3 TE PŪTEA WHAKATUPU TRUST 2021/22

On behalf of Te Pūtea Whakatupu Trust (the Trust), it is my pleasure to present Te Pūtea Whakatupu’s annual report for the 2021-22 financial year

Nekehanga Ahumoni

Financially, the year has been one characterised by challenges The ongoing volatility of the public markets has materially impacted our fund, driven by global inflation levels, global supply chain pressures, and uncertainty due to COVID-19’s long tail and geopolitical dynamics stemming from the war in Ukraine

We are, however, cognisant that our investment time horizons are long, making us more resilient to being captured by current headwinds, and instead maintaining focus on the context of our performance over recent years Due to strong previous investment results, the ‘mōmona’ of the fund, accrued over time, has provided a buffer for our pūtea against this year’s downturn

Our trust capital ($20 7 million, the original settlement value) remains safe and is considered tapu; our fundamental commitment is to always maintain this capital and protect it from any value erosion Our methodology to how we calculate our operational budget is over a rolling three-year average, smoothing our funding requirements over time so we are not so buffeted by the peaks and troughs of market volatility This gives certainty to not only our strategic funders, but to our commitment towards multi-year kaupapa