!NNUAL 2EPORT
#ELEBRATING YEARS ON % HINE E KIMI ANA I TE HUAKI PyURI +IA PUTA MAI KOE KI TE WHiRIKI TAPU ) HORAHIA Ri E +AHUKURA E 4~ TE 2AKIWHiNOA 7HAKAROKO MAI KI Ki TAKI / TE WHENUA E NENEKE ANA 4E ROA HOKI I MATATA Ki HAEHAETAKA +A KARAKA ATU Ty IWI KI A KOE E HINE 7HAKAMAURUTIA TE MAMAE O ROTO NEI +A WHiNAU MAI KI TE TATAU POUNAMU ) WAIHAKATIA E y T~PUNA (EI TURAKA MyHOU I TE AO T~ NEI 7!)!4! &2/- 4(% $%%$ /& 3%44,%-%.4 ./6%-"%2
-ATIAHA 4IRAMyREHU )N -ATIAHA 4IRAMyREHU MADE THE FOLLOWING PETITION TO 1UEEN 6ICTORIA 4HE PETITION WAS SIGNED BY ALL THE LEADING .GiI 4AHU CHIEFS OF THE TIME 4HIS WAS THE COMMAND THY LOVE LAID UPON THESE 'OVERNORS 4HAT THE LAW BE MADE ONE
4HAT THE COMMANDMENTS BE MADE ONE
4HAT THE NATION BE MADE ONE
4HAT THE WHITE SKIN BE MADE JUST EQUAL WITH THE DARK SKIN
!ND TO LAY DOWN THE LOVE OF THY GRACIOUSNESS TO THE -iORI THAT THEY DWELL HAPPILY AND THAT ALL MEN MIGHT ENJOY A PEACEFUL LIFE AND THE -iORI REMEMBER THE POWER OF THY NAME -ATIAHA 4IRAMyREHU PETITIONED THE #ROWN TO HAVE PUT ASIDE ADEQUATE RESERVES OF LAND FOR THE IWI AS IT HAD AGREED TO DO UNDER THE TERMS OF ITS LAND PURCHASES FROM .GiI 4AHU )N THE YEARS FROM .GiI 4AHU SIGNED FORMAL LAND SALE CONTRACTS WITH THE #ROWN FOR SOME M ACRES APPROXIMATELY OF THE 3OUTH )SLAND 4E 7AIPOUNAMU 4HE #ROWN FAILED TO HONOUR ITS PART OF THOSE CONTRACTS WHEN IT DID NOT ALLOCATE ONE TENTH OF THE LAND TO THE IWI AS AGREED )T ALSO REFUSED TO PAY A FAIR PRICE FOR THE LAND #/6%2 42!.3,!4)/. % HINE SEEK THE OPENING OF THE WOMB SO THAT YOU MAY ASCEND ONTO THE SACRED MAT THAT HAS BEEN LAIN BY +AHUKURA AND 4~ TE 2AKIWHiNOA ,ISTEN TO THE CRIES OF THE SHAKING LAND 3O LONG HAVE THE OPEN WOUNDS BEEN GAPING 9OUR PEOPLE ARE CALLING TO YOU 3OOTHE THE PAIN WE FEEL 9OU ARE BORN ONTO THE TATAU POUNAMU SHAPED BY YOUR ANCESTORS AS A STANDING PLACE FOR YOU IN THE NEW WORLD 7AIATA COMPOSED BY (ANA /´2EGAN
*
7HO IS .GiI 4AHU .GiI 4AHU IS THE IWI COMPRISED OF .GiI 4AHU 7HiNUI THAT IS THE COLLECTIVE OF THE INDIVIDUALS WHO DESCEND FROM THE ½VE PRIMARY HAP~ OF .GiI 4AHU NAMELY +iTI +URt .GiTI )RAKEHU +iTI (UIRAPA .GiI 4~iHURIRI AND .GiI 4E 2UAHIKIHIKI AND THE IWI OF .GiTI -iMOE AND 7AITAHA 4E 2~NANGA O .GiI 4AHU WAS ESTABLISHED BY THE 4E 2~NANGA O .GiI 4AHU !CT AND SERVICES THE TRIBE´S STATUTORY RIGHTS AND ENSURES THAT THE BENE½TS OF THE 3ETTLEMENT ARE ENJOYED BY .GiI 4AHU WHiNUI NOW AND IN THE FUTURE 4HROUGHOUT THE 3OUTH )SLAND THERE ARE LOCAL R~NANGA !N ELECTED REPRESENTATIVE FROM EACH R~NANGA MAKES UP 4E 2~NANGA O .GiI 4AHU THE GOVERNING BODY OVERSEEING THE TRIBE´S ACTIVITIES 4HE EXECUTIVE FUNCTIONS OF 4E 2~NANGA O .GiI 4AHU ARE CARRIED OUT BY THE /F½CE OF 4E 2~NANGA O .GiI 4AHU WHICH MANAGES THE REPRESENTATIONAL ACTIVITIES PROTECTS THE RIGHTS OF .GiI 4AHU WHiNUI AND DELIVERS SOCIAL AND CULTURAL PROGRAMMES AND .GiI 4AHU (OLDINGS #ORPORATION ,IMITED WHICH MANAGES COMMERCIAL ACTIVITIES AND ASSETS
+
#ONTENTS 4% 2e.!.'! / .'_) 4!(5
.'_) 4!(5 (/,$).'3 '2/50
35--!29 '2/50 &).!.#)!, 34!4%-%.43
$)2%#4/29
N_f`jE^`KX_l ?`^_c`^_kjf]k_\ gXjkp\Xij )''/>iflg G\i]fidXeZ\Xk X>cXeZ\ MXcl\jXe[ M`j`fe
8eelXcd\\k`e^ f]K\IeXe^X fE^`KX_l
K\B\id\2 E^`KX_l J\kkc\d\ek ('p\Xi8ee`m\ijXip :\c\YiXk`fej
E^`KX_l ?fc[`e^j>iflg >fm\ieXeZ\
I\gfik]ifdk_\ :_X`iXe[:_`\] Fg\iXk`e^F]ËZ\i
E^`KX_l ?fc[`e^j>iflg I\jlckjXkX>cXeZ\
:<FI\gfik)''/ 8eXb\>ff[Xcc
=`eXeZ`Xc G\i]fidXeZ\ Fm\im`\n
Gif^i\jjX^X`ejk fliJkiXk\^`Z ;`i\Zk`fe
;`jki`Ylk`fekf E^`KX_l @e[`m`[lXcj Xe[N_eXl J\im`Z\kf E^`KX_l @e[`m`[lXcj Xe[N_eXl
Gifk\ZkXe[ >ifnE^`KX_l :ljkfdXip I`^_kjXe[8jj\kj
=ifdk_\ BX`n_XbX_X\i\ DXibJfcfdfe
E^`KX_l:Xg`kXc E^`KX_lGifg\ikp E^`KX_lJ\X]ff[ E^`KX_lKfli`jd E^`KX_l ?fc[`e^j>iflg E\n@em\jkd\ekj 8jj\kjGfik]fc`f
JlddXip>iflg JkXk\d\ek f]=`eXeZ`Xc G\i]fidXeZ\ JlddXip>iflg JkXk\d\ekf] :_Xe^\j@e<hl`kp
JlddXip>iflg JkXk\d\ek f]=`eXeZ`XcGfj`k`fe JlddXip>iflg JkXk\d\ek f]:Xj_=cfnj
JlddXip JkXk\d\ekf] 8ZZflek`e^Gfc`Z`\j
Fi^Xe`jXk`fe JkilZkli\
IeXe^X I\gi\j\ekXk`m\j
;`i\ZkfijXe[ B\pGfj`k`fej
IeXe^X ;`i\Zkfip
;`i\Zkfip
K\IeXe^X fE^`KX_l I\gi\j\ekXk`m\ GifËc\j
E^GXgXk`gl IeXe^XDXg
Efk\jkfk_\ JlddXip>iflg =`eXeZ`XcJkXk\d\ekj 8l[`kI\gfik
;`jZcfjli\j
E^`KX_l ?fc[`e^j>iflg <o`j`k`e^@em\jkd\ekj 8jj\kjGfik]fc`f
,
(IGHLIGHTS OF THE PAST YEARS
E^ `KX_l;\\[f]J\kkc\d\ekž )(Efm\dY\i(00.k_\;\\[f] J\kkc\d\eknXjj`^e\[XkKXbX_Xe^X DXiX\`eBX`b‘liX%K_\j`^e`e^f]k_\ ;\\[dXib\[k_\\e[f]dfi\k_Xe (,'p\Xijf]g\k`k`fe`e^k_\:ifnekf lg_fc[k_\Ki\Xkpf]NX`kXe^`%
Kfn\iAleZk`feD\^XZ\eki\žE^ ` KX_lGifg\ikpZfdd\eZ\jZfejkilZk`fe f]k_\:_i`jkZ_liZ_Ylcbi\kX`cZ\eki\% Kfn\iAleZk`fe`jefn_fd\kf 9lee`e^j?Xi[nXi\#Gfjk`\Gclj# BXk_dXe[l#<q`YlpXe[XeldY\i f]fk_\idXafii\kX`ck\eXekj%
-
E^ `KX_lJ\kkc\d\ek8ZkžgXjj\[`e gXic`Xd\ekfe)0J\gk\dY\i(00/% :ifne8gfcf^pkfE^ `KX_lž )0Efm\dY\i(00/XkFelbl%@kdXib\[ k_\jkXikf]k_\_\Xc`e^gifZ\jjXe[X gfj`k`m\jk\gf]i\Yl`c[`e^%
?\FiXe^XGfleXdlž\jkXYc`j_\[le[\i XdXe[Xk\]ifdK\I–eXe^XfE^ `KX_l% ?\FiXe^XGfleXdlfg\iXk\jkfXjj`jkk_\ _\Xck_Xe[jfZ`Xcj\im`Z\je\\[jf]XccD fi` c`m`e^`ek_\E^ `KX_lkXb`n %
K\KXglX\fI\_lXžXaf`ekm\ekli\ Y\kn\\eE^ `KX_lXe[Ëm\k\ik`Xip `ejk`klk`fej`eK\NX`gfleXdlkf]XZ`c`kXk\ Xe[jlggfikk_\gifm`j`fef]_`^_hlXc`kp \[lZXk`fefggfikle`k`\j]fiD fi`%
J_fkfm\iA\kžE^ `KX_lKfli`jdj\Zli\j ('' f]J_fkfm\iA\k% K\Gl nX`fE^ `KX_lžfg\e`e^ \o_`Y`k`feXk:_i`jkZ_liZ_8ik>Xcc\ip K\GleXfNX`n_\kl% Le`k\[EXk`fejžE^ `KX_lXe[Ki\Xkp Ki`Y\jgi\j\ekjlYd`jj`fejkfLE G\idXe\ek=fildfe@e[`^\eflj@jjl\jfe =fi\j_fi\Xe[J\XY\[C\^`jcXk`fe%
E^ `KX_l=le[žjki\e^k_\e`e^ E^ `KX_lZlckliXc\oZ\cc\eZ\k_ifl^_ jljkX`eXY`c`kp#`eefmXk`feXe[k\eXZ`kp% J`eZ\`kj`eZ\gk`fe`e)'',#)%.d`cc`fe _XjY\\egifm`[\[`ei\jfliZ\jkffm\i )-)gifa\Zkjk_Xk_Xm\jki\e^k_\e\[fli E^ `KX_lZlckliXc\oZ\cc\eZ\% K\I–eXe^XXZ_`\m\j,''df]Xjj\kj%
8lbX_XB`XBX_Xžk_\`eXl^liXcE^ ` KX_lXikj]\jk`mXcnXj_\c[`e;le\[`e Xe[Xkk\e[\[Ypdfi\k_Xe,''n_ eXl fm\ik_\k_i\\[Xp\m\ek%
M\e`Z\9`\eeXc\žE^ `KX_lXik`jkjG\k\i IfY`ejfeXe[AXZhl\c`e\=iXj\i\o_`Y`k nfibj%K_\M\e`Z\9`\eeXc\`jk_\nfic[Ăƒj fc[\jkXe[dfjkgi\jk`^`flj`ek\ieXk`feXc Zi`k`ZXc]fild]fiZfek\dgfiXipm`jlXcXik# Xe[XkkiXZkjk\ejf]k_fljXe[jf]k_\dfjk `eĂŒl\ek`Xc`ek\ieXk`feXcXik`jkj#ZliXkfij# ^Xcc\ip[`i\Zkfij#Zi`k`ZjXe[Zfcc\Zkfij%
E^ `KX_lD fi`IfZb8ikKiljkž \jkXYc`j_\[XjXjkXe[$Xcfe\\ek`kpkf i\Zfi[#gifk\ZkXe[i\jkfi\ifZbXik k_ifl^_flkk_\kXb`n %
N_X`IXnXžK\I–eXe^XcXleZ_\jN_X` IXnX#k_\`eZ\ek`m\jXm`e^jjZ_\d\n`k_ k_\X`df]Yl`c[`e^k_\n\Xck_f]E^X` KX_l`e[`m`[lXcjYp\eZfliX^`e^jXm`e^j%
NX`bXkf$KX`el`žK\I–eXe^Xj`^ejX D\dfiXe[ldf]Le[\ijkXe[`e^ DfL n`k_NX`bXkf$KX`el`k_Xk_XjgXm\[k_\ nXp]fiXZf$`em\jkd\ekX^i\\d\ekXe[ Zi\Xk\[jkife^nfib`e^k`\jY\kn\\ek_\ knf`n`%K_\DfLi\Zf^e`j\jk_\Zfddfe `ek\i\jkjf]k_\knf`n``ek_\Xi\Xjf] ki`YXc#gfc`k`ZXc#c\^XcXe[Zfdd\iZ`Xc dXkk\ijXe[Zi\Xk\j\efidfljgfk\ek`Xc ]fiXZfccXYfiXk`m\XggifXZ_kfgifk\Zk Xe[dXo`d`j\k_\j\`ek\i\jkj%
:_i`jkZ_liZ_:`kp:fleZ`c ::: :`m`Z 9l`c[`e^jžXb\pi\cXk`fej_`g]fiE^ ` KX_l`e|kXlkX_``jn`k_k_\:::%:\ekiXc Xe[cfZXc^fm\ied\ekXi\k_\g\i]\Zk gXike\ij]fi`n`Xjk_\pXcjfj_Xi\cfe^$ k\idXjg`iXk`fej%
B N_\elXIf`dXkXžCXe[f]K\Xijž E^ `KX_l^`]kjXgXiZ\cf]`Zfe`ZJflk_ @jcXe[_`^_Zflekipkfk_\g\fgc\f] E\nQ\XcXe[% D‘k kflžk_\E^ `KX_l<o_`Y`k`feXk K\GXgXi\gi\j\ekj\`^_kZ\ekli`\jf] E^ `KX_l_`jkfipXe[\og\i`\eZ\%
E^ `KX_l)'),žX[fgk\[Xjk_\^l`[`e^ m`j`fe]fiK\I–eXe^XfE^ `KX_l%
N_X`IXnXžfm\i-defn`em\jk\[%
.
'ROUP PERFORMANCE AT A GLANCE &INANCIAL 0ERFORMANCE
&IVE 9EAR #ONSOLIDATED 0ERFORMANCE TO S
S
S
S
S
)-#.'/
,-#.+.
(/#.).
()+#*,0
,/#),,
,#'-(
0#)+'
.#+..
.#0,)
/#/(/
/#,'(
-#(/+
()#+/-
((#,+,
()#/,0
+(#*)* ' +)-
(#)*- ' *'.
('+#/-) ' +))
*-#,./
Ki`YXc#I–eXe^XXe[ N_ eXl;`jki`Ylk`fej
E\kGifËk Cfjj 9\]fi\KXoXk`fe Xe[=`j_\i`\jJ\kkc\d\ek (*#(+- 8[[E\k=`j_\i`\jJ\kkc\d\ek ' C\jjKXoXk`feK\I–eXe^XfE^ `KX_l +*.
- ).
E\kJligclj8]k\iKXoXk`fe]fik_\P\Xi ()#.'0
+'#/0.
(#,+*
('+#++'
-+#(0-
8kki`YlkXYc\kf1 <hl`kp_fc[\ijf]k_\gXi\ek D`efi`kp@ek\i\jk
()#*/) *).
+'#/0. '
(#-++ ('(
('+#).- (-+
-*#0,)+'
()#.'0
+'#/0.
(#,+*
('+#++'
-+#(0-
E\kGifĂŠk]ifd Fe^f`e^KiX[`e^ Fg\iXk`fej 50 - &2/- 4/
M
M
=`eXeZ`XcG\i]fidXeZ\ E\kJligcljXkki`YlkXYc\kf E^ `KX_l?fc[`e^j:figfiXk`fe Fg\iXk`e^<og\ej\j$ K\I–eXe^XfE^ `KX_l Ki`YXc#i–eXe^XXe[n_ eXl ;`jki`Ylk`fej
).#0*( *(*
4OTAL !SSETS BY "USINESS
E^Â `KX_lKi`YXcJ\im`Z\j
E^Â `KX_l=`j_\i`\j J\kkc\d\ek8jj\kj
E^Â `KX_l:Xg`kXc
E^Â `KX_lKfli`jd
E^Â `KX_lJ\X]ff[
/
E^Â `KX_lGifg\ikp
Gc\Xj\efk\k_Xk[l\kfZ_Xe^\j`e@ek\ieXk`feXc=`eXeZ`XcI\gfik`e^JkXe[Xi[j @=IJ k_\Ă‹^li\j]fik_\)''+ž)''.Ă‹eXeZ`Xcp\Xij_Xm\ Y\\eX[aljk\[kfi\ĂŒ\Zkk_\e\njkXe[Xi[j`ekif[lZ\[[li`e^k_\)''/p\Xi%K_`jd\XejĂ‹^li\ji\gfik\[dXpefkY\k_\jXd\XjĂ‹^li\j pfl_Xm\j\\ei\gfik\[`egi\m`fljĂ‹eXeZ`Xcp\Xij%K_`j`jgli\cpXjXi\jlckf]k_\Z_Xe^\`eki\Xkd\ekf]Z\ikX`eXZZflek`e^giXZk`Z\j% ?fn\m\in\k_fl^_k`k`dgfikXekk_Xkn\gi\j\ekĂ‹^li\jZXcZlcXk\[fek_\jXd\YXj`j `%\%k_\e\n@=IJ kf\eXYc\ZfdgXi`jfe%
&INANCIAL 0OSITION <hl`kp - ). ).#2%!3% /& - 4/
=`eXeZ`XcGfj`k`fe 4%2- $%"4 S
4/4!, !33%43 S
3(!2%(/,$%23 %15)49 S
''."&,,
,**".'/
+')"+.)
M
*-*".-/ '&+"*./."'+) /&",('
++/".-+ +*."(++ +&,"--*
)/."'-( ),)"-+* )'&".)*
*)*"',* +("&,&
0
.GiI 4AHU IS THE PRIMARY GUIDING VISION FOR .GiI 4AHU )T IS OUR YEAR FUTURE ROAD MAP THAT CLEARLY IDENTI½ES AND DETAILS THE NINE DISTINCT AREAS OF IMPORTANCE FOR US TO IMPACT AND INžUENCE
4E 7HAKAARIKI @eĂŒl\eZ`e^\ok\ieXc[\Z`j`fe$dXb\ijXe[ gifZ\jj\j`jm`kXckfXZ_`\m`e^E^ `KX_l )'),% 4y 4iTOU .GiI 4AHUTANGA Fli[i\Xd`jkf_Xm\Xm`YiXekE^ ` KX_lZlckli\%Fli^fXc`jk_XkflikX_X nX`ilXn`ccĂŒfli`j_k_ifl^_k_\gXjj`fe Xe[\e\i^pn\_Xm\kfZXiipfliZlckli\ ]finXi[% +O .Gi 7HAKAPiPiTANGA Ki`YXcZfddle`ZXk`fejXe[gXik`Z`gXk`fe `eE^ `KX_l)'),[\kX`cjfli[\j`i\]fi \]]\Zk`m\Zfddle`ZXk`fej#Xjn\ccXj gifm`[`e^E^ `KX_ln_ eXln`k_k_\ fggfikle`kpkfkXb\gXik`eki`YXcXZk`m`k`\j% @kĂƒjXYflkZfddle`ZXk`e^fli[i\XdjXe[ XZ_`\m\d\ekjkfE^ `KX_ln_ el`% 4E 7HAKATIPU K_\[\m\cfgd\ekf]#Xe[jlggfik]fi fliGXgXk`glI–eXe^X%@eE^ `KX_l )'),n\jkXk\k_Xkn\nXekkfjlggfik GXgXk`glI–eXe^X`e`k`Xk`m\jkf[\m\cfg Xe`e]iXjkilZkli\k_Xkf]]\ijj\Zli`kpXe[ X[mXeZ\jn_ eXl#_Xg–Xe[`n`n\ccY\`e^% 4E !O 4~ROA E^ `KX_l_XjXjkife^Zfdd`kd\ekkf gi\j\im`e^flieXkliXc\em`ifed\ek%Fli n_XbXkXlbŒžD‘k kfl# #d‘b li` dli`Xb\e\`ž=filjXe[fliZ_`c[i\eX]k\i ljži\d`e[jljk_Xkn\dljkgi\j\im\fli \em`ifed\ekkf\ejli\]lkli\^\e\iXk`fej _Xm\k_\fggfikle`k`\jkfb\\gflik`bXe^X Xe[dX_`e^XbX`giXZk`Z\jXc`m\% 7HiNAU Fli^fXc`ek_`jXi\X`jkf\ejli\E^ `KX_l n_ eXln\ccY\`e^`j`dgifm\[k_ifl^_k_\ kXi^\k`e^f][\[`ZXk\[i\jfliZ\jkfd\\k `[\ek`Ă‹\[n_ eXle\\[jXe[Xjg`iXk`fej# n`k_n_ eXljlggfik\[kf\e^X^\`e XZk`m`k`\jk_Xk\e_XeZ\k_\`ig_pj`ZXc# \dfk`feXc#d\ekXcXe[jg`i`klXc_\Xck_% -iTAURANGA K_\\[lZXk`feXcXjg`iXk`fejf]E^ ` KX_li\hl`i\Xe\em`ifed\ekf]c`]\$cfe^ c\Xie`e^k_Xkgifm`[\jfggfikle`k`\j]fi
('
E^ `KX_ln_ el`kfY\n\cc\[lZXk\[# kiX`e\[Xe[jkife^`ek_\`ibefnc\[^\ f]E^ `KX_lkXe^X%K_\XY`c`kpkfXZZ\jj hlXc`kp\[lZXk`feXe[kiX`e`e^n`ccgifm`[\ Z_f`Z\jXe[^`m\n_ eXlk_\fggfikle`kp kfZi\Xk\k_\`ifne[\jk`ep% 4E 0~TEA @em\jkd\ekgcXee`e^`jk_\Zfi\]leZk`fe f]?fc[`e^j:figfiXk`feXe[Xb\pgcXeb `ej\Zli`e^flin_XbXkXlbŒžD‘k kfl# # d‘b li` dli`Xb\e\`ž=filjXe[fli Z_`c[i\eX]k\ilj% 4E +AITIAKITANGA ME TE 4iHUHU N\Zfek`el\kf`eZi\Xj\k_\\]]\Zk`m\e\jj f]fli^fm\ieXeZ\% /52 6!,5%3
7HANAUNGATANGA D k\klXbXeX\k`bXX`k\k\`eX#d k\k\`eX\ k`bXX`k\klXbXeX% K_ifl^_i\cXk`fej_`gjXe[i\jg\Zkn\ZXe Ă‹e[k_\nXp]finXi[% -ANAAKITANGA N_ bXeX`‘dXel_`i`b`k‘b `e^X% DXeX`jlg_\c[k_ifl^_]lcĂ‹cc`e^ifc\j Xe[i\jgfej`Y`c`k`\j% 4OHUNGATANGA D k\d‘_`fbXd iXdX#d k\d iXdX bXd kXl% 9p[`jZljj`feZfd\jle[\ijkXe[`e^# k_ifl^_le[\ijkXe[`e^Zfd\jn`j[fd% +AITIAKITANGA B `KX_lkÂŒkŒ $bX`#kÂŒkŒ $dXeXnX% B `KX_lk_\^Xk_\i\ijf]i\jfliZ\j# i\jfliZ\jf]cXjk`e^\e[liXeZ\% 4IKANGA 8fiXb`dXkXk–% ?fc[`e^Ă‹idkfn_Xk[\Ă‹e\jE^ `KX_l% 2ANGATIRATANGA Bfk\XdfiXe^`b`dlX#bfk\_ gX`‘b`dli`% =fic\X[\ij_`gk_\i\dljkY\jlggfik%
4)./ 2!.'4)2!4!.'! ¯ /52 6)3)/.
-y TiTOU i My Ki URI i MURI AKE NEI &OR US AND OUR CHILDREN AFTER US 8eelXcd\\k`e^f] K\IeXe^XfE^`KX_l () K\B\id\2 E^`KX_lJ\kkc\d\ek ('p\Xi8ee`m\ijXip:\c\YiXk`fej (* =ifdk_\BX`n_XbX_X\i\ DXibJfcfdfe (+ :<FI\gfik)''/ 8eXb\>ff[Xcc (. ;`jki`Ylk`fekfE^`KX_l@e[`m`[lXcj Xe[N_eXl )' J\im`Z\kfE^`KX_l@e[`m`[lXcj Xe[N_eXl )Gifk\ZkXe[>ifnE^`KX_l:ljkfdXip I`^_kjXe[8jj\kj *'
((
!NNUAL MEETING OF 4E 2~NANGA O .GiI 4AHU .OTICE OF TH ANNUAL MEETING OF 4E 2~NANGA O .GiI 4AHU K_\XeelXcd\\k`e^jf]K\IeXe^XfE^` KX_lXe[k_\E^`KX_l:_Xi`kXYc\Kiljk i\jg\Zk`m\cp#n`cckXb\gcXZ\feK_lij[Xp)' Efm\dY\i)''/Xk*gd1K\NX`gfleXdl ?flj\#(,/?\i\]fi[Jki\\k#:_i`jkZ_liZ_% !GENDA D`_`d`_` 8kk\e[XeZ\Xe[Xgfcf^`\j :feËidXk`fef]d`elk\jf])''. XeelXcd\\k`e^ DXkk\ijXi`j`e^ I\Z\`m\Xl[`k\[XZZflekj]fik_\p\Xi \e[\[*'Ale\)''/ 8ggf`ekd\ekf]8l[`kfij :fej`[\ifk_\ijlZ_dXkk\ijk_Xk K\IeXe^XfE^`KX_ldXp[\\d Xggifgi`Xk\
.OTICE OF (UI i 4AU
#ONTACTS
JXkli[Xp))Efm\dY\i)''/ Jle[Xp)*Efm\dY\i)''/
,OCAL CONTACT K`dDXeXnXkl#BX`bliX8[d`e`jkiXk`fe F]ËZ\#K\c\g_fe\'**(0-,)*
0yWHIRI N`ccY\_\c[Xk/%*'Xdfe =i`[Xp)(Efm\dY\i)''/ 6ENUE KXbX_Xe^XDXiX\#BX`bliX K_\?l`$$KXln`ccY\Zf$fi[`eXk\[YpK\ IeXe^XfE^`KX_l`eZfealeZk`fen`k_ k_\_fjk`e^ieXe^X¾BX`bliX%
4E 2~NANGA O .GiI 4AHU CONTACT ;\YY`\K`bXf#K\IeXe^XfE^`KX_l K\c\g_fe\'**--+*++#=Xo'**-,++)+ '/'',)+/)+#<dX`c[\YY`\%k`bXf7 e^X`kX_l%`n`%eq
!GENDA D`_`d`_`¾0XdJXkli[Xp)) Efm\dY\i)''/ I\m`\nf]K\IeXe^XfE^`KX_l 8eelXcI\gfik 8^\e[XXjj\kYpK\IeXe^Xf E^`KX_l
4% 2e.!.'! / .'_) 4!(5 "/!2$ 9XZbifn]ifdc\]k1:cXi\N`cc`Xdj#AXd\jB;Xe`\cj#Jk\nXik9lcc#>XipNXXbX#JXe[pCfZb_Xik#K\iipE`Z_fcXj#;Xm`[?`^^`ej#DXkXgliX<cc`jfe# >\iipK\BXgX:fXk\j#D`Z_X\cJb\ii\kk#C`jXKldX_X`#DXi`XG\iX#Kfep>iXp J\Zi\kXip =ifekifn]ifdc\]k1?`e\=fijpk_#K`dIfZ_]fi[#8eXb\ >ff[Xcc :_`\]<o\Zlk`m\F]ËZ\i #DXibJfcfdfe BX`n_XbX_X\i\ #;feXc[:flZ_ ;\glkpBX`n_XbX_X\i\ #>\fi^\ NX`kX` K`bXf#:_Xic\j:if]kj% ()
4E +ERpME .GiI 4AHU 3ETTLEMENT YEAR !NNIVERSARY #ELEBRATIONS +I .GiI 4AHU WHiNUI +IA WHAKAMINE TAHI TiTOU KI TpNEI HUI WHAKAHIRAHIRA My TE IWI .GiI 4AHU .AU MAI (AERE MAI 4AUTI MAI
4HIS YEAR WILL MARK THE TH YEAR SINCE SETTLEMENT &RIDAY .OVEMBER IS THE DAY WE CELEBRATE AS AN IWI 0LEASE MARK THIS DAY IN YOUR DIARY NOW 0ROPOSED !CTIVITIES FOR &RIDAY .OVEMBER AM AM AM PM PM PM PM PM PM PM PM
Gn_`i`kfn\cZfd\E^`KX_lXe[^l\jkjXkKXbX_Xe^XDXiX\ Dfie`e^k\XXkKXbX_Xe^X;fdX`e ;\YXk\`eDX`eK\ek CleZ_ E^`KX_l?`jkfi`ZXc=fild¾KK`g\e\FÃI\^XeXe[gXe\c 8]k\ieffek\X BXgX_XbXg\i]fidXeZ\ E^`KX_l?`jkfi`ZXc=fild¾KK`g\e\FÃI\^XeXe[gXe\c ;`ee\i BXgX_XbXg\i]fidXeZ\# G`fK\i\`¾EfJn\XkGXi\ek`e^¾j\jj`fe) E^`KX_lZfeZ\ik :cfj\
(*
&ROM THE +AIWHAKAHAERE -ARK 3OLOMON
+IA HIWA Ri +IA HIWA Ri +IA HIWA Ri KI TE MATA Ht TUNA +IA HIWA Ri KI TE MATA Ht TAUi +IA APURUA KOE KI TE TOTO 7HAKAPURUA TONU 7HAKAPURUA TONU !Up KIA EKE %KE PiNUKU %KE 4AKAROA 7HANO WHANO (AERE MAI TE TOKI (AUMI E HUI E TAIKI E % HIKA E 4ITIRO KI UTA Ri +I TE REREKA MAI O Ki KAPUA (AI iRAI WHAKAKAKARO I Ki TIHI WHAKATAUKt / +i 4IRITIRI O TE -OANA +AI TE REHUTAKA I WAIHO E KOUTOU +AI AI I TE HAU O MAHARA (AI KONi E HIKA Mi +OUTOU Ki MATE O TE 0ARINUI O WHITI 4AE ATU Ri KI 2AKIURA 7HATU KAROKARO AI KOUTOU -i TE HAU O PURI KOE E KAWE KI TAWHITI Ri +A HURI yKU MATA KI A TiTOU TE yHiKt O Ki T~PUNA 4iTOU NEI TE PUNA O TE KUPU O TE REO O TE MANAKO O Ki T~PUNA .iIA TE HAU O MiNAWA O MAIOHA KI A KOUTOU +O 7AITAHA KO AU +O -iMOE KO KOE +O 4AHU KO TiTOU .y REIRA E Ki WHANAUKA
4pNi KOUTOU TpNi KOUTOU TpNi KOUTOU KATOA (+
4EN YEARS HAVE PASSED SINCE THE .GiI 4AHU $EED OF 3ETTLEMENT WAS SIGNED ON BEHALF OF ALL .GiI 4AHU WHiNUI AT 4AKAHANGA -ARAE /UR PEOPLE STOOD TOGETHER PROUDLY THAT DAY FULL OF HOPE AND WITH A SENSE OF BOTH RELIEF AND SADNESS KNOWING THEY WERE ½NALLY ABLE TO HONOUR OUR T~PUNA WHO HAD FOUGHT SO LONG AND HARD FOR WHAT WAS RIGHTFULLY THEIRS 4HE $EED OFFERED US AN INCREDIBLE SENSE OF POTENTIAL AND POSSIBILITY AND SOLACE IN KNOWING THAT ALMOST YEARS SINCE THE BEGINNING OF 4E +ERpME WE WOULD NOW HAVE THE TOOLS WE NEEDED TO CARVE A BETTER FUTURE FOR GENERATIONS TO COME %VERY DAY ) SEE THAT POTENTIAL BEING PUT INTO ACTION AND THOSE POSSIBILITIES COMING TO FRUITION FOR .GiI 4AHU WHiNUI 4E 2~NANGA O .GiI 4AHU HAS COME A LONG WAY IN THE PAST DECADE AND THOUGH WE HAVE MADE MISTAKES WE HAVE LEARNT FROM THEM AND WHERE WE HAVE MADE GOOD DECISIONS WE HAVE BUILT ON THEM 7E HAVE DONE OUR BEST TO PROTECT AND GROW WHAT THE 3ETTLEMENT DELIVERED AND ) AM PROUD OF WHAT WE HAVE ACHIEVED 4HOUGH OUR T~PUNA WOULD HARDLY RECOGNISE THE IWI WE ARE TODAY ) THINK THEY TOO WOULD BE PROUD AND RECOGNISE THAT OUR PEOPLE FACE A MUCH BETTER FUTURE TODAY THAN THEY DID YEARS AGO &OR 4E 2~NANGA AND THE /F½CE YEARS PROVIDES A CONVENIENT MILESTONE FOR US TO TAKE STOCK AND RE¾ECT ON WHERE WE HAVE COME FROM AND TO RENEW OUR COMMITMENT TO WHERE WE ARE GOING AND HOW WE ARE GOING TO GET THERE )T IS MY BELIEF THAT .GiI 4AHU NOW HAS A SOLID BASE TO OPERATE FROM %CONOMICALLY WE HAVE THE RESOURCES TO MAKE LONG TERM INTERGENERATIONAL COMMITMENTS TO SCHEMES LIKE 7HAI 2AWA AND THE .GiI 4AHU &UND "UT JUST AS IMPORTANTLY YEARS DOWN THE ROAD EXPERIENCE HAS ENDOWED US WITH CON½DENCE AND THE COURAGE TO MAKE CRITICAL SOMETIMES DIF½CULT DECISIONS AT THE RIGHT TIME #ORE VALUES LIKE WHANAUNGATANGA MANAAKITANGA KAITIAKITANGA AND
8Yfm\19i`e^`e^knf`n`Zcfj\ikf^\k_\ižBX`n_XbX_X\i\DXibJfcfdfeXe[ :_X`idXeKlblDfi^Xej`^eXD\dfiXe[ldf]Le[\ijkXe[`e^Xk8ifn_\elXDXiX\%
RANGATIRATANGA HAVE ALWAYS BEEN HELD UP AS YARDSTICKS WITH WHICH TO MEASURE OUR POLICIES AND PROCEDURES AND THE WAY WE CONDUCT OURSELVES 4E 2~NANGA BELIEVES THERE IS MORE THAT CAN BE DONE TO BREATHE LIFE INTO THESE VALUES IN A UNIQUELY .GiI 4AHU WAY AND THROUGH DOCUMENTS LIKE .GiI 4AHU AND 4E 0AE 4AWHITI WE ARE BUILDING A SUITE OF TOOLS TO PUT THEM INTO PRACTICE
(OLDINGS 0ERFORMANCE E^ `KX_l?fc[`e^j>iflg_Xjgif[lZ\[ Xefk_\i\oki\d\cp^ff[kiX[`e^i\jlck ^\e\iXk`e^XeXcdfjk,/de\kkjligclj Y\]fi\[`jki`Ylk`fej#Xe[Yi`e^`e^k_\ kfkXcK\I–eXe^XXjj\kYXj\kfdfi\ k_Xe-'-d%@nflc[c`b\kfZfe^iXklcXk\ k_\?fc[`e^j>iflgXjflijkife^ËjZXc gfj`k`feXccfnjK\I–eXe^XkfdXb\ cfe^$k\idËeXeZ`Xc[`jki`Ylk`fe[\Z`j`fej
n`k_ZfeË[\eZ\%@egXik`ZlcXik_\\ogfik f]ZiXpËj_`jc\X[`e^k_\nXp]fiE^ ` KX_lJ\X]ff[Xe[fe^f`e^fg\iXk`feXc \]ËZ`\eZ`\jkXb`e^X]]\Zk%
%LECTORAL 2EVIEW =fie\Xicpknfp\XijefnXi\m`\nf] fli\c\ZkfiXcgifZ\jj_XjY\\efe^f`e^% @Xdm\ipXnXi\k_Xkk_`jgifZ\jj_Xj Y\\edlZ_cfe^\iXe[dfi\Zfdgc`ZXk\[ k_Xen\\em`jX^\[#YlkfliX`dkfj\k`e gcXZ\XifYljkXe[\hl`kXYc\jpjk\d]fi Xcci–eXe^X_XjY\\elenXm\i`e^%N\ _Xm\Zfejlck\[n`k_n_ eXlXk\m\ip fggfikle`kp#c`jk\e\[kfpflib‘i\if Xe[kXb\e`kfe$YfXi[%N\Xi\Zcfj\kf Zfdgc\k`e^k_`ji\m`\nXe[@XdZfeË[\ek k_Xkn\n`cc_Xm\Xjpjk\d`egcXZ\k_Xk n`cc\ejli\n_ eXlZXe\o\iZ`j\k_\`i i`^_kkf]lccXe[]X`igXik`Z`gXk`fe`efli \c\ZkfiXcjpjk\d%
4AINUI 7AIKATO -O5 8_`^_c`^_k]fid\g\ijfeXccpk_`jp\Xi _XjY\\ek_\[\m\cfg`e^i\cXk`fej_`g n`k_NX`bXkf$KX`el`%8k?l`$Â $KXlcXjk p\Xin\j`^e\[k_\D\dfiXe[ldf] Le[\ijkXe[`e^ DfL k_Xk_XjgXm\[k_\ nXp]fiXZf$`em\jkd\ekX^i\\d\ekXe[ Zi\Xk\[jkife^nfib`e^k`\jY\kn\\ek_\ knf`n`%K_\DfLi\Zf^e`j\jk_\Zfddfe `ek\i\jkjf]k_\knf`n``ek_\Xi\Xjf] ki`YXc#gfc`k`ZXc#c\^XcXe[Zfdd\iZ`Xc dXkk\ijXe[Zi\Xk\j\efidfljgfk\ek`Xc ]fiXZfccXYfiXk`m\XggifXZ_kfgifk\ZkXe[ dXo`d`j\k_\j\`ek\i\jkj% 8ci\X[pn\_Xm\ZfdY`e\[]fiZ\jkfYlpX dXafij_Xi\$_fc[`e^`eIpdXe?\Xck_ZXi\ Xe[n\Xi\`em\jk`^Xk`e^fk_\ie\n Ylj`e\jjfggfikle`k`\j%
(,
)WI #HAIRS &ORUM @_Xm\jg\ekXcfkf]k`d\k_`jgXjkp\Xi ZfeZ\ekiXk`e^feYl`c[`e^`n`i\cXk`fej_`gj% @Y\c`\m\k_`jXjXe`dgfikXekgXikf] dpifc\XjBX`n_XbX_X\i\Xe[`ek_\cfe^$ k\id#ZilZ`Xckfk_\[\m\cfgd\ek f]Xe`eefmXk`m\Xe[m`YiXekD fi` \Zfefdpk_Xkn`cc_\cgjljkX`eflig\fgc\ Xe[8fk\XifX% K_\@n`:_X`ij=fild_Xjjg\Xi_\X[\[ k_`jnfibXe[@Xd\oZ`k\[Xkk_\gfk\ek`Xc k_Xk\o`jkjn`k_`ek_`j^iflg%@n`c\X[\ij i\gi\j\ek`e^fm\iknf$k_`i[jf]k_\ D fi`gfglcXk`fe_Xm\Zfdd`kk\[k`d\ Xe[i\jfliZ\jkfk_\]fildXe[k_`j`j ^ifn`e^ZfejkXekcp%FlibXlgXgX`jYXj\[ fek_\j`dgc\Xe[]le[Xd\ekXcgi`eZ`gc\ f]bfkX_`kXe^Xžk_Xkkf^\k_\ik_ifl^_ j_Xi`e^fli\og\i`\eZ\j#befnc\[^\Xe[ i\jfliZ\jn\ZXe^ifnXe[jlggfik\XZ_ fk_\iXe[nfibkfZi\Xk\XY\kk\i]lkli\ ]fiflig\fgc\% E^ `KX_l`jjkife^Xe[i\j`c`\ek#n\_Xm\ gifm\ek_`jk`d\Xe[k`d\X^X`e#Ylkk_\ cXe[jZXg\`jZ_Xe^`e^%Gfc`k`Zj#k_\gcXZ\f] k_\Ki\Xkpf]NX`kXe^`#`dd`^iXk`feXe[ ^cfYXc`jXk`fe#kfeXd\aljkX]\n#Xi\]fiZ\j k_Xkn`ccj_Xg\fli]lkli\Xe[D fi`n`cc e\\[kfY\fi^Xe`j\[Xe[jkXe[kf^\k_\i% @Y\c`\m\]fildjc`b\@n`:_X`ijXi\gXikf] gi\gXi`e^]fik_Xk]lkli\%
4REATY OF 7AITANGI #LAIM 8ck_fl^_flkj`[\k_\k`d\]iXd\f]k_`j XeelXci\gfik@k_`eb`k`j`dgfikXekkf d\ek`fek_\_`jkfi`ZXcKi\Xkpf]NX`kXe^` :cX`d@dX[\feY\_Xc]f]XccE^ `KX_l n_ el`feJ\gk\dY\i(%@k`j`ife`Zk_Xk ('p\Xijfe]ifdj`^e`e^k_\;\\[f]fli J\kkc\d\ek@j_flc[Y\dXb`e^Xefk_\i ZcX`dkfjX]\^lXi[fli]lkli\#Ylk`k`jXe le]fikleXk\`e[`Zkd\ekfek_\gfc`k`ZXc \em`ifed\ekn\c`m\`e% K_\^fm\ied\ekĂƒjXiY`kiXip[\X[c`e\]fi _`jkfi`ZZcX`djdX[\`ke\Z\jjXipY\]fi\ n\cfjk]fi\m\ik_\fggfikle`kpkfkXb\ _`jkfi`ZXcdXkk\ijkfk_\NX`kXe^`Ki`YleXc% K_\e\nZcX`d`je\Z\jjXipkfi\Zf^e`j\ Xe[gifk\Zkfli\o`jk`e^i`^_kj#Xe[_`jkfi`Z (-
`ek\i\jkjXe[Zfek\dgfiXip]X`cli\jYp k_\:ifnekfi\jg\Zkk_\`ek\^i`kpf] fliJ\kkc\d\ek#jlZ_Xjk_\<d`jj`fej KiX[`e^JZ_\d\% N_`c\n\j_Xi\k_\eXk`feXc`ek\i\jk`e k_\ËeXc`kpf]j\kkc\d\ekj#fliZcX`d`j Zfej`jk\ekn`k_k_\i`^_kjXe[`ek\i\jkjf] XccE\nQ\XcXe[\ijkf]X`iXe[^ff[]X`k_ ki\Xkd\ekYpk_\:ifne%@k`jXe`ejliXeZ\ gfc`Zpkf\ejli\k_XkfliJ\kkc\d\ek i\dX`ejËeXcXe[n\ZXegifk\Zkn_Xk n\_Xm\%
#IVIC "UILDING 0ARTNERSHIP 8b\pi\cXk`fej_`g]fiE^ `KX_l`e |kXlkX_``jn`k_k_\:_i`jkZ_liZ_:`kp :fleZ`c%:\ekiXcXe[cfZXc^fm\ied\ek Xi\k_\g\i]\ZkgXike\ij]fi`n`Xjk_\p Xcjfj_Xi\cfe^$k\idXjg`iXk`fej%9\`e^ `eXgfj`k`fekfgXike\in`k_k_\:fleZ`c fek_\e\nZ`m`ZYl`c[`e^`jXe\oZ`k`e^ [\m\cfgd\ek]fiK\I–eXe^XXe[n\_fg\ k_`j`jk_\Ëijkf]dXepm\ekli\jk_Xkn\ ZXegXik`Z`gXk\`en`k_k_\d% E^ `KX_ln`ccZfek`el\kffne_Xc]k_\ i\[\m\cfg\[Yl`c[`e^Xe[k_\:fleZ`cn`cc gXpi\ekkfk_\`n`fm\ik_\c`]\f]Xe`e`k`Xc )+p\Xic\Xj\n`k_k_i\\i`^_kjf]i\e\nXc%
4HE &UTURE Cffb`e^kfk_\p\XiX_\X[@_Xm\^i\Xk ZfeË[\eZ\k_Xkn\n`cc_Xm\Y\^le#`]efk Zfdgc\k\[#Xccflii–eXe^Xi\gi\j\ekXk`m\ \c\Zk`fejXe[_Xm\Xi\Zfejk`klk\[YfXi[ f]^fm\iefijfeK\I–eXe^X%K_\efik_\ie E^ `KX_lYfle[Xip`jjl\n`ccXcjf_Xm\ gif^i\jj\[[l\kfk_\K\KXl@_l_`jkfi`ZXc NX`kXe^`Ki`YleXc:cX`dXe[@nflc[ c`b\kfk_`ebk_Xkk_`jk`d\e\okp\Xi@n`cc Y\XYc\kfi\gfikk_Xkn\_Xm\Y\\eXYc\ kfjlZZ\jj]lccpgifk\ZkXcck_Xkfli J\kkc\d\ek[\c`m\i\[% @Xd\ek_lj`Xjk`ZXe[fgk`d`jk`ZXYflk fli]lkli\%K\ep\Xij`jXj_fikk`d\`ek_\ c`]\f]E^ `KX_lžXjXe`ek\i^\e\iXk`feXc fi^Xe`jXk`fen\_Xm\k`d\feflij`[\ Xe[ZXedXb\flifneilc\jXe[j\kfli fne\og\ZkXk`fej%@nflc[c`b\kfgXp ki`Ylk\kfXccflik–gleXXe[bXld klX
n_f_\cg\[b\\gk_\:cX`dXc`m\Xe[ \ejli\[k_Xk`knflc[Y\j\kkc\[žn\ fn\k_\dX^i\Xk[\Ykf]^iXk`kl[\%@ nflc[Xcjfc`b\kfXZbefnc\[^\dp]\ccfn i–eXe^Xi\gi\j\ekXk`m\jfeK\I–eXe^X% @k`jn_XbXgXgXXe[k_\glijl`kf]j\c]$ [\k\id`eXk`fe]fiXccE^ `KX_ln_ el` k_XkY`e[jlj`eflidX_`Xe[n`ccj\im\lj `ekfk_\]lkli\%
-y TiTOU i My Ki URI i MURI AKE NEI FeXg\ijfeXcefk\`k`jn`k_X_\Xmp _\Xikk_Xk@gXpki`Ylk\kfE`ZbpD\`_XeX e\\NXcj_ n_fgXjj\[XnXpjl[[\ecp fe(-FZkfY\i% E`Zbp[\[`ZXk\[_\ic`]\kfE^ `KX_l# j\im`e^_\i`n`n`k_gXjj`fe#Zfdd`kd\ek# `ek\^i`kpXe[_ld`c`kp%?\iZfeki`Ylk`fej kfE^ `KX_l_Xm\Y\\ec`]\$cfe^Xe[ ]\ckk_ifl^_flkfliZfddle`k`\j`e K\NX`gfleXdlXe[8fk\XifX%E`Zbp jlggfik\[k_\ki`YXcXlk_fi`kp]fifm\i(, p\XijXe[nfib\[Zcfj\cpn`k_d\]fidfi\ k_Xe('p\XijXjdp<o\Zlk`m\8jj`jkXek% E`ZbpnXjk_\\dYf[`d\ekf]fliki`YXc mXcl\jXe[XYXjk`fef]E^ `KX_l`[\ek`kp Xe[@n`ccd`jj_\i\efidfljcp% FeY\_Xc]f]K\I–eXe^X#k_\jkX]]f]k_\ F]Ă‹Z\#e^ i–eXe^XXe[Xcck_fj\n_fj\ c`m\jj_\kflZ_\[pfln`ccY\d`jj\[E`Zbp# Ylkpflid\dfipn`ccjkXpn`k_lj]fi\m\i% E‘i\`iX\k\klX_`e\# BlX_X\Xk\e^ bXl\k\fbXdXdX\ <_fkl_fklXeXk\dXeXnXX?lg\i lX bfIf`dXkX Df\dX``e^ dXeXXb`kXe^Xfe^ d klXk–gleX% Df\dX`#df\dX`fb`fb`dX`iÂ
DXibJfcfdfe BX`n_XbX_X\i\
#%/ 2EPORT !NAKE 'OODALL
.GiI 4AHU AS A PERPETUAL COMMUNITY HOLDS THE LONGEST OF POSSIBLE VIEWS 7ITH THAT COMES THE ABILITY AND THE ASSOCIATED DUTY TO BE TRULY INTERGENERATIONAL THINKERS CONSCIOUSLY AND CONTINUOUSLY PONDERING HOW TO BEST PROVIDE FOR FUTURE GENERATIONS 4HIS IS REžECTED IN OUR TRIBAL TRADITIONS WITH THE MOST OBVIOUS EXAMPLE BEING OUR VISION STATEMENT -y TiTOU i My Ki URI A MURI AKE NEI WHICH COMES FROM A LATE TH #ENTURY WHAKATAUKt REFERRING TO 4E +ERpME
(E WAKA KyTUIA E KORE E MIMIRA ! CANOE THAT IS INTERLACED WELL WILL NOT COME APART
K_\]fle[Xk`fef]fli`ek\i^\e\iXk`feXc m`\n_Xj]fifm\i(*'p\XijY\\eK\ B\iˆd\%K\ep\Xij`ekfk_\gfjk$j\kkc\d\ek g_Xj\f]k_\ki`YXcaflie\pn\Xi\X^X`e XZk`m\cpi\Zfee\Zk`e^n`k_k_\d\Xe`e^f] k_`j`ek\i^\e\iXk`feXcZ_Xcc\e^\Xe[_fn `kd`^_k^l`[\fliXZk`fejkf[Xp%Fm\i k_\cXjkp\Xin\_Xm\nfib\[m\ip_Xi[kf `eZfigfiXk\Xe`ek\i^\e\iXk`feXcXggifXZ_ `ekf\m\ipk_`e^k_Xkk_\F]Ă‹Z\f]K\ I–eXe^XfE^ `KX_l[f\jXj`k[`jZ_Xi^\j `kjifc\Xjk_\ki`YXcj\imXek% @efliN_X`IXnXXe[k\i\f`e`k`Xk`m\j# ]fi\oXdgc\#k_\`n`_Xjg`fe\\i\[Yfc[ gif^iXdd\jk_Xk#n_`c\Y\e\Ă‹k`e^Zlii\ek ^\e\iXk`fej#n`cc[\c`m\ik_\`ii\XcY\e\Ă‹kj kfk_\^\e\iXk`fejkf]fccfn%K_`jXjg\Zk f]flinfibi\`e]fiZ\jk_\]le[Xd\ekXc ]XZkk_XkjfdXepf]fli[\Z`j`fejXe[fli XZk`fejkf[XpZi\Xk\k_\i\Xc`k`\jXe[k_\ fggfikle`k`\jf]k_fj\n_fn`cc]fccfn ljkfdfiifn% K_\i\Xc`jXk`fef]flicfe^$k\id^fXcjn`cc i\hl`i\gXk`\eZ\#Zfdd`kd\ekXe[k_\ ZfeĂ‹[\eZ\kfjkXpk_\[`jkXeZ\%9lkn\ [fefk_Xm\k_\Zfd]fikf]Y\`e^XYc\kf d\Xjli\jlZZ\jj`ek_\j_fik$k\id%Kf[XpĂƒj dX_``j#`ecXi^\gXik#XeXZkf]]X`k_%K_`j ZfejkXekYXcXeZ`e^f]kf[XpĂƒjXZklXce\\[j Xe[kfdfiifnĂƒjXek`Z`gXk\[fggfikle`k`\j `jk_\m\ipi\XcZ_Xcc\e^\f]fliki`YXc c\X[\ij_`g%@eklie#@Xd[i`m\ekf[\m\cfg k_\`e]fidXk`fe#[\c`m\ipXe[jlggfik jpjk\dji\hl`i\[kf_\cgK\I–eXe^Xn`k_ `kj[\c`Y\iXk`fejXe[k_`j`jXZ\ekiXc]\Xkli\ f]fliZlii\eknfibgif^iXdd\%
Fli\d\i^`e^fg\iXk`feXcdf[\c`jYXj\[ fek_\m`j`fejf]E^ `KX_l)'),Xe[`j i\`e]fiZ\[Ypk_\]XZkk_Xk_fnn\j\im\ fliZlii\ek^\e\iXk`fejXe[Zfddle`k`\j n`cc[\k\id`e\fliZfcc\Zk`m\]lkli\%=fid\ k_\Ă€_fnĂ f]flinfibjg\Xbj[`i\Zkcpkf fliki`YXcXe[fi^Xe`jXk`feXcmXcl\j%K_\ nXpk_Xkn\Zfe[lZkflij\cm\jXe[i\cXk\ Xe[j_fni\jg\Zkkf\XZ_fk_\iXe[k_fj\ n\`ek\iXZkn`k_`j\m\ipY`kXj`dgfikXek XjXepkXe^`Yc\i\jlckjk_Xkn\d`^_k XZ_`\m\%@k`jk_\j\Ă‹ijkgi`eZ`gc\jk_Xkj`kXk k_\Zfi\f]K\GX\KXn_`k`žk_\)''/$ )'(*JkiXk\^`ZGcXe2Xle`hl\cpE^ `KX_l XggifXZ_kf]iXd`e^k_\Zfcc\Zk`m\]lkli\ k_Xkn\nXekkfYl`c[]fiflij\cm\j% K_\Zi`k`ZXck_\d\k_ifl^_flkfli nfib`jk_Xk#Xjn\i\XZ_Xe\njkX^\f] fi^Xe`jXk`feXcdXkli`kp#n\dljkY\dfi\ ]lccpE^ `KX_l`eflinfib#\ejli`e^k_Xk k_\`n`_XjZfdgc\k\fne\ij_`gf]`kjfne [\m\cfgd\ekX^\e[X%@edpm`\nk_`j ZXefecp_Xgg\eYp`eZfigfiXk`e^E^ ` KX_lgi`eZ`gc\j#mXcl\jXe[Xjg`iXk`fej `ekf\m\ipk_`e^k_Xkn\[fXZifjjk_\ K\I–eXe^X>iflg%K_`jk_\d\f]k_\ `dgfikXeZ\f]fi^Xe`jXk`feXcXc`^ed\ek`j i\ĂŒ\Zk\[`ek_\n_XbXkXlbÂŒ%
(E WAKA KyTUIA E KORE E MIMIRA ! CANOE THAT IS INTERLACED WELL WILL NOT COME APART 8^X`ejkk_`jYXZb[ifgk_\)''.$)''/ p\Xi_XjY\\e[fd`eXk\[YpX]fZljfe X[mXeZ`e^Xe[`ek\^iXk`e^XeldY\if] j`^e`Ă‹ZXekgif^iXdd\jk_Xkkf^\k_\i i\gi\j\ekk_\Y\jkf]E^ `KX_lZi\Xk`m`kp `e[\Ă‹e`e^_fnn\c`m\XjE^ `KX_l`e k_\)(jk:\eklip% F]gi`dXip`dgfikXeZ\_XjY\\e gif^i\jj`e^k_\\c\ZkfiXci\m`\n#`e `kj\c]X]le[Xd\ekXcjk\g`eXefe^f`e^ aflie\pf]ZfeĂ‹id`e^Xe[i\Zi\Xk`e^ flifneZfejk`klk`feXcXiiXe^\d\ekj% :fejk`klk`feXcdXkk\ij_Xm\Xcjf]\Xkli\[ `efliZfigfiXk\^fm\ieXeZ\nfib gif^iXdd\n_`Z_`j[\j`^e\[kf\e_XeZ\ fliZXgXZ`kpkfc\X[flifne`em\jkd\ek k_`eb`e^#kfi\ĂŒ\ZkXe[^`m\\]]\ZkkfE^ ` KX_lmXcl\jXe[kf\ejli\k_Xkk_\nXp (.
) AM EXCITED ABOUT THE COMING (UI i 4AU AND THE CELEBRATION OF OUR YEAR POST 3ETTLEMENT JOURNEY AND COMMEMORATION OF THOSE WHO CARRIED THE CLAIM ACROSS SIX GENERATIONS AND CHAMPIONED IT TO CONCLUSION
n\Zfe[lZkflij\cm\jZfdd\iZ`Xccpjg\Xbj kfXe[^`m\j\]]\ZkkffliXjg`iXk`fej]fi flij\cm\j%@Y\c`\m\k_Xkk_\jlZZ\jj]lc Xc`^ed\ekf]fYa\Zk`m\jXe[gligfj\ XZifjjflidlck`gc\ki`YXc`ejk`klk`fejXe[ XZk`m`k`\j`jk_\j`e^c\dfjk`dgfikXekg`\Z\ f]nfibk_Xkn\ZXe[fkfZXkXglcklj`ekf k_\e\oknXm\f]ki`YXc[\m\cfgd\ek% 8jgXikf]fli]fZljfeY\[[`e^[fnek_\ j`^e`Ă‹ZXekgcXebjf]fli[\c`m\ipdf[\cXe[ `eZi\Xj`e^cp[iXn`e^k_\dkf^\k_\i`ekfXe `ek\^iXk\[jl`k\f]gif^iXdd\j#n\_Xm\ Y\^leXj\i`\jf]]le[Xd\ekXci\m`\nj% =fZlj`e^Ă‹ijkcpfek_\cXi^\jkXe[dfjk Ă‹eXeZ`Xccp[\dXe[`e^f]fligif^iXdd\j n\_Xm\#`ek_`jgXjkp\Xi#Zfdgc\k\[X knf$jkX^\[i\m`\nf]N_X`IXnX%8jX i\jlckn\_Xm\j`^e`Ă‹ZXekcp`eZi\Xj\[fli ZXgXZ`kpkf]fi\ZXjk#Xe[k_\i\]fi\gifm`[\ ]fi#k_\^ifnk_Xe[i\jlck`e^`dgc`ZXk`fej f]k_`jYfc[\jkf]`e`k`Xk`m\j%8i\m`\n f]k_\`eefmXk`m\E^ `KX_l=le[`j`e d`[$jki\Xdn`k_XepjkiXk\^`Zi\Ă‹e\d\ekj c`b\cpkfY\i\ĂŒ\Zk\[`ee\okp\XiĂƒjXeelXc gcXe%8i\m`\nf]fliXjjfik\[`em\jkd\ekj `ek_\\[lZXk`fej\Zkfi`jefn^X`e`e^ dfd\ekld%N\Xi\cffb`e^`e`k`Xccp]fi Y\kk\ijkiXk\^`ZXc`^ed\ekXe[`ek\^iXk`fe f]k_\j\j`^e`Ă‹ZXekki`YXc`em\jkd\ekj Xe[Xcjfkf\ejli\k_Xkk_\pjg\Xbkfk_\ `dg\iXk`m\jf])'),%8jn\^\kk_\j\ dXafi#\okiXfi[`eXip#i\m`\njY\_`e[ lj@cffb]finXi[kf`eZi\Xj`e^cpdfm`e^ kfi\^lcXiifcc`e^\mXclXk`fejf]fli XZk`m`k`\j`e]lkli\p\XijXjXefidXcgXik f]flinfib% 8[mfZXk`e^Xe[[\]\e[`e^flii`^_kjXj E^ `KX_l_Xj]\Xkli\[_`jkfi`ZXccp`e )''.Xe[)''/#Xj`k_Xj\m\ipp\Xik_Xk@ ZXei\ZXcc%K_\gifk\Zk`fef]fliefik_\ie Yfle[Xipdfm\[]ifdk_\Zflikj`ekfk_\ gfc`k`ZXcXi\eX#n`k_k_\`n`f]K\KXl@_l \ek\i`e^`ekf_`jkfi`ZXcKi\XkpJ\kkc\d\ek e\^fk`Xk`fejn`k_k_\:ifne%Fli i\jgfej\#f]Zflij\#_XjY\\ekfdX`ekX`e fliĂ€efZfdgifd`j\Ă gfj`k`fefek_\ [\]\eZ\f]E^ `KX_lĂƒj`ek\i\jkjn`k_`e flifnekXb`n %@eX[[`k`fekfk_`jXZk`m\ [\]\eZ\f]k_\n`[\iki`YXc`ek\i\jkn\_Xm\ nfib\[\jg\Z`Xccp_Xi[kf`[\ek`]pnXpj`e n_`Z_n\d`^_k`eZi\Xj`e^cpc\Xm\k_\j\
(/
[\dXe[jfeflik`d\Xe[i\jfliZ\jY\_`e[ lj%@Xd`eZi\Xj`e^cpZfeĂ‹[\ekk_Xkn\ ZXeYl`c[Yi`[^\jf]fggfikle`kpn`k_fli efik_\iee\`^_Yflijk_Xkn`cci\gcXZ\k_\ [`m`j`m\`ek\iXZk`fejf]k_\gXjk% N\_Xm\XcjfY\\eYXZb`ek_\Zflikj`e i\cXk`fekfk_\fe^f`e^k_\]kf]gfleXdl% K_\j\Zfe[f]k_\j\dXafiZfem`Zk`fej `jZlii\ekcple[\iXgg\Xc#[\jg`k\k_\ ;`jki`Zk:flikZc\Xicpi\Zf^e`j`e^fli kiX[`k`feXci`^_kjXe[k_\ifc\jf]fliki`YXc `ejk`klk`fej`ei\cXk`fekfk_`jkXfe^X% N_`c\gif^i\jjfek_`j]ifek_XjY\\e ^cXZ`Xc`k_XjXcjfY\\e\hlXccpjfc`[Xe[ k_\ki`Y\Ăƒjgfj`k`fe^f\j]ifdjki\e^k_kf jki\e^k_XjXi\jlck% CXjkp\Xin\i\gfik\[k_Xkk_\K\F_l BX`DfXeX KFBD Ă‹j_\i`\jXccfZXk`fe _X[Y\\eĂ‹eXc`j\[Xe[nXjXnX`k`e^ [`jki`Ylk`fe%Kn\cm\dfek_jcXk\i@Xd gc\Xj\[kfi\gfikk_XkK\I–eXe^Xi\Z\`m\[ k_\Ă‹ijkgfik`fef]k_\=`j_\i`\jJ\kkc\d\ek HlfkXXe[8fk\XifX=`j_\i`\jCk[j_Xi\jf] +,D`eJ\gk\dY\i)''.% Dfi\k_XeXepfk_\ij`e^c\Xjg\Zkf]fli ki`YXc\o`jk\eZ\@Y\c`\m\k_Xk`k`jg\fgc\ k_Xk[\k\id`e\Yfk_n_fn\Xi\kf[Xp Xe[n_Xkn\d`^_kY\Zfd\`ek_\]lkli\% Kfk_Xk\e[@i\dX`eZfdd`kk\[kfk_\ \jkXYc`j_d\ekf]Xe`ek\^iXk\[XggifXZ_ kfk_\[\m\cfgd\ekf]flig\fgc\Xe[ k_\i\YpcXp`e^k_\^ifle[nfib]fi g\ig\klXcjlZZ\jj`fe`eXccf]fliki`YXc `ejk`klk`fej%Fli\Xicp\e\i^`\j_Xm\ ^fe\`ekfi\m`\n`e^Xe[i\Yl`c[`e^fli `ek\ieXcjpjk\djn`k_`ek_\F]Ă‹Z\#Xe[k_`j nfibZfek`el\j%N\Xi\efn`eZi\Xj`e^cp i\XZ_`e^`ekfjlggfik`e^Xe[dXb`e^ \]]\Zk`m\c`ebX^\jn`k_k_\GXgXk`gl I–eXe^XXe[k_\fk_\i`ejk`klk`fejk_Xk n\i\^lcXicp\e^X^\n`k_% N`k_`ek_\F]Ă‹Z\k_\i\Yl`c[`e^f]fli `ek\ieXcZXgXZ`kp_XjY\\ejcfnXe[ZXi\]lc% N\_Xm\ZfejkXekcpk\jk\[fliXggifXZ_ kf\ejli\k_Xkn\dX`ekX`eXeXggifgi`Xk\ YXcXeZ\Y\kn\\e\ejli`e^fliXY`c`kpkf ]lcĂ‹cflij\im`Z\Xe[[\c`m\ip[lk`\jn_`c\ Xcjfd\\k`e^flii\jgfej`Y`c`kpkfY\ Ă‹eXeZ`Xccpgil[\ek%K_\F]Ă‹Z\`jfe\f]k_\ gi`eZ`gXckffcjn`k_n_`Z_k_\ki`YXc]lkli\
n`ccY\Yl`ckXe[k_\Zfcc\Zk`m\fg\iXk`feXc ZXgXZ`kpf]k_\ki`YXcnfib]fiZ\`jg\i_Xgj k_\j`e^c\^i\Xk\jk[\k\id`eXekf]fli ZXgXZ`kpXjXe`n`kfi\Xc`j\flicfe^$k\id Xjg`iXk`fej%K_\j\\]]fikj#dfi\k_XeXep fk_\i#n`cci\dX`eXkk_\kfgf]dpX^\e[X ]fik_\p\XiX_\X[% @XcjfnXekkfXZbefnc\[^\\m\ipd\dY\i f]dpk\XdXe[k_\`ik`i\c\jj\]]fikj kfX[mXeZ\k_\ki`YXcbXlgXgX%N\Xi\ Yc\jj\[n`k_X[\[`ZXk\[Zi\n#E^ `KX_l Xe[efe$E^ `KX_lXc`b\#n_f[Xp`e Xe[[Xpflkb\\gfli\m\idfi\Zfdgc\o jpjk\djXe[[\c`m\ipgif^iXdd\j ilee`e^%@eX[[`k`fekfk_`jk_\pi\^lcXicp `[\ek`]pnXpj`en_`Z_n\ZXe`eZi\Xj\ j\im`Z\c\m\cjfii\jgfej\k`d\jn_`c\ Xcjf`eZi\Xj`e^\ok\ieXci\m\el\fi i\[lZ`e^Zfjkj%N\Ăƒm\Zfd\Xcfe^nXp XjXk\Xdj`eZ\k_`je\ncpd`ek\[Z_`\] \o\Zlk`m\]fle[_`dj\c]`ek_\^cXi\f] k_\_\X[c`^_kjXkXk`d\n_\en\_X[X eldY\if]j`^e`Ă‹ZXekmXZXeZ`\jn`k_`efli Zi\n%K_fj\^XgjXi\cXi^\cpĂ‹cc\[Xe[k_\ i\Xc`^ed\ekf]k_\F]Ă‹Z\`jefncXi^\cp Zfdgc\k\[%8jXi\jlckf]k_\`i]fZljXe[ [\[`ZXk`fek_\i_pk_dXe[]fiZ\f]fli bX`_f\Xi\Yfk_gXcgXYcpjkife^\iXe[n\ n`ccZfek`el\kf\oZ\cXjXk\Xd`ek_\ p\XiX_\X[%
f]k_\J\kkc\d\ek`j`ek_\gfk\ek`XcXe[ ZXgXZ`kpk_Xk`kj\Zli\j]fiE^Â `KX_l# iXk_\ik_Xed\i\cpk_\Ă‹eXeZ`Xci\[i\jj i\Z\`m\[Xkk_Xkk`d\%@k`jk_`jgfk\ek`Xc k_XkZi\Xk\j]fifli^\e\iXk`feYfk_k_\ i\jgfej`Y`c`k`\jXe[k_\m\ipZfej`[\iXYc\ fggfikle`k`\jkfcXpXjfc`[]fle[Xk`fe]fi k_fj\k_Xkn`cc]fccfn%Fli\]]fikjkf[Xp n`cc#`eklie#Y\k_\`e_\i`kXeZ\k_Xkn\ c\Xm\]fi]lkli\^\e\iXk`fej%
(E MAHI KAI TAKATA HE MAHI KAI HOAKA )T IS WORK THAT CONSUMES PEOPLE AS GREENSTONE CONSUMES SANDSTONE
8eXb\>ff[Xcc :_`\]<o\Zlk`m\F]Ă‹Z\i
=ifdk_\kXliXe^XnXbXf])''.$)''/# n\Xi\efnZXjk`e^f]]n`k_^i\Xk\i Zi`k`ZXcdXjjXe[Xcfkf]_Xi[nfe \og\i`\eZ\kf^l`[\ljfek_\e\okc\^ f]k_\aflie\p%Fli[\jk`eXk`fej]fi k_\p\XiX_\X[`eZcl[\i\m`\n`e^fli g\i]fidXeZ\X^X`ejkE^ `KX_l)'),Xe[ i\]i\j_`e^k_\ki`YXcm`j`fe#_\cg`e^^ifn fg\iXk`feXcZXgXZ`kpXe[\Zfefd`ZZXg`kXc n`k_`eflii–eXe^XXe[k_\`ii\^`fej#Xe[ \ejli`e^k_XkfliZfcc\Zk`m\[`i\Zk`fe`j `eZi\Xj`e^cpfne\[Xe[[\k\id`e\[Ypfli kiX[`k`feXcZfddle`k`\j% =`eXccp#@Xd\oZ`k\[XYflkk_\Zfd`e^ ?l`$ $KXlXe[k_\Z\c\YiXk`fef]fli ('$p\Xigfjk$J\kkc\d\ekaflie\pXe[ Zfdd\dfiXk`fef]k_fj\n_fZXii`\[ k_\ZcX`dXZifjjj`o^\e\iXk`fejXe[ Z_Xdg`fe\[`kkfZfeZclj`fe%@_Xm\ XcnXpj_\c[k_\m`\nk_Xkk_\i\XcmXcl\ (0
7(!) 2!7!
(E ARA 7HAI 2AWA My .GiI 4AHU WHiNUI ! PATHWAY TO PROSPERITY FOR .GiI 4AHU WHiNUI Fe(FZkfY\i)''-k_\E^Â `KX_l jXm`e^jjZ_\d\N_X`IXnXY\ZXd\ ]lccpfg\iXk`feXc% =flip\Xi$fc[9i`XeeXK`gXf];le\[`e _XjY\\eXd\dY\if]N_X`IXnXj`eZ\ `kY\^Xe%9i`XeeX`jk_\[Xl^_k\if] J`dfeXe[;\YK`gX#^iXe[[Xl^_k\i f];\jXe[DpiXK`gXXe[Y`^j`jk\i kfYiXe[e\nYXYpkn`ejJXdl\cXe[ AXp[\eYfiefe+FZkfY\i%
)'
9i`XeeXĂƒjdld;\YjXpjk_\pn\i\ \eZfliX^\[kfj`^e_\ilgkfN_X` IXnXYp_\i^iXe[[X[;\j%K_\p_Xm\ Y\\egXp`e^`ekf_\iXZZfleki\^lcXicp \m\ij`eZ\Xe[Xi\kfkXccpZfdd`kk\[kf k_\jZ_\d\XjX^i\XknXpf]jXm`e^]fi 9i`XeeXĂƒj]lkli\% N_X`IXnX`j[\j`^e\[kfgifm`[\X YXj\c\m\cf]jXm`e^j]fiXcci\^`jk\i\[ E^ `KX_l#jlggfikXZlckli\f]jXm`e^ Xe[Xjj\kYl`c[`e^Xe[\eZfliX^\Xe[ Xjj`jkE^ `KX_ln_ el`kf`dgifm\
k_\`iĂ‹eXeZ`Xcj`klXk`feXe[befnc\[^\% Lck`dXk\cp`kĂƒjXYflk\dgfn\id\ekYp gifm`[`e^E^ `KX_ln_ el`n`k_k_\ XY`c`kpkfZi\Xk\XY\kk\ikfdfiifn]fi k_\dj\cm\jXe[k_\`iZ_`c[i\e% 9pk_\\e[f]Ale\)''/#c\jjk_Xeknf p\XijX]k\i`kjcXleZ_#fm\i*( f]Xcc i\^`jk\i\[E^ `KX_lXe[Zcfj\kf,' f]k_fj\X^\[le[\i(-_X[af`e\[k_\ jZ_\d\%Fm\i-d_X[Y\\e`em\jk\[`e k_\]le[%
$ISTRIBUTION TO .GiI 4AHU )NDIVIDUALS AND 7HiNAU 7HAI 2AWA 4EN YEARS ON FROM SETTLEMENT 7HAI 2AWA IS WELL ENTRENCHED AS A KEY DISTRIBUTION MECHANISM FOR ALL .GiI 4AHU 7HAI 2AWA WAS DEVELOPED IN RESPONSE TO A REQUEST FROM 4E 2~NANGA O .GiI 4AHU FOR A PROGRAMME THAT 0ROVIDED FOR DIRECT DISTRIBUTIONS TO .GiI 4AHU WHiNUI AND 2ESULTED IN )NCREASED SOCIAL AND ECONOMIC INDEPENDENCE AND SELF SUF½CIENCY FOR .GiI 4AHU WHiNUI "Y THE END OF *UNE LESS THAN TWO YEARS AFTER ITS LAUNCH OVER OF ALL REGISTERED .GiI 4AHU HAD ALREADY JOINED THE SCHEME AND CLOSE TO OF THOSE AGED UNDER -ORE AND MORE WHiNAU ARE RECOGNISING 7HAI 2AWA HAS A KEY PART TO PLAY IN PROVIDING A BETTER FUTURE FOR THEMSELVES THEIR TAMARIKI AND MOKOPUNA
3AVINGS Kf\eZfliX^\`eZi\Xj\[d\dY\ijXm`e^j Xe[XZZ\c\iXk\k_\^ifnk_f]k_\]le[ K\IeXe^XX^i\\[kf[flYc\kf)'' k_\dXkZ_\[jXm`e^jdXo`dld`e)''/%
k_\[\ZcXi\[IJ:KiXk\`jZfii\Zk#d\dY\ij n`ccefk_Xm\kfËc\XepkXoi\kliej%
Fm\i-' f]Z_`c[d\dY\ijXe[Zcfj\kf ,' f]X[lckd\dY\iji\Z\`m\[dXkZ_\[ jXm`e^j]ifdK\IeXe^X`eDXiZ_)''/% K_\kfkXceldY\if]g\fgc\jXm`e^^i\n ]ifd)0+'`e)''-kf-*''`e)''.%
K_\]le[YXcXeZ\Xk*'Ale\)''/_Xj ^ifnekffm\i-%/d#]ifdXifle[ (%+,dXk*'Ale\)''.%
4E 2~NANGA CONTRIBUTIONS KfkXcK\IeXe^XZfeki`Ylk`fejYpnXp f]XeelXc[`jki`Ylk`fejXe[dXkZ_\[ jXm`e^jgX`[`ekfd\dY\iXZZflekj`e DXiZ_)''/kfkXcc\[fm\i*%/d% K\IeXe^XZfek`el\jkfd\\kk_\]\\j Xe[fg\iXk`e^Zfjkjf]N_X`IXnX# _\cg`e^d\dY\ijdXo`d`j\k_\i\klie k_\p^\kfek_\`ijXm`e^j%
3TREAMLINED TAX ARRANGEMENTS KnfdXafiZ_Xe^\j_Xm\Y\\e`ekif[lZ\[ i\Z\ekcpkfj`dgc`]pkXodXkk\ij`ei\cXk`fe kfN_X`IXnXXe[kf\c`d`eXk\Xep fYc`^Xk`fejfed\dY\ijkfËc\kXoi\kliej `ei\cXk`fekfN_X`IXnX% 0)%0)2 ¯ 0/24&/,)/ ).6%34-%.4 %.4)4902%3#2)"%$ ).6%34/2 2!4%
7HAI 2AWA &UND "ALANCE 8jXk*'Ale\)''/ ).#2%!3%$ &2/- M !4 *5.% 4/
M
N_X`IXnX\c\Zk\[kfY\Zfd\XGfik]fc`f @em\jkd\ek<ek`kp G@< cXk\`e)''.kf \eXYc\d\dY\ijkfY\kXo\[fek_\`i `em\jkd\eki\kliejXkXiXk\¾Gi\jZi`Y\[ @em\jkfiIXk\ G@I YXj\[lgfek_\`i g\ijfeXckXoXYc\`eZfd\%K_`jf]]\iji\Xc X[mXekX^\jkfd\dY\ijfecfn\i`eZfd\j Xe[Z_`c[d\dY\ij% 2%4)2%-%.4 3#(%-% #/.42)"54)/. 4!8 23#4
N_X`IXnX_XjY\\eXggifm\[Ypk_\ :fdd`jj`fe\if]@ecXe[I\m\el\le[\i i\Z\ekcp`ekif[lZ\[i\k`i\d\ekjZ_\d\ ilc\jn_`Z_d\XejZfeki`Ylk`fej]ifd K\IeXe^X [`jki`Ylk`feXe[dXkZ_\[ jXm`e^j ZXeY\kXo\[XkjfliZ\Xkd\dY\ij fnekXoiXk\j f]]j\kYpXepDfi` 8lk_fi`kpKXoZi\[`kjgXjj\[feYpK\ IeXe^X %IJ:K`jXËeXckXo#jfXjjld`e^
&UND GROWTH AND PERFORMANCE
8jXZfej\hl\eZ\f]k_\Z_Xe^\`e jkilZkli\kfXG@<#N_X`IXnXkiXej]\ii\[ ]ifdXe@E>:Xj_Gcljgif[lZk`ekfk_\ @E>N_fc\jXc\:Xj_=le[%K_`j]le[`j G@<Zfdgc`Xekn`k_fm\i,''d`em\jk\[% N_X`IXnXdXb\jlgXggifo`dXk\cp(%, f]k_\]le[%K_`j]le[`jZfej\imXk`m\Xe[ `j[\j`^e\[kf^`m\i\kliejjc`^_kcpXYfm\ k_\Y\eZ_dXibf]k_\0'$[XpY`cciXk\% @em\jkd\eki\kliejj`eZ\dfm`e^kf k_\e\n]le[_Xm\Y\\e\hl`mXc\ek kfXeXeelXci\klief]0%'- n_`Z_ flkg\i]fid\[k_\0'$[XpY`cciXk\% N_X`IXnX=le[C`d`k\[i\^lcXicp i\m`\nj`kj`em\jkd\ekfgk`fej%
0RICE 7ATERHOUSE #OOPERS 07# )NDEPENDENT 2EVIEW OF 7HAI 2AWA 8Zfdgi\_\ej`m\knf$jkX^\`e[\g\e[\ek i\m`\nf]N_X`IXnXnXjk\e[\i\[`ek_\ cXjkhlXik\if])''.%GN:n\i\jlZZ\jj]lc `ek_\`ik\e[\iXe[Zfdgc\k\[k_\ i\m`\nj%I\Zfdd\e[\[`dgifm\d\ekj `ejpjk\dj#gfc`Z`\jXe[gifZ\[li\j_Xm\ Y\\e`dgc\d\ek\[%K_`j_Xj`eZi\Xj\[ \]ËZ`\eZ`\jXe[k_\\]]\Zk`m\e\jjf] N_X`IXnX%
4HE &UTURE Fggfikle`k`\jZfek`el\kfY\gifm`[\[m`X gXg\iXe[n\Yi\jfliZ\jXe[m`j`kjXifle[ k_\Zflekipkf\eXYc\d\dY\ijXe[ gifjg\Zk`m\d\dY\ijkfËe[flkdfi\ XYflkk_\Y\e\Ëkjf]af`e`e^Xe[jXm`e^ n`k_N_X`IXnX% K_\Z_Xcc\e^\X_\X[`jkfZfek`el\kf ^ifnd\dY\ij_`gXe[jXm`e^jc\m\cj]fi k_\Y\e\Ëkf]Xcck_fj\gXik`Z`gXk`e^`e k_\jZ_\d\%
)(
±3TRENGTHENING .GiI 4AHU CULTURAL EXCELLENCE THROUGH SUSTAINABILITY INNOVATION AND TENACITY²
8Yfm\1KlXK\DXfi`IXlbXnXKX`el` e\\DXjfe n`k_jfe$`e$cXnE\[KXln_Xi\#:_X`i#K\IeXe^XfE^k`NX\nX\#nXjm\ipXZk`m\Xe[ Zfdd`kk\[kfk_\8iX_liXdXiX\gifa\Zk%JX[cpÀKlXKfikÁgXjj\[XnXpcXjk;\Z\dY\i%
.GiI 4AHU &UND 0ROJECTS
4(% 4)-!25 -_/2) 2/#+ !24 #%.42%
K_\IfZb8ikKiljk_XjY\\ejlggfik\[ kf\jkXYc`j_#[fZld\ekXe[[\m\cfgk_\ \o`jk`e^befnc\[^\XjjfZ`Xk\[n`k_ifZb Xik`eK\NX`gfleXdl`eXmXi`\kpf] ]fidXkjXjk_\YXj`jf]k_\K`dXilIfZb 8ik:\eki\\og\i`\eZ\%K_`j`eZcl[\jj_fik [fZld\ekXipjkpc\Ëcdj#Xe`dXk`fejf] jg\Z`ËZifZbXik[\j`^ejXe[jkfi`\j#gcljX dlck`d\[`Xgi\j\ekXk`fef]k_\j\XjfeXc dX_`bXbX`aflie\pk_ifl^_k_\i\^`fe%
!2!(52! -!2!% $%6%,/0-%.4 02/*%#4
K\IeXe^XfE^k`NX\nX\_Xjnfib\[ \oki\d\cp_Xi[fm\ik_\p\XijkfiX`j\ gk\XkfYl`c[k_\`ie\ndXiX\n_`Z_n`cc Y\YXj\[Xcfe^j`[\k_\8iX_liXI`m\iXe[ fm\icffb\[Yp8fiXb`DXlbX%Jlggfik]ifd k_\E^`KX_l=le[`j\eXYc`e^k_\dkf Zfdgc\k\k_\ZXim`e^j]fik_\`ie\nn_Xi\%
#5,452!, 7_.!+! 3%2)%3
K\IeXe^Xf|kbfl_Xm\Y\\e `ejg`iXk`feXcn`k_k_\`iZlckliXcneXbX j\i`\j#]fZlj`e^fekfg`Zjk_Xk`eZcl[\ n_XbXgXgX#n_X`bi\if#bXiXe^X#Zi\Xk`fe jkfi`\jXe[|kbfli_\_`jkfipn`k_X gXik`ZlcXi]fZljfeB`KX_li\f%Jlggfik ]ifdk_\ieXe^XXe[k_\E^`KX_l=le[ _XjY\\e`ejkild\ekXc`ejlggcp`e^\og\ik klkfijkf]XZ`c`kXk\k_\j\neXbX%
)*
.GiI 4AHU &UND 4yKU +iI 4AHUTAKA 4yKU -ANA 4yKU 4AOKA 4UKU -Y CULTURE MY PRIDE MY LEGACY 4OIT~ TE +AWA 4OIT~ TE 2AKATIRATAKA 4OIT~ TE !O 4~ROA 4OIT~ TE +AIKyKIRI 4OIT~ TE )WI
4(% .'_) 4!(5 &5.$ !33%33-%.4 #/--)44%% #/-02)3%3 IXb``_`XKXl K\8f?liX\NXXbX =iXeZ\jIljj\cc AXe\;Xm`j :_X`ig\ijfe @X`e?`e\j
+O TyKU +iI 4AHUTAKA KO TyKU ORA +O TyKU +iI 4AHUTAKA KO TE MANAWA O TE IWI +OIA TE P~TAKETAKA O TyKU WHAKAPAPA O yKU KiWAI WHAKAHEKE KA HEKE MAI I TE TIPUNA MATUA KO 4AHU 0yTIKI +OIA ANy HOKI TE POU HEREKA TiKATA E WHAKAKAHA NEI I Ki TAURAHERE TiKATA KEI WAEKANUI I A TiTOU Ki KONOHI ORA y RiTOU Mi KEI TUA O TE TATAU POUNAMU +A PUTA TE TIRA HyU KO 7AITAHA KO -iMOE KO 4AHU KO AU TtHEI MAURIORA !S AN IWI THE PROTECTION AND PRESERVATION OF OUR UNIQUE CULTURE IS ONE OF THE GREATEST CHALLENGES THAT WE FACE IN THE ST #ENTURY 4HIS INCLUDES MAINTAINING OUR KNOWLEDGE OF WHAKAPAPA OUR REO AND TIKAKA 7ITH THE ASPIRATIONS OF THE .GiI 4AHU VISION GUIDING US THROUGH THIS EVOLUTIONARY PROCESS OUR IWI HAS BEGUN THE JOURNEY OF STRENGTHENING AND REVITALISING THESE IMPORTANT ASPECTS OF OUR CULTURE 4HE .GiI 4AHU &UND PROVIDES STRATEGICALLY MANAGED RESOURCES DIRECTLY TO WHiNAU HAP~ AND IWI TO ASSIST IN THE DEVELOPMENT OF INITIATIVES THAT ENSURE INTERGENERATIONAL TRANSMISSION OF MiTAURAKA +iI 4AHU 'ROWTH AND PROTECTION OF CULTURAL PRACTICES FOR US AND THE GENERATIONS AFTER US ARE PARAMOUNT
3TRATEGIC 'OALS K_\=le[_Xj]flib\pjkiXk\^`Z^fXcj1 Kf^ifnk_\ZlckliXcZXgXZ`kpf] B`KX_l Kfgifk\ZkXe[gi\j\im\B`KX_l ZlckliXcgiXZk`Z\j]filjXe[fli Z_`c[i\eX]k\ilj Kfi\$\jkXYc`j_Xe[gi\j\im\dX_`bX bX`ZlckliXcgXibj Kfgifdfk\B`KX_l`[\ek`kpXe[ ZlckliXcmXcl\j J`eZ\`kj`eZ\gk`fe`e)'',#)%.d_Xj Y\\egifm`[\[`ei\jfliZ\jkffm\i)-) gifa\Zkjk_Xk_Xm\jki\e^k_\e\[fli ZlckliXc\oZ\cc\eZ\% @ek_\cXjkËeXeZ`Xcp\Xi('(ZlckliXc `e`k`Xk`m\jn\i\]le[\[#kfkXcc`e^ (#)),#-')%/*%
))
.'_) 4!(5 &5.$ (!3 02/6)$%$
M 4/ /6%2 PROJECTS ). 4(% ,!34 &).!.#)!, 9%!2 #5,452!, ).)4)!4)6%3 7%2% &5.$%$ 4/4!,,).' -/2% 4(!.
M &UNDING 2OUNDS K_\i\Xi\knf]le[`e^ifle[j\XZ_p\Xi k_XkZcfj\fek_\cXjk=i`[Xpf]8gi`cXe[ FZkfY\i%8ggc`ZXk`fejZXeY\dX[\]fik_\ ]fccfn`e^k_i\\ZXk\^fi`\j1 3MALL 0ROJECTS lgkf,#''' 2 -EDIUM 0ROJECTS ,#'''$*'#''' 2 ,ARGE 0ROJECTSYp<ogi\jj`fef]@ek\i\jk fm\i*'#''' %
0ROJECTS K_\gifa\Zkjkf[Xk\Zfm\iXiXe^\f]Xi\Xj Xe[`eZcl[\1 :lckliXcbefnc\[^\neXbX¾ gfleXdl#kX`X_X#nX`XkX N_XbXgXgXgifa\Zkj¾if_\#n_eXl N\Xm`e^i\cXk\[gifa\Zkj¾`eZcl[`e^ kiX[`k`feXc[p\`e^d\k_f[j# i\jkfiXk`fef]G?XiXb\b\ D_`bXbX`i\cXk\[gifa\Zkj¾kleX neXbX#[\m\cfgd\ekf]i\jfliZ\j N_XbX`ifgifa\Zkj¾dXiX\ [\m\cfgd\ekXe[neXbX ?`jkfi`\jXe[gXb`nX`kXiX¾neXbX Xe[i\jfliZ\jk_Xkk\XZ_#gifdfk\ Xe[XZZliXk\cp[fZld\ekE^`KX_l _`jkfi`\jXe[gXb`nX`kXiX K\I\fGifa\Zkj¾kfkXc`dd\ij`fe k\i\fB`KX_lneXbX#k`bXbXXe[ bXnXneXbX =lcc[\kX`cjf]gifa\Zkj]le[\[Xi\XmX`cXYc\ fek_\E^`KX_ln\Yj`k\nnn%e^X`kX_l% `n`%eqXe[c`jk\[`eK\Gel`IeXbX%
4yKU +iI 4AHUTAKA 4yKU -ANA 4yKU 4AOKA 4UKU -Y CULTURE MY PRIDE MY LEGACY
0e+%4%2!+) 2%/ 7_.!+!
B\ccpK`bXfi\Z\`m\[jlggfikkf_fc[ i\fneXbX#fe\f]n_`Z_nXj_\c[Xk Gb\k\iXb`%K_`jkfkXc`dd\ij`feneXbX gifm`[\[Xefggfikle`kp]fin_eXl kfZfd\kf^\k_\i`eX]i`\e[cp#i\cXo\[ \em`ifed\ekkfc\XieXe[lj\k\i\fB` KX_l%GXik`Z`gXekjXkXccc\m\cjf]k\i\f n\i\n\cZfd\[Ypk_\_Xlb`bX%?XeX FÃI\^XeXe[:_Xi`jdXIXe^`gle^X#k_\ neXbXgflXbf#\e^X^\[c\Xie\ijf]Xcc c\m\cj`ek_\neXbXef_f$dXiX\n_`Z_ _X[X]fZljfeB`kX_lkXbX%
±()+/) 7(!+!7(_.!5+!4!+! ¯ 4(!4 7()#( ").$3 53²
2!+)52! 4Ë4Ë )3,!.$3 !$-).)34%2).' "/$9 ¯ 0_.5) 4Ë4Ë
K_\]fZlj]fiNX`i\nXIeXbXnXjkf \eXYc\n_eXlkfc\Xiedfi\XYflk# k_Xkn_`Z_Y`e[jljkffliif_\Xe[\XZ_ fk_\i%8knf$jkX^\neXbXnXj_\c[kf gifm`[\fggfikle`k`\j]fin_eXlkfc\Xie dfi\XYflkn_XbXgXgX#_`jkfipXe[fiXc kiX[`k`fej%K_\i\n\i\_X\i\bXkfj`k\j f]j`^e`ËZXeZ\jkXik`e^Xk|bXeXk_\e# ?lbX_lbXkifX#?`bl`bX#K\}bliX#|eXn\# |glblkX_`#NX`el`#Kl_`iXb`#G\iXb`Xe[ K\BX`fXe[ZfeZcl[`e^n`k_XnXcblg K\}gfbffKX_ldXk#]fccfn`e^`ek_\ ]ffkjk\gjf]fliXeZ\jkfij%
K_\IXb`liXDfi`Zfddle`kpXi\n\cc `e]fid\[Xe[`emfcm\[`e`jjl\ji\cXk`e^ kfk_\Kk@jcXe[jXe[k_\_Xim\jk`e^f] kk%K_\E^`KX_l=le[_Xjjlggfik\[ k_\fe^f`e^gif[lZk`fef]k_\_`^_cp jlZZ\jj]lcXe[gfglcXie\njc\kk\iÂK_\ KkK`d\jÃ%K_\E^`KX_l=le[`jXcjf Xjj`jk`e^n`k_k_\]lik_\i[\m\cfgd\ekf] k_\Kkn\Yj`k\%K_\KkK`d\j`jdX`c\[ flkY`$XeelXccpkffm\i()''`e[`m`[lXcj Xe[fi^Xe`jXk`fej#`eZcl[`e^dXepIXb`liX Dfi`Xe[E^`KX_ln_eXlXe[]fZlj\j feXcck_`e^ji\cXk`e^kfkk`eZcl[`e^k_\ _Xim\jk\ij#k_\`jcXe[j#_`jkfip#Zlckli\# jZ`\eZ\#Xik#i\j\XiZ_Xe[^fm\ieXeZ\%
JkX^\knf]fZlj\[fei\b`e[c`e^Xe[ jki\e^k_\e`e^c`ebjn`k_k_\[\jZ\e[Xekj f]DXilbX`kXk\X#k_\\c[\jkj`Yc`e^f]DXb# c\Xie`e^dfi\XYflkk_\fiXckiX[`k`fej f]GliX_fXe[?`e\gXXbX#k_\Bk`Bli _\b\bX#DXilbX`kXk\XXe[DXb%
42!$)4)/.!, (!2!+%+% $9).' 7_.!+!
-!().'! +!) 7_.!+!
2!2!.'! 7_.!+!
Jlggfik]ifdk_\E^`KX_l=le[Xjj`jk\[ GXlcXI`^Ypkf_fc[iXiXe^X_l`k_Xk kXl^_kn_eXl_fnkf[p\n\Xm`e^ËYi\j lj`e^kiX[`k`feXck\Z_e`hl\j%K_`jgifa\Zk Xcjf`emfcm\[nfib`e^ZfccXYfiXk`m\cp n`k_\og\ikn\Xm\ij]ifdNX`_\b\ @jcXe[#n_fj_Xi\[k_\`ibefnc\[^\f] kiX[`k`feXciXiXe^XgiXZk`Z\j%
K_\E^`KX_l=le[jlggfik\[K\ KXldlklIeXbXkf_fc[neXbXfe dX_`e^XbX`%K_\j\`eZcl[\[n_eXl c\Xie`e^k_\Xggifgi`Xk\k`bXbX#gi`eZ`gc\j Xe[ZpZc\j&j\Xjfej]fiZXkZ_`e^kleX%
B`KX_lb`KXdXb`DXbXliXlXi\n\cc$ befne]fik_\`iZlckliXc`e`k`Xk`m\jk_Xk Yi`e^kf^\k_\ik_\`iB`KX_lZfddle`k`\j% Fi^Xe`j\[YpGXki`Z`XN`c\p#k_`jgifa\Zk Yifl^_kfliB`KX_ln_`e\kf^\k_\ikf c\XieXYflkkXfbXiXiXe^X%K_`j`eZcl[\[ Xggifgi`Xk\bXiXb`X#nX`XkXXe[k`bXbX XjjfZ`Xk\[n`k_k_\Xik%
)+
.GiI 4AHU %DUCATION )NžUENCE 0ARTNERSHIP AND #OLLABORATION 4HE WORK OVER THE LAST YEAR HAS FOCUSED ON THE DESIGN AND DEVELOPMENT OF A NEW WAY OF WORKING WITH THE -INISTRY OF %DUCATION 4HIS WORK WILL BE CARRIED OUT ON THE GROUND WITH R~NANGA LED .GiI 4AHUTANGA INITIATIVES IN EARLY CHILDHOOD CENTRES AND PRIMARY SCHOOLS IN
K_\ZfeZ\gkfi`^`eXk\[`e)''(#n_\e K\I–eXe^XfE^ `KX_lXe[k_\D`e`jkip f]<[lZXk`fej`^e\[XD\dfiXe[ldf] Le[\ijkXe[`e^ DfL %K_`j_`^_$c\m\c [fZld\eknXj[\m\cfg\[kf1 Ă‚I\Zf^e`j\Xe[^`m\\]]\Zkkfk_\ Ki\Xkpf]NX`kXe^`m`XXgXike\ij_`g Y\kn\\eK\I–eXe^XfE^ `KX_lXj k_\i\gi\j\ekXk`m\f]E^ `KX_ln_ el` Xe[k_\:ifnen_`Z_j\\bjkfkiXej]fid \[lZXk`feZlii`ZlcX#gcXee`e^Xe[j\im`Z\ [\c`m\ipkf\ejli\k_Xkk_\\[lZXk`feXc Xjg`iXk`fejf]E^ `KX_ln_ eXln`k_`e k_\E^ `KX_lkXb`n Xi\i\Xc`j\[Ăƒ% K_\DfLXcjf]fidXc`j\[k_\X^i\\d\ek f]Yfk_gXik`\jkf1 8ZkkfnXi[jfe\Xefk_\i`e^ff[]X`k_ Yp^`m`e^\]]\Zkkfk_\Xik`Zc\jXe[ gi`eZ`gc\jf]k_\Ki\Xkpf]NX`kXe^`% GXik`Z`gXk\XjgXike\ijkf`eĂŒl\eZ\k_\ [\m\cfgd\ekXe[`dgc\d\ekXk`fef] \[lZXk`fegfc`ZpXe[`em\jkd\ek% <e^X^\`eXdlklXccpY\e\Ă‹Z`Xc nfib`e^i\cXk`fej_`gkf^`m\\]]\Zk kfj_Xi\[\[lZXk`feXc^fXcjk_ifl^_ k_\`dgc\d\ekXk`fef]jg\Z`Ă‹Z \[lZXk`feXc`e`k`Xk`m\j% 9l`c[`e^fek_`jDFL#K\DX_\i\ D kXliXbX#k_\Af`ek<[lZXk`feGcXenXj [\m\cfg\[Xe[j`^e\[k_`jp\Xi%K\DX_\i\ D kXliXbX`jXefg\iXk`feXci\jgfej\ kfYfk_k_\E^ `KX_l<[lZXk`feJkiXk\^p Xe[BX?`b`k`X BX?`b`k`XžDXeX^`e^]fi JlZZ\jj1K_\D fi`<[lZXk`feJkiXk\^p )''/$)'() Xe[`jXZfdd`kd\ek ]ifdYfk_gXik`\jkfXZ_`\m\cfe^$k\id j_Xi\[flkZfd\j%
K_`jnfibX`djkfj\\E^ `KX_lkXe^X `ek\^iXk\[`e\[lZXk`feXZifjjk_\ kXb`n k_ifl^_i\cXk`fej_`gjn`k_cfZXc i–eXe^XXe[XkXdXZifc\m\ckf`dgifm\ \[lZXk`feXcflkZfd\j]fiE^ `KX_l XZifjj8fk\XifXXe[D fi`n`k_`ek_\ E^ `KX_lkXb`n % K_\D`e`jkipXe[K\I–eXe^X_Xm\ [\m\cfg\[k_\]fccfn`e^cfe^$k\id j_Xi\[flkZfd\j1 Kf`dgifm\k_\gifm`j`fef]#Xe[
jkl[\ekĂƒjXZZ\jjkf#hlXc`kpk\i\f gif^iXdd\j`e`dd\ij`fe#Y`c`e^lXc Xe[dX`ejki\Xd\[lZXk`fe% Kf`eZi\Xj\Xe[jlggfikk_\ gi\j\eZ\#\e^X^\d\ekXe[ XZ_`\m\d\ekf]D fi`jkl[\ekj `ek_\E^ `KX_lkXb`n % :lii`ZlcX#k\XZ_`e^giXZk`Z\jXe[ \em`ifed\ekj`e\XicpZ_`c[_ff[ Zfek\okjXe[jZ_ffcj#n`k_`ek_\ E^ `KX_lkXb`n #Xi\`eZi\Xj`e^cp i\jgfej`m\kfXe[i\ĂŒ\Zk`m\f] E^ `KX_lkXe^X% Kf\jkXYc`j_Xe[dX`ekX`eXZ\ekiXc# i\^`feXcXe[[`jki`Zk\e^X^\d\ek gif^iXdd\kf\eXYc\E^ `KX_l Xe[k_\D`e`jkipkfgif^i\jj kfnXi[jj_Xi\[flkZfd\jXe[ Zf$gif[lZk`fenfib% K_\flkZfd\]fZlj\[feYl`c[`e^E^ ` KX_lkXe^XXZbefnc\[^\jk_`j`jfecp XZ_`\mXYc\k_ifl^_k_\nfibf]k_\ GXgXk`glI–eXe^XXjk_\fne\ijXe[ Zfekifcc\ijf]k_\`ek\cc\ZklXcgifg\ikp Xe[XepjlYj\hl\ek[`jj\d`eXk`fe`ekf \[lZXk`fej\kk`e^j%
4E 4APUAE O 2EHUA @ek_\k\ik`Xipj\Zkfi#K\KXglX\f I\_lX_XjY\\eZ\c\YiXk`e^`kj('p\Xi Xee`m\ijXip%K_\)''.$)''/p\Xi_Xj Y\\eXefk_\if]Zfek`el\[ZfccXYfiXk`fe XZifjjk_\gXike\i`ejk`klk`fej Le`m\ij`kp f]FkX^f#Le`m\ij`kpf]:Xek\iYlip# C`eZfceLe`m\ij`kp#FkX^fGfcpk\Z_e`Z# :_i`jkZ_liZ_Gfcpk\Z_e`Z@ejk`klk\f] K\Z_efcf^pXe[K\I–eXe^XfE^ `KX_l % @e\oZ\jjf],''^iXekjXe[jZ_fcXij_`gj E^ `KX_lXe[fk_\ij _Xm\Y\\e XccfZXk\[#n`k_i\Z`g`\ekjjlggfik\[ Xe[d\ekfi\[]ifdk_\f]ËZ\% K–DX`IXbXkX_`\eafpjk_\Zfek`el\[ jlZZ\jjf]D fi`Xe[E^ `KX_ljkl[p`e^ XZifjjk_\gXike\ij_`g#Xcfe^n`k_k_\ g`cfkgifa\Zk#K–BXef_`#X`d`e^kfjlggfik D fi`i\k\ek`feXe[XZ_`\m\d\ek`ek_\ Zfdglcjfipj\Zkfi%Gifa\ZkjXjjfZ`Xk\[ n`k_jkl[\ekgXk_nXpji\dX`eXgi`fi`kp`e k_\glijl`kf]\ogXe[`e^k_\\[lZXk`feXc _fi`qfejXe[ZXgXZ`k`\j]fiD fi`% Fm\ik_\cXjk[\ZX[\Xj`^e`ËZXek jkilZkliXcZ_Xe^\n`k_`ek_\gXike\i `ejk`klk`fej#Xcfe^n`k_k_\[\m\cfgd\ek f]Xe\[lZXk`fejkiXk\^pn`k_`e K\I–eXe^X#efngifm`[\jk_\gXike\ij_`g n`k_Xe`[\XcgcXk]fid]fiiX`j`e^c\m\cj f]XZZ\jjXe[XZ_`\m\d\ek]fiD fi` Xe[\e_XeZ`e^gifm`j`fef]jlggfikkf [\m\cfgD fi`i\j\XiZ_\ij`e)''0% E^ `KX_lXe[K\KXglX\fI\_lXXi\ n\ccXc`^e\[kfYl`c[fek_\gif^i\jj k_Xk_XjY\\eXZ_`\m\[fm\ik_\gXjk ('p\Xij`ek\ik`Xip\[lZXk`fe%
8Z_`\m`e^k_\j\flkZfd\j[\g\e[jfek_\ \jkXYc`j_d\ekf]Xe\]]\Zk`m\]iXd\nfib k_XkYi`e^jXcck_\gXike\ij_`gjkXb\_fc[\ij kf^\k_\ikfnfibZfcc\Zk`m\cpkfi\m`\n [XkX#dfe`kfigif^i\jj#[\m\cfgkXi^\kj# `[\ek`]pfggfikle`k`\jXe[jlggfik X^i\\[`e`k`Xk`m\j%
),
3ERVICE TO .GiI 4AHU )NDIVIDUALS AND 7HiNAU +OTAHI -ANO +iIKA +OTAHI -ANO 7AWATA K_\i\m`kXc`jXk`fef]B`KX_li\f`jX b\p^fXcf]K\IeXe^XfE^`KX_l Xe[\jj\ek`Xckfk_\gi\j\imXk`fef]fli ZlckliXc`[\ek`kp%K_\]fZljf]cXe^lX^\ i\m`kXc`jXk`fe\]]fikj_Xjj_`]k\[dfi\ i\Z\ekcp]ifdX[\c`m\ipkf[`jki`Ylk`fe df[\c\ejli`e^j\kkc\d\eki\jfliZ\jXi\ [\mfcm\[`eXnXpk_XkXjj`jkjflin_eXl Xe[_Xgkfi\jkfi\B`KX_li\f% '%.%2!4)/. 2%/
>fXc(f]k_\BfkX_`DXefB`bX BDB ,$p\XiGcXe`jkfiX`j\k_\Zi`k`ZXcXnXi\e\jj f]k_\`dgfikXeZ\f]k\i\fXe[k_\ Y\e\Ëkjf]iX`j`e^Y`c`e^lXckXdXi`b`% >\e\iXk`feI\f`jXZXdgX`^e[\c`m\i\[ k_ifl^_ki`YXcd\[`X`eZcl[`e^k_\ n\Yj`k\#X`d\[Xk^ifn`e^Xe`eZi\Xj\[ XnXi\e\jjf]k_\jkXk\f]k_\cXe^lX^\% 8YiXe[f]>\e\iXk`feI\fZcfk_`e^_Xj Y\\e[\m\cfg\[Xe[_XjY\Zfd\m\ip gfglcXin`k_k_\iXbXkX_`%<XZ__flj\_fc[ i\Z\`m\[XK\I\fjZiXkZ_ZXi[[li`e^Dfi` cXe^lX^\n\\b#Xjb`e^hl\jk`fejf]_fn dlZ_i\f[fpflbefn% 2AISING "ILINGUAL 4AMARIKI $6$ K_\ÂIX`j`e^9`c`e^lXcKXdXi`b`Ã;M;# Zf$]le[\[YpDK\I\f#nXjgif[lZ\[ kfgifdfk\k_\`dgfikXeZ\f] `ek\i^\e\iXk`feXckiXej]\if]k\i\fDfi`% K_\;M;]\Xkli\jXjdXcceldY\if]Jflk_ @jcXe[YXj\[B`KX_ln_eXln_fXi\ Zlii\ekcpiX`j`e^k_\`ikXdXi`b``ek\i\f% @k\ogcfi\jk_\Z_Xcc\e^\jXe[Y\e\Ëkj f]lj`e^k\i\fXjXc`m`e^cXe^lX^\`ek_\ _fd\#n_`c\f]]\i`e^jkiXk\^`\jXe[X[m`Z\ kffk_\in_eXln_fdXpnXekkfdXb\ XjkXik`elj`e^k\i\fn`k_k_\`ikXdXi`b`% K_`ji\jfliZ\_XjY\\e[`jki`Ylk\[kf (,''E^`KX_l_flj\_fc[jXe[cfZXc bliXbXlgXgX#b_Xe^Xi\fXe[k\ik`Xip `ejk`klk`fej`eK\NX`gfleXdl%K_\ [\m\cfgd\ekXe[gif[lZk`fef]k_`j;M; i\jlck\[`eE^`KX_lY\`e^XËeXc`jk`ek_\ )''/Dfi`CXe^lX^\8nXi[j%
)-
+_ -!.5+52! / 4% 2%/
>fXc)f]k_\BDB,$p\XiGcXe`jkf`eZi\Xj\ k_\eldY\ijf]Ìl\ekB`KX_ljg\Xb\ij f]k\i\f%BDXelbliXfK\I\f`jX jlZZ\jj`fegif^iXdd\k_Xkjlggfikjk_\ [\m\cfgd\ekf]i\^`feXci\f\og\ik`j\% +i -ANUKURA O 4E 2EO ¯ #RITICAL !WARENESS &ORUM 4E 7HAKAORA I TE REO +iI 4AHU
I\ZcXdXk`fe#i\^\e\iXk`feXe[ i\m`kXc`jXk`fef]flicXe^lX^\ K_\gligfj\f]k_\BDXelbliXfK\I\f1 :i`k`ZXc8nXi\e\jj=fildnXjkf`eZi\Xj\ XnXi\e\jjf]n_pk\i\f`j`dgfikXekXe[ kf[\m\cfg\]]\Zk`m\jkiXk\^`\j]fijXm`e^k\ i\fDfi`n`k_X]fZljfek_\B`KX_lk\ i\fjkiXk\^p¾BfkX_`DXefB`bX% K_\]fild]\Xkli\[XiXe^\f]k\i\f \og\ikjgi\j\ek`e^`e]fidXk`fefe\]]\Zk`m\ jkiXk\^`\j]ficXe^lX^\i\m`kXc`jXk`feXe[ nXjXefggfikle`kp]fik_fj\gXjj`feXk\ kfc\Xie#\e^X^\Xe[[`jZljjZi`k`ZXc`jjl\j ]XZ`e^k_\]lkli\f]k\i\fDfi`%Fm\i('' g\fgc\Xkk\e[\[Xe[n\i\gifm`[\[n`k_ Xefggfikle`kpkfc`jk\ekf\og\ikj#_\Xi giXZk`ZXcX[m`Z\Xe[Zfek`el\k_\[i`m\f] jg\Xb`e^k\i\fDfi``ek_\_fd\Xe[ jg\Xb`e^Dfi`kfpfliZ_`c[i\e%B\`Xbf\ k\k`bXe^X#b\`Xbf\k\dXeX +i -ANUKURA O 4E 2EO &UND
K_\BDXelbliXfK\I\f[`jki`Ylk`fe ]le[X`djkfjlggfik`ek\ej`m\k\i\f [\m\cfgd\ek#jlZ_XjXkk\e[XeZ\Xk BliXI\fXe[K\GXe\b`i\kXe^X#kXi^\k`e^ `ek\id\[`Xk\kfX[mXeZ\[k\i\fjg\Xb\ij% K_`ikpg\fgc\n\i\jlggfik\[k_`jp\Xi n`k_j`o`e[`m`[lXcj`em`k\[kfXkk\e[ K\GXe\b`i\kXe^X]ifdk_\)''.`ekXb\# Xe[k_i\\^iX[lXk\j]ifdk_`j`ekXb\% Kn\ekp$knfg\fgc\n\i\XYc\kf Xkk\e[k_\mXi`fljbliXi\f_\c[ k_ifl^_flk8fk\iXifX% +i 0ARI +ARAKARAKA O +i 4~PUNA
@e`kjj\Zfe[p\Xi#BGXi`BXiXbXiXbXfB KgleX#XeX[mXeZ\[k\i\fgif^iXdd\ kXi^\kj`ek\id\[`Xk\kfX[mXeZ\[jg\Xb\ij nXek`e^kfc\Xiedfi\XYflkB`KX_li\f Xe[k`bXbX%K_`jnXjile`egXike\ij_`g
n`k_:_i`jkZ_liZ_Gfcpk\Z_e`Z@ejk`klk\ f]K\Z_efcf^pn`k_)/g\fgc\Xkk\e[`e^ k_i\\#fe\n\\b`dd\ij`fen eXbX% 8k\XZ_n eXbX#gXik`Z`gXekjn\i\ gi`m`c\^\[kf_Xm\k\k\f\og\ikjjlZ_ XjK`dfk`BXi\klXe[B\gXXe[GXe` Jk`ic`e^%K_`jp\Xij^iflgZfdgfj\[#_XbX# d‘k\Xk\XXe[n_XbXkXlb`k_Xkn`ccY\ kXl^_kkfE^ `KX_ln_ el`kfiX`j\k_\ gifËc\f]B `KX_li\f% +_)+! 2%/
>fXc*f]k_\BDB,$p\XiGcXe`jkf jlggfikBÂ `KX_ln_Â eXlkflj\k\i\f XjXZfddle`ZXk`m\\m\ip[XpcXe^lX^\ n`k_`ek_\_fd\% +iIKA 2EO &UND
K_\B `bXI\f]le[#n_`Z_jlggfikj cXe^lX^\i\m`kXc`jXk`fe`e`k`Xk`m\jk_Xk ]fZljfek_\`ek\i^\e\iXk`feXckiXej]\i f]k\i\fn`k_`eZcljk\ijf]BDBn_ eXl# `jefn`e`kjj\Zfe[p\Xi%Kf[Xk\n\ _Xm\Zcljk\i^iflgj\jkXYc`j_\[`e9cl]]# @em\iZXi^`cc#|k bfl#;le\[`e#:_i`jkZ_liZ_# KlX_`n`Xe[KXliXe^XDfXeX%Dfi\k_Xe (0#'''nXj[`jki`Ylk\[kfk_\j\Zcljk\ij kfjlggfiki\^lcXicXe^lX^\`e`k`Xk`m\j jlZ_Xjk\i\fYXj\[gcXp^iflgj#n_ eXl XZk`m`k`\jXe[n_ eXl]fZlj\[k\i\f ZcXjj\j%
!/2!+) "/5.$ 8fiXb`9fle[Y\^Xen`k_k_\`eXl^liXc g`cfkZflij\`eDXiZ_)''-Xe[j`eZ\ k_\ek_\i\_XjY\\eX]lik_\iËm\ Zflij\jZfdgc\k\[Xe[knfgcXee\[ ]fi=\YilXipXe[DXiZ_)''0% K_\gifa\ZkZfdY`e\jk_\gifm\e d\k_f[fcf^pf]FlknXi[9fle[ n`k_k_\ZlckliXcbefnc\[^\Xe[ Xjg`iXk`fejf]E^ `KX_l`e[\m\cfg`e^ XZflij\]fiE^ `KX_ln_ eXlXe[Xcc E\nQ\XcXe[\ij% K_\Zflij\`jX[ffinXpkfE^ `KX_l Zlckli\#k`bXe^X#dX_`e^XbX`Xe[ k\i\fjlggfik\[YpXeFlknXi[ 9fle[]iXd\nfibf]g\ijfeXcXe[ jfZ`Xc[\m\cfgd\ekk_ifl^_mXcl\j$ YXj\[\og\i`\ek`Xcc\Xie`e^`eXe flk[ffi\em`ifed\ek% N\_Xm\i\Z\ekcpZfe[lZk\[X i\m`\nf]8fiXb`9fle[%K_\gligfj\
f]k_`ji\m`\nnXjkfcffbXknXpjn\ ZXeZfek`el\kf`dgifm\Xe[\e_XeZ\ n_Xk`jXci\X[pXe\d`e\ekcp jlZZ\jj]lcgifa\Zk% Jfd\`ek\i\jk`e^jkXk`jk`Zj`eZcl[\2 ']k_\/+gcXZ\jXmX`cXYc\-. n\i\Ëcc\[ :flij\gXik`Z`gXekjX]Ëc`Xk`fe `eZcl[\[#E^ `KX_l ,) # Fk_\i@n` * #Efe$D fi` () >\e[\iž=\dXc\j +' Xe[ DXc\j ). 8^\j(/$),pij (0 #)-$*0pij ). #+'$+0pij (, Xe[,'" K_\jlZZ\jjf]k_\Zflij\`jY\jk \ogi\jj\[Ypk_fj\n_f_Xm\kXb\e gXik%9\cfn`jXe\e[fi\j\d\ek]ifd BlXf;l]]n_fXkk\e[\[8fiXb`9fle[ `e=\YilXip)''/%
4E 2EO )N 4HE (OME 7ORKSHOPS
8j\i`\jf]Ă€K\I\f`ek_\?fd\Ă nfibj_fgj]XZ`c`kXk\[YpflifneB ` KX_lk\i\f\og\ikj#?XeXFĂƒI\^XeXe[ :_Xi`jdXIXe^`gle^X#n\i\[\c`m\i\[ kfB `KX_ln_ eXlXe[k_\n`[\i Zfddle`kp`e;le\[`e#K\dlbXXe[9cl]]% K_\X`df]k_\nfibj_fgjnXjkfgifdfk\ Zi`k`ZXcXnXi\e\jjf]k_\`dgfikXeZ\ f]k\i\fD fi`Xe[`ek\i^\e\iXk`feXc kiXejd`jj`fe#Xjn\ccXjgifm`[\giXZk`ZXc X[m`Z\#jkiXk\^`\jXe[k`gjfeiX`j`e^ Y`c`e^lXckXdXi`b`%K_\j\nfibj_fgjn\i\ Zf$]le[\[YpD K\I\f%
4HE .GiI 4AHU ,EADERSHIP 0ROGRAMME K_\E^Â `KX_lC\X[\ij_`gGif^iXdd\ Zfej`jkjf]XeldY\if]`e`k`Xk`m\j [\j`^e\[kf^ifnXe[[\m\cfggfk\ek`Xc
8Yfm\1Ă€DpeXd\`jBlXf;l]]% 8ZklXccpgi\m`fljkfk_\Zflij\@nXjXcnXpjbefneXjAXjfe# n_`Z_`jdpk_`i[eXd\% K_`j`jk_\Ă‹ijkgfj`k`m\Z_Xe^\]fid\#_Xm`e^k_\ZfeĂ‹[\eZ\kflj\ dpĂ‹ijkXe[D fi`eXd\\m\ek_fl^_jfd\Ă‹e[`k[`]Ă‹ZlckkfgifefleZ\%Ă
).
E^ `KX_lc\X[\ij%<XZ_f]k_\j\ `e`k`Xk`m\j`jle`hl\cpE^ `KX_lXe[ ]fZlj\[feg\ig\klXk`fef]gif]\jj`feXc# g\ijfeXcXe[ZlckliXc[\m\cfgd\ek%K_\ _`^_c`^_kjf]k_\gXjkp\Xi_Xm\Y\\ek_\ fe^f`e^jlZZ\jjf]8fiXb`9fle[Xe[k_\ gXik`Z`gXk`fef]Ă‹m\E^ `KX_l=\ccfnj `ek_\=`ijkEXk`fejĂƒ=lkli\jGif^iXdd\ le[\ik_\E^ `KX_lgXike\ij_`gn`k_ k_\]fZlj]fik_\ZXj\jkl[`\jY\`e^ki`YXc \Zfefdp%8jXZfej\hl\eZ\f]k_\jlZZ\jj f]k_`jgif^iXdd\k_\i\cXk`fej_`gj Y\kn\\eE^ `KX_l#BXd\d\_XJZ_ffcj Xe[JkXe]fi[Le`m\ij`kpZfek`el\kf^ifn Xe[jki\e^k_\e% KfdXb\jli\k_Xkflic\X[\ij_`g`e`k`Xk`m\j Xi\Xggifgi`Xk\cpkXi^\k\[Xe[gifm`[\ k_\Y\jki\kliej]fik_\`n`ĂƒjZfcc\Zk`m\ Zfddle`k`\jk_\gif^iXdd\n`ccle[\i^f XifYljki\m`\ngifZ\jj[li`e^k_\ )''/$)''0p\Xi%K_`jn`cc\ejli\k_XkXcc [\m\cfgd\ekXc`em\jkd\ekjdX[\Xi\ _\cg`e^kfgif^i\jjE^ `KX_lkfnXi[ Yl`c[`e^k_\_ldXeZXg`kXce\Z\jjXipkf XZ_`\m\Ă€D‘K kflĂ %
.GiI 4AHU &INANCE K_`jcXjkp\Xi_XjY\\efe\f]k_\dfjk [`]Ă‹Zlck]fik_\Ă‹eXeZ\`e[ljkipn`k_X cXi^\eldY\if]Ă‹eXeZ\ZfdgXe`\j#Yfk_ Y`^Xe[jdXcc#leXYc\kfjljkX`em`XY`c`kp`e k_\dXib\kgcXZ\Xe[k_\i\]fi\_Xm\\`k_\i _X[kfjljg\e[fg\iXk`fejfi_Xm\^fe\ `ekfc`hl`[Xk`fe%Fe\f]k_\dX`e]XZkfij `ejfd\f]k_\j\]X`cli\j_XjY\\ek_\ [fneklie`ek_\gifg\ikpdXib\kXe[`kj \]]\Zkfegifg\ikp[\m\cfg\ij%N_`c\E^Â ` KX_l=`eXeZ\nXjefk_\Xm`cp`emfcm\[n`k_ gifg\ikp[\m\cfgd\ek`k_Xje\m\ik_\c\jj efkY\\eXYc\kfkfkXccp\jZXg\k_\]Xccflk f]k_`jj\Zkfi% Fe\f]k_\b\pgifYc\djjk\dd`e^]ifd k_\gifYc\djn`k_`ek_\Ă‹eXeZ\j\Zkfi`e k_\cXjk()dfek_j_XjY\\ek_\k`^_k\e`e^ f]cfXeZi`k\i`XYpXccc\e[\ij`eZcl[`e^k_\ dX`eYXebj%K_`j`eklie_Xjj\\eXdXib\[ `eZi\Xj\`ek_\eldY\if]Xggc`ZXk`fejk_Xk n\_Xm\i\Z\`m\[n_`Z_`eXefidXcdXib\k \em`ifed\ekdXp_Xm\Y\\ekXb\elgYp fk_\ic\e[\ij%C`b\k_\j\fk_\ic\e[\ijE^Â ` )/
KX_l=`eXeZ\_XjXcjf]fle[`ke\Z\jjXipkf k`^_k\eflic\e[`e^Zi`k\i`XXe[XjXi\jlck flic\e[`e^gfik]fc`f_Xjj_fneX[\Zc`e\ `eYfk_cfXeeldY\ijXe[[fccXikfkXcj% N\Zfek`el\kfn\cZfd\^ff[hlXc`kp Xggc`ZXk`fej`ek_\b\p`e[ljkipj\Zkfijefk X]]\Zk\[Ypk_\Zlii\ek\Zfefd`Z[fneklie% E^Â `KX_l=`eXeZ\`jZfdd`kk\[kf1 9\`e^k_\dX`egifm`[\if]Ă‹eXeZ`Xc Xjj`jkXeZ\]fijdXccYlj`e\jjc\e[`e^ n`k_`ek_\E^Â `KX_l>iflg% Gifm`[`e^X]]fi[XYc\Ă‹eXeZ`Xc Xjj`jkXeZ\kfE^Â `KX_lkf\jkXYc`j_ k_\dj\cm\j`eYlj`e\jjXe[kfXjj`jk n`k_k_\\ogXej`fef]\o`jk`e^ Ă‹eXeZ`Xccpm`XYc\fg\iXk`fej% Gifm`[`e^X[\hlXk\Ă‹eXeZ`Xci\kliej ]ifdfg\iXk`fej]fik_\Y\e\Ă‹kf]k_\ E^Â `KX_l>iflgXe[`jd\dY\ij% 8jXk*'Ale\)''/k_\E^Â `KX_l=`eXeZ\ C`d`k\[cfXegfik]fc`fnXjaljkfm\i*%)d ]ifd()(cfXej%
.GiI 4AHU &INANCIAL )NDEPENDENCE 0ROGRAMME @eFZkfY\i)''.K\I–eXe^XfE^ ` KX_lcXleZ_\[k_\E^ `KX_l=`eXeZ`Xc @e[\g\e[\eZ\Gif^iXdd\ =@G % K_`jgif^iXdd\#n_`Z_`j#]le[\[Yp K\Gle`B‘b`i`#`jXdlck`$p\Xigif^iXdd\ [\j`^e\[kfjlggfikE^ `KX_ln_ el`kf _Xm\^i\Xk\iXZZ\jjkfËeXeZ`XcgcXee`e^ j\im`Z\jXe[[\m\cfgk_\`iËeXeZ`Xcc`k\iXZp Xe[lck`dXk\cp^i\Xk\iËeXeZ`Xc]i\\[fd% K_\gif^iXdd\^i\n]ifdXg`cfk gif^iXdd\[\m\cfg\[YpK\Gle`B‘b`i`kf Xjj`jkD fi`kfYl`c[Xe[c\m\iX^\f]]k_\`i Zfcc\Zk`m\i\jfliZ\j#befnc\[^\#jb`ccjXe[ c\X[\ij_`gZXgXY`c`kpkf`dgifm\k_\`ifm\i$ XcchlXc`kpf]c`]\Xe[lck`dXk\cp#kfi\Xc`j\ k_\`ifnecfe^$k\id^fXcj% Fm\ik_\)&p\Xic`]\jgXef]k_\ gif^iXdd\#jfd\.)E^ `KX_ln_ el` n`cc_Xm\k_\fggfikle`kpkfnfibn`k_ _`^_cphlXc`Ë\[ËeXeZ`XcgcXee\ijkf [\m\cfgXËeXeZ`XcgcXek_Xkn`ccXjj`jk k_\dn`k_XZ_`\m`e^k_\`iËeXeZ`Xc[i\Xdj% @ek_\Ëijkg_Xj\f]k_\gif^iXdd\Xj\i`\j f]j\d`eXijn\i\_\c[k_ifl^_flkk_\
kXb`n %K_\]\\[YXZb]ifdk_\j\d`eXij Xe[]ifddXepf]k_\*-`e[`m`[lXcjXe[ n_ eXlXci\X[p\eifcc\[`ek_\gif^iXdd\ _XjY\\e]fik_\dfjkgXik\oki\d\cp gfj`k`m\n`k_XeldY\if]g\fgc\dXb`e^ Z_Xe^\jk_Xk_Xm\Zfdgc\k\cpklie\[k_\`i c`m\jXifle[% =@Ggifm`[\jXe\oZ`k`e^fggfikle`kp]fi n_ eXlkfkXb\^i\Xk\iZfekifcf]k_\`i c`m\jXe[\eafpk_\j\ej\f]]i\\[fdk_Xk Zfd\j]ifdi\[lZ`e^[\YkXe[befn`e^ _fnkfdXeX^\dfe\pjlZZ\jj]lccp%
.GiI 4AHU #OMMUNICATIONS E^ `KX_l:fddle`ZXk`fej_Xj_X[ Xefk_\iYljpXe[jlZZ\jj]lcp\Xi `e]fid`e^#\ek\ikX`e`e^Xe[\e^X^`e^ n_ eXl%@eAXelXipE^ `KX_l :fddle`ZXk`fejle[\in\ekjfd\ Z_Xe^\jn`k_ZfigfiXk\Zfddle`ZXk`fej# ki`YXcglYc`ZXk`fejXe[\m\ekdXeX^\d\ek dfm`e^kfj`kn`k_`ek_\F]ËZ\f]K\ I–eXe^XfE^ `KX_l% K\G el`I–eXbX#K\BXiXbXXe[KX_l=D i\dX`eflidfjk\]]\Zk`m\d\XejkfkXcb kfE^ `KX_ln_ el`Xe[k\cci\c\mXek E^ `KX_ljkfi`\j%N_`c\n\i\Zf^e`j\k_`j# `k`jXcjfm\ipXggXi\ekk_Xkk_\]XZ\f] Zfddle`ZXk`fej`jZ_Xe^`e^iXg`[cp n`k_k_\X[m\ekf]e\nk\Z_efcf^p#fli Z_Xe^`e^X^\[\df^iXg_`ZXe[k_\ jg\\[n`k_n_`Z_n\ZXe[`jj\d`eXk\ Xe[XZZ\jj`e]fidXk`fe% @ek\ie\kXe[dfY`c\g_fe\k\Z_efcf^p Xi\knfXi\Xjk_XkXi\c\X[`e^k_\Z_Xi^\ `ek_\nXp#k_\]i\hl\eZpXe[k_\Zfjkf] Zfddle`ZXk`e^Xe[Xi\knfXi\Xjn\Xi\ `em\jk`^Xk`e^`ei\^Xi[kf_fnn\ZXelk`c`j\ k_\ddfi\]lccpXe[\]ËZ`\ekcp%N_`c\k_\i\ n`cce\m\iY\Xi\gcXZ\d\ek]fikXcb`e^ bXef_`b`k\bXef_`#n\nXekkfjlggfik n_ eXl#efdXkk\in_\i\k_\pXi\`ek_\ nfic[#kfY\XYc\kfgXik`Z`gXk\`ek_\`i Zfddle`k`\jk_ifl^_e\nk\Z_efcf^p% 4!(5 6)35!, -%$)!
CXjkp\XijXnk_\gif[lZk`fef]X+k_j\i`\j f]k_\i\Xc`kpk\c\m`j`fej\i`\jNXbXI\f Xjn\ccXjBfkX_`DXefBÂ `bX#Xfe\$_fli [fZld\ekXip]fiDÂ fi`K\c\m`j`fe%
7(!+!0!0! !'% 34!4)34)#3
-"(/( ,"*'( ,")() +"/-/ +"(+' *").(
4E 2~NANGA O .GiI 4AHU %NROLMENT 3TATISTICS I\j`[`e^n`k_`e E^Â `KX_lIf_\
)"&(-
(",/'
'"'-' +'* )..( .O $OB
I\j`[`e^flkj`[\ E^Â `KX_lIf_\
KX_lKMXcjfgif[lZ\[k_\>\e\iXk`fe I\f;M;]fiBfkX_`DXefBÂ `bXn_Â eXl% 8dXafi_`^_c`^_kf]k_\p\XinXjk_\ fe$^f`e^XiZ_`m`e^f]XccE^Â `KX_l m`jlXcd\[`X%K_`jn`cc\ejli\k_\ gifk\Zk`fef]fliE^Â `KX_l_`jkfip ]fi]lkli\^\e\iXk`fej% 4!(5 &-
KX_l=D_XjZfek`el\[kfgifm`[\jlggfik ]fidXepZfddle`kpXe[i–eXe^X\m\ekj `eZcl[`e^G NXij#k_\8iXel`:fddle`kp Jgfikj;XpXe[Glj_GcXp% K_`jp\XiKX_l:fddle`ZXk`fejnXj [\c`^_k\[kf_Xm\knfËeXc`jkj`ek_\ D fi`D\[`XXnXi[j_\c[`eIfkfilX% Knfgifa\Zk[\m\cfgd\ekjnfik_pf] Xjg\Z`Xcd\ek`feXi\K\Bf_XXe[k_\ ?le[p:clY% <Xic`\ik_`jp\XiKX_l=Dgif[lZ\[Xe[ _fjk\[K\Bf_X#Xe\okiXmX^XeqXf]D fi` g\i]fid`e^XikjXkk_\:_i`jkZ_liZ_Kfne ?Xcc%K_\\m\eknXj_\c[kfiX`j\]le[j]fi knfj\Zfe[XipjZ_ffcbXgX_XbX^iflgj kfXkk\e[k_\eXk`feXcZfdg\k`k`fej`e N\cc`e^kfe%@knXjk_\Ëijk`eXj\i`\j f]k_\\m\ekkfY\_\c[k_ifl^_flkk_\ Jflk_@jcXe[% @eXY`[kf`dgifm\k_\elki`k`feXe[ g_pj`ZXcËke\jjf]k_\`ic`jk\e\ij#KX_l=D `egXike\ij_`gn`k_?XlfiXD kXliXbXXe[ :8K@E: :fddle`kp8Zk`fekf@dgifm\ Elki`k`feXc:XgXZ`kp j\klgk_\Â?le[p
:clYĂƒ%K_\Ă‚?le[p:clYĂƒ`j[\j`^e\[kf dfk`mXk\Xe[jlggfikk_fj\g\fgc\ n\`^_`e^fm\i(''b^jkfdXb\gfj`k`m\ c`]\Z_Xe^\j%
7HAKAPAPA K_\N_XbXgXgXle`k_Xj_X[Xefk_\i Yljpp\Xii\Z\`m`e^lgkf,'\eifcd\ekj Xn\\b%N\_Xm\`eZi\Xj\[flijkX]] eldY\ijkfd\\kk_`j[\dXe[Xe[_Xm\ Y\\e]fZlj`e^fe\ejli`e^k_XkXcck_\ [XkXn`k_`ek_\[XkXYXj\Xe[fek_\Ëc\j `jZlii\ek% @k`jm\ip`dgfikXek]fin_ eXlkf i\^lcXicplg$[Xk\k_\`i`e]fidXk`fejfk_Xk n\ZXeb\\gpfli_`jkfipXc`m\Xe[fli i\Zfi[jZlii\ek%@k`jXcjfnfik_efk`e^k_Xk kfY\\c`^`Yc\kfi\^`jk\i]fiN_X`IXnX pflËijk_Xm\kfY\i\^`jk\i\[n`k_k_\ n_XbXgXgXle`k% Fm\ik_\Zfd`e^p\Xik_\;`i\Zkfi#;i K\iipIpXeXe[k_\n_XbXgXgXk\XdgcXe kfm`j`kXcc(/gXgXk`gli–eXbXjfk_Xkn\ ZXej_Xi\n_XeXle^XkXe^XXe[b‘i\if XYflkXepk_`e^k_Xk`jfepflid`e[j%
KfkXc<eifcc\[
>fe\efX[[i\jj
)T IS VERY IMPORTANT FOR WHiNAU TO REGULARLY UP DATE THEIR INFORMATION SO THAT WE CAN KEEP YOUR HISTORY ALIVE AND OUR RECORDS CURRENT )T IS ALSO WORTH NOTING THAT TO BE ELIGIBLE TO REGISTER FOR 7HAI 2AWA YOU ½RST HAVE TO BE REGISTERED WITH THE WHAKAPAPA UNIT
)0
0ROTECT AND 'ROW .GiI 4AHU #USTOMARY 2IGHTS AND !SSETS /UR NATURAL ENVIRONMENT ¯ WHENUA WATERS COASTS OCEANS žORA AND FAUNA ¯ AND HOW WE ENGAGE WITH IT IS CRUCIAL TO OUR IDENTITY OUR SENSE OF UNIQUE CULTURE AND OUR ONGOING ABILITY TO KEEP OUR TIKANGA AND MAHINGA KAI PRACTICES ALIVE
0OUNAMU K_\gXjkp\Xi_Xjj\\eZfej`[\iXYc\ gif^i\jj#Xe[`efe\ZXj\ËeXc`kp#`ek_\ :ifne$c\[gifj\Zlk`fej`ek_\gfleXdl k_\]kZXj\j%?Xim\p?lkkfe#X]k\iY\`e^ Zfem`Zk\[`ek_\;le\[`e;`jki`Zk:flik# Xgg\Xc\[_`jZXj\`ek_\:flikf]8gg\Xc% ?`jXgg\XcnXjefklg_\c[dXb`e^nXp]fi k_\Gfc`Z\kfi\kliek_\jkfc\egfleXdl kfE^ `KX_l% K_\JXokfeZXj\nXjXcjf_\Xi[k_`jp\Xi `ek_\:_i`jkZ_liZ_;`jki`Zk:flikXe[ ZfeZcl[\[n`k_k_\al[^\Ëe[`e^;Xm`[ Xe[Dfi^XeJXokfe^l`ckpf]jk\Xc`e^ gfleXdl]ifdE^ `KX_l% N\Zfek`el\kfnfibn`k_k_\;\gXikd\ek f]:fej\imXk`fekf\jkXYc`j_XZZ\jjkf gfleXdlfek_\Zfej\imXk`fe\jkXk\Xe[ Xi\nfib`e^kfnXi[jXeX^i\\d\ekXZifjj k_\kXb`n k_Xkd`e`d`j\jX[d`e`jkiXk`m\ Xe[Yli\XlZiXk`Zi\hl`i\d\ekj% Nfibfek_\knfN\jk:fXjki–eXe^X gfleXdldXeX^\d\ekgcXejZfek`el\j kfY\jlggfik\[YpK\I–eXe^X%FkX^f Xe[Jflk_cXe[I–eXe^X_Xm\le[\ikXb\e `e`k`Xk`m\jkfYl`c[k_\`ibefnc\[^\f]k_\ \ok\ekXe[j`q\f]gfleXdli\jfliZ\j`e k_\`ikXb`n % K_`jp\XiK\I–eXe^XX`djkf`eZi\Xj\ `kjXY`c`kpkfXjj`jki–eXe^Xn`k_k_\`i gfleXdl[\m\cfgd\ek`e`k`Xk`m\jk_ifl^_ k_\Xggf`ekd\ekf]kXfe^X[\m\cfgd\ek jkX]]kf^\k_\in`k_k_\XmX`cXY`c`kpf] ]le[`e^i\jfliZ\j%
7ATER K_\>fm\ied\ek_Xm\Zfek`el\[ kfgif^i\jjk_\`iJljkX`eXYc\NXk\i Gif^iXdd\f]8Zk`feZlcd`eXk`e^`ek_\ \jkXYc`j_d\ekf]EXk`feXc<em`ifed\ekXc JkXe[Xi[j]fiYfk_k_\d\Xjli\d\ek f]nXk\ikXb\jXe[j\kk`e^f]\Zfcf^`ZXc ĂŒfnjXe[nXk\ic\m\cj%K_\nXk\i d\Xjli\d\ekjkXe[Xi[_XjY\\en\cZfd\[ YpK\I–eXe^X]fccfn`e^dXepp\Xijf] cfYYp`e^i\^`feXcZfleZ`cjkf`eZcl[\k_`j XjXZfej\ekZfe[`k`fefenXk\ikXb\j% Fek_\fk_\i_Xe[#K\I–eXe^X_XjY\\e [`jXggf`ek\[n`k_k_\\Zfcf^`ZXcĂŒfnj *'
Xe[c\m\cjjkXe[Xi[Xj`k]Xccjj_fikf]lj`e^ _fc`jk`Zd\k_f[jk_XkXccfnljkf`ek\^iXk\ Xe[gifm`[\]fiflikXe^XkXn_\elXmXcl\j% 8[iX]kEXk`feXcGfc`ZpJkXk\d\ek]finXk\i _XjXcjfY\\eZ`iZlcXk\[Xe[K\I–eXe^X i\dX`ejZfeZ\ie\[k_Xkk_\i\_XjY\\eef ifYljkZfejlckXk`fen`k_D fi`[li`e^`kj [\m\cfgd\ek%8j`kjkXe[j#k_`jGfc`Zp JkXk\d\ekgifm`[\jc`kkc\[`i\Zk`fekf i\^`feXcZfleZ`cjfe_fnk_\pe\\[kf gifm`[\]fiD fi``ek_\`inXk\i dXeX^\d\ekXe[[\Z`j`fe$dXb`e^ gifZ\jj\j% K\I–eXe^XfE^ `KX_lZfek`el\jkf jlggfiki–eXe^Xn`k_cfZXcfii\^`feXc nXk\i`jjl\j%K_\NX`kXb`I`m\i_Xj_X[ j\m\iXccXi^\i\jfliZ\Zfej\ekdXkk\ij XjjfZ`Xk\[n`k_`k`eZcl[`e^1D\i`[`Xe <e\i^pĂƒjEfik_9XebKlee\cgifgfjXc# D\i`[`Xe<e\i^pXe[k_\Jflk_:Xek\iYlip @ii`^Xk`feKiljkĂƒj?lek\i;fnej@ii`^Xk`fe gifgfjXcXe[XcXi^\eldY\if]j`e^c\ Zfej\ekjk_XkXi\Y\`e^_\Xi[af`ekcpXe[ `eZcl[\`ii`^Xk`fekXb\j]ifdk_\NX`kXb`# ?XbXkXiXd\XXe[DX\i\n_\elXi`m\ij% :\ekiXcGcX`ej@ii`^Xk`fe_XjY\\eXcXi^\ i\jfliZ\Zfej\ekfggfj\[YpK\I–eXe^X fek_\YXj`jf]k_\gfk\ek`XccXi^\jZXc\ \]]\Zkjf]k_\+'ZlY`Zd\ki\g\ij\Zfe[ kXb\j]ifdk_\NX`dXbXi`i`Xe[IXbX`X I`m\ij#kf^\k_\in`k_k_\\]]\Zkj-'#''' _\ZkXi\jf]`ek\ej`Ă‹\[cXe[lj\n`cc_Xm\fe K\NX`_fiXXe[`kjcfncXe[jki\Xdj% K_\`dgifm\d\ekf]nXk\ihlXc`kpXe[ hlXek`kpZfek`el\jkfY\Xgi`fi`kpXi\X]fi K\I–eXe^X%E^ `KX_li\gfik\[Xkk_\ E^ `KX_lNXk\iNfibj_fg_\c[\Xic`\ik_`j p\Xik_Xk(.dX_`e^XbX`j`k\jXjjfZ`Xk\[ n`k_flidXiX\#iXk\[gffikfdf[\iXk\`e k_\`iZlckliXc_\Xck_%
#USTOMARY &ISHING N\Zfek`el\kf`[\ek`]pXe[`dgc\d\ek ZljkfdXipËj_`e^gifk\Zk`fed\Z_Xe`jdj% 8c`jkf]ZljkfdXipËj_`e^Xi\XjkfY\ gifk\Zk\[_XjY\\e`[\ek`Ë\[Xe[i\Zfi[\[ fek_\>\f^iXg_`Z@e]fidXk`feJpjk\d >@J %K_\Xggifgi`Xk\gifk\Zk`fekffc_Xj
4(% .'_) 4!(5 -_/2) 2/#+ !24 #%.42% 4)-!25 Fm\ik_\gXjkp\Xik_\E^ `KX_lD fi` IfZb8ikKiljk_XjZfdgc\k\[jfd\ j`^e`ËZXekd`c\jkfe\j`ek_\IfZb8ik :\eki\gifa\Zk%N`k_X]lik_\i0--#''' iX`j\[`ek_\cXjkËeXeZ`Xcp\Xi#k_\ Kiljk_Xjefnj\Zli\[(%*df]k_\ )%)dkfkXcgifa\ZkZfjk%8^iXekf]
)/'#''']ifdk_\E^Â `KX_l=le[ _XjXccfn\[k_\KiljkkfXkkiXZkfk_\i ]le[\ijkfk_\gifa\Zk#Xe[kfgif^i\jj k_\[\m\cfgd\ekf]k_\E^Â `KX_l jkfi`\jkfc[n`k_`ek_\:\eki\%K_`jnfib `eZcl[\jk_\[\m\cfgd\ekf][\kX`c\[ [\j`^egcXej ZilZ`Xckf]le[iX`j`e^ #
Y\\e`[\ek`Ă‹\[]fi\XZ_f]k_\j\Xi\XjXe[ Xggc`ZXk`fej]fik_\Ă‹ijkj\i`\jf]Xi\Xjkf Y\gifk\Zk\[_Xm\Y\\ecf[^\[n`k_k_\ D`e`jkipf]=`j_\i`\j D=`j_ %
k_\8bXifXKX`Â gli\n_`Z_n`ccZfd\`ekf \]]\Zke\okp\Xi%
;li`e^k_\gXjkp\Xi#GleXNX`K‘i`b` D kX`kX`_XjY\\e\jkXYc`j_\[Xe[X dXeX^\d\ekgcXe_XjY\\e[iX]k\[% G lX&b`eXjkfZbXjj\jjd\ekjXi\ Y\`e^Zfe[lZk\[_\i\Xe[`ek_\<Xjk FkX^fKX` gli\#8bXifXKX` gli\Xe[ Bflbfli iXkXD kX`kX`%K_\dXi`e\ ZlckliXc_\Xck_`e[\o`jXcjfY\`e^ [\m\cfg\[Xe[k\jk\[`ek_\j\Xi\XjXe[ K\N_XbXXK\N\iXD kX`kX`%I\Zi\Xk`feXc Ëj_`e^jlim\pj_Xm\Y\\eZfe[lZk\[`e k_\8bXifXKX` gli\Xe[K\N_XbXX K\N\iXD kX`kX`%
DX_XXel`BliXkX`XfCk[#k_\:_i`jkZ_liZ_ YXj\[\em`ifed\ekXcZfdgXep# \jkXYc`j_\[Ypk_\d`[$:Xek\iYlip&9Xebj G\e`ejlcXi–eXe^Xn`k_Xjj`jkXeZ\]ifd K\I–eXe^XfE^ `KX_lXe[ËeXeZ`Xc jlggfik]ifdk_\:_i`jkZ_liZ_:`kp :fleZ`c#Y\ZXd\fg\iXk`feXc`eJ\gk\dY\i )''.%DX_XXel`BliXkX`Xf_Xj_X[X m\ipYljpËijkp\XiXe[`jgifm`e^kfY\ f]`dd\ej\mXcl\kfXcck_fj\n_f_Xm\ \e^X^\[n`k_k_\d%JZfg`e^Xaf`ek EXkliXcI\jfliZ\@n`DXeX^\d\ekGcXe ]fik_\i–eXe^X`emfcm\[`ek_\DX_XXel` BliXkX`XfgXike\ij_`g_XjY\^le%
Kn\ekp$knfd kX`kX`gifgfjXcj N\jk :fXjk#BX`b‘liX#Cpkk\ckfe#FkX^f?XiYfli Xe[9cl]]?`cc _Xm\Y\\e[iX]k\[Xe[n`cc Y\cf[^\[n`k_D=`j_%N\Xi\_XggpkfY\ XYc\kfi\gfikk_Xkk_\D`e`jk\if]=`j_\i`\j _Xjj`^e\[f]]fek_\e\ni\^lcXk`fej]fi
2~NANGA #APACITY
E`e\`n`d\dY\ijZfdgc\k\[k_\Ă€DXb`e^ >ff[;\Z`j`fejĂ kiX`e`e^n_`Z_gifm`[\[ k_\dn`k_k_\jb`ccjXe[XZZi\[`kXk`fekf j`kfeI\jfliZ\DXeX^\d\ek8Zk[\Z`j`fe$ dXb`e^Yf[`\jjlZ_Xji\jfliZ\Zfej\ek#
Xe[k_\Zi\Xk`fef]XmXi`\kpf]dlck`$ d\[`Xi\jfliZ\jk_Xkn`cc^`m\m`j`kfij XĂ‚m`iklXcĂƒifZbXik\og\i`\eZ\n`k_flk e\Z\jjXi`cpm`j`k`e^k_\]iX^`c\ifZbXik j`k\jk_\dj\cm\j%
gcXeZ_Xe^\Xe[[\j`^eXk`fe_\Xi`e^j# Xe[kfdXb\`e]fid\[[\Z`j`fej% K\KXe^`XKXl`iXžK_\:ipf]k_\ G\fgc\žk_\E^ `KX_lb`Dli`_`bl EXkliXcI\jfliZ\Xe[<em`ifed\ekXc DXeX^\d\ekGcXenXjZfdgc\k\[ Xe[cXleZ_\[XkNX`_‘gX``eDXiZ_Yp k_\]fliDli`_`blGXgXk`glI–eXe^X% K_\gcXenXjjlYj\hl\ekcpXnXi[\[X i\^`feXc\em`ifed\ekXcgcXee`e^XnXi[% K\I–eXe^XXjj`jk\[n`k_\og\ik`j\Xe[ ËeXeZ`Xcjlggfik%
2ESOURCE -ANAGEMENT I\jfliZ\DXeX^\d\ekXZk`m`k`\jfm\ik_\ gXjkp\Xi_Xm\`eZcl[\[1]fccfn`e^$lg feni`kk\ejlYd`jj`fejdX[\feki`YXccp j`^e`Ă‹ZXekZfej\ekjZfeZ\ie`e^k_\ NX`kXb`I`m\i#gi\gXi`e^Xe[gi\j\ek`e^ \m`[\eZ\Xk_\Xi`e^j]fiD\i`[`Xe <e\i^pCk[ĂƒjEfik_9XebKlee\cXe[ ?lek\i;fnej@ii`^Xk`feXe[eld\iflj fk_\iCfn\iNX`kXb``ii`^Xk`feZfej\ek *(
4HE RESULTS OF THE .Gi 7AI 0OUNAMU STUDY FOUND SELECTED 3OUTH )SLAND WATERWAY SITES TO BE IN A STATE OF MODERATE TO POOR CULTURAL HEALTH Xggc`ZXk`fej%E^Â `KX_ln`ke\jj\jXcjf jg\ekknf[Xpjgi\j\ek`e^k_\E^Â `KX_l ZXj\fggfj`e^k_\:\ekiXcGcX`ejNXk\i <e_XeZ\d\ekJZ_\d\%
-AHINGA +AI %NHANCEMENT K\I–eXe^XfE^ `KX_lĂ‹eXeZ`Xccp jlggfikjki`YXccpj`^e`Ă‹ZXekdX_`e^X bX`jg\Z`\jXe[j`k\ji\jkfiXk`fegifa\Zkj `eZcl[`e^k_\IXb`liXKÂŒkÂŒ@jcXe[jĂƒKiljk \o$:ifneKÂŒkÂŒ@jcXe[j #K\NX`_fiX#FkX^f 9l]]N\bX#BXlgXgXB\i\i–#K\Ifkff NX`i\nX#K\Ef_fXbXfKlb`XlXl&J`eZcX`i N\kcXe[j#DXkXliX&NX`bXnXBXeXbXeX gifk\Zk`feXe[D kX`kX`&KX` gli\ dfe`kfi`e^kffc[\m\cfgd\ek% BXlgXgXB\i\i–i\Z\ekcpcXleZ_\[Ă <b–b– k\b\i\i–1FiXc_`jkfi`\jXe[i\Z\eki\j\XiZ_ `ekfk_\9XebjG\e`ejlcXb\i\i–Â%K_\Yffb i\Zfi[jk_\jkfi`\j#fYj\imXk`fejXe[ d\dfi`\jf]k_\b\i\i–Ypi\j`[\ekjf] 9XebjG\e`ejlcX#Xcfe^n`k_i\j\XiZ_ feb\i\i–eldY\ij#]\\[`e^_XY`kjXe[ _XY`kXk%B\i\i–Xi\Zfej`[\i\[XkXfe^X YpE^ `KX_lXe[n\i\kiX[`k`feXccpfe\ f]k_\dfjk`dgfikXekdX_`e^XbX` jg\Z`\j%BXlgXgXB\i\i–`jXe`n`c\[# Zfddle`kp$YXj\[#dlck`$X^\eZpgifa\Zk k_XknXjj\klgkf`eZi\Xj\k_\eldY\iXe[ iXe^\f]b\i\i–feK\G kXbXfI bX`_Xlk–& 9XebjG\e`ejlcX%
3TATE OF THE 4AKIWi @e)''.#K\I–eXe^XfE^ `KX_l#`e ZfealeZk`fen`k_e^ GXgXk`glI–eXe^X# le[\ikffbXZlckliXc_\Xck_jkl[pf]Jflk_ @jcXe[nXk\inXpj%K_\jkl[pnXjX`d\[ XkhlXek`]p`e^_fnk e^XkXn_\elXm`\n k_\Zlii\ek_\Xck_f]k_\nXk\inXpj`eK\ NX`gfleXdl%Fe\_le[i\[]i\j_nXk\i j`k\j]ifd)'ZXkZ_d\ekjk_ifl^_flk K\NX`gfleXdln\i\Xjj\jj\[lj`e^ k_\Ă‚KXb`nÂ ĂƒZlckliXc\em`ifed\ekXc dfe`kfi`e^Xe[i\gfik`e^kffc%;\m\cfg\[ YpK\I–eXe^Xk_\kffcXccfnjk e^XkX n_\elXkfjpjk\dXk`ZXccpi\Zfi[#Zfcc\Zk# ZfccXk\Xe[i\gfikfek_\ZlckliXc_\Xck_f] j`^e`Ă‹ZXekj`k\j#eXkliXci\jfliZ\jXe[k_\ \em`ifed\ek#Xe[`ekliegcXpX^i\Xk\iifc\ `e\em`ifed\ekXcdXeX^\d\ek#k_ifl^_ *)
k_\lj\f]Xjg\Z`Xccp[\m\cfg\[[XkXYXj\ Xe[dfe`kfi`e^]fidj%Fm\iXcc#k_\i\jlckj f]k_\E^ NX`GfleXdljkl[p]fle[ j\c\Zk\[Jflk_@jcXe[nXk\inXpj`k\jkf Y\`eXjkXk\f]df[\iXk\kfgffiZlckliXc _\Xck_%@egXik`ZlcXi#k_\Xjj\jjd\ekjXe[ XeXcpj`jgf`ekkfnXi[jj`^e`ËZXek`jjl\j n`k_k_\dXeX^\d\ekf]k_\i`gXi`Xeqfe\ Xe[k_\`dgfikXeZ\f]k_`jXi\XXjYfk_ X_XY`kXk]fieXk`m\gcXekj#Y`i[j#Ëj_Xe[ fk_\in`c[c`]\Xe[XjXYl]]\i]ifdk_\ e\^Xk`m\`dgXZkjf]jliifle[`e^cXe[lj\% K_\i\gfiknXjj\ekkfXcc`n`Xlk_fi`k`\j# n`k_XeldY\if]`n`#`eZcl[`e^KX`el` Xe[K–n_Xi\kfX#`e[`ZXk`e^Xe`ek\i\jk kfY\^`edfe`kfi`e^gif^iXdd\j`ek_\`i fnekXb`n %I\j\XiZ_Xe[dXeX^\d\ek X^\eZ`\jXcjfn`j_kflj\k_\kffcXjgXik f]k_\`ifnedfe`kfi`e^gif^iXdd\j% K_\KXb`n kffcnXjgi\m`\n\[`ek_\ E\nQ\XcXe[JkXk\f]k_\<em`ifed\ek I\gfik)''.%
$EPARTMENT OF #ONSERVATION K_\X`df]K\8iXN_XbXdlX ;f:&E^ ` KX_l<dgcfpd\ekGifa\Zk `jkf`eZi\Xj\ E^ `KX_l\dgcfpd\ekn`k_`ek_\ ;\gXikd\ekf]:fej\imXk`fe%K_\i\gfik Xe[i\jgfej\gcXenXji\Z\ekcpËeXc`j\[ X]k\iXcfe^nfib`e^^iflggifZ\jjXe[ \eZfdgXjj\jgifXZk`m\d\k_f[j]fi `dgifm`e^k_\eldY\ijf]E^ `KX_l \dgcfp\\jk_ifl^_flkXccc\m\cjf] k_\;\gXikd\ek% K_\XeelXc_l`]fiE^ `KX_l i\gi\j\ekXk`m\jfe:fej\imXk`fe9fXi[j# I‘g–BX`k`Xb`#Jg\Z`\jI\Zfm\ip>iflgj# Xe[i–eXe^Xd\dY\ijnfib`e^n`k_ ;f:nXj_\c[XkE^ k`N_\b\dXiX\Xe[ Yifl^_kkf^\k_\iXe`ek\i\jk`e^iXe^\f] jg\Xb\ijXe[`jjl\jkf^l`[\Xe[`e]fid fliZfej\imXk`fenfib%
(ERITAGE ?\i`kX^\i\cXk\[nfibZfek`el\jkf ĂŒfli`j_Xe[b\pXZk`m`k`\j`ek_\gXjkp\Xi `eZcl[\[iX]k`e^X?\i`kX^\DXeX^\d\ek =iXd\nfib]fig\\ii\m`\n#i\j\XiZ_`e^ Xe[i\Zfi[`e^gcXZ\eXd\jjkfi\[fek_\
ki`YXc>@J#Xe[Zffi[`eXk`e^Xj\i`\jf] i\^`feXc_\i`kX^\`e]fidXk`fe_l`n`k_ k_\?`jkfi`ZGcXZ\jKiljkXe[D`e`jkipf] :lckli\Xe[?\i`kX^\%K_\nfibi\j\XiZ_`e^ Xe[i\Zfi[`e^gcXZ\eXd\jXe[j`k\jn`k_ flimXcl\[bXld klXX[m`jfij`jY\`e^ \dYiXZ\[YpE^ `KX_ln_ eXlXe[n`cc \ok\e[fm\ik_\dfkl`ek_\Zfd`e^p\Xij%
"OUNDARY 5PDATE 8]k\iX)'$p\Xi_`jkfipf]c`k`^Xk`feXe[ [`jglk\k_\Yfle[Xi`\j`jjl\_Xjefn \ek\i\[`kĂƒjg\elck`dXk\jkX^\j%K_\ NX`kXe^`Ki`YleXci\c\Xj\[Xe`ek\i`d i\gfikfeK\KXl@_l`n``ek\i\jkjn`k_`e k_\E^ `KX_lkXb`n `eJ\gk\dY\i)''. NX`./,Ef%) #Ă‹e[`e^k_Xkj`of]k_\ \`^_k`n`_X[i`^_kjn`k_`ek_\kXb`n 2fe k_\<Xjk:fXjkE^ k`KfXXe[IXe^`k e\# \ok\e[`e^kfk_\NX`XlKfXXe[fek_\ N\jk:fXjk#E^ k`8gX#E^ k`IXilX#E^ k` KXdXXe[K\wk`XnXgfjj\jj`e^i`^_kj ]ifdBXnXk`i`efik_nXi[%K\I–eXe^X i\jfcm\[`e;\Z\dY\i)''.kfZ_Xcc\e^\ k_\Ki`YleXci\gfik`ek_\Zflikjfek_\ ^ifle[jk_Xkk_\Ki`YleXc_X[dX[\ j`^e`Ă‹ZXek\iifijf]cXnXe[]XZk#Xe[ k_Xk`knXj`dgfikXekkflg_fc[k_\ jlZZ\jj`m\al[`Z`Xc[\Z`j`fejk_Xk]fle[ E^ `KX_lkf_Xm\\oZclj`m\dXeXn_\elX n`k_`ek_\kXb`n %K_\ZXj\n`ccY\_\Xi[ `e=\YilXip)''0%K_\`n`f]K\KXl@_l _Xm\XcjfY\\e`e[`i\Zke\^fk`Xk`fejn`k_ k_\:ifnei\^Xi[`e^k_\`i_`jkfi`ZXcKi\Xkp J\kkc\d\ekj%K\I–eXe^XXe[k_\GXgXk`gl I–eXe^Xn_fXi\^lXi[`Xejf]k_\Efik_\ie 9fle[Xip[fefk_Xm\X]fidXci`^_kkf gXik`Z`gXk\`ek_\j\e\^fk`Xk`fej#Ylk_Xm\ Y\\eXZk`m\cpgif^i\jj`e^gfc`k`ZXc`eĂŒl\eZ\ jkiXk\^`\jXe[\e^X^`e^[`i\Zkcpn`k_k_\ `n`dX`ekX`e`e^k_\\oZclj`m\eXkli\f] E^ `KX_li`^_kjn`k_`ek_\kXb`n %@k`j Xek`Z`gXk\[k_Xkk_\Ki\XkpJ\kkc\d\ek e\^fk`Xk`fejn`ccY\ZfeZcl[\[`e()$)+ dfek_j#[li`e^n_`Z_\ok\ej`m\i\jfliZ\j n`ccY\[\[`ZXk\[kfgifk\Zk`e^k_\`ek\^i`kp Xe[Ă‹eXc`kpf]k_\E^ `KX_lJ\kkc\d\ek# Xe[k_\\oZclj`m\dXeXn_\elXf]E^ ` KX_lfen_`Z_`knXjYXj\[%
'%.4)!. 02/*%#4
'ENTIAN 0ROJECT IS AN EXCITING AND SUCCESSFUL BUSINESS INITIATIVE SET UP BY (OKONUI 2~NANGA AND 4E 2~NANGA O .GiI 4AHU K_\gifa\Zkn_`Z_Y\^Xe@e)''*n_\e *'''^\ek`XegcXekjn\i\gcXek\[kf Xccfnk_\i–eXe^Xkf^X`eXjlYjkXek`Xc k\Z_efcf^pkiXej]\if]\og\i`\eZ\`e ĂŒfi`Zlckli\Xe[`egXik`ZlcXi^\ek`Xe ^ifn`e^%8]lik_\i,'''^\ek`Xejn\i\ gcXek\[`e)''-%K_`jj\Xjfe#ĂŒfn\ij n\i\jlggc`\[kfdXib\kjk_ifl^_flk E\nQ\XcXe[Xe[k_\)''0Zifgn`ccY\ f]XhlXek`kpXe[hlXc`kpjl`kXYc\]fi \ogfikdXib\kj#\jg\Z`XccpAXgXe% K_\jg\ZkXZlcXi^\ek`XeĂŒfn\i`jX eXk`m\f]k_\Jflk_@jcXe[Xjn\ccXj Y\`e^]fle[`eXmXi`\kpf]k_\nfic[Ăƒj ZffcZc`dXk\i\^`fej%E\nQ\XcXe[ \ogfikj^\ek`XejkfAXgXe`ek_\`i f]]$j\Xjfen_\i\Yfk_k_\ZlkĂŒfn\ij Xe[gfkk\[gcXekjXi\_`^_cpjfl^_k X]k\i%GfglcXi]fiĂŒfiXcXiiXe^\d\ekj# ^\ek`XejXi\XcjfkiX[`k`feXccpf]]\i\[Yp 9l[[_`jkjXkk_\XckXijf]k_\`iXeZ\jkfij%
K_\gifa\Zk_Xjk_i`m\[[l\kfk_\cfe^$ k\idZfdd`kd\ekXe[jlggfik]ifd `kj_`^_cpdfk`mXk\[gifa\Zkk\Xdn_f _Xm\nfib\[_Xi[kfj\Zli\`kjjlZZ\jj% K\I–eXe^Xgifm`[\jfe^f`e^ jlggfikk_ifl^_Ki`YXcJ\im`Z\j@n` 9lj`e\jj;\m\cfgd\ekDXeX^\i# AfXeDZJn\\e\p%Ki`YXcJ\im`Z\jXcjf ]le[jk_\Z_X`igfj`k`fef]?fbfel` I–eXe^X=cfi`Zlckli\Ck[%K_\ZfdgXep `jclZbpkf_Xm\9`ccI`jb#XeX^i`ZlckliXc giXZk`k`fe\if]jfd\*'p\XijXj`kj Zlii\ekZ_X`i%Gifa\ZkDXeX^\iI\n` 8e^c\d`jXZ_`\m`e^i\dXibXYc\ i\jlckjn`k_k_\efkfi`fljcp[`]ËZlck kf^ifn^\ek`Xej%I–eXe^XDXeX^\i K\iipE`Z_fcXjXe[DXij_Xcc?f]]dXe# gifm`[\X[d`e`jkiXk`m\Xe[ËeXeZ`Xc jb`ccjXe[^l`[XeZ\%
K_\]lkli\]fik_\^\ek`XeYlj`e\jj`j cffb`e^^ff[n`k_fe^f`e^cfe^$k\id fggfikle`k`\j#`eZcl[`e^i\j\XiZ_ Xe[[\m\cfgd\ek]fie\nZlck`mXij f]^\ek`Xe]ifdeXk`m\ĂŒfiX%E\n Zlck`mXijn`ccb\\gZffcZc`dXk\ĂŒfn\ij ]ifdJflk_cXe[Xe[?fbfel`I–eXe^X =cfi`Zlckli\Ck[`ek_\]fi\]ifekf] Yfk_cfZXcXe[gfjj`Ycp`ek\ieXk`feXc dXib\kj#`ekfk_\]fi\j\\XYc\]lkli\% GifĂ‹kj^\e\iXk\[n`ccY\lj\[Yp ?fbfel`I–eXe^X=cfi`Zlckli\Ck[kf [\m\cfgXe[\ogXe[k_\Ylj`e\jjXe[ k_`jn`cc\eXYc\gifĂ‹k[`jki`Ylk`fejkf Y\dX[\kf?fbfel`I–eXe^X]fik_\ Y\e\Ă‹kf]k_\`id\dY\ij% K_`jgifa\ZkXcjfi\Z\`m\jfe^f`e^ Ă‹eXeZ`Xcjlggfik]ifdk_\D`e`jkipf] JfZ`Xc;\m\cfgd\ekXe[K\Gle`B‘b`i`%
**
%MISSIONS 4RADING 3CHEME K_\<d`jj`fejKiX[`e^JZ_\d\`j[\j`^e\[ kf`dgc\d\ekE\nQ\XcXe[ĂƒjfYc`^Xk`fej le[\ik_\BpfkfGifkfZfc#Xe`ek\ieXk`feXc ki\Xkp`ek\e[\[kfi\[lZ\ZXiYfe\d`jj`fej `ek\ieXk`feXccpk_ifl^_XĂ‚ZXgXe[kiX[\Ăƒ jZ_\d\k_Xk\eXYc\j`e[ljkipkfYlpXe[ j\ccĂ‚ZXiYfele`kjĂƒkff]]j\kk_\`iZXiYfe \d`jj`fej%@eE\nQ\XcXe[#`e[ljkipn`cc Y\g_Xj\[`ekfk_\jZ_\d\n`k_]fi\jkip Y\`e^k_\Ă‹ijk\ekiXek%K_\`dgc`ZXk`fej ]fi]fi\jkipXi\k_XkcXe[fne\ijf] \ofk`Z]fi\jkj\jkXYc`j_\[gi\$(00'n`cc ]XZ\j`^e`Ă‹ZXekg\eXck`\j#`ek_\]fid f]ZXiYfekXo\j#]fi[\]fi\jk`e^k_\`i cXe[%E^ `KX_l_Xj\ok\ej`m\gi\$(00' ]fi\jkcXe[_fc[`e^j#fYkX`e\[le[\i k_\J\kkc\d\ek#Xe[n`cc\og\i`\eZ\ j`^e`Ă‹ZXekZfdd\iZ`XccfjjXjXi\jlckf] k_\jZ_\d\%K_\gi\al[`Z\`j_\`^_k\e\[ Y\ZXlj\E^ `KX_lgliZ_Xj\[k_\cXe[jXk Y\jkdXib\kgi`Z\]ifdk_\:ifne#n_\e k_\^fm\ied\ekf]k_\[Xpnflc[_Xm\ befnek_XkXe\d`jj`fejkiX[`e^jZ_\d\ nflc[Y\`ekif[lZ\[`ek_\e\Xi]lkli\# Xe[k_Xk`knflc[j`^e`Ă‹ZXekcp\if[\k_\ mXcl\f]k_\cXe[jY\`e^gliZ_Xj\[%K\ I–eXe^X_XjY\\eXZk`m\cp\e^X^\[n`k_ k_\^fm\ied\ek\ogcfi`e^X]X`ii\jgfej\ kfk_\cfjjn\n`cc\og\i`\eZ\#Xe[_Xj `[\ek`Ă‹\[XiXe^\f]]lkli\X[mfZXZp jkiXk\^`\jkfgifk\Zkk_\mXcl\f]k_\ E^ `KX_lJ\kkc\d\ek%
.GiI 4AHU 2OCK !RT 4RUST 4(% 4!+)2/! !.$ -!%2%7(%.5! 2%6)4!,)3!4)/. 02/*%#4
@e;\Z\dY\i)''.k_\KiljkZfdgc\k\[X af`ekgifa\Zkn`k_K\I–eXe^XfDf\iXb` kfj`^e`ËZXekcp`dgifm\k_\gi\j\ekXk`fe Xe[ZXi\f]KXb`ifXXe[DX\i\n_\elX# knfki`YXccpX[d`e`jk\i\[ifZbXikj`k\j`e k_\NX`kXb`MXcc\p%M`j`k\[Ypdfi\k_Xe *'#'''g\fgc\XeelXccp#k_\j\knfglYc`Zcp XZZ\jj`Yc\j`k\jgifm`[\Xe`dgfikXek fggfikle`kpkf\[lZXk\g\fgc\XYflkk_\ ZlckliXcj`^e`ËZXeZ\f]ifZbXik#Xe[kf j\kk_\Y\eZ_dXib`ek_\`ek\igi\kXk`fe# gi\j\ekXk`feXe[dXeX^\d\ekf]ifZb
*+
Xikj`k\j%8^iXekf])'#''']ifdk_\ E^ `KX_l=le[Xccfn\[k_\Kiljkkf j\Zli\X]lik_\i-'#'''kfZfdgc\k\k_\ gifa\Zk#n_`Z_`eZcl[\[k_\`ejkXccXk`fef] j`^eX^\#gXk_nXpj#jkfZb$giff]^Xk\jXe[ ]\eZ`e^#Xe[k_\i\gcXZ\d\ekf]gifk\Zk`m\ ZX^`e^%K_\i\`ekif[lZk`fef]eXk`m\gcXek jg\Z`\jkfk_\j`k\j#Xe[k_\Zi\Xk`fef] bXelbXjkXb\]\eZ`e^Xe[Zfek\dgfiXip `ek\igi\k`m\gflXi\[\j`^e\[kf\e_XeZ\ k_\n`[\iZlckliXcZfek\okf]k_\j`k\j#Xe[ kf\ejli\k_Xkk_\pi\ĂŒ\ZkXjkife^E^ ` KX_lgi\j\eZ\%
!HO 0ROJECT 8Zfdd\iZ`Xcgifa\Zklj`e^E^Â `KX_l DÂ fi`IfZb8ik`dX^\ipXe[8^I\XiZ_ `eefmXk`m\be`kk`e^k\Z_efcf^p%8iXe^\ f]_`^_hlXc`kp^Xid\ekj#le[\ik_\YiXe[ eXd\8_f#nnn%X_fZi\Xk`fej%Zfd# nXjcXleZ_\[XkK\GXgX`eDXiZ_%8_f# d\Xe`e^k_i\X[#jkiXe[fic`e\_XjXc`k\iXc Zfee\Zk`fen`k_k_\n\Xm`e^f]]XYi`Z% @ek_`jgifa\Zk8_fXcjfjpdYfc`j\jk_\ n\Xm`e^kf^\k_\if]ZlckliXcki\Xjli\j# Zi\Xk`m`kpXe[Zfdd\iZ\%K_\e\okg_Xj\ f]k_\gifa\Zkn`ccZfek`el\kfZ_Xcc\e^\ k_\Yfle[Xi`\jkf[\m\cfgXeXlk_\ek`Z E^Â `KX_lDÂ fi`Ylj`e\jj%
,EGAL )''.$)''/_XjYifl^_kXYflkZ_Xe^\j n`k_`ek_\k\XdXjn\ccXjXi\cfZXk`fef] k_\k\Xd]ifdKf`k–k\N_\elXkfk_\ e\nJ\Zi\kXi`XkXe[>iflgDfe`kfi`e^ k\Xd%N\cffb]finXi[kfk_\jffekfY\ Xggf`ek\[C\^XcDXeX^\ikfc\X[flik\Xd Xe[YffjkflieldY\ijXe[ZXgXY`c`k`\j% Jfd\_`^_c`^_kj]fik_\p\Xi`eZcl[\[1 K_\Zfdgc\k`fef]XccZ_Xi`kXYc\\ek`kp Xggc`ZXk`fej#fek`d\#kfk_\:_Xi`k`\j :fdd`jj`fe#feY\_Xc]f]k_\ K\I–eXe^X^iflg\ek`k`\jXe[ GXgXk`glI–eXe^X\ek`k`\j2 Fe^f`e^c\^Xcjlggfikkfk_\F]ËZ\ f]K\I–eXe^XfeXn`[\iXe^\f] `jjl\j`eZcl[`e^Xdfe^fk_\ij1k_\ <c\ZkfiXcGfc`Zp#^fm\ieXeZ\#i\jfliZ\ dXeX^\d\ek#ZfdgXe`\jXe[Z_Xi`k`\j
X[d`e`jkiXk`feXe[Zfdgc`XeZ\# `ek\cc\ZklXcgifg\ikp#kiX[\dXibjXe[ k_\gifm`j`fef]^\e\iXcjlggfikXe[ Xjj`jkXeZ\kfe^ GXgXk`glI–eXe^X Xe[XjjfZ`Xk\[\ek`k`\j%
/52 0520/3%
4O BE AN OUTSTANDING .GiI 4AHU INVESTMENT COMPANY CREATING WEALTH FOR OUR IWI 0APATIPU 2~NANGA HAP~ AND WHiNAU OWNERS AND RESPECTING AND CONTRIBUTING TO THE MANA OF .GiI 4AHU IN ALL THAT WE DO E^`KX_l?fc[`e^j>iflg>fm\ieXeZ\ *I\gfik]ifdk_\:_X`iXe[:_`\]Fg\iXk`e^F]ËZ\i */ E^`KX_l?fc[`e^j>iflgI\jlckjXkX>cXeZ\ *0 =`eXeZ`XcG\i]fidXeZ\Fm\im`\n +) Gif^i\jjX^X`ejkfliJkiXk\^`Z;`i\Zk`fe +, E^`KX_l:Xg`kXc +E^`KX_lGifg\ikp +/ E^`KX_lJ\X]ff[ ,' E^`KX_lKfli`jd ,) E^`KX_l?fc[`e^j>iflg E\n@em\jkd\ekj8jj\kjGfik]fc`f ,+ E^`KX_l?fc[`e^j>iflg <o`jk`e^@em\jkd\ekj8jj\kjGfik]fc`f ,,
*,
.GiI 4AHU (OLDINGS 'ROUP 'OVERNANCE 4HE ROLE OF THE .GiI 4AHU (OLDINGS 'ROUP "OARD IS TO ENSURE THE COLLECTIVE IWI ASSETS AND BUSINESSES UNDER ITS GOVERNANCE ARE PRUDENTLY MANAGED AND OPERATING PRO½TABLY AND EF½CIENTLY
.'_) 4!(5 (/,$).'3 '2/50 $)2%#4/23
=ifdc\]k1 DXibJfcfdfe i\j`^e\[ ;feXc[:flZ_ C`e[X:fejkXYc\ NXccpJkfe\ :_X`i IfjjB\\eXe DXibKld\
*-
4HE .GiI 4AHU (OLDINGS 'ROUP "OARD IS COMPRISED OF &OUR INDEPENDENT DIRECTORS APPOINTED BY 4E 2~NANGA O .GiI 4AHU FOR THEIR RELEVANT COMMERCIAL SKILLS AND EXPERIENCE 4WO 4E 2~NANGA O .GiI 4AHU REPRESENTATIVES APPOINTED BY 4E 2~NANGA O .GiI 4AHU TO REPRESENT OUR SHAREHOLDER ON BEHALF OF .GiI 4AHU WHiNUI
7ALLY 3TONE #HAIR
$ONALD #OUCH
-ARK 3OLOMON
NXccpnXjXggf`ek\[kfk_\9fXi[`e Ale\)''-%
;feXc[:flZ_nXjXggf`ek\[kfk_\ 9fXi[f]E^`KX_l?fc[`e^j>iflg`e 8gi`c)''/%;feXc[^i\nlg`eIgXb`% 8]k\iXkk\e[`e^jZ_ffc`eCpkk\ckfeXe[ :_i`jkZ_liZ_#;feXc[^iX[lXk\[n`k_X98 Xe[D8Xk:Xek\iYlipLe`m\ij`kp:fcc\^\# Le`m\ij`kpf]E\nQ\XcXe[%8e\ok\e[\[ F<`e:XeX[X]fi*'p\Xij#dfjkcp`e gfcpk\Z_e`ZdXeX^\d\ek#\m\eklXccpc\[ kf_`ji\klieXe[g\idXe\eki\j`[\eZ\ X^X`e`eIgXb`%
RESIGNED 3EPTEMBER
NXccpZlii\ekcpj\im\jXjZ_X`ifek_\ ]fccfn`e^YfXi[j1N_Xc\NXkZ_BX`bliX Xe[BX`bliX@em\jkd\ekKiljkCk[Xj n\cc_Xj_fc[`e^XeldY\if]fk_\i [`i\Zkfij_`gjf]Yfk_gifËkXe[efk$ ]fi$gifËkfi^Xe`jXk`fej%Gi\m`fljcp NXccpnXjX]fle[`e^d\dY\if]E^` KX_l;\m\cfgd\ek:figfiXk`fe]ifd (00.$(000_fc[`e^k_\gfj`k`fef] ;\glkp:_X`i%
,INDA #ONSTABLE C`e[XnXjXggf`ek\[kfk_\9fXi[`e AXelXip)'',%C`e[X`jXgif]\jj`feXc ZfdgXep[`i\ZkfiXe[Zfd\j]ifdXc\^Xc giXZk`Z\YXZb^ifle[% C`e[XnXj`emfcm\[n`k_k_\Ki\Xkp e\^fk`Xk`fejfeY\_Xc]f]E^`KX_l]ifd (00-kf(00/#X]k\in_`Z_j_\af`e\[ k_\F]ËZ\f]K\IeXe^XfE^`KX_lXj BX`n_XbX_X\i\f]BXlgXgXKX`Xf]ifd (00/kf)'')% C`e[X`jX[`i\Zkfif]E\nQ\XcXe[IX`cnXpj :figfiXk`feC`d`k\[#B`n`iX`c?fc[`e^jXe[ `kjjlYj`[`XipZfdgXe`\j#Xd\dY\if]k_\ <c\Zki`Z`kp:fdd`jj`fe#Xe[Xkiljk\\f] k_\:_i`jkZ_liZ_8ikj=\jk`mXcKiljk%
-ARK 4UME DXibKld\`jXgif]\jj`feXcZfdgXep [`i\ZkfiXggf`ek\[kfk_\9fXi[f]E^` KX_l?fc[`e^j>iflg`e8l^ljk)'',% DXib_fc[jXeldY\if][`i\Zkfij_`gj `eZcl[`e^2KiXejgfn\iE\nQ\XcXe[ C`d`k\[#K_\E\nQ\XcXe[I\Ëe`e^ :fdgXepC`d`k\[#@e]iXk`cC`d`k\[Xe[ K_\9fXi[f]k_\>lXi[`Xejf]E\n Q\XcXe[Jlg\iXeelXk`fe%DXibnXj]fid\i gi\j`[\ekf]k_\E\nQ\XcXe[=`eXeZ`Xc DXib\kj8jjfZ`Xk`fe%
8ggf`ekd\ekXjk_\E^`KX_l i\gi\j\ekXk`m\kfk_\C`eZfceLe`m\ij`kp :fleZ`c`e)''+c\[kf_`j\c\Zk`feXj Gif$:_XeZ\ccfif]C`eZfceLe`m\ij`kp% ;feXc[nXj\c\Zk\[;\glkp BX`n_XbX_X\i\f]K\IeXe^XfE^` KX_l`eAlcp)''+Xe[\eafpjYXcXeZ`e^ _`jk`d\Xe[dX_`Y\kn\\en_eXl# _XgXe[`n`i\jgfej`Y`c`k`\j%
2OSS +EENAN Ifjj`jXgif]\jj`feXcZfdgXep[`i\Zkfi Xggf`ek\[kfk_\E^`KX_l?fc[`e^j >iflg9fXi[`eAXelXip)'',%
DXibJfcfdfenXjXggf`ek\[kfk_\ 9fXi[f]E^`KX_l?fc[`e^j>iflg `e8gi`c)''/%?\nXj\c\Zk\[Xj BX`n_XbX_X\i\f]K\IeXe^Xf E^`KX_l`e(00/% DXib_XjY\\e`emfcm\[n`k_E^`KX_l d\\k`e^jj`eZ\(0//Xe[n`k_k_\ BX`bliXIeXe^Xj`eZ\(00+%?\nXj \c\Zk\[Xjk_\BX`bliXK\IeXe^Xf E^`KX_li\gi\j\ekXk`m\`e(00,Xe[ XcjfXKiljk\\f]k_\KXbX_Xe^XDXiX\% DXibj\im\[fek_\YfXi[f]k_\Dlj\ld f]E\nQ\XcXe[#K\GXgXKfe^Xi\nX]ifd )''(kf)''.%
IfjjnXjX]fid\i[`i\Zkfif]J_fkfm\i A\kC`d`k\[Xe[_XjXjkife^YXZb^ifle[ `eXm`Xk`fe#_\Xck_#k\Z_efcf^p#ËeXeZ\# `e]iXjkilZkli\#gifg\ikpXe[kiXejgfik% Ifjj_XjZfej`[\iXYc\^fm\ieXeZ\Xe[ dXeX^\d\ek\og\i`\eZ\%?`jZlii\ek Xggf`ekd\ekj`eZcl[\1:_X`if]E\n Q\XcXe[JkfZb<oZ_Xe^\ZfdgXep#8cc`\[ Nfib=fiZ\>iflgCk[#D\kifNXk\i C`d`k\[Xe[E^`KX_lKfli`jdCk[% ?\`jX;`i\Zkfif]FZ\Xe`X8kkiXZk`fej Ck[Xe[KflZ_[fneC`d`k\[% ?`jZXi\\i\og\i`\eZ\nXjcXi^\cpn`k_8`i E\nQ\XcXe[Xe[HXekXjXe[`eZcl[\[ dXeX^\d\ekXe[^fm\ieXeZ\gfj`k`fej`e 8ljkiXc`X#E\nQ\XcXe[#=`a`#Cfj8e^\c\j Xe[Cfe[fe% ?\i\k`i\[]ifdHXekXj`eCfe[feXkk_\ \e[f](000%
*.
2EPORT FROM THE #HAIR AND #HIEF /PERATING /F½CER 4HE OPERATING PERFORMANCE ACHIEVED IN THAT IS THE PRO½TS GENERATED FROM THE DAY TO DAY RUNNING OF THE BUSINESSES EXCLUDING ONE OFF TRANSACTIONS SUCH AS SALE OF ASSETS IS THE 'ROUP´S BEST RESULT YET ACHIEVING AN /PERATING 3URPLUS OF M FOR THE YEAR
4HE .GiI 4AHU (OLDINGS 'ROUP "OARD AND %XECUTIVE ARE PLEASED TO BE ABLE TO REPORT CONTINUED IMPROVEMENTS IN .GiI 4AHU (OLDINGS 'ROUP´S PERFORMANCE IN THIS THE TH YEAR POST SETTLEMENT
4HIS RESULT HAS BEEN ACHIEVED BY CONTINUING TO KEEP A STRONG FOCUS ON OUR DAY TO DAY OPERATIONS 4HE .GiI 4AHU (OLDINGS 'ROUP "OARD IS COMMITTED TO ENSURING THE 'ROUP HAS ONGOING RELIABLE INCOME STREAMS TO MEET IT´S DISTRIBUTION OBLIGATIONS TO 4E 2~NANGA O .GiI 4AHU AND TO ALLOW FOR CONTINUED GROWTH WHILE MAINTAINING MANAGEABLE LEVELS OF DEBT 4HIS RESULT REPRESENTS A SIGNI½CANT IMPROVEMENT IN OPERATING PERFORMANCE AND SHOULD GIVE ALL .GiI 4AHU WHiNUI CON½DENCE THAT THE "OARD AND EXECUTIVE OF .GiI 4AHU (OLDINGS 'ROUP ARE BRINGING THEIR COMMERCIAL EXPERTISE TO BEAR FOR THE BENE½T OF THE IWI /N TOP OF THIS RESULT M OF PROPERTY REVALUATIONS M OF WHICH WERE DEVELOPMENT MARGINS FROM COMMERCIAL PROPERTIES DEVELOPED AND HELD HAS RESULTED IN A 4OTAL .ET 3URPLUS OF M ! FURTHER ACHIEVEMENT IN THIS TH YEAR POST SETTLEMENT IS THAT THE P~TEA 3HAREHOLDER %QUITY HAS ALMOST TRIPLED SINCE SETTLEMENT )N 4E 2~NANGA O .GiI 4AHU LOANED THE .GiI 4AHU #HARITABLE 4RUST M .GiI 4AHU (OLDINGS 'ROUP HAS GROWN THAT P~TEA TO M EXCLUDING THE 4REATY OF 7AITANGI &ISHERIES 3ETTLEMENT ASSETS AS THESE ARE HELD OUTSIDE OF .GiI 4AHU (OLDINGS 'ROUP !LL IN ALL THE YEAR HAS BEEN A STRONG YEAR FOR .GiI 4AHU (OLDINGS 'ROUP AND ONE THAT APPROPRIATELY CELEBRATES THE TH ANNIVERSARY OF .GiI 4AHU´S SETTLEMENT WITH THE #ROWN
! 9EAR IN 2EVIEW K_\>iflgjkXik\[k_\p\Xin`k_Xjkife^ YXcXeZ\j_\\k]fccfn`e^k_\jXc\f]XcXi^\ gXiZ\cf]IpdXe?\Xck_ZXi\j_Xi\j`e =\YilXip)''.Xe[k_\>iflgÃj`dgifm`e^ fg\iXk`e^g\i]fidXeZ\`ek_\gi\m`flj ËeXeZ`Xcp\Xi% K_\\Xicpdfek_jf]k_\ËeXeZ`Xcp\XijXn k_\>iflg\ek\i`e^`ekfjfd\f]k_\dfjk j`^e`ËZXek`em\jkd\ekj`e`kjYi`\]_`jkfip kf[Xk\%;`jZljj`fejjkXik\[YpE^`KX_l Gifg\ikpn`k_C`eZfceLe`m\ij`kpXe[k_\ :_i`jkZ_liZ_:`kp:fleZ`c`ek_\gi\m`flj ËeXeZ`Xcp\Xi#hl`Zbcpi\jlck\[`eaf`ek m\ekli\j\Xicp`ek_\e\nËeXeZ`Xcp\Xi% 9fk_f]k_\j\af`ekm\ekli\j[\dfejkiXk\ k_\^ifn`e^ZfeË[\eZ\Xe[n`cc`e^e\jj f]glYc`Zj\Zkfifi^Xe`jXk`fejkfgXike\i n`k_E^`KX_lfeb\p`e]iXjkilZkli\ Xe[]XZ`c`k`\jgifa\Zkj%K_\:_i`jkZ_liZ_ :`kp:fleZ`cXe[C`eZfceLe`m\ij`kp af`ekm\ekli\jYl`c[lgfefli\o`jk`e^ i\cXk`fej_`gjn`k_E\nQ\XcXe[Gfc`Z\Xe[ k_\;\gXikd\ekf]:flikj% K_\af`ekm\ekli\X^i\\d\ek\ek\i\[ `ekfYpE^`KX_lGifg\ikpXe[k_\ :_i`jkZ_liZ_:`kp:fleZ`c]fik_\e\n :_i`jkZ_liZ_:`m`Z9l`c[`e^`jk_\cXi^\jk j`e^c\`em\jkd\ekE^`KX_lGifg\ikp _XjdX[\%@k`jXj`^e`ËZXekgifa\Zk]fik_\ ZfdgXepefkfecp`ek\idjf]k_\j`q\f] k_\`em\jkd\ekXe[k_\eXkli\f]k_\af`ek m\ekli\YlkXcjfY\ZXlj\f]k_\jZXc\ f]k_\[\m\cfgd\ekXe[k_\]XZkk_Xk n_\eZfdgc\k\[k_\e\n:_i`jkZ_liZ_ :`m`Z9l`c[`e^n`ccY\fe\f]k_\_`^_\jk iXk\[jljkX`eXYcp[\j`^e\[Yl`c[`e^j`e E\nQ\XcXe[% E^`KX_lKfli`jdjkXik\[ZfejkilZk`fe f]k_\=iXeqAfj\]>cXZ`\i?fkGffcj`e Efm\dY\i)''.%K_\kfli`jdjkXik$lg gifa\Zki\gi\j\ekjXe\oZ`k`e^X[[`k`fe kfk_\ZfdgXepÃj\o`jk`e^Ylj`e\jj XZk`m`k`\j`ek_\kfnej_`gXe[`jj\\eXjX n\cZfd\X[[`k`feYpk_\cfZXcZfddle`kp% :fejkilZk`fef]k_\gffcj`jXek`Z`gXk\[kf Y\Ëe`j_\[`eEfm\dY\i)''/% E^`KX_lJ\X]ff[Ãj]fZlj_XjY\\e kfX[[i\jjXjj\kjk_Xk_Xm\efkY\\e
*/
Zfi\]fZljfi_Xm\kiX[`k`feXccple[\i$ g\i]fid\[#\`k_\iklie`e^Xifle[ g\i]fidXeZ\fi[`jgfj`e^f]Xjj\kj% K_`j_Xj`eZcl[\[k_\jXc\f]k_\JXnp\ij 9XpgifZ\jj`e^]XZ`c`kpXe[M`X[lZk 9Xj`ei\kX`cjkfi\% K_\i\cXk`m\cp_`^_E\nQ\XcXe[[fccXi X^X`ejkk_\LJ[fccXi]fik_\dXafi`kpf] k_\p\Xid\Xekk_XkE^ `KX_lJ\X]ff[ Zfek`el\[kffg\iXk\`ekip`e^\ogfik Zfe[`k`fej#_fn\m\iXYlfpXekcfYjk\i dXib\ki\jlck\[`ek_\ZfdgXepY\`e^ XYc\kfXZ_`\m\i\Zfi[jXc\jgi`Z\jXe[ i\m\el\Ă‹^li\j[\jg`k\k_\jcfn`e^ ^cfYXc\Zfefdp% K_\]fZljfefg\iXk`feXcg\i]fidXeZ\_Xj i\jlck\[`eflij\X]ff[ZfdgXep_Xm`e^ `kjY\jkp\Xi\m\i#Y\Xk`e^`kjgi\m`flj Y\jki\jlckYpXj`^e`Ă‹ZXekdXi^`eXe[ XZ_`\m`e^Xefg\iXk`e^i\jlckf]()%-(d% K_\E^ `KX_l?fc[`e^j>iflg9fXi[ nflc[c`b\kfZfe^iXklcXk\E^ `KX_l J\X]ff[fek_`jflkjkXe[`e^XZ_`\m\d\ek Xe[XZbefnc\[^\k_\nfibk_Xk_Xj^fe\ `ekfXZ_`\m`e^k_`ji\jlck% @eEfm\dY\i)''.#E^ `KX_l?fc[`e^j >iflgnXjgc\Xj\[kf\ek\i`ekfXe X^i\\d\ekn`k_`kjKX`el`Zflek\igXik# KX`el`>iflg?fc[`e^j%K_\X^i\\d\ek ZfeZcl[\[dfek_jf][`jZljj`fej`e gXiXcc\cn`k_[`jZljj`fejY\kn\\ek_\knf `n`Ăƒjc\X[\ijXe[`j\m`[\eZ\f]k_\knf `em\jkd\ekZfdgXe`\jĂƒ[\j`i\kf\Z_fk_\ Xjg`iXk`fejf]k_\`iki`YXcc\X[\ijkfnfib dfi\Zcfj\cpkf^\k_\i%K_\X^i\\d\ek \jkXYc`j_\[XYXj`j]fiZf$`em\jkd\ekj Y\kn\\eKX`el`>iflg?fc[`e^jXe[ flij\cm\jXe[n\]\\cZfeĂ‹[\ekk_`j`jk_\ jkXikf]Xcfe^Xe[gfj`k`m\i\cXk`fej_`g efkfecp]fifliknfi\jg\Zk`m\`n`#Ylk lck`dXk\cp]fik_\D fi`\ZfefdpXe[ `n`bXkfX% K_`jnXj]fccfn\[`e=\YilXip)''.Yp k_\Ă‹ijki\Xc`jXk`fef]Xaf`ek`em\jkd\ek XjKX`el`>iflg?fc[`e^jXe[flij\cm\j Yfl^_kYXZbk_\- j_Xi\gXiZ\c`e IpdXe?\Xck_ZXi\jfc[k_\gi\m`fljp\Xi% K_\X[mXekX^\fljgi`Z\Xe[k_\XY`c`kp kfaf`ekcpgliZ_Xj\k_\\ek`i\- j_Xi\
gXZbX^\i\gi\j\ek\[Xgfj`k`m\jkXikkffli Zf$`em\jkd\ekXZk`m`k`\j% 9pgliZ_Xj`e^k_\j_Xi\gXiZ\caf`ekcp n`k_KX`el`>iflg?fc[`e^j#E^ `KX_l ?fc[`e^j>iflgnXjXYc\kfdXeX^\k_\ `dgXZkfe`kĂƒjYXcXeZ\j_\\kn_`c\Xcjf XZ_`\m`e^k_\Y\e\Ă‹kjXjjfZ`Xk\[n`k_X YcfZbj_Xi\_fc[`e^f]()%, %
'LOBAL )MPACTS J`eZ\k_\LJ:i\[`k:ileZ_`e8l^ljk )''.#^cfYXc\Zfefd`\j_Xm\Y\\ejcfn`e^ XkmXi`fljiXk\j%JffeX]k\i:_i`jkdXj`k Y\ZXd\XggXi\ekk_Xkk_\E\nQ\XcXe[ \ZfefdpnXjjkXik`e^kfjcfn% E^ `KX_l?fc[`e^j>iflg_XjY\\e i\cXk`m\cpn\cc`ejlcXk\[X^X`ejk`dgXZkjkf [Xk\%Flicfnc\m\cf][\YkXkk_\jkXikf] k_\p\Xi#fek_\jki\e^k_f]k_\\Xic`\ijXc\ f]X- j_Xi\_fc[`e^`eIpdXe?\Xck_ZXi\ d\Xekk_Xkk_\ZfdgXepnXjn\ccgcXZ\[ kfZfek`el\^ifnk_`e`k`Xk`m\j[\jg`k\ k_\k`^_k\e`e^f]c\e[`e^Zfe[`k`fejXe[ iX`j\[Yfiifn`e^iXk\j% =lik_\idfi\#ZXi\]lcdXeX^\d\ekf] gi\$jXc\jfei\j`[\ek`XcjlY[`m`j`fe [\m\cfgd\ekjd\Xejk_\>iflgĂƒj \ogfjli\kfk_\jcfn`e^i\j`[\ek`Xc _flj`e^dXib\k`jcXi^\cpc`d`k\[kfk_\ i`jbf]efe$j\kkc\d\ek% N\[f\og\Zkk_\i\j`[\ek`XcdXib\kkf i\dX`ejcfn]fik_\]fij\\XYc\]lkli\Xe[ Xi\XZk`m\cpdXeX^`e^fli[\m\cfgd\ekj kfd`e`d`j\\ogfjli\% ;\jg`k\k_\Zfek`el\[_`^_E\nQ\XcXe[ [fccXi#E^ `KX_lJ\X]ff[ĂƒjjkiXk\^pf] ]fZlj`e^feXi\Xjn_\i\`kZXeXZ_`\m\ jZXc\Xe[[fd`eXeZ\_Xj\ejli\[ Zfek`el\[g\i]fidXeZ\`dgifm\d\ekj n_\i\fk_\ij_Xm\efk]Xi\[jfn\cc% J_Xi\dXib\kjXifle[k_\nfic[_Xm\ Y\\e`dgXZk\[Ypk_\^cfYXc\ZfefdpXe[ k_\E\nQ\XcXe[JkfZb<oZ_Xe^\`jef \oZ\gk`fe%K_\Zfe[`k`fejk_Xk_Xm\j\\e j_Xi\gi`Z\j]Xcc^cfYXccp_Xm\Xcjfj\\eX [ifg`ek_\IpdXe?\Xck_ZXi\j_Xi\gi`Z\ ]ifdXifle[)%('Xkk_\jkXikf]k_\p\Xi kfXifle[(%-,Xkk_\\e[f]k_\p\Xi%
.GiI 4AHU (OLDINGS 'ROUP 2ESULTS AT A 'LANCE =`^li\j@=IJX[aljk\[
8jj\kjle[\idXeX^\d\ek ).#2%!3%$ "9 - 4/
M K\id;\Ykkf=le[j <dgcfp\[f]
Fg\iXk`e^E\kJligclj 50 "9 - 4/
M Fg\iXk`e^I\klie fe<hl`kpf]
KfkXcE\kJligcljf]
M J_Xi\_fc[\i<hl`kp
M ;`jki`Ylk`fejkf K\I–eXe^XfE^ `KX_l
M *0
.GiI 4AHU 3EAFOOD´S STRATEGY OF FOCUSING ON AREAS WHERE IT CAN ACHIEVE SCALE AND DOMINANCE HAS ENSURED CONTINUED PERFORMANCE IMPROVEMENTS WHERE OTHERS HAVE NOT FARED SO WELL K_`j_Xj_X[Xj`^e`Ă‹ZXeke\^Xk`m\`dgXZk feE^ `KX_l?fc[`e^j>iflgĂƒjYXcXeZ\ j_\\k[li`e^)''/i\[lZ`e^k_\mXcl\f] k_`jXjj\kjYp)(%/dXkp\Xi\e[% N\i\dX`eZfeĂ‹[\ek`eIpdXe?\Xck_ZXi\ Xjk_\ZfdgXepZfek`el\jkfg\i]fid jkife^cpYXj\[fejfc`[]le[Xd\ekXcj%E^ ` KX_l?fc[`e^j>iflg`jZfd]fikXYc\k_Xk `ek_\d\[`ld$k\idk_\IpdXe?\Xck_ZXi\ j_Xi\gi`Z\n`cci\kliekfX]X`ii\ĂŒ\Zk`fef] k_\kil\mXcl\% Flikfli`jdZfdgXep_Xjjl]]\i\[k_\ dfjkj`^e`Ă‹ZXek`dgXZkjXjXi\jlck f]k_\^cfYXci\Z\jj`fe%K_\[\Zc`e\`e `ek\ieXk`feXcm`j`kfieldY\ij_Xji\jlck\[ `ei\[lZ\[gXjj\e^\ieldY\ij#_fn\m\i i\jkilZkli`e^`ek_\kfli`jdZfdgXep`e k_\gi\m`fljĂ‹eXeZ`Xcp\Xi_Xjgfj`k`fe\[ k_\ZfdgXepkfY\kk\idXeX^\jcfn`e^ eldY\ijXe[_Xjd`k`^Xk\[k_\`dgXZkfe fg\iXk`feXci\jlckj%
"ENE½T OF A STRONG BALANCE SHEET Fm\ik_\gXjkknfp\XijE^ `KX_l ?fc[`e^j>iflg_XjY\\ekXb`e^gif$ XZk`m\XZk`fejkfjki\e^k_\ek_\YXcXeZ\ j_\\kXZifjjk_\>iflg%K_\j\XZk`fej _Xm\Z\eki\[fe`dgifm`e^flifg\iXk`e^ g\i]fidXeZ\Xe[feX[aljk`e^fliXjj\k d`okf`eZi\Xj\k_\g\iZ\ekX^\f]j\Zli\ `eZfd\^\e\iXk`e^Xjj\kj%K_\9fXi[ Y\c`\m\jk_XkjlZ_XZk`fejn`cc\ejli\k_Xk E^ `KX_l?fc[`e^j>iflg`jXYc\kfd\\k `kj[`jki`Ylk`fefYc`^Xk`fejkfK\I–eXe^X fE^ `KX_lXe[Y\`eXjkife^gfj`k`fekf dXeX^\]lkli\^ifnk_% B\pXZk`fejkXb\e`eZcl[\1 K_\jXc\f]IpdXe?\Xck_ZXi\j_Xi\j Xe[i\Xggc`ZXk`fef]ZXg`kXckfXjj\kj n`k__`^_\i`eZfd\gif[lZ`e^ Z_XiXZk\i`jk`ZjXe[i\gXpd\ekf][\Yk
.'_) 4!(5 (/,$).'3 '2/50 !33%4 02/&),% BY FUNDS EMPLOYED
3%!&//$ 15/4!
3%!&//$ /0%2!4)/.3
<oZcl[`e^KFBDHlfkX
$%6%,/0-%.4 02/0%24)%3
.'_) 4!(5 4/52)3-
).6%34-%.4 02/0%24)%3
.'_) 4!(5 #!0)4!,
252!, ,!.$
+'
K_\[`m\jkd\ekf]le[\ig\i]fid`e^ Xjj\kjXe[`dgifm\[fg\iXk`e^i\kliej f]k_\>iflgĂƒjj\X]ff[Xjj\kj 8Z_Xe^\`ejkiXk\^p]ifd[\m\cfg`e^ gifg\ik`\j]fijXc\kf[\m\cfg`e^ gifg\ik`\jkf^ifnfligfik]fc`ff] hlXc`kp`em\jkd\ekgifg\ik`\j%K_\ `dgc\d\ekXk`fef]k_`jjkiXk\^p _Xjj\\ek_\]fccfn`e^_`^_hlXc`kp `em\jkd\ekXjj\kjY\`e^X[[\[kf fligfik]fc`f1 ^ Kfn\iAleZk`feM`ccX^\Xe[D\^X :\eki\#:_i`jkZ_liZ_ ^ Klie\ij8lZk`fej#:_i`jkZ_liZ_ ^ K_\]fliZfdgc\k\[Hl\\ejkfne GfjkF]Ă‹Z\Gi\Z`eZkYl`c[`e^j Knf_`^_hlXc`kp`em\jkd\ekj#k_\ :_i`jkZ_liZ_:`m`Z9l`c[`e^Xe[k_\ ,k_GfjkF]Ă‹Z\Gi\Z`eZkYl`c[`e^`e Hl\\ejkfnen`ccZfeki`Ylk\kffli jkife^ZXj_ĂŒfn]ifd`em\jkd\ek gifg\ik`\jfeZ\Zfdgc\k\[% K_`j_XjkXb\e[`jZ`gc`e\Xj`k_Xji\[lZ\[ j_fik$k\idgifĂ‹kj[l\kf`eZi\Xj\[`ek\i\jk ZfjkjkfĂ‹eXeZ\Xjj\kjXe[k_\i\[lZk`fef] gifĂ‹kj]ifdk_\jXc\f]Xjj\kj%K_\Y\e\Ă‹kj f]k_`jXggifXZ_Xi\p\kkfY\i\Xc`j\[Xk k_\^iflgc\m\cYlkfeZ\k_\:_i`jkZ_liZ_ :`m`Z9l`c[`e^Xe[Ă‹eXcYl`c[`e^f]k_\Gfjk F]Ă‹Z\Gi\Z`eZkXi\Zfdgc\k\[k_\^iflg n`cc_Xm\X[[\[Xggifo`dXk\cp.,%.d f]hlXc`kp`em\jkd\ekgifg\ik`\jkf`kj gfik]fc`fn`k_XZfii\jgfe[`e^i\klief] ,%-dg\iXeeld% K_\[fneklie`ek_\\Zfefdp_Xj _`^_c`^_k\[k_\mXc`[`kpf]k_`jZflij\f] XZk`fe%E^ `KX_l?fc[`e^j>iflgĂƒj YXcXeZ\j_\\k`jjkife^Xe[`jZfek`el`e^kf ^\e\iXk\jfc`[fg\iXk`e^i\kliejn`k_ `eZi\Xj\[i\c`XY`c`kp% GfjkYXcXeZ\[Xk\k_\>iflg_Xjj\Zli\[X )''djpe[`ZXk\[cfXe]XZ`c`kpn`k_k_i\\ dXafiYXebjkfi\gcXZ\k_\gi\m`flj]XZ`c`kp% K_`j]lik_\ijki\e^k_\ejk_\>iflgĂƒj gfj`k`fegXik`ZlcXicp`ei\cXk`fekf`kjXY`c`kp kfd\\k`em\jkd\ekZfdd`kd\ekj]fik_\ e\okk_i\\p\Xij%
8Yfm\1J`^e`e^f]k_\:f$`em\jkd\ek8^i\\d\ekY\kn\\eE^`KX_l?fc[`e^j>iflgXe[KX`el`>iflg?fc[`e^j ]ifdc\]kNXccpJkfe\Xe[ 8e[i\n?Xii`jfe¾E^`KX_l?fc[`e^j>iflg#Af_eJg\eZ\iXe[D`b\Gf_`f¾KX`el`>iflg?fc[`e^j %
/UR 0EOPLE K_\cXjkknfp\Xij_Xm\gi\j\ek\[X eldY\if]Z_Xcc\e^\j]fifliE^`KX_l ?fc[`e^j>iflgjkX]]Xjk_\pÃm\nfib\[ k_ifl^_k_\Zfdgc\o`jjl\jf]Z_Xe^\ XZifjjk_\fi^Xe`jXk`fe%?Xm`e^efn jkXik\[kfi\Xc`j\k_\jkiXk\^`Z[`i\Zk`fe j\kcXjkp\Xi#k_\k`d\_XjZfd\kf]fZlj fe^ifn`e^flig\fgc\Xe[`e[f`e^jf jlggfikk_\fi^Xe`jXk`fekfY\Zfd\k_\ E^`KX_l`em\jkd\ekZfdgXepf]n_`Z_ E^`KX_ln_el`Xi\kilcpgifl[%
,OOKING AHEAD @knflc[Y\eXm\kf\og\Zkk_XkE^`KX_l ?fc[`e^j>iflgn`ccefkY\`dgXZk\[Yp \Zfefd`ZZfe[`k`fej`ek_\p\XikfZfd\% )''0`j^f`e^kfY\kfl^_p\Xi]fiE\n Q\XcXe[Ylj`e\jjXe[E^`KX_l?fc[`e^j >iflg`j^f`e^kf\og\i`\eZ\k_`jXcfe^ n`k_\m\ipfk_\iZfdgXep`ek_\Zflekip% E\nQ\XcXe[`jefnf]ËZ`Xccp`eXi\Z\jj`fe Xe[\Zfefd`Z]fi\ZXjk\ijXi\gi\[`Zk`e^ k_Xk`kn`ccY\d`[)''0Y\]fi\k_\ E\nQ\XcXe[\ZfefdpjkXikjkfg`Zb lg%K_`j\]]\Zk`m\cpd\XejE^`KX_l ?fc[`e^j>iflgn`ccY\fg\iXk`e^ k_ifl^_flkk_\\ek`i\)''0ËeXeZ`Xc p\Xi`ei\Z\jj`feZfe[`k`fej% E^`KX_l?fc[`e^j>iflg_XjkXb\eX eldY\if]XZk`fejkfi\[lZ\k_\`dgXZkj
f]k_\j\Zfe[`k`fejYlk`k`j`e\m`kXYc\ k_Xkn`k_k_\jkife^c`b\c`_ff[k_Xk `ek\ieXk`feXcm`j`kfieldY\iji\dX`e cfnXe[Xefe^f`e^[fidXeki\j`[\ek`Xc gifg\ikpdXib\k#k_Xkk_\g\i]fidXeZ\f] E^`KX_lKfli`jdXe[E^`KX_lGifg\ikp n`ccY\`dgXZk\[`ek_\j_fik$k\id% =lik_\idfi\E^`KX_l?fc[`e^j>iflg [f\jefk\og\Zkkfj\\j`^e`ËZXek^X`ej`e gifg\ikpmXcl\j`ek_\Zfd`e^()dfek_j Xe[n`k_k_\fe^f`e^^cfYXcËeXeZ`Xc Zi`j\jk_\jkfZbdXib\k`jlec`b\cpkf i\jgfe[gfj`k`m\cp`ek_\j_fik$k\id% 9\`e^Xcfe^$k\id`em\jkfin`k_X Zfii\jgfe[`e^cpZfej\imXk`m\Xgg\k`k\]fi [\Ykd\XejE^`KX_l?fc[`e^j>iflg`j n\ccgfj`k`fe\[kfi`[\flkjcldgj`ek_\ dXib\k%@kXcjfd\Xejn\Xi\gfj`k`fe\[kf i\Xc`j\XkkiXZk`m\`em\jkd\ekfggfikle`k`\j `ek`d\jn_\efk_\ij[fefk_Xm\XZZ\jj kfZXg`kXc% @ej_fik#k_\)''0ËeXeZ`Xcp\Xi`jc`b\cp kfY\XZ_Xcc\e^`e^p\Xi%N\n`cce\\[ kfZfek`el\kf]fZljfeflifg\iXk`e^ g\i]fidXeZ\#Y\XZlk\cpZfejZ`fljf] fliZfjkjkilZkli\j#n_`c\Zfek`el`e^ kfZfej`[\ifggfikle`k`\jk_Xkd\\k fli`em\jkd\ekZi`k\i`X%?fn\m\ifli gil[\ekZfdd\iZ`Xc^fm\ieXeZ\fm\ik_\ >iflgd\Xejk_Xkn\Xi\n\ccgfj`k`fe\[ kfi`[\flkk_`j\Zfefd`Z[fneklieXe[
Zfek`el\kfXZ_`\m\^ff[i\jlckj]fifli E^`KX_lj_Xi\_fc[\ij% N\cffb]finXi[kfY\`e^XYc\kf]lik_\i ^ifnfliZfdd\iZ`XcgXike\ii\cXk`fej_`gj k_ifl^_Zf$`em\jkd\ekYfk_n`k_KX`el` >iflg?fc[`e^jXe[fk_\ij[li`e^k_\p\Xi% 8e[`egXik`ZlcXin\cffb]finXi[kf nfib`e^dfi\Zcfj\cpn`k_fliE^`KX_l GXgXk`glIeXe^XXe[E^`KX_ln_el` kf[\m\cfgZfdd\iZ`Xcfggfikle`k`\j]fi `em\jkd\ekc\X[`e^kfn\Xck_Zi\Xk`fe`e E^`KX_lZfddle`k`\j%@ek_\d\Xek`d\ gc\Xj\af`en`k_k_\E^`KX_l?fc[`e^j >iflg9fXi[`eZfe^iXklcXk`e^XccE^` KX_l?fc[`e^j>iflgjkX]]feZfek`el\[ g\i]fidXeZ\`dgifm\d\ekj[li`e^ k_\p\Xi%
NXccpJkfe\ :_X`i E^`KX_l?fc[`e^j>iflg
8e[i\n?Xii`jfe :_`\]Fg\iXk`e^F]ËZ\i E^`KX_l?fc[`e^j>iflg +(
&INANCIAL 0ERFORMANCE /VERVIEW @eZfd\JkXk\d\ek½@=IJX[aljk\[ 4/4!, 2%6%.5%
/0%2!4).' 3520,53
'-/$*-c
)'$--c
',*$(+c ',($.,c '+,$-&c '+($,*c
Fg\iXk`e^Jligclji\gi\j\ekj fg\iXk`e^\Xie`e^jf]kiX[`e^ fg\iXk`fej[\[lZk`e^`ek\i\jk \og\ej\Xe[X[[`e^k_\j_Xi\ f]\Xie`e^jf]k_\`em\jkd\ek`e N_Xc\NXkZ_BX`b‘liX%
()$.+c ()$*'c ('$**c
'*$*&c
/0%2!4).' 2%452. /. %15)49
.$)
Fg\iXk`e^I\kliefe<hl`kpkXb\j Fg\iXk`e^JligcljXe[[`m`[\j`k Ypk_\Xm\iX^\f]k_\Fg\e`e^ Xe[:cfj`e^<hl`kpf]E^Â `KX_l ?fc[`e^j>iflg%
4/4!, .%4 3520,53
'(*$),c
KfkXcE\kJligcljY\]fi\ [`jki`Ylk`fej`eZcl[\j@em\jkd\ek Gifg\ikpI\mXclXk`fejXe[fe\$ f]]`k\djjlZ_Xj^X`ejficfjj\j fe[`jgfjXcjfi\okiXfi[`eXip ni`k\$[fnef]Xjj\kj
-$( ,0df]k_`je\k^X`ei\jlckj ]ifdk_\jXc\f]XcXi^\gXiZ\c f]IpdXe?\Xck_ZXi\j_Xi\j
,$.
+$& +.$((c +,$-+c
)$/
(,$-'c '.$-)c
+)
K_\ni`k\$[fnef]))%+d i\cXk`e^kfk_\E^Â `KX_l J\X]ff[`em\jkd\ek`e <e[\Xmfli`j`eZcl[\[`e k_`ji\jlck
K_\Ë^li\jY\cfnj_fnk_\ki\e[jXZifjjXeldY\if]b\pËeXeZ`Xc`e[`ZXkfij]fik_\E^`KX_l?fc[`e^j>iflgfm\ik_\cXjkËm\p\Xij% Gc\Xj\efk\k_Xk[l\kfk_\Z_Xe^\j`e@ek\ieXk`feXc=`eXeZ`XcI\gfik`e^JkXe[Xi[j @=IJ k_\Ë^li\j]fik_\)''+¾)''.ËeXeZ`Xcp\Xij _Xm\Y\\eX[aljk\[kfi\Ì\Zkk_\e\njkXe[Xi[j`ekif[lZ\[[li`e^k_\)''/p\Xi%K_`jd\Xejk_Xkk_\Ë^li\ji\gfik\[dXpefkY\k_\ jXd\Xjk_\Ë^li\jpfl_Xm\j\\ei\gfik\[`egi\m`fljËeXeZ`Xcp\Xij%K_`j`jgli\cpXjXi\jlckf]k_\Z_Xe^\`eki\Xkd\ekf]Z\ikX`e XZZflek`e^giXZk`Z\j%?fn\m\in\k_fl^_k`k`dgfikXekk_Xkn\gi\j\ekË^li\jZXcZlcXk\[fek_\jXd\YXj`j `\%k_\e\n@=IJ kf\eXYc\ pflkfZfdgXi\ÀXggc\jn`k_Xggc\jÁ%
:Xj_Ëfn /0%2!4).' #!3(&,/7 %8#,5$).' $%6%,/0-%.4 02/0%249
$%6%,/0-%.4 02/0%249 #!3(&,/7
)'$&,c
(-$,.c
(.$(&c
()$*'c ''$./c
'/$((c
I\Z\`gkj]ifdjlY$[`m`j`fe jXc\jXe[I`^_kf]=`ijk I\]ljXckiX[\j\oZ\\[ gifg\ikp\og\e[`kli\
+$)* c -$(& c
<og\e[`kli\fe[\m\cfgd\ek gifg\ik`\j\oZ\\[jXc\j gifZ\\[j
*$/-c ',$,/ c
).6%34).' #!3(&,/7
,)$++c
'&$',c
(($/&c
I\cXk\jkfZXj_Ìfn]ifdk_\ jXc\f]IpdXe?\Xck_ZXi\ j_Xi\j
('$*&c (&$/&c
I\cXk\jkf]lik_\ijkX^\ `em\jkd\ek`eKfn\iAleZk`fe Xcjf`eZcl[\[`e)''- flkÌfn
*)$-) c
I\Ì\ZkjYlp$YXZbf]gXikf] k_\IpdXe?\Xck_ZXi\j_Xi\ gXiZ\cjfc[k_\gi\m`fljp\Xi Xe[\og\e[`kli\fek_\e\n :_i`jkZ_liZ_:`m`Z9l`c[`e^
.&$-* c
@eZcl[\j`em\jkd\ek ZXj_Ìfnj#k_\<e[\Xmfli XZhl`j`k`feXe[gXikf]Kfn\i AleZk`fe`em\jkd\ek
(/$&- c
$)342)"54)/.3 4/ 4% 2e.!.'! / .'_) 4!(5
'+$&&c '*$-&c
+*
&INANCIAL 0ERFORMANCE /VERVIEW #ONTINUED 9XcXeZ\J_\\k 4/4!, !33%43
,&,$.-c
KfkXc8jj\kji\gi\j\ekjXccËo\[ Xjj\kj \^%`em\jkd\ekgifg\ik`\j# hlfkX Xe[Zlii\ekXjj\kj \^% XZZflekji\Z\`mXYc\#`em\ekfi`\j
4%2- $%"4
''.$&-c ''+$*/c
+*.$(.c +)+$.,c +&'$&'c
'&&$*(c /.$'+c
*(,$*&c
+($+,c
&5.$3 %-0,/9%$
=le[j<dgcfp\[i\gi\j\ekj k_\jldf]k\id[\YkXe[ j_Xi\_fc[\iĂƒj\hl`kp%
4%2- $%"4 4/ &5.$3 %-0,/9%$
+-'$)'c
(+$' (*$, ()$*
+'+$./c +&*$'.c *,/$.&c
'-$(
*&&$*,c
'&$(
++
K_\`eZi\Xj\`ek\id[\Yk`j ]ifdk_\XZhl`j`k`fef]X,' _fc[`e^`ek_\e\n:_i`jkZ_liZ_ :`m`Z9l`c[`e^Xe[i\$gliZ_Xj\ f]Xgfik`fef]IpdXe ?\Xck_ZXi\j_Xi\j
8ggc`\[ZXg`kXc]ifdjXc\f] IpdXe?\Xck_ZXi\j_Xi\jkf i\[lZ\[\Yk
0ROGRESS AGAINST OUR 3TRATEGIC $IRECTION ,AST YEAR WE PUBLISHED OUR 3TRATEGIC $IRECTION 4E (UANUI 7HAKAMUA ¯ 4HE 0ATHWAY &ORWARD WHICH OUTLINED .GiI 4AHU (OLDINGS 'ROUP´S VISION AND PRIORITIES FOR ¯ AND IS THE BASIS FOR OUR 3TATEMENT OF 3TRATEGIC )NTENT THE ANNUAL AGREEMENT WE ENTER INTO WITH 4E 2~NANGA O .GiI 4AHU 4HE FOLLOWING SUMMARY OUTLINES OUR PROGRESS DURING THE LAST ½NANCIAL YEAR
$2)6%23 /& 6!,5% #2%!4)/.
%XPERTLY AND PRUDENTLY MANAGE THE COLLECTIVE .GiI 4AHU INVESTMENT ASSETS
).)4)!4)6%3 !.$ !##/-0,)3(-%.43
<jkXYc`j_\[iXk\jf]i\klieXe[[i`m\eg\i]fidXeZ\kfnXi[jXZ_`\m`e^ `ek_\d\[`ld$k\idi\kliej J_`]k\[Xjj\kd`oYXcXeZ\kfXZ_`\m\^i\Xk\in\`^_k`e^f]i\c`XYc\`eZfd\ gif[lZ`e^Xjj\kj DX`ekX`e\[]fZljfefg\iXk`e^g\i]fidXeZ\^\e\iXk`e^i\Zfi[ fg\iXk`e^jligclj 8Zk`m\cpdXeX^\[[\Ykc\m\cjn_`c\`eZi\Xj`e^gfik]fc`ff] jkiXk\^`Z`em\jkd\ekj D\k[`jki`Ylk`fej]ifdZXj_iXk_\ik_XejXc\f]Xjj\kj @dgifm\[XZZflekXY`c`kpkfE^ `KX_ln_ el`k_ifl^_hlXik\icpi\gfikj XmX`cXYc\k_ifl^_GXgXk`glI–eXe^XXe[k_\E^ `KX_l?fc[`e^j >iflgn\Yj`k\ *p\Xi]le[`e^c`e\kfËeXeZ\^ifnk_j\Zli\[n`k_Xjpe[`ZXk\f]YXebj
<ek\i\[`ekfZfdd\iZ`XcgXike\ij_`gjn`k_c\X[`e^DÂ fi`Xe[glYc`Z j\ZkfigXike\ij
3UCCESSFULLY GROW THE ECONOMIC STRENGTH AND IDENTITY OF .GiI 4AHU
;\m\cfg\[jkife^Zfdd\iZ`Xci\cXk`fej_`gjn`k_XeldY\if]c\X[`e^ fi^Xe`jXk`fejXjXgi\$Zlijfikf]lkli\af`ekZfdd\iZ`XcXZk`m`kp =fZlj\[feXi\Xjf]eXkliXcX[mXekX^\Xe[Zfek`el\[kfYl`c[jki\e^k_ Xe[i\glkXk`fe`ek_fj\Xi\Xj \%^%Zfdd\iZ`Xcgifg\ikp`em\jkd\ek#j\X]ff[ Nfib\[n`k_d\[`XkfXZ_`\m\dfi\\hl`kXYc\Xe[YXcXeZ\[i\gfik`e^f]`jjl\j
0ROMOTE AND LEAD A .GiI 4AHU TRIBAL ECONOMY
Nfib\[n`k_K\I–eXe^XkfX^i\\gi`eZ`gc\jXe[ZfeZ\gk]figifg\ikp Zf$`em\jkd\ekn`k_GXgXk`glI–eXe^X kfY\gif^i\jj\[`e)''/&)''0 ËeXeZ`Xcp\Xi @eZi\Xj\[\dgcfpd\ekf]E^ `KX_ln_ el`n`k_`eE^ `KX_l ?fc[`e^j>iflg Glk`egcXZ\E^ `KX_lKfli`jdjZ_fcXij_`ggif^iXdd\]fiE^ `KX_l n_ el`n_fn`j_kfjkl[pXe[nfib`ekfli`jd `eZfealeZk`fen`k_ C`eZfceLe`m\ij`kp C\m\iX^\Zfdd\iZ`Xci\cXk`fej_`gjkff]]\i\dgcfpd\ekfggfikle`k`\j]fi E^ `KX_ln_f_Xm\i\Z\ekcp^iX[lXk\[
6!,5% #2%!4)/. +,
.GiI 4AHU #APITAL /0%2!4).' %")4
/0%2!4).' 2%452. /. ).6%34-%.4
4/4!, .%4 3520,53 "%&/2% ).6%34-%.4
+$,,c
+$-
,'$&,c
E^Â `KX_l:Xg`kXc?`^_c`^_kj :f$`em\jkd\ek`eIpdXe
($&-c
?\Xck_ZXi\n`k_KX`el` >iflg?fc[`e^j
'$.(c
($&
($,
+$,,c
4/4!, 2%452. /. ).6%34-%.4
&5.$3 %-0,/9%$
,&$)c
'(.$'+c
-*$*+c ,+$)+c
+$-c +-
($,c
'$.(c
4HE RELATIONSHIP BETWEEN .GiI 4AHU (OLDINGS 'ROUP AND 4AINUI 'ROUP (OLDINGS WAS CEMENTED DURING THE YEAR WITH THE CO INVESTMENT OF 2YMAN (EALTHCARE
;li`e^k_\)''.=`eXeZ`XcP\XiE^ `KX_l :Xg`kXcjfc[-%' f]`kjj_Xi\_fc[`e^`e IpdXe?\Xck_ZXi\kf8ljkiXc`XeZfdgXep 9XYZfZb 9ifne%K_\E^ `KX_l?fc[`e^ >iflg9fXi[dX[\k_`j[\Z`j`feYXj\[fe `kjXjj\jjd\ekk_Xk1 k_\jXc\gi`Z\i\ĂŒ\Zk\[X]X`imXcl\]fi j_Xi\j`ek_\ZfdgXep#n_`Z__X[ cfe^Y\\ele[\imXcl\[Ypk_\dXib\k `knXjXe`[\Xck`d\kfi\gXp[\Yk2 gifm`[`e^]le[`e^ĂŒ\o`Y`c`kp]fi]lkli\ `em\jkd\ekXc`^e\[kfE^ `KX_l ?fc[`e^j>iflgjkiXk\^`ZYXcXeZ\ j_\\kfYa\Zk`m\j%
K_\IpdXe?\Xck_ZXi\[\Xcn`k_KX`el` >iflg?fc[`e^jXZ_`\m\[k_i\\b\p fYa\Zk`m\j1 E^ `KX_l:Xg`kXcaf`ekcpn`k_ KX`el`>iflg?fc[`e^ji\kX`eX ^i\Xk\ik_Xe(' j_Xi\_fc[`e^`e IpdXe?\Xck_ZXi\ E^ `KX_l?fc[`e^j>iflgdX`ekX`ej YXcXeZ\j_\\kĂŒ\o`Y`c`kp E^ `KX_l?fc[`e^j>iflgXe[ KX`el`>iflg?fc[`e^jjlZZ\jj]lccp Zfdgc\k\[k_\Ă‹ijkZf$`em\jkd\ek n`k_XmXcl\f]fm\i,'d`cc`fe [fccXij%
K_\kiXejXZk`fe\eXYc\[E^Â `KX_l ?fc[`e^j>iflgkfZfdgc\k\k_\)''. Ă‹eXeZ`Xcp\Xin`k_d`e`dXc[\Yk% ;l\kfk_\jkilZkli\f]fliXiiXe^\d\ek n`k_9XYZfZbXe[9ifnen\n\i\#`e AXelXip)''/#f]]\i\[YXZbk_\IpdXe ?\Xck_ZXi\j_Xi\jgi\m`fljcpjfc[`e)''.% K_\gi`Z\#`efliXjj\jjd\ek#i\gi\j\ek\[ \oZ\cc\ekmXcl\Xe[k_\i\n\i\^ff[ i\Xjfejkfi\kX`eZfekifcfm\iXkc\Xjk (' f]k_\j_Xi\j`eIpdXe?\Xck_ZXi\% ?fn\m\i^`m\ek_\jkiXk\^`Z`dgfikXeZ\ f]fliYXcXeZ\j_\\kdXeX^\d\ek fYa\Zk`m\j#k_\9fXi[fgk\[kff]]\iX gXiZ\cf]k_\XmX`cXYc\j_Xi\jle[\iX j`d`cXiXiiXe^\d\ekkffliZf$`em\jkd\ek gXike\i#KX`el`>iflg?fc[`e^j%K_`jf]]\i nXjXZZ\gk\[%
+.
.GiI 4AHU 0ROPERTY /0%2!4).' %")4 "%&/2% 02/0%249 2%6!,5!4)/.3
/0%2!4).' 2%452. /. ).6%34-%.4
4/4!, .%4 3520,53 !&4%2 ).6%34-%.4 02/0%249 2%6!,5!4)/.3 "%&/2% ).4%2%34
(&$(-c
.$)
+-$)*c
'/$'*c *+$++c *+$(-c ')$+,c
+$* *$-
E^Â `KX_l Gifg\ikp_`^_c`^_kj J\Zli`e^af`ekm\ekli\j
n`k_C`eZfceLe`m\ij`kpXe[ :_i`jkZ_liZ_:`kp:fleZ`c :fdgc\k`e^k_\+k_Yl`c[`e^
`ek_\Hl\\ejkfneGfjk F]Ă‹Z\Gi\Z`eZk[\m\cfgd\ek :fdgc\k`e^k_\
[\m\cfgd\ekf]JkX^\ Fe\f]k_\C`e[\e>ifm\# :_i`jkZ_liZ_i\j`[\ek`Xc [\m\cfgd\ek
4/4!, 2%452. /. ).6%34-%.4
&5.$3 %-0,/9%$
(&$&
).&$/-c
'.$, )(($+.c
'($/
+/
(+'$))c
E^`KX_lGifg\ikp_Xj_X[Xe\oki\d\cp Yljpp\Xi`eXccXi\Xjf]XZk`m`kp%
0ROPERTY $EVELOPMENT K_\gifg\ikp[\m\cfgd\ekk\Xd_XjY\\e \oki\d\cpXZk`m\k_`jp\Xigif^i\jj`e^ [\m\cfgd\ekjXe[j\Zli`e^knfdXafi af`ekm\ekli\[\m\cfgd\ekj\Xicp`ek_\ ËeXeZ`Xcp\Xi%
2ESIDENTIAL :fej`[\iXYc\gif^i\jj_XjY\\edX[\ `ek_\[\m\cfgd\ekf]dXjk\igcXej ]fiN`^iXd8\if[ifd\Xe[cXe[Xk Gi\jkfejIfX[#Yfk_`e:_i`jkZ_liZ_% Nfib`e^Zcfj\cpn`k_c\X[`e^8ljkiXcXj`Xe liYXegcXee\ijNff[9X^fk#E^`KX_l Gifg\ikp_Xjgif^i\jj\[gcXee`e^]fik_\ [\m\cfgd\ekf]jljkX`eXYc\i\j`[\ek`Xc [\m\cfgd\ekjfek_\j\knfj`k\j%GcXej `eZcl[\XeldY\if][\j`^e]\Xkli\jk_Xk Zfeki`Ylk\kfdfi\\e\i^pXe[nXk\i \]ËZ`\ekc`m`e^\em`ifed\ekj`ek_fj\ ]lkli\Zfddle`k`\j% NfibXk:_i`jkZ_liZ_ÃjC`e[\e>ifm\ gif^i\jj\[n\cc[li`e^k_\p\Xi# Zlcd`eXk`e^`ek`kc\jY\`e^`jjl\[`eAle\ Xe[XeldY\if]jXc\jZfdgc\k\[X_\X[f] k_\\e[f]k_\ËeXeZ`Xcp\Xi% GcXee`e^]fik_\i\$[\m\cfgd\ekf]k_\ C`eZfce;X`ip=Xid`ekfXjljkX`eXYc\ i\j`[\ek`XcZfddle`kp`jle[\inXpn`k_ Zfddle`kpZfejlckXk`fefek_\ZfeZ\gk kXb`e^gcXZ\Xkk_\k`d\f]ni`k`e^%
#OMMERCIAL K_\p\Xi_XjY\\e[fd`eXk\[Ypnfibfe k_\:_i`jkZ_liZ_:`kp:fleZ`cÃje\n:`m`Z 9l`c[`e^Xe[gif^i\jjfeHl\\ekfneÃj GfjkF]ËZ\Gi\Z`eZk% K_\:_i`jkZ_liZ_:`m`Z9l`c[`e^[\j`^e nfibnXjcXi^\cpZfdgc\k\[[li`e^k_\ p\XiXe[`k`jXek`Z`gXk\[k_XkZfejkilZk`fe nfibfek_\Yl`c[`e^n`ccZfdd\eZ\`e cXk\)''/%K_`jgifa\Zk`jj`^e`ËZXek`ek_Xk `k`jk_\ËijkglYc`Z&gi`mXk\gXike\ij_`g figlYc`Z&`n`gXike\ij_`gkf[\m\cfgX dXaficfZXc^fm\ied\ek]XZ`c`kp`eE\n
Q\XcXe[%@eX[[`k`fe`ki\gi\j\ekjk_\ i\[\m\cfgd\ekf]Xe\o`jk`e^(0.'j Yl`c[`e^`ekfXZfek\dgfiXip]XZ`c`kp `eZfigfiXk`e^k_\c\X[`e^k_`eb`e^`e [\j`^e`e^]fijljkX`eXYc\[\m\cfgd\ek%
mXcl\k_Xk_Xm`e^jkX]]k_Xk_Xm\Y\\e nfib`e^]fik_\`n`]fi('p\Xij`jefkkf Y\le[\i\jk`dXk\[%
Nfibfek_\Hl\\ejkfneGfjkF]ËZ\ Gi\Z`eZk[li`e^k_\p\Xi_XjZ\eki\[ fek_\Zfdgc\k`fef]k_\+k_Yl`c[`e^ fek_\j`k\Xe[k_\Zfdd\eZ\d\ekf] ZfejkilZk`fefek_\,k_Xe[ËeXcYl`c[`e^% E^`KX_lGifg\ikp_XjY\\enfib`e^fe k_`jËm\Yl`c[`e^[\m\cfgd\ekj`eZ\(000 n`k_k_\ËeXcYl`c[`e^Y\`e^jZ_\[lc\[]fi Zfdgc\k`fe`eJ\gk\dY\i)''0%
K_\gifg\ikp\em`ifed\ek`eE\n Q\XcXe[_XjZ_Xe^\[j`^e`ËZXekcpfm\i k_\cXjk-$0dfek_j#n`k_j`^e`ËZXek jcfn`e^`ek_\i\j`[\ek`XcXe[`e[ljki`Xc [\m\cfgd\ekdXib\kj%Fm\ik_\cXjk]\n dfek_jk_\ZfdgXep_XjXjj\jj\[k_\ jk\gj`ke\\[\[kfkXb\kfd`e`d`j\k_\ `dgXZkf]i\Z\jj`feZfe[`k`fej%N\Xi\`e k_\]fikleXk\gfj`k`fef]_Xm`e^XhlXc`kp gifg\ikp`em\jkd\ekgfik]fc`fn`k_X jkife^k\eXekYXj\Xe[ZXj_Ìfnj%8jjlZ_ fli`em\jkd\ekgifg\ik`\jXi\efkc`b\cpkf Y\`dgXZk\[Ypk_\\Zfefd`ZZfe[`k`fej `ek_\j_fikkfd\[`ld$k\id%
0ROPERTY )NVESTMENT Fligifg\ikp`em\jkd\ekk\Xd_Xj Y\\eZfek`el`e^kfnfibn`k_\o`jk`e^ k\eXekj`efli`em\jkd\ekgifg\ik`\j%B\p XZk`m`k`\j[li`e^k_\p\Xi_Xm\`eZcl[\[ nfib`e^n`k_k\eXekjkfgi\gXi\]fik_\ Zcfjli\f]N`^iXd8\if[ifd\#nfib n`k_k_\;\gXikd\ekf]:flikjfek_\`i i\hl`i\d\ekj`e:_i`jkZ_liZ_Xe[k_\ fe^f`e^dXeX^\d\ekf]i\cXk`fej_`gj n`k_fli).)k\eXekj%
2URAL ,AND K_\]fZljf]nfib[li`e^k_\p\Xi fek_\iliXccXe[gfik]fc`f_XjY\\e kfle[\ijkXe[k_\`dgXZkf]k_\ >fm\ied\ekÃj<d`jj`fejKiX[`e^JZ_\d\% =fccfn`e^`e`k`XcXeXcpj`jf]k_\jZ_\d\# E^`KX_lGifg\ikp_XjY\\enfib`e^ Zcfj\cpn`k_K\IeXe^XfE^`KX_lfe dXb`e^i\gi\j\ekXk`fejfek_\gifgfj\[ c\^`jcXk`fekfk_\:ifne%
4EAM Fek_\g\fgc\]ifekn\Ãm\_X[XeldY\i f]ZXlj\j]fiZ\c\YiXk`fek_`jp\Xi%K_\ ZfdgXep_XjZ\c\YiXk\[Xefk_\ik_i\\ jkX]]d\dY\iji\XZ_`e^k_\`i('k_ Xee`m\ijXipf]nfib`e^]fiE^`KX_l Gifg\ikp#Yi`e^`e^k_\eldY\if]jkX]] n`k_k_\ZfdgXep]fidfi\k_Xe('p\Xij kfËm\%@ek_\('k_p\Xij`eZ\j\kkc\d\ek Xe[n`k_Xcck_\Z_Xe^\jk_Xk_Xm\ fZZlii\[`ek_Xkk`d\#k_\j`^e`ËZXeZ\Xe[
,OOKING AHEAD
K_\b\pkfdXeX^`e^flii`jb_XjY\\e kfcffbXkk_\jkX^`e^f]flii\j`[\ek`Xc [\m\cfgd\ekj%8kp\Xi\e[#E^`KX_l Gifg\ikpÃj\ogfjli\kfk_\[fidXek i\j`[\ek`XcdXib\knXjcfnn`k_fecp */j\Zk`fejZlii\ekcpXmX`cXYc\XZifjj k_\ZfdgXepÃj[\m\cfgd\ekj% K_\ZfdgXep_XjdX[\k_\[\Z`j`fe efkkfgif^i\jj]lik_\ii\j`[\ek`Xc [\m\cfgd\ekjlek`cn\j\\j`^ej f]dfm\d\ek`ek_\dXib\k%8jX Zfej\hl\eZ\n\_Xm\i\m`j\[jfd\ f]fli[\m\cfgd\ekk`d\]iXd\jlek`c fliXjj\jjd\ek`jk_Xkk_\dXib\k`j jkXik`e^kfg`Zblg% N_`c\k_`jn`cc\eXYc\ljkfdXeX^\fli Zfjkj`ek_`jg\i`f[f]\Zfefd`Z[fneklie Xe[dX`ekX`eXeXZZ\gkXYc\i\kliefe fli`em\jkd\ekj#`k[f\jd\Xek_Xk gifËkj]ifd[\m\cfgd\ekXZk`m`k`\j`ek_\ )''0&)'('ËeXeZ`Xcp\Xin`ccY\`dgXZk\[%
+0
.GiI 4AHU 3EAFOOD Efk\1=le[j\dgcfp\[Xe[i\jlck`e^I\kliefe @em\jkd\ek[fefk`eZcl[\k_\KFBDHlfkXXj k_\j\Xi\efk_\c[YpE^Â `KX_lJ\X]ff[%
/0%2!4).' %")4
/0%2!4).' 2%452. /. ).6%34-%.4
4/4!, .%4 3520,53 "%&/2% ).4%2%34
'($,'c
(&$*
'($-)c
,$&*c
,$'/c /$(
E^Â `KX_l J\X]ff[_`^_c`^_kj 8Z_`\m`e^XeFg\iXk`e^<9@K
i\jlckf]()%-(d 8eflkjkXe[`e^b‘liX&
cfYjk\ij\XjfeYfk_`ek\idj f]ZXkZ_iXk\jXe[LJ[fccXi jXc\jgi`Z\XZ_`\m\[ I\$Xc`^ed\ekf]k_\
Ylj`e\jjkf]fZljfeXi\Xjkf dXo`d`j\j_Xi\_fc[\ii\klie
*$+* c
#+$+
4/4!, 2%452. /. ).6%34-%.4
&5.$3 %-0,/9%$
(&$,
-)$)/c
/$+ ,'$.&c ,'$,*c
#(.$* ,'
()$+/ c
K_\cXjkp\Xi_XjY\\ek_\Y\jkE^ `KX_l J\X]ff[_Xj_X[kf[Xk\%Nfibkf`eZi\Xj\ fg\iXk`e^\]Ă‹Z`\eZp`ek_\gi\Z\[`e^ knfp\Xij_XjgX`[f]]n`k_j`^e`Ă‹ZXek `dgifm\d\ekj`eg\i]fidXeZ\% @egi\m`fljp\Xijk_\i\_Xjhl`k\i`^_kcp Y\\eZfeZ\ieXYflkk_\g\i]fidXeZ\f] E^ `KX_lJ\X]ff[%N\Ăƒi\gc\Xj\[kfY\ XYc\kfi\gfikk_Xkk_\`dgifm\d\ekj k_XkjkXik\[kfj_fnk_ifl^_`ek_\)''. Ă‹eXeZ`Xcp\Xi_Xm\Zfek`el\[kf^ifn# i\jlck`e^`ek_`ji\Zfi[i\jlck]fik_\ j\X]ff[ZfdgXep% E^ `KX_lJ\X]ff[_XjXZ_`\m\[k_`ji\jlck k_ifl^_k_\Zfej`jk\ekXggc`ZXk`fef] Zfdd\iZ`XcZfddfej\ej\Xe[[`jZ`gc`e\% B\\g`e^Xk`^_ki\`efeZfjkj#dXb`e^jli\ n\befnXe[Xi\Zcfj\kfflidXib\kjXe[ dXo`d`j`e^fligi`Z\fggfikle`k`\j_Xm\ Y\\ek_\b\pkfjlZZ\jj%@kĂƒjY\\eXp\Xif] nfib`e^_Xi[kfjcfncpYl`c[g\i]fidXeZ\ dfek_lgfedfek_% 8jE^ `KX_lJ\X]ff[`jgi`dXi`cp Xe\ogfikYlj`e\jj#Xb\p]XZkfik_Xk `eĂŒl\eZ\jg\i]fidXeZ\`jk_\jki\e^k_ f]k_\E\nQ\XcXe[[fccXi%K_\j\X]ff[ `e[ljkip`ek\ieXk`feXccpZfe[lZkjYlj`e\jj `eLJ[fccXij#`ii\jg\Zk`m\f]cfZXk`fe# d\Xe`e^k_\gi`Z\f]k_\E\nQ\XcXe[ [fccXiX^X`ejkk_\LJ[fccXi`jXb\p]XZkfi `eg\i]fidXeZ\%8ck_fl^_k_\E\n Q\XcXe[[fccXinXjXYfm\LJ'%.,]fi k_\dXafi`kpf]k_\p\Xi#k_`jnXjgXik`Xccp f]]j\kk_ifl^_gil[\ekdXeX^\d\ekf] E^ `KX_lJ\X]ff[Ăƒj]fi\`^e\oZ_Xe^\ _\[^`e^Xe[jkife^`ek\ieXk`feXcj\X]ff[ Zfddf[`kpgi`Z\j% 8j\Zfe[b\p]XZkfi`ek_`jp\XiĂƒj g\i]fidXeZ\_XjY\\ek_\jlZZ\jjf]k_\ cfYjk\ij\Xjfe%8j`jk_\ZXj\`edfjk dXib\kj#gifĂ‹kXY`c`kp`j[i`m\eYp_Xm`e^ k_\i`^_kgif[lZkXmX`cXYc\Xkk_\i`^_k k`d\]fik_\i`^_kgi`Z\%Efkfecp_Xj)''/ Y\\eX^ff[j\Xjfe#n`k_ZXkZ_kXi^\kj Y\`e^XZ_`\m\[XZifjjk_\YfXi[#E^ ` KX_lJ\X]ff[_XjdXeX^\[`kjZfekiXZk ZXkZ_`e^n\cc#g`Zb`e^k_\k`d\jn_\e k_\dXib\kgi`Z\_Xjg\Xb\[%8e\oXdgc\ f]k_`j`jk_Xk`knXjXggXi\ek]ifd\Xicp `ek_\Ă‹eXeZ`Xcp\Xik_Xkk_\:_`e\j\
E\nP\XinXj^f`e^kfY\Xj`^e`Ă‹ZXek fggfikle`kpk_`jp\Xi^`m\ek_\Xljg`Z`flj eXkli\f])''/]fik_\:_`e\j\%E^ `KX_l J\X]ff[i\jgfe[\[kfk_`j#dXeX^`e^`kj hlfkXkf\ejli\`kZflc[jlggcpdXo`dld gif[lZkkfk_\dXib\kXkk_\k`d\n_\e cfYjk\igi`Z\jg\Xb\[% 8efk_\i]XZkfik_Xk_XjZfeki`Ylk\[kf E^ `KX_lJ\X]ff[ĂƒjjlZZ\jj_XjY\\e ^\kk`e^XYjfclk\ZcXi`kpfek_\Xi\Xj`kZXe Y\gifĂ‹kXYc\Xe[i\[lZ`e^k_\ZfdgXepĂƒj i`jb\ogfjli\%K_i\\b\p[\Z`j`fej_Xm\ i\jlck\[]ifdk_`jZcXi`kp2Ă‹ijkcpX[\Z`j`fe kf\o`kk_\dXafi`kpf]`kji\kX`cflkc\kj Xe[[`jgfj\f]jligcljXjj\kj2j\Zfe[cp kfj\\bcfe^$k\idc\Xj\XiiXe^\d\ekj]fi E^ `KX_lJ\X]ff[Ăƒjn\kĂ‹j_hlfkX2Xe[ k_`i[cpkf]fZljfe`eZi\Xj`e^E^ `KX_l J\X]ff[Ăƒjgi\j\eZ\`ek_\b‘liX&cfYjk\i# g lX&XYXcfe\Xe[k`f&fpjk\i`e[ljki`\j% E^ `KX_lJ\X]ff[`jXZk`m\cpnfib`e^fe `dgc\d\ek`e^k_\j\[\Z`j`fej% ;li`e^k_\)''/Ă‹eXeZ`Xcp\Xi#E^ ` KX_lJ\X]ff[_Xj`dgc\d\ek\[k_\Ă‹ijk [\Z`j`feXe[n`cc]fZljfeXZ_`\m`e^k_\ j\Zfe[Xe[k_`i[jkiXk\^`Z`dg\iXk`m\j [li`e^k_\)''0Ă‹eXeZ`Xcp\Xi% @eAle\)''/>\f]]?`gb`ejc\]kE^ ` KX_lJ\X]ff[X]k\ik_i\\p\Xijn`k_k_\ ZfdgXep%E^ `KX_l?fc[`e^j>iflg n`j_\jkfXZbefnc\[^\k_\Zfej`[\iXYc\ Zfeki`Ylk`fek_Xk>\f]]dX[\kfklie`e^ Xifle[E^ `KX_lJ\X]ff[Ăƒjg\i]fidXeZ\ [li`e^_`jk`d\n`k_k_\ZfdgXepXe[ `edXb`e^k_`ji\jlckXZ_`\mXYc\%N\ n`j__`dn\cc`e_`je\nifc\%8[\Z`j`fe fe>\f]]Ăƒji\gcXZ\d\ekn`ccY\dX[\`e [l\Zflij\%@ek_\d\Xek`d\I`Z_Xi[ :fc\dXe_XjY\\ej\Zfe[\[]ifdE^ ` KX_l?fc[`e^j>iflgkfk_\ifc\f]8Zk`e^ >\e\iXcDXeX^\i%I`Z_Xi[gi\m`fljcp nfib\[]fiE^ `KX_lJ\X]ff[Xe[_XjX eldY\if]p\Xij\og\i`\eZ\nfib`e^`ek_\ j\X]ff[`e[ljkip%
,OOKING AHEAD )''0gifd`j\jkfY\Xefk_\ijkife^ p\Xi]fiE^Â `KX_lJ\X]ff[%K_\ Zlii\ek\Zfefd`ZZfe[`k`fejXe[k_\ Zfii\jgfe[`e^\Xj`e^f]k_\E\nQ\XcXe[
[fccXiYf[\jn\cc]fi`dgifm\[Zfe[`k`fej ]fi\ogfik\ij#jl^^\jk`e^k_XkE^ ` KX_lJ\X]ff[j_flc[\og\i`\eZ\dfi\ ]XmfliXYc\kiX[`e^Zfe[`k`fej`e b\pdXib\kj% K_\j`^e`e^f]k_\=i\\$KiX[\8^i\\d\ek Y\kn\\eE\nQ\XcXe[Xe[:_`eX i\gi\j\ekjXj`^e`Ă‹ZXekfggfikle`kp]fi E^ `KX_lJ\X]ff[%:_`eX`jXb\pdXib\k ]fiE\nQ\XcXe[j\X]ff[Xe[gi`fikfk_\ =i\\$KiX[\X^i\\d\ek#kiX[\_X[Y\\e k_ifl^_?fe^Bfe^`dgXZk`e^Yfk_fe XZZ\jjkfdXib\kjXe[gi`Z\%K_\]i\\`e^ lgf]XZZ\jj[`i\Zkcp`ekf:_`eXd\Xej k_XkE^ `KX_lJ\X]ff[ZXeefnkiX[\ [`i\Zkcp`ekfk_\n_fc\jXc\dXib\k`e :_`eX#`dgifm`e^`kĂƒjdXib\kZ_Xee\cjXe[ g\e\kiXk`fe#Xe[gi`Z\%Glkk`e^`egcXZ\ ifYljkdXib\kZ_Xee\cjXe[Yl`c[`e^ Zfdd\iZ`Xci\cXk`fej_`gjn`k_\jkXYc`j_\[ fg\iXkfij`e:_`eXn`ccY\Xb\p]fZlj ]fik_\j\X]ff[ZfdgXep`ek_\)''0 Ă‹eXeZ`Xcp\Xi% 8eXi\Xf]nfibk_Xk`jZi`k`ZXcXe[fe$ ^f`e^`jk_\jljkX`eXY`c`kpf]k_\`e[ljkip% E^ `KX_lJ\X]ff[`jXZlk\cpXnXi\k_Xk `kĂƒj]lkli\`ji\c`Xekfek_\i\Y\`e^X jljkX`eXYc\ZljkfdXip#i\Zi\Xk`feXcXe[ Zfdd\iZ`XcĂ‹j_\ipXe[Xm`XYc\`e[ljkip ]fiĂ‹j_\ij%8ZZfi[`e^cpZfek`el`e^kfnfib n`k_fliE^ `KX_lĂ‹j_\ij#Zfddle`k`\j Xe[K\I–eXe^XfE^ `KX_lkfcffbXk _fnn\ZXe\ejli\Xefe^f`e^Xe[m`XYc\ `e[ljkip]fiE^ `KX_ln_fnXekkfĂ‹j_`j Xgi`fi`kp% @eZfeZclj`fe#E^ `KX_lJ\X]ff[`jefn n\ccgfj`k`fe\[kfZfek`el\X_`^_c\m\c f]g\i]fidXeZ\Xe[`e[f`e^jf^\e\iXk\ i\c`XYc\j_Xi\_fc[\ii\kliej%8]k\iX g\i`f[f]efe$g\i]fidXeZ\#k_\ZfdgXep _XjX[[i\jj\[k_\`jjl\jk_Xkn\i\ e\^Xk`m\cp`dgXZk`e^feg\i]fidXeZ\ Xe[[\k\id`e\[XnXp]finXi[k_Xkn\ Y\c`\m\n`ccj\\`k]lcĂ‹ccXm`kXcifc\`ek_\ fm\iXcc`em\jkd\ekgfik]fc`ff]E^ `KX_l ?fc[`e^j>iflgXe[n_`Z_i\ĂŒ\Zkjk_\i`Z_ _\i`kX^\f]E^ `KX_lĂ‹j_`e^XZk`m`kpk_Xk `k`jYfie]ifd%
,(
.GiI 4AHU 4OURISM /0%2!4).' %")4
/0%2!4).' 2%452. /. ).6%34-%.4
4/4!, .%4 3520,53 "%&/2% ).4%2%34
-$*/c
''$.
/$+-c .$(.c
,$)+c /$*
E^Â `KX_l Kfli`jd_`^_c`^_kj
($.'c
*$- ($/*c
Af`ekm\ekli\n`k_NXbXkl
@eZfigfiXk`fe`ek_\8Y\c KXjdXe =iXeqAfj\]?fkGffcjgifa\Zk
le[\inXpXe[fekiXZb :fejfc`[Xk`fef]^\f^iXg_`Z
Zcljk\iji\jlck`e^`e fg\iXk`e^\]Ă‹Z`\eZ`\jY\`e^ i\Xc`j\[
4/4!, 2%452. /. ).6%34-%.4
&5.$3 %-0,/9%$
'+$'
,/$,,c ,+$)(c ,'$+/c
'($)
*$/
,)
E^ `KX_lKfli`jdĂƒjp\Xi_XjY\\e Z_Xcc\e^`e^#n`k_XeldY\if]\ok\ieXc ]XZkfij`dgXZk`e^fe`kjg\i]fidXeZ\% =Xcc`e^`ek\ieXk`feXcm`j`kfieldY\ij kfE\nQ\XcXe[#k_\_`^_E\nQ\XcXe[ [fccXiXe[`eZi\Xj\[]l\cgi`Z\j_Xm\ XccZfeki`Ylk\[kfk_\ZfdgXepĂƒj g\i]fidXeZ\i\jlck`e^`ecfn\ik_Xe ]fi\ZXjki\jlckj% ?fn\m\ik_\p\Xi_XjefkXccY\\e e\^Xk`m\#n`k_XeldY\if]gfj`k`m\ [\m\cfgd\ekjfZZlii`e^k_Xkn`ccjlggfik k_\kfli`jdZfdgXepĂƒjg\i]fidXeZ\feZ\ dXib\kZfe[`k`fej`dgifm\% K_\j`^e`e^`e8l^ljkf]XeX^i\\d\ek n`k_NXbXkl@eZfigfiXk`fekfdXeX^\ knff]k_\`ij\XbXpXb`e^fg\iXk`fej d\Xekk_Xkk_\]fZljfefg\iXk`fej`ek_\ 8Y\cKXjdXeY\ZXd\Xb\pgi`fi`kp]fi E^ `KX_lKfli`jd%Glkk`e^`ejpjk\djkf dXeX^\k_\]flij\XbXpXb`e^YiXe[jXe[ nXk\ikXo`fg\iXk`fejk_ifl^_k_\Yljp jldd\idfek_jnXjX_`^_gi`fi`kp]fi k_\ZfdgXep% @eKX`Gflk`e`#nfibjkXik\[Xk=iXeqAfj\] feZfejkilZk`fef]k_\e\n>cXZ`\i?fk Gffcj%K_\gifa\ZkkfZfejkilZkX_fkgffcj Zfdgc\o]\Xkli`e^Yfk_gi`mXk\Xe[glYc`Z gffcj`jXe\oZ`k`e^fe\]fiE^ `KX_l Kfli`jdX[[`e^[\gk_kfk_\ZfdgXepĂƒj \o`jk`e^^cXZ`\i^l`[`e^Xe[n`[\ikfli`jd XZk`m`k`\jfek_\:fXjk% @eX[[`k`fek_\ZfdgXep\ek\i\[`ekfX ZfekiXZkkfdXeX^\k_\?lbXnX`:\eki\`e k_\kfnej_`g[li`e^k_\p\Xi%K_\?lbXnX` :\eki\Ăƒje\ncpZfdgc\k\[`Z\Zc`dY`e^nXcc Xe[`ek\iXZk`m\^cXZ`\iZ\eki\`jdXeX^\[ k_ifl^_E^ `KX_lKfli`jdĂƒjKX`Gflk`e` dXeX^\d\ekk\XdXccfn`e^]fi^i\Xk\i c\m\iX^\f]\o`jk`e^`e]iXjkilZkli\% @ek\ieXk`feXcm`j`kfieldY\ijjkXik\[kf jf]k\e`eEfm\dY\i)''.Xe[n_`c\k_\p iXcc`\[[li`e^;\Z\dY\i#k_\p[ifgg\[f]] \Xicp`ek_\E\nP\XiXe[_Xm\Zfek`el\[ kf]Xcc%8jE^ `KX_lKfli`jd[iXnj`kj gXjj\e^\ijcXi^\cp]ifd`ek\ieXk`feXc dXib\kjk_`j_Xj`dgXZk\[fei\jlckj# gXik`ZlcXicp`ek_\j\Zfe[_Xc]f]k_\p\Xi% =lik_\idfi\#k_\i\c`XeZ\f]XcXi^\gXik f]flikfli`jdfg\iXk`fejfe\`k_\iYfXk#
Yljfi_\c`Zfgk\ikiXejgfikd\Xejk_\ gi`Z\f]]l\c`jXb\p[i`m\if]Zfjk]fik_\ fi^Xe`jXk`fe%=l\cgi`Z\j`eZi\Xj\[]ifd XjkXik`e^iXk\f](%,.`eAlcp)''.kfX _`^_f])%((`eAle\%K_\*+ `eZi\Xj\ [li`e^k_\kn\cm\dfek_g\i`f[_Xj gcXZ\[Xj`^e`Ă‹ZXekZfjkYli[\efek_\ kfli`jdYlj`e\jj\jn`k_gi`Z`e^jkilZkli\j cXi^\cpj\k]fik_\j\Xjfen`k_c`kkc\iffd kf`eZi\Xj\[li`e^k_Xkg\i`f[% K_\k_`i[]XZkfik_Xk_XjZfek`el\[kf `dgXZklgfeE^ `KX_lKfli`jd`jk_\ _`^_E\nQ\XcXe[[fccXi%N`k_k_\[fccXi Y\`e^XYfm\LJ'%.,]fik_\dXafi`kpf] k_\p\XiXe[n`k_k_\LJXe[<lifg\Xe dXib\kji\gi\j\ek`e^cXi^\gfik`fejf] m`j`kfijkfE\nQ\XcXe[#k_\i\Xi\knf j`^e`Ă‹ZXek`dgXZkj#Ă‹ijkcpXi\[lZk`fe`e g\fgc\Z_ffj`e^E\nQ\XcXe[XjXm`j`kfi [\jk`eXk`fe i\ĂŒ\Zk\[`em`j`kfieldY\ij # Xe[j\Zfe[cpk_\i\cXk`m\X]]fi[XY`c`kpf] E\nQ\XcXe[kfli`jkXkkiXZk`fejn_\e ZfdgXi\[n`k_fk_\iZfleki`\j% @ejg`k\f]k_\j\Z_Xcc\e^`e^dXib\k Zfe[`k`fej#k_ifl^_k`^_kdXeX^\d\ek f]ZfekifccXYc\ZfjkjXe[]fZljfeilee`e^ \]Ă‹Z`\ekfg\iXk`fejE^ `KX_lKfli`jd _Xji\klie\[XKfkXcE\kJligcljf] /%)/dXe[n`k_Xi\jg\ZkXYc\Fg\iXk`e^ I\kliefe@em\jkd\ekf]()%* %
,OOKING AHEAD K_\Z_Xcc\e^`e^dXib\kZfe[`k`fej_Xm\ [i`m\eE^ `KX_lKfli`jdkfY\\m\edfi\ i`^fliflj`eXZ_`\m`e^^i\Xk\i\]Ă‹Z`\eZ`\j ]ifdk_\`i\o`jk`e^fg\iXk`fej%N_`c\ k_\j\dXib\kZfe[`k`fejXi\c`b\cpkf Zfek`el\`ek_\)''0Ă‹eXeZ`Xcp\Xi#n\Xi\ ZfeĂ‹[\ek`ek_\d\[`ld$k\idk_Xkfli kfli`jd`em\jkd\ekjXi\n\ccgfj`k`fe\[ kf[\dfejkiXk\Xjkife^i\Zfm\ipfeZ\ dfi\]XmfliXYc\Zfe[`k`fej\o`jk%N\ Xi\]fikleXk\kf_Xm\XeldY\if]`Zfe`Z Xe[\jkXYc`j_\[kfli`jdXZk`m`k`\j`ek_\ E^ `KX_lKfli`jd^iflg%K_\cfZXk`fej Xe[[iXnf]k_\j\n`ccZfek`el\kfXkkiXZk m`j`kfijfeZ\k_\f`cgi`Z\Xe[^cfYXc \ZfefdpjkXYc`j\%@ek_\d\Xek`d\#`kĂƒjX ZXj\f]_leb\i`e^[fneXe[n\Xi`e^flk k_\jkfid%
4RIBUTE TO 4ONY 7ARWICK !Up TAUKIRI E +UA HIKA ATU Ri TE TyTARA NUI I TE WAO TAP~ NUI A 4iNE +I A KOE 4ONY E TE RAKATIRA MOE MAI RA E KORE KOE E WAREWARETIA 4HE GREAT TyTARA OF 4iNE´S FOREST HAS FALLEN 4O YOU 4ONY WE PAY TRIBUTE AS A FRIEND AND RESPECTED LEADER REST NOW FOR YOU SHALL NEVER BE FORGOTTEN KfepĂƒjZfeki`Ylk`fekfE^ `KX_l Kfli`jdXe[k_\kfli`jd`e[ljkip`e Hl\\ejkfne_XjY\\ejlYjkXek`XccXjk`e^ fm\i*'p\Xij%Kfepaf`e\[J_fkfm\ia\k`e k_\(0.'jXjXa\kYfXk[i`m\iXe[nfib\[ _`jnXplgk_ifl^_k_\ZfdgXepXe[ gcXp`e^Xb\pifc\`e^ifn`e^J_fkfm\iA\k `ekfk_\c\X[`e^kfli`jkXkkiXZk`fek_Xk`k `jkf[Xp%;li`e^_`jZXi\\iKfepn\ekfe kfZ_X`i;\jk`eXk`feHl\\ejkfne#k_\ i\^`feXckfli`jdfi^Xe`jXk`fe]fik_\ Xi\X%8kk_\k`d\f]_`j[\Xk_KfepnXj E^ `KX_lKfli`jdĂƒjJflk_\ieI\^`fe >\e\iXcDXeX^\i% E^ `KX_lKfli`jdXe[E^ `KX_l ?fc[`e^j>iflgn`j_kfXZbefnc\[^\ KfepĂƒjZfej`[\iXYc\Zfeki`Ylk`fekfk_\ >iflg%?\`jjfi\cpd`jj\[YpXccn_f be\nXe[nfib\[n`k__`d%
,*
.GiI 4AHU (OLDINGS 'ROUP .EW )NVESTMENTS !SSETS 0ORTFOLIO AS AT *UNE
4HE ½NANCIAL YEAR HAS SEEN .GiI 4AHU (OLDINGS 'ROUP ADD A NUMBER OF SIGNI½CANT INVESTMENTS TO ITS INVESTMENT PORTFOLIO 4HE "OARD IS PLEASED TO PRESENT THE FOLLOWING NEW INVESTMENTS
#(2)34#(52#( #)6)# "5),$).'
!2-342/.' 02%34)'% #(2)34#(52#(
&2!.: */3%& ',!#)%2 (/4 0//,3
GliZ_Xj\f]k_\GfjkF]Ă‹Z\9l`c[`e^Xk ,*$,0?\i\]fi[Jki\\k#:_i`jkZ_liZ_]fi [\m\cfgd\ek Af`ekM\ekli\n`k_ :_i`jkZ_liZ_:`kp:fleZ`c
;\m\cfgd\ekf]8idjkife^Gi\jk`^\Ăƒje\n j_fniffdjfe9c\e_\`dIfX[
?fkgffcjZfdgc\oZlii\ekcple[\i ZfejkilZk`fe`e=iXeqAfj\]kfnej_`g
29-!. (%!,4(#!2%
8[[`k`feXc(%, j_Xi\_fc[`e^ .#,''#''' j_Xi\j #Yi`e^`e^kfkXcc\m\cf]`em\jkd\ek `ek_\ZfdgXepkf/ +'#'''#'''j_Xi\j ,).#/,. $!)29 &!2-
GliZ_Xj\f]C`eZfce;X`ip=Xid]fi [\m\cfgd\ek`ekf-''$.''i\j`[\ek`Xc jlY[`m`j`fe Af`ekM\ekli\n`k_C`eZfce Le`m\ij`kp (/23%3(/% ,!+% 2/!$ #(2)34#(52#( $%0!24-%.4 /& #/.3%26!4)/. #(2)34#(52#(
"5),$).' 0/34 /&&)#% 02%#).#4 15%%.34/7.
;\m\cfgd\ekf]Xe\nDX_XXel`8i\X F]Ă‹Z\`e:_i`jkZ_liZ_]fik_\;\gXikd\ek f]:fej\imXk`fe
:fem\ij`feXe[i\jkfiXk`fef]k_\fc[Zflik _flj\`ekfXi\jkXliXekXe[YXi]XZ`c`kp
GliZ_Xj\f]k_\j`k\]fiX ))cfki\j`[\ek`XcjlY[`m`j`fe !,,%.$!,% '/6%2./23 "!9
GliZ_Xj\f]cXe[]fi[\m\cfgd\ek`ekfiliXc i\j`[\ek`XcjlY[`m`j`fe "%!#( 2/!$ !+!2/!
GliZ_Xj\[cXe[]fi[\m\cfgd\ekf]X(+ j\Zk`feXe[(-kfne_flj\[\m\cfgd\ek ,+
.GiI 4AHU (OLDINGS 'ROUP %XISTING )NVESTMENTS !SSETS 0ORTFOLIO OWNED AT *ULY
.GiI 4AHU #APITAL 29-!. (%!,4(#!2% MXcl\Xk*'&-&'/ 2YMAN (EALTHCARE-)%+d %NDEAVOUR I¯#AP &UND)%(,d 6ERTIDE'%/d
.GiI 4AHU 0ROPERTY 8m\iX^\fZZlgXeZpXZifjj k_\E^`KX_lGifg\ikp @em\jkd\ekGfik]fc`f
8m\iX^\N\`^_k\[ C\Xj\K\id p\Xij
YEARS
)NVESTMENT 0ROPERTIES 4/7%2 *5.#4)/. -%'! #%.42% #(2)34#(52#( #LASS9lcbI\kX`c 7EIGHTED !VERAGE ,EASE 4ERM YEARS ,%)+ 4/7%2 *5.#4)/. 6),,!'% #(2)34#(52#( #LASS9lcbI\kX`c 7EIGHTED !VERAGE ,EASE 4ERM YEARS
0/,)#% 34!4)/. $5.%$). #LASS:ifne 7EIGHTED !VERAGE ,EASE 4ERM YEARS /%0. 0/,)#% 34!4)/. 15%%.34/7. #LASS:ifne 7EIGHTED !VERAGE ,EASE 4ERM YEARS /%0. 0/34 /&&)#% 02%#).#4 15%%.34/7. #LASSI\kX`c&F]ËZ\ 7EIGHTED !VERAGE ,EASE 4ERM YEARS ,%0) .!4)/.!, 42!$% !#!$%-9 #(2)34#(52#( #LASS<[lZXk`fe 7EIGHTED !VERAGE ,EASE 4ERM YEARS )%,( /´2%'!.´3 7(!2& 7EIGHTED !VERAGE ,EASE 4ERM YEARS ¾
2URAL ,AND #!.4%2"529 &/2%343 8j_c\p 9XcdfiXc <pi\n\cc ?Xed\i DkK_fdXj Fblbl Fd`_` Fo]fi[ /4!'/
$EVELOPMENT 0ROPERTIES
FkX^f:fXjk KXgXel`
2%3)$%.4)!, 35"$)6)3)/.
#%.42!, /4!'/
,).$%. '2/6% (/.cfkjlY[`m`j`fe¾JkX^\(¾(.k`kc\j Zfdgc\k\[%JkX^\)le[\inXp(/(cfkj gi\$jfc[%;l\]fiZfdgc\k`fe`e)'('
?`^_:flekipJkXk`fej
02%34/.3 2/!$ GcXeZ_Xe^\Xggc`ZXk`fele[\iZfej`[\iXk`fe% JlYa\ZkkfgcXeZ_Xe^\ 7)'2!- !%2/$2/-% DXjk\igcXee`e^`jZcfj\kfZfdgc\k`fen`k_ Xggc`ZXk`fe]fii\qfe`e^kfY\cf[^\[`ek_\ Zfd`e^dfek_j%;l\kfZfdd\eZ\ [\m\cfgd\ek`e)''0 ,)&%349,% 35"$)6)3)/.
-).)3429 /& *534)#% 15%%.34/7. #/5243 #LASS:ifne 7EIGHTED !VERAGE ,EASE 4ERM YEARS (/%(.
)6%!'( "!9 ,!+% "25..%2 JkX^\(f])+cfkj`jZfdgc\k\[n`k_(+cfkj jk`ccXmX`cXYc\%=lik_\i[\m\cfgd\ek`jfe _fc[lek`ck_\dXib\kj_fnjj`^ejf] i\Zfm\ip
0/,)#% 34!4)/. #(2)34#(52#( #LASS:ifne 7EIGHTED !VERAGE ,EASE 4ERM YEARS /%0.
0/34 /&&)#% 02%#).#4 15%%.34/7. K_\ËeXcYl`c[`e^`ek_`jËm\Yl`c[`e^ [\m\cfgd\ek`jle[\iZfejkilZk`fe
34 /-%2 7(!2& 7EIGHTED !VERAGE ,EASE 4ERM YEARS 0%.)
452.%23 !5#4)/.3 #(2)34#(52#( #LASS9lcbI\kX`c 7EIGHTED !VERAGE ,EASE 4ERM YEARS ()%')
-).)3429 /& *534)#% #(2)34#(52#( #/5243 #LASS:ifne 7EIGHTED !VERAGE ,EASE 4ERM YEARS /%0.
#/--%2#)!, $%6%,/0-%.43
4% 05+% 2/!$ +52!4!5 ,!+% 4!50d (/cfkc`]\jkpc\[\m\cfgd\ek%;l\]fi Zfdgc\k`fe`eAle\)''0
7%34 #/!34 :_Xic\jkfe =X`i[fne >iXem`cc\ ?fZ_jk\kk\i ?f_fel BXe`\i\ Dn_\iX Dfb`_`el` E\dfeX |dfkf GXgXifX K\N_XiXl M`Zkfi`X NX`d\X @Xek_\ DX_`eXglX D`bfel` KfkXiX NX`kXe^` NXe^Xel`
!2%! (! -#.') 0#*/' -#.-+ ,#(), )#(',#(/0 (#**' *0/ !2%! (! (#'0+ ,!2%! (! )0#*-, !2%! (! )(+ ).* +,0 *#0., ,)' )#)(, ,#(/' 0'* ,#*// (#,+( (#0(' (-. *#*(, *#)*) -#)0* +#(+* .)* (#)(' (#'/. )#.*'
2!+!.5) :fej\ekfYkX`e\[]fi-.c`]\jkpc\YcfZbj Gifg\ikp`jfek_\dXib\k]fccfn`e^ [\Z`j`feefkkfgifZ\\[n`k_[\m\cfgd\ek Xkk_`jjkX^\
,,
.GiI 4AHU (OLDINGS 'ROUP %XISTING )NVESTMENTS !SSETS 0ORTFOLIO OWNED AT *ULY
.GiI 4AHU 3EAFOOD
+d52!,/"34%2
3(%,,&)3( %8#,5$).' /934%23
/934%23
:fekiXZkZXkZ_`e^#gXZb`e^Xe[ \ogfikf]c`m\b‘liX&cfYjk\i
:fekiXZk]Xid`e^#gifZ\jj`e^Xe[ dXib\k`e^f]]ifq\e_Xc]$j_\ccXe[d\Xk
:fekiXZkZXkZ_`e^#gifZ\jj`e^Xe[ [fd\jk`ZdXib\k`e^f]]i\j_fpjk\ij
0_5!!"!,/.%
.'_) 4!(5 3%!&//$
f]gfik]fc`f
:fekiXZk_Xim\jk`e^#gifZ\jj`e^Xe[ dXib\k`e^f]ZXee\[g lX&XYXcfe\
7%4&)3( C\Xj\8:<kfXc`^e\[j\X]ff[ ZfdgXe`\j
7(/,%3!,%
2%4!),
3#!-0)
JXc\jfei\^`feXcYXj`jkf n_fc\jXc\ij#[`jki`Ylkfij#i\kX`c\ij# _fk\cjXe[i\jkXliXekj
Fg\iXk`fef]i\kX`cjkfi\jle[\i k_\GXZ`Ă‹Z:XkZ_YiXe[
:fekiXZkZXkZ_`e^#]i\\q`e^#gXZb`e^ Xe[\ogfikf]n_fc\jZXdg`
,-
.GiI 4AHU 4OURISM #ENTRAL .ORTH )SLAND
.ELSON -ARLBOROUGH
7EST #OAST
3OUTHERN
(5+! *%4 A\kYfXkk_i`ccj#]leXe[ \oZ`k\d\ekXcfe^k_\Y\Xlk`]lc NX`bXkfi`m\ilgkfk_\ Xn\$`ejg`i`e^?lbX=Xccj
!"%, 4!3-!. !15! 4!8) Gifm`[`e^hl`ZbXe[\]ËZ`\ek nXk\ikXo`kiXejgfikkfk_\8Y\c KXjdXeEXk`feXcGXib
&2!.: */3%& ',!#)%2 '5)$%3 Gifm`[`e^XiXe^\f]^cXZ`\i _`b`e^X[m\ekli\jkfjl`kXcc c\m\cjf]Ëke\jj
(5+!7!) #%.42% -!.!'%-%.4 #/.42!#4 DXeX^\d\ekZfekiXZkkf fg\iXk\k_`j`ek\iXZk`m\^cXZ`\i Z\eki\Xe[`Z\Zc`dY`e^nXcc%
3(/4/6%2 *%4 K_\nfic[Ãjdfjk\oZ`k`e^ a\kYfXki`[\Xe[k_\fecp ZfdgXepg\id`kk\[kffg\iXk\ `ek_\jklee`e^J_fkfm\i I`m\i:Xepfej%
2!)."/7 302).'3 E\nQ\XcXe[Ãjfi`^`eXcEXkli\ GXibgifm`[`e^k_\fggfikle`kpkf m`\neXk`m\Xe`dXcjXe[gcXekc`]\ Zcfj\lg
+!9!+).' !"%, 4!3-!. E^`KX_lKfli`jdfg\iXk\jX iXe^\f][`]]\i\ek`Xk\[j\X bXpXb`e^Xe[j\Xcjn`dXZk`m`k`\j n_`Z_Xi\fne\[le[\iXaf`ek m\ekli\X^i\\d\ekn`k_NXbXkl @eZfigfiXk`fe%
$!24 2)6%2 3!&!2)3 ;XikI`m\iJX]Xi`jf]]\iXiXe^\f] a\kYfXk`e^Xe[]lepXbjX]Xi`j`e k_\jg\ZkXZlcXi;XikI`m\iMXcc\p# Dk8jg`i`e^ K`k`k\X EXk`feXc GXibXe[K\N_`gfleXdl ¾Jflk_n\jkE\nQ\XcXe[ Nfic[?\i`kX^\8i\X%
/THER )NVESTMENTS +)7) %.#/5.4%2 8le`hl\b`n`_XkZ_\ipXe[ elij\ip^`m\jm`j`kfijk_\ fggfikle`kpkfj\\b`n` Zfej\imXk`fe`eXZk`fe
(/,,9&/2$ '5)$%$ 7!,+3 K_\?fccp]fi[KiXZb`jfe\f] E\nQ\XcXe[Ãj^i\Xk\jknXcbj i\gi\j\ek`e^k_\ZflekipÃj n`c[\ie\jjXk`kjdfjk le[`jkliY\[Xe[`ejg`i`e^% +!)+d52! 7(!,% 7!4#( E^`KX_lKfli`jd_fc[jX +* j_Xi\_fc[`e^ BX`bliXNXc\NXkZ_`jE\n Q\XcXe[ÃjfecpdXi`e\$YXj\[ n_Xc\nXkZ_`e^ZfdgXep f]]\i`e^m`j`kfijXe\oZ`k`e^ lg$Zcfj\\eZflek\in`k_k_\ ^`Xekjg\idn_Xc\XkXcck`d\j f]p\Xi%
7!30 -!2).% 0%2&/2-!.#% CfZXk\[`eHl\\ejkfne# NXjgDXi`e\Xi\dXi`e\ \e^`e\jg\Z`Xc`jkjgifm`e^ \e^`e\\i`e^Xe[d\Z_Xe`ZXc jlggfikkfk_\E^`KX_l Kfli`jdÃja\kYfXkZfdgXe`\j Xe[k_\n`[\idXib\k%
,.
.'_) 4!(5 02/0%249 3#(/,!23()0
3HANNON 'OLDSMITH ¯ THE ½RST RECIPIENT OF THE .GiI 4AHU 0ROPERTY 3CHOLARSHIP IN J_Xeefejkl[`\[Xe[^iX[lXk\[ n`k_X9XZ_\cfi;\^i\\`eGifg\ikp DXeX^\d\ek`e)''*Xe[]fccfn`e^ Xk`d\fm\ij\Xj#efnnfibj]fi E^ `KX_lGifg\ikpXjXGifg\ikp @em\jkd\ekDXeX^\i% À?Xm`e^jkl[`\[Zfdd\iZ\XkFkX^f Le`m\ij`kpXe[^iX[lXk\[n`k_jfd\ )''fk_\ijkl[\ekj#k_\E^ `KX_l Gifg\ikpjZ_fcXij_`g^Xm\d\k_\ fggfikle`kpkfY\Zfd\`emfcm\[`e Xdfi\jg\Z`Xc`j\[Ë\c[f]jkl[p%Dp ^iX[lXk`fe]ifdC`eZfceLe`m\ij`kpn`k_ ()fk_\ijkl[\ekjd\Xekn\Xcc_X[ afYf]]\ijgi\j\ek\[kflj\m\eY\]fi\ n\n\i\ZXgg\[%J`eZ\k_Xkk`d\@_Xm\ gc`\[dpkiX[\`eE\nQ\XcXe[#8ljkiXc`X Xe[`e@i\cXe[%K_\E^ `KX_lGifg\ikp jZ_fcXij_`gnXjY\e\ËZ`Xc`ek_Xkefk fecp[`[`kXjj`jkn`k_k\ik`Xip]\\jYlk`k
,/
gifm`[\[mXclXYc\_fc`[Xp\dgcfpd\ek \og\i`\eZ\#XZZ\jjkfE^Â `KX_l Gifg\ikpjkX]]Xe[k_\`ibefnc\[^\Xe[ X^i\Xk\ile[\ijkXe[`e^f]E^Â `KX_l# flig\fgc\Xe[fliZlckli\Ă K_\E^Â `KX_lGifg\ikpJZ_fcXij_`g nXj\jkXYc`j_\[kfXjj`jkpfle^E^Â ` KX_lkf^\kXhlXc`Ă‹ZXk`feXe[ZXi\\i `ek_\gifg\ikp`e[ljkip%@k_XjY\\e ilee`e^]fi\`^_kp\XijXe[k_i\\pfle^ E^Â `KX_l_Xm\Y\e\Ă‹k\[]ifdk_\ jZ_fcXij_`g[li`e^k_Xkk`d\% KfepJ\n\cc#>\e\iXcDXeX^\if]E^Â ` KX_lGifg\ikpjXpjk_\jZ_fcXij_`g`jefk aljkXYflkdfe\p%Ă€FYm`fljcpXjj`jkXeZ\ n`k_k_\Zfjkjf]jkl[p`jj`^e`Ă‹ZXek ]fijkl[\ekj#Ylkk_\jZ_fcXij_`gf]]\ij i\Z`g`\ekjdlZ_dfi\k_Xek_Xk%E^Â ` KX_lGifg\ikp`jgifl[f]k_\jkife^ i\cXk`fej_`gn\Yl`c[n`k_k_\j\pfle^
E^ `KX_l%N\jlggfikk_\d`ek_\`i jkl[`\jgifm`[`e^k_\dn`k__\cgfe Xjj`^ed\ekj#jkl[pkfg`ZjXe[^`m`e^ k_\dfggfikle`k`\jkf^\k`emfcm\[`e gifa\Zkj[li`e^jkl[pYi\Xbj%N\jk`Zb Zcfj\kfk_\d[li`e^k_\`ijkl[pXe[ _Xm\Xjkife^`ek\i\jk`ek_\`ijlZZ\jj%Ă E^ `KX_lGifg\ikpĂƒjXjg`iXk`fe`jk_Xk i\Z`g`\ekjf]k_\E^ `KX_lGifg\ikp JZ_fcXij_`gj^ffekfY\c\X[\ij`ek_\ E\nQ\XcXe[gifg\ikp`e[ljkipXe[ k_Xkk_ifl^_d\ekfi`e^#jlggfikXe[ ^l`[XeZ\E^ `KX_lGifg\ikpjlggfikj k_\j\pfle^E^ `KX_lkf_Xm\cfe^Xe[ jlZZ\jj]lcZXi\\ij% Ă€@Ăƒ[\eZfliX^\Xepfe\`ek\i\jk\[`e XZXi\\i`egifg\ikpkfXggcp]fik_\ E^ `KX_lGifg\ikpJZ_fcXij_`gà ž J_Xeefe>fc[jd`k_%
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE JlddXip>iflgJkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\ -' JlddXip>iflgJkXk\d\ekf]:_Xe^\j@e<hl`kp -( JlddXip>iflgJkXk\d\ekf]=`eXeZ`XcGfj`k`fe -) JlddXip>iflgJkXk\d\ekf]:Xj_=cfnj -+ JlddXipJkXk\d\ekf]8ZZflek`e^Gfc`Z`\j -Efk\jkfk_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekj -0 8l[`kI\gfik /;`jZcfjli\j /.
K_\]fccfn`e^JlddXip>iflg=`eXeZ`Xc JkXk\d\ekj_Xm\Y\\e\okiXZk\[]ifdk_\ Xl[`k\[=lcc>iflg=`eXeZ`XcJkXk\d\ekj [Xk\[)(J\gk\dY\i)''/%K_\=lcc>iflg =`eXeZ`XcJkXk\d\ekjn\i\gi\gXi\[`e XZZfi[XeZ\n`k_E\nQ\XcXe[>\e\iXccp 8ZZ\gk\[8ZZflek`e^GiXZk`Z\ ÂEQ >88GÃ Á%K_\>iflg`jXglYc`ZY\e\Ëk \ek`kpXe[_XjdX[\Xe\ogc`Z`kjkXk\d\ek f]Zfdgc`XeZ\n`k_EQ@=IJXjXggc`ZXYc\ ]figlYc`ZY\e\Ëk\ek`k`\j`ek_\=lcc>iflg =`eXeZ`XcJkXk\d\ekj% K_\>iflgZ_Xe^\[`kjXZZflek`e^gfc`Z`\j fe(Alcp)''.kfZfdgcpn`k_k_\EQ @=IJ%K_\kiXej`k`fekfEQ@=IJ`j XZZflek\[]fi`eXZZfi[XeZ\n`k_EQ@=IJ (=`ijk$k`d\8[fgk`fef]E\nQ\XcXe[
<hl`mXc\ekjkf@ek\ieXk`feXc=`eXeZ`Xc I\gfik`e^JkXe[Xi[j#n`k_(Alcp)''-Xj k_\[Xk\f]kiXej`k`fe%8e\ogcXeXk`fef] _fnk_\kiXej`k`fe]ifdjlg\ij\[\[ gfc`Z`\jkfEQ@=IJ_XjX]]\Zk\[k_\>iflg JkXk\d\ekf]=`eXeZ`XcGfj`k`feXe[>iflg JkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\`j [`jZljj\[`eefk\))% K_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekj ZXeefkY\\og\Zk\[kfgifm`[\Xj Zfdgc\k\Xele[\ijkXe[`e^Xjgifm`[\[Yp k_\=lcc>iflg=`eXeZ`XcJkXk\d\ekj%8e lehlXc`Ë\[Xl[`kfg`e`fenXj`jjl\[fe k_\=lcc>iflg=`eXeZ`XcJkXk\d\ekj% K_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekj _Xm\Y\\e\oXd`e\[Ypk_\>iflgÃj Xl[`kfi]fiZfej`jk\eZpn`k_k_\=lcc>iflg
=`eXeZ`XcJkXk\d\ekjXe[k_\`ilehlXc`Ë\[ Xl[`ki\gfikfek_\JlddXip>iflg =`eXeZ`XcJkXk\d\ekj_XjY\\eXkkXZ_\[% =lik_\i[\kX`cjXYflkk_\>iflgÃj=`eXeZ`Xc G\i]fidXeZ\Xe[=`eXeZ`XcGfj`k`feZXeY\ fYkX`e\[]ifdk_\=lcc>iflg=`eXeZ`Xc JkXk\d\ekj% <XZ_ki`YXcd\dY\i`j\ek`kc\[kffYkX`e lgfei\hl\jkXZfgpf]k_\=lcc>iflg =`eXeZ`XcJkXk\d\ekj%I\hl\jkjj_flc[Y\ dX[\kfk_\F]ËZ\f]K\IeXe^XfE^` KX_l¾8kk\ek`fe1A\]]>fc[jd`k_% K_\IeXe^XI\gi\j\ekXk`m\jXlk_fi`j\[ k_\`jjl\f]k_\=lcc>iflg=`eXeZ`Xc JkXk\d\ekjfe)(J\gk\dY\i)''/%
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 'ROUP 3TATEMENT OF &INANCIAL 0ERFORMANCE &OR THE YEAR ENDED *UNE
.OTES
I\m\el\Xe[Fk_\i@eZfd\]ifdKiX[`e^Fg\iXk`fej KiX[`e^<og\ej\j
+
%ARNINGS FROM /NGOING 4RADING /PERATIONS BEFORE )NTEREST 2EVALUATIONS AND 4RIBAL !CTIVITIES
<ok\ieXc@ek\i\jk:fjkj
J_Xi\f]8jjfZ`Xk\ÃjE\kJligcljXZZflek\[]filj`e^k_\ <hl`kpd\k_f[ E\k>X`efeJXc\f]Efe:lii\ek8jj\kj E\k>X`efeI\mXclXk`fef]@em\jkd\ekGifg\ikp E\k Cfjj feI\mXclXk`fef]9`fcf^`ZXc8jj\kj 4RADING 3URPLUS PRIOR TO 4RIBAL !CTIVITIES
() +
, , - -
.ET 3URPLUS BEFORE TAXATION
C\jjKXoXk`fe
/
.ET 3URPLUS AFTER TAXATION
8kki`YlkXYc\kf1 <hl`kp_fc[\ijf]k_\gXi\ek D`efi`kp@ek\i\jk
.ET 3URPLUS FOR THE 9EAR
-'
KiX[`e^\og\ej\j`eZcl[\ Zfjkf]jXc\j#X[d`e`jkiXk`fe# [`jki`Ylk`fe#dXib\k`e^Xe[ g\ijfee\c\og\ej\j dX`ecp i\cXk`e^kfj\X]ff[#kfli`jd Xe[gifg\ik`\j % Flij_Xi\f]N_Xc\NXkZ_ BX`bliXJligclj]fik_\p\Xi%
=`j_\i`\jJ\kkc\d\ek I\cXk\[Zfjkj]fi=`j_\i`\jJ\kkc\d\ek Fg\iXk`e^\og\ej\j¾K\IeXe^XfE^`KX_l I\m\el\i\cXk`e^kfKi`YXc#IeXe^XXe[n_eXl[`jki`Ylk`fej Ki`YXc#IeXe^XXe[n_eXl[`jki`Ylk`fe
K_`jJkXk\d\ek`jkfY\i\X[`eZfealeZk`fen`k_k_\ JlddXipJkXk\d\ekf]8ZZflek`e^Gfc`Z`\jXe[Efk\j kfk_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekjXkkXZ_\[%
@eZcl[\jjXc\j dX`ecp i\cXk`e^kfj\X]ff[#kfli`jd Xe[gifg\ik`\j #`ek\i\jk `eZfd\#i\ekji\Z\`m\[# [`m`[\e[jXe[`eZfd\]ifd `em\jkd\ekj%
@eZcl[\jgifËkj]ifdk_\ jXc\f]j_Xi\jXe[hlfkX#Xe[ cfjjfejXc\f]`em\jkd\ekj# )''.dX`ecpi\cXk\jkfjXc\ f]IpdXej_Xi\j % K_`j`jXe\n`eZclj`fe`eE\k Jligclj]fccfn`e^X[fgk`fe f]EQ@=IJ% @eZcl[\jj\kkc\d\ekf]Ëj_ hlfkX#8fk\XifX=`j_\i`\j C`d`k\[j_Xi\jXe[ j\kkc\d\ekZXj_]ifd K\F_lBX`DfXeX% @eZcl[\jieXe^X [`jki`Ylk`fejXe[ [\m\cfgd\ek#N_X` IXnX[`jki`Ylk`fej#E^` KX_l=le[[`jki`Ylk`fej# gifk\Zk`fef]eXkliXc i\jfliZ\j#glYc`ZXk`fej# Zfddle`ZXk`fejXe[ [\m\cfgd\ekXe[\og\ej\j ]fifk_\iki`YXcgif^iXdd\j%
*UNE S
*UNE S
(.0#+.( (++#)-)
(,-#.'+ (*(#*,/
,#*/)
-#'*/
(#0.0 ./* ),#/0' ))+
)#(*) ,0#(,. +*#0(* (,'
*+#-/- -#.,, /#/(/ *#)-, (-#()+
' ' .#0,) *#(', (+#-+0
*(*
+)*
-*#0,- )+'
('+#).(-,
:fdgXiXk`m\j_Xm\Y\\eX[aljk\[ `ei\cXk`fekfEQ@=IJX[fgk`fe
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 'ROUP 3TATEMENT OF #HANGES IN %QUITY &OR THE YEAR ENDED *UNE
*UNE
*UNE
.OTES
S
S
"ALANCE AT "EGINNING OF 9EAR
E\kDfm\d\ek`e8jj\kI\mXclXk`feI\j\im\1 @em\jkd\ekmXclXk`fe^X`e& cfjj >X`e& cfjj I\Zf^e`j\[feZXj_Ìfn_\[^\j
)(#/'( *#-0(
*)#,)' ,#-,)
E\k@eZfd\i\Zf^e`j\[[`i\Zkcp`e\hl`kp
),#+0)
*/#(.)
E\kJligclj]fik_\P\Xi1 K\IeXe^XfE^`KX_lXe[E^`KX_l:_Xi`kXYc\Kiljk D`efi`kpJ_Xi\_fc[\ij KiXej]\ijkfjkXk\d\ekf]ËeXeZ`Xcg\i]fidXeZ\fejXc\j
-*#0,- )+' ¾
('+#).- (-, -,#,.(
KfkXci\Zf^e`j\[`eZfd\Xe[\og\ej\]fik_\g\i`f[
*/#.'+
..#'+)
8kki`YlkXYc\kf1 <hl`kp_fc[\ijf]k_\gXi\ek D`efi`kp@ek\i\jk
*/#+-+ )+'
.-#/.. (-,
Fk_\idfm\d\ekj`eD`efi`kp@ek\i\jkj
¾
"ALANCE AT %ND OF 9EAR
Dfm\d\ek`emXcl\f] IpdXeJ_Xi\j¾ [\Zi\Xj\& `eZi\Xj\ %
;\[lZki\mXclXk`fe jligclj\ji\Xc`j\[fejXc\j f]`em\jkd\ekj%
**,
:fdgXiXk`m\j_Xm\Y\\eX[aljk\[ `ei\cXk`fekfEQ@=IJX[fgk`fe
K_`jJkXk\d\ek`jkfY\i\X[`eZfealeZk`fen`k_k_\ JlddXipJkXk\d\ekf]8ZZflek`e^Gfc`Z`\jXe[Efk\j kfk_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekjXkkXZ_\[% -(
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 'ROUP 3TATEMENT OF &INANCIAL 0OSITION !S AT *UNE
.OTES
#URRENT !SSETS :Xj_Xe[:Xj_<hl`mXc\ekj 8ZZflekjI\Z\`mXYc\ @em\ekfi`\j @em\ekfi`\j¾Gifg\ikp CfXej8[mXeZ\[ Fk_\i=`eXeZ`Xc8jj\kj Fk_\i:lii\ek8jj\kj KXoXk`fe
.
Efe$:lii\ek8jj\kjZcXjj`Ë\[Xj_\c[]fiJXc\ 4OTAL #URRENT !SSETS .ON #URRENT !SSETS 8ZZflekjI\Z\`mXYc\ Efe:lii\ek@em\ekfip¾Gifg\ikp CfXej8[mXeZ\[ Gifg\ikp#GcXekXe[<hl`gd\ek 9`fcf^`ZXc8jj\kj @em\jkd\ekGifg\ik`\j @em\jkd\ekj`e<hl`kp@ejkild\ekj @ek\i\jk`e8jjfZ`Xk\:fdgXe`\j Fk_\i=`eXeZ`Xc8jj\kj =`j_HlfkXXe[DXi`e\=XidC`Z\eZ\j >ff[n`cc 9iXe[j#I`m\iI`^_kj#:feZ\jj`fejXe[Jf]knXi\
*UNE S
*UNE S
.#,)+ )'#-)- .#.0- ,*#)'( )#/-* (. (#)*0 ))
*#.'/ 0#+,+ -#*+, +/#0/( *#)*+ +#-0, /#-.0 )-+
0*#)// '
/,#*-' *'(
0 (' (( ()
*#/)* )(#(+( (#'/, -+#-)/ )#0(( )-(#(+, .)#*), -#*)/ (#(*) ./#''( (-#,*0 ))#+.*
*#/.0 (0#)-* (#(*) ,.#/+) )#/+( )(.#0-( .,#*+0 .#-,, +0 +0#+(, (-#+// ))#*+'
Dfe\pfn\[kfE^`KX_l YpfliZljkfd\ij% JkfZbf]Ëj_#lec\Xj\[ hlfkX#dXi`e\]XidZifgj# i\kX`cd\iZ_Xe[`j\_\c[]fi jXc\Xe[gXikjjkfZb% Gifg\ik`\jXe[j\Zk`fej gcXee\[kfY\jfc[n`k_`e ()dfek_j%
@em\jkd\ekgifg\ik`\j gi`dXi`cp_\c[]fii\ekXc `eZfd\Xe[ZXg`kXc Xggi\Z`Xk`fe% @eZcl[\jj_Xi\j`eIpdXe ?\Xck_ZXi\Xe[8fk\XifX =`j_\i`\j% K_\ZXiip`e^mXcl\f]fli j_Xi\f]N_Xc\NXkZ_ BX`bliX%
4OTAL .ON #URRENT !SSETS
4OTAL !SSETS
:fdgXiXk`m\j_Xm\Y\\eX[aljk\[ `ei\cXk`fekfEQ@=IJX[fgk`fe
K_`jJkXk\d\ek`jkfY\i\X[`eZfealeZk`fen`k_k_\ JlddXipJkXk\d\ekf]8ZZflek`e^Gfc`Z`\jXe[Efk\j kfk_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekjXkkXZ_\[% -)
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 'ROUP 3TATEMENT OF &INANCIAL 0OSITION CONT !S AT *UNE
.OTES
#URRENT ,IABILITIES :i\[`kfijXe[8ZZilXcj :lii\ekGfik`fef]Efe$:lii\ekC`XY`c`k`\j
*UNE
*UNE
S
S
(,
Dfe\pfn\[kffli jlggc`\ijXe[i–eXe^X [`jki`Ylk`fejjk`cckfY\gX`[%
*)#)*, 0/#.0/
*(#.'(#)*'
4OTAL #URRENT ,IABILITIES
@eZcl[\jYfiifn`e^jle[\i k\id]XZ`c`kpn`k_9EQ%
.ON #URRENT ,IABILITIES K\idCfXej Fk_\i=`eXeZ`XcC`XY`c`k`\j
(,
(,* ,'
,)#'-' '
4OTAL .ON #URRENT ,IABILITIES
4OTAL ,IABILITIES
.ET !SSETS
%QUITY Kiljk=le[j`eG\ig\kl`kp :Xg`kXcI\j\im\ 8jj\kI\mXclXk`feI\j\im\ ?\[^\I\j\im\ I\kX`e\[<Xie`e^j
(0/#--+ /0. +.#(/) (#'// )-+#/+(
(.'#.** /0. -/#0/* +#..0 ))/#/(-
4RIBAL %QUITY D`efi`kp@ek\i\jk
0((
-.(
4OTAL %QUITY
=le[ji\Z\`m\[]ifdk_\ :ifne`eZcl[`e^:cX`d J\kkc\d\ek(.'dXe[ gXik`Xc=`j_\i`\jJ\kkc\d\ek )/d`eJ\gk\dY\i)''.% @eZcl[\jk_\[`]]\i\eZ\ Y\kn\\ek_\Zlii\ekdXib\k mXcl\Xe[k_\gi`Z\jgX`[]fi IpdXeJ_Xi\j% I\gi\j\ekjlei\Xc`j\[ ^X`ejXe[cfjj\jfe]fi\`^e Zlii\eZpXe[`ek\i\jkiXk\ _\[^\j% K_\e\knfik_f]E^Â `KX_l Xjd\Xjli\[`ek_\>iflg =`eXeZ`Xc8ZZflekj%
:fdgXiXk`m\j_Xm\Y\\eX[aljk\[ `ei\cXk`fekfEQ@=IJX[fgk`fe
)(J\gk\dY\i)''/
BX`n_XbX_X\i\
:_`\]<o\Zlk`m\F]Ă‹Z\i
K_`jJkXk\d\ek`jkfY\i\X[`eZfealeZk`fen`k_k_\ JlddXipJkXk\d\ekf]8ZZflek`e^Gfc`Z`\jXe[Efk\j kfk_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekjXkkXZ_\[% -*
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 'ROUP 3TATEMENT OF #ASH &LOWS &OR THE YEAR ENDED *UNE
.OTES
*UNE S
*UNE S
#ASH &LOWS FROM /PERATING !CTIVITIES :Xj_nXjgifm`[\[]ifd1 :Xj_i\Z\`gkj]ifd:ljkfd\ij JXc\f]@em\ekfi`\j¾Gifg\ikp ;`m`[\e[ji\Z\`m\[ @ek\i\jki\Z\`m\[
(+-#+,- ).#'), (#/*, 0')
(+'#,*- )/#(.( )#0)/ (#')+
(.-#)(/
(.)#-,0
:Xj_nXjXggc`\[kf1 :Xj_gX`[kfJlggc`\ijXe[<dgcfp\\j GliZ_Xj\f];\m\cfgd\ekGifg\ik`\j Ki`YXc;`jki`Ylk`fej @ek\i\jkgX`[ KXoXk`fegX`[
()'#/*. *+#))* (-#'(/ +#/-+ .(
((.#/,) **#,(+ ('#-/- ,#00* ,.(
(.-#'(*
(-/#-(-
.ET #ASH )N¾OW FROM /PERATING !CTIVITIES
@eZcl[\jjXc\jf]i\j`[\ek`Xc [\m\cfgd\ekj\Zk`fej%
@eZcl[\jgliZ_Xj\jf] i\j`[\ek`Xc[\m\cfgd\ek j\Zk`fej%
#ASH &LOWS FROM )NVESTING !CTIVITIES :Xj_nXjgifm`[\[]ifd1 JXc\f]Gifg\ikp#GcXekXe[<hl`gd\ek CfXeji\gX`[ I\]le[f]i\[lZk`fe`eGliZ_Xj\Gi`Z\f]@em\jkd\ek JXc\f]@em\jkd\ekkfAf`ekM\ekli\GXike\i JXc\f]=fi\jkj JXc\f]HlfkX JXc\f]@em\jkd\ekj
*#'*+ (#0-/ ' ,)+ (#'., )0, '
(#+,/ )#,), )#*+0 ' ' )/, /'#'.,
:Xj_nXjXggc`\[kf1 GliZ_Xj\f]Gifg\ikp#GcXekXe[<hl`gd\ek CfXejX[mXeZ\[ 8Zhl`j`k`fef]9lj`e\jj\j :Xg`kXc`j\[=`j_\i`\j8ccfZXk`fe:fjkj GliZ_Xj\f]@em\jkd\ekj GliZ_Xj\f]HlfkX GliZ_Xj\f]9`fcf^`ZXcXjj\kj GliZ_Xj\f]@ekXe^`Yc\j @em\jkd\ekGifg\ik`\j<og\e[`kli\
-#/0- ,#//- )#-/' (#,,' ' ()#-/- (#,'' .,( (-' ),#)*/
/-#-0)
,'#+,(
)+#)./
.ET #ASH /UT¾OW )N¾OW FROM )NVESTING !CTIVITIES
K_`jJkXk\d\ek`jkfY\i\X[`eZfealeZk`fen`k_k_\ JlddXipJkXk\d\ekf]8ZZflek`e^Gfc`Z`\jXe[Efk\j kfk_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekjXkkXZ_\[% -+
@eZcl[\jZXg`kXcZfjkj XjjfZ`Xk\[n`k_:_i`jkZ_liZ_ :`kp:fleZ`cAMXe[fk_\i gifg\ikp`em\jkd\ekj%
+#)/. )#(++ +#(0( ))* -)/ (#/0, -(' +,, 0#/+,
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 'ROUP 3TATEMENT OF #ASH &LOWS CONT &OR THE YEAR ENDED *UNE
*UNE
*UNE
.OTES
S
S
#ASH &LOWS FROM &INANCING !CTIVITIES :Xj_nXjgifm`[\[]ifd1 9Xebf]E\nQ\XcXe[cfXej ;\gfj`kjX[mXeZ\[
+-#''' ('/
' '
:Xj_nXjXggc`\[kf1 I\gXpd\ekf]9Xebf]E\nQ\XcXe[cfXej I\gXpd\ekf]fk_\iefeZlii\ekc`XY`c`k`\j
+-#('/ ' ++.
-,#,'' ,'*
++.
--#''*
.ET #ASH )N¾OW/UT¾OW FROM &INANCING !CTIVITIES
.ET )NCREASE IN #ASH (ELD
&ISH 3ETTLEMENT #ASH )NTRODUCED 8[[YXcXeZ\XkY\^`ee`e^f]p\Xi
*#.'/
*#),+
"ALANCE AT %ND OF 9EAR
I\gi\j\ek\[Yp1 :Xj_Xe[ZXj_\hl`mXc\ekj
.#,)+
*#.'/
'
K_`jJkXk\d\ek`jkfY\i\X[`eZfealeZk`fen`k_k_\ JlddXipJkXk\d\ekf]8ZZflek`e^Gfc`Z`\jXe[Efk\j kfk_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekjXkkXZ_\[% -,
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 3TATEMENT OF !CCOUNTING 0OLICIES &OR THE YEAR ENDED *UNE
"ASIS OF 0REPARATION 2EPORTING %NTITY
K_\j\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj _Xm\ Y\\e gi\gXi\[]fik_\gligfj\f]^`m`e^`e]fidXk`feXYflkk_\ >iflgkfk_\E^Â `KX_ln_Â el`%
K_\JlddXip>iflg=`eXeZ`XcJkXk\d\ekj]fiK\I–eXe^X f E^ ` KX_l Xe[ E^ ` KX_l :_Xi`kXYc\ Kiljk `eZcl[\ K\ I–eXe^X f E^ ` KX_l Xe[ `kj jlYj`[`Xi`\j# `eZcl[`e^ E^ ` KX_l :_Xi`kXYc\ Kiljk# E^ ` KX_l ?fc[`e^j :figfiXk`feC`d`k\[Xe[`kjjlYj`[`Xi`\jXe[k_\kiljkj]fi n_`Z_k_\ZfdgXepXe[`kjjlYj`[`Xi`\jXZkXjkiljk\\#Xe[ k_\ jlYj`[`Xi`\j Xe[ XjjfZ`Xk\j f] k_fj\ kiljkj Àk_\ >iflgà # X[aljk\[ kf \c`d`eXk\ k_\ \]]\Zk f] j`^e`ËZXek `ekiX$^iflgkiXejXZk`fej%
\ejli`e^k_Xkk_\jlYjkXeZ\f]k_\le[\icp`e^kiXejXZk`fej Xe[fk_\i\m\ekj`ji\gfik\[%
K_\>iflgZ_Xe^\[`kjXZZflek`e^gfc`Z`\jfe(Alcp)''. kf Zfdgcp n`k_ E\n Q\XcXe[ \hl`mXc\ek kf @ek\ieXk`feXc =`eXeZ`XcI\gfik`e^JkXe[Xi[j EQ@=IJ %K_\kiXej`k`fekf EQ@=IJ`jXZZflek\[]fi`eXZZfi[XeZ\n`k_EQ@=IJ(=`ijk$ k`d\8[fgk`fef]E\nQ\XcXe[<hl`mXc\ekjkf@ek\ieXk`feXc =`eXeZ`XcI\gfik`e^JkXe[Xi[j#n`k_(Alcp)''-Xjk_\[Xk\ f] kiXej`k`fe% 8e \ogcXeXk`fe f] _fn k_\ kiXej`k`fe ]ifd jlg\ij\[\[gfc`Z`\jkfEQ@=IJ_XjX]]\Zk\[k_\JlddXip >iflg JkXk\d\ek f] =`eXeZ`Xc Gfj`k`fe Xe[ JlddXip >iflgJkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\`j[`jZljj\[`e efk\))%
K_\ JlddXip 8ZZflek`e^ Gfc`Z`\j j\k flk Y\cfn _Xm\ Y\\e Xggc`\[ `e gi\gXi`e^ k_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj ]fi k_\ p\Xi \e[\[ *' Ale\ )''/# k_\ ZfdgXiXk`m\ `e]fidXk`fe gi\j\ek\[ `e k_\j\ Jld$ dXip >iflg =`eXeZ`Xc jkXk\d\ekj ]fi k_\ p\Xi \e[\[ *' Ale\ )''.# Xe[ `e k_\ gi\gXiXk`fe f] k_\ fg\e`e^ EQ@=IJYXcXeZ\j_\\kXjXk(Alcp)''-#k_\>iflgĂƒj[Xk\ f]kiXej`k`fe%
3TATEMENT OF #OMPLIANCE
K\ I–eXe^X f E^ ` KX_l `j i\jgfej`Yc\ ]fi k_\ fm\iXcc ^fm\ieXeZ\ f] E^ ` KX_lĂƒj X]]X`ij# k_\ i\gi\j\ekXk`fe f] k_\ ki`Y\Ăƒj `ek\i\jkj# k_\ gifk\Zk`fe Xe[ X[mXeZ\d\ek f] k_\ i`^_kj f] k_\ d\dY\ij f] E^ ` KX_l n_ el`# Xe[ [\c`m\i`e^ jfZ`Xc# ZlckliXc Xe[ [\m\cfgd\ek gif^iXdd\j kfE^ `KX_ld\dY\ijXe[k_\`iZfddle`k`\j%E^ `KX_l ?fc[`e^jdXeX^\jk_\Zfdd\iZ`XcXZk`m`k`\jXe[Xjj\kjk_Xk _Xm\Y\\egcXZ\[`ek_\E^ `KX_l:_Xi`kXYc\Kiljk#Y\`e^ gi`dXi`cp gifg\ikp `em\jkd\ek# gifg\ikp [\m\cfgd\ek# kfli`jd# Ă‹j_`e^ Xe[ `em\jkd\ek XZk`m`kp `e E\n Q\XcXe[% K\I–eXe^XfE^ `KX_l`jXYf[pZfigfiXk\`eZfigfiXk\[ `e E\n Q\XcXe[ Yp j\Zk`fe - f] k_\ K\ I–eXe^X f E^ ` KX_l8Zk(00-%@k`jXglYc`ZY\e\Ă‹k\ek`kpXe[`j[fd`Z`c\[ `eE\nQ\XcXe[%
K\ I–eXe^X f E^ ` KX_l Xe[ k_\ E^ ` KX_l :_Xi`kXYc\ Kiljk_Xm\ZfddfeY\e\ËZ`Xi`\j%
K_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj ]fi k_\ >iflg _Xm\Y\\egi\gXi\[`eXZZfi[XeZ\n`k_^\e\iXccpXZZ\gk\[ XZZflek`e^ giXZk`Z\ `e E\n Q\XcXe[ ÀEQ >88Gà % K_\p Zfdgcp n`k_ =`eXeZ`Xc I\gfik`e^ JkXe[Xi[ Ef%+* ÀJlddXip=`eXeZ`XcJkXk\d\ekjà %
K_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj n\i\ Xlk_fi`j\[ ]fi`jjl\YpK\I–eXe^XfE^ `KX_lfe)(J\gk\dY\i)''/%
"ASIS OF -EASUREMENT
--
K_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj _Xm\ Y\\e gi\gXi\[ fe k_\ YXj`j f] _`jkfi`ZXc Zfjk# \oZ\gk ]fi k_\ i\mXclXk`fe f] Z\ikX`e efe$Zlii\ek Xjj\kj Xe[ Ă‹eXeZ`Xc `ejkild\ekj%
:fjk`jYXj\[fek_\]X`imXcl\f]k_\Zfej`[\iXk`fe^`m\e`e \oZ_Xe^\]fiXjj\kj%
8ZZflek`e^gfc`Z`\jXi\j\c\Zk\[Xe[Xggc`\[`eXdXee\i n_`Z_ \ejli\j k_Xk k_\ i\jlck`e^ ËeXeZ`Xc `e]fidXk`fe jXk`jË\jk_\ZfeZ\gkjf]i\c\mXeZ\Xe[i\c`XY`c`kp#k_\i\Yp
0RESENTATION #URRENCY
K_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj Xi\ gi\j\ek\[ `e E\n Q\XcXe[ [fccXij Xe[ Xcc mXcl\j Xi\ ifle[\[ kf k_\ e\Xi\jkk_fljXe[[fccXij ''' lec\jjfk_\in`j\jkXk\[%
3IGNI½CANT !CCOUNTING 0OLICIES K_\]fccfn`e^j`^e`Ă‹ZXekXZZflek`e^gfc`Z`\j_Xm\Y\\eX[fgk\[ `ek_\gi\gXiXk`feXe[gi\j\ekXk`fef]k_\Ă‹eXeZ`Xci\gfik1 "ASIS OF #OMBINATION A "ASIS OF #OMBINATION K_\ JlddXip >iflgĂƒj =`eXeZ`Xc JkXk\d\ekj `eZfig$ fiXk\ k_\ Ă‹eXeZ`Xc jkXk\d\ekj f] k_\ K\ I–eXe^X f E^ ` KX_l Xe[ E^ ` KX_l :_Xi`kXYc\ Kiljk# Xe[ \ek`k`\j n_`Z_ k_\p Zfekifc `kj jlYj`[`Xi`\j % :fekifc `j XZ_`\m\[ n_\i\ k_\ :fdgXep _Xj k_\ gfn\i kf ^fm\ie k_\ Ă‹eXeZ`Xc Xe[ fg\iXk`e^ gfc`Z`\j f] Xe \ek`kp jf Xj kf fYkX`e Y\e\Ă‹kj ]ifd `kjXZk`m`k`\j% K_\ gliZ_Xj\ d\k_f[ _Xj Y\\e lj\[ `e k_\ ZfdY`eXk`fe f] k_\ i\jlckj Xe[ Ă‹eXeZ`Xc gfj`k`fe f] jlYj`[`Xi`\j Xe[ af`ek m\ekli\j# n_`c\ k_\ \hl`kp d\k_f[ _Xj Y\\e X[fgk\[ ]fi lj\ `e k_\ `eZfig$ fiXk`fe f] k_\ i\jlckj Xe[ Ă‹eXeZ`Xc gfj`k`fe f] XjjfZ`Xk\ZfdgXe`\j% K_\ kiljkj _Xm\ Y\\e X^^i\^Xk\[ Yp ZfdY`e`e^ fe X c`e\$Yp$c`e\YXj`jk_\Ă‹eXeZ`XcjkXk\d\ekjf]k_\kiljkj Xe[ k_\`i jlYj`[`Xi`\j Xe[ XjjfZ`Xk\j n`k_ k_\ Zfejfc`$ [Xk\[Ă‹eXeZ`XcjkXk\d\ekjf]K\I–eXe^XfE^ `KX_l Xe[E^ `KX_l:_Xi`kXYc\KiljkXe[`kjjlYj`[`Xi`\j%
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 3TATEMENT OF !CCOUNTING 0OLICIES &OR THE YEAR ENDED *UNE
K_\ i\jlckj f] jlYj`[`Xi`\j XZhl`i\[ fi [`jgfj\[ f] [li`e^ k_\ p\Xi Xi\ `eZcl[\[ `e k_\ JlddXip >iflgJkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\]ifdk_\ \]]\Zk`m\ [Xk\ f] XZhl`j`k`fe fi lg kf k_\ \]]\Zk`m\ [Xk\f][`jgfjXc#XjXggifgi`Xk\% 8cc `ekiX$^iflg kiXejXZk`fej# YXcXeZ\j# `eZfd\ Xe[ \og\ej\jXi\\c`d`eXk\[`e]lccfeZfdY`eXk`fe% B !SSOCIATE #OMPANIES 8jjfZ`Xk\j Xi\ Xcc \ek`k`\j fm\i n_`Z_ k_\ >iflg _Xj j`^e`Ă‹ZXek`eĂŒl\eZ\#YlkefkZfekifc#fm\ik_\Ă‹eXeZ`Xc Xe[fg\iXk`e^gfc`Z`\j%@em\jkd\ekj`eXjjfZ`Xk\jXi\ XZZflek\[]filj`e^k_\\hl`kpd\k_f[f]XZZflek`e^ Xe[Xi\`e`k`Xccpi\Zfi[\[XkZfjk% K_\ >iflgĂƒj j_Xi\ f] `kj XjjfZ`Xk\jĂƒ gfjk$XZhl`j`k`fe gifĂ‹kj fi cfjj\j `j i\Zf^e`j\[ `e k_\ >iflgĂƒj JkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\#Xe[`kjj_Xi\f] gfjk$XZhl`j`k`fei\j\im\j`ji\Zf^e`j\[`ei\j\im\j%K_\ ZldlcXk`m\gfjk$XZhl`j`k`fedfm\d\ekjXi\X[aljk\[ X^X`ejkk_\ZXiip`e^mXcl\f]k_\`em\jkd\ek% N_\ek_\>iflgĂƒjj_Xi\f]cfjj\j\oZ\\[jk_\ZXiip`e^ Xdflek f] k_\ XjjfZ`Xk\# k_\ ZXiip`e^ Xdflek `j i\[lZ\[ kf e`c Xe[ i\Zf^e`k`fe f] ]lik_\i cfjj\j `j [`jZfek`el\[\oZ\gkkfk_\\ok\ekk_Xkk_\>iflg_Xj `eZlii\[fYc`^Xk`fej`ei\jg\Zkf]k_\XjjfZ`Xk\% N_\i\ Xe \ek`kp n`k_`e k_\ >iflg kiXejXZkj n`k_ Xe XjjfZ`Xk\ f] k_\ >iflg# gifĂ‹kj Xe[ cfjj\j Xi\ \c`d`eXk\[ kf k_\ \ok\ek f] k_\ >iflgĂƒj `ek\i\jk `e k_\XjjfZ`Xk\%
D )NTEREST )NCOME @ek\i\jk`eZfd\`ji\Zf^e`j\[feXk`d\gifgfik`fe YXj`jlj`e^k_\\]]\Zk`m\`ek\i\jkd\k_f[% K_\\]]\Zk`m\`ek\i\jkd\k_f[XccfZXk\jk_\`ek\i\jk `eZfd\ fm\i k_\ c`]\ f] k_\ ZfekiXZk fi# n_\e Xggifgi`Xk\# X j_fik\i g\i`f[ lj`e^ k_\ \]]\Zk`m\ `ek\i\jkiXk\%K_\\]]\Zk`m\`ek\i\jkiXk\`jk_\[`jZflek iXk\ Xk n_`Z_ k_\ gi\j\ek mXcl\ f] k_\ ]lkli\ ZXj_ ĂŒfnj\hlXcjk_\e\kZXiip`e^Xdflekf]k_\Ă‹eXeZ`Xc Xjj\k%N_\eZXcZlcXk`e^k_\\]]\Zk`m\`ek\i\jkiXk\k_\ >iflg\jk`dXk\jk_\]lkli\ZXj_ĂŒfnjZfej`[\i`e^Xcc k_\ZfekiXZklXck\idjf]k_\ZfekiXZkYlk[f\jefk `eZcl[\ ]lkli\ Zi\[`k cfjj\j% K_\ ZXcZlcXk`fe f] k_\ \]]\Zk`m\ `ek\i\jk iXk\ `eZcl[\j Xcc ]\\j# kiXejXZk`fe ZfjkjXe[Xccfk_\igi\d`ldjfi[`jZflekjk_XkXi\Xe `ek\^iXcgXikf]k_\\]]\Zk`m\`ek\i\jkiXk\% FeZ\XĂ‹eXeZ`XcXjj\kfiX^iflgf]j`d`cXiĂ‹eXeZ`Xc Xjj\kj _Xj Y\\e ni`kk\e [fne Xj X i\jlck f] Xe `dgX`id\ekcfjj#`ek\i\jk`eZfd\`ji\Zf^e`j\[lj`e^ k_\ iXk\ f] `ek\i\jk lj\[ kf [`jZflek k_\ ]lkli\ ZXj_ ĂŒfnj ]fi k_\ gligfj\ f] d\Xjli`e^ k_\ `dgX`id\ekcfjj% E $IVIDEND )NCOME ;`m`[\e[ `eZfd\ `j i\Zf^e`j\[ n_\e k_\ i`^_k kf i\Z\`m\gXpd\ek`j\jkXYc`j_\[% &OREIGN #URRENCY
2EVENUE 2ECOGNITION
I\m\el\ Zfdgi`j\j k_\ ]X`i mXcl\ ]fi k_\ jXc\ f] ^ff[j Xe[j\im`Z\j#e\kf]^ff[jXe[j\im`Z\jkXo >JK #i\YXk\j# [`jZflekj Xe[ X]k\i \c`d`eXk`e^ jXc\j n`k_`e k_\ >iflg% I\m\el\`ji\Zf^e`j\[Xj]fccfnj1 A 2ENTAL )NCOME I\ekXc`eZfd\`ji\Zf^e`j\[feXjkiX`^_kc`e\YXj`j fm\i k_\ c\Xj\ k\id% C\Xj\ `eZ\ek`m\j Xe[ `e`k`Xc [`i\Zk Zfjkj `eZlii\[ `e e\^fk`Xk`e^ Xe[ XiiXe^`e^ Xefg\iXk`e^c\Xj\Xi\X[[\[kfk_\ZXiip`e^Xdflek f]k_\c\Xj\[Xjj\kXe[i\Zf^e`j\[feXjkiX`^_kc`e\ YXj`jfm\ik_\c\Xj\k\id% B 3ALE OF GOODS JXc\ f] ^ff[j Xi\ i\Zf^e`j\[ n_\e k_\ :fdY`e\[ >iflg _Xj kiXej]\ii\[ k_\ j`^e`Ă‹ZXek i`jbj Xe[ i\nXi[jf]fne\ij_`gf]k_\^ff[jjfc[% C 3ALE OF SERVICES JXc\ f] j\im`Z\j Xi\ i\Zf^e`j\[ `e k_\ XZZflek`e^ g\i`f[`en_`Z_k_\j\im`Z\jXi\i\e[\i\[#Ypi\]\i\eZ\ kfZfdgc\k`fef]k_\jg\Z`Ă‹ZkiXejXZk`feXjj\jj\[fe k_\YXj`jf]k_\XZklXcj\im`Z\gifm`[\[Xjgifgfik`fe f]k_\kfkXcj\im`Z\jkfY\gifm`[\[%
KiXejXZk`fej `e ]fi\`^e Zlii\eZ`\j Xi\ Zfem\ik\[ Xk k_\ E\n Q\XcXe[ iXk\ f] \oZ_Xe^\ ilc`e^ Xk k_\ [Xk\ f] k_\ kiXejXZk`fej% 8jj\kj Xe[ c`XY`c`k`\j \ogi\jj\[ `e ]fi\`^e Zlii\eZ`\j Xi\ kiXejcXk\[ kf E\n Q\XcXe[ Zlii\eZp Xk \oZ_Xe^\ iXk\j ilc`e^ Xk YXcXeZ\ [Xk\% I\Xc`j\[ Xe[ lei\Xc`j\[^X`ejficfjj\j[l\kfdfm\d\ekj`e\oZ_Xe^\ iXk\j Xi\ `eZcl[\[ `e k_\ JlddXip >iflg JkXk\d\ek f] =`eXeZ`Xc G\i]fidXeZ\# \oZ\gk ]fi \oZ_Xe^\ [`]]\i\eZ\j fe kiXejXZk`fej \ek\i\[ `ekf `e fi[\i kf _\[^\ Z\ikX`e ]fi\`^eZlii\eZpi`jbj%
)NVENTORIES
@em\ekfi`\j _Xm\ Y\\e mXcl\[ Xk k_\ cfn\i f] Zfjk# fe X jkXe[Xi[fin\`^_k\[Xm\iX^\YXj`j#Xe[e\ki\Xc`jXYc\mXcl\ X]k\i[l\XccfnXeZ\]fi[XdX^\[fifYjfc\k\`em\ekfip%
:fjkj `eZcl[\ X jpjk\dXk`Z XccfZXk`fe f] Xggifgi`Xk\ gif[lZk`fefm\i_\X[jk_Xki\cXk\kfglkk`e^`em\ekfi`\j`e k_\`igi\j\ekcfZXk`feXe[Zfe[`k`fe%
@em\ekfi`\jZcXjj`Ă‹\[Xjlec\Xj\[hlfkXXi\k_\i`^_kjkf ZXkZ_Ă‹j_k_XkXi\XkkXZ_\[kfk_\Ă‹j_hlfkXj_Xi\j%
Gifg\ik`\jZcXjj`Ă‹\[Xj`em\ekfi`\jXi\gifg\ik`\j`ek\e[\[ ]fi jXc\ `e k_\ fi[`eXip Zflij\ f] Ylj`e\jj fi Xi\ `e k_\ gifZ\jjf]Y\`e^ZfejkilZk\[fi[\m\cfg\[]fijlZ_XjXc\%
-.
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
3UMMARY 3TATEMENT OF !CCOUNTING 0OLICIES &OR THE YEAR ENDED *UNE
0ROPERTY 0LANT AND %QUIPMENT
i\Zf^e`j\[ Xk k_\ [Xk\ f] XZhl`j`k`fe% >ff[n`cc `j `e`k`Xccp i\Zf^e`j\[ Xj Xe Xjj\k Xk Zfjk Xe[ `j jlYj\hl\ekcpd\Xjli\[XkZfjkc\jjXepXZZldlcXk\[ `dgX`id\ekcfjj\j% >ff[n`cc`jefkjlYa\ZkkfXdfik`jXk`fe#Ylk`jk\jk\[ XeelXccp ]fi `dgX`id\ek Xe[ n_\e\m\i k_\i\ `j Xe `e[`ZXk`fe k_Xk k_\ ^ff[n`cc dXp Y\ `dgX`i\[% 8ep `dgX`id\ek `j i\Zf^e`j\[ `dd\[`Xk\cp `e k_\ JlddXip>iflgJkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\ Xe[ `j efk jlYj\hl\ekcp i\m\ij\[% I\]\i Xcjf kf `dgX`id\ekf]Xjj\kjgfc`Zp% B 1UOTA AND -ARINE &ARM ,ICENCES HlfkX Xe[ dXi`e\ ]Xid c`Z\eZ\j Xi\ Yfk_ `e[\Ëe`k\ c`]\`ekXe^`Yc\Xjj\kj%K_\pXi\Yfk_i\Zfi[\[XkZfjk c\jj`dgX`id\ek% C )NTANGIBLE !SSETS "RANDS 2IVER 2IGHTS #ONCESSIONS AND #ONSENTS 9iXe[j# i`m\i i`^_kj# ZfeZ\jj`fej Xe[ Zfej\ekj _Xm\ Xe`e[\Ëe`k\lj\]lcc`]\Xe[Xi\i\Zfi[\[XkZfjkc\jj `dgX`id\ek% #OMPUTER 3OFTWARE :fdglk\i jf]knXi\ Xe[ c`Z\eZ\j Xi\ ZXg`kXc`j\[ fe k_\YXj`jf]k_\Zfjkj`eZlii\[kfXZhl`i\Xe[Yi`e^kf lj\k_\jg\Z`ËZXjj\k%K_\j\ZfjkjXi\Xdfik`j\[feX jkiX`^_k c`e\ YXj`j fm\i k_\`i \jk`dXk\[ lj\]lc c`]\ f] fe\kfËm\p\Xij%
A 2ECOGNITION AND -EASUREMENT Gifg\ikp#gcXekXe[\hl`gd\ek`jjkXk\[Xk_`jkfi`ZXc Zfjkc\jjXZZldlcXk\[[\gi\Z`Xk`feXe[gifm`j`fe]fi `dgX`id\ek%?`jkfi`ZXcZfjk`eZcl[\j\og\e[`kli\k_Xk `j[`i\ZkcpXkki`YlkXYc\kfk_\XZhl`j`k`fef]k_\`k\dj% B 3UBSEQUENT COSTS JlYj\hl\ekZfjkjXi\`eZcl[\[`ek_\Xjj\kĂƒjZXiip`e^ mXcl\fii\Zf^e`j\[XjXj\gXiXk\Xjj\k#XjXggifgi`Xk\# fecpn_\e`k`jgifYXYc\k_Xk]lkli\\Zfefd`ZY\e\Ă‹kj XjjfZ`Xk\[n`k_k_\`k\dn`ccĂŒfnkfk_\>iflgXe[ k_\Zfjkf]k_\`k\dZXeY\d\Xjli\[i\c`XYcp%8ccfk_\i i\gX`ijXe[dX`ek\eXeZ\Xi\Z_Xi^\[kfk_\JlddXip >iflgJkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\[li`e^k_\ Ă‹eXeZ`Xcg\i`f[`en_`Z_k_\pXi\`eZlii\[% C $EPRECIATION CXe[Xe[`em\jkd\ekgifg\ik`\jle[\i[\m\cfgd\ek _Xm\ efk Y\\e [\gi\Z`Xk\[% ;\gi\Z`Xk`fe fe fk_\i Xjj\kj`jZXcZlcXk\[feXjkiX`^_kc`e\YXj`jkfXccfZXk\ k_\`iZfjkkfk_\`ii\j`[lXcmXcl\jfm\ik_\`i\jk`dXk\[ lj\]lcc`m\j%K_\\jk`dXk\[lj\]lcc`m\j#i\j`[lXcmXcl\j Xe[[\gi\Z`Xk`fed\k_f[Xi\i\m`\n\[Xkk_\\e[f] \XZ_XeelXci\gfik`e^g\i`f[% )NVESTMENT 0ROPERTY
@em\jkd\ek gifg\ikp `eZcl[\j gifg\ik`\j _\c[ kf \Xie i\ekXc`eZfd\#fi]fiZXg`kXcXggi\Z`Xk`fe%8gifg\ikp`jXcjf ZcXjj`Ă‹\[XjXe`em\jkd\ekgifg\ikp`]`k[f\jefk_Xm\Xe fg\iXk`e^c\Xj\`egcXZ\#Ylk`j_\c[n`k_k_\`ek\ek`fef] j\Zli`e^Xefg\iXk`e^c\Xj\%
@em\jkd\ek gifg\ik`\j Xi\ jkXk\[ Xk ]X`i mXcl\% K_\ ]X`i mXcl\i\gi\j\ekjk_\dXib\kmXcl\[\k\id`e\[XeelXccpYp \ok\ieXcmXcl\ij%
8ep^X`ejficfjj\jXi`j`e^]ifdXZ_Xe^\`e]X`imXcl\Xi\ i\Zf^e`j\[`ek_\JlddXip>iflgJkXk\d\ekf]=`eXeZ`Xc G\i]fidXeZ\%
N_\e Xe `k\d f] gifg\ikp# gcXek Xe[ \hl`gd\ek `j kiXej]\ii\[ kf `em\jkd\ek gifg\ik`\j ]fccfn`e^ X Z_Xe^\ f] `kj lj\# Xep [`]]\i\eZ\j Xi`j`e^ Xk k_\ [Xk\ f] kiXej]\i Y\kn\\e k_\ ZXiip`e^ Xdflek f] k_\ `k\d `dd\[`Xk\cp gi`fi kf kiXej]\i Xe[ `kj ]X`i mXcl\ `j i\Zf^e`j\[ `e k_\ JlddXip>iflgJkXk\d\ekf]=`eXeZ`XcG\i]fidXeZ\%
)NTANGIBLE !SSETS A 'OODWILL >ff[n`cc Xi`j`e^ fe k_\ XZhl`j`k`fe f] Ylj`e\jj\j fi jlYj`[`Xi`\j i\gi\j\ekj k_\ \oZ\jj f] k_\ Zfjk f] XZhl`j`k`fe fm\i k_\ >iflgĂƒj `ek\i\jk `e k_\ e\k ]X`i mXcl\ f] k_\ `[\ek`Ă‹XYc\ Xjj\kj# c`XY`c`k`\j Xe[ Zfek`e^\ek c`XY`c`k`\j f] k_\ Ylj`e\jj fi jlYj`[`Xi`\j -/
4AXATION
K\I–eXe^XfE^ `KX_l`jkXo\[fe`kjYlj`e\jj`eZfd\ Xkk_\D fi`8lk_fi`kpiXk\%K_`jkXoXk`fe`jXZZflek\[]fi fek_\Zfdgi\_\ej`m\YXj`j#lj`e^k_\c`XY`c`kpd\k_f[%Ef kXoXk`fe`jgXpXYc\YpE^ `KX_l:_Xi`kXYc\KiljkXe[`kj jlYj`[`Xi`\jXjk_\pXcc_Xm\Z_Xi`kXYc\jkXklj]fi`eZfd\kXo gligfj\j%
#HANGES )N !CCOUNTING 0OLICIES K_\ >iflg _Xj `dgc\d\ek\[ E\n Q\XcXe[ <hl`mXc\ekj kf @ek\ieXk`feXc=`eXeZ`XcI\gfik`e^JkXe[Xi[j]fik_\Ă‹ijkk`d\#`e k_\p\Xi\e[\[*'Ale\)''/% I\]\i kf efk\ ))# @dgXZkj f] k_\ 8[fgk`fe f] E\n Q\XcXe[ <hl`mXc\ekj kf @ek\ieXk`feXc =`eXeZ`Xc I\gfik`e^ JkXe[Xi[j EQ@=IJ ]fi[\kX`cfek_\`dgXZkkfk_\>iflgĂƒjJkXk\d\ekf] =`eXeZ`XcG\i]fidXeZ\Xe[k_\>iflgĂƒjJkXk\d\ekf]=`eXeZ`Xc Gfj`k`fe%K_\kiXej`k`feefk\kfEQ@=IJ`j`eZcl[\[`ek_\=lcc >iflg=`eXeZ`XcjkXk\d\ekjefk\+.%
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
)NCOME AND %XPENSES 8cci\m\el\`j]ifdZfek`el`e^fg\iXk`fejXe[Zfej`jkjf]k_\]fccfn`e^`k\dj1 2EVENUE AND /THER )NCOME FROM 4RADING /PERATIONS I\m\el\]fik_\jXc\f]^ff[j I\m\el\]ifdk_\i\e[\i`e^f]j\im`Z\j =fi\`^e\oZ_Xe^\^X`ejfejXc\f]^ff[j I\ekXci\Z\`m\[]ifdgifg\ik`\j I\Zfm\iXYc\Gifg\ikpFg\iXk`e^<og\ej\j @ek\i\jki\m\el\ ;`m`[\e[j ?\[^\`e\]]\Zk`m\e\jjfe]fi\`^e\oZ_Xe^\ZfekiXZkj Cfjj &>X`efe]fi\`^e\oZ_Xe^\fgk`fej Fk_\ii\m\el\
*UNE S
*UNE S
()(#)0. *+#.,' (#0,/ (.#+)' -.. 0') (#/*, +- ( ,/.
('(#0., **#.') //(,#/,, ,/* (#'*+ (#/+' *, ()0 .*,
(.0#+.(
(,-#.'+
.ET 'AIN,OSS ON 3ALE OF .ON #URRENT !SSETS @em\jkd\ekj Gifg\ikp#GcXekXe[<hl`gd\ek =`j_HlfkX @em\jkd\ekGifg\ik`\j
' *' ' .,*
,/#00/ ((( ).' '
./*
,0#(,.
<og\ej\j`eZcl[\[`ek_\>iflgE\kJligclj1 ;\gi\Z`Xk`fe#8dfik`jXk`feXe[@dgX`id\ek1 ;\gi\Z`Xk`fef]gifg\ikp#gcXekXe[\hl`gd\ek 8dfik`jXk`fef]`ekXe^`Yc\Xjj\kj @dgX`id\ekf]`em\jkd\ekj @dgX`id\ekf]gifg\ikp#gcXekXe[\hl`gd\ek @dgX`id\ekf]dXi`e\]Xidc`Z\eZ\j @dgX`id\ekf]Ëj_hlfkX
+#'*- *0( + *', ' '
+#+.* +(+ ,+ +)( (#.0( (#(.0
+#.*-
/#**)
;`i\Zkfg\iXk`e^\og\ej\jf]`em\jkd\ekgifg\ik`\j1 Gifg\ik`\j^\e\iXk`e^i\ekXc`eZfd\
(#//,
0,-
!UDITORS REMUNERATION =\\j]fiXl[`k =\\j]fiEQ@=IJfg\e`e^YXcXeZ\j_\\kXl[`k 8l[`k]\\jgX`[feY\_Xc]f]i\cXk\[gXik`\j
(0. -- )-
)-( ' '
)/0
)-(
/THER EXPENSES 9X[Xe[[flYk]lc[\Ykj =\\jgX`[kf[`i\Zkfijf]kiljk\\j =\\jgX`[kffk_\i[`i\Zkfijf]jlYj`[`Xipkiljkj C\Xj`e^Xe[i\ekXcZ_Xi^\j
(#)-) )0+ ' +#/+/
0) )+, 0 ,#(*(
-0
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
&ISHERIES 3ETTLEMENT ;li`e^k_\p\Xik_\Ki\Xkpf]NX`kXe^`=`j_\i`\j:fdd`jj`fe K\F_lBX`DfXeX j\kkc\[Xgfik`fef]DÂ fi`Ă‹j_\i`\jj\kkc\d\ekXjj\kj% K_`j`eZcl[\[k_\]fccfn`e^Xjj\kj1
3ETTLEMENT 6ALUE
&AIR 6ALUE !DJUSTMENT
&AIR 6ALUE
'''j
'''j
'''j
8fk\XifX=`j_\i`\jC`d`k\[@eZfd\J_Xi\j efk\(( =`j_HlfkX J\kkc\d\ekXjj\kdfe\p
(,#+0, )/#+/* (#,',
0#+'' (#*0. '
-#'0, ).#'/(#,',
+,#+/*
('#.0.
*+#-/-
;\[lZk=`j_\i`\je\^fk`Xk`feZfjkj efk\.
-#.,,
).#0*(
*UNE S
*UNE S
*#)-,
*#(',
,#'(. (#*)) *#,'+ (#**, +-/ (#..) )#.'-
*#,-' (#'/0 )#(/0 //0/, *#*.( )#,-0
=`j_\i`\jJ\kkc\d\ek@eZfd\
J\Zk`fe(-(f]k_\DÂ fi`=`j_\i`\j8Zk)''+jkXk\jk_Xkj\kkc\d\ekhlfkX jXc\jZXefecpY\dX[\kfXefk_\idXe[Xk\[`n`fi^Xe`jXk`fefiXe\ek`kp n`k_`eK\F_lBX`DfXeX>iflg%JlZ_jXc\jXi\gfjj`Yc\knfp\XijX]k\i k_\Ă‹ijkkiXej]\if]j\kkc\d\ekhlfkXYpK\F_lBX`DfXeXC`d`k\[kfk_\ dXe[Xk\[`n`fi^Xe`jXk`fe%J\kkc\d\ekhlfkXZXeefkY\^`]k\[% ;feXc9fpc\]ifdHlfkXDXeX^\d\ekJpjk\djC`d`k\[[\k\id`e\[k_\ ]X`imXcl\f]Ă‹j_hlfkXXkk_\k`d\f]j\kkc\d\ekn`k_i\]\i\eZ\kfdXib\k \m`[\eZ\f]Zlii\ekdXib\kgi`Z\j%;feXc9fpc\`jXe`e[\g\e[\ekmXcl\iefk i\cXk\[kfk_\>iflg%?\_Xj)/p\Xij\og\i`\eZ\`ek_\Ă‹j_`e^`e[ljkipXe[ (,p\XijmXcl`e^Ă‹j_hlfkX% Efik_`e^kfeGXike\ijC`d`k\[Zfdgc\k\[Xe`e[\g\e[\ekmXclXk`fekf [\k\id`e\k_\]X`imXcl\f]k_\8fk\XifX=`j_\i`\jC`d`k\[j_Xi\jXkk_\ k`d\f]j\kkc\d\ek%
4RIBAL 2~NANGA !ND 7HiNAU $ISTRIBUTIONS
@eZfd\i\cXk`e^kfki`YXc#i–eXe^XXe[n_ eXl[`jki`Ylk`fej
%XPENSES I–eXe^X[`jki`Ylk`fej [\m\cfgd\ek :lckli\Xe[`[\ek`kp JfZ`Xc`e[\g\e[\eZ\ EXkliXci\jfliZ\j#ki`YXcgifg\ik`\jXe[dX_`e^XbX`ZlckliXcgXibj I\^`feXc\Zfefd`Z[\m\cfgd\ek N_X`IXnX[`jki`Ylk`fejXe[[\m\cfgd\ek Ki`YXci\gi\j\ekXk`fe
(-#()+
(+#-+0
E\k<og\ej\j
()#/,0
((#,++
K_\XYfm\Zfjkji\gi\j\ekk_\[`i\ZkZfjkjf]k_\gif^iXdd\jfecpXe[[f efk`eZcl[\XeXccfZXk`fef]^\e\iXcfg\iXk`feXcXe[X[d`e`jkiXk`m\\og\ej\j%
.'
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
*UNE
*UNE
'''j
'''j
/THER #URRENT !SSETS Fg\iXk`e^c\Xj\i\Z\`mXYc\j Gi\gXpd\ekj Gi\gX`[=`j_\i`\jJ\kkc\d\ek\og\ej\j Fk_\i
(*0 +*( ' --0
((* /() -#.,, 000
(#)*0
/#-.0
4AXATION A )NCOME TAX RECOGNISED IN PRO½T OR LOSS KXo\og\ej\& `eZfd\ Zfdgi`j\j1 :lii\ekkXo\og\ej\& `eZfd\ 8[aljkd\ekji\Zf^e`j\[`ek_\Zlii\ekp\Xi`ei\cXk`fekfk_\Zlii\ekkXof]gi`fip\Xij
KfkXckXo\og\ej\& `eZfd\
K_\gi`dX]XZ`\`eZfd\kXo\og\ej\fegi\$kXoXZZflek`e^gifĂŠk]ifdfg\iXk`feji\ZfeZ`c\j kfk_\`eZfd\kXo\og\ej\`ek_\ĂŠeXeZ`XcjkXk\d\ekjXj]fccfnj1 E\kjligcljY\]fi\kXoXk`fe C\jj1Efe$kXoXYc\`eZfd\ Gclj1Efe$[\[lZk`Yc\\og\ej\j
)// ),
(*+ )/0
*(*
+)*
-+#,'0 /,#)/) ))#),)
('+#/-+ ()+#+.)'#*''
(#+.0
-//
@eZfd\kXo\og\ej\ZXcZlcXk\[Xk(0%,
)//
(*+
K_\kXoiXk\lj\[`ek_\XYfm\i\ZfeZ`c`Xk`fe`jk_\D fi`Xlk_fi`kpkXoiXk\f](0%, gXpXYc\YpE\nQ\XcXe[D fi`\ek`k`\jfekXoXYc\gifËkjle[\iE\nQ\XcXe[cXn%K_\i\`j efZ_Xe^\`ek_\D fi`Xlk_fi`kpiXk\n_\eZfdgXi\[n`k_k_\gi\m`flji\gfik`e^g\i`f[% 0ROPERTY 0LANT AND %QUIPMENT ¯ .ET "OOK 6ALUE CXe[Xe[9l`c[`e^j GcXek#F]ËZ\ :fdglk\i<hl`gd\ek DfkfiM\_`Zc\j @em\jkd\ekGifg\ik`\jLe[\i;\m\cfgd\ek
))#,'* ((#(). /.( *'#().
)*#++0 ('#-.* (#)(' ))#,('
-+#-)/
,.#/+)
)NVESTMENT 0ROPERTIES ¯ !T &AIR 6ALUE @em\jkd\ekGifg\ikpž:fdd\iZ`Xc @em\jkd\ekGifg\ikpž:ifne&CfZXc8lk_fi`kp @em\jkd\ekGifg\ikpž=fi\jkipCXe[
('0#,+- -*#')( //#,./
/(#',, ,/#+0./#+('
)-(#(+,
)(.#0-(
.(
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
*UNE S
*UNE S
)NVESTMENTS IN %QUITY )NSTRUMENTS !VAILABLE FOR SALE INVESTMENTS CARRIED AT FAIR VALUE 8fk\XifX=`j_\i`\jC`d`k\[`eZfd\j_Xi\j IpdXe?\Xck_ZXi\C`d`k\[j_Xi\j
-#'0, -)#+''
' .(#/),
-/#+0,
.(#/),
!VAILABLE FOR SALE INVESTMENTS CARRIED AT COST <e[\Xmfli@$:XgM\ekli\:Xg`kXc=le[ NX`dXbXi`i`@ii`^Xk`feC`d`k\[ ('''À:ÁZcXjjj_Xi\j Jle[ip@em\jkd\ekj
)#(,* ,,( (#()-
(#/(+ ,,( (#(,0
*#/*'
*#,)+
.)#*),
.,#*+0
K_\ÂXmX`cXYc\]fijXc\`em\jkd\ekjZXii`\[XkZfjkÃXi\gi`mXk\\hl`kp`em\jkd\ekj%K_\i\ Xi\efXZk`m\dXib\kj]fiXepf]k_\j\`em\jkd\ekjXe[k_\]X`imXcl\f]k_\j\`em\jkd\ekj nflc[Y\[`]ËZlckkf[\k\id`e\n`k_Xep[\^i\\f]Z\ikX`ekple[\imXclXk`fek\Z_e`hl\j% )NTEREST IN !SSOCIATE #OMPANY 8jjfZ`Xk\ZfdgXepXk*'Ale\)''/Xe[*'Ale\)''.nXj1
0ERCENTAGE /WNED
/WNED "Y
0RINCIPAL !CTIVITY
/THER *6 0ARTNER
+*%,
E^`KX_l ?fc[`e^j :figfiXk`fe C`d`k\[
Kfli`jd
*'Ale\
N_Xc\NXkZ_BX`bliXC`d`k\[
:Xiip`e^MXcl\Xk<e[f]P\Xi
-#*)/
.#-,,
J_Xi\f]XjjfZ`Xk\Ãje\kjligclj
(#0.0
)#(*)
#ONTINGENT LIABILITIES AND CAPITAL COMMITMENTS 8k*'Ale\)''/k_\XjjfZ`Xk\_XjefZfek`e^\ekc`XY`c`k`\j fiZXg`kXcZfdd`kd\ekj Ale\)''.1e`c % )NTERESTS )N *OINT 6ENTURES K_\af`ekm\ekli\jXi\1
N_Xe^XifXJ\X]ff[jAf`ekM\ekli\ Ale\)''.1,' BXpXb`e^8Y\cKXjdXeAf`ekM\ekli\
.)
0ERCENTAGE /WNED
/WNED "Y
0RINCIPAL !CTIVITY
"ALANCE $ATE
/THER *6 0ARTNER
,' ,'
E^`KX_l J\X]ff[ Gif[lZkj C`d`k\[ 8Y\cKXjdXe Kfli`jd BXpXb`e^ C`d`k\[
=`j_`e^
*'J\gk\dY\i
Bfg`?fc[`e^j C`d`k\[
Kfli`jd Fg\iXkfij
*'Ale\
NXbXkl @eZfigfiXk`fe
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
0ERCENTAGE /WNED
/WNED "Y
0RINCIPAL !CTIVITY
"ALANCE $ATE
/THER *6 0ARTNER
:_i`jkZ_liZ_:`m`Z9l`c[`e^ Af`ekM\ekli\
,'
E^`KX_l Gifg\ikp :::AM C`d`k\[
Gifg\ikp ;\m\cfgd\ek
*'Ale\
KlXd) C`d`k\[ :_i`jkZ_liZ_ :`kp:fleZ`c
C`eZfceCXe[;\m\cfgd\ek Af`ekM\ekli\
,'
E^`KX_l Gifg\ikp Af`ekM\ekli\j C`d`k\[
Gifg\ikp ;\m\cfgd\ek
*(;\Z\dY\i
C`eZfce Le`m\ij`kp Gifg\ikp Af`ekM\ekli\ C`d`k\[
N_Xe^XifXJ\X]ff[jAf`ekM\ekli\Zfdd\eZ\[fg\iXk`fejfe(FZkfY\i)''-% BXpXb`e^8Y\cKXjdXeAf`ekM\ekli\Zfdd\eZ\[fg\iXk`fejfe(8l^ljk)''.% :_i`jkZ_liZ_:`m`Z9l`c[`e^Af`ekM\ekli\Zfdd\eZ\[fg\iXk`fejfe(,FZkfY\i)''.% C`eZfceCXe[;\m\cfgd\ekAf`ekM\ekli\Zfdd\eZ\[fg\iXk`fejfe/FZkfY\i)''.% K_\>iflgÂjj_Xi\f]k_\Xjj\kj#c`XY`c`k`\j#i\m\el\jXe[\og\ej\jXi\`eZfigfiXk\[`ekf k_\>iflgÊeXeZ`XcjkXk\d\ekjfeXc`e\$Yp$c`e\YXj`jlj`e^k_\gifgfik`feXk\d\k_f[XjY\cfn1
*UNE
*UNE
S
S
:Xj_Xe[ZXj_\hl`mXc\ekj 8ZZflekjI\Z\`mXYc\ @em\ekfi`\j Gifg\ikp#GcXekXe[<hl`gd\ek @em\jkd\ekGifg\ik`\j @ekXe^`Yc\j
)0 )'- .0 /#'+/ (,#+(, (#(,/
+( ., ), (( ' '
KfkXc8jj\kj C\jj:lii\ekC`XY`c`k`\j
)+#0*, -,-
(,) ,'
E\k@em\jkd\ek`eAf`ekM\ekli\j
)+#).0
(')
:fek`e^\ekC`XY`c`k`\j :Xg`kXc:fdd`kd\ekj
' -+#'''
' '
)#,+( )#-/,
*)) )+,
@eZcl[\[`ek_\=`eXeZ`XcJkXk\d\ekjXi\k_\]fccfn`e^i\m\el\Xe[\og\ej\j1 J_Xi\f]I\m\el\ J_Xi\f]<og\ej\j N_Xe^XifXJ\X]ff[jAf`ekM\ekli\`eZcl[\jjXc\jXe[\og\ej\jkfi\cXk\[gXik`\jn`k_`e k_\E^`KX_lJ\X]ff[>iflg%
.*
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
*UNE S
*UNE S
!CQUISITION OF "USINESSES @eAlcp)''.k_\>iflgXZhl`i\[X,' `ek\i\jk`ek_\Xjj\kjXe[Ylj`e\jjf] Jflk_\ie<ogfjli\J\XBXpXb`e^% @eAlcp)''.k_\>iflgXZhl`i\[X('' `ek\i\jk`ek_\Xjj\kjXe[Ylj`e\jjf] Jflk_\ie<ogfjli\NXk\iKXo`% @eAlcp)''.k_\>iflgXZhl`i\[X('' `ek\i\jk`ek_\Xjj\kjXe[Ylj`e\jjf] 8[m\ekli\8Y\cKXjdXeNXk\iKXo`% @e8l^ljk)''.k_\>iflgXZhl`i\[X,' `ek\i\jk`ek_\Xjj\kjXe[Ylj`e\jj f]NXbXklJ\XBXpXb`e^% @eJ\gk\dY\i)''.k_\>iflgXZhl`i\[X,' `ek\i\jk`ek_\Xjj\kjXe[ Ylj`e\jjf]8[m\ekli\8Y\cKXjdXeJ\XBXpXb`e^% 4ERM ,OANS "ANK OF .EW :EALAND E^ `KX_l?fc[`e^j:figfiXk`feC`d`k\[#`e`kjZXgXZ`kpXjKiljk\\f]E^ `KX_l ?fc[`e^j:figfiXk`fe#Xe[k_\9Xebf]E\nQ\XcXe[\ek\i\[`ekfXeX^i\\d\ekfe*' FZkfY\i)''-]fiXdXo`dld]XZ`c`kpf]0'#'''#'''%K_\]XZ`c`kpX^i\\d\ek\og`i\jfe *'Efm\dY\i)''/%8k\dgfiXipdlck`$Zlii\eZpi\mfcm`e^Zi\[`k]XZ`c`kpf]+'#'''#''' nXj\ek\i\[`ekf[li`e^k_\ËeXeZ`Xcp\Xin_`Z_Xcjf\og`i\jfe*'Efm\dY\i)''/% @ek\i\jk`jZlii\ekcpgXpXYc\XkY\kn\\e/%/' ž0%(' g\iXeeld% K_\]XZ`c`kp`jj\Zli\[YpX[\\[f]e\^Xk`m\gc\[^\Xe[^lXiXek\\fm\ik_\Xjj\kjf] E^ `KX_l?fc[`e^j:figfiXk`feC`d`k\[Xe[`kj^lXiXek\\`e^jlYj`[`Xi`\j% I\e\nXcf]k_\]XZ`c`kpkf)''d (,'d]fik_i\\p\XijXe[,'d]fi(p\Xi _XjY\\e ZfeËid\[n`k_9Xebf]E\nQ\XcXe[Xjc\X[XiiXe^\if]Xjpe[`ZXk\[]XZ`c`kp%
.+
$EPOSITS
.GiI 4AHU -ATAURANGA 4RUST
!.: .ATIONAL "ANK
,ESS #URRENT 0ORTION
0/#0,(
,*#)0'
(,*
,)#'-'
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
2ECONCILIATION OF .ET 3URPLUS TO .ET #ASH )NžOW FROM /PERATING !CTIVITIES E\kJligcljX]k\ikXoXk`fe Efe$ZXj_`k\dj1 ;\gi\Z`Xk`fe 8dfik`jXk`fef]^ff[n`ccXe[`ekXe^`Yc\j E\k ^X`e &cfjjfejXc\f]Gifg\ikp#GcXekXe[<hl`gd\ek @dgX`id\ekf]gifg\ikp#gcXekXe[\hl`gd\ek E\k^X`efejXc\f]Ëj_hlfkX E\kcfjjfejXc\f]`em\jkd\ek E\k^X`efejXc\f]`em\jkd\ekgifg\ik`\j @dgX`id\ekf]dXi`e\]Xidc`Z\eZ\j @dgX`id\ekf]Ëj_hlfkX E\k^X`efei\mXclXk`fef]`em\jkd\ekgifg\ikp I\mXclXk`fef]Y`fcf^`ZXcXjj\kj 9`fcf^`ZXcXjj\kjeXkliXc[\Zi\Xj\& `eZi\Xj\ >X`ej&cfjj\jfe[\i`mXk`m\`ejkild\ekj E\k^X`efejXc\f]j_Xi\j @dgX`id\ekf]`em\jkd\ekj =`j_\i`\jj\kkc\d\ek Gifm`j`fe]fi[flYk]lc[\Ykj <hl`kpXZZflek\[\Xie`e^jf]XjjfZ`Xk\
*UNE S
*UNE S
-+#(0-
('+#++(
+#'*- *0( *' *', ' ' .,* ' ' ),#/0' ))+ 0/ +- ' + ).#0*( (#(*' (#0.0
Dfm\d\ek`enfib`e^ZXg`kXcXi`j`e^]ifdfg\iXk`e^XZk`m`k`\j 8ZZflekjI\Z\`mXYc\ @em\ekfi`\j @em\ekfi`\jžGifg\ikp Fk_\i:lii\ek8jj\kj KXoXk`fe 8ZZflekjGXpXYc\Xe[8ZZilXcj
,'#++( .#*)) (#'/- -#'0/ -/, )+) )0
0-#.-0
(*#,,'
*#-)0
E\kZXj_`eĂŒfn]ifdfg\iXk`e^XZk`m`k`\j
)',
2ELATED 0ARTY 4RANSACTIONS I\cXk\[gXik`\jefkgXikf]k_\>iflg=`eXeZ`XcJkXk\d\ekj`eZcl[\N_X`IXnX=le[Kiljk ;`jki`Ylk`fejGX`[)''/1*#/('#'''#)''.1.+-#0+' %
+#+.* +(+ ((( +)( ).' (#(-0 ' (#.0( (#(.0 +*#0(* (,' +' 0+ -'#(,. ,+ ' ., )#(*)
+#,+, *#).) (*#0'' ' ' )#+,+ +#'+*
4RANSACTIONS WITH RELATED PARTIES K_\i\_Xm\Y\\edXk\i`XckiXejXZk`fejn`k_i\cXk\[gXik`\j[li`e^k_\p\Xi%K_\i\cXk\[ gXik`\j`emfcm\[n\i\E^ `KX_l:_Xi`kXYc\Kiljk#E^ `KX_l;\m\cfgd\ek:figfiXk`feXe[ K\I–eXe^XfE^ `KX_l%K_\kpg\jf]kiXejXZk`fej`emfcm\[`eZcl[\i\eki\Z\`m\[#@Kj\im`Z\ ]\\j#dXeX^\d\ek]\\\og\ej\j#`ek\i\jk\og\ej\j#i\ek\og\ej\jXe[[`jki`Ylk`fej% 4ERMS UNDER WHICH RELATED PARTY TRANSACTIONS WERE ENTERED INTO Efni`k\$[fnejf]i\Z\`mXYc\j`ei\jg\Zkf]i\cXk\[gXik`\j_Xm\fZZlii\[Xe[efXdflekj n\i\gifm`[\[]fi`e[flYk]lc[\Ykji\cXk`e^kf[\Ykj[l\]ifdi\cXk\[gXik`\jXkYXcXeZ\ [Xk\ )''.1e`c % .,
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
+EY -ANAGEMENT 0ERSONNEL #OMPENSATION K_\j_fik$k\id\dgcfp\\Y\e\ÊkZfdg\ejXk`fef]k_\[`i\ZkfijXe[\o\Zlk`m\j# Y\`e^k_\b\pdXeX^\d\ekg\ijfee\cf]k_\>iflg#`jj\kflkY\cfn1 )NDEPENDENT $IRECTORS OF .GiI 4AHU (OLDINGS #ORPORATION ,IMITED .GiI 4AHU 3EAFOOD ,IMITED .GiI 4AHU 0ROPERTY ,IMITED .GiI 4AHU 4OURISM ,IMITED AND .GiI 4AHU #APITAL ,IMITED NXccpJkfe\ C`e[X:fejkXYc\ IfjjB\\eXe DXibKld\
*UNE S
0' -' -' -0
-' -' ,' -,
/ '
' '
)NDEPENDENT $IRECTORS OF .GiI 4AHU #OMMUNICATIONS ,IMITED G\k\i9`^^j >XYi`\cc\?li`X
. /
(' '
)NDEPENDENT $IRECTORS OF .GiI 4AHU &ISHERIES 3ETTLEMENT ,IMITED BpgifjBfkq`bXj
+
'
4E 2~NANGA O .GiI 4AHU REPRESENTATIVES APPOINTED DIRECTORS OF .GiI 4AHU (OLDINGS #ORPORATION ,IMITED ;feXc[:flZ_ gifiXkXgXpd\ek]fccfn`e^8gi`cXggf`ekd\ek DXibJfcfdfe! !I\dle\iXk`fe]fiXep[`i\Zkfij_`gjn`k_`ek_\K\IeXe^X>iflg `j[\\d\[kfY\`eZcl[\[`ek_\BX`n_XbX_X\i\kfkXci\dle\iXk`fegXZbX^\%
4E 2~NANGA / .GiI 4AHU 2EPRESENTATIVES
0)-
.*.
+EY %XECUTIVES
(#0+0
)#)/.
*#(/(
*#)-0
+#'/0
.''
B /THER EXPENDITURE COMMITMENTS @em\jkd\ekj Gifg\ikp#GcXekXe[<hl`gd\ek @em\jkd\ekgifg\ik`\jle[\iZfejkilZk`fe
+/, /*#'*)
./( +#(/(
/*#,(.
+#0-)
#OMMITMENTS FOR %XPENDITURE A #APITAL EXPENDITURE COMMITMENTS 8Zhl`j`k`fef]XYlj`e\jj
#ONTINGENT ,IABILITIES K_\>fm\ied\ek_XjXeefleZ\[`kjgifgfj\[ZXgXe[kiX[\jpjk\d]fi^i\\e_flj\^Xj \d`jj`fej%Lek`ck_\c\^`jcXk`feXe[[\kX`cjf]k_\jZ_\d\Xi\ËeXc`j\[#k_\>iflg`jleXYc\kf hlXek`]pXepe\kXjj\kfic`XY`c`kpXi`j`e^]ifdk_\jpjk\d% K_\i\Xi\effk_\iZfek`e^\ekc`XY`c`k`\jXk*'Ale\)''/ Ale\)''.1e`c % %VENTS 3UBSEQUENT TO "ALANCE $ATE I\e\nXcf]k_\]XZ`c`kpkf)''d (,'d]fik_i\\p\XijXe[,'d]fi(p\Xi _XjY\\e ZfeËid\[n`k_k_\9Xebf]E\nQ\XcXe[Xjc\X[XiiXe^\if]Xjpe[`ZXk\[]XZ`c`kp% K_\i\n\i\effk_\ij`^e`ËZXek\m\ekjX]k\iYXcXeZ\[Xk\% .-
*UNE S
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
%FFECT OF .: )&23 ON THE 3TATEMENT OF &INANCIAL 0OSITION AS AT *ULY
.OTES
0REVIOUS .: '!!0 S
%FFECT OF TRANSITION TO .: )&23 S
.:)&23
S
)MPACTS OF THE !DOPTION OF .EW :EALAND %QUIVALENTS TO )NTERNATIONAL &INANCIAL 2EPORTING 3TANDARDS .: )&23 #URRENT !SSETS :Xj_Xe[:Xj_<hl`mXc\ekj 8ZZflekjI\Z\`mXYc\ @em\ekfi`\j Gifg\ikp¾@em\ekfi`\j @ekXe^`Yc\j CfXej8[mXeZ\[ KXoXk`fe Fk_\i=`eXeZ`Xc8jj\kj Fk_\i:lii\ek8jj\kj
X Y Z [ \
*#),+ )+#+/* 0#/+' *0#-+* -#,*) )#'-/ ((, ' '
' .#*+' -.- +'#0++ ' ' ' ' *(
*#),+ (.#(+* 0#(-+ /'#,/. -#,*) )#'-/ ((, ' *(
Efe$:lii\ek8jj\kjZcXjj`Ë\[Xj_\c[]fijXc\
]
/,#0*, '
*)#0,0 '
((/#/0+ '
4OTAL #URRENT !SSETS
^ _ ` a b c d e f g
' ' )#(/) *-#,// )#++) ()-#**' .'#.-* ()/#0(* -#-(' ' -,#../ (-#++, (0#(',
*#/0, (0#-', ' (*#(,0 -.- (#-'* .'#.-* ' ' *,) (+#0+, ' -)*
*#/0, (0#-', )#(/) +0#.+. *#((/ ().#0** ' ()/#0(* -#-(' *,) ,'#/** (-#++, (0#.)/
4OTAL .ON #URRENT !SSETS
4OTAL !SSETS
.ON #URRENT !SSETS 8ZZflekjI\Z\`mXYc\ Efe:lii\ekGifg\ikp¾@em\ekfip CfXej8[mXeZ\[ Gifg\ikp#GcXekXe[<hl`gd\ek 9`fcf^`ZXc8jj\kj @em\jkd\ekGifg\ik`\j ;\m\cfgd\ekGifg\ik`\j @em\jkd\ekj`e<hl`kp@em\jkd\ekj @ek\i\jk`e8jjfZ`Xk\:fdgXe`\j Fk_\i=`eXeZ`Xc8jj\kj =`j_HlfkXXe[DXi`e\=XidC`Z\eZ\j >ff[n`cc Fk_\i@ekXe^`Yc\j
..
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
%FFECT OF .: )&23 ON THE 3TATEMENT OF &INANCIAL 0OSITION AS AT *ULY
.OTES
0REVIOUS .: '!!0 S
%FFECT OF TRANSITION TO .: )&23 S
.:)&23
S
#URRENT ,IABILITIES :i\[`kfijXe[8ZZilXcj :lii\ekGfik`fef]Efe$:lii\ekC`XY`c`k`\j
h
*'#',/ (#(0(
.-/ '
*'#/)(#(0(
4OTAL #URRENT ,IABILITIES
.ON #URRENT ,IABILITIES K\idCfXej
((/#'--
'
((/#'--
4OTAL .ON #URRENT ,IABILITIES
4OTAL ,IABILITIES
.ET !SSETS
%QUITY Kiljk=le[j`eG\ig\kl`kp :Xg`kXcI\j\im\ ?\[^\I\j\im\ 8jj\kI\mXclXk`feI\j\im\ I\kX`e\[<Xie`e^j
i j k
(.'#.** /0. ' (,(#+,) /.#/,*
' ' /.* +0#+(/ *-#-/.
(.'#.** /0. /.* (')#'*+ ()+#,+'
%QUITY !TTRIBUTABLE TO THE 'ROUP "ENE½CIARY D`efi`kp@ek\i\jk
/+(
'
/+(
4OTAL %QUITY
./
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
%FFECT OF .: )&23 ON THE 3TATEMENT OF &INANCIAL 0OSITION AS AT *UNE
.OTES
0REVIOUS .EW :EALAND '!!0 S
%FFECT OF TRANSITION TO .: )&23 S
.:)&23
S
#URRENT !SSETS :Xj_Xe[:Xj_<hl`mXc\ekj 8ZZflekjI\Z\`mXYc\ @em\ekfi`\j Gifg\ikp¾@em\ekfi`\j CfXej8[mXeZ\[ KXoXk`fe Fk_\i=`eXeZ`Xc8jj\kj Fk_\i:lii\ek8jj\kj
X Y Z [ \
*#.'/ (-#,)/ -#.'( ++#..- *#)*+ )-+ ' /#,*/
' .#'.+ *,- +#)', ' ' +#-0, (+(
*#.'/ 0#+,+ -#*+, +/#0/( *#)*+ )-+ +#-0, /#-.0
Efe$:lii\ek8jj\kjZcXjj`Ë\[Xj_\c[]fijXc\
]
/*#.+0 '
(#-(( *'(
/,#*-' *'(
4OTAL #URRENT !SSETS
^ _ ` a b c d e f g
' ' (#(*) *-#+*' )#+/- )(-#'-) *0#0,/ .,#*+0 .#-,, ' -.#)0. (,#*.) )(#,.'
*#/.0 (0#)-* ' )(#+() *,, (#/00 *0#0,/ ' ' +0 (.#//) (#((- ..'
*#/.0 (0#)-* (#(*) ,.#/+) )#/+( )(.#0-( ' .,#*+0 .#-,, +0 +0#+(, (-#+// ))#*+'
.ON #URRENT !SSETS 8ZZflekjI\Z\`mXYc\ Efe:lii\ek¾Gifg\ikp¾@em\ekfip CfXej8[mXeZ\[ Gifg\ikp#GcXekXe[<hl`gd\ek 9`fcf^`ZXc8jj\kj @em\jkd\ekGifg\ik`\j ;\m\cfgd\ekGifg\ik`\j @em\jkd\ekj`e<hl`kp@ejkild\ekj @ek\i\jk`e8jjfZ`Xk\:fdgXe`\j Fk_\i=`eXeZ`Xc8jj\kj =`j_HlfkXXe[DXi`e\=XidC`Z\eZ\j >ff[n`cc @ekXe^`Yc\j 4OTAL .ON #URRENT !SSETS
4OTAL !SSETS
.0
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
%FFECT OF .: )&23 ON THE 3TATEMENT OF &INANCIAL 0OSITION AS AT *UNE
.OTES
0REVIOUS .: '!!0 S
%FFECT OF TRANSITION TO .: )&23 S
.:)&23
S
#URRENT ,IABILITIES :i\[`kfijXe[8ZZilXcj :lii\ekGfik`fef]Efe$:lii\ekC`XY`c`k`\j
h
**#-,- (#)*'
(#0,' '
*(#.'- (#)*'
4OTAL #URRENT ,IABILITIES
.ON #URRENT ,IABILITIES K\idCfXej
,)#'-'
'
,)#'-'
4OTAL .ON #URRENT ,IABILITIES
4OTAL ,IABILITIES
.ET !SSETS
%QUITY Kiljk=le[j`eG\ig\kl`kp :Xg`kXcI\j\im\ ?\[^\I\j\im\ 8jj\kI\mXclXk`feI\j\im\ I\kX`e\[<Xie`e^j
i j k
(.'#.** /0. ' (,0#,,) (+/#)-(
' ' +#..0 0'#,-0 /'#,,,
(.'#.** /0. +#..0 -/#0/* ))/#/(-
%QUITY !TTRIBUTABLE TO THE 'ROUP "ENE½CIARY
D`efi`kp@ek\i\jk
-.(
'
-.(
4OTAL %QUITY
/'
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
*ULY S
*UNE S
A #URRENT !CCOUNTS 2ECEIVABLE K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe8ZZflekjI\Z\`mXYc\`jXj]fccfnj1 :_Xe^\`ek`d`e^f]k_\i\Zf^e`k`fef]gifg\ikpjXc\jXe[gliZ_Xj\j
.#*+'
.#'.+
.#*+'
.#'.+
B )NVENTORIES K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe@em\ekfi`\j`jXj]fccfnj1 I\ZcXjj`ËZXk`fef]DXi`e\=Xid:ifgj
-.-
*,-
-.-
*,-
C 0ROPERTY ¯ )NVENTORIES K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfegifg\ikp½`em\ekfi`\j`jXj]fccfnj1 :_Xe^\`ek`d`e^f]k_\i\Zf^e`k`fef]gifg\ikpjXc\j :_Xe^\`ek`d`e^f]k_\i\Zf^e`k`fef]gifg\ikpgliZ_Xj\j I\ZcXjj`]pc\Xj\`eZ\ek`m\jXe[`e`k`Xc[`i\ZkZfjkjkfk_\Zfjkf]k_\gifg\ikp I\ZcXjj`ËZXk`fef][\m\cfgd\ekgifg\ik`\j
+#*,. 0). (/0 *.#*),
-#+.+ (#0*0 ' **'
+'#0++
+#)',
'
+#-0,
'
+#-0,
D /THER &INANCIAL !SSETS K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeFk_\i=`eXeZ`Xc8jj\kj`jXj]fccfnj1 I\Zf^e`j`e^]fi\`^e\oZ_Xe^\ZfekiXZkj#fgk`fejXe[jnXgjfek_\>iflgJkXk\d\ek f]=`eXeZ`XcGfj`k`fe
E /THER #URRENT !SSETS K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeFk_\i:lii\ek8jj\kj`jXj]fccfnj1 :_Xe^\`ek_\k`d`e^f]k_\i\Zf^e`k`fef]c\Xj\`eZfd\#c\Xj\`eZ\ek`m\jXe[[\Xc\iZfdd`jj`fej
*(
(+(
*(
(+(
F .ON #URRENT !SSETS CLASSI½ED AS HELD FOR SALE K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeEfe$:lii\ek8jj\kjZcXjj`Ê\[Xj_\c[]fijXc\`jXj]fccfnj1 I\ZcXjj`ËZXk`fef]Gifg\ikp#GcXekXe[<hl`gd\ek
'
*'(
'
*'(
G .ON #URRENT !CCOUNTS 2ECEIVABLE K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeEfe:lii\ek8ZZflekjI\Z\`mXYc\`jXj]fccfnj1 :_Xe^\`ek_\k`d`e^f]k_\i\Zf^e`k`fef]c\Xj\`eZfd\Xe[c\Xj\`eZ\ek`m\jkfjkiX`^_kc`e\
*#/0,
*#/.0
*#/0,
*#/.0
H .ON #URRENT 0ROPERTY ¯ )NVENTORIES K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeEfe:lii\ekGifg\ikp½@em\ekfi`\j`jXj]fccfnj1 I\ZcXjj`ËZXk`fef];\m\cfgd\ekGifg\ik`\j
(0#-',
(0#)-*
(0#-',
(0#)-*
/(
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
*ULY S
*UNE S
I 0ROPERTY 0LANT AND %QUIPMENT K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeGifg\ikp#GcXekXe[<hl`gd\ek`jXj]fccfnj1 I\m\ijXcf]i\mXclXk`fefecXe[ I\ZcXjj`ËZXk`fef]gcXekXe[\hl`gd\ekkfefe$Zlii\ekXjj\kjZcXjj`Ë\[Xj_\c[]fijXc\ I\ZcXjj`ËZXk`fef]Zfdglk\ijf]knXi\kf@ekXe^`Yc\j I\dfm\c\Xj\`eZ\ek`m\jXe[`e`k`Xc[`i\ZkZfjkj]ifdk_\Zfjkf]k_\gifg\ikp I\ZcXjj`ËZXk`fef]`em\jkd\ekgifg\ik`\jkfgifg\ikp#gcXekXe[\hl`gd\ek I\ZcXjj`ËZXk`fef][\m\cfgd\ekgifg\ik`\jkfgifg\ikp#gcXekXe[\hl`gd\ek
' ' .-/ ' ' (*#0).
*' *'( .-. /' /+, )(#.+,
(*#(,0
)(#+()
J "IOLOGICAL !SSETS K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe9`fcf^`ZXc8jj\kj`jXj]fccfnj1 I\ZcXjj`ËZXk`fef]DXi`e\=Xid:ifgj
-.-
*,,
-.-
*,,
K )NVESTMENT 0ROPERTIES K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe@em\jkd\ekGifg\ik`\j`jXj]fccfnj1 I\dfm\\jk`dXk\[[`jgfjXcZfjkjfejXc\f]@em\jkd\ekGifg\ikpgi\m`fljcpi\Zf^e`j\[ I\dfm\c\Xj\`eZ\ek`m\jXe[`e`k`Xc[`i\ZkZfjkj]ifdk_\Zfjkf]k_\gifg\ikp :_Xe^\`ek`d`e^f]k_\i\Zf^e`k`fef]gifg\ikpgliZ_Xj\j I\ZcXjj`ËZXk`fef]gifg\ik`\jkfgcXek#gifg\ikpXe[\hl`gd\ek I\ZcXjj`ËZXk`fef]@em\jkd\ekgifg\ik`\jkf[\m\cfgd\ekgifg\ik`\j
(#-0. ' ' ' 0+
+#*0/ .,+ (/' /+, .)'
(#-'*
(#/00
*.#*), (0#-',
**' (0#)-*
(*#0). 0+
)(#.+, .)'
.'#.-*
*0#0,/
L $EVELOPMENT 0ROPERTIES Le[\igi\m`fljEQ>88G#[\m\cfgd\ekgifg\ik`\jn\i\gifg\ik`\jXZhl`i\[n`k_k_\`ek\ek`fekf[\m\cfg Xe[j\cc[li`e^k_\fi[`eXipZflij\f]Ylj`e\jjXe[nXjki\Xk\[Xjcfe^$k\id`em\ekfip%;\m\cfgd\ek gifg\ik`\jn\i\i\Zf^e`j\[fek_\>iflgJkXk\d\ekf]=`eXeZ`XcGfj`k`feXkZfjk%K_\\]]\Zkf]k_\XYfm\ X[aljkd\ekjfe;\m\cfgd\ekGifg\ik`\j`jXj]fccfnj1 I\ZcXjj`ËZXk`fef]gifg\ik`\jkf:lii\ek@em\ekfi`\j¾Gifg\ikp I\ZcXjj`ËZXk`fef]gifg\ik`\jkfEfe$:lii\ek@em\ekfi`\j¾Gifg\ikp I\ZcXjj`ËZXk`fef]gifg\ik`\jkfGifg\ikp#GcXekXe[<hl`gd\ek¾ @em\jkd\ekGifg\ik`\jle[\i;\m\cfgd\ek I\ZcXjj`ËZXk`fef]@em\jkd\ekGifg\ik`\j
M .ON #URRENT /THER &INANCIAL !SSETS K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeEfe$:lii\ekFk_\i=`eXeZ`Xc8jj\kj`jXj]fccfnj1 I\Zf^e`j`e^]fi\`^e\oZ_Xe^\ZfekiXZkj#fgk`fejXe[jnXgjfek_\>iflgJkXk\d\ek f]=`eXeZ`XcGfj`k`fe
/)
*,)
+0
*,)
+0
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
*ULY S
*UNE S
N &ISH 1UOTA AND -ARINE &ARM ,ICENCES K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe=`j_HlfkXXe[DXi`e\=XidC`Z\eZ\j`jXj]fccfnj1 I\m\ijXcf]i\mXclXk`fef]=`j_HlfkXXe[i\Zfi[XkZfjk @dgX`id\ekf]=`j_HlfkX
((#((0 *#/)-
()#/.. ,#'',
(+#0+,
(.#//)
O 'OODWILL K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe>ff[n`cc`jXj]fccfnj1 I\m\ijXcf]8dfik`jXk`fef]>ff[n`cc
'
(#((-
'
(#((-
P )NTANGIBLES K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe@ekXe^`Yc\j`jXj]fccfnj1 I\ZcXjj`ËZXk`fef]:fdglk\iJf]knXi\kf@ekXe^`Yc\j Ni`k\f]]`ek\ieXccp^\e\iXk\[`ekXe^`Yc\
.-/ (+,
..' '
-)*
..'
Q #REDITORS AND !CCRUALS K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfe:i\[`kfijXe[8ZZilXcj`jXj]fccfnj1 I\Zf^e`j`e^]fi\`^e\oZ_Xe^\ZfekiXZkj#fgk`fejXe[jnXgjfek_\>iflgJkXk\d\ek f]=`eXeZ`XcGfj`k`fe :_Xe^\`ek`d`e^f]k_\i\Zf^e`k`fef]gifg\ikpjXc\jXe[gliZ_Xj\j :_Xe^\`ek_\k`d`e^f]k_\i\Zf^e`k`fef]c\Xj\`eZ\ek`m\jXe[\jkXYc`j_d\ek]\\jfeX[mXeZ\j
(#*,+ .)* (*.
' (#0// */
.-/
R (EDGE 2ESERVE K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfek_\?\[^\I\j\im\`jXj]fccfnj1 ?\[^\XZZflek`e^]fi]fi\`^e\oZ_Xe^\ZfekiXZkj#fgk`fejXe[jnXgj
/.*
+#..0
/.*
+#..0
S !SSET 2EVALUATION 2ESERVE K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfek_\8jj\kI\mXclXk`feI\j\im\`jXj]fccfnj1 I\ZcXjj`ËZXk`fef]i\mXclXk`fef]@em\jkd\ekGifg\ikp]ifd8jj\kI\mXclXk`feI\j\im\ kfI\kX`e\[<Xie`e^j I\ZcXjj`ËZXk`fef]i\mXclXk`fefeGifg\ikp#GcXekXe[<hl`gd\ek]ifd8jj\kI\mXclXk`fe I\j\im\kfI\kX`e\[<Xie`e^jkfi\Zfi[]X`imXcl\Xj[\\d\[Zfjk I\m\ijXcf]i\mXclXk`fefeCXe[ I\ZcXjj`ËZXk`fef]i\mXclXk`fef]9`fcf^`ZXc8jj\kj]ifd8jj\kI\mXclXk`feI\j\im\kf I\kX`e\[<Xie`e^j I\m\ijXcf]k_\8jj\kI\mXclXk`feI\j\im\]fi=`j_HlfkXXe[i\Zfi[XkZfjk I\ZcXjj`ËZXk`fef]i\mXclXk`fef]=`j_HlfkX]ifd8jj\kI\mXclXk`feI\j\im\kf I\kX`e\[<Xie`e^j I\ZcXjj`ËZXk`fef]DXi`e\=XidC`Z\eZ\j`dgX`id\ek]ifd8jj\kI\mXclXk`feI\j\im\kf I\kX`e\[<Xie`e^j
(#0,'
*/#0*/
/'#(,)
0*0 '
0*0 *'
+)( ((#((0
*-( ()#/..
((0
((0
)#((/
*#0'0
+0#+(/
0'#,-0
/*
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
*ULY S
T 2ETAINED %ARNINGS K_\\]]\Zkf]k_\XYfm\X[aljkd\ekjfeI\kX`e\[<Xie`e^j`jXj]fccfnj1 I\ZcXjj`ËZXk`fef]i\mXclXk`fef]@em\jkd\ekGifg\ikp]ifd8jj\kI\mXclXk`feI\j\im\kf I\kX`e\[<Xie`e^j 8[aljk]X`imXcl\f]@em\jkd\ekGifg\ik`\j#`eZcl[`e^i\dfmXcf]\jk`dXk\[[`jgfjXcZfjkjfe jXc\gi\m`fljcpi\Zf^e`j\[ I\ZcXjj`ËZXk`fef]i\mXclXk`fefeGifg\ikp#GcXekXe[<hl`gd\ek]ifd8jj\kI\mXclXk`fe I\j\im\kfI\kX`e\[<Xie`e^jkfi\Zfi[]X`imXcl\Xj[\\d\[mXcl\ I\ZcXjj`ËZXk`fef]i\mXclXk`fef]9`fcf^`ZXc8jj\kj]ifd8jj\kI\mXclXk`feI\j\im\ kfI\kX`e\[<Xie`e^j I\ZcXjj`ËZXk`fef]i\mXclXk`fef]=`j_HlfkX]ifd8jj\kI\mXclXk`feI\j\im\kfI\kX`e\[<Xie`e^j Ni`k\f]]`ek\ieXccp^\e\iXk\[>ff[n`cc I\m\ijXcf]8dfik`jXk`fef]>ff[n`cc I\ZcXjj`ËZXk`fef]DXi`e\=XidC`Z\eZ\j`dgX`id\ek]ifd8jj\kI\mXclXk`feI\j\im\ kfI\kX`e\[<Xie`e^j @dgX`id\ekf]=`j_HlfkX ?\[^\XZZflek`e^]fi]fi\`^e\oZ_Xe^\fgk`fej :_Xe^\`ek_\k`d`e^f]k_\i\Zf^e`k`fef]c\Xj\`eZfd\Xe[c\Xj\`eZ\ek`m\j :_Xe^\`ek_\k`d`e^f]k_\i\Zf^e`k`fef]i\m\el\fegifg\ikpjXc\j
/+
*UNE S
*/#0*0
/'#(,)
(#-0.
+#*0/
0*0
0*0
+)( ((0 (+, '
*-( ((0 ' (#((-
)#((/ *#/)- ()0 *#0./ *#(//
*#0'0 ,#'', *, *#(+. .)/
*-#-/.
/'#,,,
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE
.OTES
0REVIOUS .: '!!0 S
%FFECT OF TRANSITION TO .: )&23 S
.:)&23
I\m\el\ Fk_\i@eZfd\ >X`e& Cfjj feJXc\f]Efe$:lii\ek8jj\kj J_Xi\f]XjjfZ`Xk\jÃE\kJligcljXZZflek\[]filj`e^k_\\hl`kpd\k_f[
X Y
(,,#,-( (#'*' -'#+). )#(*)
*(+ ((/ (#).' '
(,,#/., (#(+/ ,0#(,. )#(*)
4OTAL 2EVENUE FROM 4RADING /PERATIONS I\m\el\i\cXk`e^kfKi`YXc#IeXe^XXe[n_eXl[`jki`Ylk`fej
*#(',
*#(',
4OTAL 2EVENUE
)(#)*+ ,0#),/ '
,, ('( +*#0(*
)(#)/0 ,0#(,. +*#0(*
2ECONCILIATION OF SURPLUS FOR THE YEAR ENDED *UNE
E\kJligclj]ifdFe^f`e^KiX[`e^Fg\iXk`fej E\kJligcljfeJXc\f]Efe$:lii\ek8jj\kj >X`e& Cfjj feI\mXclXk`fef]@em\jkd\ekGifg\ikp
X#Y#Z [
S
.ET 3URPLUS ATTRIBUTABLE TO .GiI 4AHU (OLDINGS #ORPORATION Fg\iXk`e^\og\ej\j¾K\IeXe^XfE^`KX_l E\kKi`YXc#IeXe^XXe[n_eXl[`jki`Ylk`fej
.#0,) ((#,++
' '
.#0,) ((#,++
E\kJligcljY\]fi\kXoXk`fe C\jjkXoXk`fe
-'#00- +))
+*#/-.
('+#/-* +))
E\kJligcljX]k\ikXoXk`fe E\kJligcljXkki`YlkXYc\kfD`efi`kpJ_Xi\_fc[\ij`eJlYj`[`Xi`\j
-'#,.+ (-,
+*#/-. '
('+#++( (-,
3URPLUS FOR THE YEAR ATTRIBUTABLE TO THE 'ROUP "ENE½CIARY
X :_Xe^\`ek_\k`d`e^f]k_\i\Zf^e`k`fef]i\m\el\fe;\m\cfgd\ekGifg\ikp JXc\jXe[C\Xj\`eZfd\% Y ?\[^\XZZflek`e^]fi]fi\`^e\oZ_Xe^\fgk`fej% Z I\ZcXjj`ËZXk`fef]dXi`e\]Xidc`Z\eZ\j`dgX`id\ek]ifdXjj\ki\mXclXk`fe i\j\im\kfi\kX`e\[\Xie`e^j#`dgX`id\ekf]Z\ikX`ejg\Z`\jf]Ëj_hlfkX# i\m\ijXcf]Xdfik`jXk`fef]`ekXe^`Yc\jXe[i\Zf^e`k`fef]`e`k`Xc[`i\ZkZfjkj f]c\Xj\jfm\ik_\c`]\f]k_\c\Xj\%I\]\ikfEQ@=IJefk\ j ]fi]lik_\i[\kX`c% [ I\Zf^e`j\]X`imXcl\^X`efei\mXclXk`fef]`em\jkd\ekgifg\ikp# gi\m`fljcpi\Zf^e`j\[[`i\Zkcp`e\hl`kp%
3TATEMENT OF #ASH &LOWS K_\i\_Xm\Y\\eefdXk\i`Xc`dgXZkjkfk_\JkXk\d\ekf]:Xj_=cfnjfe k_\X[fgk`fef]EQ@=IJ%
/,
/-
4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534
$ISCLOSURES &OR THE YEAR ENDED *UNE
3TAFF 3ALARIES
&ROM (''#''' (('#''' ()'#''' (*'#''' (+'#''' (,'#''' (-'#''' (.'#''' (0'#''' ))'#''' )*'#''' )+'#''' ),'#''' )0'#''' **'#''' *,'#''' */'#'''
4O ('0#000 ((0#000 ()0#000 (*0#000 (+0#000 (,0#000 (-0#000 (.0#000 (00#000 ))0#000 )*0#000 )+0#000 ),0#000 )00#000 **0#000 *,0#000 */0#000
4OTAL (' ) * + + ( ) + ) ( ( ( ( ( (
K_`jkXYc\`e[`ZXk\jk_\mXi`flji\dle\iXk`fec\m\cjgX`[ kfK\IeXe^XfE^`KX_l\dgcfp\\j\Xie`e^dfi\k_Xe (''#'''`ek_\p\Xi\e[\[*'Ale\)''/%Jfd\f]k_\ i\dle\iXk`feË^li\jXi\`eÌXk\[[l\kfk_\`eZclj`fef] i\[le[XeZpXe[Zfdg\ejXk`fegXpd\ekj#kf^\k_\in`k_ fk_\i\ek`kc\d\ekj%
,'
/.
!(/
2~NANGA $EVELOPMENT :i\Xk`e^XgcXk]fidkfZfdY`e\E^` KX_lZlckliXckiX[`k`fejXe[Ylj`e\jj fggfikle`k`\j]fiGXgXk`glIeXe^X`j k_\[i`m\iY\_`e[k_\e\n8_fYiXe[ [\m\cfg\[YpK\IeXe^XfE^`KX_l Xe[cXleZ_\[`eDXiZ_k_`jp\Xi% K_\Ëijkgif[lZkle[\ik_\le`hl\cp E^`KX_lYiXe[`jXiXe^\f]_`^_ hlXc`kpj_Xncj[\j`^e\[Ypi\efne\[ E^`KX_lXik`jkIfjj?\d\iXXe[ `ejg`i\[Ypk_\XeZ`\ekDfi`ifZbXik [iXn`e^j]fle[fecp`eK\NX`gfleXdl% K_\j_XncjXi\dX[\]ifdXe\nclolip ]XYi`Zn_`Z_ZfdY`e\jgfjjld]li Xe[d\i`efnffc`eXle`hl\gifZ\jj [\m\cfg\[Yp8^I\j\XiZ_ÃjK\ok`c\j JZ`\eZ\Xe[K\Z_efcf^pJ\Zk`fe%
//
8g\iZ\ekX^\f]k_\gifZ\\[j]ifdk_\ jXc\f]k_\j_Xncj^fkfk_\E^`KX_l IfZb8ikKiljk%E^`KX_lZiX]kjg\fgc\ ;Xg_e\FÃ:fee\cc K\KXldlkl Xe[ I\`_XeXÀ;f\ÁGXiXkX IgXb` n\i\ i\jgfej`Yc\]fik_\Ëe`j_`e^nfib#j\n`e^ fek_\df_X`inffc]i`e^`e^Xe[c`e`e^X j\c\Zk`fef]k_\iXe^\n`k_iXnj`cb% À@kÃjY\\ejlZ_XafpY\`e^gXikf]Xe\n m\ekli\c`b\k_`j#ÁjXpj;Xg_e\#n_f_Xj dfi\k_Xe+'p\Xij\og\i`\eZ\`ek_\ [i\jjdXb`e^Xe[lg_fcjk\ip`e[ljki`\j% À@k_XjXY`^]lkli\#@ZXej\\Xcfkf] gfk\ek`Xc]fi`k%E^`KX_l_XjZi\Xk\[ Xle`hl\Xe[]XYlcfljgif[lZk#Xe[`kÃj ]XekXjk`ZkfY\XYc\kfZfeki`Ylk\Xe[glk dpjb`ccjkfnfibfeXgifa\Zkc`b\k_`j%Á
8_f_XjXcjf`emfcm\[k_\kXc\ekj f]E^`KX_l[\j`^e\iE`Zb>`cc`\j Xe[_`jZfdgXep#BX]Xe\c`j9iXe[ :fddle`ZXk`fe%À@cfm\[nfib`e^fe k_\gifa\Zk¾`knXj]XekXjk`Zkfnfib feXgifa\Zkk_Xk\m\ipfe\nXjjf gXjj`feXk\XYflk%Á 8_fZXeY\kiXejcXk\[`ekf<e^c`j_Xj jkiXe[j#k_i\X[jfic`e\j%=fik_\YiXe[ `k[\m\cfgjk_\c`e\j]ifdn_`Z_fli Zlckli\_XjZfd\#n\Xm\jk_\jkiXe[jf] fligXjk`ekfjfd\k_`e^e\n#p\kYXj\j `kfekiX[`k`fe%
$IRECTORY Fi^Xe`jXk`feJkilZkli\ 0' IeXe^XI\gi\j\ekXk`m\j 0) ;`i\ZkfijXe[B\pGfj`k`fej 0* IeXe^X;`i\Zkfip 0+ ;`i\Zkfip 0K\IeXe^XfE^`KX_l I\gi\j\ekXk`m\GifËc\j 0. E^GXgXk`glIeXe^XDXg (')
/0
/RGANISATION 3TRUCTURE
4E 2~NANGA O .GiI 4AHU .GiI 4AHU #HARITABLE 4RUST
/F½ CE OF 4E 2~NANGA O .GiI 4AHU K\KXglX\fI\_lX
>fm\ieXeZ\
?\FiXe^XGfleXdl
Dfe`kfi`e^
E^`KX_l:fddle`ZXk`fej
;`jki`Ylk`fe
N_X`IXnX
IXe^Xk`iXkXe^X
E^`KX_l=`j_\i`\jJ\kkc\d\ekCk[
3500/24 3%26)#%3
0%/0,% 0%2&/2-!.#%
7(!+!0!0! -%-"%2 3%26)#%3
3%#2%4!2)!4 '2/50 -/.)4/2).'
42)"!, ).4%2%34
342!4%'9 ).&,5%.#%
:fddle`ZXk`fej
?ldXe I\jfliZ\j
N_XbXgXgX
K\IeXe^X >iflg Dfe`kfi`e^
Kf`kK\ N_\elX
<ok\ieXc @jjl\j
Befnc\[^\ DXeX^\d\ek
C\X[\ij_`g Gif^iXdd\
:fekXZk:\eki\
C\^XcJ\im`Z\j
Kf`kK\ @n`
9iXe[ DXeX^\d\ek
K\IeXe^X J\Zi\kXi`Xk
Kf`kK\ Blgl
IeXe^X ;\m\cfgd\ek
0'
.GiI 4AHU (OLDINGS 'ROUP @em\jkd\ek =`eXeZ`XcJkiXk\^p :Xg`kXc8ccfZXk`fe @em\jkd\ekG\i]fidXeZ\ :figfiXk\J\im`Z\j Ki\Xjlip
.'_) 4!(5 #!0)4!,
.'_) 4!(5 02/0%249
.'_) 4!(5 3%!&//$
.'_) 4!(5 4/52)3-
IpdXe
Gifg\ikp ;\m\cfgd\ek
J\X]ff[ Fg\iXk`fej
Kfli`jd Fg\iXk`fej+ I\^`feXc:cljk\ij
>\e\iXc @em\jkd\ekj
@em\jkd\ek Gifg\ik`\j
HlfkX DXeX^\d\ek
IliXcCXe[j
0(
4% 2e.!.'! / .'_) 4!(5
2~NANGA 2EPRESENTATIVES
4E 2~NANGA O .GiI 4AHU 2e.!.'!
2e.!.'! 2%02%3%.4!4)6%
2e.!.'! !,4%2.!4%
BX`bliX E^k`NX\nX\ DXbXXn_`f E^`K_li`i` IgXb` BflbfliXiXkX NX`i\nX KXldlkl |elbl 8ifn_\elX NX`_Xf Df\iXb` Glb\k\iXb` |kbfl ?fbfel` NX`_fgX` |iXbX$8gXi`dX 8nXilX
DXibJfcfdfe C`jXKldX_X` K`dIfZ_]fi[ :cXi\N`cc`Xdj ;feXc[:flZ_ :_Xic\j:if]kj AXd\j;Xe`\cj JXe[pCfZb_Xik >\fi^\K`bXf >XipNXXbX >\iip:fXk\j ;Xm`[?`^^`ej DXkXgliX<cc`jfe ?`e\=fijpk_ K\iipE`Z_fcXj D`Z_X\cJb\ii\kk Jk\nXik9lcc DXi`XG\iX
KfY\Xggf`ek\[ KfY\Xggf`ek\[ KfY\Xggf`ek\[ KfY\Xggf`ek\[ BfgXC\\ <c`qXY\k_:lee`e^_Xd @X\Xe:iXen\cc ?f_\gXAf_ejfe BfifK`g`nX` K\8f?liX\NXXbX KfY\Xggf`ek\[ KfY\Xggf`ek\[ N`b`K\KXl ?fXe`CXe^jYlip I\n`8e^c\d :pi`c>`cifp JXe[iX:ffb Jk\g_\e9iX^^
0)
.'_) 4!(5
$IRECTORS AND +EY 0OSITIONS
.GiI 4AHU $IRECTORS .'_) 4!(5 (/,$).'3 #/20/2!4)/. '2/50 "/!2$
NXccpJkfe\#:_X`idXe Ifjj9B\\eXe C`e[X:fejkXYc\ DXibKld\ DXibJfcfdfe ;feXc[:flZ_
Xggf`ek\[(-Ale\)''i\$Xggf`ek\[(0Ale\)''i\$Xggf`ek\[(0Ale\)''- i\$Xggf`ek\[(0Ale\)''- Xggf`ek\[(08gi`c)''/ i\j`^e\[)+J\gk\dY\i)''/ Xggf`ek\[(08gi`c)''/
.'_) 4!(5 #/--5.)#!4)/.3 ,)-)4%$ "/!2$
8eXb\>ff[Xcc#:_X`idXe >XYi`\cc\?li`X G\k\i9`^^j
Xggf`ek\[*DXp)''. Xggf`ek\[*'J\gk\dY\i)''. i\j`^e\[(.J\gk\dY\i)''/ Xggf`ek\[*'Alcp)''* i\j`^e\[)FZkfY\i)''/
.'_) 4!(5 &)3(%2)%3 3%44,%-%.4 ,)-)4%$ "/!2$
DXibJfcfdfe BpgifjBfkq`bXj 8eXb\>ff[Xcc
Xggf`ek\[/8l^ljk)''. Xggf`ek\[(-J\gk\dY\i)''. Xggf`ek\[(-J\gk\dY\i)''.
7(!) 2!7! &5.$ ,)-)4%$ "/!2$
;`XeX:ifjjXe#:_X`i K`dDZ>l`e\jj J`iK`g\e\FÃI\^Xe ?fe%;Xm`[:Xp^`cc
Xggf`ek\[DXiZ_)''Xggf`ek\[DXiZ_)''Xggf`ek\[DXiZ_)''Xggf`ek\[DXiZ_)''-
+EY 0OSITIONS 4% 2e.!.'! / .'_) 4!(5
.'_) 4!(5 (/,$).'3 #/20/2!4)/.
-ARK 3OLOMON BX`n_XbX_X\i\
!NDREW (ARRISON :_`\]Fg\iXk`e^F]ËZ\i
$ONALD #OUCH ;\glkpBX`n_XbX_X\i\
.'_) 4!(5 (/,$).'3 '2/50 35"3)$)!29 '%.%2!, -!.!'%23
!NAKE 'OODALL :_`\]<o\Zlk`m\F]ËZ\i
!NDREW (ARRISON E^`KX_l:Xg`kXc
4ONY 'RAY J\Zi\kXip
4ONY 3EWELL E^`KX_lGifg\ikp 2ICHARD #OLEMAN ACTING E^`KX_lJ\X]ff[ *OHN 4HORBURN E^`KX_lKfli`jd
0*
4% 2e.!.'! / .'_) 4!(5
2~NANGA $IRECTORY
4E 2~NANGA O +AIKyURA KXbX_Xe^XDXiX\ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo*0#BX`bliX G_fe\1 '**(0-,)* =XZj`d`c\1 '**(0-0*+ <dX`c1 kXbX_Xe^X%dXiX\7Zc\Xi%e\k%eq
dNUKU 2~NANGA |elblDXiX\ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo*(/0#:_i`jkZ_liZ_ G_fe\1 '**--+*.0 =XZj`d`c\1 '**-,+0)' <dX`c1 felbl7e^`kX_l%`n`%eq
4E (AP~ O .GiTI 7HEKE 2iPAKI K\N_\b\DXiX\#IgXb` 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo('.#Cpkk\ckfe G_fe\1 '**)/0+(, =XZj`d`c\1 '**)/0+(<dX`c1 iXgXb`7okiX%Zf%eq
4E 2~NANGA O !ROWHENUA 3OCIETY )NCORPORATED 8ifn_\elXDXiX\ GF9fo-0#?l`iXgXJki\\k K\dlbX#Jflk_:Xek\iYlip G_fe\1 '*-(,0-+- =XZj`d`c\1 '*-(,-)-* <dX`c1 Xifn_\elX7okiX%Zf%eq
4E 2~NANGA O .GiTI 7AEWAE IeXe^X8[d`e`jkiXkfi GF9fo*.#?fb`k`bX G_fe\1 '*.,-/'// =XZj`d`c\1 '*.,-/'// <dX`c1 X[d`e7e^Xk`nX\nX\%fi^%eq
4E 2~NANGA O +OUKOURARATA GF9fo*(/.#8idX^_Jki\\k :_i`jkZ_liZ_ G_fe\1 '**-,*)/( =XZj`d`c\1 '**-,+0)' <dX`c1 bflbfliXiXkX7e^`kX_l%`n`%eq
4E .GiI 4~iHURIRI 2~NANGA KlX_`n`DXiX\ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i )(0KlX_`n`IfX[ KlX_`n`#I;(#BX`Xgf`.-0( G_fe\1 '**(*,,+* =XZj`d`c\1 '**(*,,+) <dX`c1 klX_li`i`7okiX%Zf%eq
4E 2~NANGA O 7AIHAO 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo(+#NX`dXk\/.0( G_fe\1 '*-/0../' =XZj`d`c\1 '*-/0../' <dX`c1 nX`_Xf7okiX%Zf%eq
4E 2~NANGA O -AKAAWHIO F]ËZ\DXeX^\i GF9fo)),#?fb`k`bX G_fe\1 '*.,,.//, =XZj`d`c\1 '*.,,.//, <dX`c1 dXbXn_`f(7okiX%Zf%eq 4E 4AUMUTU 2~NANGA E^k`Dfb`DXiX\ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo(*)(+#:_i`jkZ_liZ_ G_fe\1 '**.()--' =XZj`d`c\1 '**-,+0)' <dX`c1 kXldlkl7e^`kX_l%`n`%eq
0+
7AIREWA 2~NANGA 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo)/+,#:_i`jkZ_liZ_ G_fe\1 '**..(,(* =XZj`d`c\1 '**-,+0)' <dX`c1 nX`i\nX7e^`kX_l%`n`%eq 4E 2~NANGA O -OERAKI L\elblDXiX\ 8[d`e`jkiXk`fe:f$fi[`eXkfi :eiK\eYpJki\\k ?Xm\]fi[Jki\\k Df\iXb`#I;)#GXcd\ijkfe0'-( G_fe\1 '*+*0+/(=XZj`d`c\1 '*+*0++'' <dX`c1 df\iXb`%ieXe^X7okiX%Zf%eq
4% 2e.!.'! / .'_) 4!(5
2~NANGA $IRECTORY
+iTI (UIRAPA 2~NAKA +I 0UKETERAKI ?l`iXgXDXiX\ IeXbX<o\Zlk`m\F]ËZ\i Z&$GfjkF]ËZ\#BXi`ke\0'-+ DZCXZ_cXeI[#Glb\k\iXb` G_fe\1 '*+-,.*'' =XZj`d`c\1 '*+-,.*(/ <dX`c1 glb\k\iXb`7okiX%Zf%eq 7AIHyPAI 2~NANGA Dli`_`blDXiX\ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo.'(.#Jflk_Z`kp @em\iZXi^`cc G_fe\1 '*)(-00(=XZj`d`c\1 '*)(-00(. <dX`c1 `e]f7nX`_fgX`%fi^%eq 4E 2~NANGA O dTiKOU |kbflDXiX\#KXdXk\XIfX[ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i |kbfl#I;)#;le\[`e G_fe\1 '*+./'*,) =XZj`d`c\1 '*+./'*,+ <dX`c1 X[d`e7fkXbflieXe^X%fi^%eq dRAKA !PARIMA 2~NAKA )NC KXblkX`fk\KkDXiX\ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i ((,GXcd\ijkfeJki\\k#I`m\ikfe0/)) G_fe\1 '*)*+/(0) <dX`c1 fiXbXXgXi`dX7okiX%Zf%eq (OKONUI 2~NANGA )NC FK\@bXIXdXDXiX\ 8[d`e`jkiXk`feF]ËZ\i GF9fo((+#>fi\ G_fe\1 '*)'/.0,+ =XZj`d`c\1 '*)'/.0-+ <dX`c1 _fbfel`7okiX%Zf%eq !WARUA 2~NANGA K\IXl8if_XDXiX\ 8[d`e`jkiXk`fe :fddle`ZXk`feF]ËZ\i GF9fo(0#9cl]] G_fe\1 '*)()/-,) =XZj`d`c\1 '*)()/-,* <dX`c1 XnXilX7okiX%Zf%eq
0,
.'_) 4!(5
$IRECTORY
4E 2~NANGA O .GiI 4AHU
!UDITOR
K\NX`gfleXdl?flj\ (,/?\i\]fi[Jki\\k GF9fo(*$'+-#:_i`jkZ_liZ_ K\c\g_fe\1 '**--+*++ =XZj`d`c\1 '**-,++)+ N\Yj`k\1 nnn%e^X`kX_l%`n`%eq <dX`c1 `e]f7e^X`kX_l%`n`%eq
$ELOITTE :_Xik\i\[8ZZflekXekj *)Fo]fi[K\iiXZ\ :_i`jkZ_liZ_
2EGISTERED OF½CE FOR .GiI 4AHU (OLDINGS #ORPORATION ,IMITED C\m\c,#K\NX`gfleXdl?flj\ (,/?\i\]fi[Jki\\k GF9fo(*$,.,#:_i`jkZ_liZ_ K\c\g_fe\1 '**.().,/ =XZj`d`c\1 '**.()-*)
%NROLMENT ON 4E 2~NANGA O .GiI 4AHU 7HAKAPAPA DATABASE @]pfli\hl`i\`e]fidXk`fefe#fiXe \eifcd\ek]fid]fik_\E^`KX_l N_XbXgXgX[XkXYXj\#gc\Xj\m`j`knnn% e^X`kX_l%`n`%eqfig_fe\'**--+*++ fi'/''BX`KX_l ,)+/)+/ Xe[Xjb]fi k_\N_XbXgXgXLe`k%
3OLICITORS "ELL 'ULLY "UDDLE 7EIR ?GKfn\i (.(=\Xk_\ijkfeJki\\k N\cc`e^kfe "UDDLE &INDLAY C\m\c(* :cXi\e[feKfn\ij ./NfiZ\jk\iJki\\k :_i`jkZ_liZ_ 3AUNDERS #O *i[=cffi )).:XdYi`[^\K\iiXZ\ :_i`jkZ_liZ_ 7YNN 7ILLIAMS #O C\m\c. ()0?\i\]fi[Jki\\k :_i`jkZ_liZ_
"ANKERS !.: .ATIONAL "ANK ,IMITED K_\JhlXi\ :ei:fcfdYfXe[?\i\]fi[Jki\\kj :_i`jkZ_liZ_ "ANK OF .EW :EALAND ()0?\i\]fi[Jki\\k :_i`jkZ_liZ_
0-
4% 2e.!.'! / .'_) 4!(5
2EPRESENTATIVE 0RO½LES
9fieXe[iX`j\[XjXÂGYfpà >XipYi`e^jX^iXjjiffkj g\ijg\Zk`m\kf_`jK\IeXe^X ^fm\ieXeZ\ifc\¾Xjki\e^k_ `ek\idjf]le[\ijkXe[`e^k_\ e\\[jf]k_\ki`YXcjkXb\_fc[\i%
-ARK 3OLOMON BX`n_XbX_X\i\ B8@B|LI8 DXibJfcfdfe`jf] E^`KX_lXe[E^k`Bli` [\jZ\ek#Xe[`jk_\\c\Zk\[ BX`n_XbX_X\i\f]K\IeXe^X fE^`KX_l#Xgfj`k`fe_\ _Xj_\c[j`eZ\(00/% DXib_Xji\gi\j\ek\[K\ IeXe^XfBX`bliXj`eZ\ (00,Xe[_XjZfeki`Ylk\[ kf_`jZfddle`kp`edXep ZXgXZ`k`\j#iXe^`e^]ifdifc\j XjXkiljk\\f]KXbX_Xe^X DXiX\#XjZ_ffcYfXi[kiljk\\ Xe[fek_\YfXi[f]k_\ Dlj\ldf]E\nQ\XcXe[K\ GXgXKfe^Xi\nX#Xgfj`k`fe_\ _\c[]ifd)''($)''.% DXibZlii\ekcp_fc[j [`i\Zkfij_`gjfeK\?gX` DXli`Ck[#K\GkXbXf KXe^XifXXe[K\GkXbXf IXlil%?\`jXcjfXJldd`k D\dY\if]k_\?`ccXip@ejk`klk\ Xe[Xd\dY\if]K\BnX` KXldXkX% DXibY\c`\m\jXkil\iXe^Xk`iX `jXj\imXekf]k_\g\fgc\ Xe[i\Ì\Zkjk_`j`e_`jifc\`e _\cg`e^\jkXYc`j_k_\@n`:_X`ij =fildXe[_`jXdY`k`fef] bfkX_`kXe^X]fiDfi`%
$ONALD #OUCH;\glkp BX`n_XbX_X\i\ IwG8B@ ;feXc[nXjËijk\c\Zk\[Xj k_\IgXb`i\gi\j\ekXk`m\kf K\IeXe^XfE^`KX_l`e (00/%?\^i\nlg`eIgXb`% 8]k\iXkk\e[`e^jZ_ffc`e Cpkk\ckfeXe[:_i`jkZ_liZ_# ;feXc[^iX[lXk\[n`k_ 98Xe[D8[\^i\\j]ifd :Xek\iYlipLe`m\ij`kp:fcc\^\# Le`m\ij`kpf]E\nQ\XcXe[%8e \ok\e[\[F<`e:XeX[X]fi*' p\Xij#dfjkcp`egfcpk\Z_e`Z dXeX^\d\ek#\m\eklXccpc\[ kf_`ji\klieXe[g\idXe\ek i\j`[\eZ\X^X`e`eIgXb`%
'ARY 7AAKA 8IFN?<EL8 ?\li`ek\n_eXlkXe^Xf KXiXn_XkXXBlbln_\ifXe%
Gi`fikf_`j\c\Zk`fe;feXc[_X[ XZk`m\cpgXik`Z`gXk\[`eIgXb` i\jfliZ\dXeX^\d\ek`jjl\j ¾Xe[jk`cc[f\j%N`k_Xc`]\cfe^ `ek\i\jk`ebX`dfXeXXe[ ZljkfdXipËj_`e^;feXc[`j KXe^XkXK`Xb`]fiN_XbXiXlg% ?\`jXIgXb`Kiljk\\Xe[X Kiljk\\f]k_\DI/., IgXb` J\Zk`fe(: KXlbX_XiX Kiljk% =fij`op\Xij_\_XjY\\eX kiljk\\f]k_\E^`KX_l 8eZ`ccXip:cX`djKiljk%
@e_`jifc\XjK\IeXe^X i\gi\j\ekXk`m\>Xip`j ËidcpZfdd`kk\[kfmXcl\j YXj\[[\Z`j`fe$dXb`e^% ?\`jdfk`mXk\[YpX[\j`i\ kfgifm`[\fggfikle`k`\j k_Xk\dgfn\ibGXgXk`gl IeXbX#XZbefnc\[^`e^k_\`i iXbXk`iXkXbXkXXjfe\f]k_\ (/BXnXeXkXd\dY\ij#Xe[ \ejli`e^_`j_XgXe[g\fgc\ f]Bk`?l`iXgXf8ifn_\elX Y\e\Ëk#XjXd\dY\if] K\IeXe^XfE^`KX_l%
8ggf`ekd\ekXjk_\ E^`KX_li\gi\j\ekXk`m\ kfk_\C`eZfceLe`m\ij`kp :fleZ`c`e)''+c\[kf_`j \c\Zk`feXjGif$:_XeZ\ccfi f]C`eZfceLe`m\ij`kp% ;feXc[nXj\c\Zk\[;\glkp BX`n_XbX_X\i\`eAlcp)''+ Xe[\eafpjYXcXeZ`e^_`jk`d\ Xe[dX_`Y\kn\\en_eXl# _XgXe[`n`i\jgfej`Y`c`k`\j%
BfkblglXXK\?`iX?Xifc[ K\DXXbXNXXbX#Bfkbl klXBX`kfdli`Klbl_fif_fif ?fifdfeX8eX_X#Bffbl dklXX?\eXi\>XipNXXbX ilXbfE^Xi\kXNXXbX%
?\Y\c`\m\jXb\pgi`fi`kp dljkY\kXb`e^i\jgfej`Y`c`kp ]fik_\gifk\Zk`fef]k_\ g_pj`ZXc\em`ifed\ek#n`k_ k_\jXd\c\m\cf]Zfdd`kd\ek XjnXjj_fneYpflikgleXXj bX`k`Xb`kXbXkX#n_fjkifm\kf gifk\ZkflidXeXn_\elXXe[ dXeXdfXeX% B`XbX_X\k\n_eXln_el`%
@k\kXl(/+/#k\Xi`b`f?l`iXgX XK\I\_\d\keX_fXnX_`e\ Gfk`#fIXglnX``n`#`ef_fb` NX`k\ilXk`G% BfkilXkXdXklXkX_`Bf KXiXn_XkX%Bf`Xk\klXbXeXf bn_eXldX_Xf?l`iXgX%
Â=fik_\g\fgc\#Ypk_\ g\fgc\ÃÃ#`jn_Xk^l`[\j_`d`e Xcc[\Z`j`fej_\dXb\jXjk_\`i i\gi\j\ekXk`m\%>XipËidcp Y\c`\m\jk_XkGXgXk`glIeXbX Xi\k_\m\_`Zc\jk_Xkn`cc[i`m\ Z_Xe^\Xk^iXjjiffkjc\m\c Xe[lck`dXk\cpgifm`[\k_\ ^i\Xk\jkY\e\Ëk]fiXccE^` KX_ln_el`%
-ARIA 0ERA 8N8IL8 E^d`_`dX_XeXb`Xbflkfl e^@n`fk\dfkl DXi`X_Xji\gi\j\ek\[ 8nXilXIeXe^Xj`eZ\(000% Fm\ik_fj\e`e\p\Xijj_\ _XjgXik`Z`gXk\[`ejfd\ dfeld\ekXc[\Z`j`fej i\^Xi[`e^k_\]lkli\[`i\Zk`fe f]E^`KX_l%=fiDXi`X# i\^`feXc[\m\cfgd\ek`jk_\ b\pkfXjkife^Zfcc\Zk`m\ XjieXe^X_Xm\k_\ i\jgfej`Y`c`kp]fi[\c`m\i`e^ kf^iXjjiffkjki`YXcd\dY\ij n`k_c`d`k\[i\jfliZ\j% K_\i\_Xm\Y\\ekliYlc\ek k`d\j]fiK\IeXe^XfE^` KX_lfm\ik_\cXjk]\np\Xij# _fn\m\iDXi`XY\c`\m\jk_fj\ k`d\jXi\Xk\jkf]\e[liXeZ\ Xe[Zfdd`kd\ekkfk_\ bXlgXgXXe[n_XbXkXlb ¾Dkkfl##dbli` 0.
4% 2e.!.'! / .'_) 4!(5
2EPRESENTATIVE 0RO½LES
dli`Xb\e\`%8jXdfk_\i# Xe[klXj_\`jZfejkXekcp [i`m\ekf_\cgYl`c[Xjfc`[ Xe[`eefmXk`m\ki`Y\k_Xkn`cc XccfnflidfbfgleXkfY\XYc\ kfgXik`Z`gXk\\]]\Zk`m\cpfeX ^cfYXcgcXk]fid% DXi`Xnflc[c`b\kf^`m\ Xjg\Z`Xck_XebjkfXcck_\ gXik`Z`gXekj]ifdk_\9cl]] Nfib`e^>iflg#E^`KX_l J\X]ff[Xe[E^`KX_l ?fc[`e^j:figfiXk`fe Ck[]fik_\`ijk\ic`e^nfib `e[\m\cfg`e^X]X`iXe[ i\XjfeXYc\XccfZXk`fedf[\c k_Xkcffbjkfj\Zli`e^E^` KX_lËj_\ij`ekfk_\]lkli\ `ec`e\n`k_DXeXn_\elX# DXeXdfXeX% Ef_ffiXdX`b`Xbflkfl B`XkXlk\iXe^`dXi`\%
j`eZ\AXelXip(000%K\iip Xcjfj\im\jfek_\8l[`kXe[ I`jbBd`k`Xe[k_\:figfiXk\ >fm\ieXeZ\Bd`k`%K_\j\ bd`k`Xi\Xe`ek\^iXcgXik f]ki`YXc[\m\cfgd\ek`e Xi\Xjf]i`jbdXeX^\d\ek# gfc`ZpZ_Xe^\Xe[ËeXeZ`Xc Xl[`k`e^gifZ\[li\j% ?`j]fZlj`jkf\ejli\k_Xkk_\ ?fbfel`IeXe^XZXej\im\ `kjd\dY\ijXe[k_\n`[\i n_eXlXe[Zfddle`kp%?\ Y\c`\m\jk_Xkk_\ieXe^XZXe gifk\ZkXe[\e_XeZ\jg`i`klXc# ZlckliXc#fi^Xe`jXk`feXc# \[lZXk`feXcXe[\Zfefd`Z Xjg`iXk`fejf]?fbfel` `eXj\kk`e^f]\oZ\cc\eZ\# Xe[k_Xk_\ZXegil[\ekcp i\gi\j\ekE^`KX_ln_el` YphlXc`kp[\Z`j`fe$dXb`e^ XjXK\IeXe^XfE^`KX_l i\gi\j\ekXk`m\% K\iip`jdXii`\[n`k_knf k\\eX^\Z_`c[i\e%
4ERRY .ICHOLAS ?FBFEL@ K\iip_XjY\\eXZk`m\cp`emfcm\[ `eZfddle`kpnfibj`eZ\ (0/0%?\_Xjj\im\[femXi`flj Zfdd`kk\\j`ek_\Zfddle`kp# Xe[Zfek`el\jkfgifm`[\ j`d`cXi[lk`\jXjXe\o\Zlk`m\ d\dY\if]k_\IeXe^X% K\iip`jZlii\ekcpnfib`e^]fi k_\?fbfel`IeXe^X?\Xck_ JfZ`XcJ\im`Z\jKiljkXk mXi`fljc\m\cj% ?\`jk_\ki\Xjli\if]k_\ ?fbfel`IeXe^X@eZXe[_Xj Y\\ek_\?fbfel`K\IeXe^X fE^`KX_li\gi\j\ekXk`m\
0/
#HARLES #ROFTS BFLBFLI8I8K8 :_Xic\jnXjYfie`e;\Z\dY\i (0+*XkKlX_`n`%@e(0-) _\dXii`\[D\i`K\8if_X e \N\i\kX Xe[k_\p_Xm\ X[Xl^_k\in_fc`m\j`ek_\ Le`k\[JkXk\jXe[Xjfen_f c`m\j`eEXg`\iXe[ knf^iXe[[Xl^_k\ij% ?\_XjY\\e`emfcm\[n`k_ BflbfliXiXkXIeXe^X j`eZ\(0/)%
:_Xic\jj\im\[fek_\ :Xek\iYlip8fiXb`:fej\imXk`fe 9fXi[Xe[`jZlii\ekcpE^` KX_l:fddle`ZXk`fej Ck[BX`n_XbX_X\i\#fek_\ E\nQ\XcXe[:fej\imXk`fe 8lk_fi`kpXe[:_X`if] BflbfliXiXkX;\m\cfgd\ek :fdgXep%
4IM 2OCHFORD D8B88N?@F Bf8fiXb`k\dXlbX# BfDXbXXn_`fk\XnX# BfLilXfk\nXbX# BfB`KX_l&Bk`Ddf\k\`n`# Bk`DX_Xb`k\_Xg
Z_`c[i\eXe[]lkli\^\e\iXk`fej _fc[k_\`iB`KX_lkXbXXkk_\ _\Xikf]k_\`i`[\ek`kp%
$AVID (IGGINS DF<I8B@ ;Xm`[nXjYfie`eIfkfilX `e(0,(%?`jki`YXcX]Ëc`Xk`fej ]ifd_`j]Xk_\iXi\E^k` DXeXnX#K\8iXnX#E^k` Kn_Xi\kfX#KX`el`Xe[K_f\% ?\^i\nlgXifle[k_\gXe[ ]fccfn\[_`j^iXe[]Xk_\iXe[ ^i\Xk$^iXe[]Xk_\ikfY\Zfd\ XZfdd\iZ`XcËj_\idXe¾X ZXi\\i_\Zfek`el\[]fifm\i )'p\Xij%
K`d_XjY\\ek_\DXbXXn_`f i\gi\j\ekXk`m\feK\IeXe^X fE^`KX_lj`eZ\AXelXip (00/%?\`jXc\Zkli\i`eDfi` _\Xck_Xkk_\N\cc`e^kfe D\[`ZXcJZ_ffcZXdgljf]k_\ Le`m\ij`kpf]FkX^f%
;Xm`[i\klie\[kfki`YXcgfc`k`Zj ]fccfn`e^(*p\XijXjk_\ 8ifn_\elXYfXi[d\dY\i fek_\E^`KX_lDfi`Kiljk 9fXi[[li`e^n_`Z_k`d\_\ Y\ZXd\Xd\dY\if]k_\ :cX`dÃjk\Xd%
K`dY\c`\m\jk_Xkk_\K\ IeXe^XjkilZkli\f]]\ij E^`KX_lk_\fggfikle`kpkf [\m\cfgXdf[\ie`n`jkilZkli\ k_Xkgi\j\im\jflik`bXbXXe[ iXbXk`iXkXbXn_`c\Zi\Xk`e^e\n Xe[\oZ`k`e^fggfikle`k`\j]fi flig\fgc\kf^ifn%
?\nXj^`m\ek_\i\jgfej`Y`c`kp ]fi^Xk_\i`e^Xe[gi\j\ek`e^ dlZ_f]k_\Ëj_\i`\j\m`[\eZ\ Y\]fi\k_\NX`kXe^`Ki`YleXc Xe[nXjk_\Xck\ieXk\ki`YXc Ëj_\i`\je\^fk`Xkfi%
K`dÃjb\p^fXc]fik_\Zfd`e^ p\Xi`jkf\dY\[X[\dfZiXk`Z gifZ\jjk_Xk^`m\jGXgXk`gl IeXe^XXe[B`KX_ln_el` Xj\ej\f]fne\ij_`gXe[gi`[\ `ek_\`n`jkilZkli\%K\IeXe^X dljkXcjfZfek`el\kfdXkZ_ \Zfefd`Zgif^i\jjn`k_jfZ`Xc Xe[ZlckliXc^ifnk_jfk_Xkfli
;Xm`[dfm\[kf:_i`jkZ_liZ_ `e(00'kfdXeX^\k_\ Ì\[^c`e^E^`KX_l=`j_\i`\j :fdgXepXj<o\Zlk`m\ :_X`idXe%?\i\dX`e\[Xj <o\Zlk`m\:_X`idXe]fifm\i ('p\XijYpn_`Z_k`d\k_\ ZfdgXep_X[[\m\cfg\[`ekf Xe\oki\d\cpjlZZ\jj]lcXe[ n\cci\jg\Zk\[Ylj`e\jj%
4% 2e.!.'! / .'_) 4!(5
2EPRESENTATIVE 0RO½LES
J`eZ\c\Xm`e^k_\Ëj_`e^ ZfdgXep#;Xm`[_XjY\\e k_\:Xek\iYlip:fej\imXeZpÃj GflBliXKX`Xf]fiK\GXgX 8kXn_X` :fej\imXk`fe ;\gXikd\ek ]fik_\gXjk j`op\Xij%
k_\^fm\ieXeZ\k\Xdk_Xk`j [\c`m\i`e^\Zfefd`ZXe[jfZ`Xc Xjg`iXk`fej]fiE^`KX_l n_el`Xe[`j\oZ`k\[XYflk k_\]lkli\gifgfjXcjk_XkXi\ Y\`e^gcXee\[]fik_\[\c`m\ip f]dfi\[`i\ZkY\e\Ëkj%
;Xm`[Xe[_`jgXike\iBXi\e _Xm\]fliX[lckZ_`c[i\e Y\kn\\ek_\dXe[fe\ \oki\d\cpgi\Z`fljdfbfgleX%
>\fi^\`jXm\ipgifl[]Xk_\i f]j\m\eX[lckZ_`c[i\e# ((^iXe[Z_`c[i\eXe[]fli ^i\Xk$^iXe[Z_`c[i\e%
;Xm`[_XjY\\ek_\Lgfbf IeXbXf]Df\iXb`j`eZ\k_\ [\Xk_f]_`jglX#;Xm`[ C\feXi[%?\Y\c`\m\jk_Xk_`j ifc\XjLgfbf`jXjXj\imXek ]fiXccf]flin_eXln_f n_XbXgXgXkfDf\iXb`% ?\`jXkiljk\\f]_`jdXiX\# lilgXe[BfkX_`kXe^X :_liZ_n_\i\k_\]Xdflj n`e[fn[\g`Zk`e^K`iXdi\_l `j_flj\[% GXjj`e^fekffk_\ijk_\ dkXliXbXk_Xk_\_Xj ^Xk_\i\[]ifd_`j\c[\ijfm\i e\Xicp,'p\Xij`j;Xm`[Ãj d`jj`fe`ec`]\%
'EORGE 4IKAO |ELBL >\fi^\_XjY\\ek_\ i\gi\j\ekXk`m\]fi|elbl IeXe^Xj`eZ\`kj`eZ\gk`fe% ?\_XjY\\ei\k`i\[]ifd8`i E\nQ\XcXe[]fiXeldY\i f]p\XijXe[_Xj[\[`ZXk\[ _`ji\k`i\d\ekp\Xijkf K\IeXe^XfE^`KX_l% >\fi^\\eafpjY\`e^gXikf]
3TEWART "ULL |I8B8$8G8I@D8 Jk\nXik_Xji\gi\j\ek\[ |iXbX$8gXi`dXfeK\ IeXe^XfE^`KX_lj`eZ\ `kj`eZ\gk`fe%Gi`fikf j\kkc\d\ek_\jg\ekk`d\ n`k_k_\e\^fk`Xk`e^k\Xdj X[m`j`e^fedX_`e^XbX`% Jk\nXik`jZfdd`kk\[kf \ejli`e^k_XkZfejlckXk`feXe[ ZfccXYfiXk`fen`k_n_eXl `jXgi`fi`kpf]K\IeXe^X% @ek\infm\en`k_k_`j`jX[lkp kf\ejli\k_Xkk_\Zfcc\Zk`m\ `ek\i\jkjf]E^`KX_l`n` i\Z\`m\dXo`dldY\e\Ëk]ifd k_\i\kliejgif[lZ\[Yp K\IeXe^X% ?\Y\c`\m\jk_XkK\IeXe^X dljkfg\iXk\`eXe\]ËZ`\ek dXee\ikfgifk\Zkk_\i`^_kj Xe[gi`m`c\^\jf]E^`K_l n_el`#Y\k_Xk]ifdX ËeXeZ`Xc#gfc`k`ZXc#\[lZXk`feXc# _\Xck_fieXkliXci\jfliZ\j g\ijg\Zk`m\%
Jk\nXikj`kjfeXeldY\i f]Zfdd`kk\\jXe[YfXi[j `eZcl[`e^1BX`k`Xb`Ig& ;F:c`X`jfeZfdd`kk\\%K\ 8fDXiXdXDXeX^\d\ek >iflg&I\jfliZ\DXeX^\d\ek# KXe^XkXK`Xb`BX`k`Xb`#& :ljkfdXip=`j_#GlX,8 =`j_\i`\jGcXe8[m`jfip>iflg# Jflk_cXe[Dlj\ldXe[8ik >Xcc\ipC`X`jfe:fdd`kk\\# I`m\ikfe?XiYfli9fXi[# K\8gXiXe^`#?XqXi[flj JlYjkXeZ\jXe[E\nFi^Xe`jd :fdd`kk\\#IXb`liXKk @jcXe[8[d`e`jkiXk`m\9f[p# IXb`liXKk@jcXe[:fdd`kk\\# =`fi[cXe[DXi`e\>lXi[`Xej%
(INE &ORSYTH |KwBFL ?`e\nXjYfie`ek_\ c`^_k_flj\XkGlb\bliX KX`XifX?\X[j #n_`Z_j`kj Xkk_\\ekiXeZ\kfk_\FkX^f ?XiYfli#kfXE^`KX_l]Xk_\i Xe[Efin\^`Xedfk_\i% 8jXeXZk`m\d\dY\if] ;le\[`eÃjDklXN_e^`# ?`e\_XjXcXi^\\ok\e[\[ n_eXln`k_dXepdfbfgleX kfb\\g_\ipfle^% J_\`jj\c]$\dgcfp\[Xe[_Xj [\c`m\i\[XKi\Xkpf]NX`kXe^` :fdgc`XeZ\J\im`Z\`e;le\[`e ]fik_\gXjkj`op\Xij% ?`e\\eafpjgX`ek`e^Xe[_Xj k_\Y\^`ee`e^jf]XeXik^Xcc\ip eXd\[X]k\i_\iklX¾<mX EfYc\>Xcc\ip%
J`eZ\_\i\Xicp[XpjXjX d`elk\$kXb\ilek`ckf[Xp ?`e\_XjY\\eXeXZk`m\ d\dY\if]|kbflIeXbX <o\Zlk`m\Bd`k`% =ifdilee`e^_\ifnekfli`jd Ylj`e\jj`e8ljkiXc`Xkf Z_X`i`e^8bfeXK\IXe^XkX_` ]fie\Xicp)'p\Xij#?`e\_Xj jXkfeXmXi`\kpf]bd`k`Xe[ \eafpjk_\ifc\f]^fm\ieXeZ\% K_\Z_Xcc\e^\j]XZ`e^E^` KX_l`ek_`j\Xicpgfjk$ j\kkc\d\ek\iX_Xm\Y\\eYfk_ mXi`\[Xe[Zfdgc\o% K_\i\_XjefkXcnXpjY\\e le`kp#k_\i\_XjefkXcnXpj Y\\ei\jfclk`feYpXcc[\c\^Xk\j Xkk_\kXYc\Ylkk_\i\_Xj XcnXpjY\\egXjj`feXe[k_\i\ _XjXcnXpjY\\eZfdd`kd\ek% J_\cffbj]finXi[kfk_\ gifgfj\[^fm\ieXeZ\i\m`\n Z_Xe^\jk_Xkn`ccZ_Xee\c k_\gXjj`feXe[Zfdd`kd\ek `ek_\[\j`i\[[`i\Zk`fe kfnXi[jk_\X^i\\[^fXc ]fik_\Y\kk\id\ekf]E^` KX_ln_el`%
-ATAPURA %LLISON GLB<K<I8B@ DXkXgliXnXjYfie`e(0,, Xkk_\GXcd\ijkfe:fkkX^\ ?fjg`kXc`e<XjkFkX^f%8jfef] IXe^`Xe[AfXe<cc`jfe#_\nXj iX`j\[fek_\]Xd`cp]XidXk BXi`ke\n_\i\_\jk`cci\j`[\j% ?`jdfk_\i]fjk\i\[_`j `ek\i\jk`e_`jB`KX_l#
00
4% 2e.!.'! / .'_) 4!(5
2EPRESENTATIVE 0RO½LES
KXiXeXb`Xe[Gb\__\i`kX^\ ]ifdXe\XicpX^\%?\nXj(/ n_\e`e(0.*_\Ëijkaf`e\[ k_\?l`iXgXDfi`:fdd`kk\\ X]k\iY\`e^\eZfliX^\[Yp cfZXcbXldklX%=ifdk_Xk k`d\lek`ck_\Zlii\ek[Xp _\_XjdX`ekX`e\[XeXZk`m\ `emfcm\d\ek`ek_\X]]X`ijf] Glb\k\iXb`dXiX\% DXkXgliXnXjgXikf]k_\ >fm\ieXeZ\I\m`\ngifa\Zk k\XdZ_Xi^\[n`k_gif^i\jj`e^ k_\K\IeXe^X^fm\ieXeZ\ i\m`\ngifZ\jj%?\`jXjkXleZ_ X[mfZXk\]fij\\b`e^kfglk `egcXZ\d\Z_Xe`jdjk_Xk le[\ig`e^ff[^fm\ieXeZ\% ?\Y\c`\m\jk_Xkk_\^i\Xk\i ZXgXZ`kpn`k_`ek_\F]ËZ\f] K\IeXe^X[\m\cfg\[Yp k_\Zlii\ek:<Fn`cc^i\Xkcp X`[i\gi\j\ekXk`m\XY`c`kpkf XZ_`\m\ifYljkXjj\jjd\ek# dfe`kfi`e^Xe[i\m`\n% J\\b`e^i\^`feXc\hl`kp`ek_\ Xggc`ZXk`fef]fliXmX`cXYc\ i\jfliZ\jn`ccY\Xefe^f`e^ k\ej`fekfnfibfe% DXkXgliXjkife^cpY\c`\m\j`e k_\GXgXk`glIeXbXX_`bXX fi^Xe`jXk`fejXe[dXiX\Y\`e^ jljkX`e\[XjZ\ekiXcg`mfkj`e fliB`KX_lZfddle`k`\jXe[ k_XkXggifgi`Xk\i\jfliZ\j e\\[kfY\dX[\XmX`cXYc\Yp K\IeXe^X`ejlggfikf] k_\`ifYa\Zk`m\j%
(''
d\dY\iC`eZfceLe`m\ij`kp Af`ekDXeX^\d\ek>iflg% JXe[p`jk_\Zlii\ek:_X`if] K\KXldlklIeXe^X%J_\`j dXii`\[kfI`Z_Xi[Xe[k_\p _Xm\j`oX[lckZ_`c[i\e Y\kn\\ek_\d%
3ANDY ,OCKHART K<K8LDLKL Bf8fiXb`k\dXlbXk\`k\`# BfKXb`k`dlk\nXbX BfFiXbX`Xk\XnX# BfB`KX_lbfBX_le^le^l bX`n`% BfK\$B\k\$BX`$@bX$X$ IbX`_Xlkk\dfXeX% BfNX`n_XbX_\b\klgXgXbl k\gleX% BfK\GfDfb`k\dXiX\% BfKXldlklk\b`bX$kklil% BfE^k`Dfb`k\_Xg% Ek\n_eXlfDXij_X_Xl% BfJXe[pCfZb_XikkXbl`bfX% JXe[pnXj\c\Zk\[Xj K\IeXe^XfE^`KX_l I\gi\j\ekXk`m\]fiK\KXldlkl `eJ\gk\dY\i)''.% J_\Y\c`\m\j_\iifc\fe K\IeXe^X`jkf\ejli\]lcc Xe[[\dfZiXk`ZgXik`Z`gXk`fe ]fik_\`n``ek_\[\Z`j`fe$ dXb`e^gifZ\jj% K_ifl^_flk_\iZXi\\iJXe[p _Xj_\c[XeldY\if]gfj`k`fej `ejfZ`Xcj\im`Z\j#`e`k`Xccp `ed\ekXc_\Xck_Xe[dfi\ i\Z\ekcp`e^\e\iXc_\Xck_% K_\j\gfj`k`fej`eZcl[\1 Dfi`:_`c[?\Xck_8[m`jfi# :;?9#YfXi[d\dY\if]k_\ DXeXn_\elXb`NX`kX_XDfi` ?\Xck_9fXi[#YfXi[d\dY\i f]k_\:fdZXi\:_Xi`kXYc\ Kiljk#i\^`feXcZfdd`kk\\ d\dY\if]k_\AIDZB\eq`\ Kiljk#[`i\ZkfiN`e[\id\i\ :fejlckXeZp#Zfdd`kk\\
#LAIRE 7ILLIAMS E>w@K}w?L@I@I@ :cXi\Y\ZXd\k_\`ek\i`d K\IeXe^XfE^`KX_l I\gi\j\ekXk`m\]fiE^` K_li`i``e)''.X]k\i]fli p\XijXjk_\8ck\ieXk\% :cX`i\Y\c`\m\j_\ii\jgfej`Y`c`kp# XjXK\IeXe^Xi\gi\j\ekXk`m\ `jkfgifk\Zkk_\i`^_kjXe[ Xjg`iXk`fejf]_\i_XgXe[k_\ n`[\iE^`KX_ln_el`%?\i m`j`fe]fiK\E^`K_li`i``j kfj\\k_\Yl`c[`e^f]Xe\n dXiX\Xcfe^n`k_\Zfefd`Z [\m\cfgd\ekk_Xkn`cc\e_XeZ\ k_\c`m\jf]_\ig\fgc\% J_\_XjXgXjj`fe]fik_\ \em`ifed\ekXe[_\c[ k_\gfj`k`fef]:_X`if]K\ E^`K_li`i`I\jfliZ\ DXeX^\d\ekBd`k`]fi j\m\ep\Xij%Fk_\igfj`k`fej `eZcl[\1:_X`i#K\E^` K_li`i`IeXe^X#D\dY\i f]K\8giXe^`Bd`k`#?flj\ f]KX_lBd`k`#K\NX`_fiX DXeX^\d\ek9fXi[Xe[ Kiljk\\fe:\ekiXcGcX`ejNXk\i <e_XeZ\d\ekJZ_\d\% 9fie`e=X`ic`\#:cXi\dfm\[ kfNX`blbl9\XZ_`eEfik_
:Xek\iYlipfm\i+'p\XijX^f n_\i\j_\jk`ccc`m\jkf[Xp% J_\`jdXii`\[kf=iXebXe[ `jXdfk_\if]]fliX[lck Z_`c[i\eXe[^iXe[dfk_\ikf j\m\edfbfgleX%
,ISA 4UMAHAI E>wK@N8<N8< C`jX_XjY\\eXd\dY\if] K\IeXe^XfE^k`NX\nX\ j`eZ\(00+%J_\nXj\c\Zk\[ kfk_\Bk`NX\nX\:_Xi`kXYc\ Kiljk`e(000Xe[k_\E^k` NX\nX\i\gi\j\ekXk`m\]fiK\ IeXe^XfE^`KX_l`e)''(% J_\`jgifl[kfi\gi\j\ekk_\ g\fgc\f]Kl_lil%?\iieXe^X dX_``j[i`m\eYp_\iXif_X ]fi8iX_liX#_\in_eXlXe[ k_\_Xgf]Kl_lil%?\idX`e ]fZlj`j\Zfefd`ZXe[i\^`feXc [\m\cfgd\ek]fiE^`KX_l n_el`% C`jX`jX:fekiXZkDXeX^\i ]fi:Xek\iYlip;`jki`Zk ?\Xck_9fXi[%J_\`jjkl[p`e^ kfnXi[jX9XZ_\cfif] :fdd\iZ\[\^i\\dXafi`e^ `eDXeX^\d\ek%J_\_XjjXk feXeldY\if]Zfddle`kp YfXi[jfm\ik_\gXjk('p\Xij Xe[Zfek`el\jkfjlggfikdXep Zfddle`kpfi^Xe`jXk`fej% C`jX`jX[`i\Zk[\jZ\e[Xekf] K\I`Xb`Xe[K\fk`KXln_Xi\ f]8iX_liX#[Xl^_k\if]>Xp Xe[KX_XeXKXln_Xi\Xe[`j dXii`\[n`k_knfZ_`c[i\e%
4% 2e.!.'! / .'_) 4!(5
2EPRESENTATIVE 0RO½LES
KX_l_\nXekjkfdX`ekX`e _`^_jkXe[Xi[jf]^fm\ieXeZ\ Xe[XZZflekXY`c`kpkfk_\`n` Xe[_`ji–eXe^X%
'ERRY 4E +APA #OATES N8@?8F >\iip[\jZ\e[j]ifdK\BXgX Xe[?`e\_Xlfe\k_ifl^_ k_\Cfg\i]Xd`cp%?\_Xj Y\\e8ck\ieXk\]fiNX`_Xf j`eZ\)''*#Xe[jlZZ\\[\[ k_\cXk\B\ccp;Xm`jXj i\gi\j\ekXk`m\`eDXiZ_)''.% ?\nXjYfie`eFXdXil#Xe[ efnc`m\j`eN\cc`e^kfe% ?\`jXZfejlck`e^gif]\jj`feXc \e^`e\\iXe[Zlii\ekcp DXeX^`e^;`i\Zkfif] N`j\8eXcpj`jCk[#_`jfne ZfejlckXeZpËid%8gXik]ifd \e^`e\\i`e^`ek_\Ë\c[jf] jljkX`eXY`c`kpXe[i\e\nXYc\ \e\i^p#_\_Xj^fm\ieXeZ\ Xggf`ekd\ekj#Xe[nfibj`e ]\Xj`Y`c`kp#gfc`ZpXe[jkiXk\^`Z gcXee`e^#\k_`ZXcXe[]fi\ej`Z nfib#Xe[ni`k\jn`[\cp% ?\Z_X`ijk_\YfXi[f]k_\ E\nQ\XcXe[N`e[<e\i^p 8jjfZ`Xk`fe#`jfek_\YfXi[ f]k_\E\nQ\XcXe[:\eki\]fi 8[mXeZ\[<e^`e\\i`e^#Xe[ `jX]fid\id\dY\i )''*$ )''. f]k_\YfXi[f]CXe[ KiXejgfikE\nQ\XcXe[% @e(00._\XZk\[XjX ZfejlckXekfek_\E^ `KX_l ZcX`dj\kkc\d\ek#gi\gXi`e^ ZfejlckXk`feXe[d\[`X dXk\i`Xc%?\Xcjf`e`k`Xk\[k_\ `ekif[lZk`fef]XmXcl\j$YXj\[ Zf[\f]Zfe[lZk]fik_\`n` ]fccfn`e^k_\j\kkc\d\ek%8jX d\dY\if]K\I–eXe^XfE^ `
8Zk`m\`ek_\X]]X`ijf]k_\ @ejk`klk`fef]Gif]\jj`feXc <e^`e\\ijE\nQ\XcXe[]fi dXepp\Xij#_\nXjGi\j`[\ek `e)''*$)''+#Xe[c\[XKXjb :fdd`kk\\k_Xki\gfik\[ fejljkX`eXY`c`kp%?\Xcjf ]fle[\[k_\`e[\g\e[\ek ^iflg<e^`e\\ij]fiJfZ`Xc I\jgfej`Y`c`kp`e(0/*#n_`Z_ `jjk`ccXZk`m\%
8[d`e`jkiXk`e^9f[pXe[X d\dY\if]k_\IXb`liXKÂŒkÂŒ @jcXe[B‘d`k`%<XZ_p\Xi_\Xe[ _`jn`]\N`ejfd\#m`j`kk_\KÂŒkÂŒ @jcXe[j%Gi`fikfY\`e^`emfcm\[ `eki`YXcgfc`k`Zj#D`Z_X\c_X[ Y\\eXjlZZ\jj]lciXZ\_fij\ kiX`e\iXe[#`egXike\ij_`gn`k_ N`ejfd\#nXj`eYlj`e\jj n_fc\jXc`e^Xe[i\kX`c`e^]i\j_ Ă‹j_Xe[fpjk\ij% @e(0/.D`Z_X\c^X`e\[_`j gi`mXk\g`cfkĂƒjc`Z\eZ\%
]fccfn\[Ypk_i\\p\Xij XkC`eZfceLe`m\ij`kp%?\ ^iX[lXk\[`e)'''n`k_X 9XZ_\cfif]:fdd\iZ\[\^i\\# dXafi`e^`eGifg\ikpJkl[`\j Ylk_Xji\klie\[kfiX[`f Xe[dXeX^\jĂ‚=cXmXĂƒ#X?`g$ ?fg IĂƒeĂƒ9jkXk`fe]fi IX[`fE\knfib%
>\iipnXjdX[\Xd\dY\i f]k_\E\nQ\XcXe[Fi[\i f]D\i`k]fij\im`Z\jkf \e^`e\\i`e^`e)''.%
-ICHAEL 3KERRETT *0 N8@?|G8@ D`Z_X\cnXj\c\Zk\[Xjk_\ NX`_‘gX`K\I–eXe^Xf E^ `KX_li\gi\j\ekXk`m\`e (000#Xe[_X[gi\m`fljcpY\\e k_\Xck\ieXk\% D`Z_X\c`jZlii\ekcp\dgcfp\[ Xjk_\BXlgXgXKX`XfDXeX^\i ]fiK\8fD iXdX@eZ%# nfib`e^`ek_\Xi\Xf]i\jfliZ\ dXeX^\d\ek%?\`jk_\ Z_X`idXef]k_\BX`k`Xb`I‘g– fDli`_`bl#BX`n_XbX_X\i\ fK\I–eXbXfNX`_‘gX`#X d\dY\if]k_\Jflk_\ie @ejk`klk\f]K\Z_efcf^p :fleZ`c#Xd\dY\if] k_\IXb`liXKŒkŒ@jcXe[
*AMES + $ANIELS N8@I<N8 AXd\j`jX,*p\Xi$fc[]Xk_\i f]k_i\\#Xe[bfifkfknfXe[ dXklXn_Xe^X`kfk_i\\%?\ `jk_\k_`i[^\e\iXk`fe`e_`j ]Xd`cpkfY\`emfcm\[`eE^ ` KX_l^fm\ieXeZ\#n`k_Yfk_ _`j]Xk_\iXe[^iXe[]Xk_\i j`kk`e^fek_\E^ `KX_lD fi` Kiljk9fXi[%?\_XjY\\e `emfcm\[n`k_K\I–eXe^Xf E^ `KX_l_l`j`eZ\\Xicp(00.% 8_XbfXbfNX`i\nXk\d\X el`%AXd\j`jZfdd`kk\[kf k_\Zfejk`klk`feXc#ZlckliXc Xe[Zfdd\iZ`XcXjg\Zkjf] K\I–eXe^XfE^ `KX_l%?\ `j\X^\ikfX[mXeZ\n_ eXl# _Xg–Xe[`n`Xjg`iXk`fej k_ifl^_\]]\Zk`m\Xe[\]Ă‹Z`\ek lj\f]k_\Xjj\kjXe[i\jfliZ\j [\m\cfg\[YpE^ `KX_lj`eZ\ K\B\iˆd\% AXd\j_X[)'p\Xij`eiX[`f YifX[ZXjk`e^`e:_i`jkZ_liZ_#
('(
4% 2e.!.'! / .'_) 4!(5
.Gi 0APATIPU 2~NANGA -AP
(')
4HIS DOCUMENT IS PRINTED ON %#/ 0APER %CO IS RECYCLED POST CONSUMER WASTE PROCESSED CHLORINE FREE 0#& ACCREDITED WITH "LUE !NGEL .ORDIC 3WAN AND !USTRIAN ENVIRONMENTAL LABELS AND MANUFACTURED AT AN )3/ )3/ #ERTI¼ED -ILL
