Parininihi ki Waitōtara Incorporation Annual Report 2021 by iStudios Multimedia Ltd

TE RAU AROHA 2021 ANNUAL REPORT

HE TANGATA HE WHENUA HE ORANGA SUSTAINING AND GROWING OUR PEOPLE THROUGH PROSPERITY

ET RAUET O KUAR ARP O ININIHIKIAIT W ART V A OUR PURPOSE The ambition of our kaumā tua to build Parininihi ki WaitJtaraintoanorganisationdedicatedtofulfilling the aspirations of our ancestors is being realised. We recognise we have a duty to manage our lands and assets not just for our generation but for those that follow us. TEIHO OUR VISION He Tangata, He Whenua, He Oranga – Sustaining and Growing our People through Prosperity. TEWHAINGA OUR MISSION AsuccessfullydiversifiedandsustainableTaranaki Māori-ownedandoperatedbusinessproviding meaningful opportunity to its people. NGĀMĀTĀPONO OUR VALUES

Manaakitanga Care for our present and future generations

Kaitiakitanga Commitment to leadership

Whakapono Adherence to our tikanga and belief in our future

Whānaungatanga/ Kotahitanga Belief in collective action with trusted relationships

COSTNE

PARI I IHI KI WAIT TARA I CORPORATIO Te P rongo o Te Rau Toi Ariki Chairperson e R port Te P

rongo o Te Rau Matomato

Te Rau Rangap KPW Group Enties

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Te purongo ā-tau ā komiti Come mit e’s Anual e R port

Te tauākī whiwhinga, whakapaunga whānui e Sta ment of Comprehensive Income

Te tauāki kapewhiti e Sta ment of Cash lo F ws

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Cover: Ko te awa o Waitotoroa tēnei hei rau whakamīria mo te papakāinga o Parihaka. Ko tēnei ngā kaitiaki taiao, Rau Whakauruora, Rau Whakaueue o Parininihi ki Waitōtara. (Mauī ki Katau: Luka Kamana; Jess Matehuirua White; Raniera Karena; Jordan Morehu-Ryan; Josephine Sullivan).

He pāronga kōrero Entiy o Inf rmation

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Te tauākī whiwhinga, whakapaunga whānui e Sta ment of inaclF e P rformance

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Te tauākī kapewhiti e Sta ment of Cash lo F ws

Te tauākī t e Sta ment of inaclF o P siton 54

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gā whakamārama i nga tauākī p Noe t so t the inaclF e Sta ments

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Te tauāki koronga mō ngā mahi kia tutuki e Sta ment of e S rvice e P rformance

Te P rongo a ngā Kaiarotake o uditA r e R port

Te tauākī whakaatu i te rerekētanga o te tahua e Sta ment of Changes in quitEy

Kupu Whakatake Introduction

Te P rongo a ngā Kaiarotake o uditA r e R port

Kupu Whakatake Introduction

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PARI I IHI KI WAIT TARA TR ST A AL FI A CIAL STATEME TS

PARI I IHI KI WAIT TARA I CORPORATIO A AL FI A CIAL STATEME TS

Te tauākī t e Sta ment of inaclF o P siton

He Rauawhina He Putanga Tauira cho S larship and Grants

Te Ara Putanga Anual e R sult - Caturp ing our Core alue V s

partnership

Te Rau Manawanui e Ex cutive e L adership Team

Te Rau Toi Tauira Chairperson e R port

He Puāwaitanga He Raukotahi

Te Rau Rengarenga Come mit e of Mangement

PARI I IHI KI WAIT TARA TR ST

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e R e gist r of e Int rests of Board Members and CEO Governance e tA ndaces

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ARP ININIHIKIAIT W ARTV AINCORPOATION

TEPWRONGOTERAUOIT ARIKI Chairpersonep R ort DION TUUTA

Kia hiwa rā, kia hiwa rā,

Ka whati te tī, ka wana te tī, ka rito te tī.

Kia tiki noa ake i a au te rārangi kōrero no roto mai i te waiata i whakahīa ai e Te Whareaitū – tēnei ka mahi i te whakakaupapa o te kotahitanga.

Ka kotahi tātou ki roto i te mate, ka kotahi tātou ki roto i tō tātou pupuru i te mouri ora.

Ka kōtuitui i te aho tāwhitiwhiti, ka hono i te pito motu, ka whakakā i te ahi i pungarehutia, tātou e tūtakitaki ana i te ahikāroa kia mura mai ai, tātou e noho ana ki runga i ngā noninga kumu i nōhia ai e o tātou pāhake, tātou e piki ake nei ki runga i ngā waka uruora kia hira mai ai te mahi, ā, tōna mutunga – ka tutū āwhiowhio i nuku te kura ka tutū āwhiowhio i rangi te kura, ā, ka reia mai te kawa ora ki runga i a tātou katoa. Hau pai mārire.

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ET NG OR P ET O AUR IO T ARIKI

" HemeawaiwaimJteoraingāwhiungaotetau kuapahureakenei,kongārautakiheitiakiite āheiotātātoupakihikitewhakatipuitētehihua tdtangapakihi,mātewhakaitiitetdraruinaka taea,metewhakangāwariingāpāngaongāpiki mengāhekeotemākete."

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

He$42.78m(TauPdteaTP19/20: HEPAETAWHITIEMAHUTA whenua i te taha tukatuka, kawe, MAINEI whakatairangahokiputaatuingā $12.06m)tehuamonitapekeimuri raupapa whakauruuru uara. itetākekuawhakairiamJtetau.Kei I te tau e arotakengia nei, kua neke rotoitēneikote$1.4m(TP19/20: ā-rautakitātātoupakihirawaHekahaatutehāngaiatemiraka $7.8m)tehuamoniwhakahaereme whenuakitētehimomomahihou. hipimJterahioētehioJtātou te$31.4m(TP19/20:$4.m)tepikii ItePoutdterangi,ihereae$5.m porakawhenua,ā,heitiihohoki teuaratJpd,eharaitemoniukauka. mJtewhakahuriitētehiongā tepāngakitetaiao.Kotēnei Kua$317.0m(TP19/20:$67.1m) porakawhenuaheihangaingā kaupapahou,hemeaangitdki teuaratangatapekeongā kJwaemirakahipierua.Heāhua tetoroatukingāhonohononga kaiwhaipānga,kawhakaatahiate hou tonu te ahumahi miraka hipi kei hou,kitewhakawhānuihokiitJ pikiotēnei,itepikiotepdteatuku Aotearoanei,kJirātētehiahumahi e tdāpapamātauranga–ērā mātou etdtohungiakia$1.75(TP19/20: whakaponoanamātoukawhanake, āhuatangakatoaetāpirianaki $1.5),kuapikimāte20cmJiahea katipuhokiiterereotewā. tewhāingakiawhakawhānuiite kirungaiteuaraotērātau. whakaaroingāhuamoninoa,eaiki MātēneihinongakatdaParininihi tJtātouangaTeAraPutanga. Pārekarekaanatekiteingāotinga kiWaitJtaraheikaiaratakii ahakoatehaeretonuongāpātariitēneiahumahihou,etdhura,e Katāpiritiahokitētehiatukaupapa putaiteurutāKowheori,ā,hetohu whakamātautauhokiingāhuakei pātuitangamJtewhakamahi otedmetepukumahioātātou tuaitekētipāmu,mJterohekatoa, whenuakiātātoumahingarerekē kaimahimanawat%t%. pērākitetāpiriiteuarakingārawaoJtātouwhenua.NJmurimaii <<

te whakarewa o te Waipipi Wind engāāhuatangamāketepaimJte iiataukite32itetau201(Tau Pdtea19/20:4).Hemeawaiwai kJuranJAotearoanātewhakatete Farm kei te whenua o Parininihi ēneikaupapaheiwhakawhanake tJrangapdiwaengaiHainame kiWaitJtara,he31Jnakapohau, Ahitereiria.NātēneikaupapamahiiJtātouhuawāroa,mete kuaratoitehikokitepdnahahiko whakawhānuiingāmeaangitdka tahiihokohokotatakite60tana ā-motumaiiteWhiringa-ā-rangi,ka taeatetukukitJtātouwhānau ongākJuraorakiHaina,keireirako mahitahiteKJporeihanaitetaha whānui. tātātoukJuratētahiongāmomoe oHirangaEnergy,hekamupenenJ tino hiahiatia ana ki te ao. Taranaki,irotoitētehiatukaupapa MANAWHAKAcITETIKANGA r% hiwhenuamJtētahipāmu HepērāanJ,kJātātouhaumitanga EmāramaanatJtātouwhānau kapohauhouanJ.Kawhakaputa mahitahikingārJpdMāori,rJpd kaiwhaipāngakingāhurihanga tepāmuitehikoheiwaihangai IwihokimJNgāmotuHotels,teTai nuiongāangamanawhakadite tehauwaitukuwaro-koremJngā HekengameTePdiaTāpapa,ka tikanga,ingātautatanei,pērāki ahuwhenua kawe nui. whakawhānuiingāaramahipdtea, tewhakahoungaotePKWFarms ākawhakahekeitewhakawhirinaki Māēneipātuitangapāmukapohau, GeneralPartnerLtdBoard.Ka ewhakahāngaitewhakaputaite kitemomopakihikotahi.Kote whakaotiatēneiarotakewhānuio pdngaokākārikikitJtātourapui rautaki whakamaunga atu ko te terJpdkatoaitewhakahoungao ngāmahingarerekētoitdiJtātou kanorautanga ina e whai tikanga ai, teParininihikiWaitJtaraTrust.Kote whenua,ewhakaputahokiingāara inahāngaikitātātourautaki,Jtātou whakataunga rautaki ki te whakauru uaratangahoki,ā,inataea,kiataea hāngdmahipdtea,ewhaiwāhiana itētehitarahit%motuhakekitepoari aihokitehaumi-tahimeJtātou Taratikuawhakawhāitihia,katāpiri mJngāmahingawhenuaotēnei whanaunga. wāhoki. tonu ki te whakaaro motuhake, te Hāungaēneikaupapamahitahi,ko matatauhāngai,ngāpdkengamete Māngāhonongahoukatāraitia wheakoehiahiatiaanakitekJkirii kongāhonongaewhanaketonu māēneimomopātuitanga,ka anakingākaiwhakaratooātātou ngāwhāingaoteTarati. whaipainga,kawhakawātea pakihihohe.NātJrātouhiahiakite Itēneiarotakengaoteangaite mahitahikiParininihikiWaitJtara kinui,kamāramaaitekite rJpdwhā tewhakawhanakeitātātoupakihi, kuahuriteāhuatangaoterau ā,kitukuingāmeaangituhokimJ manawaora,māiitewhakahaere NGĀPĀTUITANGA tJtātouwhānaukaiwhaipānga, tJtikaingāpakihikitedkite IwhakairiaetJtātoupātuitanga kahuamaitepikiiteJrauongā tirohangarautaki,tekopouingā mahikJurakiPortNicholson kaiwhakaratoMāorikite18%(Tau tāngataetikaanamJngātdranga Fisheries te hua moni pai rawa atu Pdtea19/20:3%),metepiki me te whakahaere i te whaihua o te taemaikitēneiwā,iāwhinatiapea hokiingākarahipietukunaana pakihi. hokingāmeaangitupērāite whakangungumengātdrangamahi tdturumJtJtātouhapori.

" Kapākahaēneipanonitanga katoakingātāngatakatoakei ngāahumahimatua,inarāko te ahuwhenua miraka kau. Me whakariterawatātoumJēnei panonitanga."

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

ET NG OR P ET O AUR IO T ARIKI

Itetupumetewhakawhānuiingā mewhakapāpāatukiteWestCoast" Kotemāramakingā mahioteKJporeihanaingātau LesseesAssociation,ā,meuruhoki wawataotewhānau kua pahure, kua piki hoki te matatini kingāwhakapāpātangatJrangapd mengāhiahiamJ ongāhaepapamanawhakadite oterohe.Meātawhakarite, tikangaotePoari.Heitetauetd ParininihikiWaitJtara ā,metukuitewāroamJaua mai ana, ka piki te whakangungu, whakaritenga.KawhakamJhiotia hewāhangaarotahi metewhakawhanaketangamJ tonuhiangākaiwhaipāngakitēnei tdturumJtePoari,i ngāmemaotePoari,kiadtJ kaupapa nui i te whanaketanga o te tJmātoutiroatuki tātouKJporeihanaheirJpdkeitetukanga. ngāwerokaputaite taumata toa whakaihu waka. TipuaiteKJporeihanaiterere whakakorakora haere o KapikitematatinimJtehungarau otewā,katipuhokitehunga manawaorakitewhakatauingā kaiwhaipāngamātetauatanga. ngāhea." rautakiheiwhakatutukiingāwero Kotemāramakingāwawatao pakihi, ture hoki e tipu ake ana i tewhānaumengāhiahiamJ ngāwākeitehaereakenei.He ParininihikiWaitJtarahewāhanga hurihanganuiingāturekeitepae, arotahitdturumJtePoari,itJ ā,ehaeremaianangāpanonitanga mātoutiroatukingāwerokaputa kingāturetaiao,ngāturemJ itewhakakorakorahaereongā heipaingamJtJtātouwhānauo ngāwaimāorimetehurihanga hea.Keitewhakahautonuatu ParininihikiWaitJtara. oteāhuarangi.Kapākahaēnei mātoukitewhānaukiawhakatd MātuarākamihineiaukiJtātou panonitangakatoakingātāngata ingātaratiwhānauheiaukatiite kaiwhakahaerematua.NJtātoute katoakeingāahumahimatua, whakakorakoraongāhea. waimariekeiatātoutētehit%matino inarākoteahuwhenuamirakakau. matataueārahianaingāmahime MewhakariterawatātoumJēnei HEMIHI panonitanga. mahikatika,ahakoangāweroka E kawe nei au i te mihi me te putaiēneiwāpJkaikaha. Keimuatonuiatātouāngātautatawhakawhetai o te Poari ki ia neikotetukangaarotaker% hioia tangata,kingātāngatakatoao IrāhirimātouiTeRautitikura/ whitutau.Kotēneitētahioātātou tJtātouwhānaukaimahi,itoka General Manager Shareholder tinomahipakihi,ā,hewāhanga Engagement,koPunaWanotdmoanaaiingāherengaongā mahimatatinihoki.Itēneiarotake rāhuiKowheori-19,āimahitonu Bryant, me Te Rau Whakahono Pito

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

ET NG OR P ET O AUR IO T ARIKI

/ General Manager Property, ko tetahaoTeRauMatatau,tātātou RichardButtimore,kitJmātouT%rakāhuiākongatJmuakiahonohono ManaWhakahaere.Kuawhaipainga atuaitJmātouKJporeihanakite aitJtātourJpdiaPunarāuako hungataiohi.Etdtahiaimātoute Richard,ā,hemeamanawareka Poariitewawatakiatdturuaite kiamātoukiakiteakeaingāhua haumitangakitēneikaupapa,kite o te tiriohanga whakamua kia hoki whakawhanake i te hononga kei maitJmātouakewhānaukite waengaiteKJporeihanamete kāingakitewhakahaereitepakihi. whakatupuranga rautitikura kei te KoRichardtētahiongākaiwhiwhi haere mai. o mua o te karahipi o Parininihi ki Hei whakakapi ake, e mihi ana, e WaitJtaraTrust,kuaāheiināianei whakanuianahokiauingāwhānau te whakahaere i te tukanga kaiwhaipānganārātouteKomitii arotakengar% himJParininihiki tautoko i te tau kua arotakengia nei. WaitJtaraikJrerohiaimuatata Kotetdmanako,kuakoatewhānau nei.Ekoaanmātoukuawhakaotia i te whanake haere o Parininihi ki teporowhita,kiahokiaikitJtātou WaitJtara,ā,keitetitirowhakamua rJpditautokoaiitJnaaraakoranga tātoukitewhakakahatonuheite ingāwāomua. tauetdmaiana. Keitehiahiahokiahaukitemihi Mauri ora. kingāmahiemahianaeTeRau DionTuuta ManawaoraoParininihikiWaitJtara, eteParininihikiWaitJtaraTrust TeRau ki ToiAriki

ARP ININIHIKIAIT W ARTV AINCORPOATION

TEPWRONGOTERAUOIT ARIKI Chairpersonep R ort DION TUUTA

Kia hiwa rā, kia hiwa rā,

Ka whati te tī, ka wana te tī, ka rito te tī.

Kia tiki noa ake i a au te rārangi kōrero no roto mai i te waiata i whakahīa ai e Te Whareaitū – tēnei ka mahi i te whakakaupapa o te kotahitanga.

Ka kotahi tātou ki roto i te mate, ka kotahi tātou ki roto i tō tātou pupuru i te mouri ora.

On behalf of Te Rau Rengarenga that her leadership has added to oParininihikiWaitJtara,the the legacy established by those ParininihikiWaitJtaraIncorporation who fought for retention of our Committee of Management, it is my whenua and the establishment of honour as recently appointed Te ParininihikiWaitJtaraIncorporation. Rau Toi Ariki/Chairperson to present Ourshareholderwhānauremain ourannualreportforthefinancial attheforefrontofallourdecisionyearfrom1July20to30June making as a Board. Our priority 201. during the year, as in all years, I accepted the chair’s seat one has been to ensure the business month before the end of the provides for its owners by delivering financialyear,andthereforefind sustainable returns. Critical to myself reporting on a year that is weathering the storm of the year testament to the leadership of our just ended were our strategies retiringchairHinerangiRaumatito protect our business’ ability to Tu’ua. generate a dividend by minimising risk where possible and lowering I want to begin by acknowledging the impact of market volatility. Hinerangi as a skilled leader who has set the highest benchmark Our investment strategy continues for those of us continuing on with to prioritise our whenua as our themahiatParininihikiWaitJtara. core asset, with rental returns from Hinerangi’s contribution to the our corpus land providing reliable growth of our Incorporation has revenue. We continue to build beensignificantandenduring.Sheon that by diversifying both our served15yearsontheBoard,with investments and land use. 10ofthoseaschair.Hinerangi Netprofitaftertaxof$42.78m wasthefirstwahineelectedtothe (FY19/20:$1.6m)hasbeen Boardandthefirstwahinetochair posted for the year. This is made the organisation. upof$1.4m(FY19/20:$7.8m)in Her vision, strategic mindset, cashoperatingprofitand$31.4m focused leadership and (FY19/20:$4.m)innon-cash persistence helped set Parininihi ki capital gains. Shareholder net WaitJtaraonapathofinnovation, equityis$317.0m(FY19/20: diversificationandinvestment $267.1m),anincreasereected partnershipwithotheriwi/Māoriin the dividend distribution investors to collectively build our recommendedof$1.75 (FY19/20:$1.5),a20cpershare assets and resources. She can look improvement on the previous year. back with pride in the knowledge

TE RAU TOI ARIKI CHAIRERP N OS EPR T RO

" Critical to weathering the storm of the year just ended were our strategies to protect our business’ ability to generate a dividend by minimising risk where possible and lowering the impact of market volatility."

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

Theresultsareextremelypleasing addingvaluetoland-basedassets willpartnerwithTaranaki-based withvalue-chainprocessing, company Hiringa Energy in a given the ongoing challenges distribution and marketing. land-leasearrangementforanew created by the Covid pandemic, wind farm. The farm will generate and are testament to the Sheep dairying is more suitable for energytoproducezero-emission commitment and hard work of our the size of many of our landblocks, hydrogen for the heavy transport dedicated kaimahi. and has a lesser impact on the industry. environment. This new venture will NEWHORIZONS provide an opportunity to access The wind farm partnerships During the year in review, our newrelationshipsandexpand harmonise the production of land-basedbusinessmadea our knowledge base – all of which green energy with our search for strategic shift into a new activity. In builds on the objective to think alternative, sustainable land use, March,wecommitted$5.mtoremorebroadlythanjustfinancial generating passive income streams purposinganexistingwhenuablock returns, as set out in our Te Ara whilestillallowingexistinglanduse. into two sheep dairy units. Sheep Pdtangaoutcomesframework. The new relationships forged dairying is a relatively new industry Our alternative land use activity through such partnerships are in Aotearoa and one that we believe will also be boosted by another also valuable and open doors to will evolve and grow over time. dual land use partnership opportunities such as training and The venture allows Parininihi ki project. Following the opening long-termemploymentforour WaitJtaratotakealeadershiponParininihikiWaitJtarawhenua community. position within a new industry ofthe31-turbineWaipipiWind PARTNERSHIPS byexploringandtestingspino‹ Farm, which has been contributing benefitsbeyondthefarmgatefor power to the national grid since Our lobster partnership Port the region as a whole, such as November, the Incorporation Nicholson Fisheries posted the <<

These developments are critical too have the Board’s governance bestprofitinitshistory,aidedin responsibilities increased in part by improved maket conditions to advancing our longer term complexity.Theyearahead for Aotearoa lobster, created by outcomes and broadening the will see increased training and political tensions between China opportunities we can provide our development for Board members to and Australia. The joint venture whānau. ensure our Incorporation remains a exportedapproximately60tonnes GOVERNANCE best-in-classorganisation. of live lobster to China, where our kouraisoneofthemostsought- Asourshareholderwhānauare Governors will face greater aware, there have been some after in the world. complexityinsettingappropriate key changes in our governance strategy to meet the increasing Similarly,ourco-investmentswith structures over the past few years, regulatory and business challenges IwiandMāoriorganisationsin such as the reorganisation of the thatlieahead.Significant NgāmotuHotels,TaiHekengaand PKWFarmsGeneralPartnerLtd regulatory change is on the TePdiaTāpapadiversifyourincome Board.Thegroup-widereview horizon with impending changes streams and reduce our reliance on will draw to a close with the in environmental regulation, fresh one single business. Our strategic reorganisation of the Parininihi water legislation and climate intentisdiversificationwhereit kiWaitJtaraTrust.Thestrategic change. The changes will have makes sense, where it is aligned to decision to include an independent asignificantimpactoneveryone our strategy and our values, and, trustee on the slimmed down Trust involved in the primary industry, wherever possible, where we are board will add to the independent particularly dairy farming. We must abletoco-investwithourrelations. be prepared for these changes. thinking,appropriateexpertise, Alongside these new partnerships skills,andexperienceneededto Also ahead of us in a few years are our evolving relationships with advance the Trust’s objectives. istheseven-yearlyrentreview suppliers of our active businesses. process. This is one of our most The structural review across Their willingness to strategically important business undertakings the group underscores how the partnerwithParininihikiWaitJtara andisacomplexbodyofwork. business of governance has to grow our business while also The rent review process will require changed from directly managing providing opportunities for our engagement with the West Coast businesses to maintaining strategic shareholderwhānau,hasresulted Lessees Association and a level oversight, appointing the right in an increase in the percentage of of political engagement locally. It people to the right roles and Māorisuppliersto18%(FY19/20: will require much preparation and a managing business performance. 13%),aswellasanupliftinthe largelead-intime.Wewillkeepour scholarshipso‹eredannually As our Incorporation has grown owners updated on this important anddiversifiedovertheyears,so to32in201(FY19/20:4). matter as the process develops.

" Thechangeswillhaveasignificant impact on everyone involved in the primary industry, particularly dairy farming. We must be prepared for these changes."

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

TE RAU TOI ARIKI CHAIRERP N OS EPR T RO

" By putting people with the skills and experiencetomakefocusedand informed strategic decisions around the table,weareconfidentofachievingour mission..."

As our Incorporation grows over General Manager Shareholder " Understanding our Engagement,PunaWano-Bryant, time, so too does our ownership whānauaspirations and Te Rau Whakahono Pito base through succession. andexpectationsfor / General Manager Property, Understandingourwhānau ParininihikiWaitJtara Buttimore,toourexecutive aspirationsandexpectationsRichard for leadership team. Puna and Richard ParininihikiWaitJtararemains remains an important have proved valuable additions to an important area of focus for area of focus for the our organisation, and it is gratifying the Board as we consider the Board as we consider to see the fruition of the vision challenges created by ongoing the challenges created tohaveourownwhānaucoming share fragmentation. We continue toencouragewhānautoconsiderhome to run our business. Richard by ongoing share isapreviousParininihikiWaitJtara usingwhānautruststohaltthe fragmentation." Trust scholarship recipient who ongoing fragmentation of shares. is now in a position to manage ACKNOWLEDGEMENTS the aforementioned rent review processforParininihikiWaitJtara.It I want to pass on the Board’s is rewarding to see he has come full appreciation and thanks to each circle with the organisation which and every member of our kaimahi once supported his educational whānau,whoweatheredthe Finally,Iwouldliketoexpressour pathway. restrictionsofCovid-19lockdowns thanks and appreciation to our and continued to perform in the interests of our Parininihi ki WaitJtarawhānau.

shareholdingwhānauwhohave I would also like to acknowledge supported the Committee through the work being done by Parininihi the year in review. We hope our kiWaitJtaraTrustwithouralumni whānauarepleasedwithhow to reconnect our rangatahi with I particularly wish to acknowledge ParininihikiWaitJtaraisdeveloping our Incorporation. As a Board our senior management. We are and we look forward to further we are united in our aspiration fortunatetohaveourhigh-calibre to see continued investment improvement in the year ahead. team leading the work that must be in this initiative to foster better done despite the challenges of a Mauri ora. connectionbetweenthenext period so fraught with uncertainty. DionTuuta generation of shareholders and We welcomed Te Rautitikura / their Incorporation. TeRauToiAriki/Chairperson

BALANCEHEET S HIGHLIGHTS 2016/7

2017/8

2018/9

2019/

20/1

TERM LIABILITIES $'000

$65,433

81/7 02 91/8 02

$46,742

02/91

$51,742

12/0

$51,742

Debtlevelshaveremainedconsistent.Thetotaltermdebttoassetsratiois13.4%

71/6 02 81/7 02 91/8 02

HEANG T ATA

TOTAL ASSETS $'000

$316,707 $321,660 $316,032

02/91

$334,288 $384,797

12/0 Increase due to various revaluation of investments and whenua.

TOTAL EQUITY $'000 71/6 02 81/7 02 91/8 02 02/91

ARP ININIHIKIAIT W ART V AINCOATROP ION-BALANCEHEET S HIGHLIGHTS

$68,787

71/6 02

$240,022 $247,176 $257,267 $267,076

12/0 ShareholdersEquityhasincreasedconsistentlyyearonyear,from$240min2017to$317in201, representingatotalgrowthof32.1%over5years.

$317,022

ATAGLANCE FINANCIAL PERFORMANCE

OPERATING PROFIT AFTER TAX

NET PROFIT AFTER TAX

nd a ef b oreFalue a V ri ns iaG Los ( / es s )

ating profit after tax

Equity

ating profit after tax

Shareholders

atingEquity profit after tax

Farmed Whenua

Equity ating profit after tax Shareholders

OPERATING PROFIT

Net Profit Operating profitAfter afterTax tax

Equity *Dividend & Grant Distribution

Net Profit Operating profitAfter afterTax tax

Shareholders Kaimahi

NetEquity Profit After Tax *Dividend & Grant Distribution Operating profit after tax

EQUITY

MaoriWhenua Business Farmed

*Dividend & Grant Distribution Equity Net Profit After Tax Operating profit after tax Shareholders Kaimahi

$11.35M

Net Profit After Tax

up $3.4m from 2020

Net Profit After Tax

Operating profit after tax

NET PROFIT

Equity

*Dividend & Grant Distribution

Operating profit after tax

Net Profit After Tax

*Dividend & Grant Distribution

Net Profit After Tax

nd a ef b oreFalue a V ri ns iaG Los ( / es s )

FINANCIAL POSITION EQUITY Shareholders Kaimahi

$317M

OperatingEquity profit after tax up $50m from 2020

Net Profit After Tax *Dividend & Grant Distribution

Kaimahi

Net Profit After Tax *Dividend & Grant Distribution

DIVIDENDS & GRANTS

Maori Business

Farmed Whenua

Maori Business

*Dividend & Grant Distribution Net Profit After Tax Kaimahi

Equity Operating profit after tax Shareholders

*Dividend & Grant Distribution Net Profit After Tax Kaimahi

NUMBER OF SHAREHOLDERS Equity Shareholders

*Dividend & Grant Distribution Equity

Kaimahi Shareholders SHAREHOLDERS

10.9k

*Dividend & Grant Distribution Kaimahi

Equity

up 0.1k from 2020 Shareholders

Farmed Whenua

Maori Business Farmed Whenua

Maori Business

Farmed Whenua

Shareholders

Kaimahi Shareholders Maori Business Farmed Whenua

Kaimahi Maori Business

Farmed Whenua

Shareholders

WHENUA

3,358ha down 406ha from 2020*

Maori Business

Farmed Whenua

*This represents a change in reporting actively owned and managed whenua only, as opposed to including that which is leased from third parties in prior years.

up $30.8m from 2020

DIVIDEND & GRANT DISTRIBUTION*

$2.31M up $270k from 2020

* This represents the Annual Dividend declared to shareholders and distribution tothePKWTrustfor201.

% OF KAIMAHI MĀORI *Dividend & Grant Distribution Kaimahi

KAIMAHI MĀORI Maori Business

67%

up 10% from 2020

Kaimahi Maori Business

TARANAKI MĀORI BUSINESS SPEND

ACTIVELY FARMED WHENUA

Maori Business Farmed Whenua

$42.8M

MĀORI BUSINESS Maori Business

18%

up 5% from 2020

PKW Investments

FIVEEAR Y CONSLIDAT O EDERP FOMANCE R 12/0 2 O T 81 7 02

91 8 02

0 '$

02 91

0 '$

12 0

0 '$

$'000

ARP ININIHIKIAIT W ART V AINCOATROP ION-ATALANCE G

71 6 02

FinancialPerformance Revenue

935,82

Operatingexpenses

645, 2

Ø1Œ 246,5

Finance costs

Ø1Œ 42 ,7

Ø2Œ 649,

Ø1Œ 34 ,7

Ø2Œ 486,

459

401,82 Ø1Œ 0 3,7

Ø2Œ 56 ,

487,1

31,802 Ø1Œ 103,8

Ø2Œ 870,

962,

Ø2Œ 130,

2,268 HEANG T ATA

Shareofprofitfromjointventures

652,8

Operatingprofit/(loss)beforetaxand otheritems

509, 1

Taxexpense

2 4,8

Ø1Œ 3 6,

716,0

Ø1Œ 786,

952,

Ø1Œ 149,

13,738

Ø2Œ 983,

Ø1Œ 783,

PKW Whenua - Farming

2.9%

PKWWhenua-Dier v sicaton

2.3%

OperatingPKW profit Other (inc. Cash)/(loss)aftertaxandbefore 1.9% PKW Whenua - Tupuna PKW Farms fair value gains/(losses) PKW Other (inc. Cash) 59.5%

31.3%

27 ,9

3.0%

537,6

82 ,7

Netgains/(losses)frominvestments

Ø1Œ 951, PKW Farms

23.8%

0 5,63

675,

2020-21

Profitfortheyear

8 1,4

943,1 31,435 42,784

06 ,21

4.5%

PKW Investments

2.7%

PKW Fish PKW Trust

0.1%

PKW Commercial Property

1.7%

PKW Commercial Property

2.7%

PKW Whenua - Tupuna

PKW Investments

901,3 587,1

1.1%

CHANGEINASRUO ETS BASEASAESR LTU FO DIV RUO ERIFICAT S IONATRTS EGY IMPLEMENTATIONERV O HE T ASP MO21 T NTHS 0.1%

278,

PKW Fish

PKW Miraka Hipi

5.5%

67 ,8

56.9%

PKW Whenua - Farming

3.2%

PKW Other (inc. Cash)

PKW Whenua - Tupuna

2.0%

60.4%

PKWWhenua-Dier v sicaton

PKW Farms

27.9%

PKW Whenua - Farming

PKW Other (inc. Cash)

1.4%

1.2%

2.9%

PKW Farms

26.4%

PKWWhenua-Dier v sicaton

2.3%

PKW Other (inc. Cash)

3.0%

PKW Farms

23.8%

2018-19

2019-20

PKW Fish

1.1%

PKW Investments

PKW Commercial Property

4.0%

1.2% 2.9%

PKW Fish

PKW Miraka Hipi

5.2%

5.4%

PKW Investments

2020-21

PKW Fish

PKW Trust

0.1%

PKW Whenua - Tupuna

55.8%

PKW Commercial Property

2.8%

2.7%

PKW Whenua - Tupuna

56.9%

PKW Whenua - Farming

3.2%

PKWWhenua-Dier v sicaton

1.2%

PKW Other (inc. Cash)

1.4%

PKW Farms

26.4%

4.5%

PKW Investments

2.7%

ARP ININIHIKIAIT W ARTV AINCORPOATION

TEPWRONGOTERAUMATOMATO CEOep R ort

ARW WICKAUT WHARE-GEOGER

Tū mai rā e koro Rua Taranaki hei kaiwhakaruruhau mō ngā uri o Taranaki iwi whānui.

moniwhiwhitoitd-hetohupaitēnāIkahatepikiuaraongāpdtakerawa, waengaitetaumāte$39.4m, etautokoanaitJtātourautakiimJ tekanorautangamengāwawata e whakaata ana i te kaikaha o te mākete.Hekahaaketepikingauarai wāroa. E ngā mate o te tau haere atū Jtātourawahaumitanga,emauneii rā ki te kāpunipunitanga o te Kawhakaatuhokingāotinga tewhakapikingauarawāroamengā wairua, ki te okiokinga o ngā papaiotēneitauiteātaaroatu, whiwhingar% hi.He$24.3m(TP19/20 mātua tūpuna, haere atū rā. whakahaerehokiitewāpJkaikaha. $2.5m)ngāpikingatapekemJngā E hiahia ana au ki te whakanui, ki whenuatdpuna,he$94k(TP19/20 Ka whati te tī, ka wana te tī, temihihokikitekatoaoātātou $12k)mJterawaarumoni,ā,he ka rito te tī. Tēnei mātou ngā kaimahi,mātuarākotet%ma $5.3m(TP19/20$6k)mJterawa ringaringa me ngā waewae whakahaere,whaipdkenganui tuawhenua. He kaha hoki te piki i te o te kaupapa o Parininihi ki hoki.Kuawhakaaturiatārātoumahi uaraongākarehe. Waitōtara e hoe tonu ana i te ngaio,pdkengahokiitJrātoudkite waka o te manawanui me te hāpaiiterJpdwhakahaereitēnei Iekekingātaumatatemahiaā rangimārie. tauraruraru,itēneitautauhou.tātoupakihihohe,ā,itemutunga iho,he$1.4mngāhuamoni Nō reira tēnā koutou katoa. Otiiā,kāoreanJteihukiaputa. whakahaere me te moni ukauka KuatohumaiteirakēDeltame iwhakaputaina.Iahumaiēnei rite te ranga whakahaere nei, me otingaitekahaongāutumiraka,e mataara,kiaurupareaikingā whakarewahiaaiengāwhiungao nekenekehangaoteaoJhanga. ngāmāketekeitāwāhi,metetereo Hāungatēnei,eorapainoaihoana tewhakaoraanJoNgāmotuHotels teKJporeihanaitēneiwākiatika me Port Nicholson Fisheries. Hei Te Rau Matomato / Tumu te whakaahu whakamua o te mahi Whakarae/ChiefExecutive HemaherepdteatJpd,earoana matuaitātātourautakimJtetupu. O–ceroteKomitiWhakahaere kitetiakiiteumangaitewāote mJteKJporeihanamJParininihiki TEPcRONGOTAHUAPcTEA mJreareaKowheori-19iarotahiai WaitJtara(PKW),kaharikoaahauki ki te whakahaere utu, i hua mai ko tehoraitepdrongoā-taumJtetauKuahoraingāmahipakihiteotinga tewhakapaungaputanoaiterJpd ā-tauka$42.78mtehuamoni pdteakamutuite30oPipiri201. ka$18.3m(TP19/20$17.3m).Hei tapekeimuriitetāke,kahāngai NJmuriiteohoreremengātaupā tetauetdmaianakapēneitonute kitetapekewhiwhingawhānui otetauhdkerirā,kuapārekareka arotahinga. ka$52.0m(TauPdteaTP19/20 tēneikitewhakamJhioatuekaha $13.4m). NGĀHAUMITANGA anatewhakapikianJputanoaingā Eruangāāhuatangaitāpaekitēnei EhokianakitekJrero,henuingā mahiateKJporeihanaoParininihi huaā-tauoātātoupakihi.Nāte kiWaitJtara(PKW).Ahakoangā otingapārekareka: āhuamārieotehuarere,meterahi herengaongānohorāhuimJ • tetipuiteuaraongārawa;me otepdtea-tukumJteutumiraka Kowheori-19itetau20,ikaha tekahameteātawhakatakoto kg/ ($7.14 MSiteo 30 Pipirii 21), eke aitewhakararuingāmahipakihi,i• riroiteKJporeihanangāhuaongā i te whaihua o te whakahaere.. ki tua atu i te taumata i matapaetia.

ET NG OR P ET O AUR MATMAT O O

" Ikahatepikiuaraongāpdtakerawa,iwaengai tetaumāte$39.4m,ewhakaataanaitekaikaha otemākete.HekahaaketepikingauaraiJtātou rawa haumitanga, e mau nei i te whakapikinga uarawāroamengāwhiwhingar% hi."

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

Ikahapāngiaeteurutāeruao kaupapamahitahi,ā,itemutunga Superfundingāpakihimengā iho ka eke te tau ki te taumata ikeike āmātoupakihimahitahi,arā,ko rawanunuioAotearoa.Kuahoko rawa. NgāmotuHotels,nānateNovotel rātouiētahiheaotehinonga NgāmotuHotel,kotekaikaweake r% hitarakanunui,oTRGroup,o He$1.6mtepikingauaraote kJurakoPortNicholsonFisheries Avanti Finance hoki, he kaituku huingahaumitanga,meJnarawa, hoki,engarihekahatemātdtdi JnawhaipāngapakihiatuanJhoki pdteapēke-korenJAotearoa,ote temutungaotetau.Inātataneii i waho atu i te ahuwhenua miraka kaiwhakarato nui rawa o Aotearoa pāngiaanJtiaaNgāmotuHotels mJterangahaumatehaporihoki, kautdturu,ā,he$1.6mtetipuo (he kaupapa mahi tahi a Taranaki oAsiaPacificHealthcareGroup te uara i te haumi ki te Tai Hekenga iwi/haporiMāori)engāherenga anJhoki,katoaneikaratoingāhua rawaanake.Kotematapae,hei haereotemotumJterāhuiDelta, ngātauerimaetdmainei,ka ahumonipakari,wā-roahokimāte heotianJ,kuamanawat%t%teranga, tāpiriaeteTaiHekenga(hekāhuio KJporeihana. ā,earotahianakitewhakahaere Taranakiiwiwhānui)kitānahuinga HETIROHANGAWHAKAMUA ingāmoniwhiwhiiHauwhā3me haumitangar% hipapanuiiwaenga KahaeretonuteārahioJ Hauwhā4itetau201/. pdoTeWhanganui-a-Tara,ia tātouuarameJtātouritenga iaewhakamātauanaingāmea NJmurimaiitekatingaoāna kaitiakitangaiJtātouwhakaaroaro angituheihokowhenuaanJmā mahi,iteparingaotetaiongā mJteāpJpJ.KapdmautāParininihi herengarāhui,ituwherahiaete te tukanga Deferred Settlement kiWaitJtarakJkiriwhakamuapēnei PortNicholsonFisheries(hekāhuiPropertyateKaraunamJte nā,kauaheipakihinoaiho,engari whakataukerēmeTiriti. iwi/Māori)tewākaweakekJura,i heikaitiakitdturuotewhenua. teHaratua,heoianJhepdhoite E hiahia ana te tahua haumitanga He mea waiwai a Te Huringa hokongaatu.Engari,nJmuritata nāngāiwimengāpakihiMāori oteĀhuarangi,teurupare iho, ka rewahia te mahi pakihi, ka ek% ianeikoTePdiaTāpapa,kia kaha piki te mahi hokohoko a te whakangaotahirātoukoteNZ rautakihurihuriāhuarangie <<

whakawhanakehiaanamā Energykitewhakatdingākapohau mahikitetahaoētehiatuotetaha tukatuka, kawe, whakatairanga hoki teāwhinaoētehimātanga ewhākiFarm15iKJkiriRori,i putaatuingāraupapawhakauruuru taiao matua. He kaupapa mahi waengaiManaiameKapongaki uara. tāpuatēnei.Kaātahāngaite Taranaki ki te Tonga. whakamaunga rautaki ki te Rautaki HEIWHAKAKAPI Ahakoa kei te whakaritea tonuhia, Kaitiakitanga,iwhakatakotohiaaie kawhakaratotekaupapahangarautoru tau ki muri, ka arotakengia ai i Ko te ao mahi hou kei mua pea i te parukorenunuineiitētehiara rotoitēneimahi. aroaro he wāhanga o te whakaaro whiwhingapdteakatiakinatetaiao whakamua, tatū atu ki te whakarahi Etdhuratonuana,ewhakahaere kahuamaiingāarawhakamahi tonuanahokimātouingā whenua hourua (ka haere tonu ake i ngā hua hei tautoko i ngā kowhiringa mahinga whenua ka temahiahuwhenuat%matahiaai putanga ahurea, pāpori, taiao hoki whakahekeiātātoupāngakiJ ngāmahiangākapohau),āka kei te iho o ā tātou mahi katoa. tātouwhenua.Kuawhakarewaina whakatdturuiētehiaramahimātJ Nei rā te mihi ki tō tātou Poari, Te katoatia te Waipipi Wind Farm kei tātouhapori. tewhenuaoParininihikiWaitJtara Heitēneitaukawhakarerekēitā Rau Rengarenga o Parininihi ki iwaengaiPāteameWairoaiti, Waitōtara, mō tō rātou tautoko, tātoupakihipāmumātewhātoro ā,kuaputahemeaangitukite ārahi, mahi rautaki hoki ka atu ki te mahi miraka hipi. He mahi i te taha o Hiranga Energy, āhuahoutonutemahimiraka whakatau ai te ara hei whainga hekamupenenJTaranaki,iroto hipi ki Aotearoa, engari he nui mā tātou. Hei whakakapi ake, itētehiatuanJkaupapapdngao atukeitāwahi,inahenuiakengā ka rere tonu te mihi ki ō tātou whakahou. huamirakahipiiJtemirakakau. Rautitikura i tō tātou haere tahi, Kotewhāingaotēneikaupapa Hetāpiritangatāpuatēneikitā tukuwaro-korehewhakaputa tātoupakihiahuwhenuamatua. anga tahi atu ai ki ngā hau pūkeri o te wā, whakatere tahi ai mā te ara itehauwai(hydrogen)'māori' KahāngaitekaupapakiJtātou heiwhāngaiingākawenunui,i whakahautaiaowaiwaiepāanaki whakamua. tāngākaiwhakahaererapuara tewhakahekeitāmātoutapuwae Ngāmihi heiwhakaheketukuwaro.Kotā waro,ā,hemeaangitutēneimJte ParininihikiWaitJtaraheikaipupuri whakaputangaotepāmu,owahoo WarwickTauwhare-George whenua, he mahi ki te taha o Hiringa tepāmuhoki.Mātuarā,arāpeahe TeRauMatomato

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

ET NG OR P ET O AUR MATMAT O O

" KahaeretonuteārahioJtātouuara meJtātouritengakaitiakitangaiJ tātouwhakaaroaromJteāpJpJ.Ka pdmautāParininihikiWaitJtarakJkiri whakamuapēneinā,kauaheipakihi noaiho,engariheikaitiakitdturuote whenua."

ARP ININIHIKIAIT W ARTV AINCORPOATION

TEPWRONGOTERAUMATOMATO CEOep R ort

ARW WICKAUT WHARE-GEOGER

Tū mai rā e koro Rua Taranaki hei kaiwhakaruruhau mō ngā uri o Taranaki iwi whānui. E ngā mate o te tau haere atū rā ki te kāpunipunitanga o te wairua, ki te okiokinga o ngā mātua tūpuna, haere atū rā. Ka whati te tī, ka wana te tī, ka rito te tī. Tēnei mātou ngā ringaringa me ngā waewae o te kaupapa o Parininihi ki Waitōtara e hoe tonu ana i te waka o te manawanui me te rangimārie. Nō reira tēnā koutou katoa.

The value of our underlying assets indicator that supports our strategy increased substantially during ofdiversificationandourlong-term theyearby$39.4m,reecting vision. a bullish market. Capital growth The year’s positive results also was strongest in our investment reectaconsideredposture properties, which are held for and careful management long-termcapitalappreciationand through uncertain times. I want rental earnings. Net gain for whenua to acknowledge and thank all tdpunawas$24.3m(FY19/20 of our kaimahi, in particular the $2.5m),forcommercialproperty talented management team. Their $94k(FY19/20$1k)andforrural professionalism and skills have property$5.3m(FY19/20$6k). once again been demonstrated Therewerealsosignificantgainsin in their commitment to seeing livestock values. the organisation through an unprecedented year of turmoil.

Our active businesses performed extremelywell,resultingin$1.4m inoperatingprofitsandcash generated. The results were driven by strong milk prices, buoyed by o‹shoremarketdrivers,andthe unexpectedlyswiftrecoveryof NgāmotuHotelsandPortNicholson Fisheries.

Of course, we are not out of the woods yet. The emergence of the Delta variant is a signal that this organisation will need to remain on its toes, ready to respond to the shifting economic climate. Despite this, the Incorporation As Te Rau Matomato / Chief is in a reasonable position to ExecutiveO–cerofParininihiki appropriately progress some of the A consolidation budget aimed at WaitJtara(PKW)Incorporation,I key work in our strategy for growth. protecting the business during the am pleased to present the annual Covid-19crisisfocusedone‹ective FINANCIALREPORT reportforthefinancialyearending cost management, resulting in 30June201. The business has delivered an expenditureacrossthegroupof annualresultof$42.78mnetprofit $18.3m(FY19/20$17.3m).This Following the shock and aftertax,takeninconjunctionwith focus remains in place for the year constraints of a turbulent year, total comprehensive income of ahead. it is a pleasure indeed to report $52.0m(FY19/20$13.4m). astrongrecoveryacrossPKW INVESTMENTS Incorporation’s activities. Two factors contributed to this As already mentioned, our AlthoughtheCovid-19lockdown pleasingresult: businesses returned strong annual restrictionsof20disrupted • Growthinassetvalue;and results. With settled weather and businessactivitiessignificantly, asubstantialmilkpricepay-out • Strong and considered theIncorporationbenefitedfrom resilient revenues – a welcome operational performance. ($7.14kg/MSat30June21),the

" The value of our underlying assets increased substantiallyduringtheyearby$39.4m, reectingabullishmarket.Capitalgrowthwas strongest in our investment properties, which areheldforlong-termcapitalappreciationand rental earnings."

TE RAU MATOMATO CEOEPR T RO

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

PKWFarmsLPsubsidiarydelivered o‹shortlyafterwards,withthejoint toco-investwiththeNZSuperfund aboveexpectation. venturepickingupsignificantlyinlarge-scaleAotearoabusinesses and assets, has taken positions increased trade and achieving a Two of our joint venture businesses in leading heavy trucking leasing record year. –NgāmotuHotels,whichowns entityTRGroup,NewZealand NovotelNgāmotuHotel,and Thediversificationportfolio,which ownednon-banklenderAvanti kouraexporterPortNicholson is made up of property and other Finance,andthelargestNZ Fisheries – were impacted heavily business interests outside core provider of community pathologist by the pandemic, but bounced dairyfarming,hada$1.6mchange servicesAsiaPacificHealthcare back strongly to end the year well. in value, with capital growth of Group, all of which will provide the NgāmotuHotelsa ( Taranakiiwi/ $1.6mintheTaiHekengaproperty Incorporationwithsolid,longMāorijointventure)hasagainbeen investmentalone.Overthenext five returns. tenure impacted by recent domestic years, Tai Hekenga (a collective of LOOKINGAHEAD travel restrictions due to the Delta Taranakiiwiwhānui)isexpectedto lockdown, but the team is in good add to its large portfolio of ground Our future thinking continues spirits and is focused on driving leases in central Wellington as it to be guided by our values and revenuesQtr3andQtr4201/. works through opportunities to kaitiakitanga obligations. Parininihi acquire further land through the kiWaitJtaraisdeterminedtobe After shutting up shop during the Crown’s Deferred Settlement proactive in this regard, not only as height of the lockdown restrictions, Property mechanism for Treaty a business but as true guardians of the Port Nicholson Fisheries (an iwi/ claims settlement. the whenua. Māoricollective)openeditslobster exportseasoninMaytosluggish Theiwi/Māoribusinessinvestment KeytothisisTeHuringao sales. However, business kicked fundTePdiaTāpapa,whichseeks teĀhuarangi,thestrategic <<

climate change response being developed with the help of leading environmental consultants. This isasignificantpieceofwork.The strategic intent will be closely alignedtotheKaitiakitanga Strategy, which was set in place three years ago and will be reviewed as part of this work.

ManaiaandKapongainSouth Taranaki.

atFarm15onKJkiriRoad,between

to work across integrated value

chains by partnering with others in processing, distribution and

marketing. Whilestillatphase-upstage, partnershipinthismajorcleantech CONCLUSION project will provide an additional, Thepotentiallygame-changing environmentally sustainable income stream from the dual work ahead of us is all part of use of the whenua (farming will thefuture-thinkingthatincludes continue once the turbines are elevating returns to support the Wecontinuetoexploreand commissioned)andcreatelongcultural, social and environmental facilitate alternative land use term job opportunities for our outcomes at the heart of options that lower impacts on our community. everything we do. whenua. The Waipipi Wind Farm This year we will diversify our onParininihikiWaitJtarawhenua I want to thank our Board, Te farming business by branching betweenPāteaandWaverleyis intoovine(sheep)dairying.Ovine Rau Rengarenga o Parininihi now fully commissioned, and an kiWaitJtara,fortheirsupport, milking is a relatively new industry in opportunity has arisen to partner Aotearoabutmuchbiggero‹shore,guidance and the strategic work with Taranaki company Hiringa with returns on sheep milk products that sets our course and drives our Energy in another renewable stronger than for cow milk. This is e‹orts.Finally,Iacknowledgethe energy project. asignificantadditiontoourcore manaakitanga of our Rautitikura, Thezero-emissionenergyinitiative farming business. The venture our shareholders, as together we aims to produce ‘green’ hydrogen aligns with our environmental turn to face the winds of change to fuel heavy transport as operators imperatives in terms of lowering and steer a collective path forward. seek to lower carbon emissions. As our carbon footprint, and presents alandowner,ParininihikiWaitJtara newopportunitiesinbothon-farm Ngāmihi will partner with Hiringa Energy to productionandpost-farmgate. WarwickTauwhare-George accommodate four wind turbines In particular, there is potential TeRauMatomato/CEO

HE TANGATA ARP ININIHIKIAIT W ART AINCOATROP ION-

TE RAU MATOMATO CEOEPR T RO

" Our future thinking continues to be guided by our values and kaitiakitanga obligations. Parininihi kiWaitJtaraisdeterminedtobe proactive in this regard, not only as a business but as true guardians of the whenua."

TE RAU TINI PKWOUPENT GR ITIES

R itkura/ aut KWP eh Shar olders

e T Rau Manaaorw ao arini P nihik a/tri W PKWrus T t

Ace vti Investment*

e asivP Investment

arini P nihik atri W Incorporation

Mangaoapa Forest arPtnership

PKWFarms

e T Pkia gpT ap

PNFFisheries LP PNFFacilities LP

LP*

aiHek T enga LP

*PKWFarmsisa10%ownedsubsidiaryofPKWIncorporation. *RefertoFinancialNotesB7andE23forpercentageofentityownership.

NggmotuHotels LP

ocR dcharkitO

No.2 LP

Hinerangi Raumati-Tu'ua

Beverley Gibson

Claire Nicholson

Taaringaroa Nicholas

William Edwards

TEMSNGAIAUR ITT IKUAR HARS EHOLDEREPR ESR ENTATIVE PKW TRUST

TE RAU RURU INDEPENDENTDIRECTORS PKWFARMSLP

RichardKrogh

Mark Bridges

Darryn Ratana

David MacLeod

HE TANGATA ARP ININIHIKIAIT W ART AINCO HEANG T ATROP ION ATA -

Dion Tuuta Te Rau Toi Ariki / Chairperson

ARP ININIHIKIAIT W ART V AINCO TE RAU ATROP IONTOI -ERV OG NANCE ARIKI CHAIRERP N OS EPR T RO

TERAURENGARENGAAROP ININIHIKIAIT W ARTV A COMMIT TEEOFMANAGEMENT

TE RAU MANAWANUI EXECUTIVELEADERSHIPTEAM

WarwickTauwhare-George Te Rau Matomato Chief Executive Officer

PunaWano-Bryant Te Rautitikura General Manager Shareholder Engagement

JacquiKing Te Rau Whakapuāwai Head of Corporate Services

JoeHanita Te Rau Māhorahora Chief Financial Officer

Richard Buttimore Te Rau Whakahono Pito General Manager Property

Shane Miles Te Rau Whakahaumako General Manager Ahuwhenua

CHIEFEECUIVT EFFICER O ECR S ETARY

PORT NICO H SL ON IF SHERIES EG NERAL PARTNER /7’o7+(*(1(58/38571(5)2532571,&+2/621 AF IC IL TIES PL Hinerangi RaumatiT- u'ua Warwick Tauwhare-George

.2858,1&*(1(58/38571(5/7’o7+(*(1(58/ PARTNER O F R PORT NICO H SL ON IF SHERIES PL Hinerangi RaumatiT- u'ua Warwick Tauwhare-George

Warwick Tauwhare-George

AM NGAOAPA PARTNERSHIP

TERAUWHAKAWS

1*a0278+27(/6*(1(58/38571(5/7’o7+( *(1(58/38571(5)251*a0278+27(/6/3 Warwick Tauwhare-George

TE RAU AM NAWAORA O PARININIHI KIAIT W ARTV A

TERAURANGAPW

TE RAU AM TAORA

ET RAUMATATW

3.:)8506*(1(58/38571(5/7’o7+(*(1(58/ PARTNER O F R PKW AF RMS PL Richard Krogh Ch( air) Claire Nicholos n Mark Bridges (Independent Direoct r) Taaringaroa Nicholas

ARP ININIHIKIAIT W ART V AINCOATROP ION-ERV OG NANCE

Dion Tuuta Ch( air) vBe Giobs n Claire Nicholos n David eoMcL d Hinerangi RaumatiT- u'ua Taaringaroa Nicholas William Edwards

TE RAU HERENGA WAKA

HEANG T ATA

TE RAU RENGARENGA O PARININIHI KIAIT W ARTV A

e T AraPutanga-Annuales R ults Annuales R ults201

W H

TeAraPutangaistheoutcomespathwayforParininihikiWaitJtaraIncorporation.Itisintended to give shareholders a transparent and holistic update on progress, referencing the values of manaakitanga, kaitiakitanga, whakapono, kotahitanga and whanaungatanga that lie at the heart of the organisation.

GA/ N A T GA NGA N U HITA A ANOTA K

MAN AAK ITA NG A

W H A K AP O GA

IT KA Made up of a series of metrics, TeAraPutanga(TAP),isintended to provide a picture of how the organisation is performing socially, culturally and environmentally, as wellasfinancially. Since2018-9,TAPhasbeen utilised to build a holistic assessment of the organisation. Each year provides a result which can be benchmarked and compared against prior years.

Over time, each yearly assessment will show the incremental change, challengesandprogressPKWis making towards its vision of He Tangata,HeWhenua,HeOrangagrowing and sustaining our people through prosperity. Eachmetricconsistsof; • A description • Aresultonascaleof1-0.PKW has set a minimum standard for

AN T I K

anymetricat5,representedbya dotted line on the graphs. • Anexplanationoftheannualresult • Theresultfromthelastfinancial year, showing how the business performance has changed, or remained stable. • Future actions planned.

e T AraPutanga-Compate riv Annuales R ults MAN AAK ITA NG A ET ARAANG TUP AANNUALESR LTU S

GA/ TANA A G G UNHITAN A ANOTA K

W H A K AP O

ARP ININIHIKIAIT W ART V AINCOATROP ION-

W H

Annuales R ults20

W H

Annuales R ults2019

GA/ TANA A G G UNHITAN A ANOTA K

HEANG T ATA

N ITA K IA

MAN AAK ITA NG A

W H A K AP O

N ITA K IA

Manaakitnga Cae r orf oures pr entandfuturegenerations

RETURNONASSETS

Therateofreturnontheasset/investmentPKWholdsorhasmade.A5%returnacrosstheIncorporationportfo been set as the target.

5.5 1.0

(20-21)

4.5 (19-20)

4.0 (18-19)

Why? DespitethechallengesoftheCovid-19pandemic, What'snext?ParininihikiWaitJtarawillcontinuethe ParininihikiWaitJtararealisedastrongoperating diversification profit,in strategythroughsuchinitiativesast particularacrossPKWFarms,PortNicholsonFisheries Hiringa and Energy windfarm partnership and miraka hipi NgāmotuHotels.Inaddition,therewasstronggrowth (sheep inthe dairying).TheIncorporationwillfocusondelivering capitalvalueofassetswithsignificantcapital on gains the plans made it has set itself for the year and continuing to inthepropertyportfolio.IwiMāoriinvestmentfund improve TePdiafinancialreturnsoverthemediumtolongterm. Tāpapawasalsoaddedtotheportfoliothisyear.

DEBT

ThelevelofdebtanddebtmaturitycommittedtoParininihikiWaitJtarabusinessactivitiesandinves debtacrosstheorganisation’sinterestsiskeyandanyinvestmentdecisionsneedtocomplywiththede asset ( todebtratio)setbytheBoardfortheIncorporationasawhole.

6.0 0.

(20-21)

6.0 (19-20)

7.0 (18-19)

Why? Debtatagrouplevelhasslightlyreducedto What' 13%.No snext?Medium to long term debt forecasting has fundswereborrowedorrepaidduringtheyear;therefore been undertaken the as part of work to develop and deliver result for the year is static. a number of medium to long term strategic action plans. Focus will be on delivering to plan while monitoring anticipated change and rising interest rates in the global debt markets.

DIVIDENDSANDDISTRIBUTIONS

ThismetricmeasuresEBITDA(EarningsBeforeInterest,Tax,DepreciationandAmortisation),whichisessentia operating performance of the organisation, informing decisions on distribution to shareholders. In basic terms, the higher the result, the higher the potential for an improved dividend.

1.0

6.0

(20-21)

5.0 (19-20)

5.0 (18-19)

Why? Active businesses produced strong operating results, What'snext?Focus will continue on lifting distribution helped by a strong year from Fonterra, good milk prices and levelsoverthelongtermandgrowingthetangiblebenefi exceedingmilkproductiontargets.Jointventure to interests shareholders,suchasdividends.Keywillbecontinuing NgāmotuHotelsandPortNicholsonFisheriesrecovered toincreasediversificationtosecurereliablecashoww stronglyfromthe20lockdown,producinggoodcash maintaining good risk management practices across the ows.ThepositiveoperatingperformanceputParininihi businesses. kiWaitJtarainapositiontopayanincreaseddividendper shareof$1.75,up20centsonlastyear’sdividendof$1.5

MANAAKITANGAARP ININIHIKIAIT W ART AINCOATROP ION-

TE ARA PUTANGA

RISK

Robustpolicies,processesandsystemsarekeytoidentifying,trackingandmanagingrisk.Thismetricisinue both active and passive investments.

8.0 0.

(20-21)

8.0 (19-20)

9.0 (18-19)

Why? Asreportedlastyear,riskidentification,mitigation What'snext?There is further opportunity to improve and management are critical elements of the Parininihi ki risk management at both activity level and entity level, WaitJtaragroupenterpriseriskframework.Newframeworks examiningindividualinvestmentswithaviewtodevelo for some investments are in place and others are being specificriskframeworksmorecloselyalignedtothe establishedand/orcontinuetoberefined. activity of each entity or business area.

COSTMANAGEMENT

Close management of business cost is essential to maintaining and lifting the bottom line. Adhering to budgets and ensuring cost rationalisation procedures are in place deliver positive results.

1.0

6.0

(20-21)

5.0 (19-20)

5.0 (18-19)

Why? The consolidation budget set for the year (due What'snext?Focus will continue on building the toCovid-19uncertainty)focusedstronglyoncost procurementstrategy,maximisingcoste–cienciesand management and consolidating spend. A disciplined value for money. Close attention will remain on managing approachtofinancialmanagementacrossthegroup costs and monitoring spend to stay within plan for the resultedinexpenditurebeingbelowthelevels20financial forecast.year.

Kaitaknga Commitmentot leadership

HEALTHANDSAFETY

Clearexpectationsandkeyperformanceindicatorsencourageapositivehealthandsafetycultureacro concerns and active investment interests. The score of this metric is directly linked to the reporting protocols in place. Ascoreof5indicatesallreportingresponsibilitieshavebeenmet.

6.0

(20-21)

6.0 (19-20)

5.0 (18-19)

Why? The Incorporation is continuing to embed a robust What'snext?Health and Safety will continue to be a Health and Safety culture in every area of the business, high-priorityfocusacrossallactivitiesandentities.W ensuringthatexpectationsareclearlyunderstood will be undertaken inall to develop a consequences framework. sectors of the operation. Critical risk assessment has been a Best practice is deemed essential and must be ingrained significantfocusthisyearalongwithcontinuedattention into group culture onacross the board, particularly ahead of attainingKPIs. the anticipated harvesting of the Mangaoapa Forest in the next12-4months.

ANIMAL WELAF RE

The extent to which the organisation meets its requirements and obligations for animal welfare across its entire portfolio, not just within PKW Farms LP. The dairy business is assessed through the WelFarm programme. This independent industry-wide tool uses data generated by the PKW Farms vet to provide an overview of how animals are cared for and is designed to help dairy farmers better understand key animal health markers and how they impact on the optimisation of on-farm production performance.

2.5

7.5

(20-21)

5.0 (19-20)

TE ARA PUTANGA

8.0 (18-19)

WATERWAYSPROTECTION

KAITIAKITANGAARP ININIHIKIAIT W ART AINCOATROP ION-

Why? UnderPKWFarms’AnimalHealthPlanandthe What'snext?Thepro-activeapproachtoanimalhealth WelFarm programme, animals are assessed in three key planning and management will continue as Parininihi ki areas – body score condition, locomotion and tails – in WaitJtararefinestheAnimalHealthPlan,lookingforarea order to ensure optimum care and health. Assessments ofimprovementandidentifyingfocusareasonspecific wereunabletobecompletedlastyearduetotheCovidfarms. 19 lockdown response. All assessments were completed this yearwiththeresultsverifyingPKWFarms’animalwelfare e‹orts.

TheKaitiakitangaStrategysetsminimumrequirementsforprotectingawathatowacrossParininihikiWai andmonitoringprotocolstoassessthehealthofthewater.Fencingo‹waterwaysfromstockandriparianp the heart of this metric.

8.0

(20-21)

8.0 (19-20)

8.0 (18-19)

Why? Thefencingprogrammeisnow93%completeand What'snext?The fencing and riparian planting riparianplantingis84%complete.Datahasbeenvalidated programmewillcontinuetotarget10%delivery.A by Taranaki Regional Council. It should be noted that newly waterway protecting important biodiversity runs through purchased land can change the percentages and ratings the previously mentioned Mangaoapa Forest, requiring the year to year, depending on the state of the new property upcomingharvestingplantoincludespecificattention acquisition. waterway protection.

Kaitaknga

(continued)

Commitmentot leadership ENVIRONMENTALCOMPLIANCE

Thismeasurestheextentandabilitytowhichtheorganisationisabletocomplywiththerelevantandapplicab legislation and other regulatory requirements. There are four sections within this metric, each with their own score.

a) Agri-Investments -bothmandatoryandvoluntaryenvironmentalcompliance,encompassingthehealthofthe waterwaysandtheoraandfaunafoundthere.

7.0 1.0

8.0 (19-20)

(20-21)

7.0 (18-19)

Why? Theorganisationhasagainachieved10% What'snext?Water monitoring that has been completed compliance with all consents issued by Taranaki Regional to date by a supplier will in future be carried out by the Council.TwosetsofSHMAKStream ( HealthMonitoringkaitiaki and taiao team. Training is underway. Our Cultural AssessmentKit)watermonitoringassessmentsat Health di‹erent IndextoolwillbeusedalongsideSHMAK times of the year have been completed. The water health assessmentstoincorporatemātaurangaMāoriinthework resultsrangedthroughpoorone) ( tomoderate(five)to to understand good the health of our waterways. (10),withtwowaterwaysunabletobeassessed. b) CommercialInvestments-Asbestos -ensuringthatbuildingsandwhenuawithinthecommercialinvestment portfolioareuptostandard,specifically Health and under Safety at Work (Asbestos) Regulations 2016.

9.0 0.

(20-21)

9.0 (19-20)

8.0 (18-19)

Why? Final asbestos assessment has been completed on all What'snext?There will be ongoing monitoring and, where directly managed and occupied properties. required, ongoing management of any asbestos risk.

c) Commercial Investments-LandContamination -ensuringthatbuildingsandwhenuawithinthecommercial investmentportfolioareuptostandardwithregardtotheidentification land contamination. andmanagementof

10. 0.

(20-21)

10.0 ( 19-20)

10.0 ( 18-19)

Why? Results remain unchanged as no known What'snext?On-goingmonitoringwillcontinue. contaminationofexistingornewlyacquiredwhenuahas beenidentified. d) Co mmercial Investments - Building Warrant of iF tnes - ensuring that buildings and whenua within the commercial LQYHVWPHQWSRUWIROLRDUHXSWRVWDQGDUGVSHFL(FDOO\ Building ZLWK Warrant UHJDUG of iF tness WR .

10.

(20-21)

10.0 ( 19-20)

10.0 ( 18-19)

Why ? Following the annual Building Warrant of Fitness assessments, there is again no change in the status of any EXLOGLQJRZQHGE\3DULQLQLKLNL:DLW-WDUD

What's next? Building maintenance and monitoring will continue throughout the year.

RESOURCEUSEANDEFFICIENCY

This metric is split into three sections to ensure that an accurate assessment can be made across all resource consumption. a) Resourceuseande–ciency-Nutrients. Conscious and careful application of fertiliser and urea across both dairy and drystock farming concerns to ensure the use of only what is needed, in the correct quantities, at the right time.

10. 0.

(20-21)

10.0 ( 19-20)

KAITIAKITANGAARP ININIHIKIAIT W ART AINCOATROP ION-

TE ARA PUTANGA

10.0 ( 18-19)

Why? ParininihikiWaitJtaracontinuestouseWhat' the snext?The fertiliser supplier agreement is in the OverseerFM online software tool to control application of processofbeingrenewed.TheIncorporationwillexamine fertiliser and urea on managed whenua. Satellite imagery is alternative methods of nutrient application and will have the used to monitor grass growth. opportunity to consider new products.

b) Resourceuseande–ciency-Water. Usingwatere–cientlyisimportantforboththebottomlineandtheenvironment.

0.5

7.5

(20-21)

7.0 ( 19-20)

7.0 ( 18-19)

Why? Most of our farms now have the appropriate infrastructure, technology and tools in place to allow the capture of data around how water is managed. The data shows that, across the farming business, a daily average 12litresofwaterisusedpercow.

What'snext?Data will be analysed to identify where improvementsarerequiredformoree–cientuseofwater. Attention will also turn to collecting and analysing data on waterusee–ciencyino–cesettingssuchasatNovotel Ngāmotu.

c) Resourceuseande–ciency-Energy. Reductionintheuseofenergy,primarilyelectricity,signifiesessentialcostsavingsaswellasbeinggoo

7.0

(20-21)

7.0 ( 19-20)

6.0 ( 18-19)

Why? Theenergye–ciencyofallPKWfarmscontinues What'snext?A monitoring system for other tobeassessedbyMeridianour ( electricityprovider) investments with (inparticularcommercialproperties)issti twofarmsthatwereunder-performinglastyearnow tobedeveloped.Datacollectedaspartoftheon-farm delivering positive results. However, four farms still require monitoring is to be assessed to identify where further improvement. e–cienciescanbemade.

Kaitaknga

(continued)

Commitmentot leadership WASTEMANAGEMENT

Allinvestmentsarerequiredtocomplywithanyresourceconsentsinplace.Inaddition,thereisanexpect is actively monitored as to amount and type.

1.5

8.0

(20-21)

6.5 ( 19-20)

6.0 ( 18-19)

Why? Data is now being captured regularly to enable What'snext?A range of initiatives are being employed ongoingassessmentofwaste,including,forthefirst across time, our businesses to reduce the volume of waste theamountofwastegoingtolandfill.Thedatashows going the tolandfill.NovotelNgāmotuisconsideringaninamountofwastetolandfillfromthefarmsfellfromroom 51.7 recycling initiative and Port Nicholson Fisheries is tonnesinthepreviousyearto42.6tonnes. partofagroupoffisherycompanieslookingatreducing single-useplasticandeliminatingtheuseofpolystyren A waste audit will be done to inform decisions on further initiativesforPKWFarms.

EFFLUENTMANAGEMENT

Compliancewithresourceconsentsisnon-negotiableforPKW'sagri-businessandreducingtheenvironment bothdairyanddrystockunitsformspartoftheKaitiakitangaStrategy.

7.0 0.

(20-21)

7.0 ( 19-20)

6.0 ( 18-19)

Why? Thisisanareaofcontinuedinvestment.Ane†uent What'snext?Focus will remain on using technology, project was completed last year and a further two are implementing infrastructure and systems to meet our plannedintheyearaheadwiththeaimofbringingall kaitiakitanga e†uent expectationsandensurethereareno systems to a similar standard. Improvements will include the resource consent breaches. installation of Failsafe technology.

CLIMATECHANGERISKS

TheParininihikiWaitJtaraClimateChangeResponsePlanwillbecompletedinthecomingyearandwillcapt metrics against which the organisation will measure its climate change response.

BIOSECURITY

This metric assesses the likelihood and measures the impact a biological or biochemical event could have on an investment. Biosecurity is a key business risk and awareness is paramount.

5.0

(20-21)

5.0 ( 19-20)

5.0 ( 18-19)

Why? There have been no biological or biochemical events during the year. As stated last year, a Biosecurity Plan is in place to ensure the monitoring and management of risk.

What'snext?The plan will be actively tested through a simulation event.

TE ARA PUTANGA

Whakpono

WHAKAPONOARP ININIHIKIAIT W ART AINCOATROP ION

Adheranceot ourtikangaandbeliefinourfuture

TEREOUSE,UNDERSTANDING,RELEVANCE&PROFICIENCY

PromotionofTeReoMāoriisimportantforPKWandfortheMāoricultureasawhole.Theorganisationhasadutyto ensure Te Reo is actively used across all investments.

4.5 0.

(20-21)

4.5 ( 19-20)

4.0 ( 18-19)

What'snext?Plans for the renaming of more farms Why? While there has been more Te Reo visibility through are progressing and a brand refresh for the Novotel will signageinthePKWWhareandthenamingofWaitokorau see an increase in the use of Te Reo via signage and and the Waipipi Wind Farm, there is still much work to be better done.ThePKWTrustmakesaconsiderablecontribution to representationoftheMāorikaupapabehindthe partnership.PKWwillcontinuetodriveincremental this metric by supporting groups promoting the use of Te Reo through community grants. The Trust also collects data progress within this metric. ontheTeReouencyofallscholarshipapplicantsand30% notedaTeReoorMāoristudieselementintheirstudyplan.

CULTURALVISIBILITY&PRIDE

Theextenttowhichtheinvestmentwillhaveapositiveornegativee‹ectonhowshareholdersandTaran themselves.

0.5

4.5

(20-21)

4.0 ( 19-20)

4.0 ( 18-19)

Why? Thismetricislinkedtoe‹ortstoincreaseWhat' theuse snext?NovotelNgāmotuisworkingtoinstalldualoftereomeJnatikangaaspartofbusinessasusual. languagewayfindingsignagethroughoutthehotel.An The improved result is at least partly attributable to the alumni strategy will be launched and an alumni association rebrandingofNovotelHobsonasNovotelNgāmotu,and formed in the year ahead to establish ongoing opportunity changing the name of its restaurant from Governors to for grant and scholarship recipients to contribute back to Haukai. the organisation.

Whakpono

(continued)

Adheranceot ourtikangaandbeliefinourfuture

PKWNARRATIVE

EnsuringthatinvestmentopportunitiesalignwithPKW'svision,corevaluesandstrategicapproach.Thes alignment, along with the rate of reinforcement, has an impact on the metric score.

6.0 0.

(20-21)

6.0 ( 19-20)

6.0 ( 18-19)

Why? We continue to share our story through channels What'snext?The organisation is committed to suchastheannualgeneralandhalf-yearlymeetings, developing the theParininihikiWaitJtaraStorytocapture annual report, Whenua magazine, the website and social and promote the history of the whenua and its people. media. A focus over the year has been elevating our social Connected to that is the review underway of the Whenua mediapresence.TheParininihikiWaitJtaranarrative Acquisition wasand Development Plan, which will include a furtherreinforcedwhenPKWFarmswonaTaranaki strongfocusonwāhitapu/sitesofsignificance. Regional Council farm environmental award.

ACCESSANDCONNECTIONTOLAND

AsenseofconnectiontothewhenuaisimportantforPKWshareholderssothismetricisdesignedtoassess investment has a positive or negative impact on that desire.

3.0 0.

(20-21)

3.0 ( 19-20)

3.0 ( 18-19)

Why? Where is no change to the intent outlined in the What'snext?The Incorporation will continue to drive this KaitiakitangaStrategy.Workonthismetricisongoing. initiativetodelivertangibleresultsforwhānau.

WĀHITAPU

Identificationandacknowledgementofwāhitapuiskeytothismetric,alongwiththeextentthatasiteis accessibletowhānauandiwi.

6.0

(20-21)

6.0 ( 19-20)

5.0 ( 18-19)

Why? Wāhitapuhavebeenidentified,digitallymapped What' using snext?The recently appointed kaitiakitanga GIS technology and physically protected, ensuring there is a strategymanagerandanexpandedkaitiakitaiaoteam permanentrecordoftheirexistence,positionand will protection. relaunchtheMātaurangaKuraTaiaoproject,withthe primaryfocusonwāhitapu.Theprojectlinkswiththe review of the Whenua Acquisition and Development Plan.

TE ARA PUTANGA

Whanaungatanga/Kotahitnga

WHANAUNGATANGA/KOAHIT T ANGA

ARP ININIHIKIAIT W ART AINCOATROP ION-

Beliefincollectie v actionwithrused t ela r tionships

ATTRACTIONANDRETENTIONOFKEYSTAFF

Identifyingkeysta‹andensuringthereisasuccessionplaninplaceforthoserolesenablesthebusiness momentumandprogressdespiteanychangesinthePKWteam.Attractingtherightpeople,whosepersonalaspi andskillsetscomplementtheIncorporation'sstrategicaimsandgoals,isalsoimportanttocreateane e–cientworkforce.

5.0

1.0

(20-21)

4.0 ( 19-20)

4.0 ( 18-19)

What'snext?An active succession plan for key roles is a work in progress to enable the business to maintain Why? Therehavebeenafewkeysta‹changesacrossthe momentum regardless of any changes to the team. Incorporation, farms and subsidiaries.

COºINVESTMENTOPPORTUNITIES

Identifyingandcreatingpotentialco-investmentopportunitiesforotherTaranakiMāorigroupsisstrat

0.5

5.0

(20-21)

4.5 ( 19-20)

4.0 ( 18-19)

What'snext?Focus will continue on building relationships withpotentialinvestmentpartnersanddiversifiedc Why? Investment portfolios continue to be heavily weighted investment opportunities as they arise. toentitiesforwhichPKWIncistheonlyinvestor.However, theiwicollectiveMāoriinvestmentfundTePdiaTāpapa is now active within the portfolio. The joint educational scholarship programme, partnering with Taranaki iwi, continues to grow with new agreements established in the pastyearwithNgātiMaruandNgātiMutunga.Fiveofthe eight Taranaki iwi are now partners in the programme.

Whanaungatanga/Kotahitnga

(continued)

Beliefincollectie v actionwithrused t ela r tionships WORKINGCONDITIONS

Establishingapositiveworkingcultureandensuringsta‹well-beingacrosstheentirePKWinvestmentpo important for business success while recognising the importance of a good work life for each individual.

0.5

6.5

(20-21)

6.0 ( 19-20)

6.0 ( 18-19)

Why? TheannualKaimahiEngagementsurveywas What'snext?The annual surveys will provide consistent completed,withresultsshowingan18%increaseinkaimahi data from which to build a broad picture of trends and engagementandasignificantreductioninthenumbers insightsintosta‹wellbeingandengagement,andto reportingdisengagement.NgāmotuHotelshasimplemented identify and address any areas of concern. employee events to build team culture.

EMPLOYMENTOPPORTUNITIESFORTARANAKIMĀORI

Opportunitieswithintheinvestmentportfolioshouldbeidentifiedtoensurerolesareretainedwhe jobs can be created.

5.0 0.

(20-21)

5.0 ( 19-20)

5.0 ( 18-19)

Why? Therearenosignificantchangesinemployee What'snext?A pipeline of employment growth is numbers across our businesses or subsidiaries. anticipated in a number of areas. The kaitiaki taiao team hasincreasedfromonepersontosix,reectingincreased activity in this area. Similarly, the need for new team membersinthemirakahipi(sheepdairying)spacewill growasthebusinessisimplementedandexpands.In general across the group, as individual businesses grow, the support services team will also need to grow.

CAPABILITIESDEVELOPMENT

Theextenttowhichtheinvestmentprovidesopportunitiestodevelopthepersonalandprofessionalc internalworkersandotherexternalstakeholderssuchasyoungMāoriandwhānau.Identificationofcorecom and a cohesive development plan for individuals is integral.

1.0

7.0

(20-21)

6.0 ( 19-20)

5.0 ( 18-19)

Why? Outsideoftheoperatingbusinesses,thePKWWhat' Trust snext?WorkwillbeginatParininihikiWaitJtara continues to be a driver for capability development within to capture training data using the new HR system with a our community, with a lift in the number of grants distributed view to analysing and reporting on training going forward. from170to204inthe201financialyear.Theannualfarms Similarly,NgāmotuHotelsisutilisinganAccorplatformto Health and Safety training plan continues to be deployed capture training information, and Port Nicholson Fisheries and a new Human Resources system, enableHR, is being will also implement digital tools to build a statistical picture implemented. of its training initiatives.

WHANAUNGATANGA/KOAHIT T ANGA

ARP ININIHIKIAIT W ART AINCOATROP ION-

TE ARA PUTANGA

ALIGNEDPARTNERS

Dividedintotwomeasures,thismetricassessesthelikelihoodofnewwhānau,iwiandregionalnewbusines createdorexistingSMEsgrowingasaresultofPKWinvestment. a)SpendwithMāoribusinesses

0.5

6.5

(20-21)

6.0 ( 19-20)

6.0 ( 18-19)

Why? PKWcontrollablespendwithMāoribusinesses What'snext?PKW’sgoalof25%ofcontrollable increasedto13%thisyear(morethan$1.5m).The spendbeingallocatedtoMāorisuppliers\businesses organisationiscontinuingtorefineitssupplier remains database inplace.Māoribusinessesandsuppliersare soMāorisuppliersareeasilyidentifiable.ThePKWTrust being encouraged to make themselves known to the allocated10%ofitstotalgrantcontributiontomarae, Incorporation so they can be considered during any representingaround$20k. procurement review process. b)Valueformoney

5.0

(20-21)

5.0 ( 19-20)

4.0 ( 18-19)

Why? A dedicated procurement focus on the farms What'snext?Work has begun to install a contract businesshasresultedin$5moftheIncorporation’s management $13m system. It will be implemented in October negotiable spend being secured under contract. The target 201tohelpimprovethemanagementofrelationships istosecureundercontract85%oftotalannualnegotiable with key suppliers who are under contract. A refreshed spendtoprovidecertaintyforbothParininihiki procurement WaitJtara strategy and will be implemented, as detailed its suppliers, while delivering value from our diverse supplier above.Aspartofthestrategyreview,self-assessmenthas relationships. shown growth in the organisation’s procurement maturity. Focus will turn to delivering further improved outcomes to whānau.

(FINANCIALATTS EMENT) S NGAAUT KUS EA TWP ARP ININIHIKIAIT W ART V AINCOORPATION-

ARP ININIHIKIAIT W ART V AINCORATOP ION NG A TAUS KU P W T EA FINANCIAL S TAT EMENT S

for t h e yea r end ed 3 0 J une 2 0 1

KUPU WHAKATAKI INTDUOR CTION

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(DFKVHFWLRQVHWVRXWWKHDFFRXQWLQJSROLFLHVDSSOLHGLQSURGXFLQJWKHUHOHYDQW VWDWHPHQWVDQGQRWHVDORQJZLWKGHWDLOVRIDQ\NH\MXGJHPHQWVDQGHVWLPDWHV XVHG7KHLQWHQWLVWRSURYLGHUHDGHUVZLWKDFOHDUHUXQGHUVWDQGLQJRI3.:V (QDQFLDOSRVLWLRQDQGSHUIRUPDQFH

1RWHVWRWKH(QDQFLDOVWDWHPHQWVSURYLGHLQIRUPDWLRQUHTXLUHGE\DFFRXQWLQJ VWDQGDUGVRUOHJLVODWLRQWRH[SODLQDSDUWLFXODUIHDWXUHRIWKH(QDQFLDOVWDWHPHQWV 7KHQRWHVWKDWIROORZDOVRSURYLGHH[SODQDWLRQVDQGDGGLWLRQDOGLVFORVXUHVWR KHOSUHDGHUVXQGHUVWDQGLQJDQGLQWHUSUHWDWLRQRIWKH(QDQFLDOVWDWHPHQWV :HKDYHXVHGLFRQVDQGFRORXUWKURXJKRXWWRVLJQDODQGGLUHFWUHDGHUVWRWKH DGGLWLRQDOGLVFORVXUHVDQGWRFRQQHFWWKH(QDQFLDOLQIRUPDWLRQEDFNWRRXUFRUH YDOXHVSUHVHQWHGLQ7H8UD3XWDQJD Explains the main purpose of the ectis on Links the Primary iF nancial Staem t ents ot the detailed breakdown in the Notes ot the iF nancial Staem t ents Explains the accounting poliyc applied in the disclosure note Signals if a key estimate or critiac l judgement has ben applied Signals a key risk area for PKW ,GHQWL(HVDFDSLWDOFRPPLWWPHQWE\3.:WKDWLVQRWLQFOXGHGLQWKH numbers of the iF nancial Staem t ents 6LJQDOVDNH\GL‹HUHQFHZKHUH3.:KDVVSHFL(FREOLJDWLRQVULJKWVGXHWR legislation that may not apply ot other entity types 5HHFWVWKHOLQNWKHDVVHWRULQYHVWPHQWKDVWR7H8UD3XWDQJDEDVHG RQWKHFRUHYDOXHLWFRQWULEXWHVWRWKHPRVWLQGLFDWHGE\WKHSRXEHLQJ highlighedt white

ARP ININIHI KI AIT W VTAR A INCO R P O R AT IO N FINANCIALATTS EMENTS

NG A TAUS KU P W T EA FINANCIAL S TAT EMENT S

NGAAUT KUEA TP

for t h e yea r end ed 3 0 J une 2 0 1

e T taugkiwhnga, whakpungawhgnui ement (Sta ofcompeh r ensie v income)

e T taugkitkngaea pkt ement (Sta of3nancialpositon)

e T taugkiwhaktue it er r ekhtangaoe t tahua ement (Sta ofchangesin equity)

e T taugkikapewhit ement (Sta ofcash4ows)

e T Snga

Nggtaongaepurutia anaeout k ou

e T ongo Pkr whinga e T whakpungakah

Haupawkr

NggKreroWhaktgpir

A1 Basiofep pr atrion

B3 Investment oppr erties

C9ev R enue

D14 Capital management

E16Riskmanagement

A2 Critcalacounting estimaes t and judgements

B4 op Pr erty,plant andequipment B5 Intangibleasets B6 Biologicalasets B7 Interestsinasoces iat andjointent v ures B8 Investments

C10

Othergains/ (losses)

C11

Expenses

E18 Incometaxexpense

C12

Financeincome andexpenses

E19Defered r taxliability

C13

Dividends

D15Borowr ings

E17 Deriatve3nancial instruments

E20 Mgoriauthorityed cr it acount E21 ela R ed t party ans tr actions E22oup Gr entites

ARP ININIHIKIAIT W ART AINCOORPATION-

ET AUT KUS EA TWP MAT UOP AU IMAR RP FINANCIAL Y ATTS EMENTS

Te Pūrongo ā ngā Kai a rotake (Independent Auditor’s Report) E ngā kaipūpuri hea o Te Rautitikura o Parininihi ki Waitōtara (To the Shareholders of Parininihi ki Waitotara Incorporation) Te arotake pūtea o ngā pūrongo pūtea (Report on the audit of the consolidated financial statements)

Arotake (Opinion) In our opinion, the accompanying consolidated financial statements of Parininihi ki Waitotara Incorporation (the ‘Incorporation’) and its subsidiaries (the 'Group') on pages 43 to 69:

We have audited the accompanying consolidated financial statements which comprise:

—

Te tauākī tūnga pūtea (statement of financial position) mō te tau i oti i te 30 Hune 2021;

i. Present fairly in all material respects the Group’s financial position as at 30 June 2021 and its financial performance and cash flows for the year ended on that date; and

—

Te tauākī whiwhinga, whakapaunga whānui (statement of comprehensive income), te tauākī whakaatu i te rerekētanga o te tahua (statement of changes in equity) me te tauākī kapewhiti (statement of cash flows) for the year then ended; and

—

Notes, including a summary of significant accounting policies and other explanatory information.

ii. Comply with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime.

Te tūāpapa o tēnei arotake (Basis for opinion) We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the consolidated financial statements section of our report. Our firm has also provided other services to the Group in relation to Governance Review services. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group.

Pārongo kē atu (Other information) The Committee of Management Members, on behalf of the Group, are responsible for the other information included in the entity’s Annual Report. Our opinion on the consolidated financial statements does not cover any other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

report) This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been undertaken so that we might state to the shareholders those matters we are required to state to them in the independent auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the shareholders as a body for our audit work, this independent auditor’s report, or any of the opinions we have formed.

NGAAUT KUEA TP

Te whakamahinga o tēnei arotake (Use of this independent auditor’s

FINANCIALATTS EMENTS

Ngā haepapa o te Komiti Whakahaere (Responsibilities of the

The Committee of Management Members, on behalf of the Incorporation, are responsible for:

—

The preparation and fair presentation of the consolidated financial statements in accordance with generally accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime);

—

Implementing necessary internal control to enable the preparation of a consolidated set of financial statements that is fairly presented and free from material misstatement, whether due to fraud or error; and

—

Assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations, or have no realistic alternative but to do so.

Ngā haepapa o ngā Kaiarotake (Auditor’s responsibilities for the audit of the consolidated financial statements) Our objective is:

—

To obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error; and

—

To issue an independent auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs NZ will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. A further description of our responsibilities for the audit of these consolidated financial statements is located at the External Reporting Board (XRB) website at: http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-7/ This description forms part of our independent auditor’s report.

KPMG Hamilton 14 September 2021

ARP ININIHIKIAIT W ART AINCOORPATION-

Committee of Management Members for the consolidated financial statements)

2021 $'000

FINANCIALATTS EMENTS

ET NG ORUP -TS O AUKOS MITI (COMMITEE' T ANNU S ALEPR T) RO FOHE T R EAR Y ENDEDNE UJ 03 120

REVIEWOFOPERATION Addretainedearningsasat1July20

42,78 189,26

Lessdividends Retained earnings

(2,095)

NGAAUT KUEA TP

ProfitofPKWfortheyear

29,50

THEFINANCIALSTATUSOFPKWAT30JUNE201WAS: THESEWEREFINANCEDBY: Shareholders'funds

317,02

Liabilities 67,5 SHAREHOLDERS'FUNDS

ARP ININIHIKIAIT W ART AINCOORPATION-

Assets 384,79

384,79

ParininihikiWaitJtaraIncorporationisaMāoriincorporationconstitutedunderTeTureWhenuaMāori 193.Withaprimarypurposetomanageandpromotetheuseandadministrationofwhenuaandother interests on behalf of the owners.

ET AUT KUS HIW W HINGA,HAKAP W AUNGAHSW NUI (SATT EMENTFO COMPEHENS R IVEINCOME) FOHE T R EAR Y ENDEDNE UJ 03 120

ThissectionsummariseswhatPKWearned(revenue),whatPKWspentexpenditure) ( ,any movementsinthevalueofPKWassetsorinvestmentsgains ( orlosses)andtheresulting profitorlossforthefinancialyear. FurtherdetailscanbefoundinNgāwhakamāramaingatauāk%pdtea (NotestotheFinancialStatements)

2021 Notes Revenue Othergains/(losses)-net Expenses Financecosts-net Shareofnetprofits-equitymethod Profitbeforeincometax Incometax Profitfortheyear Othercomprehensiveincome: Items that will not be reclassified to profit or loss:

Revaluation of whenua tupuna Itemsthatmaybereclassifiedtoprofitorloss: Cashowhedges Othercomprehensiveincomefortheyear-netoftax

C9 C10 C11 C12 B7(b) E18

$'000 31,802

$'0 28,104

31,45

4,18

(18,30)

(17,30) (2,031)

(2,078)

,268 45,173 (2,389) 42,784

53 13,447 (1,387) 12,060

8,06

1,874 1,97

(531) 1,343

9,257

Totalcomprehensiveincomefortheyear

52,041

13,403

ForandonbehalfoftheCommitteeofManagementthesefinancialstatementsareauthorisedfor issueon14September201.

DIONTUUTA

TAARINGAROANICHOLAS

Chair

Chair Audit and Risk Committee

14September201

ThissectiondetailswhatPKWownassets) ( ,whatPKWowe(liabilities)andtheowners shareofPKW(shareholders'funds)attheendofthefinancialyear.

FINANCIALATTS EMENTS

ET AUT KUS NG WT AEA TWP (SATT EMENTFO FINANCIALITSOP ION) ASATNE UJ 03 120

NGAAUT KUEA TP

FurtherdetailscanbefoundinNgāwhakamāramaingatauāk%pdtea (NotestotheFinancialStatements)

2021

ASSETS Currentassets Cash and cash equivalents Trade and other receivables Inventories Totalcurrentassets Non-currentassets Property, plant and equipment Intangible assets Investments accounted for using the equity method Investments in equity instruments Investmentproperty-commercialandrural Investmentproperty-whenuatupuna Biological assets Totalnon-currentassets Totalassets LIABILITIES Currentliabilities Trade and other payables Currenttaxpayable Derivativefinancialinstruments Whenua lease liabilities Totalcurrentliabilities Non-currentliabilities Borrowings Unclaimed dividends Derivativefinancialinstruments Deferredtaxliabilities Whenua lease liabilities Totalnon-currentliabilities Totalliabilities Netassets SHAREHOLDERS'FUNDS Share capital Reserves Retained earnings Totalshareholders'funds

$'000

$'0

17,86

8,04 5,017

4,259

671 22,370 B4 B5 B7 B8

13,063

B3 B3 B6

130,68

12,549 15,764

15,82 10,952

1,24 20,18

18,520 9,82

4,20

16,8

137,54

13,097 362,427

1,57 321,225

384,79

334,288

4,093

3,576 1,90

E17

1,072

478 6,367 D15 C13 E17 E19

51,742

51,742 5,307

4,913 1,27

1,92 2,94

1,976

389 61,408 67,775 317,022 D14 D14 D14

26 5,763

906 61,49 67,212 267,076

5,49 81,52 29,5 317,022

5,49 72,6 189,26 267,076

ARP ININIHIKIAIT W ART AINCOORPATION-

Notes

ET AUT KUS HAKAAT W IU ET ERR EKTANG T AET O AHU T A (SATT EMENTFO CHANGESINEQITU Y) FOHE T R EAR Y ENDEDNE UJ 03 120

ThissectiondetailsthemovementinPKWshareholders'fundsoverthefinancialyear,suchas anyprofitorlossordividendsattributedorpaidtoshareholders. FurtherdetailscanbefoundinNgāwhakamāramaingatauāk%pdtea (NotestotheFinancialStatements)

Shareholderfunds

Notes

Share capital $'0

Balanceat 1July2019 Profitfortheyear Other comprehensive income RevaluationofPPE-whenua tupuna Cashowhedges Totalcomprehensiveincome Dividends paid Balanceasat 30June20 Balanceasat 1July20 Profitfortheyear Other comprehensive income RevaluationofPPE-whenua tupuna Cashowhedges Totalcomprehensiveincome Dividends paid Balanceasat 30June201

Capital/ revaluation reserve $'0

5,49

72,69

12,06 -

1,874 -

5,49

(532)

189,263

(2,39)

189,263 -

8,060 82,563

1,97

42,784 (2,095)

1,97 (1,042)

29,5

(532) 13,402 (3,59) 267,076 267,076 42,78

42,78

8,06 -

1,874

12,060 (3,59)

(2,39)

74,503 -

(532)

74,503

Total $'000 257,267 12,06

1,874 -

5,49

180,796

5,49

Retained earnings $'0

(1,70)

C13

Cashow hedge reserve $'0

8,06 1,97 52,041 (2,095) 317,022

FINANCIALATTS EMENTS

ET AUT KI S KAPEWHITI (SATT EMENTFO CASHFLO) SW FOHE T R EAR Y ENDEDNE UJ 03 120

ThissectiondetailsPKW'scash,whatcashcamein(receipts)andout(payments).Itisseparated intocashfromdoingitsdaytodaybusinessoperating ( activities),cashrelatingtocapital expenditureiebuying/sellingassetsandinvestments(investingactivities)andcashrelati borrowingsandfunding(financingactivities).

NGAAUT KUEA TP

FurtherdetailscanbefoundinNgāwhakamāramaingatauāk%pdtea (NotestotheFinancialStatements)

2021

Cashowsfromoperatingactivities Receiptsfromcustomers Interestreceived Incometaxpaid Paymentsformilkpricederivatives-net Paymentstosuppliers Payments to employees Interest paid Leaseinterestpaid GST paid

$'000 34,85

32,504 10

125

(2,03)

(1,498) (1,26)

(35)

(14,725)

(12,598) (3,27)

(3,478) (2,058)

(2,704) (73)

(73)

(2,310)

(2,675)

Netcashinowfromoperatingactivities Cashowsfrominvestingactivities Receipts for disposal of property, plant and equipment Payments for property, plant and equipment

9,257

9,268 91

(2,61)

(6,24)

Receipts from investments Payments for investments Receipts from sale of investments Dividendsreceived Receipts from joint ventures Payments to joint ventures Netcashinowoutow) /( frominvestingactivities Cashowsfromfinancingactivities Receipt of borrowings Payment of dividends Lease principal paid Netcashinowoutow) /( fromfinancingactivities Netincreaseincashandcashequivalents Cash and cash equivalents at the beginning of the year Cashandcashequivalentsattheendoftheyear

$'0 ARP ININIHIKIAIT W ART AINCOORPATION-

Notes

45 (367)

(4,591) -

164

346

2,564

236 (24) 803

(456) (10,86)

C13

(1,463)

5,0 (1,47)

(215) (1,678) 8,382 8,04 17,186

246)( 3,307 1,714 7,09 8,804

Paymentsformilkpricederivativesandincometaxpaidcomparativeshavebeenrestatedtoalignwit correctclassification.

5858

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

Notestothefinancialstatementsprovideinformationrequiredbylegislationandaccount standardstoexpainaparticularfeatureofthefinancialstatements.Thenotesareaparto financialstatementsandwillalsoprovideexplanationsandadditionaldisclosuretoass understandingandinterpretationoftheannualreportandthefinancialstatements.

TENGA Ā

ØBASISOFPREPARATIONŒ

ThissectionsetsoutthelegislationandaccountingstandardsthatapplytoPKW,andsignifi itemsthatrelatetothefinancialstatementsasawhole. A1

ThesefinancialstatementsareforParininihikiWaitJtaraIncorporationanditssubsidiariescoll ( PKW)Please . refertonoteE22forfurtherdisclosure.

PKW'sconsolidatedfinancialstatementsareprepared:

• InaccordancewithgenerallyacceptedaccountingpracticeGAAP) ( inNewZealandandsection276 ofTeTureWhenuaMāoriAct193.ThefinancialstatementscomplywithNewZealandequivalents toInternationalFinancialReportingStandards,asapplicabletofor-profitentities,forthep complyingwithNZGAAP.PKWiseligibleandhaselectedtoreportinaccordancewithTier2for-profit accountingrequirements(NZIFRSRDR)onthebasisthatPKWhasnopublicaccountabilityandisnota largefor-profitpublicsectorentity; • Onahistoricalcostbasis,exceptforrevaluationofcertainassetsandliabilities; • InNewZealanddollarswithallvaluesroundedtothousands;and • Usingaccountingpoliciesasprovidedthroughoutthenotestothefinancialstatements. Accountingpoliciesandstandards No changes to accounting policies have been made during the year. A2

Criticalaccountingestimatesandjudgements

PreparationofthesefinancialstatementsrequirestheCommitteeofManagementandManagementt makejudgements,estimatesandassumptionsthata‹ectthereportedamountsinthefinancialst Judgementsandestimatesarebasedonexternaladvice,historicalexperienceandothervariousfa believe to be responsible under the circumstances, the result of which form the basis of the carrying values ofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Actualresultsmaydi‹e estimates.

Thesejudgementsandestimateshavebeenprovidedthroughoutthenotestothefinancialstate

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

NGĀTAONGAEPURUTIAANAEKOUTOU ØOURASSETSŒ

ThissectiondetailstheassetsandinvestmentsPKWholdaskaitiaki (stewards)andhowtheygeneraterevenue. B3Investmentproperties Investmentpropertiesareheldforlong-termcapitalappreciationandtoearnrentals.

NGHAKAMR W AMAINGAAUT KUEA TWP

InvestmentpropertyheldbyPKWincludeswhenuaentrustedtotheIncorporationuponestablishment (whenuatupuna).ThewhenuaisclassifiedaseitherCorpus(basedontwolegaltitlesexisting-aFeeSimpl Leasehold)orMāoriFreehold,andisleasedouttothirdparties.

Recognition and measurement Investment property is carried at fair value and any changes in fair value are recognised in the statement of comprehensive income as part of other gains/losses. 2021 20 $'000 $'0 Whenuatupuna Balance at beginning of year Transfersfrom/(to)property,plantandequipment Netgain/(loss)infairvalue TotalWhenuatupuna Commercialproperty Balance at beginning of year Additions Netgain/(loss)infairvalue TotalCommercialproperty Ruralproperty Balance at beginning of year Netgain/(loss)infairvalue TotalRuralproperty

TotalCommercialandRuralproperty Totalinvestmentproperty

137,54

137,6 -

(2,638)

4,32 161,886

2,50 137,543

960 -

49 1,084

12 90

3,429

2,89

,3075 8,736

9,820

171,706

14,962

3,429

4,419

ARP ININIHIKIAIT W ART AINCOORPATION-

ItisgenerallyacceptedthatamarketbiasexistsforMāoriFreeholdwhenuaduetovariousencumbranc imposedbyTeTureWhenuaMāoriAct193.Theseencumbranceshavebeenreectedinthevaluesadopted including the historical connection between the owners and the whenua, the membership of the preferred class ofalienee’sandthestatutoryroleofTeKootiWhenuaMāori(MāoriLandCourt).

6060

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120 B3Investmentpropertiescontinued) ( a) ( Commercialandruralproperty

PKWengageindependentandqualifiedvaluerstodeterminethefairvalueoftheinvestmentpropert theendofeachfinancialyear.At30June201thevaluationshavebeenperformedbyColliersInternational (20:TelferYoung)whoareconsideredindustryspecialistsinvaluingthesetypesofcommercialandrural properties.

Fair value has been based on the Market approach which considers comparable assets for which price informationisavailable.Thisapproachapplieslevel2inputsunderthefairvaluehierarchy,providi estimates based on comparable information. Currentyearvaluesreectmovementinthefollowinginputs: • the highest and best use of certain whenua have been assessed as residential (historically they were assessedasrural; • thevaluationdiscountappliedforencumbranceshasbeenreduced;or • additional income streams have commenced on Waipipi Windfarm. (b)Whenuatupuna

Adiscountedcashowmodelisusedtoassessthefairvalueofthelessorsinterestinwhenuatupun endofeachfinancialyear.PKWengagePwCasanindependentadvisor,toprovidespecificinputstothe model each year. Critical accounting estimates and judgement The inputs applied in the valuation of whenua tupuna have been categorised as level 3 in the fair value hierarchy,requiringManagementtomakeestimatesbasedonunobservableinputs.

Thefollowingtablesummarisesthequantitativeinformationaboutthesignificantunobservabl Inputs used to measure FV 2021 20 Discount rate 4.70% 4.50% Growth rate 2.0% 1.60% Time horizon 30years 30years Anassessmentand ( thereforepotentialadjustment)oftheprojectedcashows atthenextrentalresetperiodbeing(203/4),basedonmarketknowledgeand matterstobeaddressedduringthenextrentalreview.

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

NOTESOTHEFINANCIALATTS EMENTS

B3Investmentpropertiescontinued) ( (b)Whenuatupunacontinued) ( Inputs sensitivity analysis

Thefollowinggraphillustratestheimpactonfairvalueifinputsasat30June201werehigherorlowerby 10%.Anychangeinfairvaluewillhaveadirectimpactonnetprofitaftertaxinthestatementof comprehensive income.

Impactonfairvalue$'0

(1,0)

NGHAKAMR W AMAINGAAUT KUEA TWP

Growthrate 2.0%

13,000 36,000

Discountrate 4.70% Impact10%lower

Impact10%higher

ARP ININIHIKIAIT W ART AINCOORPATION-

(24,0)

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120 B4Property,plantandequipment Recognition and measurement a) ( Property,plantandequipment Measured at cost less accumulated depreciation and any accumulated impairment losses. Any gain or loss on disposal is recognised in the statement of comprehensive income. (b)Whenuatupuna

ReectswhenuatupunautilisedwithinPKWandisrecognisedatfairvalueusingthediscountedcash model-seenote B3. Any changes in fair value is recognised in other comprehensive income. c) ( Rightofuseassets Recognised at cost based on the initial lease liability measurement.

a) ( ,(b),andc) (

Subsequentexpenditureiscapitalisedonlyifitisprobablethatthefutureeconomicbenefitsass theexpenditurewillowtoPKW.

Anasset'scarryingamountiswrittendowntoitsrecoverableamountiftheasset'scarryingamount than its estimated recoverable amount.

Depreciationiscalculatedusingthestraight-lineanddiminishingvaluemethodstoallocateth the estimated useful lives, and is recognised in the statement of comprehensive income. Whenua is not depreciated. Theestimatedusefullivesareasfollows:

Buildings Plant, equipment and machinery Improvements Right of use assets

StraightLine 2-95years 25-37years 3-95 years 2-30 years -

DiminishingValue 12.5-0years 2-10years 25-10 years

Theassets'residualvaluesandusefullivesarereviewed,andadjustedifappropriate,attheendofea reporting period.

B4Property,plantandequipmentcontinued) ( Plant, Capital

Whenua

Buildings

WIP

equipment &

Improvements

machinery

$'0

Right of

Whenua

use asset

Tupuna

$'0

Total

$'0

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

At30June2019 42,18

17,95

847

4,275)( 13,640

4,80

18,762

1,529

13,95

513

6,743

1,05

(734) 13,579 19,07

(5,0)

8,06 -

1,095

57,309

(147) 2,01)( 130,688 87,04

57,309

(475) 8,333

(1,529)

8,06

57,309

3,756 -

1,095

(1,95) 4,97

12,549

1,570

(5,72)

12,549

(234)

10,328

13,579

293)( 8,333

10,74

44,880

4,97

49,2

(1,879)

(740)

49,2 -

(87)

85,179

49,2

1,83

4,80 -

5,108 698

4,738

6,743

(60)

44,880

- (10,75) 44,738 12,975

5,108

241)( 1,105

438 -

4,738

1,346 -

(1,702)

78,412

8,45 (5,109)

513

6,378

13,95

4,80 513

513

(1,478) 5,19

(4,827)

(4,2)

44,880

10,27

7,856

42,181

1,529

At30June201 Opening net book amount 1,529 Additions Transfers from WIP (1,529) Revaluation Disposals Depreciation (note C11 ) Closingnetbookamount At30June201 Cost Valuation Accumulated depreciation Netbookamount

9,613

NGHAKAMR W AMAINGAAUT KUEA TWP

At30June20 Cost Valuation Accumulated depreciation Netbookamount

847

57,309 13,695)( 130,688

TheestimatedfairvalueofPPEexcludingwhenuatupunaatJune 03 was 120 m 401$ m) 58$ :02 ( with , anamountof m 59$ pledgedassecurityagainstPKWborrowingssee note D15 . (a) Capital commitment In March 2021 PKW committed $5.5m to repurpose an existing whenua block into two miraka hipi (sheep dairy) units. Capital expenditure on the project will begin toward the end of 2021 with operations to commence in June 2022.

ARP ININIHIKIAIT W ART AINCOORPATION-

Cost Valuation Accumulated depreciation Netbookamount

6464

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120 B5Intangibleassets

Assetsthathavenophysicalnature,buthavevaluethatisexpectedtoprovideafuturebenefitto FishingQuota Recognition and measurement Fishing quota has no foreseeable limit to its useful life, and is therefore recognised at cost and reviewed annuallyforimpairment.Therecoverableamountat30June201was$54.m(20:$51.m)andthefull amountispledgedassecurityagainstPKWborrowingsD1-see 5 . note Computer software $'000 Yearended30June201 Opening net book amount AmortisationchargeC11 (note ) Closingnetbookamount At30June201 Cost Accumulated amortisation Netbookamount

Fishing quota $'000

Total $'000

192

15,620

15,82

48)( 144

15,620

48)( 15,764

460

15,620

16,08

144

15,620

(316) 15,764

(316)

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

B6Biologicalassets Recognition and measurement

Livestock is measured at fair value less cost to sell, and changes in fair value are recognised in the statementofcomprehensiveincomewithinrevenue.Livestockvaluationsat30June201were providedbyPGGWrightson.Thesemarketvaluesreectlivestockofsimilarage,breedandgeneticmerit throughout Aotearoa. Dairy Beef Sheep Group $'000 $'000 $'000 $'000

Dairy Beef Sheep Closingbalance

953 910 (1,27)

(752) 1,825

1,749

1,57

43 1,0 1,254

953

(26)

(1,905) 57

2,89 94

13,097

QuantityQuantity 2021 20 7,28 6,89 1,452 971 540 37 9,27 8,243

NGHAKAMR W AMAINGAAUT KUEA TWP

Livestocknumberscompriseof:

10,4

ARP ININIHIKIAIT W ART AINCOORPATION-

Balanceasat1July20 Purchases Sales FVgain/(loss) Totalbiologicalassets

Anamountof$1mrelatingtolivestockhasbeenpledgedassecurityagainstPKWborrowings-seenote D15 .

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120 B7Interestsinassociatesandjointventures Recognition and measurement

PKWhasinterestsinassociatesandajointventurewhichareallresidentinAotearoa.Theyareacc usingtheequitymethodofaccounting. Investments are initially recognised at cost and the carrying value is increased or decreased by cash contributionspaidordistributionsreceived,andPKW'sshareofprofitorlossfortheyear.

Theshareofprofitorlossisrecognisedinthestatementofcomprehensiveincomewithinshareofnet profits-equitymethod. Impact of the COVID-19 global pandemic

LastyearthepandemichadasignificantimpactonthetradingrevenueofPortNicholsonsFisheriesLi PartnershipandNgāmotuHotelsLimitedPartnership.Atthedateofissuingourfinancialstatement had recovered with no material impact in the carrying value of the interests.

a) ( Interestsinjointventuresandassociates Name

Placeof business

Ownership interest 2021

Port Nicholson Facilities Limited Partnership

Property

20 $'0

12%

31-Mar

Forestry

50%

30-Jun

5,238

5,097

Hotel

30-Jun

4,168

4,236

processing

Partnership

2021 $'000

31-Mar

Limited Partnership

Ngamotu Hotels Limited

2021

Koura

Partnership

Port Nicholson Fisheries Mangaoapa Station

Carrying amount

Balance date

1,546

1,625 -

10,952

11,224

( b)Movementsincarryingamounts 2021 $'000 Balance1July20 Capital invested Shareofprofitaftertax Cash distribution Totalequityaccounted investments

1,24

20 $'0 10,47

24 2,68 (2,564) 10,952

456 53 (236) 11,224

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

NOTESOTHEFINANCIALATTS EMENTS

B8Investments Recognition and measurement

InvestmentsinanentitywherePKWdoesnothavesignificantinuenceorjointcontrolareclassifieda investmentsatfairvaluethroughprofitorloss.GainsorlossesonFVmovementandanyinterestordi incomeisrecognisedinthestatementofcomprehensiveincome. a) ( Farmingportfolio

PKWisrequiredtoholdcertainsharesandinvestmentsincooperativecompaniestofacilitatefarm operations. Shares are held as a consequence of business operations and not held for trading. These are initiallyrecognisedatcost,andsubsequentlyrevaluedtofairvaluebasedonthemarketsharepri June201. (b)Diversificationportfolio NGHAKAMR W AMAINGAAUT KUEA TWP

PKWhasimplementedadiversificationstrategyconsistingofpropertyandotherbusinessinterests core dairy farming. These are initially recognised at cost, and subsequently revalued to fair value based on valuations undertaken by each entity. 2021 20 $'000 $'0 465

465

1,23

1,063 501

501

12,089

12,09 ARP ININIHIKIAIT W ART AINCOORPATION-

Farmingportfolio BallanceAgri-NutrientsLimited FonterraCo-operativeGroupLimited Ravensdown Limited Totalfarmingportfolio Diversificationportfolio RockitOrchardsNo.2LimitedPartnership

Tai-HekengaLimitedPartnership

321

294

7,10

5,934

TePdiaTāpapaLimitedPartnership

176

Otherfinancialassets Totaldiversificationportfolio Totalinvestments

143 ,1298 20,218

87 ,4916 18,520

Anamountof$1.8mrelatingtoFonterraCo-operativeshareshasbeenpledgedassecurityagainstPKW borrowings-seenote D15 . Capitalcommitment InApril2018PKWcommitted$2mtoinvestinTePdiaTāpapaLimitedPartnership,afundestablishedbyiwi andMāoriorganisationstoinvestinsignificantAotearoabusinesses.At30June201$.4mremainsas committed capital due on completion of key milestones by the fund.

6868

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

TEPcRONGOWHIWHINGA TEWHAKAPAUNGAKAHA ØOURPERFORMANCEŒ

ThissectionfocusesontheresultsandperformanceofPKW.Onthe followingpagesyouwillfindnotesexplainingPKW'sresultsfortheyear.

C9Revenue Recognition and measurement a) ( Rentalrevenue-whenuatupuna Rentalrevenueisrecognisedonastraightlinebasisoverthetermofthelease.

TheGroupleaseswhenuatupunaunderoperatingleaseswithrentalspayablesix-monthly.Underlegis rentamountsareseteverysevenyearswiththenextrentreviewdue1January204withaperpetualright renewevery21years. (b)Milkproceeds

Milk proceeds are recorded at a point in time when control of the milk transfers to the customer which is when theproductisphysicallyliftedandremovedfromthefarmvats.PKWsellsmilktoFonterraandOpenCou DairyOCD) ( ,andhasenteredintomilkpricefutureandswapcontracts.Revenueisrecognisedatthemidpoint of the latest published Fonterra or OCD forecast milk price range, or at the agreed milk price future or swap contract. c) ( Quotalease Quota is leased based on an annual catch entitlement and at an agreed price with revenue recognised when invoiced. d) ( Royaltyrevenue Royalty revenue for Waipipi Wind Farm is recognised by the greater of a percentage of revenue generated by each wind turbine, or at an agreed minimum value. e) ( Livestock Livestock sales are recorded when control of the livestock transfers to the customer, usually on slaughter or collection of the animals by a third party. Revenue is recognised as a net balance of livestock sales, purchases and fair value movements. (f)Otherrevenue Interestrevenueisrecognisedusingthee‹ectiveinterestmethod. Dividendsarerecognisedwhenreceived. All other revenue is recognised at the point a service has been delivered or commitment made by a customer.

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

C9Revenuecontinued) ( 2021 $'000 7,209 23

18,65

16,59 1,739

1,07 127

2,893

2,7

1,068 31,801

816 28,104

C1Other 0 gainslosses) (/ 2021 $'000 Loss on disposal of property, plant and equipment Gain on investments at fair value Gain on investments at cost Gainoninvestmentproperty-WhenuaTupuna

Gainoninvestmentproperty-CommercialandRural Lossonforeignexchange

Totalgains/(losses)

$'0

(42)

NGHAKAMR W AMAINGAAUT KUEA TWP

Totalrevenue

7,126

20 (275)

1,659

1,3 76

24,3

2,50

5,40

612 (1)

31,435

4,188

ARP ININIHIKIAIT W ART AINCOORPATION-

Rentalrevenue-whenuatupuna Rentalrevenue-other Milk proceeds Quota lease Royalty revenue Livestock Other revenue

20 $'0

7070

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

C1Expenses 1 ExpenseshavebeencategorisedinalignmentwiththeoutcomessetinTeAraPutanga. 2021 $'000 Manaakitanga Advisory, consulting and professional fees Depreciation and amortisation Rent and whenua rates Repairs and maintenance Other TotalManaakitanga Kaitiakitanga Resourceuse-waterratesandelectricity Animal health Feed inputs Kaitiakitangageneral Pasture management TotalKaitiakitanga Whānaungatanga Contractmilkerexpenses Kaimahibenefits Kaimahiwelfare Health and safety Governance fees Socialinvestment-grants TotalWhānaungatanga

$'0

459

2,05

2,018 36

360

1,45

1,396 1,602

1,48 5,855

5,89

176

1,462

1,20 2,41

2,8 2

5,176

47 739 4,742

2,95

2,19

1,04

3,67

3,541 8

98 29

483

7,163

270

24 6,633

Whakapono

Shareholder communications TotalWhakapono

Totalexpenses

18,301

17,300

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

C1Finance 2 incomeandexpenses 2021 $'000 Financecosts Interestonborrowingsandfinancecharges Interestonleaseliability Totalfinancecosts Financeincome Interest income Netfinancecosts

20 $'0

(2,058)

(2,13) (73)

(73)

(2,13)

(2,03) 10

125

(2,031)

(2,078)

PKWaspiretotargetadistributionovertimeof1.5-20%ofshareholderfundsand/or40-5%ofnetoperating profit.WhensettingthedividendtheCommitteeofManagementconsiderthefollowing: • TherequirementsofTeTureWhenuaMāoriAct193andotherapplicablelegislation • Thelevelofdistributableprofitandcashavailablefordistribution

NGHAKAMR W AMAINGAAUT KUEA TWP

C1Dividends 3

• Any relevant banking covenants

Dateapproved byCommitteeof Management Dividendfor201 Dividendfor20(paidNovember20) Dividendfor2019(paidNovember2019) Totaldividends

2021 per share

24June201 29 June 20 5July2019

1.75

2021 $'000 2,095

2020 $'000

1.75

2020 per share

1.5 -

1,856 1.45

2,095

1,73

3.0

3,59

ARP ININIHIKIAIT W ART AINCOORPATION-

• ThesignificanceofdividendstoPKWshareholdersasalinktoPKWandtheirancestralwhenua.

a) ( GranttoParininihikiWaitJtaraTrust

Anannualgrantof$209k(20:$186k)waspaidthisyeartotheTrustbasedon10%oftheannualdividend, tosupporttheTrustobjectivestoadvancetheeducationalandculturalaspirationsofTaranak (b)Unclaimeddividends

ComprisesdividendsheldbyPKWrelatingtomissingshareholders.Unclaimeddividendsarerecognised anon-currentliabilityduetothenatureofthemissingshareholdersandthelengthoftimerequir ashareholderortheirtamarikimokopuna. PKWmaintainalistoftheshareholderswhosedividendsremainunpaidandactivelyworkonthe identificationofmissingshareholders. 2021 $'000 Unclaimed dividends

5,307

4,913

$'0

7272

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

HAUPcRAWA ØOURCAPITALŒ

ThissectionexplainshowPKWmanagesitscapitalstructure (itemsthatmakeupShareholders'funds)andborrowings.

D1Capital 4 management PKWconsidersitscapitalascomprisingallthecomponentsofshareholders'funds. 2021 $'000 Sharecapitalnotea) ( Capitalreservenote(b) Cashowhedgereservenotec) ( Retainedearningsnoted) ( Totalshareholders'funds

$'0

5,49 82,563 (1,042) 29,5 317,022

5,49 74,503 (2,39) 89,2631 267,076

a) ( Sharecapital Value of capital on establishment of the Incorporation. Shares issued have no par value, each shareholder is entitled to a single vote per share. (b)Capitalreserve

ComprisescapitalcontributionsthathavebeenrecognisedsinceestablishmentofParininihiki Incorporation, and the fair value movement of whenua tupuna held as property, plant and equipment. c) ( Cashowhedgereserve

Thecumulativegainorlossoncashowhedges.Whentheunderlyingderivativehasbeenendeditwillb recognisedinprofitorloss. d) ( Retainedearnings

Accumulatednetprofitandlosses,includingtransfersfromthecashowreservewhentheunderlying derivative has ended, less dividends paid.

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

D1Borrowings 5 Recognition and measurement

Rabobank borrowings are recognised initially at the fair value of the drawn facility amount, net of transaction costspaid.Borrowingsaresubsequentlystatedatamortisedcostusingthee‹ectiveinterestmet borrowingcostsarerecognisedasanexpenseintheperiodtheyareincurred.

Rabobankfacility Facility1(matures30September20) Facility2(matures30September20) Facility3(matures20February204) Totalfacility Drawn Undrawn Weighted average interest rate

51,742 51,742

21,0

21,0 9,0

45,0 75,000 51,742 23,58 75,000 2.43%

9,0 45,0 75,000 51,742 23,58 75,000 3.05%

Thefacilityissecuredby:

NGHAKAMR W AMAINGAAUT KUEA TWP

Secured Rabobank facility Totalborrowings

$'0

ARP ININIHIKIAIT W ART AINCOORPATION-

2021 $'000

• GeneralsecurityagreementfromtheProprietorsofParininihikiWaitJtaraBlockandotherPKWent • UnlimitedguaranteefromtheProprietorsofParininihikiWaitJtaraBlockandPKWFarmsLP

• SevenfirstmortgagesoverselectedpropertiesandQuota,andaregisteredfirstsecurityagreeme allpersonalproperty,withatotalvalueof$170m. PKWhascompliedwithallbankingcovenantsintheyear.

7474

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

NGĀKIREROWHAKATĀPIRI ØOTHERDISCLOSURESŒ

Sectionoutlines E various other notes required by accounting standards andadditionaldisclosuretoassistreaders'understandingoftheseitemsin thefinancialstatements.

E1Risk 6 management PKWhasexposuretokeyrisksandtheseriskscoulda‹ectPKW'sfuturefinancialperformanceby: Risk

Exposurearisingfrom

Measurement Management

Legislative or regulatory

Changes to legislative regime or operational regulations

Watching brief

Environmental

Sociallicencetooperate; Watching brief agricultural impacts due to climate or disease

Climate related changes

Changes in climatic Scenario analysis Development and implementation of a conditions that impact climate change response adaption plan operating models and systems,financialrisk profile,animalorhuman wellbeing

Active participation via submissions supportedbyreleventadvisoryservices Alignmentandrefinementofoperating practices

InterestrateLong-termborrowingsat Sensitivity variable rates analysis

Interest rate swaps

Funding or credit

Inability to renew borrowing facilities or favourable terms

Aging analysis

Tieredborrowingfacilityprofile

Liquidity

Inability to meet day to day obligations

Rollingcashow Liquidfundsandcommittedfacilities forecasts

Commodity price Material movement in Sensitivity agriculturalproductprices analysis

Milk price futures and swaps

PrimaryresponsibilityforidentificationandcontrolofrisksrestwiththeAuditandRiskCommitt delegationfromtheCommitteeofManagement)andManagement.TheCommitteeofManagement approvespoliciesformanagingeachoftherisksidentifiedabove.

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

E1Risk 6 managementcontinued) ( Categoriesoffinancialinstruments: 2021 $'000

3,894 421

315

0,218 42,355

8,04 8,5201 31,533

51,742

17,86

128

5,307

4,913 1,73

58,910

NGHAKAMR W AMAINGAAUT KUEA TWP

Financialliabilities Financial liabilities at amortised cost Borrowings Payables Unclaimed dividends Derivatives-usedforhedging Totalfinancialliabilities

4,530

2,984 59,68 ARP ININIHIKIAIT W ART AINCOORPATION-

Financialassets Financial assets at amortised cost Receivables Milk price futures collateral Cash and cash equivalents Financialassetsatfairvaluethroughprofitorloss Totalfinancialassets

$'0

7676

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120 E17Derivativefinancialinstruments PKWusescashowhedgestomanageitsrisks.Thesearemanagedby: a) ( Interestrateswaps

TheinterestrateonthePKWRabobankfacilityisoating,exposingPKWtomovementsininterestrates.T swapsprovidetherighttopayinterestatfixedratesandreceiveinterestatoatingrates,andcov (20:58%)ofdrawnborrowings. (b)MilkpricefuturesandMilkpriceswaps

PKWhasmilkpriceriskresultingfromvariabilityinFonterraorOCD'sfinalfarmgatemilkpriceannounce settledinSeptembereachyear. The objective is to create price certainty around milk price by locking in the price for a portion of milk production in the current and future seasons. PKWhasenteredintofutureandswapcontractswhichhaslockedinaweightedaveragepriceof$7.28per kilogramofmilksolids(KGMS)for30%ofthe20season'sbudgetedmilkproduction.Themarketpricefor the201/seasonat30June21was$7.1KGMS. Recognition and measurement

Fairvaluemovementisrecognisedinothercomprehensiveincomeandtransferredtoprofitorlossw hedgeditema‹ectsprofitorloss. PKW has the following derivative financial instruments:

Currentliabilities Interestrateswaps Non-currentliabilities Interestrateswaps Milkpricefuturesandswaps Totalnon-currentliabilities Totalderivativefinancialinstrumentliabilities

2021 $'000 $'0

1,072 333

1,435

794

1,127 1,733

2,984

1,92

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

NOTESOTHEFINANCIALATTS EMENTS

E18Incometaxexpense Recognition and measurement

Taxexpensereectstheimpactofcurrentanddeferredtaxandisrecognisedinprofitorlossunlessitr to an item in other comprehensive income or directly to equity.

Currenttaxisthetaxpayableonthetaxableincomefortheyearandanyadjustmenttotaxpayablefor previousyearsbasedonapplicabletaxlaw. 2021 $'000 45,173

Adjustedforthetaxe‹ectof: Otherpermanentdi‹erences Changes in fair value of investments Prior year adjustments Non-assessableincome Non-deductibleexpenses Incometaxexpense

7,905

2,353 58

(173)

(5,43)

(721) (127)

82 (2)

(38) 18

2,389

(b)Incometaxexpense Incometaxcomprises: Curenttax Deferredtaxexpense/(benefit) Charged to other comprehensive income LossonFVofcashowhedges Incometax

13,447

2,071

29 1,387

1,926 318

NGHAKAMR W AMAINGAAUT KUEA TWP

TaxattheMāoriAuthoritytaxrate17.5%

2,389

(539) 1,387

253 2,642

(13) 1,274

ARP ININIHIKIAIT W ART AINCOORPATION-

a) ( Reconciliationbetweentaxexpenseandaccountingprofit Profitfortheyear

$'0

7878

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

E1Deferred 9 taxliability Recognition and measurement

Deferredtaxisrecognisedinrespectoftemporarydi‹erencesbetweenthecarryingamountsofassets liabilitiesinthefinancialstatementsandtheamountsusedfortaxationpurposes.Itisnotreco arises from initial recognition of an asset or liability in a transaction other than a business combination that at thetimedoesnota‹ectaccountingortaxableprofitorloss.

Adeferredtaxassetisrecognisedwhenitisprobablethatfuturetaxableprofitwillbeavailablet asset. Movementindeferredincometax: Property, Investments- plant and equity method equipment $'0 $'0 At1July2019 Chargedcredited) /( tothe statement of comprehensive income At30June20

1,69

227

231

(47)

1,29

At1July20 Chargedcredited) /( tothe statement of comprehensive income

1,29

At30June201

1,208

Livestock $'0

Other $'0 $'0

361

2,515 (539)

(134)

241

289

227

1,976

241 49

289

227

1,976

142

138

290

431

365

(1)

318

2,94

E2Mā0 oriauthoritycreditaccount 2021 $'000 Māoriauthoritycredits

13,679

Total

1,359

$'0

NOTESOTHEFINANCIALATTS EMENTS

NGHAKAMS WS AMA R INGAAUT KUS EA TWP (NOEST HE T O FINANCIALATTS EMENT) S FOHE T R EAR Y ENDEDNE UJ 03 120

E21Relatedpartytransactions

PKWhasarelatedpartyrelationshipwithitsCommitteeofManagementCoM) ( ,directors,shareholder representativeandexecutivemanagementteam. 2021 $'000

321

320

8 8

140

140 10

5 484

5 483

1,24 1,608

1,08 1,571

(b) Othertransactionswithkeymanagementpersonnelorentitiesrelated tothem Purchase of goods or services 4 Sale of goods or services 4 Total

NGHAKAMR W AMAINGAAUT KUEA TWP

a) ( Compensationwithkeymanagementpersonnel Governancefees ParininihikiWaitJtaraIncorporation ParininihikiWaitJtaraTrust PKWFarmsLP Subcommittees Associated boards TotalGovernancefees Kaimahibenefitsforexecutivemanagementteam Totalkeymanagementpersonnelcompensation

$'0

3 (9) ARP ININIHIKIAIT W ART AINCOORPATION-

(6)

E22Groupentities

TheconsolidatedfinancialstatementsincludetheParentParininihikiWaitJtaraIncorporationa itcontrols,andParininihikiWaitJtaraTrust.Balancesandtransactionsbetweenentitieswith eliminated, and accounting policies are applied consistently within the Group. Nature of business

Balance date

Equity holding 2021 20 % %

PKWiscomprisedofthefollowing materialentities: PKWFarmsLP

PKWTrust

Farming

30-Jun

Charitable

30-Jun

TE RAU MANAWAORA ARP O ININIHIKIAIT W ART V A ARP ININIHIKIAIT W ART V ATSUR TheParininihikiWaitJtaraTrustisalignedtothePKWGroup strategy and is a key contributor to the wider kaupapa. The Trusthassetdownits5yearstrategyasfollows: TEIHO VISION Taranaki uri realising and succeeding while strengthening their connectiontoPKWandTaranaki TEWHAINGA MISSION Seeding Taranaki Potential Building Success TEPcTAKE STRATEGIC INTENT Collective Impact to achieve shared outcomes NGĀARONGA GOALS Leadership & Collaboration Developing Community Active Participation

ARP ININIHIKIAIT W ART V ATSUR

TEPWRONGOTERAUOIT AUT IRA Chairpersonep R ort BEVERLEYGIBSON

He mihi aroha ki ngā mate kua wehe atu ki te pō haere atū rā koutou.

I manakohia e ngā mātua tūpuna kia tū ai tēnei kaupapa a Te Rau Manawaora o Parininihi ki Waitōtara hei oranga mō te iwi. Nō reira tēnei mātou e ngākaunui ana ki te tautoko i ngā akonga, ngā marae, hapū me ngā hāpori o Taranaki iwi whānui. Tēnā koutou katoa

Itēneitau,e204ngātāngata itakureremātearangaio.Tdturu, takitahiiwhiwhiingātakuhe emJhioneiaunātewhaiwāhiki tetāpaeingāpdkenga,tetautoko mātauranga,ā,he$237kteuara, metematataukitJtātouhapori,ka maiingātakuhemātauranga170i tukunaitetauimuarā.Hetakuhearo mai te hunga kua tautokona e ParininihikiWaitJtara.Mātuarāpea, marae,metJna$9kteuara,me tētehitakuhehaporihe$3ktJna kawhakatakototauiramJJtatou taiohiTeRauMatatau,arā,terJpd uara, i tukuna hoki. ākongaomua,kiawhaiwhakaaroki Kuatatatutukitemahikitewhakatd tearamātanga,ngaiorānei. iTeRauMatatau,herJpdākonga HeWhāingamJteWāheke: Ka paetahi, paerua, kairangi i tautokona noho tonu hei mahi matua o Te Rau eParaninihikiWaitJtara.Kitewātea Manawaora ngā takuhe, karahipi ingāpaemataaraKowheoriDelta, mātaurangahoki.Koteineite kotetdmanakoiakawhakatdria tētahihuiheiteWhiringa-ā-rangi pāngaoTeRauMatatau,tētehi rJpdākonga-tJmuahou,tupuhoki, mJēneimātangamātauranga(mā tētehiarotahihouheingātaukeite ngāpaemataaraoteKOWHEORI aroaro. etohu).

KotepaingaotētehirJpdākongaki HepuāwainJrotoite Whanaungatanga MāTeRauManawaoraoParininihi ParininihikiWaitJtarakotehāngai kiWaitJtara,epārekarekaanaauki pdoterJpdkiterautakioteTarati. E kaha ahu whakamua ana te tewhakaatukitePdrongoTau āmJ Mātemahakēaturauākonga, rautakikJkirioteTaratikiahanga temahiateTaratimJtetaupdtea kaiwhiwhi takuhe hoki, ka rato te pātuitangaitetahaoētehiiwi,tarati 20/1. rJpdākonga-tJmuaitemeaangitu MāoriatuanJhoki.Mātēneiaronga kiatuituiitētehiwhatungatautoko mahitahi e hua mai te toronga NGĀRAUTAKIMATUA whaipdkenga,whakaarokotahikawhānuiatumetewhakamahinga HoawhakapakariiteRauote tupu tonu i ia tau, ka tupu tonu i ia pai ake, e whakakaha ai i te Tarati ki Kura tau. tewhakarahiiānatāpaekitehapori whānuioParininihikiWaitJtara,kite Maiitetau1983,kuahJnorete Kahuamaiitekaupapaākonga mahitakitiniitētehikaupapakotahi Taratikitetāpaewāhangaitihei omuahemeaangitumJte tētaeatewhakatutukimāmahi āwhinaingāurioTaranakikite whakawhāitihaeretonukiParininihi takitahi. whakatutukiiārātouwhāinga. kiWaitJtarametJtātouhapori. Huikatoahe$249ktetukunga Hei kaiwhiwhi karahipi Charles Itēneitau,imahiteTaratiitetaha tahuamāngātakuhee206hei Baileyimuarārā–itetau198 ongāhoatukukarahipi19,he whakaahuwhakamuaingāwawata – e manawareka ana ahau ki te pikingaite15itērātau.Kātahirāte mātauranga,ahureahokiongāi tautokoiParininihikiWaitJtara hei itewhakawhānuitangaanJ harikoa otāmātoutukutahiingākarahipi, MāorioTaranaki. whakamihi i te karahipi i whakarewa

ET NG OR P ET O AUR IO T AUT IRA

" Mātēneiarongamahitahiehuamaite torongawhānuiatumetewhakamahinga pai ake, e whakakaha ai i te Tarati ki tewhakarahiiānatāpaekitehapori whānuioParininihikiWaitJtara,kitemahi takitiniitētehikaupapakotahitētaeate whakatutukimāmahitakitahi."

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

KariroitekomitiTaratiitiatuētehi itewhaiatuoNgātiMaru,oNgāti kua'ngaro',iJrātoutamariki MutungahokiiaNgāruahine,a mokopunarānei.Kawhakahaerete tarahit%motuhake,ētehimemao TeRauRengarengarātoukoētehi Taranaki, tae ana ki Te Atiawa. I rangawhakahaereitētehirārangi māngaiRautitikura.HeiteHakihea tēneiwāerimaongāiwiewaruo rautitikura,hepdteatāpuiārātou, kawhakapuakinangākopoutanga Taranaki e mahi tahi ana ki te taha o huikatoahe$5.2m,kāoreanJkia āParininihikiWaitJtaraheitautoko tukuna, iJ ā,heiteNoema,koterahi kiteHuiTau. tātouwhānau,tJtātouhaporihoki haeretēneipdteamātJna$60. HeWhāingamJteWāheke: Ka kiatuputeāheitangaewhaihuaai dtonuterautakioteTaratikitJna HeWhāingamJteWāheke: te hapori katoa. aronga o mua ki te tuku takuhe, kia KiakJkiritonuitekimirautitikura HeWhāingamJteWāheke: kia ngaro,tetiakiiJrātouhononga arotahikitetuituipātuitangarautak kitetahaoētehirangawhakahaere tdhuraingāpdkengamengāāputa whakapapakiParininihikiWaitJtara, eJriteanatewhakaaro,kiaāta mātaurangaā-mahikiterāngaiahu ki te whakaheke hoki i te puna utu whakamahiaaingārauemimengā matua,ā,kitewhakatairangaingā whaipāngakāoreanJkiatonoa. meaangituheipaingamJngāi meaangitumJtewhakangungu, WhakahouhouiteTeRau MāorioTaranaki. mJtewhaimahihokiātewāheke. Manawaora PcTEAOTETAU-WHIWHINGA PdteaTāpui I te arotake mana whakahaere puta MONI E haere tonu ana te mahi a noaiParininihikiWaitJtara,kuatata Kotetahuaitukunaete ParininihikiWaitJtarakiterapu oti te whakahouhou i te hanga o Te KJporeihanaoParininihiki ingārautitikura(kaiwhaipānga) RauToiTauira,arā,tekomitiTarati. <<

WaitJtarakiteTaratimJtetau mō tēnei Tarati i te nuinga o te he$209k.Itaemaite$60kanJ tau pūtea i mua i tana puta atu maiingāhoamahitahi,kia$269k ki te whakakī i te tūranga o Te te tapeke o te whiwhinga moni Rau Toi Ariki / Heamana o te takuhe.Huikatoahe$13kte Komiti Whakahaere, arā, Te Rau whiwhingapdteahuamoni.Iwhiwhi Rengarenga. tepdteataurewa$3.25mmaiite Koporeihanaite$130khuamoni, I tēnei tau, i whakatau mātou i a ā,iwhiwhingātāpiritangapēkeite Puna Wano-Bryant ki te tūranga o $1k.KiahokikitekJrero,he$249k Te Rautitikura / General Manager tetapekeongātakuhemengā Shareholder Engagement, ā, kua karahipiitohaina,taeanakingā kaha puāwai āna mahi i tēnei takuhe marae, hapori hoki. tūranga hirahira mō te ārahi HEMIHI mana whakahaere. Ka mihi hoki Tuatahi māku, kia mihi atu ki a

Dion Tuuta, nāna te mahi heamana

au, ka tika, ki a Darryn Ratana; kei runga noa atu o runga noa

mai tōna tāpae ki te Tarati hei Māngai Rautitikura / Shareholder Representative. Hei whakakapi ake, ki te Rau Rengarenga o Parininihi ki Waitōtara, arā, ki Te Rau Rengarenga, mō tōna āta whakahaere, mārire tonu, me te tautoko i ō tātou Rautitikura / kaiwhaipānga – tēnei te mihi mō tō koutou manaaki. Mauri ora. Noho ora mai BeverleyGibson TeRauToiTauira

AT A GLANCE INVESTMENTS VALUE OF INVESTMENTS

INCOME FROM INVESTMENTS

$ VALUE OF INVESTMENTS HELD

INCOME FROM INVESTMENTS HELD

$3.082m

131k

up from $3.075m in 2020

down from 146k in 2020

GRANTS & SCHOLARSHIPS xaT retfA tfiorP teN

$ VALUE OF GRANT INCOME FROM PARTNERS

$265k

up from $215k in 2020

Net Profit After Tax

Operating profit after tax

$ VALUE OF GRANTS & SCHOLARSHIPS

$249k

*Dividend & Grant Distribution

up from $233k in 2020 Equity

Shareholders

xaT retfA tfiorP teN

GRANT & SCHOLARSHIP PARTNERS

noitubirtsiD tnarG & dnediviD*

Net Profit After Tax

ihamiaK

*Dividend & Grant Distribution

ssenisuB iroaM

Kaimahi

xat retfa tfiorp gnitarepO

Kaimahi

ytiuqE

up from 15 in 2020

noitubirtsiD tnarG & dnediviD*

NUMBER OF GRANTS & SCHOLARSHIPS AWARDED

206

sredloherahS

ihamiaK

up from 175 in 2020

aunehW demraF

ssenisuB iroaM

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

ET NG OR P ET O AUR IO T AUT IRA

ARP ININIHIKIAIT W ART V ATSUR

TEPWRONGOTERAUOIT AUT IRA Chairpersonep R ort BEVERLEYGIBSON

He mihi aroha ki ngā mate kua wehe atu ki te pō haere atū rā koutou.

Thisyear,204individualsreceived my professional pathway. I am certain the chance to contribute educationgrantsworth$237k, skills,supportandexpertisetoour upfromthe170educationgrants community will be of interest to awarded the previous year. A marae I manakohia e ngā mātua those who have been supported grantworth$9kandacommunity tūpuna kia tū ai tēnei kaupapa byParininihikiWaitJtara.Perhaps grant worth $3k were also awarded. a Te Rau Manawaora o most importantly of all, the alumni Parininihi ki Waitōtara hei Work to establish Te Rau Matatau, associationwillsetanexample oranga mō te iwi. an alumni association of bachelor, for our rangatahi to consider an masters, and doctoral graduates Nō reira tēnei mātou e academic or professional pathway. whoreceivedParininihikiWaitJtara ngākaunui ana ki te tautoko i FutureGoal: Community grants support, is nearing fruition. Delta ngā akonga, ngā marae, hapū and education scholarships will coronavirus levels permitting, it me ngā hāpori o Taranaki iwi remainakeyactivityforthePKW is hoped a hui of these learned whānui. Trust. Measuring the impact academics will be held in November Tēnā koutou katoa depending ( onCOVIDrestrictions). of a new and growing alumni association will be a new focus in The value of an alumni association the years ahead. forParininihikiWaitJtarais HepuāwainJrotoite intimately aligned to the Trust Whanaungatanga(Relationships strategy. For the hundreds togrowresources) upon hundreds of scholars and On behalf of Te Rau Manawaora o grant recipients the Trust has ParininihikiWaitJtara,theParininihi The Trust’s strategic drive to build supported over the decades, the kiWaitJtaraTrust,itiswithpleasure partnerships with iwi and other alumni association will provide an that I present the Annual Report on Māoritrustsandorganisationsis opportunitytoformahighly-skilled the performance of Trust activities forging ahead. This collaborative supportnetworkoflike-minded approach provides more reach and forthefinancialyear20/1. individualsthatwillexpandyear leverage of resources, enabling STRATEGICPRIORITIES after year. theTrusttoexpanditso‹erings HoawhakapakariiteRauote toawiderParininihikiWaitJtara The alumni programme will Kura(BuildingPotential ) community and do things through present opportunities for ongoing a shared kaupapa that wouldn’t be Since1983,theTrusthasbeen involvement with Parininihi ki achievable on our own. honoured to play a small part in WaitJtaraandourcommunity.Asa helping Taranaki uri to achieve Charles Bailey scholarship recipient TheTrustworkedwith19 theirgoals.Atotalof$249kwas myself–waybackin198–Ihave scholarship partners this year, up distributedthrough206grantstotreasured the opportunity to serve from15inthepreviousyear.Itis advance the education and cultural ParininihikiWaitJtarainrecognition enormously rewarding to have expandedourjointscholarship aspirationsofTaranakiMāori. of the scholarship that launched

independent trustees, Committee o‹eringsyetagain,withNgāti organisation maintains a list of of Management members and MaruandNgātiMutungajoining shareholders whose unclaimed Ngāruahine,TaranakiandTeAtiawa.dividends,totalling$5.2m,remain shareholder representatives. Appointments will be announced Five of our eight Taranaki iwi are unpaid and this is set to increase by at the Annual General Meeting in now collaborating with Parininihi ki approximately$60kinNovember. December. WaitJtaratosupportourwhānau FutureGoal: To continue the and communities to grow in FutureGoal: The Trust’s strategy drivetofindmissingshareholders, capabilitythatwillultimatelybenefit maintainsitshistoricalgrantprotect their whakapapa all of society. making approach and focus on connection to Parininihi ki FutureGoal: To investigate skills WaitJtara,andreducethepoolofcreating strategic partnerships withlike-mindedorganisations and vocational gaps in the primary unclaimed dividends. to leverage resources and sector and promote opportunities WhakahouhouiteTeRau opportunitiesforthebenefitof for training and future employment. ManawaoraGovernance ( TaranakiMāori. PdteaTāpui(Unclaimed Restructure) PcTEAOTETAU-REVENUE dividends) As part of the governance review ParininihikiWaitJtarahas acrossParininihikiWaitJtara, The contribution from Parininihi kiWaitJtaraIncorporationtothe continued the work to identify the Trust committee restructure Trustfortheyearwas$209k.A missing shareholders or is near completion. A leaner further$60kwasreceivedfrom their tamariki mokopuna. The Trust committee will have <<

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

" This collaborative approach provides more reach and leverage of resources, enabling theTrusttoexpanditso‹eringstoawider ParininihikiWaitJtaracommunityanddo things through a shared kaupapa that wouldn’t be achievable on our own."

TE RAU TOI TAUIRA CHAIRERP N OS EPR T RO

partners, resulting in a total of $269kingrantrevenue.Interest incometotalled$13k.Theloan fromtheIncorporationof$3.25m earned$130kofinterest,while bankdepositsearned$1k.As noted, the total value of grants and scholarships distributed, including marae and community grants, was $249 k.

mostofthefinancialyearbefore Shareholder Representative has stepping aside to hold the position beenexceptional. as Te Rau Toi Ariki / Chairperson of Finally, to Te Rau Rengarenga the Committee of Management. oParininihikiWaitJtara,the This year, we have welcomed Committee of Management, for its PunaWano-Bryanttotheroleof careful and thorough governance Te Rautitikura / General Manager and support of our Rautitikura / Shareholder Engagement – she shareholders – thank you all for hasalreadymadeasignificant your manaaki. Mauri ora. impactinthisimportantexecutive

leadership role. I also wish to extendaspecialmihitoDarryn IwishfirstlytoacknowledgeDion Ratana, whose contribution to the Tuuta, who chaired this Trust for TrustasTeMāngaiRautitikura/ HEMIHIACKNOWLEDGEMENTS -

Noho ora mai BeverleyGibson TeRauToiTauira/Chairperson

AT A GLANCE INVESTMENTS VALUE OF INVESTMENTS

INCOME FROM INVESTMENTS

$ VALUE OF INVESTMENTS HELD

INCOME FROM INVESTMENTS HELD

$3.082m

131k

up from $3.075m in 2020

down from 146k in 2020

GRANTS & SCHOLARSHIPS xaT retfA tfiorP teN

$ VALUE OF GRANT INCOME FROM PARTNERS

$265k

up from $215k in 2020

Net Profit After Tax

Operating profit after tax

$ VALUE OF GRANTS & SCHOLARSHIPS

$249k

*Dividend & Grant Distribution

up from $233k in 2020 Equity

Shareholders

xaT retfA tfiorP teN

GRANT & SCHOLARSHIP PARTNERS

noitubirtsiD tnarG & dnediviD*

Net Profit After Tax

ihamiaK

*Dividend & Grant Distribution

ssenisuB iroaM

Kaimahi

xat retfa tfiorp gnitarepO

Kaimahi

ytiuqE

up from 15 in 2020

noitubirtsiD tnarG & dnediviD*

NUMBER OF GRANTS & SCHOLARSHIPS AWARDED

206

sredloherahS

ihamiaK

up from 175 in 2020

aunehW demraF

ssenisuB iroaM

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

TE RAU TOI TAUIRA CHAIRERP N OS EPR T RO

" We have much to do beyond our current o‹erings,butitisyour Trust’s belief that education is one of the key areas that we can best supportwhānautogrow opportunities to improve their lives."

PKW’s Taranaki Scholarships and Award online portal (taranakischolarships. oc mmunityforc.e oc m), provided in partnership with enV ture Taranaki and the Bishop’s Action study.

TE RAU ARA WHANAUNGA Our Iwi chs olarships are designed ot recognise outstanding up-and-coming talent and ot encourage them ot pursue their goals. Thees chs olarships will be open ot all appliac nts who ac n demonstrate whakapapa ot their Iwi and vie dence their invoem lv ent in with their Iwi and communit.y

2 x undergraduate chs olarships av lued at $2,500 available ot full time students enrolled in land cis enec or busines studies.

BNZ 1 x chs olarship av lued at$2,500 for undergraduates studying in the banking

Evergren Plumbing Group Limited

aF rmlands 3 x chs olarships av lued at $2,500 each. Available for undergraduates undertaking full -time study. Studies must oc ntribuet ot PKW and aF rmlands busines activities.

iStudios Multimedia

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

Balance Agri-Nutrients

TE RAUAWHINA TE PUTANGA TAUIRA CHO S LARHIP S ANT RG & S S

TE RAU HONONGA

TE RAU HONONGA EDUCATIONARP TNERS(CONTINUED)

Mark rF ost Electrical An annual undergraduate chs olarship worth $1,500 M A R K F R O S T E L E C T R I C A L

0DUN)URVW(OHFWULFDOLVDIDPLO\RZQHGEXVLQHVVEDVHGLQ+bZHUD

Marsh Insurance 1 x chs olarship av lued at $2,500 undergraduate chs olarship and opportunity for internship. Studies must oc ntribuet ot PKW's busines activities.

Meridian Energy 1 x oc -funded chs olarship av lued at $1,500 per eay r is open ot all undergraduate students.

Nova Energy 1 x chs olarship av lued at $5,000 per eay r for a maximum of 3 eay rs. 2QHRIWKHQHZHVWSRZHUUHWDLOHUVLQWKH1HZ=HDODQGPDUNHW1RYDR‹HUV

iV oct ria University Welingot n 2 x oc -funded chs olarships av lued at $5000 per eay r are available each eay r ot xie sting VUW posgrt aduate students.

WKLVSURJUDPPH98:KDVUHODWLRQVKLSVZLWKRYHU0bRULDQGSXEOLFVHFWRU

TE RAU MATATOI

TE RAU PAETAWHITI

TE RAUAWHINA TE PUTANGA TAUIRA CHO S LARHIP S ANT RG & S S

1 x chs olarship av lued at $7,500 per eay r for a maximum of 3 eay rs. Posgrt aduate onl.y Studies must oc ntribuet ot PKW busines activities and recipient must eb available ot PKW throughout the ert m of the chs olarship.

3x chs olarships av lued at $5,000 per eay r for a maximum of 3 eay rs. Studies must oc ntribuet ot PKW busines activities. uF l or part time students. Each of the chs olarships are named after Taranaki whanau who have made

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

Gloria Kerehoma.

TE RAU PAETATA 5 x chs olarships av lued at $2,000 per eay r for a maximum of three eay rs.

HEAUR AWHINAHEANG TUP AAUT IRA CHO S LARHIP S AND S ANT RG S

TE RAU AWHINA PKW SCHOLARSHIPS Theollow f ingstudente vsha beended arw scholarship:

NAME CourseofStudy

eh Shar older Endorsement

alue V ofant Gr orScholarship

PKWCharlesBaileyosP grt aduae t Scholarship ThomasBergen

PhD-PublicHealth

ShellyMariePikoreBergen

$7,500

PKWMae t whitaCakT osrP grt aduae t Scholarship DayshaLeonaonuma T ipea

PhDInternationalBusiness

UrutahuaGilbert

$5,0

PKWGloriaKerehomaosP grt aduae t Scholarship Susanep St hens

Maer st ofMaoriandIndigenousLeadership

Susanep St hens

$5,0

KWP Edama dTrw ostiP grt aduae t Scholarship onga T Kaena r

PhDea -P ceandCon4ictSudies

Ese ta ofonga T RangiMaxwellKaena r

$5,0

Maer st sofScience BachelorofNursing BachelorofScience

LindaElizaRthi LynneAmyFoser t JamesBerr y

$2,500 $2,500 $2,500

MBChB(Medicne) BachelorofSocialorW k BacheloroflawandBachelorofCommerce conjoint BachelorofHealthandLawsconjoint BachelorofAre ts-T eo R Maori

ex R BruceLangton atricJoaP natson W Magar et r e T Ruials hiW hWanaurus T t

$2,0 $2,0 $2,0

Magar et r e T Ruials hiW hWanaurus T t RaewynKawana

$2,0 $2,0

PKWKaitakngaScholarship awirRth ylor a T Mildenhall e T KahurangiSkelton

PKWUndergraduae t Scholarship Bree-AnnaLangton MariahKaenet Rawir Metira-HinekorangiDoyle RaukuraDoyle atyaT naGlasie

Name CourseofStudy PKW-NggruahineUndergraduae t Scholarship azmyn T Kaenet Asorhf d BA-MaoriStudies,Maores iR ource Management,Criminology

eh Shar older Endorsement

alue V ofant Gr orScholarship

Nanci-LeeKatane

$2,500

PKW-NggtiMaruUndergraduae t Scholarship RgkaioNuri

BA-MaoriandIndigenousStudies

oiP PueandAnaaur T aPueWhanaurus T t

$2,500

PKW-NggtiMutungaUndergraduae t Scholarship MereanaAnderson

BachelorofDesignwithHonours

aula P Anderson

$2,500

PKWana r T - kiIwiUndergraduae t Scholarship ane T eh Whit ead

BachelorofScience

ep St henKing

$2,500

Bachelorofes R ourceandEnvonment ir al Planning

obR ertCampbell

$2,500

PKWe T - AtaUnd wi ergraduae t Scholarship AdelaideCampbell

TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS PKWosVUWP - grt aude at Scholarship MartinKing NathanHobough r

Maer st ofIndigenousStudies Executie v Maer st ofBusinessAdminiatsrion

ep St henDenisKing NathanAllanHobough r

$5,0 $5,0

PKWens v-Ra downUndergraduae t Scholarship StarshBidr

BachelorofScience

RangitawWhnaurus T t

$5,0

Ngaout P okoanga OrWhk -Bachelorof Bicultal r SocialorW k BachelorofLaw BachelorofArts/BachelorofLaws

LiaiorsPkW ama T ti

$2,500

oiP PueandAnaaur T aPueWhanaurus T t ene PirpWat Whanaurus T t

$2,500 $2,500

PKW-BNZUndergraduae t Scholarship NgaRaitNgaia BachelorofCommerce

Haangi r andManaiaHarison Whanaurus T t

$2,500

PKW-FarmlandsUndergraduae t Scholarship Haydenene atP vier Ja Doorbar apik RT

Hekeout P uaongo r BachelorofBusiness DiplomaHekee T eo R

Rangiene atP Whanaurus T t AliceKaene t Doorbar HinemanaJuaniapik tT

$2,500 $2,500 $2,500

PKW-iStudiosUndergraduae t Scholarship e T RangihaeataKoroheke

BachelorofDesign

RuveMaureenLindysa

$2,0

PKW-EvergreenPlumbingUndergraduae t Scholarship yJa O' Bailey

Bachelorofnursing

MichaelManukorihBaileyWhanaurus T t

$1,500

PKW-MarkFrostElectricalUndergraduae t Scholarship JacquelineDavis

Bachelorofhealthscience-Nursing

dDaRichar vis

$1,500

PKW-MeridanEnergyUndergraduae t Scholarship ace Gr Maenga t

BachelorofHealthScience

Lucyet W ereRat

$1,500

PKW-BallanceUndergraduae t Scholarship Liama sT ti Moerangiylor aT ye Sha eh Wit air

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

Theollow f ingstudente vsha beended arw scholarship:

TE RAUAWHINA TE PUTANGA TAUIRA CHO S LARHIP S ANT RG & S S

TE RAU ARA WHANAUNGA IWI PARTNER SCHOLARSHIPS

96 Theollow f ingstudente vsha beended arw aPKWer T tiaryant Gr : Name CourseofStudy

eh Shar older Endorsement

alue V ofant Gr orScholarship

AaliyahTocolich

BachelorofysPh iotheryap

obR ertCampbell

$750

Aaon r Win

BachelorofScience(Honours)

MalcolmLeser t Win

$750

AbbeyUrwin

BachelorofMedicneandBachelorofSurger y

ymond Ra ePiktuCowell

$750

Alexandahu Tr BachelorofCommerce

ei R wynKaneihanaDaey v Hohai (Hohai)Whnaurus T t

$750

AlieshaTomson-Baker

BachelorofMedicneandaBachelorofSurger y

aula P FrancesNiwa

$750

AlisonBrooks

ConjointBachelorofLawsandBachelor ofScience

Mar ylindaNggtiKerehomaBrooks

$750

AngusElkington

Docort e at ofClinicalPsychology

Elkingtonrus T t

$750

AnthonyUrwin

BAMaoriStudiesande T eo R Maori

GeorginaUrwin

$750

AsherKaene t

Maer st ofArosts,P grt aduae t Diplomaof ClinicalPsychology

MariaCresencet ar iW ini

$750

BenjaminRatna

BachelorofMedicneandBachelorof Surger y(MBChB)

Sunnyur T ukiMatiuRatna

$750

BevanohT ia

Bachelorofea T ching{Primar y}

Kennetoyc hR eohT ia

$750

Bobyb Luke

FacultyofArtandDesign.Docort ofPhilosopyh

obR ertCampbell

$750

BriannaJones Maer st ofBusiness

NgguriOAniwaihoroaaer P akuJones Whanaurus T t

$750

BriarChdar

Newea Z landDiplomainBusiness (Accountingand Str )

et Gar hJones

$750

BrookeElgar

BachelorofLaws

okT otokoWilliamMatangi

$750

CaliahKiar

BachelorofArts-Pychology

NathanAllanHobough r

$750

CandyManaiaHarison HealthandBeautyTheryap

Haangi r andManaiaHarisonWhanau rus T t

$750

CarlHansen

BachelorofScience

Samuelalli W sKahui

$750

Charmaine-osR eChase

Certe i3ca inBeautyTheryaph Level4

VickeAmoront -P er

$750

ChiquitaNgeru

BachelorofNursing

HinemanaJuaniapik tT

$750

ColinRat

BachelorofArtsMajoringinEducation

obR ertaIrangi ir ald W en

$750

CourtneySullian v

BachelorofMedicneandSurger y

ThomasBroughon t

$750

CullenWilson

BA-Creatie v ritWng

Ripoaut T ahiWnaurus T t

$750

DanielGarland

HekeoiT akiWhr

Ruhi(Lucy)et W ereRat

$750

DanielleChurch

BachelorofArts-Linguistic

akirJm T akir T

$750

Daynaev St enson BachelorofScience

HeemiWirpoNgaea iwkat BaileyWhanau rus T t

$750

DestinyobR inson

Newea Z landDiplomainEarlyChildhood EducationandCae r -Level5

Irenee T obaitRW inson

$750

DinnieMoeahu

osP grt aduae t Certe i3ca inMaori& IndigenousLeadership

et P erMoeahuJnr

$750

DrewDaey v

BachelorofMedicneandBachelorofSurger y

Iwimae ir Daey v Whanaurus T t

$750

EteliniosR eobR erts

BachelorofScience

Jamesollo R Berr y

$750

EthanLangton

BachelorofEngineering(honours)

ex R BruceLangton

$750

GeorgeMiles BachelorofSportandExercise

NgaaitrndRangikotukuRukuwai Whanaurus T t

$750

HarisonEddswar

BachelorofMedicneandBachelorofSurger y

Elizabetyli hP sPutiputiHema

$750

HershBajwa

BachelorofScience

AliceKatrinaahm Gr

$750

Ireneaptu T

BachelorofLaw

Ireneaput T u

$750

JacqueO'Caoll r

BachelorofNursing

e T Urumaangi ir RitaWhnaurus T t

$750

JahmaeysManu

DiplomainFilmandContentCreation

Janete t LuciaManu

$750

JamieLove

BachelorofEarlyChildhoodEducation

ene PirpWat Whanaurus T t

$750

JanineLuke-ama T ru

osP grt aduae t DiplomainBicultural ofPr essionalSuper vison

KenohT ia

$750

eh Shar older Endorsement

alue V ofant Gr orScholarship

JennaHeu

BachelorofNursing

RaewynKawana

$750

JesseChend it en-O'Lear y

BachelorofDesignInnovation

e T Urumaangi ir RitaWhnaurus T t

$750

JessieUrwin

BachelorofMedicneandBachelorofSurger y

ymond Ra ePiktuCowell

$750

JessieMckenzie

BachelorofCommerceconjoinedwith BachelorofLAWS(LLB)

ShonaAgnesMaxwell

$750

JodyTimu-Kaea

BachelorofNursing

NgaurangaKuraRnginiwa

$750

JonathonMahutonga

BA-MaoriandIndigenousStudies

RuveLindysa

$750

JordanQuinnell

Maer st sofMaoriVsualArts

SinaJamesWhanaurus T t

$750

Josephineakir T

BachelorinBiculturalSocialorW k

akirJm T akir T

$750

JoshuaSolomon

BachelorofMedicneandBachelorofSurger y

Mraul P Charlese T RauohR aLeatheryb

$750

JoshuaobR inson

Bachelorsin3DAnimationandVFX

Mar ylindaNgatiKerehomaBrooks

$750

JosiahGlbert

Cooker yLevel4

UrutahuaGilbert

$750

KahuMulligan

BachelorofScience

MulliganWhanaurus T t

$750

KellyKaena r

BachelorofCounsellingandadictons

Jennier f orWikt iaRpna

$750

KendyllHaapu

out P uaongo r e T Rangakura

Ripoaut T ahiWnaurus T t

$750

KiriWlson

Maer st sMaoriandIndigenousLeadership

obR eropt(R ona at)R

$750

LanaMiles

BachelorofHealthScience

als WRhir h

$750

LoganMuryar

BachelorofMedicneandBachelorof Surger y(MBChB)

Loganei T natiMuryar

$750

LyndaHolser t

BachelorofSocialorW k

odR neyLeonBaker

$750

MadelyneSlaer t -Carer t

BachelorofMedicneandBachelorofSurger y

ChristneMagar et r Matheison-Picken

$750

Madisonaller W

BachelorofLaws

ocR kyHudson

$750

Mahinaangi r Millaot-Pr ak

BachelorofAppliedHospitalityand our T ismManagement

e T KotahitngaRuawai-Hamilton Whanaurus T t

$750

Maeia-t ohoHolman-eh Whar oka

Maer st sinArec chit turalScience

ongoma R eh iWhar oka

$750

MakiyaKaene t

BachelorofArts-Education

Wintonemu Wir Kaene t Jnr

$750

MarinoDoyle

BachelorofEngineering(Hons)

Magar et r e T Ruials hiW hWanaurus T t

$750

Maek t inoSheraleeKanarighahW t

NationalCerte i3ca inAutomotie v Engineering(level3)

Carltonaku P

$750

Mianaene atP

Hekeeo R Maori

ChristneMathieson-Picken

$750

Miyla ka Matysh

BachelorofEngineeringwithHonours

amela P Leatheryb

$750

MorganatW

osP adua tGr e t DiplomaPrimar yea T ching

Mar yer T eseen aGr Whanaurus T t

$750

NastajBerr y

e T out P ahuWhakoranga

Jamesollo R Berr y

$750

ew Or aWhktutu-Kunait

BachelorofNursing

aula P FrancesNiwa

$750

aorP ama T ti

Ngaout P okoanga OrWhk :Bachelorof BiculturalSocialorW k(Level7)ea Y r2

LiaiorsPkW ama T ti

$750

aorP aLaurence

out P uaongo r eo R ea -Y r201

ana r T kiMaorrus iT tBoadr

$750

aul P CharlesLeatheryb

DiplomaMaoriStudies

Marieua T hineLeatheryb

$750

aula P een Gr

BachelorofNursingLevel7

Mar yer T eseen aGr Whanaurus T t

$750

oiP poie aT aonga T oaP

BachelorofCommerce

emu Wir Whanaurus T t

$750

orP tiaHarimae t eui T laelf T ord

adua Gr e t Diplomainea T ching(Secondar y)

MariaElizabehthIr ving

$750

QuinessaSullian v

adua Gr e t Diplomainea T ching(Primar y)

Mereanaylor aT

$750

RakiMaxwell

Meconi hatr csEngineering

er V aPuketapu

$750

RahuiaHohai-Mcleod

Automotie v Engineeringlevel3

ene PirpWat Whanaurus T t

$750

Raimonaapit T

Maer st s'inMaoriIndigenousLeadership

Elizabetyli hP sPutiputiHema

$750

eb R eccaMartin-opP e

DiplomainLegalExecutie v Studies

RaewynatricSker P et r t

$750

eb R ekhaManu-Millar

DiplomainHealthScienceLevel5

CindyAver yMillar

$750

eub R enKaene t

BachelorofDentalSurger y

HineoaaitW Bigham

$750

aMaRihr rell t

Newea Z landDiplomainQuantitySureyi v ng (Level6)

ony T Elkington-e T UrutahiElkingtonrus T t

$750

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

Name CourseofStudy

TE RAUAWHINA TE PUTANGA TAUIRA CHO S LARHIP S ANT RG & S S

Name CourseofStudy

eh Shar older Endorsement

alue V ofant Gr orScholarship

oiR mataBlackburn

BachelorsofAppliedScience(Medical Imagingec T nology)

HeemiWirpoNgaea iwkat Bailey Whanaurus T t

$750

ongoma R ihengaaer W ea-Hohai

Health,SportandHumaner P orf mance

ene PirpWat Whanaurus T t

$750

Ruaputahngaaua T akir- T

BachelorofHealth

akirJm T akir T

$750

RubynShepherWiptd-

BachelorofArts-InformationSysems t andJapnese

Rangiene atP Whanaurus T t

$750

SamLock

BachelorofCommerce(BCom)

JacquelineElizabethMarin

$750

NgaUrioAniwaihoroaaer P akuJones Whanaurus T t

$750

aDooney Sr BachelorOfEngineering(Hons) ona SarikR

Docort ofPhilosopyh

Josepona hR

$750

ShannonCatley

BachelorofBuildingScience

ene PirpWat Whanaurus T t

$750

ahu T atson W

BachelorofMedicalLabororat yScience

ymond Ra atson W

$750

amz T ynPue

MMIL-Maer st sMaoriandIndigenous Leadership

oiP PueandAnaaur T aPueWhanaurus T t

$750

anea T lJones

BachelorofCommerce

MulliganWhanaurus T t

$750

ani T aKorau

BachelorofNursing

Elkingtonrus T t

$750

a-Lee rT Manu

BachelorofMaoriVsualArts

et P erMoeahu

$750

yla a T hKing

Hekeeo R

ep St henKing

$750

e T Arohylor aT

BA-Nursing

e T ei T e Whita-r Wana ' urus T t

$750

ea T oEie 2

BachelorOfNursing

aul P JohnEie 2

$750

Thanesyah Hohai-Mcleod

StudyandCaeer r ep pr atrionLevel4

Raurue T NggRuruWhanaurus T t

$750

Thomaont sP er-Amor

BachelorofEngineeringwithHonous

VickeAmoront -P er

$750

uli T ndcharPit

SocialSciences/Laws

Mum'sMobWhanaurus T t

$750

yler T Ngaia

Maer st ofUserExperienceDesign

IreneGodkinakIreneaptu T

$750

aiSker W et r t

Maer st sofArtsMediaStudies

RaewynatricSker P et r t

$750

yne aW Caper

Maer st sinMaoriandIndigenousLeadership

Ese ta ofCharlesBailey

$750

WillowKingi-Laurence

BachelorofArtsandscience

ana r T kiMaoritrustboadr

$750

WynitaKaene t

Maer st sOfContemporar yEducation

Wintonemu Wir Kaene t Jnr

$750

Aaon r Davis

Bachelor t ofBusiness

Macus r aul P Timotyh Davis

$400

Adames Pr on t

Maer st sofBusinessAdminiatsrion(MBA)

aeme Gr Faclough ir

$400

AimeeMorell r

Adminiatsrionandec T hnologyLevel4

aeme Gr Faclough ir

$400

Amyea Gr es v

healthandwellbeinglevel4 (socialandcommunity)

orWikt iaJessieBeamish

$400

AnthonyJe2ey r Jackson

Newea Z landDiplomainEngineering( MechanicalEngineering)

et P erSamuelJackson

$400

Araperapit T

CONJTBA,LLB-BachelorofLaws

ene PirpWat Whanaurus T t

$400

Azes ariW on t

MechanicalEngineeringApent pr iceship

RaewynKawana

$400

CamronManukonga

HealthSciencesFiea rstY r(BSc)(201

TinitiaRkoWhanaurus T t

$400

CariePlimmer

Newea Z landCerte i3ca inHealthandellb W eing (socialandcommunitySer vices)level4

MarkWilliamSturgess

$400

DeanneKing

Maer st ofSciencewithaHealthPsychology endorsement

RangitawWhnaurus T t

$400

Deejaeaiwht T

CivilEngineering

GeorginaBrown

$400

DenzellCoter t ill-Je2ries

Newea Z landCerte i3ca inPlumbing, Gas3ting&Drainlaying

HeemiWirpoNgaea iwkat Whanau Baileyrus T t

$400

Donteies W on t

Level3Automotie v Engineering

EleanorRauni-Ion

$400

EdieBalme

BachelorofArts-MaoriDevelopment

ana r T kiMaorrus iT tBoadr

$400

Ellaene Wipat

BachelorofEngineering

ene PirpWat Whanaurus T t

$400

EnokaLove

Certe i3ca inStudyandCaeer r ep Pr atrion (level4)

ene PirpWat Whanaurus T t

$400

eh Shar older Endorsement

alue V ofant Gr orScholarship

Georgia-ReJones

et Gar ami hT hanaJones

$400

Henr yIona Certe i3ca inPublicHealth

BachelorofScience

Ese ta ofApiandew r salsoknownas LeatriceApiAndew r sore T Whakeaea ApiAndew r s

$400

HollyManukonga

Newea Z landCerte i3ca inStudyandCaeer r ep Pr atrion.oli P cingandSer vicespatyhw

TinitiaRkoWhanaurus T t

$400

IsabellaCaldwell

BachelorofArts-Pychology

orWikt iaJessieBeamish

$400

Jadcobs

BachelorofNursing

Macus r aul P Timotyh Davis

$400

KendylFake

adua Gr e t Diplomaea T ching(Primar y)

ahm Gr &MonicaKingWhanaurus T t

$400

LeilaBlackburn

BachelorsofAppliedScience-Medical Imagingec T hnology

HeemiWirpoNgaea iwkat Bailey Whanaurus T t

$400

LenadKoh r a

NZcerte i3ca inMentalHealthandwell beingLevel4

ene PirpWat Whanaurus T t

$400

LiamFoser t -Chdar eld W ingEngineeringApent pr iceship

HeemiWirpoNgaea iwkat Bailey Whanaurus T t

$400

MadieDavy

Maer st sofClimae t ChangeScienceandoli P yc

enny atricP Amor-Davy

$400

MaiaKing

BachelorofAppliedScience

LiaiorsPkW ama T ti

$400

Maet ar iW ini

out P uaongo r oiT aWhna Or u

MariaCresencet ar iW ini

$400

MiriamaHetet

BachelorofHealth,SportandHuman er P orf mance

RaewynMagar et r aiwrW

$400

Myja-Leees Pr on t

IndigenousArts

Raurue T NggRuruWhanaurus T t

$400

NatashEdmunds

BachelorofArts-PychologyandGender Studies

e T Urumaangi ir RitaWhnaurus T t

$400

Neyokes aPr on t

ongoa R

Raurue T NggRuruWhanaurus T t

$400

Nier ait kW e

Healthandwellness

okT oIwer aitW e

$400

ek arP apit T

Certe i3ca ofo3pr ciencyarts

LiaiorsPkW ama T ti

$400

eh P ituMathieson-Mana

e T ohT uaet P ahi

aeme Gr Faclough ir

$400

Phoebe-obR ynur T nerO'Caoll r

BachelorofHealthSciences

ymond Ra uut T a

$400

Phoeni-Jade x Davis

Creatie v MedodiaPr uction

Kathleenoma P e r

$400

RawiniaNgohe

osP grt aduae t Certe i3ca inMaoriand IndigenousLeadership

Ese ta ofCharlesBailey

$400

enee R Baldwin

BachelorofArts(Pychology)

NgaurangoKuraRnginiwa

$400

obR inMcLaughlin

oiT aema P tua:DiplomainMaoriIndigenousArt

Bar y-Katauw hP airuaWhanaurus T t

$400

SeanBrown

osP adua tGr e t DiplomainEducation

GeorginaHaeakmor T iBrown

$400

ShaunWhenuaoar

BachelorofArec chit ture

ymond Ra ePiktuCowell

$400

SophieIr ving

BachelorofLawsandBachelorofArts

e T Urumaangi ir RitaWhnaurus T t

$400

anei T lleama T ti

NZcerte i3ca inelectricalengineeringtheor y (Level3)

et P erMoeahuJnr

$400

ani T aPik

Certe i3ca inongoa R (Level4)

oP PueandAnaaur T aPueWhanaurus T t

$400

ThomsonMatuku

BachelorofCommunications

ThomasBroughon t

$400

TianOwen

BachelorofCriminalJustice(BCJ)and BachelorofLaws(LLB)

Ese ta ofCharlesBailey

$400

TinaMoeahu

ElectricalEngineering

et P erMoeahuJnr

$400

oni T Lines

BachelorofAppliedManagement

Br yceMalcolmFrost

$400

uh T eimoaMaruera

BAinMaoriKnowledge

emu Wir Whanaurus T t

$400

ui T apuk T e

BA-Internationalela R tionsandoli P tical Science

ocR kyHudson

$400

WilliamFlanagan

BachelorofLaws(LLB)

et P erMoeahuJnr

$400

emu Wir JahellePuna-Leeks

BachelorOfSocialSciences

GarnetGarthMaeh t aerees W on t

$400

BayleeJordanWhenuaoar

BachelorofArec chit ture

LorrisWhenuaoar

$400

HE ORANGA ARP ININIHIKIAIT W ART AINCOATROP ION-

Name CourseofStudy

TE RAUAWHINA TE PUTANGA TAUIRA CHO S LARHIP S ANT RG & S S

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102

KUPU WHAKATAKI

INTDUOR CTION

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TRUST

W HS ING A KUA T U KI R S NEI ( Per f or ma nc e Rep or t )

PERFORMANCE REPORT

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104

Te Pūrongo ā ngā Kai a rotake (Independent Auditor’s Report) E ngā kaiwhiwihi takoha o Te Rau Manawaora o Parininihi ki Waitōtara (To the Beneficiaries of Parininihi ki Waitotara Trust) Te arotake o te pūrongo nanahu (Report on the audit of the performance report)

Arotake (Opinion) In our opinion, the accompanying performance report of Parininihi ki Waitotara Trust (the ’Trust’) on pages 92 to 100: i. Present fairly in all material respects the Trust’s financial position as at 30 June 2021 and its financial performance and cash flows for the year ended on that date; ii. Comply with PPE Simple Format Reporting (Not For Profit); and iii. Suitably report the outcomes and outputs, and quantifies the outputs to the extent practicable, in the statement of service performance.

We have audited the accompanying performance report which comprise:

—

Te tauākī tūnga pūtea (statement of financial position) mō te tau i oti i te 30 Hune 2021;

—

Te tauākī whiwhinga, whakapaunga whānui (statement of financial performance) me te tauākī kapewhiti (statement of cash flows) mō te tau i oti i te 30 Hune 2021;

—

Notes, including a summary of significant accounting policies and other explanatory information; and

—

He pārongo kōrero mō PKW trust (trust information) me te tauāki koronga mō ngā mahi te tauaki koronga mō ngā mahi kia tutuki (statement of service performance) on pages 92 - 93.

Te tūāpapa o tēnei arotake (Basis for opinion) We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’), and the audit of information PBE FRS 48 requires to be included in the statement of service performance, in accordance with the International Standard on Assurance Engagements (New Zealand) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information ('(ISAE (NZ) 3000'). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Trust in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Our responsibilities under ISAs (NZ) and ISAE (NZ) 3000 are further described in the auditor’s responsibilities for the audit of the performance report section of our report. Other than in our capacity as auditor we have no relationship with, or interests in, the Trust.

Te whakamahinga o tēnei arotake (Use of this independent auditor’s report

PERFORMANCE REPORT

105

Ngā haepapa o ngā Taratī (Responsibilities of the Trustees for the performance report

HING W AKUAKI UT NEI R

This independent auditor’s report is made solely to the beneficiaries as a body. Our audit work has been undertaken so that we might state to the beneficiaries those matters we are required to state to them in the independent auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the beneficiaries as a body for our audit work, this independent auditor’s report, or any of the opinions we have formed.

—

The preparation and fair presentation of the performance report in accordance with generally accepted accounting practice in New Zealand (being PBE Simple Format Reporting Standard - Accrual (Not For Profit));

—

Implementing necessary internal control to enable the preparation of a performance report that is fairly presented and free from material misstatement, whether due to fraud or error;

—

The preparation of a statement of service performance that complies with the requirements of PBE FRS 48; and

—

Ngā haepapa o ngā Kaiarotake (Auditor’s responsibilities for the audit of the performance report) Our objective is:

—

To obtain reasonable assurance about whether the performance report as a whole is free from material misstatement, whether due to fraud or error;

—

Perform procedures to determine whether the service performance information required by PBE FRS 48 has been suitably reported in the statement of service performance; and

—

To issue an independent auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs NZ will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this performance report. A further description of our responsibilities for the audit of this performance report is located at the External Reporting Board (XRB) website at: http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-8/ This description forms part of our independent auditor’s report.

KPMG Hamilton 14 September 2021

ARP ININIHIKIAIT W ART A-TSUR

The Trustees, on behalf of the Trust, are responsible for:

106

ParininihikiWaitJtaraTrust HENG ORS P KVO ERR O

(TINFO TSUR MAT R ION) FOHE T R EAR Y ENDEDNE UJ 03 120

Entity'sPurposeorMission: LegalNameofEntity: ThecharitableobjectsoftheParininihikiWaitJtaraTrustParininihi (PKWTrust)is kiWaitJtaraTrust tosupporttheeducationalandculturalpurposesofTaranakiMāori, asendorsedbytheshareholdersofParininihikiWaitJtara TypeofEntityandLegalBasis(ifany): Incorporation(PKW). Charitable Trust RegistrationNumber: PKWTrustsupportstheaspirationsofTaranakiMāorithroughthe CC3630 provision of an annual programme of educational and cultural grants and advances its charitable objects through projects and activities that EntityStructure: deliveronthefollowingstrategies: Governance:AssetoutintheTrust Deed,PKWTrustisgovernedbythe elected members of the Committee of VISION ManagementofPKW,plusanadditional Taranaki uri realising and succeeding while strengthening their representative elected by shareholders. connectiontoPKWandTaranaki MISSION Seeding Taranaki potential – building success STRATEGIC INTENT Collective impact to achieve shared outcomes GOALS -Leadershipandcollaboration -Developingcommunity -Activeparticipation

MainSourcesoftheEntity'sCashand Resources: PKWmakeanannualgrantcalculatedon 10%ofthedividendpaidtoShareholders. PKWTrustalsodrawsinterestfroma $2.8mloantoPKW.Additionalgrant revenue is sourced from third parties. MainMethodsUsedbytheEntityto RaiseFunds: PKWTrustisnotanactivefundraiser. Entity'sRelianceonVolunteersand DonatedGoodsorServices: PKWTrustisreliantonin-kindservices.

PhysicalAddress: 35LeachStreet NewPlymouth,NewZealand PostalAddress: POBox241, NewPlymouth430,NewZealand Phone: +64(0)793 Email: o–ce@pkw.co.nz Web:

www.pkw.co.nz

Facebook: www.facebook.com/ Parininihi-ki-Waitotara-Incorporation37456920/?ref=page_ internal

107

PERFORMANCE REPORT

ET AUT KUS KONG OR AMVNGMAHI S KIAKI UT

(SATT EMENTFO ERS ICE V ERP FOMANCE) R FOHE T R EAR Y ENDEDNE UJ 03 120 DescriptionofPKWTrust'soutcomes

HING W AKUAKI UT NEI R

Establishedin1983thepurposeofPKWTrustasperthedeed,istosupporttheeducationandcultural aspirationsofTaranakiMāori.ThisisreinforcedbyPKWTrust'svision,missionandstrategicintention goals.

DescriptionofquantificationofPKWTrust'soutputs

Budget no. This Year $'0

Actual no. Last Year $'0

$'0

Output-Activeparticipation DistributePKWTrust'sgrant programmetoTaranakiMāoriaspart of building capacity and supporting cultural aspirations. Increasing participationbythenumberof: -Educationgrantrecipients -Maraegrantrecipients -Communitygrantrecipients Totalgrantinvestment

204

237

214

260

170

1 206

2 217

01 284

249

207 3 2 175

21 5 233

ARP ININIHIKIAIT W ART A-TSUR

Actual no. This Year

108

ET AUT KUS HIW W HINGA,HAKAP W AUNGAHSW NUI

(SATT EMENTFO FINANCIALERP FOMANCE) R FOHE T R EAR Y ENDEDNE UJ 03 120

ThissectionsummariseswhatPKWTrustearned(revenue),whatPKWTrustspentexpenditure) ( andhowmuchrevenuewasleftafterexpenses(surplus)fortheyear. FurtherdetailscanbefoundinNgāwhakamāramaingatauāk%pdtea (NotestotheFinancialStatements)

Notes Revenue Grants Interest Totalrevenue Expenses Kaimahiexpenses Grants and scholarships made Otherexpenses Totalexpenses Surplus/(Deficit)fortheyear

Actual This Year $'0

Budget This Year $'0

Actual Last Year $'0

269

215

149

147

400

375

362

C1 C1

C2 C2 C2

249

284 16 351 49

398

86 23

(23)

10 329 33

109

PERFORMANCE REPORT

ET AUT KUS NG WT AEA TWP

(SATT EMENTFO FINANCIALITSOP ION) ASATNE UJ 03 120

ThissectiondetailswhatPKWTrustownassets) ( ,whatPKWTrustowe(liabilities)andthe surplusesheldascapitalbythebeneficiariesaccumulated ( funds)attheendofthefinancialye

ASSETS Currentassets Bank accounts Accounts receivable Related party receivable Totalcurrentassets Non-currentassets Property, plant and equipment Related party receivable

Budget This Year 0 0'$

173 E4

Totalnon-currentassets Totalassets LIABILITIES Currentliabilities Accounts payable Grants approved but unpaid Totalcurrentliabilities Totalliabilities Totalassetslesstotalliabilities(netassets) ACCUMULATEDFUNDS Accumulated surpluses D3 Reserves D3 Totalaccumulatedfunds

Actual Last Year $'0

147

,581 1,756

,501 1,625

1 ,5241 1,525 3,281

,5241 1,524 3,149

10 ,51 1,708 2 ,5241 1,526 3,234

2 17

ARP ININIHIKIAIT W ART A-TSUR

Notes

Actual This Year $'0

HING W AKUAKI UT NEI R

FurtherdetailscanbefoundinNgāwhakamāramaingatauāk%pdtea (NotestotheFinancialStatements)

28 28 3,253

2 2 3,147

21 30 30 3,204

1,970

1,864

1,92

,2831 3,253

,2831 3,147

1,283 3,204

ThisperformancereporthasbeenapprovedbytheTrustees,forandonbehalfofParininihikiWaitJtara on14September201:

BEVERLEYGIBSON

TAARINGAROANICHOLAS

Chair

Chair Audit and Risk Committee

14September201

110

ET AUT KUS KAPEWHITI

(SATT EMENTFO CASHFLO) SW FOHE T R EAR Y ENDEDNE UJ 03 120

ThissectiondetailsPKWTrust'scash,cashreceipts(whatcashcamein) andcashpayments(whatcashwentout).

Actual This Year $'0

Budget This Year 0 0'$

Actual Last Year $'0

245

145

149

153

Cashowsfromoperatingactivities Cashwasreceivedfrom: Grant receipts Interest receipts Cashwasappliedto: Payments to suppliers Grants & scholarships paid Kaimahipayments Netcashowsfromoperatingactivities Netincreasedecrease) /( incash Opening cash Closingcash Thisisrepresentedby: Bankaccountsandcash

243

284

86 26

(3)

86 70 70

147

63 173

7 147

173

147

111

NGHAKAMS WS AMA R INGAUT S KUS EA TWP (NOEST HE T O ERP FOMANCE R EPR T) RO FOHE T R EAR Y ENDEDNE UJ 03 120

NOEST HE T O ERP FOMANCE R EPR T RO

ThissectionsetsoutthelegislationandaccountingstandardsthatapplytoPKWTrust,and significantitemsthatrelatetotheperformancereportasawhole.Thenotesalsoprovide explanationsandadditionaldisclosuretoassistreaders'understandingandinterpret performance report.

TENGA Ā

ØBASISOFPREPARATIONŒ

PKWTrust'sperformancereportisprepared:

• On an accrual basis of accounting

NGHAKAMR W AMAINGAUT KUEA TWP

• InaccordancewithPBESFR-A(NFP)PublicBenefitEntitySimpleFormatReporting-Accrual(Not-ForProfit)onthebasisthatitdoesnothavepublicaccountabilityandhastotalannualexpenses orlessthan$2,0

• Under the assumption it will continue to operate in the foreseeable future • Inclusive of GST Income Tax

Changes in Accounting Policies Therehavebeennochangesinaccountingpoliciesduringthefinancialyear.

ARP ININIHIKIAIT W ART A-TSUR

PKWTrustisaregisteredCharitableTrustandisexemptfromNewZealandincometax,Trusthascomplied with all statutory conditions.

112

NGHAKAMS WS AMA R INGAUT S KUS EA TWP (NOEST HE T O ERP FOMANCE R EPR T) RO FOHE T R EAR Y ENDEDNE UJ 03 120

TEPcRONGOWHIWHINGATEWHAKAPAUNGAKAHA ØOURPERFORMANCEŒ

ThissectionfocusesontheresultsandperformanceofPKWTrust.Onthefollowingpagesyou willfindnotesexplainingPKWTrust'sresultsfortheyear.

C1AnalysisofRevenue RevenueItem Grant revenue

This Year 0 0'$

Last Year $'0

209

185

Analysis Grantrevenue-PKWIncorporation Grantrevenue-thirdparties

60 269

30 215

130

146 1 131

1 147

Totalgrantrevenue Interest revenue

Interestrevenue-PKWIncorporation Interestrevenue-bank

Totalinterestrevenue

RevenueDisclosures

Grant income is accounted for depending on whether or not any conditions are attached. Where no conditions are attached, the revenue is recognised on an accruals basis. Where conditions are attached, the revenueisrecognisedoncetheconditionsaresatisfied.Interestincomeisrecognisedonanaccrual

This Year 0 0'$

C2AnalysisofExpenses ExpenseItem Kaimahiexpenses

Analysis Kaimahibenefits 78

78 8 86

8 86

Trustee fees Totalkaimahiexpenses Grants and scholarships made

Grants-Education Grants-Marae Grants-Community

Totalgrantsandscholarshipsmade Otherexpenses

Totalotherexpenses

237

207 9

21 3

5 233

1 5

1 10

249 Depreciation Otheradminexpenses Consultancy

Last Year $'0

113

NGHAKAMS WS AMA R INGAUT S KUS EA TWP (NOEST HE T O ERP FOMANCE R EPR T) RO FOHE T R EAR Y ENDEDNE UJ 03 120

NOEST HE T O ERP FOMANCE R EPR T RO

HAUPcRAWA ØOURCAPITALŒ

ThissectionexplainswhatmakesuptheaccumulatedfundsofPKWTrust.

This Year Opening Balance Surplus ClosingBalance Last Year Opening Balance Surplus ClosingBalance

Reserves

1,92 49 1,970

1,8 33 1,92

Total

1,283

3,204

1,283

49 3,253

1,283

3,17

1,283

33 3,204

a) ( Accumulatedsurpluses Accumulatednetsurplusessincetheestablishment ofPKWTrust. (b)Reserves TheinitialandsubsequentPKWIncorporationunclaimeddividendsallocationtoPKWTrust.

NGHAKAMR W AMAINGAUT KUEA TWP

Accumulated Surpluses

ARP ININIHIKIAIT W ART A-TSUR

D3AccumulatedFunds

114

NGHAKAMS WS AMA R INGAUT S KUS EA TWP (NOEST HE T O ERP FOMANCE R EPR T) RO FOHE T R EAR Y ENDEDNE UJ 03 120

NGĀKIREROWHAKATĀPIRI ØOTHERDISCLOSURESŒ

ThissectionoutlinestransactionswithrelatedpartiesofPKWTrust.Arelatedpartyise orpeoplethathavesignificantinuenceoverPKWTrust.

This Year 0 0'$

Last Year $'0

Value of Transactions

E4RelatedPartyTransactions

DuringtheyearPKWTrustreceivedfundsfrom,and investedwith,itsparententityPKWIncorporationas follows: Interest revenue 13 Grant revenue 209 340 TheamountsoutstandingwithPKWIncorporationat balancedatewere: LoantoPKW 15 Incorporation AdvancetoPKW Incorporation Accounts receivable 15

This Year $'0

Last Year $'0

Amount Amount Outstanding Outstanding

146 186 32

1,350

1,365

1,524

208 3,082

186 3,075

Interestisreceivableattheaveragegrouprateof4.52%(0:1) RelatedPartyDisclosures Related party receivables includes receivables which are stated at their estimated net realisable value. Loans are based on the balance of transactions costs, and are included in the current assets if they are repayable on demand.PKWTrustalsoreceiveddonationsof$4kfromthePKWTrustChair(viafees)andaPKWShareholder(via dividends). TrusteesofParininihikiWaitJtaraTrust BeverleyGibsonChair, ( commenced7December20) DionTuutaChair, ( ended7December20) William Edwards David MacLeod Taaringaroa Nicholas Claire Nicholson Hinerangi Raumati DarrynRatanaShareholder ( Representitive) TheaboveTrusteesareonthePKWCommitteeofManagement,exceptDarrynRatana.

115

CLAIRE NICHOLSON

ENTITY POSITION Quality Visions Ltd Managing Director Mahia Mai a Whai Tara Trust Chairman Lantern House Trust Independent Trustee Tamariki Pakari Child Youth & Trustee Wellbeing WITT Subsidiary Board Director (Deputy Chair) WildforTaranaki Co-optedTrustee

HEANG T ATA

CommitteeofManagementofPKWIncorporation,Chair ElectedChair,CommitteeofManagementofPKW ofHumanResourcesCommitteeas ( of1January201) IncorporationinMarch201,memberofAuditandRisk andmemberofPKWTrust. andPKWTrustandformerChairofPKWTrustuntil ( December201). ENTITY POSITION Sirona Animal Health Ltd Shareholder / ENTITY POSITION Director Tuuta Waetford Tapui Ltd Director EOS Consulting Ltd Director KouraIncGeneralPartner Ltd Director / Chair Techion Shareholder Port Nicholson Fisheries General Director / Chai Edison Consulting Group Ltd Shareholder Partner Ltd O'BrienGroupHoldingsLtd Director/ TSB Bank Ltd Director Shareholder Paysauce Shareholder RockitApplesNo.2 Shareholder Te Atiawa Trust CEO Rawhiti Orchard Shareholder Precision Antimicrobials Otago Member University Advisory Board Manuka Bioscience Ltd Investor Carr'sSupplementsNZ Director NZAGRC–StakeholderAdvisory Member BEVERLEY GIBSON Group and Science Advisory Group Deosan Advisory Board Independent CommitteeofManagementofPKWIncorporation,former Member Chair of Human Resources Committee (until December 20)andChairofPKWTrustas ( of1January201).

TE RAU TOI TAUIRA CHAIRERP N OS EPR T RO

DION TUUTA

MAY201

HE ORANGA ARP ININIHIARP ININIHI KIAIT W ART V AINCOATROP IOKIN AIT W ART -AEGRINCO ISERT FO INT ATROP ION ERESFO ST -BOARDMEMBERAND S CEO

REGISTEROFINTERESTSOFBOARDMEMBERSANDCEOASAT

DAVID MACLEOD CommitteeofManagementofPKWIncorporationand memberofAuditandRiskCommitteeandPKWTrust. ENTITY POSITION AJGreavesElectricalLtd Owner/Managing (TradingasLinesPower) Director Taranaki Regional Council Chairman LGNZ-RegionalA‹airsCommittee Member Port Taranaki Ltd Director PredatorFree205Ltd Chair NextGenerationGynomic) Director Selection (LIC MāoriEconomicDevelopment BoardMember Advisory Board Mana Rangatira Governance Group Member (Bio-HeritageNationalScience Challenge) Integrated Farm Planning Committee Member (NationalBoard) FreshwaterImplementationCoGroup Chair

116

HINERANGI RAUMATI-TU'UA

RICHARD KROGH

FormerChairuntil ( endofMarch201),Committeeof ManagementofPKWIncorporation,memberofHuman Resources,AuditandRiskCommitteeandPKWTrust.

AppointedChairofPKWFarmsGeneralPartnerLtd(from January2019),IndependentDirectorandmemberofAudit and Risk Committee.

ENTITY POSITION Aotearoa Fisheries Ltd Chair Nga Miro Trust Chairman Port Nicholson Fisheries General Director Partner Ltd Taranaki Iwi Holdings Management Director Ltd KouraIncGeneralPartnerLtdDirector Venture Taranaki Director NgaKaiTutokoLimited&TePou Chair Herenga Pakihii LP TeKiwaiMauiLtd Chair Tainui Group Holdings Ltd Director Sealord Ltd Director Watercare Services Director TeKāhuioTaranakiIwiAudit& Member Risk Committee KaweTairanga Independent Member Te Arataura Board Member

ENTITY POSITION Energia Ltd Managing Director Port Taranaki Ltd Chair TopEnergyLtd Chair(20/418) NgawhaGenerationLtd Chair(20/418) First Gas Topco Ltd and Director Subsidiaries GasServicesNewZealandLtd Director&DeputyChair and Subsidiaries NgawhaSpaLtd Chair(20/418)

MARK BRIDGES IndependentDirectorofPKWFarmsGeneralPartner Ltd. ENTITY POSITION Southern Pastures Ltd Associate Director Bridges Consultancy & Project Director Management Ltd Bridges Family Trust Trustee BMW Farms Partnership Partner (via Bridges FamilyTrust) Poharu Farms Ltd20 Director RJNominees Ltd Director Whatalotta Heifers Ltd Farm Advisor

TAARINGAROA NICHOLAS

CommitteeofManagementofPKWIncorporation, DirectorPKWFarmsGeneralPartnerLtd,ChairAuditand RiskCommitteeandmemberofPKWTrust. ENTITY POSITION Ngati Ruanui Holdings Director Corporation Ltd Ngati Ruanui Holdings Operating Director Company Ltd Parininihi ki Waitotara Incorporation Committee Member/ Shareholder PKWFarmsLtd Director Te Whai Ao Ltd Director SouthernPastures(NZ)Ltd Director/Shareholder Southern Pastures Founders Ltd Director/Shareholder Southern Pastures Management Director/Shareholder Ltd Te Waharoa Investments Ltd Director Matariki Capital Partners Ltd Director/Shareholder Waikato-TainuiGroupInvestment Member Committee Rangitane Tu Mai Ra Ltd Director TeKiwaiMauiLtd Director Oriens Capital GP Ltd Director Miro LP Limited Partner RockitOrchardsLP1Ltd Partner Tai Hekenga GP Limited Director Iwi Commercial Property GP Ltd Director Pohutukawa V Fund Investor Tukairangi Investments Ltd Director Lewis Road Creamery Ltd Director Hapai Commercial Property GP Ltd Director Hapai Housing GP Ltd Director

117

WILLIAM EDWARDS

WARWICK TAUWHARE-GEORGE

CommitteeofManagementofPKWIncorporation, member of Human Resources Committee and member ofPKWTrust.

ChiefExecutiveO–cerofPKWGroup

ARP ININIHIKIAIT W ART V AINCOATROP ION-EGR ISERT FO INTERESFO ST BOARDMEMBERAND S CEO HEANG T ATA

ENTITY POSITION Ageing Well National Science Chair Challenge Health Research Council of Member NewZealand,MāoriHealth Committee MOMWD Trustee Ltd Director NgātiTupaiaHapdIncorporated Trustee R & R Edwards Whanau Trust Director Ltd Tangahoe Tribal Trust Trustee Taranaki Futures Trust Trustee Taumata Associates Director TeKupengaMātaurangao TrusteeCo( Chair) Taranaki Trust Te Reo o Taranaki Trust Board Member Tui Ora Ltd Director University of Auckland, Advisory Advisory Group Group ‘Cost of doing Nothing’ Member (Named Investigator) Waikato University Research Community Project Researcher TaranakiInterimSkillsLeadership Co-Chair Group Ara Ake Ltd Director

ENTITY POSITION TauwhareGeorgeFamilyTrust Beneficiary Port Nicholson Fisheries General Director Partner Ltd KouraIncGeneralPartnerLtdDirector NgāmotuHotels Chair Ngai Tahu Farms Ltd Director

VERGO NANCEAT TENDANCES GOVERNANCE

PKW Incorporation Attended

HinerangiRaumati-Tu'ua Bev Gibson Claire Nicholson Will Edwards David McLeod Taaringaroa Nicholas Dion Tuuta Darryn Ratana Mark Bridges RichardKrogh

Possible

AuditandRisk HRCommittee PKWFarms General Committee Partner Ltd Attended

Possible

Attended

Possible

4 -

6 5

6 6

4 -

4 4 4 4

3 -

3 4 3 3

Attended

Possible

PKWTrust Member Attended

Possible

5 5

4 4 5

3 -

6 6

5 5 5 -

ParininihikiWaitJtara INCORPORATION 35LeachStreet NewPlymouth|NewZealand POBox241|NewPlymouth430