodestar	 	 	 	HBS	 	3	 	20	 	1-Nov-09	 	31-Oct-10	 	306	 	600	 	906	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Huang Pu	 	20’GP	 	Lodestar	 	 	 	PIL	 	5	 	31	 	1-Nov-09	 	31-Oct-10	 	556	 	125	 	681	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Huang Pu	 	40’HC	 	Lodestar	 	 	 	HBS	 	10	 	23	 	1-Nov-09	 	31-Oct-10	 	506	 	600	 	1106	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Huang Pu	 	40’HC	 	Lodestar	 	 	 	PIL	 	10	 	31	 	l-Nov-09	 	31-Oct-10	 	856	 	250	 	1106	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Istanbul	 	20’GP	 	Lodestar	 	 	 	MSC	 	5	 	42	 	1-Nov-09	 	31-Oct-10	 	814	 	581	 	1395	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Istanbul	 	40’HC	 	Lodestar	 	 	 	MSC	 	8	 	42	 	1-Nov-09	 	31-Oct-10	 	1179	 	1162	 	2341	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jakarta	 	20’GP	 	Lodestar	 	 	 	PIL	 	5	 	22	 	1-Nov-09	 	31-Oct-10	 	531	 	125	 	656	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Jakarta	 	20’GP	 	Lodestar	 	 	 	MSC	 	 	 	21	 	1-Nov-09	 	31-Oct-10	 	609	 	95	 	704	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jakarta	 	40’GP	 	Lodestar	 	 	 	MSC	 	2	 	21	 	1-Nov-09	 	31-Oct-10	 	774	 	175	 	949	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jakarta	 	40’GP	 	Lodestar	 	 	 	PIL	 	 	 	22	 	1-Nov-09	 	31-Oct-10	 	806	 	250	 	1056	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Jakarta	 	40’HC	 	Lodestar	 	 	 	MSC	 	20	 	21	 	1-Nov-09	 	31-Oct-10	 	774	 	175	 	949	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jebel Ali	 	20’GP	 	Lodestar	 	 	 	MSC	 	5	 	35	 	1-Nov-09	 	31-Oct-10	 	1059	 	95	 	1154	 	USD	 	BAF	 	Ref Pt






24









 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	BAF US$	 	Total	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	Sub	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	from 1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	Volume pa	 	Time (days)	 	Start Date	 	Expiry Date	 	Base Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates
	Tauranga
	 	Jebel Ali	 	40’GP	 	Lodestar	 	 	 	MSC	 	10	 	35	 	1-Nov-09	 	31-Oct-10	 	1489	 	175	 	1664	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jebel Ali	 	40’GP	 	Lodestar	 	 	 	OOCL	 	5	 	23	 	1-Nov-09	 	31-Oct-10	 	1665	 	0	 	1665	 	USD	 	None	 	None
	Tauranga
	 	Jebel Ali	 	40’HC	 	Lodestar	 	 	 	MSC	 	10	 	35	 	1-Nov-09	 	31-Oct-10	 	1489	 	175	 	1664	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jebel Ali	 	40’HC	 	Lodestar	 	 	 	OOCL	 	6	 	23	 	1-Nov-09	 	31-Oct-10	 	1665	 	0	 	1665	 	USD	 	None	 	None
	Tauranga
	 	Jeddah	 	20’GP	 	Lodestar	 	 	 	MSC	 	5	 	37	 	1-Nov-09	 	31-Oct-10	 	1064	 	95	 	1159	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jeddah	 	40’GP	 	Lodestar	 	 	 	MSC	 	5	 	37	 	1-Nov-09	 	31-Oct-10	 	1834	 	175	 	2009	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Jeddah	 	40’HC	 	Lodestar	 	 	 	MSC	 	6	 	37	 	1-Nov-09	 	31-Oct-10	 	1834	 	175	 	2009	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Kaohsiung	 	20’GP	 	Lodestar	 	 	 	PIL	 	5	 	25	 	1-Nov-09	 	31-Oct-10	 	606	 	125	 	731	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Kaohsiung	 	40’GP	 	Lodestar	 	 	 	MSC	 	3	 	31	 	1-Nov-09	 	31-Oct-10	 	699	 	400	 	1099	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Kaohsiung	 	40’HC	 	Lodestar	 	 	 	MSC	 	15	 	31	 	1-Nov-09	 	31-Oct-10	 	699	 	400	 	1099	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Kaohsiung	 	40’HC	 	Lodestar	 	 	 	OOCL	 	14	 	21	 	1-Nov-09	 	31-Oct-10	 	1115	 	0	 	1115	 	USD	 	None	 	None
	Tauranga
	 	Kaohsiung	 	40’HC	 	Lodestar	 	 	 	Swire	 	 	 	21	 	1-Nov-09	 	31-Oct-10	 	1100	 	150	 	1250	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Keelung	 	20’GP	 	Lodestar	 	 	 	PIL	 	5	 	25	 	1-Nov-09	 	31-Oct-10	 	606	 	125	 	731	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Keelung	 	40’HC	 	Lodestar	 	 	 	OOCL	 	8	 	22	 	1-Nov-09	 	31-Oct-10	 	1200	 	0	 	1200	 	USD	 	None	 	None
	Tauranga
	 	Keelung	 	40’HC	 	Lodestar	 	 	 	Swire	 	 	 	19	 	1-Nov-09	 	31-Oct-10	 	1100	 	150	 	1250	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Keelung	 	40’HC	 	Lodestar	 	 	 	PIL	 	10	 	25	 	1-Nov-09	 	31-Oct-10	 	1106	 	250	 	1356	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Kuwait	 	40’GP	 	Lodestar	 	 	 	MSC	 	84	 	44	 	1-Nov-09	 	31-Oct-10	 	1774	 	175	 	1949	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	La Spezia	 	20’GP	 	Lodestar	 	 	 	CMA	 	5	 	49	 	1-Nov-09	 	31-Oct-lO	 	1310	 	538	 	1848	 	USD	 	BAF	 	Qtly
	Tauranga
	 	La Spezia	 	40’GP	 	Lodestar	 	 	 	CMA	 	10	 	49	 	1-Nov-09	 	31-Oct-10	 	1700	 	1076	 	2776	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Laem Chabang	 	20’GP	 	Lodestar	 	 	 	MSC	 	 	 	29	 	1-Nov-09	 	31-Oct-10	 	574	 	95	 	669	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Laem Chabang	 	20’GP	 	Lodestar	 	 	 	NYK	 	5	 	24	 	1-Nov-09	 	31-Oct-10	 	625	 	100	 	725	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Laem Chabang	 	40’GP	 	Lodestar	 	 	 	PIL	 	 	 	22	 	1-Nov-09	 	31-Oct-10	 	806	 	250	 	1056	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Laem Chabang	 	40’HC	 	Lodestar	 	 	 	MSC	 	600	 	29	 	1-Nov-09	 	31-Oct-10	 	724	 	175	 	899	 	USD	 	BAF	 	Ref Pt
	Tauranga
	 	Laem Chabang	 	40’HC	 	Lodestar	 	 	 	PIL	 	 	 	22	 	1-Nov-09	 	31-Oct-10	 	806	 	250	 	1056	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Lat Krabang	 	20’GP	 	Lodestar	 	 	 	PIL	 	5	 	23	 	1-Nov-09	 	31-Oct-10	 	556	 	125	 	681	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Lat Krabang	 	40’HC	 	Lodestar	 	 	 	PIL	 	17	 	23	 	1-Nov-09	 	31-Oct-10	 	806	 	250	 	1056	 	USD	 	BAF	 	Qtly
	Tauranga
	 	Lautoka	 	20’GP	 	Lodestar	 	 	 	Maersk	 	3	 	8	 	1-Nov-09	 	31-Oct-10	 	1201	 	0	 	1201	 	USD	 	None	 	None







25











 





     



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	 	 	BAF	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	US$ form	 	Total	 	 	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	 	 	Sub	 	Volume	 	Time	 	Start	 	Expiry	 	Base	 	1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate	 	 
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	pa	 	(days)	 	Date	 	Date	 	Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates	 	 
	 
	Tauranga

	 	Leixoes
	 	20’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	5	 	 	 	39	 	 	1-Nov-09
	 	31-Oct-l0
	 	 	1300	 	 	 	538	 	 	 	1838	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Leixoes
	 	40’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	2	 	 	 	39	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1800	 	 	 	1076	 	 	 	2876	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Leixoes
	 	40’HC
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	18	 	 	 	39	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1800	 	 	 	1076	 	 	 	2876	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Letchworth
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	5	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1705	 	 	 	1076	 	 	 	2781	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Limassol
	 	20’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	5	 	 	 	54	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1200	 	 	 	538	 	 	 	1738	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Limassol
	 	40’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	8	 	 	 	54	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1800	 	 	 	1076	 	 	 	2876	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Limassol
	 	40’HC
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	4	 	 	 	54	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1800	 	 	 	1076	 	 	 	2876	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Lincolnshire
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	5	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1865	 	 	 	1076	 	 	 	2941	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Luton
	 	20’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	1	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1585	 	 	 	538	 	 	 	2123	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Luton
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	27	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1705	 	 	 	1076	 	 	 	2781	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Luton
	 	40’HC
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	 	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1705	 	 	 	1076	 	 	 	2781	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Maidstone
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	5	 	 	 	24	 	 	1-Nov-09
	 	31-Oct-10
	 	 	906	 	 	 	250	 	 	 	1156	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Manila
	 	40’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	 	 	 	 	24	 	 	1-Nov-09
	 	31-Oct-10
	 	 	906	 	 	 	250	 	 	 	1156	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Manila
	 	40’HC
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	50	 	 	 	24	 	 	1-Nov-09
	 	3l-Oct-10
	 	 	906	 	 	 	250	 	 	 	1156	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Manila
	 	40’HC
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	28	 	 	 	28	 	 	1-Nov-09
	 	31-Oct-10
	 	 	706	 	 	 	600	 	 	 	1306	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Manzanilto
	 	40’GP
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	1	 	 	 	43	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1606	 	 	 	855	 	 	 	2461	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Melbourne
	 	20’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	 	 	 	 	11	 	 	1-Nov-09
	 	31-Oct-10
	 	 	516	 	 	 	130	 	 	 	646	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Melbourne
	 	20’GP
	 	Lodestar
	 	 	 	 	 	Swire
	 	 	4	 	 	 	9	 	 	1-Nov-09
	 	31-Oct-10
	 	 	623	 	 	 	100	 	 	 	723	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Melbourne
	 	20’GP
	 	Lodestar
	 	 	 	 	 	ANL
	 	 	 	 	 	 	12	 	 	1-Nov-09
	 	31-Oct-10
	 	 	700	 	 	 	100	 	 	 	800	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Melbourne
	 	40’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	170	 	 	 	11	 	 	1-Nov-09
	 	31-Oct-10
	 	 	841	 	 	 	260	 	 	 	1101	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Melbourne
	 	40’GP
	 	Lodestar
	 	 	 	 	 	ANL
	 	 	 	 	 	 	12	 	 	l-Nov-09
	 	31-Oct-10
	 	 	1165	 	 	 	200	 	 	 	1365	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Melbourne
	 	40’HC
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	500	 	 	 	11	 	 	1-Nov-09
	 	31-Oct-10
	 	 	841	 	 	 	260	 	 	 	1101	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Melbourne
	 	40’HC
	 	Lodestar
	 	 	 	 	 	ANL
	 	 	160	 	 	 	12	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1165	 	 	 	200	 	 	 	1365	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Naples
	 	40’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	1	 	 	 	49	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1800	 	 	 	1076	 	 	 	2876	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Nhava Sheva
	 	40’HC
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	3	 	 	 	35	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1124	 	 	 	175	 	 	 	1299	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Nottingham
	 	20’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	2	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1745	 	 	 	538	 	 	 	2283	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Nottingham
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	180	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1865	 	 	 	1076	 	 	 	2941	 	 	USD
	 	BAF
	 	Qtly	 	 






26









 






     



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	 	 	BAF	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	US$ form	 	Total	 	 	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	 	 	Sub	 	Volume	 	Time	 	Start	 	Expiry	 	Base	 	1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate	 	 
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	pa	 	(days)	 	Date	 	Date	 	Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates	 	 
	 
	Tauranga

	 	Nottingham
	 	40’HC
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	2	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1865	 	 	 	1076	 	 	 	2941	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Penang
	 	20’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	2	 	 	 	14	 	 	1-Nov-09
	 	31-Oct-10
	 	 	556	 	 	 	125	 	 	 	681	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Penang
	 	40’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	2	 	 	 	14	 	 	1-Nov-09
	 	31-Oct-10
	 	 	806	 	 	 	250	 	 	 	1056	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Penistone
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	10	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1200	 	 	 	200	 	 	 	1400	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Port Kelang
	 	20’GP
	 	Lodestar
	 	 	 	 	 	NYK
	 	 	4	 	 	 	14	 	 	1-Nov-09
	 	31-Oct-10
	 	 	550	 	 	 	100	 	 	 	650	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Port Kelang
	 	40’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	7	 	 	 	15	 	 	1-Nov-09
	 	31-Oct-10
	 	 	756	 	 	 	250	 	 	 	1006	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Port Kelang
	 	40’HC
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	50	 	 	 	20	 	 	1-Nov-09
	 	31-Oct-10
	 	 	734	 	 	 	175	 	 	 	909	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Port Kelang
	 	40’HC
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	50	 	 	 	15	 	 	1-Nov-09
	 	31-Oct-10
	 	 	756	 	 	 	250	 	 	 	1006	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Port Kelang
	 	40’HC
	 	Lodestar
	 	 	 	 	 	NYK
	 	 	96	 	 	 	14	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1000	 	 	 	200	 	 	 	1200	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Port Louis
	 	20’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	5	 	 	 	33	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1094	 	 	 	325	 	 	 	1419	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Port Louis
	 	40’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	10	 	 	 	33	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1954	 	 	 	650	 	 	 	2604	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Port of Spain
	 	20’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	5	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	2050	 	 	 	538	 	 	 	2588	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Port of Spain
	 	40’HC
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	11	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	2215	 	 	 	1076	 	 	 	3291	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Port Qasim
	 	40’HC
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	1	 	 	 	42	 	 	1-Nov-09
	 	31-Oct-10
	 	 	904	 	 	 	175	 	 	 	1079	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Puerto Quetzal
	 	40’GP
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	2	 	 	 	45	 	 	1-Nov-09
	 	31-Oct-10
	 	 	3206	 	 	 	855	 	 	 	4061	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Puerto Quetzal
	 	40’HC
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	4	 	 	 	45	 	 	1-Nov-09
	 	31-Oct-10
	 	 	3206	 	 	 	855	 	 	 	4061	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Salford
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	5	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1585	 	 	 	1076	 	 	 	2661	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	San Antonio
	 	20’GP
	 	Lodestar
	 	 	 	 	 	Maersk
	 	 	5	 	 	 	36	 	 	1-Nov-09
	 	31-Oct-10
	 	 	2301	 	 	 	0	 	 	 	2301	 	 	USD
	 	None
	 	None	 	 
	Tauranga

	 	San Antonio
	 	40’HC
	 	Lodestar
	 	 	 	 	 	Maersk
	 	 	39	 	 	 	36	 	 	1-Nov-09
	 	31-Oct-10
	 	 	3601	 	 	 	0	 	 	 	3601	 	 	USD
	 	None
	 	None	 	 
	Tauranga

	 	San Antonio
	 	40’HC
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	 	 	 	 	32	 	 	1-Nov-09
	 	31-Oct-10
	 	 	3206	 	 	 	855	 	 	 	4061	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	San Salvador
	 	40’HC
	 	Lodestar
	 	 	 	 	 	Maersk
	 	 	4	 	 	 	30	 	 	1-Nov-09
	 	31-Oct-10
	 	 	4276	 	 	 	0	 	 	 	4276	 	 	USD
	 	None
	 	None	 	 
	Tauranga

	 	Shanghai
	 	20’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	1	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	506	 	 	 	125	 	 	 	631	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Shanghai
	 	20’GP
	 	Lodestar
	 	 	 	 	 	NYK
	 	 	1	 	 	 	19	 	 	1-Nov-09
	 	31-Oct-10
	 	 	665	 	 	 	100	 	 	 	765	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Shanghai
	 	40’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	 	 	 	 	32	 	 	1-Nov-09
	 	31-Oct-10
	 	 	599	 	 	 	400	 	 	 	999	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Shanghai
	 	40’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	2	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	756	 	 	 	250	 	 	 	1006	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Shanghai
	 	40’HC
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	75	 	 	 	16	 	 	1-Nov-09
	 	31-Oct-10
	 	 	356	 	 	 	600	 	 	 	956	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Shanghai
	 	40’HC
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	200	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	756	 	 	 	250	 	 	 	1006	 	 	USD
	 	BAF
	 	Qtly	 	 






27









 






     



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	 	 	BAF	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	US$ form	 	Total	 	 	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	 	 	Sub	 	Volume	 	Time	 	Start	 	Expiry	 	Base	 	1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate	 	 
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	pa	 	(days)	 	Date	 	Date	 	Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates	 	 
	 
	Tauranga

	 	Shoreham by Sea
	 	40’GP
	 	Lodestar
	 	 	1	 	 	CMA
	 	 	5	 	 	 	31	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1705	 	 	 	1076	 	 	 	2781	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Singapore
	 	20’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	1	 	 	 	15	 	 	1-Nov-09
	 	31-Oct-10
	 	 	406	 	 	 	125	 	 	 	531	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Singapore
	 	40’GP
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	42	 	 	 	15	 	 	1-Nov-09
	 	31-Oct-10
	 	 	706	 	 	 	250	 	 	 	956	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Singapore
	 	40’HC
	 	Lodestar
	 	 	 	 	 	PIL
	 	 	7	 	 	 	15	 	 	1-Nov-09
	 	31-Oct-10
	 	 	706	 	 	 	250	 	 	 	956	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	St Petersburg
	 	40’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	31	 	 	 	44	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1900	 	 	 	1076	 	 	 	2976	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	St Petersburg
	 	40’HC
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	2	 	 	 	44	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1900	 	 	 	1076	 	 	 	2976	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Suva
	 	20’GP
	 	Lodestar
	 	 	 	 	 	Maersk
	 	 	12	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	926	 	 	 	0	 	 	 	926	 	 	USD
	 	None
	 	None	 	 
	Tauranga

	 	Suva
	 	40’GP
	 	Lodestar
	 	 	 	 	 	Maersk
	 	 	1	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1826	 	 	 	0	 	 	 	1826	 	 	USD
	 	None
	 	None	 	 
	Tauranga

	 	Sydney
	 	20’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	6	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	536	 	 	 	130	 	 	 	666	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Sydney
	 	20’GP
	 	Lodestar
	 	 	 	 	 	ANL
	 	 	5	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	675	 	 	 	100	 	 	 	775	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Sydney
	 	40’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	170	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	856	 	 	 	260	 	 	 	1116	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Sydney
	 	40’GP
	 	Lodestar
	 	 	 	 	 	ANL
	 	 	33	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1115	 	 	 	200	 	 	 	1315	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Sydney
	 	40’HC
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	27	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	856	 	 	 	260	 	 	 	1116	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Sydney
	 	40’HC
	 	Lodestar
	 	 	 	 	 	ANL
	 	 	700	 	 	 	7	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1115	 	 	 	200	 	 	 	1315	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Taichung
	 	20’GP
	 	Lodestar
	 	 	 	 	 	Swire
	 	 	1	 	 	 	18	 	 	1-Nov-09
	 	31-Oct-10
	 	 	725	 	 	 	75	 	 	 	800	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Taichung
	 	40’HC
	 	Lodestar
	 	 	 	 	 	Swire
	 	 	111	 	 	 	18	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1100	 	 	 	150	 	 	 	1250	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Taoyuan CY
	 	40’HC
	 	Lodestar
	 	 	 	 	 	OOCL
	 	 	9	 	 	 	22	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1165	 	 	 	0	 	 	 	1165	 	 	USD
	 	None
	 	None	 	 
	Tauranga

	 	Valencia
	 	20’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	5	 	 	 	40	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1300	 	 	 	538	 	 	 	1838	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Valencia
	 	40’GP
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	32	 	 	 	40	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1600	 	 	 	1076	 	 	 	2676	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Valencia
	 	40’HC
	 	Lodestar
	 	 	 	 	 	CMA
	 	 	60	 	 	 	40	 	 	1-Nov-09
	 	31-Oct-10
	 	 	1600	 	 	 	1076	 	 	 	2676	 	 	USD
	 	BAF
	 	Qtly	 	 
	Tauranga

	 	Xingang
	 	20’GP
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	3	 	 	 	18	 	 	1-Nov-09
	 	31-Oct-10
	 	 	386	 	 	 	300	 	 	 	686	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Xingang
	 	20’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	2	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	524	 	 	 	200	 	 	 	724	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Xingang
	 	40’GP
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	3	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	599	 	 	 	400	 	 	 	999	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Xingang
	 	40’GP
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	2	 	 	 	18	 	 	1-Nov-09
	 	31-Oct-10
	 	 	556	 	 	 	600	 	 	 	1156	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Xingang
	 	40’HC
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	8	 	 	 	18	 	 	1-Nov-09
	 	31-Oct-10
	 	 	556	 	 	 	600	 	 	 	1156	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Xingang
	 	40’HC
	 	Lodestar
	 	 	 	 	 	MSC
	 	 	20	 	 	 	27	 	 	1-Nov-09
	 	31-Oct-10
	 	 	599	 	 	 	400	 	 	 	999	 	 	USD
	 	BAF
	 	Ref Pt	 	 
	Tauranga

	 	Yantian
	 	40’HC
	 	Lodestar
	 	 	 	 	 	HBS
	 	 	50	 	 	 	19	 	 	1-Nov-09
	 	31-Oct-10
	 	 	356	 	 	 	600	 	 	 	956	 	 	USD
	 	BAF
	 	Ref Pt	 	 






28









 






     



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	 	 	 	BAF	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Contract	 	Transit	 	Term	 	Term	 	Oceanfreight	 	US$ form	 	Total	 	 	 	 	 	 	 	 
	 	 	 	 	Mode	 	Contract	 	 	 	Sub	 	Volume	 	Time	 	Start	 	Expiry	 	Base	 	1 Feb	 	Oceanfreight	 	 	 	Variable	 	Rate	 	 
	Load Port	 	Destination	 	Item	 	Company	 	Notes	 	Contractor	 	pa	 	(days)	 	Date	 	Date	 	Rate	 	2010	 	Rate US$	 	Currency	 	Elements	 	Updates	 	 
	 
	Tauranga

	 	Yantian
	 	40’HC
	 	Lodestar
	 	 	 	PIL
	 	 	9	 	 	 	25	 	 	1-Nov-09
	 	31-Oct-10
	 	 	806	 	 	 	250	 	 	 	1056	 	 	USD
	 	BAF
	 	Qtly	 	 






Notes



1: Rate to Door. Rates may change due to on-shore transport variables. Additional charges for
customs entry and import fees also apply.



Payment Terms



All sea freight is due for payment in the currency indicated in the table above within 7 calendar
days after the ship sailing date. Invoices will be raised immediately after the sailing date of
each voyage.





29











 





APPENDIX 4 

Port Management Services




Service Summary



Lodestar will provide port management services for WML.




Scope



Port Management Service rates are provided on a container or break-bulk basis as provided below.



These services include but are not limited to:





	(a)	 	covered and uncovered warehousing and storage services;
	 
	(b)	 	cargo-handling services (R&D services);
	 
	(c)	 	cargo quality control, repair of damage any damaged reels;
	 
	(d)	 	container receiving, packing and delivery to relevant container terminal;
	 
	(e)	 	forwarding cargo to shipside for break-bulk loading;
	 
	(f)	 	negotiating and paying wharfage and other necessary port charge levies where applicable;
	 
	(g)	 	fumigation services as required by WML and/or quarantine authorities;
	 
	(h)	 	presenting the shipments for random or mandatory security inspections required by the
authorities or governing law;
	 
	(i)	 	in transit claim management;
	 
	(j)	 	receiving, devanning and return of containers in all Australian ports, and delivery of
product to end customer;
	 
	(k)	 	receiving and transport of containers to end customer in Great Britain;
	 
	(i)	 	receiving, devanning and storage of import starch; and
	 
	(m)	 	delivery of starch to Whakatane Mill.





Service Commitment



Lodestar will use its reasonable endeavours to:





	(a)	 	plan, source and execute the appropriate services required to provide effective and efficient
flow of products through ports for export shipments;






	(b)	 	monitor and manage day to day operations and service delivery of multiple service providers
to meet the key performance indicators agreed between Lodestar and WML; and




30









 












	(c)	 	improve and provide visibility of costs, equipment and facility utilisation, operations
and inventory movement through the ports.





Service Levels



Lodestar and WML will mutually agree and establish service levels and key performance indicators
measured on agreed timeframes in relation to the services listed in this Appendix 4.




Service Charge Rates



Rates by port are set out below.



Lodestar will use its reasonable endeavours to procure any additional port management services at
the best available rates that meet the service requirements of WML and notify WML of rates
pertaining to any additional Port Management Services WML may require from time to time. The cost
of ad hoc security and biosecurity inspections will be charged at cost.




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Standard	 	 	Non	 
	 	 	 	 	 	 	 	 	 	 	 	 	rate	 	 	conformance rate	 
	Activity	 	Port	 	Location	 	Product	 	Charge rate	 	 	NZ$	 	 	NZ$	 
	Port of Tauranga
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Paper marshalling*
	 	S.Point	 	Shed 12	 	Paper reels	 	$	/t	 	 	 	9.92	 	 	 	2.48	 
	Paper marshalling*
	 	S.Point	 	Shed 12	 	Paper pallets	 	$	/f	 	 	 	11.54	 	 	 	2.89	 
	Storage***
	 	S.Point	 	Shed 12	 	Pallets/reels	 	$	/t	 	 	 	2.15	 	 	 	n/a	 
	Devann containers
	 	S.Point	 	Shed 11	 	Starch	 	teu	 	 	221.38	 	 	 	n/a	 
	Storage
	 	S.Point	 	Shed 11	 	Starch	 	$/t/week	 	 	1.50	 	 	 	n/a	 
	Australia
	 	 	 	 	 	 	 	 	 	 	 	AU$	 	AU$
	Paper marshalling**
	 	 	 	Brooklyn	 	Paper reels	 	$/t teu	 	 	46.11	 	 	 	n/a	 
	 
	 	 	 	(Vic)	 	 	 	$/t teu	 	 	28.64	 	 	 	n/a	 
	Paper marshalling**
	 	 	 	Botany	 	Paper reels	 	$/t teu	 	 	58.80	 	 	 	n/a	 
	 
	 	 	 	(NSW)	 	 	 	$/t feu	 	 	36.31	 	 	 	n/a	 
	Paper marshalling**
	 	 	 	Fremantle	 	Paper reels	 	$/t teu	 	 	54.78	 	 	 	n/a	 
	 
	 	 	 	(WA)	 	 	 	$/t feu	 	 	34.27	 	 	 	n/a	 
	Paper marshalling**
	 	 	 	Brisbane	 	Paper reels	 	$/t teu	 	 	46.12	 	 	 	n/a	 
	 
	 	 	 	(QLD)	 	 	 	$/t feu	 	 	29.40	 	 	 	n/a	 
	Paper marshalling**
	 	 	 	Adelaide	 	Paper reels	 	$/t teu	 	 	43.89	 	 	 	n/a	 
	 
	 	 	 	(SA)	 	 	 	$/t feu	 	 	28.73	 	 	 	n/a	 








 




			
	*	 	Port of Tauranga marshalling Includes: Pick up container / pack container / deliver container to
terminal.
	 
	**	 	Australian paper marshalling includes: Pick up container ex port / devan container / deliver
empty container / transport paper to customer.
	 
	***	 	Plus outgoings relating to premises (if any), as Invoiced by the Landlord.

Payment Terms:




Port Costs are payable 7 calendar days after date of invoice.





31









 








APPENDIX 5




Export Documentation Management Services




Service Summary




Lodestar provides Export Document Management Services for WML. 

Scope



Preparation and lodgement of export documentation (and other associated documentation) for all
exports of products by WML from New Zealand whether in container or break-bulk form.



These Export Document Management Services include:





	(a)	 	pre-shipment processes such as Documentary Credit and Collection and other trade terms
document advice;






	(b)	 	lodgement of all pre and post shipment export documentation required by New Zealand customs
and quarantine authorities;






	(c)	 	preparation of export documents required by sales contract and lodging these documents as per
the instructions on the sales contract and any international trade finance documents; and




(d) preparation of or obtaining of Bill of Ladings from shipping companies.




Service Commitment



Lodestar will use its reasonable endeavours to:





	(a)	 	establish, by agreement with WML, all operational policies and procedures for the provision
of the Export Document Management Services;






	(b)	 	prepare and lodge accurate pre and post export and shipping documents within timeframes
stipulated by WML’s sales contracts, international trade documents, governmental authorities
or to meet vessel cut offs; and




(c) provide management reports as required by WML.




Service Charge Rates



The rates payable by WML for Export Document Management Services are set out below.



Lodestar will notify WML of rates pertaining to any additional Export Document Management Services
WML may require from time to time.




	 	 	 	 	 	 	 

	Australia Vessels
	 	NZ                $225.00	 	per set
	Standard Document Charge
	 	NZ                $75.00	 	per set
	Complex Document Charge
	 	NZ                $180.00	 	per set
	Chamber of Commerce Charges
	 	NZ                $20.00	 	per stamp
	Legalisation Charges (if required)
	 	NZ                $100.00	 	per stamp
	 
	 	 	 	 	 	(plus Trans-Tasman courier costs)






32









 






	 	 	 	 	 	 	 

	DHL Courier Costs
	 	NZ$at cost	 	per month
	Rework
	 	 	 	 	 	 
	Simple documentation change
	 	NZ      $37.00	 	less than one hour
	Complex documentation change
	 	NZ      $75.00	 	one hour or more






Payment Term



Invoices are raised monthly and are payable by the 20th of the following month.





33