Ngai Tahu Annual Report 2009

Annual Report 2009 For the full online Annual Report please visit www.ngaitahu.iwi.nz

Who is Ngäi Tahu?

Ngäi Tahu is the iwi comprised of Ngäi Tahu Whänui; that is, the collective of the individuals who descend from the five primary hapü of Ngäi Tahu, namely Käti Kurï, Ngäti Irakehu, Käti Huirapa, Ngäi Tüähuriri and Ngäi Te Ruahikihiki, and the iwi of Ngäti Mämoe and Waitaha.

Te Rünanga o Ngäi Tahu was established by the Te Rünanga o Ngäi Tahu Act 1996 to be the vehicle for protecting and advancing the iwi’s collective interests and ensures that the benefits of the Settlement are enjoyed by Ngäi Tahu Whänui now and in the future.

This year’s annual report features icons from the video installation “Waharoa: Storybox: celebrating people & place” at this year’s Christchurch Winter Arts Festival.

Storybox is a collaborative project: Creative Directors: Rob Appierdo and Jess Feast Icon design: Desna Whaanga-Schollum Cover icon: Kaitiaki

Tino Rangatiratanga Throughout the South Island there are 18 local Papatipu Rünanga. An elected representative from each rünanga makes up Te Rünanga o Ngäi Tahu, the governing body overseeing the tribe’s activities.

The executive functions of Te Rünanga o Ngäi Tahu are carried out by the Office of Te Rünanga o Ngäi Tahu which manages the representational activities, protects the rights of Ngäi Tahu Whänui and delivers social and cultural programmes, and Ngäi Tahu Holdings Corporation Limited which manages commercial activities and assets.

Whare Development

– Our Vision

Mö tätou, ä, mö kä uri ä muri ake nei.

For us and our children after us

Our Values

Vision Ngäi Tahu 2025 is the primary guiding vision for Ngäi Tahu.

It is our 25-year road-map document that clearly identifies and details the nine distinct areas of importance for us to impact and influence.

Te Ao Türoa

Whanaungatanga (family)

Ngäi Tahu has a strong commitment to preserving our natural environment. Our whakataukï – Mö tätou, ä, mö kä uri ä muri ake nei – For us and our children after us – reminds us that we must protect our environment to ensure future generations have the opportunities to keep our tikanga and mahinga kai practices alive.

We will respect, foster and maintain important relationships within the organisation, within the iwi and within the community.

Te Whakaariki

Whänau

Influencing external decision-makers and processes is vital to achieving Ngäi Tahu 2025.

Our goal in this area is to ensure Ngäi Tahu whänau wellbeing is improved through the targeting of dedicated resources to meet identified whänau needs and aspirations, with whänau supported to engage in activities that enhance their physical, emotional, mental and spiritual health.

Tö Tätou Ngäi Tahutanga Our dream is to have a vibrant Ngäi Tahu culture. Our goal is that our taha wairua will flourish through the passion and energy we have to carry our culture forward.

Te Pütea Ko Ngä Whakapäpätanga Tribal communications and participation in Ngäi Tahu 2025 details our desire for effective communications, as well as providing Ngäi Tahu whänau with enhanced opportunities to take part in tribal activities. It’s about communicating our dreams and achievements to Ngäi Tahu Whänui.

Investment planning is the core function of Holdings Corporation and a key plank in securing our whakataukï.

Te Kaitiakitanga me te Tähuhu We continue to increase the effectiveness of our governance.

The development of, and support for, our Papatipu Rünanga: in Ngäi Tahu 2025 we state that we want to support Papatipu Rünanga initiatives to develop an infrastructure that offers security and advances whänau, hapü and iwi wellbeing.

We will pay respect to each other, to iwi members and to all others in accordance with tikanga Mäori.

Tohungatanga (expertise) We will pursue knowledge and ideas that will strengthen and grow Ngäi Tahu and our community.

Kaitiakitanga (stewardship) We will work actively to protect the people, environment, knowledge, culture, language and resources important to Ngäi Tahu for future generations.

Tikanga (appropriate action) We will strive to ensure that the tikanga of Ngäi Tahu is actioned and acknowledged in all of our outcomes.

Rangatiratanga (leadership)

Mätauranga Te Whakatipu

Manaakitanga (looking after our people)

The educational aspirations of Ngäi Tahu require an environment of life-long learning that provides opportunities for Ngäi Tahu whänui to be well educated, trained and strong in their knowledge of Ngäi Tahutanga.

The ability to access quality education and training will provide choices and give whänau the opportunity to create their own destiny.

We will strive to maintain a high degree of personal integrity and ethical behaviour in all actions and decisions we undertake.

Tï Köuka

TE RÜNANGA O NGÄI TAHU BOARD Left to right: Maria Pera, Gary Waaka, Anake Goodall (CEO), Donald Couch (Deputy Kaiwhakahaere), Michael Skerrett, James Daniels, Matapura Ellison, Hine Forsyth, Gerry Te Kapa Coates, Tim Rochford, Lisa Tumahai, Charles Crofts, Mark Solomon (Kaiwhakahaere), Stewart Bull, Terry Nicholas, Sandy Lockhart, David Higgins, Clare Williams, George (Waitai) Tikao.

1

2009 Group Performance at a glance Five Year Consolidated Performance

Financial Performance

2004/05 ($000s)

2005/06 ($000s)

2006/07 ($000s)

56,747

18,727

124,359

(9,240)

(7,477)

(7,952)

(8,818) (10,408)

(6,184)

(12,486)

(11,545)

(12,859) (10,189)

41,323

(1,236)

104,862

36,578

(7,256)

0 0 (426)

0 0 (307)

0 0 (422)

27,931 0 (313)

28,933 (1,595) (410)

Net Surplus (Loss) After Taxation for the Year

40,897

(1,543)

104,440

64,196

19,672

Attributable to: Equity holders of the parent Minority Interest

40,897 0

(1,644) 101

104,276 164

63,956 240

19,727 (55)

40,897

(1,543)

104,440

64,196

19,672

Financial Performance

(Figures IFRS)

Net Surplus attributable to Ngäi Tahu Holdings Corporation Less Operating Expenses – Te Rünanga o Ngäi Tahu Less Tribal, rünanga and whänau Distributions

Net Profit from Ongoing Trading Operations Down $11.54m from 2008 to:

2007/08 2008/09 ($000s) ($000s) 58,255

13,341

$23.66m (Before Interest and Revaluations)

Net Profit (Loss) Before Taxation and Fisheries Settlement

Tribal, Rünanga and Whänau Distributions

Add Net Fisheries Settlement & Aquaculture Settlement Less Impairment AFL Income Shares Less Taxation Te Rünanga o Ngäi Tahu

($12.86m in 2008)

$10.2m

Financial Position

Equity, Total Assets and Term Debt

Equity

Total Assets

Term Debt

800 700

(Figures IFRS) Equity ($513.6m in 2008) Increase of $13.1m to:

$526.7m

millions

600 500 400 300 200 100 0

2005

2006

Total Assets by Business Ngäi Tahu Seafood 9% Ngäi Tahu Tourism 11% Ngäi Tahu Tribal Services 2% Ngäi Tahu Capital 10% Ngäi Tahu Fisheries Settlement 8% Ngäi Tahu Property 60%

2

2007

2008

2009

FROM THE KAIWHAKAHAERE...

Mark Solomon There is much to be said about the current economic climate and the effects it is having on Ngäi Tahu business, but while the picture is not as we would like it, our collective tribal interests are well positioned to weather this current storm.

Ko te köpü uriuri Te puna hekeka takata I rere i a Waiariki o Äio I a Hotu Mämoe, i a Hemo ki te Raki Ka hora te aitaka a kä häkui Tü mai Waitaha, Käti Mämoe, Käi Tahu whänui e.

Ko Kä Tiritiri o te Moana tü tou, tü tou. Ko te kähui takata, karo noa, karo noa, ka haere.

Ki a rätou rä kua karakahia e Tahu Whakairo ki te whare o Poutereraki.

Moe mai, okioki mai rä.

Ka huri ki a tätou nei, kä konohi ora.

Nö te puna kotahi tätou katoa Nö reira, whatua kä aho o te whare Haere töpuni e te iwi Au kaha, kia kaha.

Tënä koutou, tënä koutou, tënä tätou katoa.

Waka

Although we have not been unscathed by the recession, I think Ngäi Tahu has been rewarded for our intergenerational policies and conservative approach to financial investment. While our profits were well down on the previous year, we have still registered a profit and been able to honour our commitments to Ngäi Tahu Whänui.

Yes, we have had to draw on our ability to be resilient in difficult times, but others would be envious of this result.

At one point this year, I was actually being called on a regular basis by whänau, old and young, offering to forego all manner of programmes, grants, subscriptions, anything to save the iwi money. How envious would be the chiefs of industry to hear of such selfless expressions from shareholders. But then we are an iwi, and ‘shareholder’ is an inadequate term to describe whänau bound by whakapapa and the pursuit of self-determination.

I wish to express my gratitude to those who have worked longer, harder and with less reward to ensure our steady course over the past 12 months. I also want to remember that there are some whänau who have had a much worse year than the iwi and continue to find themselves in troubled times. Fathers and mothers out of work, bills not paid, and dreams not met. With commentators predicting a slow recovery, it is important that we continue to look out for one another and to take courage from our achievements.

And there have been achievements: Te Rünanga put kotahitanga back on the agenda for both the Office and Ngäi Tahu Holdings Corporation (NTHC); cash flows were tightly managed allowing debt levels to be reduced by $3 million and staff across the group were able to find savings yet still complete numerous work plans. I offer my thanks to everyone for seeing tasks through despite the challenges.

There was an 11% reduction in expenditure by the Office over the year and this was a significant achievement as people pulled together to come up with efficiencies, and whänau accepted reduced Whai Rawa distributions. There was also an assessment of staff and resources and creation of a shared services area within Te Rünanga Group. Staff were faced with adjustments and yet still managed to focus on the core mahi, achieving many programme goals. The number of whänau joining Whai Rawa, the tribal savings scheme, continues to grow. Membership is now well over 14,500.

In looking to combat the effects of the recession, the NTHC Board determined that its approach would be to manage for the worst case scenario. Overall the net surplus of the commercial entities was $13.3m compared to $58.2m last year. The majority of this decrease was attributable to a change in property values. A tight capital expenditure policy was implemented by NTHC and Ngäi Tahu Property and Ngäi Tahu Tourism focussed on reductions to controllable costs.

It was without doubt, a challenging year for NTHC; there were changes to the Board, the kotahitanga programme was implemented and there were management changes.

I would like to thank the Board and staff for seeing their way through these changes.

NTHC will continue to focus on protecting assets and prudent management.

The Triennal Election Process gained significant momentum. Already two Papatipu Rünanga have confirmed their representatives, with all other Rünanga working to complete their election process by December 2009. More active use is being made of the website and Community Net to provide details of progress.

For Ngäi Tahu the recession has been difficult but we have done much better than simply survive. Our hard work means that we are ready to take advantage of the growth periods ahead. We have learnt how to be even more efficient, and we have learnt that our policies are robust enough to see us through a global financial crisis.

Mark Solomon Kaiwhakahaere

3

CEO REPORT

Anake Goodall important and considered, changes to the way we operate as Te Rünanga Group. These changes have been led by clear instructions from Te Rünanga for kotahitanga across the Group, increased efficiency and alignment of our organisational efforts, and improving the way we give effect to the fundamental principles of the Kawenata; the separation of pütea management and benefit distribution functions.

The last financial year will be remembered for the global financial recession that, after the panic and gloom subsided, has provided us with a time for reflection. Aspects of the global economic model have been tested and found wanting, and the need for the development of models that are sustainable over a long term horizon has been reinforced.

Te Rünanga Group has similarly used the recession as a period of opportunity to reflect and refine. At this 10 year mark, we have enough experience, practical understandings and depth of insights to make simple, but

Käkahu

These changes mean that our governance arrangements are stronger and more focussed than they have ever been. Te Rünanga now has the mechanisms to direct Te Rünanga Group through our planning cycle and align the activities of all entities within the Group. Our commercial subsidiaries now have increased specialist expertise on their boards, and we are giving effect to the Ngäi Tahu values and vision with a shared commitment that has not been seen before. These refinements, in my opinion, are part of completing the organisational design from the time of Settlement. This period of reflection has enabled us to do the finishing touches to our structures and to review and reconfirm Te Rünanga’s distribution priorities. The waka is now more seaworthy, streamlined and clear in its direction than it has ever been.

While we have been completing these internal refinements we have also been reconnecting with our communities. I am proud, for example, of the important work that has gone into the education hui bringing our Rünanga together, the recent RMA wänanga and many work streams that directly engage our people in their communities.

One of the most significant events must surely be the first Kura Reo Käi Tahu at Te Rau Aroha Marae that brought three generations of Ngäi Tahu together speaking our dialect in an immersion environment. This is the first event of its kind in living Ngäi Tahu memory.

In March, while confirming the distribution budget in these financially constrained times, Te Rünanga made the difficult decision to reduce the annual Whai Rawa distribution from the previous year’s level. However, it retained matched savings contributions so as to ensure continuity for those members who were pursuing a saving culture at home – one of Whai Rawa’s key goals. Te Rünanga also resolved to maintain Kaumätua Grants at the previous year’s levels and out-of-school tuition funding – decisions that hopefully lessen the effects of the recession for whänau

4

and seek to honour those who have helped carry the load over the years, as well as maintaining support to those who represent our collective future.

A significant shift this past financial year has been the move to better understand and utilise technology to improve tribal communications. While the importance of communicating kanohi ki te kanohi will never diminish in our world, we are also continuing our tradition adopting new technologies to reduce costs and to extend our communications reach. Guided by your feedback to our readership survey in April, we have moved to make all of our publications available online. This is already a common feature of Whai Rawa with its annual report and investment statement having been offered to members electronically for the past two years.

We are also beginning to more actively harness our Community Relationship Management system that allows us to send targeted messages to whänau via text and email. Once in place our new IT infrastructure will connect ngä Rünanga and Te Waka Kötuia / the Office and deliver communications and technological benefits throughout the Takiwä and beyond. Virtual communities, Facebook, Bebo and Twitter are the next frontier as we move to ensure that we are increasingly connected with the younger members of Ngäi Tahu Whänui.

The importance of connection cannot be overstated. The developments we are currently working on and the reconnections we are now making are manifestations of our quiet and unwavering commitment to doing what we are here to do better, and in more active partnership with those we are here to serve.

E rua tau ruru, e rua tau wehe, e rua tau mutu, e rua tau kai Two years of wind and storm, Two years when food is scarce, Two years when crops fail, Two years of abundant food

Anake Goodall Chief Executive Officer

2009 Te Rünanga Distribution at a glance Ngäi Tahu 2025 Distribution Te Pütea – Investment Planning 2%

Te Ao Türoa – Natural Environment 7%

Te Kaitiakitanga me te Tähuhu – Te Rünanga Boards 10%

Ko Ngä Whakapäpätanga – Tribal Communications and Participation 15%

Te Kaitiakitanga me te Tähuhu – Governance and Organisational Development 16%

Tö Tätou Ngäi Tahutanga – Culture & Identity 9% Te Whakaariki – Influence 7%

Mätauranga – Education 3%

Te Whakatipu – Papatipu Rünanga Development 21%

Whänau – Social Development 10%

Whai Rawa Since Whai Rawa started, Te Rünanga has contributed to member accounts:

(Savings figures for full calendar year)

$6.33m

5

15

At 30 June 2009 Whai Rawa balance was over:

4

12

$ thousands

$10.71m Since Whai Rawa started, members and whänau have contributed:

3 2

$4.15m

1

On funds invested in the year ending 30 June 2009, Whai Rawa achieved a return of:

0

(as at 30 June)

9 6 3 0

2006

7.38%

Total Membership

Adult Members Child Members

thousands

Number of Members Saving

2007

2008

2007 2008 2009

Ngäi Tahu Fund Applications

Total Number of Applications Received

Total Number of Applications Approved

Amount Sought $

150

Total Amount Sought from Applicants

Total Amount Approved

2

125 1.5

$ millions

100 75 50

1 .5

25 0

0

2006

2007

2008

2009

2006

2007

2008

2009 5

Distribution to Ngäi Tahu Individuals and Whänau

Whai Rawa membership continues to grow.

Nadia Bailey performs with Koukourarata at Te Atakura 2009, which was funded by the Ngäi Tahu Fund.

More than 10 years on from Settlement Te Rünanga o Ngäi Tahu remains committed to investing in areas that create opportunities to enhance the intergenerational wellbeing of Ngäi Tahu Whänui and grow Ngäi Tahu communities. Whai Rawa growing financial wealth and independence, Ngäi Tahu Fund, protecting and growing our cultural wellbeing and Ngäi Tahu Education, enhancing educational opportunities and influence are three key areas of tribal distribution.

taonga, whaikörero and karanga wänanga, kapa haka wänanga and hïkoi to sites of historical significance. An external evaluation of the Fund was carried out with overwhelmingly positive results.

Whai Rawa was set up to encourage Ngäi Tahu Whänui to build their pütea so that they have more choice in deciding their future.

Over the past year Te Rünanga contributed close to $3m in matched savings, annual distribution payments, investment fees and administrative costs. The fund balance at 30 June 2009 was over $10.7m, up from $6.95m the previous year. Member contributions in the 12 months to 30 June 2009 totalled $1.95m up from $1.48m over the previous 12 months.

By the end of June 2009, less than two years after its launch, 14,500 were enrolled with Whai Rawa.

In the last financial year, the Ngäi Tahu Fund completed two funding rounds with 82 projects approved totalling $1,035,778.

Projects included: whakapapa, mahinga kai, whakairo, te reo, tikanga and kawa, archiving 6

In June 2008 Te Rünanga o Ngäi Tahu signed a Memorandum of Understanding with the Ministry of Education – Te Mahere Matauraka. This joint work plan is funded by the Ministry of Education and provides pütea to support and resource advice to the Crown, the rünanga led Ngäi Tahutanga project work and rünanga attendance at hui.

Out of School Tuition Grants were well subscribed to with 299 students being supported in the past year. The Education Working party met regularly to work on the review of the Education Strategy to be reported back to Te Rünanga by the end of 2009.

Tapuae o Rehua continues to focus on increasing the number of Mäori in tertiary education and increasing the number of Mäori succeeding through to post graduate level and research. Supporting Mäori academic endeavour is also a priority with the first Mäori Research Symposium held at the University of Canterbury in 2008.

Te Rünanga Group is also supporting nine fully funded university degrees for Ngäi Tahu rangatahi in the property, tourism and commercial related fields.

Mere

Service to Ngäi Tahu Individuals and Whänau Creating opportunities to grow as individuals, whänau, communities, and as an iwi is an ongoing priority for Te Rünanga o Ngäi Tahu.

As well as the direct distribution to our 18 Papatipu Rünanga communities via the annual Pütea Whakamahi payments, the revitalisation of te reo and the development of our future leaders continue to be key goals in the service delivery arena.

Toitü te Kura supports Ngäi Tahu individuals, whänau and community groups with their reo Mäori activities by funding wänanga, workshops and via their newly revamped website.

A series of wänanga held throughout the year focused on teaching te reo, körero, histories and tikanga and included the Kura Reo Käi Tahu wänanga held at Te Rau Aroha Marae in Bluff that saw for the first time three generations of Ngäi Tahu language speakers come together in an immersion setting.

Fostering, nurturing and building leadership at all levels is the role of the Ngäi Tahu Leadership Programme. Earlier this year the programme became part of the People and

Performance Unit in a move that has provided the framework and stability to strengthen the programme’s future development. Aoraki Bound is perhaps the most well known of our programmes and continues to be hugely successful. The 20-day journey-based course builds leadership, cultural awareness and personal development.

Over the two years since its inception the Ngäi Tahu Financial Independence Programme has impacted positively on the lives of many Ngäi Tahu individuals and whänau. More than 60 whänau are now actively engaged in the programme and, as well, a budget advice and debt reconciliation service facilitated by He Oranga Pounamu has been established.

A focus for the communication team has been on getting the best from our traditional communication modes: Te Pänui Rünaka, Te Karaka and the Annual Report, while also building knowledge and expertise in the areas of new technology. A survey of Ngäi Tahu whänau attitudes and preferences in relation to information they want to receive

and how they want to receive it has led to a decision to make all publications available on the Ngäi Tahu website.

Supporting the Mö Tätou exhibition at Te Papa, planning the closing and preparing for it to begin touring Te Waipounamu in February 2010 has also been a big undertaking.

Tahu FM and Visual media continue to inform and entertain on the airwaves while building their reputation as a visual media production company and organiser of live events.

Revitalisation and realignment of the Ngäi Tahu Health and Social Wellbeing Strategy, developed by Dr Erihana Ryan in 1999 has formed the basis of work in the areas of health and social wellbeing over the past year.

The Whakapapa Unit and Contact Centre are often the first and only point of contact for many Ngäi Tahu. Dealing with new enrolments, enquiries from those wanting to know more about their whakapapa and updating members’ details keep the team extremely busy.

Mö Tätou closing: (left to right) Heather and Kukupa Tirikatene, Piri Sciascia, Mark Solomon and Anake Goodall.

7

Protect and Grow Ngäi Tahu Customary Rights and Assets We continue to be vigilant looking after the wellbeing and security of our tribal assets, our Treaty of Waitangi and Settlement rights and those things crucial to maintaining our Ngäi Tahu culture and identity. The breadth of work in the area of protection is enormous, ranging from strengthening government relations to the mapping of our heritage.

Building relationships with the new government is an essential part of protecting our tribal staples – our boundaries, fish and Settlement assets. Securing almost $28m of our fisheries entitlement and getting closer to the Aquaculture settlement have been our key successes in this area.

Takerei Norton, Trevor Howse and Matapura Ellison out in the field with archaeologist Brian Allingham as part of heritage mapping work.

Moa

Kete

Protection of our boundaries is a work in progress with Te Tau Ihu settlement negotiations likely to conclude in early 2010, sealing off the opportunity for any claims to be made within the Ngäi Tahu takiwä.

The foreshore and seabed has also returned to the national stage, with a compelling review report recommending that the Act be repealed.

Resource Management work continues to cover a large range of issues of tribal significance, with fresh water issues dominating in the areas of policy and consenting. Mahinga kai enhancement projects continue to grow in numbers as we work towards increasing the abundance of mahinga kai available to Ngäi Tahu.

Tribal Properties’ ongoing focus is working with kaitiaki rünanga to protect and enhance the values of the properties in keeping with rünanga aspirations. This includes the development of entrances to Önawe Pä‚ and Te Raka a Hineatea and the Kaiköura campgrounds project.

GIS has become an established component of the Ngäi Tahu toolkit to ensure the Office is working towards outcomes that deliver real benefit to Papatipu Rünanga and Ngäi Tahu Whänui.

Toitü Te Whenua continues to map areas of cultural significance with a particular focus on Kaiköura and the high country. We have also been working with the Alexander Turnbull Library to acquire electronic copies of old paintings, drawings and photographs of cultural sites and landscapes.

8

Te Ara Whakamua, an employment initiative strategy to increase numbers of Ngäi Tahu/ Mäori working for the Department of Conservation has been confirmed and has resulted in four Ngäi Tahu applicants being offered places on the DOC Trainee Ranger Programme at Nelson Marlborough Institute of Technology.

The Ngäi Tahu Customary Fisheries Protection Areas Project and continuing support for the establishment of mätaitai have been the key activities in customary fisheries over the past year.

The development of the Mäori Rock Art Centre in Timaru continues to be at the forefront of the Rock Art Trust activities.

Excellent progress has been made in securing the $2.6m of funding needed to complete the project with another $700,000 confirmed throughout the year bringing the total to just over $2m. While much of the Trust’s time and energy has been focused on the Centre, we continue our work in rock art recording and management.

The work of the legal team is largely in supporting the projects managed by other teams within Te Rünanga, particularly in the areas of fisheries, aquaculture, resource management, tribal property, pounamu and regional development. A significant part of their work over the last year has been in providing advice and oversight of the rünanga election process.

NGÄI TAHU HOLDINGS GROUP

From the Interim Chair and Interim Chief Executive Results at a Glance (FIGURES IFRS)

Assets under management Decreased by $11.93m to:

$594.94m Term Debt to Funds Employed of

17.01%

Our Role

Operating Net Surplus Down by $13.10m to:

To use on behalf of the Ngäi Tahu Charitable Trust the assets of the Trust allocated to it and to prudently administer them and its liabilities by operating as a profitable and efficient business.

$18.63m Operating Return on Equity of

4.00% Total Net Surplus of

$13.34m Shareholder Equity

$457.95m Distributions to Te Rünanga o Ngäi Tahu

$21.97m

Our Mission To be an outstanding investment company creating wealth for our shareholder and respecting and contributing to the mana of Ngäi Tahu in all that we do.

Our Values Ngäi Tahu Holdings Corporation embraces the values of Te Rünanga Group and commits to ensuring these values become embedded in the organisation and are truly reflected in the way we behave and do business.

A Year in Review The 2008/09 financial year (FY09) has been labelled as the most difficult economic climate experienced since 1929 by respected commentators around the world. Given these trying operating conditions Ngäi Tahu Holdings Group (NTHG) has continued to deliver a solid financial performance reflecting the strength of its balance sheet and its underlying assets. Undoubtedly FY09 was one of the most difficult so far for NTHG and it will come as no surprise that as a result, our performance was down significantly on the previous year with a net operating surplus of $18.63m (FY08 of $31.8m). The net surplus (prior to distribution) for the year was $13.3m (FY 07/08 $58.2m). This included a decrease in investment property values of $5.5m (FY08 included an increase in investment property values of $25.9m). However while being well below previous levels, NTHG was able to deliver both an operating profit and a net surplus in this period of severe strain, particularly for those companies with significant property assets.

The downturn in the property sector had a significant impact on Ngäi Tahu Property activity with an operating Earnings Before Interest and Tax (EBIT) of $15.6m (FY07/08 $19.1m). Property development activity contributed an operating EBIT of $2.5m (FY07/08 $6.6m). This included write-downs on the value of development property of $4.5m, primarily on the Iveagh Bay, Lincoln Residential and Allandale projects. The quality of the tenancy base in the Property Investment Portfolio proved its strength returning an EBIT ahead of budget of $11.7m. Revaluations of investment property (commercial and rural) have resulted in a decrease in value of $5.5m, a decrease of 2.1% on last year. This is a particularly pleasing result given that this figure is significantly lower than the industry average of 10% for the year.

FY09 was Ngäi Tahu Seafood’s first year of trading post review and restructure and under a new strategy. The net surplus of $4.6m was down $8.1m on the previous year and was heavily impacted by a number of oneoff, non-trading payments coupled with the extreme instability of exchange rates which resulted in foreign exchange losses in excess of $6m.

A full review of the foreign currency hedging policy has been undertaken and the level of the residual cover book now aligned with the true foreign exchange exposure of the business. This should see forecast results for Ngäi Tahu Seafood increase significantly in the new financial year. The underlying trading result excluding these was a 12% improvement on the previous year.

The year in review presented challenges for Ngäi Tahu Tourism also with the global credit crisis striking just prior to the beginning of the peak summer tourist season. This resulted in reduced visitor numbers and sparked a review of all Ngäi Tahu Tourism’s operations. It is pleasing to report that due to the commitment and responsiveness of the businesses within the tourism portfolio, a $6.4m net surplus was delivered (FY07/08 $8.5m) with Operating EBIT of $5.4m slightly ahead of the forecast for the year of $5.3m.

A priority for NTHG in FY09 was conserving cash resources. This led to a reduction in NTHG’s debt from $98m at the end of FY08 to $95m at the end of FY09, against a forecast of $127m.

Ryman Healthcare continues its longstanding tenure as one of our leading and

9

most consistent investments and despite the environment delivered another strong performance resulting in a 1% increase in share price over June 2008 and dividends of $2.1m.

Governance There have been a number of governance changes over the year in review. Mark Solomon resigned at the end of September 2008 and was replaced by Gerry Coates.

Wally Stone’s departure in February saw Linda Constable step in as Interim Chair until the appointment of Trevor Burt on 1 August 2009. Mark Tume was not available for reappointment when his term ended on 30 June. Mark has been replaced by Catherine Drayton. We would like to pay tribute to all of our departing directors for their efforts over their time with NTHG. In particular we wish to acknowledge Wally Stone’s leadership and the performance of NTHG during his two and a half year stint as Chair.

Full subsidiary boards are in the process of being established for Ngäi Tahu Property, Ngäi Tahu Seafood and Ngäi Tahu Tourism.

These boards will be populated with a crosssection of industry expertise, commercial and governance expertise and will all have Ngäi Tahu representation. As a result the role of the Ngäi Tahu Holdings Corporation Board will be redefined and mechanisms put in place to ensure the alignment of the subsidiary boards to the overall NTHG direction. We believe this will give us a strong governance structure moving forward.

Sustainability An internal sustainability audit was conducted in April 2008 and a sustainability framework developed incorporating economic, social and environmental sustainability objectives consistent with Te Rünanga Group’s vision: Mö tätou, ä, mö kä uri ä muri ake nei – For us and our children after us.

Progress has been made over the past year and we continue to develop initiatives in conjunction with the Office of Te Rünanga o Ngäi Tahu.

Investment Strategy Review NTHG is focused on accumulating a wellbalanced and secure investment portfolio that will guarantee a long-term sustainable return for our stakeholders. We will continue to work with Te Rünanga and independent advisors to ensure robust investment strategies.

It is impossible to predict with any certainty future movements or the length of the current downturn. New Zealand as an agricultural producer with a limited financial services sector has been less adversely affected than other markets but the emerging reality is that no economy and virtually no industry will be immune to recessionary impacts.

Finally, on behalf of the board and management of NTHG, we wish to acknowledge our shareholders for their continued support. We remain totally committed to ensuring that the values and behaviours required to guarantee transparency and protection of our stakeholder interests is embedded in everything we do.

Looking Ahead With a strong balance sheet, a stable core of assets and good prospects we are confident that NTHG is well positioned for growth.

It is critical however that we determinedly drive measures to ensure that we weather the storm of the ongoing economic volatility and are in a position to make the most of the economic upturn when it comes. Prudent and pragmatic therefore will be our modus operandi moving forward.

Linda Constable (Interim Chair) Ngäi Tahu Holdings Group

Trevor Burt (Interim Chief Executive) Ngäi Tahu Holdings Group

Our People As with any organisation, the strength and success we enjoy is as a result of the skills, knowledge and commitment of our people.

The ongoing challenges and change of the past few years have placed significant demands on our team. Thank you for your continued loyalty and hard work through these difficult times. We are committed to creating a positive and stable environment and believe we now have the foundation and structures in place to ensure our long-term sustainability.

In April 2009 Andrew Harrison resigned as Chief Operating Officer of Ngäi Tahu Holdings Corporation. We would like to pay tribute to Andrew for his contribution over his time with the organisation.

10

Our Strategic Goals To expertly and prudently manage the collective Ngäi Tahu investment assets so that Ngäi Tahu: Investment activities match the best in New Zealand Investments are high performing relative to comparable assets Is able to maintain sustainable distributions To successfully grow the economic strength and identity of Ngäi Tahu so that Ngäi Tahu: Is a dominant economic force in Te Waipounamu Maintain and exercise rights over natural resources Re-establishes a territorial footprint Investment strategies reflect Ngäi Tahu values

NGÄI TAHU HOLDINGS GROUP

Financial Performance Overview Operating Surplus

09

07

4.00%

5.00%

$18.63m

08

08

09

$21.97m

$548.28m

08

09

07

08

09

$13.34m

$58.25m

$20.90m

Total Assets $22.90m

Distributions to TRONT $124.36m

Total Net Surplus

07

6.80%

$31.77m $21.44m

$164.39m

09

$594.94m

08

Operating Return on Equity

$606.87m

07

$179.47m

$156.70m

Total Revenue

07

08

09

Term Debt

07

$95.06m

$53.59m

$98.15m

Group Asset Profile (by funds employed)

Development Properties 12% Seafood Quota & Marine Farm Licences (Excluding TOKM Quota) 9% Seafood Operations 1% Ngäi Tahu Tourism 12% Ngäi Tahu Capital 12% Rural Land 18% Investment Properties 36%

07

08

09 11

Ngäi Tahu Property Operating Return on Investment

$45.55m

$45.27m

$10.51m

4.10%

5.40%

4.70%

$57.34m

Total Net Surplus after Investment Property Revaluations & before interest

8.30%

$15.74m

$19.14m

$13.56m

$20.27m

Operating EBIT before Property Revaluations

07

08

09

07

08

09

Funds Employed $378.51m

$251.33m

$380.97m

07

08

09

06

07

08

09

Ngäi Tahu Property (NTP) has experienced its most challenging year since inception.

The economic turmoil has seen a shortening of available credit and unprecedented consumer uncertainty that has greatly impacted profits from development property. The leases on investment and rural property continue to form the backbone of the property operation and have remained steady in spite of the economic downturn.

12

07

08

09

Residential

2.80%

12.90%

06

06

Property Development

20.00%

18.60%

Total Return on Investment

06

$322.58m

06

A decision has been made not to progress further residential developments unless sensible pre-conditions have been met.

As a result the team’s main focus has been on conserving capital. Notwithstanding the team have been active in the master planning for Wigram, Lincoln and Preston’s Rd in readiness for a market recovery in 2010 or 2011. Ngäi Tahu Property is a substantial supplier of development land to the Canterbury region. This year has been focused on doing the background work needed to take advantage of those long-term opportunities and we are now well positioned for long-term growth.

Our main active development Linden Grove has performed well despite the economic situation with two-thirds of the 186 sections now fully settled and only five not yet sold.

Commercial The year in review has been dominated by two main projects: the Christchurch City Council’s new Civic building and the Queenstown Post Office Precinct. Both projects will result in very secure long-term tenancy agreements.

Christchurch Civic Building This project is significant in that it is the first public/private partnership to develop a major local government facility in New Zealand.

Construction is continuing to progress well and is due for completion in August 2010. We are confident that we can bring this project in under capital budget.

Queenstown Post Office Precinct The precinct project is on budget and due for completion in September 2009. The new buildings have all been leased prior to completion and will have an immediate impact on the investment portfolio in 2010.

Property Investment Investment property has remained solid.

The strategy of engaging Crown and premium grade tenants together with proactive management has been borne out over the past year with the investment portfolio demonstrating strong recession proof quality.

Our on-going positive working relationships with lessees has ensured near full occupancy of the portfolio. Of the 106,942sqm of investment property available to let less than 1% (196sqm) was vacant at year-end. The investment portfolio weighted average lease term (WALT) stands at an exceptional 7.74 years compared with an industry average of just over five years.

The recent annual valuation confirmed that in most cases, the downward movement on the investment portfolio is less than the market due to the strength of the portfolio.

Commercial Investment Property writedowns of just over $7.4m (4.3%) reflects the quality of our investment property and also the quality of our tenants and leases. This decline in investment property valuations is considered extremely favourable in comparison with industry standards where declines of 10% have been the norm.

Looking Ahead The past year has seen the toughest property environment in New Zealand in modern times. Ngäi Tahu Property is a long-term investor. Our strategies dictate that we provide for the tough times as well as maximising opportunities in good times.

Over the past year we have assessed the steps we need to take to not only weather the impact of the economic conditions but also to guarantee continued traction on the substantial value opportunities in our land bank holdings. This will ensure the ability to meet the market first once the impact of the recession begins to abate.

We have a strong experienced team committed to building the assets and longterm wealth of the iwi. The potential arising from the Right of First Refusal property assets as agreed to in the Ngäi Tahu Settlement ensures opportunities to capture continued growth. The new financial year has begun well across the board and things are looking more positive moving forward however, at this stage it is too early to forecast any gains.

An operating EBIT of $19m has been forecast for the financial year ahead.

Apartment Buildings

Rural land We have made our first investment in the agricultural sector in Canterbury changing the use of land previously leased for forestry to create the potential for a variety of agricultural uses.

During the year our West Coast interests saw significant areas of indigenous landholdings previously leased to Timberlands West Coast coming under full Ngäi Tahu ownership.

At FY09 year-end, a dedicated rural team was set up to advance our interests in the rural sector. The immediate focus will be on capital management and the recycling of capital towards agricultural land development as well as a continued focus on Crown discussions to resolve an acceptable position on the Emission Trading Scheme.

13

Ng채i Tahu Seafood Operating Return on Investment

07

08

$12.73m $4.62m

7.90%

-$23.59m

07

08

09

06

07

08

09

08

-28.40%

7.70%

07

$58.10m

20.60% 9.50%

$61.80m

Funds Employed $73.40m

Total Return on Investment

06

$6.04m

20.40% 9.20%

09

$61.60m

06

Total Net Surplus before interest

-5.50%

-$4.54m

$4.73m

$6.19m

$12.61m

Operating EBIT

06

07

08

09

06

09

Tuna

14

The year in review was Ngäi Tahu Seafood’s first full year trading under its new strategy following a time of review, dislocation and restructure.

Amid a globally challenging environment we reported our best ever trading result of $12.1m (a 12% increase on the previous year’s figure of $10.8m) however exchange rate volatility and one-off non-trading payments significantly reduced our net surplus to $4.6m.

Ongoing volatility in the world economy and the impact of this on our key markets has proved to be exceptionally testing for Ngäi Tahu Seafood (NTS) over the past months.

Fluctuations in the exchange rate of between US$0.75 and US$0.50 in the New Zealand dollar over the past 12 months have resulted in foreign exchange hedging causing trading losses in excess of $6m. The impact of which has been a reduced net surplus of $4.6m down from $12.7m in the previous year. This issue has been addressed with a comprehensive review and realignment of the foreign exchange policy to the true exposure of the business.

A number of non-core and historical issues have resulted in one off payments of around $1m. They have now been addressed and while they have impacted heavily on the FY09 they are not recurring.

We have remained focused on striving for greater operating efficiency and have achieved considerable progress on a number of our strategic initiatives including the divestment of non core assets and reengineering the köura supply chain. We will continue to seek improvement in the performance of our seafood assets and are currently working on a group wide seafood strategic review.

Niche Species The decision to shift the operational focus, to niche species such as köura, päua and tio has been a positive development for the company.

Köura Köura continues to be a key profit earner and contributed over 50 per cent of our trading revenue in 2008. China continues to be the key market for live köura exports and appears to be less affected by the global crisis.

Unfortunately the köura industry is no longer witnessing the high New Zealand dollar equivalent prices enjoyed over the previous two seasons. To ensure our long-term reputation as a supplier of premium product we initiated a review of the supply chain

with a focus firmly on how we can improve köura quality and cool store efficiencies to strengthen our brand. This review was very successful and will lead to an estimated $400k (5%) trading profit increase in the FY10.

It is important that we acknowledge the outstanding efforts of our fishers in endorsing the drive for delivering a quality product.

Päua Päua while contributing 13 per cent to trading revenue has been most affected by the recession. Further, the re-direction of Australian live abalone into markets that are directly competing with New Zealand canned product has led to a reduction in both price and demand.

Tio We are particularly pleased with progress in the tio area. This year we have reinitiated the processing of tio at our plant in Bluff, which, has supported a significant increase in seasonal employment. In addition we have formed a strong relationship with Awarua Tio Development, which has provided a platform for a sustainable business model for the future. The 2009 season exceeded expectations with strong catch rates and good quality product and a firm market despite the domestic recession.

Wetfish Ace Trade Strategy In line with our strategic direction, we have reduced our involvement through the full wetfish value chain by developing a quota leasing business model with substantially reduced risk.

We have negotiated quota leasing arrangements with aligned third parties conditional upon those parties continuing to support Ngäi Tahu fishers and providing them with on-going access to quota and viable catch plans.

While our Operating EBIT from wetfish was up fractionally at $3.5m (FY07/08: 3.4m), this was delivered with reduced risk exposure and management resources. These quota lease returns of $3.5m are also in place for the

Hängi

FY10 providing us with a source of stable low risk cash flows.

Looking Ahead Through prudent management and the development of sound strategic initiatives we have continued to make excellent progress in establishing ourselves as an efficient and profitable seafood company despite the challenges faced over the past years.

We now have a strong sustainable operating platform and are in a great position to continue to create and grow wealth for Ngäi Tahu Whänui.

Looking ahead our focus remains fixed on growing our presence globally as a supplier of top quality product.

Sustainability and the health of our fisheries play a significant role in the industry’s longterm future. As the iwi fishing company we aim to be an influential participant and a leader within industry stakeholder groups to ensure ongoing viability. It is also our intention for greater engagement in the customary interests of Ngäi Tahu Whänui to encourage dialogue and collaboration on important issues such as mätaitai.

We also remain focused on succession planning and long-term alignment with our fisher base. Having secure, enduring and positive relationships with our fishers is commercially advantageous and highly beneficial for Ngäi Tahu Seafood. Over the past year there has been significant progress made on the Murihiku Fishers Project with a development pool of 12 emerging Ngäi Tahu fishers in the Murihiku köura sector. This is the first step in a long-term plan to form enduring relationships with our Ngäi Tahu fishers and identify opportunities for growth and business security.

Succession planning for our other species is a commercial imperative and we will continue to address this as a strategic priority. Any initiatives must be mutually beneficial for Ngäi Tahu Seafood, Ngäi Tahu fishers and the wider iwi interests.

15

Ng채i Tahu Tourism

07

08

09

07

08

09

06

$69.66m

$69.07m

$65.32m

$61.59m

09

9.40%

08

4.90%

12.30%

Funds Employed

15.10%

Total Return on Investment

06

06

07

08

09

Ng채i Tahu Tourism has delivered an Operating EBIT of $5.3 for the FY09 which met the budget for the year. This result has been achieved through yield management and the reductions to controllable costs as a result of the review offsetting falling visitor numbers.

16

06

$6.51m

$8.28m

$9.57m

4.70%

$2.94m

7.70%

11.80% $5.33m

$6.35m

$7.49m $2.81m

06

Total Net Surplus before interest

9.40%

Operating Return on Investment

Operating EBIT

07

Rarauhe

07

08

09

Overview The 2008/09 year unfolded as an extremely challenging one for Ngäi Tahu Tourism with the global credit crisis striking just prior to the start of the traditional busy summer season. As a result of the crisis, many of our key tourism markets including the United Kingdom and the US experienced a sharp loss of confidence and visitor levels slowed accordingly.

In response to the reduced demand we undertook a widespread appraisal of our businesses. Operating costs were reviewed and reduced to match falling revenues. In tandem with the review a major marketing campaign was launched to highlight the unique range of products we have to offer.

We are pleased to report that Ngäi Tahu Tourism made some strong gains with its well-established brands, in particular Shotover Jet and Franz Josef Glacier Guides.

The developing cluster of businesses within the Abel Tasman region encountered particularly challenging conditions. Achieving a turnaround in performance will be a big task however the business is fortunate to have a committed and talented team who have developed a robust plan for the coming year.

Nestled in the lush rainforest of Te Tai o Poutini, the Glacier Hot Pools provide a haven of natural tranquillity and the ultimate in relaxation experiences.

Looking Ahead During the last quarter of 2009 we experienced an encouraging surge of customers.

In particular the Southern Region has performed well, benefiting from strong transTasman airline competition, favourable exchange rates and an encouraging start to the ski season.

Against a backdrop of struggling performance across the wider tourism industry, Ngäi Tahu Tourism delivered a respectable net surplus of $6.5m.

In November 2008 we opened the doors on the stunning new Glacier Hot Pools complex in Franz Josef. Nestled in the unique beech forest environment, the end result has exceeded everyone’s expectations and has received overwhelming endorsement from the 25,000 customers that have already passed through the facility.

Like all start-up operations however, there is a significant challenge to grow the awareness levels – the current recession has added to this. The business will continue to invest in a comprehensive marketing campaign to ensure that our goals for growth are met.

The difficult and uncertain conditions encountered over the past year are looking likely to continue into 2009/10 and we have budgeted accordingly. International visitor arrivals into New Zealand over the critical summer months will be the major influence on the tourism performance over the next year. On a positive note, despite the difficult operating environment our businesses are in excellent shape to respond to future challenges and the environment is likely to create opportunities for strong, long-term operators such as Ngäi Tahu Tourism.

As well as ensuring that our financial performance is maintained through the tough conditions, the next year will see an increased focus on responding to some of the wider shareholder aspirations in the tourism sector including: growing cultural interpretation of our tourism products in collaboration with local rünanga, supporting a comprehensive cultural tourism project to sit alongside Ngäi Tahu Tourism and the completion of the third year of Ngäi Tahu Tourism/Lincoln University scholarships.

For the year, overall customer volumes finished at 92% of the prior year (excluding Hot Pools) and 99% of budgeted levels.

From the outset, the design of the Glacier Hot Pools embraced an ethos of ‘touching the landscape lightly’. GPS technology was used to pin point trees and vegetation that were to remain untouched throughout the development to ensure the integrity of the natural landscape.

The three invitingly warm main pools and three secluded private pools are nestled within the bosom of Täne Mahuta – Guardian of the Forest with his children, the native bush and birdlife creating a tranquil space to revive the tinana (body), hinengaro (mind) and wairua (spirit).

A formal ‘launch’ was held in September celebrating the addition of an interpretation board telling the legend of Ka Roimata o Hinehukatere to the experience as well as the gifting of beautiful West Coast Aotea pounamu to adorn the reception area.

The building has won architect Chris Yates a Master Builders Association (Westland) commercial project of the year award, as well as a silver award in the Tourism and Leisure category.

Since opening its doors in November 2008, 25,000 visitors have indulged in the pleasures of the hot pools and the feedback has been overwhelmingly positive.

The Glacier Hot Pools are fed by pure glacial water or the tears of Kä Roimata o Hinehukatere for her lost love. Hinehukatere’s tears were frozen by the gods, forming what is known worldwide as the Franz Josef Glacier, or to Ngäi Tahu as Kä Roimata o Hinehukatere – The Frozen Tears of Hinehukatere.

17

Ngäi Tahu Capital

09

Funds Employed

09

Ngäi Tahu Capital has a portfolio that comprises two distinct investments: Ryman Healthcare Ltd, listed on the NZX Venture capital investment, both direct and indirect

06

07

$66.34m

3.17%

08

$65.35m

2.60%

$74.45m

60.30% 8.50%

07

06

07

08

09

Ryman Healthcare Limited

$128.15m

Total Return on Investment

06

08

$2.09m

07

$1.82m

06

$5.66m

09

3.17%

$2.09m

08

2.60%

$1.82m

07

2.00%

$2.07m

5.70%

$5.66m

06

Total Net Surplus before interest $61.06m

Operating Return on Investment

Operating EBIT

08

09

Ngäi Tahu Capital has an 8.0% stake in Ryman Healthcare Limited and a co-investment agreement with Tainui Group Holdings in respect of their 4.5% holding. Together we have the advantage of controlling over 10% of Ryman. As at 30 June 2009, the value of the Ngäi Tahu Capital shareholding in Ryman was $63.2m.

Ryman’s share price of $1.58 at balance date was 1% up on the previous year. The Ryman investment continues to provide a stable dividend income stream with realised profits rising 5% in FY09 in addition to the capital growth of its asset base. The dividend payout for FY09 was $2.1m.

Over the past ten years, Ryman has proved to be one of Ngäi Tahu’s leading investments having realised significant profits from its initial $7.4m investment in FY98.

Venture investments Ngäi Tahu Capital has two venture investments: Veritide Limited Ngäi Tahu Capital has an $800,000 investment in Veritide, a company that designs and manufactures anthrax detection equipment. Other investors are Endeavour Capital, Canterprise and CDC. Endeavour Capital Ngäi Tahu Holdings Corporation has a $3m commitment to Endeavour Capital’s I Cap Fund. The I Cap Fund is a venture investment fund with eight investments, including a separate investment in Veritide.

18

NGÄI TAHU HOLDINGS GROUP

Governance As of 1 October 2009, the Ngäi Tahu Holdings Corporation Board comprised of: Four independent directors appointed by Te Rünanga o Ngäi Tahu for their relevant commercial skills and experience.

Two Te Rünanga o Ngäi Tahu representatives appointed

by Te Rünanga o Ngäi Tahu to represent our shareholders on behalf of Ngäi Tahu Whänui.

Ngäi Tahu Holdings Corporation Board (Left to Right): Trevor Burt, Catherine Drayton, Donald Couch, Linda Constable, Gerry Te Kapa Coates, Ross Keenan.

Trevor Burt (Chair)

Ross Keenan

Gerry Te Kapa Coates

Trevor was appointed to the Board on 1 August 2009 after four months as the interim CE for Ngäi Tahu Holdings Corporation.

Ross is a professional company director appointed to the Board in January 2005.

Gerry Coates was appointed to the Ngäi Tahu Holdings Corporation Board from 19 November 2008. Gerry has been the Te Rünanga o Ngäi Tahu representative for Waihao since early 2007 and was the Waihao Alternate from 2003.

Trevor is a former executive board member for the Linde Group, a publicly listed German top 30 company. Prior to this position, Trevor held a number of senior executive roles with the global industrial gas company BOC Group which saw him living in Australia, USA and China. He holds a number of board positions including: Lyttelton Port Company Ltd, Mainpower NZ Ltd and Silver Fern Farms.

Linda Constable (Interim Chair, February – August 2009) Linda was appointed to the Board in January 2005 and was the Interim Chair from February to August 2009. Linda is a professional company director and comes from a legal practice background.

Linda was involved with the Treaty negotiations on behalf of Ngäi Tahu from 1996 to 1998 after which she joined the Office of Te Rünanga o Ngäi Tahu as Kaiwhakahaere of Kaupapa Taiao from 1998 to 2002.

Linda is Chair of Ngäi Tahu Property Limited, a member of the Board of New Zealand Railways Corporation and a member of the Electricity Commission.

Ross was a former director of Shotover Jet Limited and has a strong background in aviation, health, technology, finance, infrastructure, property and transport.

Ross has considerable governance and management experience. His current appointments include: Chair of: New Zealand Stock Exchange Company, Allied Work Force Group Limited, Metro Water Limited and Ngäi Tahu Tourism Limited. He is a Director of Oceania Attractions Limited and Touchdown Limited.

Catherine Drayton Catherine was appointed to the Ngäi Tahu Holdings Corporation Board from 1 August 2009.

Catherine has 15 years experience consulting on mergers and acquisitions in Western, Central and Eastern Europe. She is also the former partner in charge of the Assurance and Advisory business of PricewaterhouseCoopers in Central and Eastern Europe.

Catherine currently serves, as a member of the University of Canterbury Council, is a Director of Industrial Research Ltd, Hockey New Zealand and Meridian Energy.

Gerry is the Managing Director of Wise Analysis Limited, his own engineering consultancy firm. He is also on the boards of Waihao Holdings Limited and Te Ana Whakairo Limited (Mäori Rock Art Centre), and has been the Chair of the Marine Energy Deployment Fund Evaluation Panel since 2007. Previously, Gerry was Chair of the New Zealand Wind Energy Association and was on the board of Land Transport New Zealand from its inception.

Donald Couch Donald Couch was appointed to the Board of Ngäi Tahu Holdings Corporation in April 2008.

Donald spent 30 years living in Canada working mostly in polytechnic management before returning home to Räpaki in 1998.

Donald is the Pro-Chancellor of Lincoln University and the elected Deputy Kaiwhakahaere of Te Rünanga o Ngäi Tahu.

Note: During the financial year 08-09 Mark Solomon, Wally Stone and Mark Tume served as directors of NTHC, please refer page 38.

19

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Summary Group Financial Statements Summary Group Statement of Financial Performance Summary Group Statement of Changes In Equity Summary Group Statement of Financial Position Summary Group Statement of Cash Flows Summary Statement of Accounting Policies Notes to the Summary Group Financial Statements Audit Report

Harakeke

20

The following Summary Group Financial Statements have been extracted from the audited Full Group Financial Statements dated 19 September 2009. The Full Group Financial Statements were prepared in accordance with New Zealand Generally Accepted Accounting Practice (‘NZ GAAP’). The Group is a public benefit entity and has made an explicit statement of compliance with NZ IFRS as applicable for public benefit entities in the Full Group Financial Statements. The Summary Group Financial Statements cannot be expected to provide as complete an understanding as provided by the Full Group Financial Statements. An unqualified audit opinion was issued on the Full Group Financial Statements.

FOR THE YEAR ENDED 30 JUNE 2009

The Summary Group Financial Statements have been examined by the Group’s auditor for consistency with the Full Group Financial Statements and their unqualified audit report on the Summary Group Financial Statements has been attached.

Further details about the Group’s Financial Performance and Financial Position can be obtained from the Full Group Financial Statements.

Each Tribal member is entitled to obtain upon request a copy of the Full Group Financial Statements. Requests should be made to the Office of Te Rünanga o Ngäi Tahu – Attention: Jeff Goldsmith.

The Rünanga Representatives authorised the issue of the Full Group Financial Statements on 19 September 2009.

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Summary Group Statement of Financial Performance For the Year Ended 30 June 2009

Notes

June 2009 $ 000s

June 2008 $ 000s

164,395

179,471

23,664

35,209

(6,150)

(5,382)

1,092 71 (5,541) 205

1,979 783 25,890 (224)

13,341

58,255

28,733 200 0 (10,408) (1,595) 2,711 (12,900)

34,686 0 (6,755) (8,818) 0 3,265 (16,124)

20,082

64,509

(410)

(313)

Net Surplus after taxation

19,672

64,196

Attributable to: Equity holders of the parent Minority Interest

19,727 (55)

63,956 240

Net Surplus for the Year

19,672

64,196

Revenue and Other Income from Trading Operations

4 (a)

Earnings from Ongoing Trading Operations before Interest, Revaluations and Tribal Activities

4 (c)

Finance Costs

4 (c)

Share of Associate’s Net Surplus accounted for using the Equity method Net Gain on Sale of Non Current Assets Net (Loss)/Gain on Revaluation of Investment Property Net Gain/(Loss) on Revaluation of Biological Assets

12 4 (b)

Trading Surplus prior to Tribal Activities Fisheries Settlement Aquaculture Interim Settlement Related costs for Fisheries Settlement Operating expenses – Te Rünanga o Ngäi Tahu Impairment Non Current Assets Revenue relating to Tribal, Rünanga and Whänau Distributions Tribal, Rünanga and Whänau Distribution Expenses

5 5 5

6 6

Net Surplus before taxation Less Taxation

Includes sales (mainly relating to seafood, tourism and properties), interest income, rents received, dividends and income from investments.

Our share of Whale Watch Kaiköura Surplus for the year.

Includes profits from the sale of shares and quota, and gains on sale of investments.

Includes settlement of fish quota, Aotearoa Fisheries Limited shares and settlement cash from Te Ohu Kai Moana.

Includes rünanga distributions and development, Whai Rawa distributions, Ngäi Tahu Fund distributions, protection of natural resources, publications, communications and development and expenses for other tribal programmes.

8

This Statement is to be read in conjunction with the Summary Statement of Accounting Policies and Notes to the Summary Group Financial Statements attached.

21

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Summary Group Statement of Changes in Equity For the Year Ended 30 June 2009

Notes

June 2009 $ 000s

June 2008 $ 000s

513,583

474,879

800 (7,383)

(21,801) (3,691)

Net (Loss)/Income recognised directly in equity

(6,583)

(25,492)

Net Surplus for the Year: – Te Rünanga o Ngäi Tahu and Ngäi Tahu Charitable Trust – Minority Shareholders

19,727 (55)

63,956 240

19,672

64,196

Balance at beginning of year Net Movement in Asset Revaluation Reserve: – Investment valuation gain\(loss) Loss Recognised on cash flow hedges

Movement in value of Ryman Shares – (decrease/ increase).

Transfers to statement of financial performance on cashflow hedges Total recognised income and expense for the period Balance at end of year

This Statement is to be read in conjunction with the Summary Statement of Accounting Policies and Notes to the Summary Group Financial Statements attached.

22

(11)

–

13,078

38,704

526,661

513,583

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Summary Group Statement of Financial Position As at 30 June 2009

June 2009 $ 000s

June 2008 $ 000s

2,257 8,328 6,253 41,136 970 0 973 42

7,524 20,626 7,796 53,201 2,863 17 1,239 22

59,959

93,288

3,628 20,344 1,473 86,319 3,446 258,207 72,132 7,420 14 105,682 16,535 22,274

3,823 21,141 1,085 64,628 2,911 261,145 72,325 6,328 1,132 78,001 16,539 22,473

Total Non-Current Assets

597,474

551,531

Total Assets

657,433

644,819

Current Assets Cash and Cash Equivalents Accounts Receivable Inventories Inventories – Property Loans Advanced Other Financial Assets Other Current Assets Taxation

Notes

Money owed to Ngäi Tahu by our customers.

Stock of fish, unleased quota, marine farm crops, retail merchandise held for sale and parts stock.

7

Properties and sections planned to be sold within 12 months.

Total Current Assets Non-Current Assets Accounts Receivable Non Current Inventory - Property Loans Advanced Property, Plant and Equipment Biological Assets Investment Properties Investments in Equity Instruments Interest in Associate Companies Other Financial Assets Fish Quota and Marine Farm Licences Goodwill Brands, River Rights, Concessions and Software

9 10 11 12

Investment properties primarily held for rental income and capital appreciation.

Includes shares in Ryman Healthcare and Aotearoa Fisheries.

The carrying value of our share of Whale Watch Kaiköura.

This Statement is to be read in conjunction with the Summary Statement of Accounting Policies and Notes to the Summary Group Financial Statements attached.

23

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Summary Group Statement of Financial Position (cont.)

Notes

June 2009 $ 000s

June 2008 $ 000s

28,543 2,388 50,709

32,235 – 98,798

81,640

131,033

45,064 4,068

153 50

49,132

203

Total Liabilities

130,772

131,236

Net Assets

526,661

513,583

227,597 897 47,982 (6,306) 255,635

198,664 897 47,182 1,088 264,841

525,805 856

512,672 911

526,661

513,583

As at 30 June 2009

Current Liabilities Creditors and Accruals Other Current Financial Liabilities Current Portion of Non-Current Liabilities

Money owed to our suppliers and rünanga distributions still to be paid.

15

Total Current Liabilities Non-Current Liabilities Term Loans Other Financial Liabilities

Includes borrowings under term facility with BNZ.

15

Total Non-Current Liabilities

Funds received from the Crown including Claim Settlement $170m and partial Fisheries Settlement.

Equity Trust Funds in Perpetuity Capital Reserve Asset Revaluation Reserve Hedge Reserve Retained Earnings

Includes the difference between the current market value and the prices paid for Ryman Shares.

Represents unrealised gains and losses on foreign currency and interest rate hedges.

Tribal Equity Minority Interest Total Equity

The net worth of Ngäi Tahu as measured in the Group Financial Accounts.

19 September 2009

Kaiwhakahaere

Chief Executive Officer

This Statement is to be read in conjunction with the Summary Statement of Accounting Policies and Notes to the Summary Group Financial Statements attached.

24

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Summary Group Statement of Cash Flows For the Year Ended 30 June 2009

Notes

Cash Flows from Operating Activities Cash was provided from: Cash receipts from Customers Sale of Inventories – Property Dividends received Interest received

Includes sales of residential development sections.

Cash was applied to: Cash paid to Suppliers and Employees Purchase of Development Properties Tribal Distributions Interest paid Taxation paid

Net Cash Inflow from Operating Activities

Includes purchases of residential development sections.

16

Cash Flows from Investing Activities Cash was provided from: Sale of Property, Plant and Equipment Loans repaid Sale of Investment to Joint Venture Partner Sale of Forest Land Sale of Quota Cash was applied to: Purchase of Property, Plant and Equipment Loans advanced Acquisition of Businesses Purchase of Investments Purchase of Quota Purchase of Biological assets Purchase of Intangibles Investment Properties Expenditure

Includes capital costs associated with Christchurch City Council JV and other property investments.

Net Cash (Outflow) from Investing Activities

June 2009 $ 000s

June 2008 $ 000s

141,668 35,036 2,100 900

146,456 27,025 1,835 902

179,704

176,218

124,579 9,127 15,063 5,054 430

120,837 34,223 16,018 4,864 71

154,253

176,013

25,451

205

578 2,237 0 100 70

3,034 1,968 524 1,075 295

2,985

6,896

6,848 0 0 503 0 872 76 23,408

5,886 2,680 1,550 12,686 1,500 751 160 25,238

31,707

50,451

(28,722)

(43,555)

This Statement is to be read in conjunction with the Summary Statement of Accounting Policies and Notes to the Summary Group Financial Statements attached.

25

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Summary Group Statement of Cash Flows (cont.)

For the Year Ended 30 June 2009

Notes

June 2009 $ 000s

June 2008 $ 000s

0 0

46,000 108

0

46,108

3,000 93 85

0 0 447

3,178

447

Net Cash (Outflow) / Inflow from Financing Activities

(3,178)

45,661

Net (Decrease) / Increase in Cash Held

(6,449)

2,311

982 200 7,524

1,505 0 3,708

Balance at end of year

2,257

7,524

Represented by: Cash and cash equivalents

2,257

7,524

Cash Flows from Financing Activities Cash was provided from: Term loans Deposits advanced

Cash was applied to: Repayment of Term loans Repayment ANZ National Bank Loan Repayment of other loans

Fish Settlement Cash Introduced Interim Aquaculture Settlement Cash Add balance at beginning of year

5

This Statement is to be read in conjunction with the Summary Statement of Accounting Policies and Notes to the Summary Group Financial Statements attached.

26

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Statement of Accounting Policies For the Year Ended 30 June 2009

1.

Basis of preparation 1.1. Reporting entity These Summary Group Financial Statements have been prepared for the purpose of giving information about the Group to the Ngäi Tahu Whänui.

The Summary Group Financial Statements for Te Rünanga o Ngäi Tahu and Ngäi Tahu Charitable Trust include Te Rünanga o Ngäi Tahu and its subsidiaries, including Ngäi Tahu Charitable Trust, Ngäi Tahu Holdings Corporation Limited and its subsidiaries and the trusts for which the company and its subsidiaries act as trustee, and the subsidiaries and associates of those trusts (“the Group”), adjusted to eliminate the effect of significant intra-group transactions.

1.2. Statement of Compliance Te Rünanga o Ngäi Tahu is responsible for the overall governance of Ngäi Tahu’s affairs, the representation of the tribe’s interests, the protection and advancement of the rights of the members of Ngäi Tahu Whänui, and delivering social, cultural and development programmes to Ngäi Tahu members and their communities. Ngäi Tahu Holdings Corporation manages the commercial activities and assets that have been placed in the Ngäi Tahu Charitable Trust, being primarily property investment, property development, tourism, fishing and investment activity in New Zealand. Te Rünanga o Ngäi Tahu is a body corporate incorporated in New Zealand by section 6 of the Te Rünanga o Ngäi Tahu Act 1996. It is a public benefit entity and is domiciled in New Zealand.

Te Rünanga o Ngäi Tahu and the Ngäi Tahu Charitable Trust have common beneficiaries.

The Summary Group Financial Statements for the Group have been prepared in accordance with generally accepted accounting practice in New Zealand (“NZ GAAP”). They comply with the Financial Reporting Standard No.43 “Summary Financial Statements”.

The accounting policies set out below have been applied in preparing the financial statements for the year ended 30 June 2009 and the comparative information presented in these financial statements for the year ended 30 June 2008.

1.4. Critical Accounting Estimates and Judgements The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies.

The full financial statements provide detail behind critical estimates and judgements. These summary group financial statements should be read in conjunction with the full financial statements.

The estimates and judgements are reviewed by management on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised unless the revision impacts on future periods as well in which case it is recognised in current and future periods.

The following are the critical estimates and judgements management have made in the process of applying the Group’s accounting policies and that have the most significant impact on the amounts recognised in the financial statements: Impairment of Goodwill and Other Intangibles The Group determines whether intangibles with an indefinite useful life are impaired at least on an annual basis.

This requires the estimation of the recoverable amount of the cash generating units to which these intangibles are allocated.

The financial statements were authorised for issue by Te Rünanga o Ngäi Tahu on 19 September 2009.

Fair value of Investment Properties Investment properties of the Group are valued at fair value at least on an annual basis. This requires the estimation of current market values by independent registered valuers.

1.3. Basis of Measurement The Summary Group Financial Statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments.

Impairment of Quota The Group determines whether fish quota is impaired at least on an annual basis. This requires the estimation of the recoverable amount of the cash generating units to which this quota is allocated.

Cost is based on the fair value of the consideration given in exchange for assets.

Fair value of Derivatives The Group holds a number of derivatives which are hedge accounted, with the fair value of these derivatives being determined at least on an annual basis.This is reviewed by management on a regular basis.

Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions and other events is reported.

1.5. Presentation Currency The financial statements are presented in New Zealand dollars and all values are rounded to the nearest thousand dollars ($000) unless otherwise stated.

27

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Statement of Accounting Policies For the Year Ended 30 June 2009

2.

Significant Accounting Policies The following significant accounting policies have been adopted in the preparation and presentation of the financial report: 2.1. Basis Of Combination (a) Basis of Combination The Summary Group’s financial statements incorporate the financial statements of the Te Rünanga o Ngäi Tahu and Ngäi Tahu Charitable Trust, and entities which they control (its subsidiaries). Control is achieved where the Entity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The purchase method has been used in the combination of the results and financial position of subsidiaries and joint ventures, while the equity method has been adopted for use in the incorporation of the results and financial position of associate companies.

The trusts have been aggregated by combining on a line by line basis the financial statements of the trusts and their subsidiaries and associates with the consolidated financial statements of Te Rünanga o Ngäi Tahu and Ngäi Tahu Charitable Trust and its subsidiaries.

The results of subsidiaries acquired or disposed of during the year are included in the Summary Group Statement of Financial Performance from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of the subsidiaries to bring their accounting policies into line with those used by other members of the Group.

All intra-group transactions, balances, income and expenses are eliminated in full on combination.

Minority interests in net assets (excluding goodwill) of subsidiaries are identified separately from the Group’s interest therein. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

Losses applicable to the minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. (b) Associate Companies Associates are all entities in which the Group has significant influence, but not control, over the financial and operating policies. Investments in associates are accounted for using the equity method of accounting and are initially recorded at cost.

28

The Group’s share of its associates’ post-acquisition profits or losses is recognised in the Group’s Statement of Financial Performance, and its share of postacquisition reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying value of the investment.

When the Group’s share of losses exceeds the carrying amount of the associate, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate.

Where an entity within the Group transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group’s interest in the associate. (c) Joint Ventures The Group’s interests in jointly controlled entities are accounted for by proportionate consolidation. The Group combines its share of joint venture’s individual income and expenses, assets and liabilities on a lineby-line basis with similar items in the Group’s financial statements.

Where an entity within the Group transacts with a joint venture of the Group, profits and losses are eliminated to the extent of the Group’s interest in the joint venture.

2.2. Foreign Currency Transactions in foreign currencies are converted at the New Zealand rate of exchange ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies are translated to New Zealand currency at exchange rates ruling at balance date. Realised and unrealised gains or losses due to movements in exchange rates are included in the Summary Group Statement of Financial Performance, except for exchange differences on transactions entered into in order to hedge certain foreign currency risks.

2.3. Inventories Inventories have been valued at the lower of cost, on a standard or weighted average basis, and net realisable value after due allowance for damaged or obsolete inventory.

Costs include a systematic allocation of appropriate production overheads that relate to putting inventories in their present location and condition.

Inventories classified as unleased quota are the rights to catch fish that are attached to the fish quota shares.

Properties classified as inventories are properties intended for sale in the ordinary course of business or are in the process of being constructed or developed for such a sale.

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Statement of Accounting Policies For the Year Ended 30 June 2009

2.4. Property, Plant and Equipment (a) Recognition and Measurement Property, Plant and Equipment is stated at historical cost less accumulated depreciation and provision for impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. (b) Subsequent costs Subsequent costs are included in the asset’s carrying value or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Summary Group Statement of Financial Performance during the financial period in which they are incurred. (c) Depreciation Land and Investment Properties under development have not been depreciated. Depreciation on other assets is calculated on a straight line basis to allocate their cost to their residual values over their estimated useful lives. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period. (d) Disposal An asset’s carrying value is written down immediately to its recoverable amount if the asset’s carrying value is greater than its estimated recoverable amount.

Gains and losses on disposal are determined by comparing proceeds with carrying amount. These are included in the Summary Group Statement of Financial Performance.

2.5. Investment Property Investment Property includes properties held to earn rental income, or for capital appreciation. A property is also classified as an investment property if it does not have an operating lease in place, but is held with the intention of securing an operating lease.

Investment properties are stated at fair value. The fair value represents the market value determined annually by external valuers.

Any gains or losses arising from a change in fair value are recognised in the Summary Group Statement of Financial Performance.

When an item of property, plant and equipment is transferred to investment properties following a change of its use, any differences arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair value is recognised in the Summary Group Statement of Financial Performance.

2.6. Intangible Assets (a) Goodwill Goodwill arising on the acquisition of businesses or subsidiaries represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the business or subsidiaries recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.

Goodwill is not subject to amortisation, but is tested annually for impairment and whenever there is an indication that the goodwill may be impaired. Any impairment is recognised immediately in the Summary Group Statement of Financial Performance and is not subsequently reversed. Refer also to impairment of assets policy. (b) Quota and Marine Farm Licences Quota and marine farm licences are both indefinite life intangible assets. They are both recorded at cost less impairment. (c) Other Intangible Assets Brands, River Rights, Concessions and Consents Brands, river rights, concessions and consents have an indefinite useful life and are recorded at cost less impairment.

Computer Software Computer software and licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific asset. These costs are amortised on a straight line basis over the assets estimated useful life of one to five years.

2.7. Revenue Recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services, net of goods and services tax (GST), rebates, discounts and after eliminating sales within the Group. Revenue is recognised as follows: (a) Rental Income Rental income is recognised on a straight line basis over the lease term. Lease incentives and initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. (b) Sale of goods Sale of goods are recognised when the Group has transferred the significant risks and rewards of ownership of the good sold.

29

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Statement of Accounting Policies For the Year Ended 30 June 2009

(c) Sale of services Sale of services are recognised in the accounting period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as proportion of the total services to be provided. (d) Interest Income Interest income is recognised on a time proportion basis using the effective interest method.

The effective interest method allocates the interest income over the life of the contract or, when appropriate, a shorter period using the effective interest rate. The effective interest rate is the discount rate at which the present value of the future cash flows equals the net carrying amount of the financial asset.

When calculating the effective interest rate the Group estimates the future cash flows considering all the contractual terms of the contract but does not include future credit losses. The calculation of the effective interest rate includes all fees, transaction costs and all other premiums or discounts that are an integral part of the effective interest rate.

Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. (e) Dividend Income Dividend income is recognised when the right to receive payment is established.

2.8. Taxation Te Rünanga o Ngäi Tahu is taxed on its business income at the Mäori Authority rate. This taxation is accounted for on the comprehensive basis, using the liability method.

No taxation is payable by Ngäi Tahu Charitable Trust and its subsidiaries as they all have charitable status for Income Tax purposes.

30

3.

Changes In Accounting Policies The Group has elected to early adopt NZ IAS 23 (Revised) Borrowing Costs (effective for accounting periods beginning on or after 1 January 2009).

The adoption of NZ IAS 23 has resulted in a change in the Group’s borrowing cost policy. Previously borrowing costs that were directly attributable to the acquisition, construction or production of qualifying assets were expensed. Under NZ IAS 23 (revised), entities are no longer permitted to expense borrowing costs relating to qualifying assets and must capitalise these costs.

NZ IAS 23 (revised) is to be applied prospectively to borrowing costs relating to qualifying assets. Therefore, no restatement of prior periods has been completed. Profit for the year ended 30 June 2009 has increased by $1,875,503 as a result of the new policy with a corresponding reduction in finance costs.

The qualifying assets, being Investment Properties under Development in Property, Plant and Equipment have increased in value by this same amount. The Group has early adopted several interpretations and amendments to standards and these did not have a significant impact on the Group Financial Statements.

There have been no other changes in accounting policies.

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

4.

June 2009 $ 000s

June 2008 $ 000s

106,897 34,477 – 18,076 992 900 2,100 0 0 953

121,297 34,750 1,958 17,420 677 902 1,835 46 (1) 587

164,395

179,471

(24) 95

30 753

71

783

6,633 403 990 (1,876)

6,184 (959) 157 0

6,150

5,382

3,905 275 248 1,626 4

4,036 391 305 4 0

6,058

4,736

Income And Expenses All revenue is from continuing operations and consists of the following items: (a) Revenue and Other Income from Trading Operations Revenue for the sale of goods Revenue from the rendering of services Foreign exchange gains on sale of goods Rental received from properties Recoverable Property Operating Expenses Interest revenue Dividends – on AFS financial assets Hedge ineffectiveness on foreign exchange contracts Gain / (Loss) on FX options Other revenue

(b) Net Gain / (Loss) on Sale of Non Current Assets Property, Plant and Equipment Investment Properties

(c) The following expenses are included in the determination of Group Net Surplus: Finance costs: Interest paid on bank loans Interest paid / (received) on interest rate swaps Bank facility fees Amount of interest capitalised

Depreciation, Amortisation and Impairment: Depreciation of property, plant and equipment Amortisation of intangible assets Impairment of property plant and equipment Impairment of investments Impairment of goodwill

31

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

4.

June 2008 $ 000s

1,960

1,885

197 0 25 21

197 66 0 26

243

289

173 (24) 322 350 5,967 11 136 4,736 153

82 1,180 171 294 0 0 0 4,848 123

Income And Expenses (cont.)

Direct operating expenses of investment properties: Properties generating rental income Auditors remuneration Fees for audit Fees for NZIFRS opening balance sheet audit Other fees paid to Group auditors – Other assurance fees Audit fees paid on behalf of related parties

Other expenses Bad debts Doubtful debts Defined contribution plans Fees paid to directors of trustees (note 18) Foreign exchange variances Hedge Accounting Gain / (Loss) on FX Options Leasing and rental charges Other Employee Benefits 5.

June 2009 $ 000s

Fisheries and Aquaculture Settlements During the year the Treaty of Waitangi Fisheries Commission (Te Ohu Kai Moana) settled a portion of Mäori fisheries settlement assets.

This included the following assets: Settlement Value

Aotearoa Fisheries Limited Income Shares (note 11) Aquaculture Fish Quota Settlement asset money

Deduct Fisheries negotiation costs Fisheries and Aquaculture Settlement Income

Fair Value

2008

$000s

Fair Value Adjustment $000s

$000s

$000s

200 29,237 982

0 (1,486) 0

200 27,751 982

6,095 0 27,086 1,505

30,419

(1,486)

28,933

34,686

0

6,755

28,933

27,931

Section 161 of the Mäori Fisheries Act 2004 states that settlement quota sales can only be made to another mandated iwi organisation or an entity within Te Ohu Kai Moana Group. Such sales are possible two years after the first transfer of settlement quota by Te Ohu Kai Moana Limited to the mandated iwi organisation. Settlement quota cannot be gifted.

Donal Boyle from Quota Management Systems Limited determined the fair value of fish quota at the time of settlement with reference to market evidence of current market prices. Donal Boyle is an independent valuer not related to the Group. He has 28 years experience in the fishing industry and 15 years valuing fish quota.

32

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

6.

June 2009 $ 000s

June 2008 $ 000s

Tribal, Rünanga and Whänau Distributions Income relating to Tribal, Rünanga and Whänau Distributions

2,711

3,265

Expenses Rünanga Distributions & Development Culture and Identity Social Independence Natural Resources, Tribal Properties and Mahinga Kai Cultural parks Strategy and Influence Whai Rawa Distributions and Development Tribal Representation

4,349 1,190 2,384 920 1,064 791 2,202

5,037 1,322 3,952 1,335 229 1,772 2,477

12,900

16,124

10,189

12,859

Net Expenses

The above costs represent the direct costs of the programmes only and do not include an allocation of general operational and administrative expenses.

7.

Other Current Assets Operating lease receivables Prepayments Other

110 853 10

139 431 669

973

1,239

460 (50)

288 25

410

313

20,082 (39,521) 21,807

64,509 (85,282) 22,252

2,368

1,479

460

288

There were no past due or impaired assets at balance date (2008: Nil) 8.

Taxation a) Income tax recognised in profit or loss Tax expense/(income) comprises: Current tax expense/(income) Adjustments recognised in the current year in relation to the current tax of prior years Total tax expense/(income) The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the financial statements as follows: Net surplus before taxation Less: Non-taxable income Plus: Non-deductible expenses

Income tax expense calculated at 19.5%

The tax rate used in the above reconciliation is the Mäori authority tax rate of 19.5% payable by New Zealand Mäori entities on taxable profits under New Zealand law. There is no change in the Mäori authority rate when compared with the previous reporting period.

33

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

9.

June 2009 $ 000s

June 2008 $ 000s

22,180 12,882 948 50,309

22,503 11,127 871 30,127

86,319

64,628

99,235 66,670 92,302

109,546 63,021 88,578

258,207

261,145

4,500 63,200

6,095 62,400

67,700

68,495

2,350 551 800 193 296 242

2,153 551 800 193 0 133

4,432

3,830

72,132

72,325

Property, Plant and Equipment – Net Book Value Land and Buildings Plant, Office & Computer Equipment Motor Vehicles Investment Properties under Development

10. Investment Properties – At Fair Value Investment Property – Commercial Investment Property – Crown / Local Authority Investment Property – Forestry Land

11. Investments In Equity Instruments Available for sale investments carried at fair value Aotearoa Fisheries Limited income shares Ryman Healthcare Limited shares

AFS investments carried at cost Endeavour I-Cap Venture Capital Fund Waimakariri Irrigation Limited (1000 “C” class shares) Veritide Port Clarence Shares Hurunui Water Scheme Sundry Investments

The AFS investments carried at cost are private equity investments. There are no active markets for any of these investments and the fair value of these investments would be difficult to determine with any degree of certainty under valuation techniques. There was no intention to dispose of any investments in equity instruments at balance date.

12. Interest In Associate Company Associate company at 30 June 2009 and 30 June 2008 was: Whale Watch Kaiköura Limited

Percentage Owned

Owned By

Principal Activity

Balance Date

43.5%

Ngäi Tahu Holdings Corporation Limited

Tourism

30 June

Carrying Value at End of Year

7,420

6,328

Share of associate’s net surplus

1,092

1,979

Contingent liabilities and capital commitments At 30 June 2009 the associate has no contingent liabilities or capital commitments (June 2008: $nil).

34

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

13. Interests In Joint Ventures The joint ventures are:

June 2009 $ 000s

June 2008 $ 000s

Percentage Owned

Owned By Activity

Principal

Balance Date

Other JV Partner

Whangaroa Seafoods Joint

50.00%

Ngäi Tahu Seafood Products Limited

Fishing

30 September

Kopi Holdings Limited

Kayaking Abel Tasman Joint Venture

50.00%

Abel Tasman Tourism Kayaking Limited

Tourism Operators

30 June

Wakatu Incorporation

Christchurch Civic Building Joint Venture

50.00%

Ngäi Tahu Property (CCC JV) Limited

Property Developer

30 June

Civic Building Limited (previously Tuam 2 Limited), (Christchurch City Council)

Allandale Joint Venture

50.00%

Ngäi Tahu Property Limited

Property Developer

30 June

Allandale Property Limited

Lincoln Land Development Joint Venture

50.00%

Ngäi Tahu Property Joint Ventures Limited

Property Developer

31 December

Lincoln University Property Joint Venture Limited

June 2009 $ 000s 214 345 7,798 23,302 0 1,153

June 2008 $ 000s 29 206 79 9,243 15,415 1,158

Total Assets Less Current Liabilities

32,812 (1,801)

26,130 (656)

Net Investment in Joint Ventures

31,011

25,474

Whangaroa Seafoods Joint Venture ceased operations on 7 April 2009.

Kayaking Abel Tasman Joint Venture commenced operations on 1 August 2007.

Christchurch Civic Building Joint Venture commenced operations on 15 October 2007.

Lincoln Land Development Joint Venture commenced operations on 8 October 2007.

The Group’s share of the assets, liabilities, revenues and expenses are incorporated into the Group financial statements on a line-by-line basis using the proportionate method as below:

Cash and Cash Equivalents Accounts Receivable Inventories Property, Plant and Equipment Investment Properties Intangibles

Contingent Liabilities 0 Capital Commitments 39,800 Included in the Financial Statements are the following revenue and expenses: Share of Revenue 1,897 Share of Expenses 1,437 Whangaroa Seafoods Joint Venture includes sales and expenses to related parties within the Ngäi Tahu Seafood Group.

0 64,000 2,541 2,685

35

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

June 2009 $ 000s

June 2008 $ 000s

35,625 35,625 23,750

98,000 – –

14. Acquisition of Businesses There were no new business combinations.

15. Term Loans (1) Bank of New Zealand Commonwealth Bank of Australia ANZ National Bank Limited Syndicated Loan Facility Ngäi Tahu Holdings Corporation Limited, for itself and acting in its capacity as Trustee of the Holdings Corporation Trust, the Bank of New Zealand (as lead arranger), ANZ National Bank and Commonwealth Bank of Australia, entered into a Syndicated Loan Facility Agreement dated 29 October 2008 for a maximum loan facility of $200,000,000.

The loan facility is split between between Tranche A of up to $50,000,000 expiring 28 October 2009 and Tranche B of up to $150,000,000 expiring 29 October 2011.

As at 30 June 2009 interest under the loan facility was payable at between 3.34% - 4.48% per annum.

The loan facility is secured by a deed of negative pledge and guarantee over all the assets of Ngäi Tahu Holdings Corporation and its guaranteeing subsidiaries.

(2) Deposits (3) Matauranga Trust (4) ANZ National Bank Less Current Portion

36

259 514 0

344 514 93

95,773 (50,709)

98,951 (98,798)

45,064

153

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

16. Reconciliation of Net Surplus to Net Cash Inflow From Operating Activities Net Surplus after taxation Non-cash items: Depreciation Amortisation of goodwill and intangibles Net loss/(gain) on sale of Property, Plant and Equipment Impairment of property, plant and equipment Net gain on sale of investment properties Net gain on revaluation of investment property Revaluation of biological assets Biological assets natural decrease / (increase) Losses/(gains) on derivative instruments Impairment of investments Bad debts Provision for doubtful debts Fisheries settlement Equity accounted earnings of associate Movement in working capital arising from operating activities Accounts Receivable Inventories Inventories – Property Other Financial Assets Other Current Assets Taxation Other Financial Liabilites Accounts Payable and Accruals

Net cash inflow from operating activities

June 2009 $ 000s

June 2008 $ 000s

19,672

64,196

3,905 275 24 248 (95) 5,336 70 0 11 1,626 173 (24) (28,933) (1,092)

4,036 391 (30) 305 (753) (25,890) 224 98 (46) 4 0 1,130 (27,931) (1,979)

(18,476)

(50,441)

12,346 2,015 13,232 10 266 (20) 126 (3,720)

(7,322) (1,086) (6,098) 0 685 242 0 29

24,255

(13,550)

25,451

205

17. Related Party Transactions (a) Transactions with related parties There have been material transactions with related parties during the year. The related parties involved were Ngäi Tahu Charitable Trust, Ngäi Tahu Development Corporation and Te Rünanga o Ngäi Tahu. The types of transactions involved include rent received, IT service fees, management fee expenses, interest expenses, and distributions.

Related parties not part of the Group Financial Statements include Whai Rawa Fund Trust (Distributions Paid 2009: $1,583,500, 2008: $3,810,000).

Terms under which related party transactions were entered into No write-downs of receivables in respect of related parties have occurred and no amounts were provided for in doubtful debts relating to debts due from related parties at balance date (2008: nil). (b) Key management personnel Details of key management personnel remuneration are disclosed in note 18.

37

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

June 2009 $ 000s

June 2008 $ 000s

18. Key Management Personnel Compensation The short-term employee benefit compensation of the Directors and executives, being the key management personnel of the Group, is set out below: Directors of Ngäi Tahu Holdings Corporation Limited, Ngäi Tahu Seafood Limited, Ngäi Tahu Property Limited, Ngäi Tahu Tourism Limited and Ngäi Tahu Capital Limited.

Linda Constable (1), (2) (appointed Interim Chair 22 February 2009 and Member of Audit & Finance Committee until 14 August 2008)

Ngäi Tahu Holdings Corporation Limited (Interim Chair), Ngäi Tahu Capital Limited, Ngäi Tahu Property Limited (Chair), Ngäi Tahu Seafood Limited, Ngäi Tahu Tourism Limited, Ngäi Tahu Property (CCC – JV) Limited

83

60

Ross Keenan (1), (2) Chair (appointed Chair Ngäi Tahu Seafood Limited 26 February 2009)

Ngäi Tahu Holdings Corporation Limited, Ngäi Tahu Capital Limited, Ngäi Tahu Property Limited, Ngäi Tahu Seafood Limited (Chair), Ngäi Tahu Tourism Limited (Chair), Ngäi Tahu Tribal Services Limited

73

60

Mark Tume (1) Chair (appointment ended 30 June 2009)

Ngäi Tahu Holdings Corporation Limited, Ngäi Tahu Capital Limited (Chair), Ngäi Tahu Property Limited, Ngäi Tahu Seafood Limited, Ngäi Tahu Tourism Limited

65

69

Wally Stone (appointment ended Ngäi Tahu Holdings Corporation Limited 22 February 2009 & appointment ended Ngäi Tahu Capital Limited, Ngäi Tahu Property Limited, Ngäi Tahu Seafood Limited, Ngäi Tahu Tourism Limited 3 March 2009)

Ngäi Tahu Holdings Corporation Limited (Chair), Ngäi Tahu Capital Limited, Ngäi Tahu Property Limited, Ngäi Tahu Seafood Limited (Chair), Ngäi Tahu Tourism Limited

60

90

Donald Couch (1), (2)

Ngäi Tahu Holdings Corporation Limited

37

0

Gerry Coates (1) (appointed 19 November 2008 and Member of Audit and Finance Committee from 26 February 2009)

Ngäi Tahu Holdings Corporation Limited

22

0

Mark Solomon (resigned 23 September 2008)

Ngäi Tahu Holdings Corporation Limited

0

0

340

279

Total Directors Fees Ngäi Tahu Holdings Group (1) Member of Ngäi Tahu Holdings Audit and Finance Committee (2) Member Ngäi Tahu Holdings Remuneration Committee

Other Directors Fees Peter Biggs (resigned 2 October 2008)

Ngäi Tahu Communications Limited

0

7

Gabrielle Huria (resigned 15 September 2008

Ngäi Tahu Communications Limited

0

8

Kypros Kotzikas

Ngäi Tahu Fisheries Settlement Limited

10

0

Total Directors Fees Group

Note 4 (c)

350

294

869

926

Short term employee benefits (senior management positions)*

2,377

1,949

Total Key Management Personnel and Directors Fees Compensation

3,596

3,169

Te Rünanga O Ngäi Tahu Representatives

* Exit/redundancy payments have been excluded.

38

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Notes to the Group Financial Statements For the Year Ended 30 June 2009

June 2009 $ 000s

June 2008 $ 000s

18. Key Management Personnel Compensation (continued) Employees Remuneration The number of employees or former employees of the Group, not being directors, who received remuneration exceeding $100,000 during the financial year under review were: 2009 2008 Remuneration No. of Employees No. of Employees $500,000 - $509,999 1 0 1 1 $380,000 - $389,999 $350,000 - $359,999 0 1 $330,000 – $339,999 0 1 $310,000 - $319,999 1 0 $290,000 - $299,999 1 1 $270,000 - $279,999 1 0 $250,000 - $259,999 0 1 $240,000 – $249,999 1 1 $230,000 - $239,999 3 2 $220,000 - $229,999 1 4 $200,000 - $209,999 1 0 $190,000 - $199,999 1 2 $180,000 - $189,999 3 0 $170,000 - $179,999 6 1 $160,000 - $169,999 2 4 $150,000 - $159,999 3 4 $140,000 - $149,999 3 3 $130,000 - $139,999 3 2 $120,000 - $129,999 3 6 $110,000 - $119,999 10 6 $100,000 - $109,999 8 10 53

50

70

4,089

0 23,808

485 83,032

23,808

83,517

* Some exit/redundancy payments have been excluded.

19. Commitments For Expenditure (a) Capital expenditure commitments Acquisition of Property, plant and equipment (b) Other expenditure commitments Investments Property, Plant and Equipment (Investment properties under construction)

20. Contingent Liabilities The government has announced its proposed cap and trade system for greenhouse gas emissions. Until the legislation and details of the scheme are finalised, the Group is unable to quantify any net asset or liability arising from the system.

There are no other contingent liabilities at 30 June 2009 (June 2008: $nil).

21. Events Subsequent To Balance Date There were no other significant events after balance date.

39

40

TE RÜNANGA O NGÄI TAHU AND NGÄI TAHU CHARITABLE TRUST

Rünanga Representatives

Kaiköura

Ngäti Waewae

Makaawhio

Representative Mark Solomon

Representative Lisa Tumahai

Representative Tim Rochford

Te Ngäi Tüähuriri

Te Hapü o Ngäti Wheke

Alternative Representative None

Alternative Representative None

Alternative Representative None

Wairewa

Taumutu

Representative James Daniels

Representative Clare Williams

Representative Donald Couch

Alternative Representative None

Alternative Representative Kopa Lee (Räpaki)

Önuku

Arowhenua

Waihao

Moeraki

Representative Sandy Lockhart

Representative George Tikao

Representative Gary Waaka

Representative Gerry Coates

Representative David Higgins

Alternative Representative Iaean Cranwell

Alternative Representative Hohepa Johnson

Alternative Representative Koro Tipiwai

Alternative Representative Te Ao Hurae Waaka

Alternative Representative None

Alternative Representative None

Käti Huirapa ki Puketeraki

Ötäkou

Hokonui

Waihopai

Öraka-Aparima

Awarua

Representative Hine Forsyth

Representative Terry Nicholas

Representative Michael Skerrett

Representative Stewart Bull

Representative Maria Pera

Alternative Representative Hoani Langsbury

Alternative Representative Rewi Anglem

Alternative Representative Cyril Gilroy

Alternative Representative Ann Wakefield

Alternative Representative Stephen Bragg

Representative Matapura Ellison Alternative Representative Wiki Te Tau

Koukourarata Representative Charles Crofts Alternative Representative Elizabeth Cunningham

41

TE RÜNANGA O NGÄI TAHU

Directors and Key Positions as at 1 October 2009 Ngäi Tahu Directors

Ngäi Tahu Subsidiary Boards

Te Rünanga o Ngäi Tahu

Ngäi Tahu Holdings Corporation Board

Ngäi Tahu Property

Mark Solomon Kaiwhakahaere

Trevor Burt, Chairman appointed 1 August 2009 Ross Keenan re-appointed 19 June 2006 Linda Constable re-appointed 19 June 2006 Donald Couch appointed 19 April 2008 Gerry Te Kapa Coates appointed 19 November 2008

Linda Constable, Chair appointed 27 June 2006 Rick Braddock appointed 1 September 2009 Barry Bragg appointed 1 September 2009 Lex Henry appointed 1 September 2009 David Kennedy appointed 1 September 2009

Catherine Drayton appointed 1 August 2009

Ngäi Tahu Seafood

Ngäi Tahu Communications Limited Board

Robert Pooley appointed 1 October 2009

Anake Goodall, Chair appointed 3 May 2007

Colin Topi appointed 1 October 2009

Ngäi Tahu Fisheries Settlement Limited Board

Mark Solomon appointed 8 August 2007 Kypros Kotzikas appointed 16 September 2007 Anake Goodall appointed 16 September 2007

Dr Brian Rhoades, Chair appointed 1 September 2009

Ross Keenan appointed 29 May 2006 Ngäi Tahu Tourism

Ross Keenan, Chair appointed 25 May 2006 Anthony Marks appointed 1 October 2009 Linda Constable appointed 27 June 2006

Whai Rawa Fund Limited Board

Diana Crossan, Chair appointed March 2006 Tim McGuiness appointed March 2006 Sir Tipene O’Regan appointed March 2006 Hon. David Caygill appointed March 2006

42

Ngäi Tahu Capital

Trevor Burt, Chair appointed 25 September 2009 Catherine Drayton appointed 25 September 2009 Linda Constable appointed 27 June 2006 Ross Keenan, Chair appointed 29 May 2006

Donald Couch Deputy Kaiwhakahaere Anake Goodall Chief Executive Officer Te Rünanga Company Secretary Appointment pending

Ngäi Tahu Holdings Corporation Greg Campbell Chief Executive (commencing 2 November 2009) Ngäi Tahu Holdings Group Subsidiary Chief Executives Tony Sewell Ngäi Tahu Property Richard Coleman (Acting) Ngäi Tahu Seafood John Thorburn Ngäi Tahu Tourism

TE RÜNANGA O NGÄI TAHU

Directory Corporate Office

Auditor

Te Waipounamu House 158 Hereford Street PO Box 13-046 Christchurch Telephone: 03 366 4344 Facsimile: 03 365 4424 Website: www.ngaitahu.iwi.nz Email: info@ngaitahu.iwi.nz

Deloitte Chartered Accountants 32 Oxford Terrace Christchurch

Registered office for Ngäi Tahu Holdings Corporation Limited Level 5, Te Waipounamu House 158 Hereford St PO Box 13-575 Christchurch Telephone: 03 371 2758 Facsimile: 03 371 2632 Enrolment on Te Rünanga o Ngäi Tahu Whakapapa database If you require information on, or an enrolment form for the Ngäi Tahu Whakapapa database, please visit www.ngaitahu.iwi.nz or phone 03 366 4344 or 0800 KAI TAHU (524 824) and ask for the Whakapapa Unit.

Solicitors Bell Gully Buddle Weir HP Tower 171 Featherston Street Wellington Buddle Findlay Level 13 Clarendon Towers 78 Worcester Street Christchurch Saunders & Co 3rd Floor 227 Cambridge Terrace Christchurch Wynn Williams & Co Level 7 129 Hereford St Christchurch Bankers ANZ National Bank Limited The Square Cnr Colombo and Hereford Streets Christchurch Bank of New Zealand 129 Hereford Street Christchurch Commonwealth Bank of Australia Level 27, 201 Sussex Street Sydney, Australia

43

Organisation Structure

Te Rünanga o Ngäi Tahu Ngäi Tahu Charitable Trust

Office of Te Rünanga o Ngäi Tahu

Ngäi Tahu Holdings Corporation

Whai Rawa Fund Limited

Governance

Investment and Financial Strategy

Ngäi Tahu Communications

Strategy and Monitoring

Capital Allocation

Ngäi Tahu Fisheries Settlement Ltd

Distribution

Investment Performance

Te Tapuae o Rehua

Representation and Advocacy

He Oranga Pounamu

TRIBAL INTEREST

WHAKAPAPA & MEMBER SERVICES

OFFICE OF THE CEO

LEGAL AND SECRETARIAT

PEOPLE AND PERFORMANCE

SERVICE DELIVERY

NGÄI TAHU CAPITAL

NGÄI TAHU PROPERTY

NGÄI TAHU SEAFOOD

NGÄI TAHU TOURISM

Toitü Te Whenua

Whakapapa

Strategy and Influence

Legal Services

Human Resources

Finance

Ryman

Property Development

Seafood Operations

Tourism Operations 4 Regional Clusters

Toitü Te Käinga

Contact Centre

External Issues

Te Rünanga Secretariat

Leadership Programme

Communications

General Investments

Investment Properties

Quota Management

Payroll

Business Information Servcies

Toitü Te Kura

Brand Management

Whai Rawa and Direct Distributions

Te Rünanga Group Monitoring

44

Procurement

Rural Lands

TE RÜNANGA O NGÄI TAHU

Ngä Papatipu Rünanga Map

45