1. Ranginui No 12 Trust 2015 Annual General Meeting 5 September 2015 Ngāti He Orchard

2. Agenda  Apologies / Proxies  Introduction of Trustees and Advisors  Acceptance of 2014 AGM Minutes  Matters arising from the Minutes  Reports:  Chairperson | Paula Werohia  Orchard Manager | Ray Gordon  Financial Update | James Stewart  Share Portfolio | Hamish Coleman  Appointment of Auditor  Election of Trustees  Annual Distribution/Reimplementation of Grants  General Business  Papakāinga Development  Whakawhanaungatanga Day

3. Reports  Chairperson | Paula Werohia  Orchard Manager | Ray Gordon  Financial Update | James Stewart  Share Portfolio | Hamish Coleman

4. Chairperson Report  Orchard productivity  The Kiwifruit Claim/KISP  Grants  Panui  Trustee Training  SIPO Development  Papakainga Opportunities  Whakawhanaungatanga Day PAULA WEROHIA

5. Orchard Manager Report RAY GORDON

6. 6 Ranginui 12 Trust Investment Portfolio September 2015 Advisor: Hamish Coleman

7. 7 Markets remain fixated on interest rate movements Economic data continues to point to a slowing domestic economy Company reporting season robust, outlook cautious NZD weakness continues… Market Overview

8. 8 In the last 12 months the portfolio has returned 22.26%. Portfolio valued at $2,126,647 Target asset split unchanged, 70% NZ equities, 20% Australian equities and 10% global equities. Holding higher cash weighting at present (under weight Australia) Largest contributors: Refining NZ, Auckland airport. Fisher and Paykel Healthcare, Scales and Comvita Offshore holdings benefiting from falling NZD Portfolio update

9. Changes over the year Profit taking earlier in the year to reduce risk. Cash holdings increased Purchased a holding in NZ Refining off Chevron Exited resource stocks in Australia Largest holdings: Port of Tauranga (16%) and Auckland Airport (8.5%) Comvita 4.6%, Fisher and Paykel Healthcare (4.55%) 9

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16. Ranginui No 12 Trust Summary of Annual Results For the Year Ended 31 March 2015

17. Canopy Hectares 20142015 Ngapeke Green Kiwifruit 4.084.08 Ngati He Green Kiwifruit 11.5311.82 Ngati He Gold Kiwifruit 0.335.26

18. Export Trays 20142015 Ngapeke Green Kiwifruit 31,04141,889 Ngati He Green Kiwifruit 118,369157,889 Ngati He Gold Kiwifruit 4,70554,217

19. Income 2014$2015$ Gross Profit from Kiwifruit - Ngapeke 78,833102,411 Gross Profit from Kiwifruit - Ngati He Green 303,348613,034 Gross Profit from Kiwifruit - Ngati He Gold (21,760)58,068 Gross Profit from Avocados 38,60548,413 Gross Profit from Rent – Ranginui Rd -6,396

20. Income Continued 2014$2015$ Dividends Received 75,555118,643 Interest Received 42,33753,958 Overseas Investment Income 15,35918,018 Rents Received 4,4206,211 Other Income 13,4354,406 TOTAL INCOME 550,1321,029,558

21. Expenditure 2014$2015$ Orchard Working Expenses 175,295114,650 Repairs & Maintenance 51,773149,150 Vehicle Expenses 23,39915,496 Administration Expenses 172,758212,786 Financial Expenses 542243 Depreciation79,29073,096 Taxation35232,639 TOTAL EXPENSES 503,409598,060

22. Net Surplus 2014$2015$ NET OPERATING PROFIT 46,723431,498 Less Owner Dividends 85,00075,000 Less Education & Other Grants -- Realised Capital Losses (Gains) (103,089)(27,157) NET SURPLUS (DEFICIT) 64,812383,655

23. Financial Position 2014$2015$ Net Current Assets 782,0451,104,095 Investments1,574,0971,700,635 Plant & Vehicles 86,141110,227 Land & Buildings 9,130,39910,115,099 Term Liabilities (31,680)(23,760) NET ASSETS 11,541,00213,006,296

24. Ranginui No 12 History

25. Return on Assets

26. Forecast for the Year Ended 31 March 2016 Cash Position as at 1 April 2015 985,255 Forecasted Cash Profit for the year ended 31 March 2016 500,010 TOTAL AVAILABLE FUNDS 1,485,265 To be spent as follows; Owner Dividends ? Owners Grants ? Purchase of Fixed Assets 81,000 CASH POSITION AS AT 31 MARCH 2016 1,404,265

27. Appointment of Auditor

28. Election of Trustees  Neil Te Kani  Korau Te Kani  Peata Billing Shareholders are able to vote for up to two of the following candidates to be elected as trustees. There are two positions available.

29. Annual Distribution Reimplementation of Grants

30. General Business  Papakainga  Whakawhanaungatanga Weekend  Te Awanui Huka Pak Update