Ngai tahu 2008 annual report

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!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

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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

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7HANAUNGATANGA D k\ klXbXeX \ k`bX X` k\ k\`eX# d k\ k\`eX \ k`bX X` k\ klXbXeX% K_ifl^_ i\cXk`fej_`gj Xe[ i\jg\Zk n\ ZXe Ă‹e[ k_\ nXp ]finXi[% -ANAAKITANGA N_ bXeX ` ‘ dXel_`i` b` k‘ b `e^X% DXeX `j lg_\c[ k_ifl^_ ]lcĂ‹cc`e^ ifc\j Xe[ i\jgfej`Y`c`k`\j% 4OHUNGATANGA D k\ d‘_`f bX d iXdX# d k\ d iXdX bX d kXl% 9p [`jZljj`fe Zfd\j le[\ijkXe[`e^# k_ifl^_ le[\ijkXe[`e^ Zfd\j n`j[fd% +AITIAKITANGA B ` KX_l kÂŒkÂŒ  $bX`# kÂŒkÂŒ  $dXeXnX % B ` KX_l k_\ ^Xk_\i\ij f] i\jfliZ\j# i\jfliZ\j f] cXjk`e^ \e[liXeZ\% 4IKANGA 8fiXb` dXkXk–% ?fc[`e^ Ă‹id kf n_Xk [\Ă‹e\j E^ ` KX_l% 2ANGATIRATANGA Bf k\ XdfiXe^` b` dlX# bf k\ _ gX` ‘ b` dli`% =fi c\X[\ij_`g k_\i\ dljk Y\ jlggfik%

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-y TiTOU i My Ki URI i MURI AKE NEI &OR US AND OUR CHILDREN AFTER US 8eelXc d\\k`e^ f] K\ I eXe^X f E^ ` KX_l () K\ B\i d\2 E^ ` KX_l J\kkc\d\ek (' p\Xi 8ee`m\ijXip :\c\YiXk`fej (* =ifd k_\ BX`n_XbX_X\i\ DXib Jfcfdfe (+ :<F I\gfik )''/ 8eXb\ >ff[Xcc (. ;`jki`Ylk`fe kf E^ ` KX_l @e[`m`[lXcj Xe[ N_ eXl )' J\im`Z\ kf E^ ` KX_l @e[`m`[lXcj Xe[ N_ eXl )Gifk\Zk Xe[ >ifn E^ ` KX_l :ljkfdXip I`^_kj Xe[ 8jj\kj *'

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!NNUAL MEETING OF 4E 2~NANGA O .GiI 4AHU .OTICE OF TH ANNUAL MEETING OF 4E 2~NANGA O .GiI 4AHU K_\ XeelXc d\\k`e^j f] K\ I eXe^X f E^ ` KX_l Xe[ k_\ E^ ` KX_l :_Xi`kXYc\ Kiljk i\jg\Zk`m\cp# n`cc kXb\ gcXZ\ fe K_lij[Xp )' Efm\dY\i )''/ Xk *gd1 K\ NX`gfleXdl ?flj\# (,/ ?\i\]fi[ Jki\\k# :_i`jkZ_liZ_% !GENDA D`_`d`_` 8kk\e[XeZ\ Xe[ Xgfcf^`\j :feËidXk`fe f] d`elk\j f] )''. XeelXc d\\k`e^ DXkk\ij Xi`j`e^ I\Z\`m\ Xl[`k\[ XZZflekj ]fi k_\ p\Xi \e[\[ *' Ale\ )''/ 8ggf`ekd\ek f] 8l[`kfij :fej`[\i fk_\i jlZ_ dXkk\ij k_Xk K\ I eXe^X f E^ ` KX_l dXp [\\d Xggifgi`Xk\

.OTICE OF (UI i 4AU

#ONTACTS

JXkli[Xp )) Efm\dY\i )''/ Jle[Xp )* Efm\dY\i )''/

,OCAL CONTACT K`d DXeXnXkl# BX`b liX 8[d`e`jkiXk`fe F]ËZ\# K\c\g_fe\ '* *(0 -,)*

0yWHIRI N`cc Y\ _\c[ Xk /%*'Xd fe =i`[Xp )( Efm\dY\i )''/ 6ENUE KXbX_Xe^X DXiX\# BX`b liX K_\ ?l`$ $KXl n`cc Y\ Zf$fi[`eXk\[ Yp K\ I eXe^X f E^ ` KX_l `e ZfealeZk`fe n`k_ k_\ _fjk`e^ i eXe^X ¾ BX`b liX%

4E 2~NANGA O .GiI 4AHU CONTACT ;\YY`\ K`bXf# K\ I eXe^X f E^ ` KX_l K\c\g_fe\ '* *-- +*++# =Xo '* *-, ++)+ '/'' ,)+ /)+# <dX`c [\YY`\%k`bXf7 e^X`kX_l%`n`%eq

!GENDA D`_`d`_` ¾ 0Xd JXkli[Xp )) Efm\dY\i )''/ I\m`\n f] K\ I eXe^X f E^ ` KX_l 8eelXc I\gfik 8^\e[X Xj j\k Yp K\ I eXe^X f E^ ` KX_l

4% 2e.!.'! / .'_) 4!(5 "/!2$ 9XZb ifn ]ifd c\]k1 :cXi\ N`cc`Xdj# AXd\j B ;Xe`\cj# Jk\nXik 9lcc# >Xip NXXbX# JXe[p CfZb_Xik# K\iip E`Z_fcXj# ;Xm`[ ?`^^`ej# DXkXgliX <cc`jfe# >\iip K\ BXgX :fXk\j# D`Z_X\c Jb\ii\kk# C`jX KldX_X`# DXi`X G\iX# Kfep >iXp J\Zi\kXip =ifek ifn ]ifd c\]k1 ?`e\ =fijpk_# K`d IfZ_]fi[# 8eXb\ >ff[Xcc :_`\] <o\Zlk`m\ F]ËZ\i # DXib Jfcfdfe BX`n_XbX_X\i\ # ;feXc[ :flZ_ ;\glkp BX`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

G n_`i` kf n\cZfd\ E^ ` KX_l Xe[ ^l\jkj Xk KXbX_Xe^X DXiX\ Dfie`e^ k\X Xk KXbX_Xe^X ;fdX`e ;\YXk\ `e DX`e K\ek CleZ_ E^ ` KX_l ?`jkfi`ZXc =fild ¾ K K`g\e\ FÃI\^Xe Xe[ gXe\c 8]k\ieffe k\X BXgX_XbX g\i]fidXeZ\ E^ ` KX_l ?`jkfi`ZXc =fild ¾ K K`g\e\ FÃI\^Xe Xe[ gXe\c ;`ee\i BXgX_XbX g\i]fidXeZ\# G`f K\i\` ¾ Ef Jn\Xk GXi\ek`e^ ¾ j\jj`fe ) E^ ` KX_l ZfeZ\ik :cfj\

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&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\1 9i`e^`e^ knf `n` Zcfj\i kf^\k_\i ž BX`n_XbX_X\i\ DXib Jfcfdfe Xe[ :_X`idXe Klbl Dfi^Xe j`^e X D\dfiXe[ld f] Le[\ijkXe[`e^ Xk 8ifn_\elX DXiX\%

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 _Xj gif[lZ\[ Xefk_\i \oki\d\cp ^ff[ kiX[`e^ i\jlck ^\e\iXk`e^ Xe Xcdfjk ,/d e\kk jligclj Y\]fi\ [`jki`Ylk`fej# Xe[ Yi`e^`e^ k_\ kfkXc K\ I–eXe^X Xjj\k YXj\ kf dfi\ k_Xe -'-d% @ nflc[ c`b\ kf Zfe^iXklcXk\ k_\ ?fc[`e^j >iflg Xj fli jkife^ ËjZXc gfj`k`fe Xccfnj K\ I–eXe^X kf dXb\ cfe^$k\id ËeXeZ`Xc [`jki`Ylk`fe [\Z`j`fej

n`k_ ZfeË[\eZ\% @e gXik`ZlcXi k_\ \ogfik f] ZiXpËj_ `j c\X[`e^ k_\ nXp ]fi E^ ` KX_l J\X]ff[ Xe[ fe^f`e^ fg\iXk`feXc \]ËZ`\eZ`\j kXb`e^ X]]\Zk%

%LECTORAL 2EVIEW =fi e\Xicp knf p\Xij efn X i\m`\n f] fli \c\ZkfiXc gifZ\jj _Xj Y\\e fe^f`e^% @ Xd m\ip XnXi\ k_Xk k_`j gifZ\jj _Xj Y\\e dlZ_ cfe^\i Xe[ dfi\ Zfdgc`ZXk\[ k_Xe n\ \em`jX^\[# Ylk fli X`d kf j\k `e gcXZ\ X ifYljk Xe[ \hl`kXYc\ jpjk\d ]fi Xcc i–eXe^X _Xj Y\\e lenXm\i`e^% N\ _Xm\ Zfejlck\[ n`k_ n_ eXl Xk \m\ip fggfikle`kp# c`jk\e\[ kf pfli b‘i\if Xe[ kXb\e `k fe$YfXi[% N\ Xi\ Zcfj\ kf Zfdgc\k`e^ k_`j i\m`\n Xe[ @ Xd ZfeË[\ek k_Xk n\ n`cc _Xm\ X jpjk\d `e gcXZ\ k_Xk n`cc \ejli\ n_ eXl ZXe \o\iZ`j\ k_\`i i`^_k kf ]lcc Xe[ ]X`i gXik`Z`gXk`fe `e fli \c\ZkfiXc jpjk\d%

4AINUI 7AIKATO -O5 8 _`^_c`^_k ]fi d\ g\ijfeXccp k_`j p\Xi _Xj Y\\e k_\ [\m\cfg`e^ i\cXk`fej_`g n`k_ NX`bXkf$KX`el`% 8k ?l`$Â $KXl cXjk p\Xi n\ j`^e\[ k_\ D\dfiXe[ld f] Le[\ijkXe[`e^ DfL k_Xk _Xj gXm\[ k_\ nXp ]fi X Zf$`em\jkd\ek X^i\\d\ek Xe[ Zi\Xk\[ jkife^ nfib`e^ k`\j Y\kn\\e k_\ knf `n`% K_\ DfL i\Zf^e`j\j k_\ Zfddfe `ek\i\jkj f] k_\ knf `n` `e k_\ Xi\Xj f] ki`YXc# gfc`k`ZXc# c\^Xc Xe[ Zfdd\iZ`Xc dXkk\ij Xe[ Zi\Xk\j \efidflj gfk\ek`Xc ]fi X ZfccXYfiXk`m\ XggifXZ_ kf gifk\Zk Xe[ dXo`d`j\ k_\j\ `ek\i\jkj% 8ci\X[p n\ _Xm\ ZfdY`e\[ ]fiZ\j kf Ylp X dXafi j_Xi\$_fc[`e^ `e IpdXe ?\Xck_ZXi\ Xe[ n\ Xi\ `em\jk`^Xk`e^ fk_\i e\n Ylj`e\jj fggfikle`k`\j%

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)WI #HAIRS &ORUM @ _Xm\ jg\ek X cfk f] k`d\ k_`j gXjk p\Xi ZfeZ\ekiXk`e^ fe Yl`c[`e^ `n` i\cXk`fej_`gj% @ Y\c`\m\ k_`j Xj Xe `dgfikXek gXik f] dp ifc\ Xj BX`n_XbX_X\i\ Xe[ `e k_\ cfe^$ k\id# ZilZ`Xc kf k_\ [\m\cfgd\ek f] Xe `eefmXk`m\ Xe[ m`YiXek D fi` \Zfefdp k_Xk n`cc _\cg jljkX`e fli g\fgc\ Xe[ 8fk\XifX% K_\ @n` :_X`ij =fild _Xj jg\Xi_\X[\[ k_`j nfib Xe[ @ Xd \oZ`k\[ Xk k_\ gfk\ek`Xc k_Xk \o`jkj n`k_`e k_`j ^iflg% @n` c\X[\ij i\gi\j\ek`e^ fm\i knf$k_`i[j f] k_\ D fi` gfglcXk`fe _Xm\ Zfdd`kk\[ k`d\ Xe[ i\jfliZ\j kf k_\ ]fild Xe[ k_`j `j ^ifn`e^ ZfejkXekcp% Fli bXlgXgX `j YXj\[ fe k_\ j`dgc\ Xe[ ]le[Xd\ekXc gi`eZ`gc\ f] bfkX_`kXe^X ž k_Xk kf^\k_\i k_ifl^_ j_Xi`e^ fli \og\i`\eZ\j# befnc\[^\ Xe[ i\jfliZ\j n\ ZXe ^ifn Xe[ jlggfik \XZ_ fk_\i Xe[ nfib kf Zi\Xk\ X Y\kk\i ]lkli\ ]fi fli g\fgc\% E^ ` KX_l `j jkife^ Xe[ i\j`c`\ek# n\ _Xm\ gifm\e k_`j k`d\ Xe[ k`d\ X^X`e# Ylk k_\ cXe[jZXg\ `j Z_Xe^`e^% Gfc`k`Zj# k_\ gcXZ\ f] k_\ Ki\Xkp f] NX`kXe^`# `dd`^iXk`fe Xe[ ^cfYXc`jXk`fe# kf eXd\ aljk X ]\n# Xi\ ]fiZ\j k_Xk n`cc j_Xg\ fli ]lkli\ Xe[ D fi` n`cc e\\[ kf Y\ fi^Xe`j\[ Xe[ jkXe[ kf^\k_\i% @ Y\c`\m\ ]fildj c`b\ @n` :_X`ij Xi\ gXik f] gi\gXi`e^ ]fi k_Xk ]lkli\%

4REATY OF 7AITANGI #LAIM 8ck_fl^_ flkj`[\ k_\ k`d\]iXd\ f] k_`j XeelXc i\gfik @ k_`eb `k `j `dgfikXek kf d\ek`fe k_\ _`jkfi`ZXc Ki\Xkp f] NX`kXe^` :cX`d @ dX[\ fe Y\_Xc] f] Xcc E^ ` KX_l n_ el` fe J\gk\dY\i (% @k `j `ife`Z k_Xk (' p\Xij fe ]ifd j`^e`e^ k_\ ;\\[ f] fli J\kkc\d\ek @ j_flc[ Y\ dXb`e^ Xefk_\i ZcX`d kf jX]\^lXi[ fli ]lkli\# Ylk `k `j Xe le]fikleXk\ `e[`Zkd\ek fe k_\ gfc`k`ZXc \em`ifed\ek n\ c`m\ `e% K_\ ^fm\ied\ekĂƒj XiY`kiXip [\X[c`e\ ]fi _`jkfi`Z ZcX`dj dX[\ `k e\Z\jjXip Y\]fi\ n\ cfjk ]fi\m\i k_\ fggfikle`kp kf kXb\ _`jkfi`ZXc dXkk\ij kf k_\ NX`kXe^` Ki`YleXc% K_\ e\n ZcX`d `j e\Z\jjXip kf i\Zf^e`j\ Xe[ gifk\Zk fli \o`jk`e^ i`^_kj# Xe[ _`jkfi`Z (-

`ek\i\jkj Xe[ Zfek\dgfiXip ]X`cli\j Yp k_\ :ifne kf i\jg\Zk k_\ `ek\^i`kp f] fli J\kkc\d\ek# jlZ_ Xj k_\ <d`jj`fej KiX[`e^ JZ_\d\% N_`c\ n\ j_Xi\ k_\ eXk`feXc `ek\i\jk `e k_\ Ă‹eXc`kp f] j\kkc\d\ekj# fli ZcX`d `j Zfej`jk\ek n`k_ k_\ i`^_kj Xe[ `ek\i\jkj f] Xcc E\n Q\XcXe[\ij kf ]X`i Xe[ ^ff[ ]X`k_ ki\Xkd\ek Yp k_\ :ifne% @k `j Xe `ejliXeZ\ gfc`Zp kf \ejli\ k_Xk fli J\kkc\d\ek i\dX`ej Ă‹eXc Xe[ n\ ZXe gifk\Zk n_Xk n\ _Xm\%

#IVIC "UILDING 0ARTNERSHIP 8 b\p i\cXk`fej_`g ]fi E^ ` KX_l `e |kXlkX_` `j n`k_ k_\ :_i`jkZ_liZ_ :`kp :fleZ`c% :\ekiXc Xe[ cfZXc ^fm\ied\ek Xi\ k_\ g\i]\Zk gXike\ij ]fi `n` Xj k_\p Xcjf j_Xi\ cfe^$k\id Xjg`iXk`fej% 9\`e^ `e X gfj`k`fe kf gXike\i n`k_ k_\ :fleZ`c fe k_\ e\n Z`m`Z Yl`c[`e^ `j Xe \oZ`k`e^ [\m\cfgd\ek ]fi K\ I–eXe^X Xe[ n\ _fg\ k_`j `j k_\ Ëijk f] dXep m\ekli\j k_Xk n\ ZXe gXik`Z`gXk\ `e n`k_ k_\d% E^ ` KX_l n`cc Zfek`el\ kf fne _Xc] k_\ i\[\m\cfg\[ Yl`c[`e^ Xe[ k_\ :fleZ`c n`cc gXp i\ek kf k_\ `n` fm\i k_\ c`]\ f] Xe `e`k`Xc )+ p\Xi c\Xj\ n`k_ k_i\\ i`^_kj f] i\e\nXc%

4HE &UTURE Cffb`e^ kf k_\ p\Xi X_\X[ @ _Xm\ ^i\Xk ZfeĂ‹[\eZ\ k_Xk n\ n`cc _Xm\ Y\^le# `] efk Zfdgc\k\[# Xcc fli i–eXe^X i\gi\j\ekXk`m\ \c\Zk`fej Xe[ _Xm\ X i\Zfejk`klk\[ YfXi[ f] ^fm\iefij fe K\ I–eXe^X% K_\ efik_\ie E^ ` KX_l Yfle[Xip `jjl\ n`cc Xcjf _Xm\ gif^i\jj\[ [l\ kf k_\ K\ KXl @_l _`jkfi`ZXc NX`kXe^` Ki`YleXc :cX`d Xe[ @ nflc[ c`b\ kf k_`eb k_Xk k_`j k`d\ e\ok p\Xi @ n`cc Y\ XYc\ kf i\gfik k_Xk n\ _Xm\ Y\\e XYc\ kf jlZZ\jj]lccp gifk\Zk Xcc k_Xk fli J\kkc\d\ek [\c`m\i\[% @ Xd \ek_lj`Xjk`Z Xe[ fgk`d`jk`Z XYflk fli ]lkli\% K\e p\Xij `j X j_fik k`d\ `e k_\ c`]\ f] E^ ` KX_l ž Xj Xe `ek\i^\e\iXk`feXc fi^Xe`jXk`fe n\ _Xm\ k`d\ fe fli j`[\ Xe[ ZXe dXb\ fli fne ilc\j Xe[ j\k fli fne \og\ZkXk`fej% @ nflc[ c`b\ kf gXp ki`Ylk\ kf Xcc fli k–gleX Xe[ bXld klX

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) 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

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0OUNAMU K_\ gXjk p\Xi _Xj j\\e Zfej`[\iXYc\ gif^i\jj# Xe[ `e fe\ ZXj\ Ă‹eXc`kp# `e k_\ :ifne$c\[ gifj\Zlk`fej `e k_\ gfleXdl k_\]k ZXj\j% ?Xim\p ?lkkfe# X]k\i Y\`e^ Zfem`Zk\[ `e k_\ ;le\[`e ;`jki`Zk :flik# Xgg\Xc\[ _`j ZXj\ `e k_\ :flik f] 8gg\Xc% ?`j Xgg\Xc nXj efk lg_\c[ dXb`e^ nXp ]fi k_\ Gfc`Z\ kf i\klie k_\ jkfc\e gfleXdl kf E^ ` KX_l% K_\ JXokfe ZXj\ nXj Xcjf _\Xi[ k_`j p\Xi `e k_\ :_i`jkZ_liZ_ ;`jki`Zk :flik Xe[ ZfeZcl[\[ n`k_ k_\ al[^\ Ă‹e[`e^ ;Xm`[ Xe[ Dfi^Xe JXokfe ^l`ckp f] jk\Xc`e^ gfleXdl ]ifd E^ ` KX_l% N\ Zfek`el\ kf nfib n`k_ k_\ ;\gXikd\ek f] :fej\imXk`fe kf \jkXYc`j_ XZZ\jj kf gfleXdl fe k_\ Zfej\imXk`fe \jkXk\ Xe[ Xi\ nfib`e^ kfnXi[j Xe X^i\\d\ek XZifjj k_\ kXb`n k_Xk d`e`d`j\j X[d`e`jkiXk`m\ Xe[ Yli\XlZiXk`Z i\hl`i\d\ekj% Nfib fe k_\ knf N\jk :fXjk i–eXe^X gfleXdl dXeX^\d\ek gcXej Zfek`el\j kf Y\ jlggfik\[ Yp K\ I–eXe^X% FkX^f Xe[ Jflk_cXe[ I–eXe^X _Xm\ le[\ikXb\e `e`k`Xk`m\j kf Yl`c[ k_\`i befnc\[^\ f] k_\ \ok\ek Xe[ j`q\ f] gfleXdl i\jfliZ\j `e k_\`i kXb`n % K_`j p\Xi K\ I–eXe^X X`dj kf `eZi\Xj\ `kj XY`c`kp kf Xjj`jk i–eXe^X n`k_ k_\`i gfleXdl [\m\cfgd\ek `e`k`Xk`m\j k_ifl^_ k_\ Xggf`ekd\ek f] kXfe^X [\m\cfgd\ek jkX]] kf^\k_\i n`k_ k_\ XmX`cXY`c`kp f] ]le[`e^ i\jfliZ\j%

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Xe[ c\m\cj jkXe[Xi[ Xj `k ]Xccj j_fik f] lj`e^ _fc`jk`Z d\k_f[j k_Xk Xccfn lj kf `ek\^iXk\ Xe[ gifm`[\ ]fi fli kXe^XkX n_\elX mXcl\j% 8 [iX]k EXk`feXc Gfc`Zp JkXk\d\ek ]fi nXk\i _Xj Xcjf Y\\e Z`iZlcXk\[ Xe[ K\ I–eXe^X i\dX`ej ZfeZ\ie\[ k_Xk k_\i\ _Xj Y\\e ef ifYljk ZfejlckXk`fe n`k_ D fi` [li`e^ `kj [\m\cfgd\ek% 8j `k jkXe[j# k_`j Gfc`Zp JkXk\d\ek gifm`[\j c`kkc\ [`i\Zk`fe kf i\^`feXc ZfleZ`cj fe _fn k_\p e\\[ kf gifm`[\ ]fi D fi` `e k_\`i nXk\i dXeX^\d\ek Xe[ [\Z`j`fe$dXb`e^ gifZ\jj\j% K\ I–eXe^X f E^ ` KX_l Zfek`el\j kf jlggfik i–eXe^X n`k_ cfZXc fi i\^`feXc nXk\i `jjl\j% K_\ NX`kXb` I`m\i _Xj _X[ j\m\iXc cXi^\ i\jfliZ\ Zfej\ek dXkk\ij XjjfZ`Xk\[ n`k_ `k `eZcl[`e^1 D\i`[`Xe <e\i^pĂƒj Efik_ 9Xeb Klee\c gifgfjXc# D\i`[`Xe <e\i^p Xe[ k_\ Jflk_ :Xek\iYlip @ii`^Xk`fe KiljkĂƒj ?lek\i ;fnej @ii`^Xk`fe gifgfjXc Xe[ X cXi^\ eldY\i f] j`e^c\ Zfej\ekj k_Xk Xi\ Y\`e^ _\Xi[ af`ekcp Xe[ `eZcl[\ `ii`^Xk`fe kXb\j ]ifd k_\ NX`kXb`# ?XbXkXiXd\X Xe[ DX\i\n_\elX i`m\ij% :\ekiXc GcX`ej @ii`^Xk`fe _Xj Y\\e X cXi^\ i\jfliZ\ Zfej\ek fggfj\[ Yp K\ I–eXe^X fe k_\ YXj`j f] k_\ gfk\ek`Xc cXi^\ jZXc\ \]]\Zkj f] k_\ +' ZlY`Z d\ki\ g\i j\Zfe[ kXb\j ]ifd k_\ NX`dXbXi`i` Xe[ IXbX`X I`m\ij# kf^\k_\i n`k_ k_\ \]]\Zkj -'#''' _\ZkXi\j f] `ek\ej`Ă‹\[ cXe[ lj\ n`cc _Xm\ fe K\ NX`_fiX Xe[ `kj cfncXe[ jki\Xdj% K_\ `dgifm\d\ek f] nXk\i hlXc`kp Xe[ hlXek`kp Zfek`el\j kf Y\ X gi`fi`kp Xi\X ]fi K\ I–eXe^X% E^ ` KX_l i\gfik\[ Xk k_\ E^ ` KX_l NXk\i Nfibj_fg _\c[ \Xic`\i k_`j p\Xi k_Xk (. dX_`e^X bX` j`k\j XjjfZ`Xk\[ n`k_ fli dXiX\# iXk\[ gffi kf df[\iXk\ `e k_\`i ZlckliXc _\Xck_%

#USTOMARY &ISHING N\ Zfek`el\ kf `[\ek`]p Xe[ `dgc\d\ek ZljkfdXip Ă‹j_`e^ gifk\Zk`fe d\Z_Xe`jdj% 8 c`jk f] ZljkfdXip Ă‹j_`e^ Xi\Xj kf Y\ gifk\Zk\[ _Xj Y\\e `[\ek`Ă‹\[ Xe[ i\Zfi[\[ fe k_\ >\f^iXg_`Z @e]fidXk`fe Jpjk\d >@J % K_\ Xggifgi`Xk\ gifk\Zk`fe kffc _Xj

4(% .'_) 4!(5 -_/2) 2/#+ !24 #%.42% 4)-!25 Fm\i k_\ gXjk p\Xi k_\ E^Â ` KX_l DÂ fi` IfZb 8ik Kiljk _Xj Zfdgc\k\[ jfd\ j`^e`Ă‹ZXek d`c\jkfe\j `e k_\ IfZb 8ik :\eki\ gifa\Zk% N`k_ X ]lik_\i 0--#''' iX`j\[ `e k_\ cXjk Ă‹eXeZ`Xc p\Xi# k_\ Kiljk _Xj efn j\Zli\[ (%*d f] k_\ )%)d kfkXc gifa\Zk Zfjk% 8 ^iXek f]

)/'#''' ]ifd k_\ E^Â ` KX_l =le[ _Xj Xccfn\[ k_\ Kiljk kf XkkiXZk fk_\i ]le[\ij kf k_\ gifa\Zk# Xe[ kf gif^i\jj k_\ [\m\cfgd\ek f] k_\ E^Â ` KX_l jkfi`\j kfc[ n`k_`e k_\ :\eki\% K_`j nfib `eZcl[\j k_\ [\m\cfgd\ek f] [\kX`c\[ [\j`^e gcXej ZilZ`Xc kf ]le[iX`j`e^ #

Y\\e `[\ek`Ă‹\[ ]fi \XZ_ f] k_\j\ Xi\Xj Xe[ Xggc`ZXk`fej ]fi k_\ Ă‹ijk j\i`\j f] Xi\Xj kf Y\ gifk\Zk\[ _Xm\ Y\\e cf[^\[ n`k_ k_\ D`e`jkip f] =`j_\i`\j D=`j_ %

k_\ 8bXifX KX`Â gli\ n_`Z_ n`cc Zfd\ `ekf \]]\Zk e\ok p\Xi%

;li`e^ k_\ gXjk p\Xi# GleX NX` K‘i`b` D kX`kX` _Xj Y\\e \jkXYc`j_\[ Xe[ X dXeX^\d\ek gcXe _Xj Y\\e [iX]k\[% G lX&b`eX jkfZb Xjj\jjd\ekj Xi\ Y\`e^ Zfe[lZk\[ _\i\ Xe[ `e k_\ <Xjk FkX^f KX` gli\# 8bXifX KX` gli\ Xe[ Bflbfli iXkX D kX`kX`% K_\ dXi`e\ ZlckliXc _\Xck_ `e[\o `j Xcjf Y\`e^ [\m\cfg\[ Xe[ k\jk\[ `e k_\j\ Xi\Xj Xe[ K\ N_XbX X K\ N\iX D kX`kX`% I\Zi\Xk`feXc Ă‹j_`e^ jlim\pj _Xm\ Y\\e Zfe[lZk\[ `e k_\ 8bXifX KX` gli\ Xe[ K\ N_XbX X K\ N\iX D kX`kX`%

DX_XXel` BliXkX`Xf Ck[# k_\ :_i`jkZ_liZ_ YXj\[ \em`ifed\ekXc ZfdgXep# \jkXYc`j_\[ Yp k_\ d`[$:Xek\iYlip&9Xebj G\e`ejlcX i–eXe^X n`k_ Xjj`jkXeZ\ ]ifd K\ I–eXe^X f E^ ` KX_l Xe[ ËeXeZ`Xc jlggfik ]ifd k_\ :_i`jkZ_liZ_ :`kp :fleZ`c# Y\ZXd\ fg\iXk`feXc `e J\gk\dY\i )''.% DX_XXel` BliXkX`Xf _Xj _X[ X m\ip Yljp Ëijk p\Xi Xe[ `j gifm`e^ kf Y\ f] `dd\ej\ mXcl\ kf Xcc k_fj\ n_f _Xm\ \e^X^\[ n`k_ k_\d% JZfg`e^ X af`ek EXkliXc I\jfliZ\ @n` DXeX^\d\ek GcXe ]fi k_\ i–eXe^X `emfcm\[ `e k_\ DX_XXel` BliXkX`Xf gXike\ij_`g _Xj Y\^le%

Kn\ekp$knf d 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\ _Xggp kf Y\ XYc\ kf i\gfik k_Xk k_\ D`e`jk\i f] =`j_\i`\j _Xj j`^e\[ f]] fe k_\ e\n i\^lcXk`fej ]fi

2~NANGA #APACITY

E`e\ `n` d\dY\ij Zfdgc\k\[ k_\ ÀDXb`e^ >ff[ ;\Z`j`fejà kiX`e`e^ n_`Z_ gifm`[\[ k_\d n`k_ k_\ jb`ccj Xe[ XZZi\[`kXk`fe kf j`k fe I\jfliZ\ DXeX^\d\ek 8Zk [\Z`j`fe$ dXb`e^ Yf[`\j jlZ_ Xj i\jfliZ\ Zfej\ek#

Xe[ k_\ Zi\Xk`fe f] X mXi`\kp f] dlck`$ d\[`X i\jfliZ\j k_Xk n`cc ^`m\ m`j`kfij X Ă‚m`iklXcĂƒ ifZb Xik \og\i`\eZ\ n`k_flk e\Z\jjXi`cp m`j`k`e^ k_\ ]iX^`c\ ifZb Xik j`k\j k_\dj\cm\j%

gcXe Z_Xe^\ Xe[ [\j`^eXk`fe _\Xi`e^j# Xe[ kf dXb\ `e]fid\[ [\Z`j`fej% K\ KXe^` X KXl`iX ž K_\ :ip f] k_\ G\fgc\ ž k_\ E^ ` KX_l b` Dli`_`bl EXkliXc I\jfliZ\ Xe[ <em`ifed\ekXc DXeX^\d\ek GcXe nXj Zfdgc\k\[ Xe[ cXleZ_\[ Xk NX`_‘gX` `e DXiZ_ Yp k_\ ]fli Dli`_`bl GXgXk`gl I–eXe^X% K_\ gcXe nXj jlYj\hl\ekcp XnXi[\[ X i\^`feXc \em`ifed\ekXc gcXee`e^ XnXi[% K\ I–eXe^X Xjj`jk\[ n`k_ \og\ik`j\ Xe[ Ă‹eXeZ`Xc jlggfik%

2ESOURCE -ANAGEMENT I\jfliZ\ DXeX^\d\ek XZk`m`k`\j fm\i k_\ gXjk p\Xi _Xm\ `eZcl[\[1 ]fccfn`e^$lg fe ni`kk\e jlYd`jj`fej dX[\ fe ki`YXccp j`^e`Ă‹ZXek Zfej\ekj ZfeZ\ie`e^ k_\ NX`kXb` I`m\i# gi\gXi`e^ Xe[ gi\j\ek`e^ \m`[\eZ\ Xk _\Xi`e^j ]fi D\i`[`Xe <e\i^p Ck[Ăƒj Efik_ 9Xeb Klee\c Xe[ ?lek\i ;fnej @ii`^Xk`fe Xe[ eld\iflj fk_\i Cfn\i NX`kXb` `ii`^Xk`fe Zfej\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_l n`ke\jj\j Xcjf jg\ek knf [Xpj gi\j\ek`e^ k_\ E^Â ` KX_l ZXj\ fggfj`e^ k_\ :\ekiXc GcX`ej NXk\i <e_XeZ\d\ek JZ_\d\%

-AHINGA +AI %NHANCEMENT K\ I–eXe^X f E^ ` KX_l Ă‹eXeZ`Xccp jlggfikj ki`YXccp j`^e`Ă‹ZXek dX_`e^X bX` jg\Z`\j Xe[ j`k\j i\jkfiXk`fe gifa\Zkj `eZcl[`e^ k_\ IXb`liX KÂŒkÂŒ @jcXe[jĂƒ Kiljk \o$:ifne KÂŒkÂŒ @jcXe[j # K\ NX`_fiX# FkX^f 9l]] N\bX# BXlgXgX B\i\i–# K\ Ifkf f NX`i\nX# K\ Ef_fXbX f Klb`XlXl&J`eZcX`i N\kcXe[j# DXkXliX&NX`bXnX BXeXbXeX gifk\Zk`fe Xe[ D kX`kX`&KX` gli\ dfe`kfi`e^ kffc [\m\cfgd\ek% BXlgXgX B\i\i– i\Z\ekcp cXleZ_\[ Ă < b–b– k\ b\i\i–1 FiXc _`jkfi`\j Xe[ i\Z\ek i\j\XiZ_ `ekf k_\ 9Xebj G\e`ejlcX b\i\i–Â% K_\ Yffb i\Zfi[j k_\ jkfi`\j# fYj\imXk`fej Xe[ d\dfi`\j f] k_\ b\i\i– Yp i\j`[\ekj f] 9Xebj G\e`ejlcX# Xcfe^ n`k_ i\j\XiZ_ fe b\i\i– eldY\ij# ]\\[`e^ _XY`kj Xe[ _XY`kXk% B\i\i– Xi\ Zfej`[\i\[ X kXfe^X Yp E^ ` KX_l Xe[ n\i\ kiX[`k`feXccp fe\ f] k_\ dfjk `dgfikXek dX_`e^X bX` jg\Z`\j% BXlgXgX B\i\i– `j Xe `n` c\[# Zfddle`kp$YXj\[# dlck`$X^\eZp gifa\Zk k_Xk nXj j\k lg kf `eZi\Xj\ k_\ eldY\i Xe[ iXe^\ f] b\i\i– fe K\ G kXbX f I bX`_Xlk–& 9Xebj G\e`ejlcX%

3TATE OF THE 4AKIWi @e )''.# K\ I–eXe^X f E^ ` KX_l# `e ZfealeZk`fe n`k_ e^ GXgXk`gl I–eXe^X# le[\ikffb X ZlckliXc _\Xck_ jkl[p f] Jflk_ @jcXe[ nXk\inXpj% K_\ jkl[p nXj X`d\[ Xk hlXek`]p`e^ _fn k e^XkX n_\elX m`\n k_\ Zlii\ek _\Xck_ f] k_\ nXk\inXpj `e K\ NX`gfleXdl% Fe\ _le[i\[ ]i\j_nXk\i j`k\j ]ifd )' ZXkZ_d\ekj k_ifl^_flk K\ NX`gfleXdl n\i\ Xjj\jj\[ lj`e^ k_\ Ă‚KXb`n Ăƒ ZlckliXc \em`ifed\ekXc dfe`kfi`e^ Xe[ i\gfik`e^ kffc% ;\m\cfg\[ Yp K\ I–eXe^X k_\ kffc Xccfnj k e^XkX n_\elX kf jpjk\dXk`ZXccp i\Zfi[# Zfcc\Zk# ZfccXk\ Xe[ i\gfik fe k_\ ZlckliXc _\Xck_ f] j`^e`Ă‹ZXek j`k\j# eXkliXc i\jfliZ\j Xe[ k_\ \em`ifed\ek# Xe[ `e klie gcXp X ^i\Xk\i ifc\ `e \em`ifed\ekXc dXeX^\d\ek# k_ifl^_ *)

k_\ lj\ f] X jg\Z`Xccp [\m\cfg\[ [XkXYXj\ Xe[ dfe`kfi`e^ ]fidj% Fm\iXcc# k_\ i\jlckj f] k_\ E^ NX` GfleXdl jkl[p ]fle[ j\c\Zk\[ Jflk_ @jcXe[ nXk\inXp j`k\j kf Y\ `e X jkXk\ f] df[\iXk\ kf gffi ZlckliXc _\Xck_% @e gXik`ZlcXi# k_\ Xjj\jjd\ekj Xe[ XeXcpj`j gf`ek kfnXi[j j`^e`Ă‹ZXek `jjl\j n`k_ k_\ dXeX^\d\ek f] k_\ i`gXi`Xe qfe\ Xe[ k_\ `dgfikXeZ\ f] k_`j Xi\X Xj Yfk_ X _XY`kXk ]fi eXk`m\ gcXekj# Y`i[j# Ă‹j_ Xe[ fk_\i n`c[c`]\ Xe[ Xj X Yl]]\i ]ifd k_\ e\^Xk`m\ `dgXZkj f] jliifle[`e^ cXe[ lj\% K_\ i\gfik nXj j\ek kf Xcc `n` Xlk_fi`k`\j# n`k_ X eldY\i f] `n`# `eZcl[`e^ KX`el` Xe[ K–n_Xi\kfX# `e[`ZXk`e^ Xe `ek\i\jk kf Y\^`e dfe`kfi`e^ gif^iXdd\j `e k_\`i fne kXb`n % I\j\XiZ_ Xe[ dXeX^\d\ek X^\eZ`\j Xcjf n`j_ kf lj\ k_\ kffc Xj gXik f] k_\`i fne dfe`kfi`e^ gif^iXdd\j% K_\ KXb`n kffc nXj gi\m`\n\[ `e k_\ E\n Q\XcXe[ JkXk\ f] k_\ <em`ifed\ek I\gfik )''.%

$EPARTMENT OF #ONSERVATION K_\ X`d f] K\ 8iX N_XbXdlX ;f:&E^ ` KX_l <dgcfpd\ek Gifa\Zk `j kf `eZi\Xj\ E^ ` KX_l \dgcfpd\ek n`k_`e k_\ ;\gXikd\ek f] :fej\imXk`fe% K_\ i\gfik Xe[ i\jgfej\ gcXe nXj i\Z\ekcp ËeXc`j\[ X]k\i X cfe^ nfib`e^ ^iflg gifZ\jj Xe[ \eZfdgXjj\j gifXZk`m\ d\k_f[j ]fi `dgifm`e^ k_\ eldY\ij f] E^ ` KX_l \dgcfp\\j k_ifl^_flk Xcc c\m\cj f] k_\ ;\gXikd\ek% K_\ XeelXc _l` ]fi E^ ` KX_l i\gi\j\ekXk`m\j fe :fej\imXk`fe 9fXi[j# I‘g– BX`k`Xb`# Jg\Z`\j I\Zfm\ip >iflgj# Xe[ i–eXe^X d\dY\ij nfib`e^ n`k_ ;f: nXj _\c[ Xk E^ k` N_\b\ dXiX\ Xe[ Yifl^_k kf^\k_\i Xe `ek\i\jk`e^ iXe^\ f] jg\Xb\ij Xe[ `jjl\j kf ^l`[\ Xe[ `e]fid fli Zfej\imXk`fe nfib%

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*.

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

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0ROPERTY $EVELOPMENT K_\ gifg\ikp [\m\cfgd\ek k\Xd _Xj Y\\e \oki\d\cp XZk`m\ k_`j p\Xi gif^i\jj`e^ [\m\cfgd\ekj Xe[ j\Zli`e^ knf dXafi af`ek m\ekli\ [\m\cfgd\ekj \Xicp `e k_\ ËeXeZ`Xc p\Xi%

2ESIDENTIAL :fej`[\iXYc\ gif^i\jj _Xj Y\\e dX[\ `e k_\ [\m\cfgd\ek f] dXjk\i gcXej ]fi N`^iXd 8\if[ifd\ Xe[ cXe[ Xk Gi\jkfej IfX[# Yfk_ `e :_i`jkZ_liZ_% Nfib`e^ Zcfj\cp n`k_ c\X[`e^ 8ljkiXcXj`Xe liYXe gcXee\ij Nff[ 9X^fk# E^ ` KX_l Gifg\ikp _Xj gif^i\jj\[ gcXee`e^ ]fi k_\ [\m\cfgd\ek f] jljkX`eXYc\ i\j`[\ek`Xc [\m\cfgd\ekj fe k_\j\ knf j`k\j% GcXej `eZcl[\ X eldY\i f] [\j`^e ]\Xkli\j k_Xk Zfeki`Ylk\ kf dfi\ \e\i^p Xe[ nXk\i \]ËZ`\ek c`m`e^ \em`ifed\ekj `e k_fj\ ]lkli\ Zfddle`k`\j% Nfib Xk :_i`jkZ_liZ_Ãj C`e[\e >ifm\ gif^i\jj\[ n\cc [li`e^ k_\ p\Xi# Zlcd`eXk`e^ `e k`kc\j Y\`e^ `jjl\[ `e Ale\ Xe[ X eldY\i f] jXc\j Zfdgc\k\[ X_\X[ f] k_\ \e[ f] k_\ ËeXeZ`Xc p\Xi% GcXee`e^ ]fi k_\ i\$[\m\cfgd\ek f] k_\ C`eZfce ;X`ip =Xid `ekf X jljkX`eXYc\ i\j`[\ek`Xc Zfddle`kp `j le[\inXp n`k_ Zfddle`kp ZfejlckXk`fe fe k_\ ZfeZ\gk kXb`e^ gcXZ\ Xk k_\ k`d\ f] ni`k`e^%

#OMMERCIAL K_\ p\Xi _Xj Y\\e [fd`eXk\[ Yp nfib fe k_\ :_i`jkZ_liZ_ :`kp :fleZ`cÃj e\n :`m`Z 9l`c[`e^ Xe[ gif^i\jj fe Hl\\ekfneÃj Gfjk F]ËZ\ Gi\Z`eZk% K_\ :_i`jkZ_liZ_ :`m`Z 9l`c[`e^ [\j`^e nfib nXj cXi^\cp Zfdgc\k\[ [li`e^ k_\ p\Xi Xe[ `k `j Xek`Z`gXk\[ k_Xk ZfejkilZk`fe nfib fe k_\ Yl`c[`e^ n`cc Zfdd\eZ\ `e cXk\ )''/% K_`j gifa\Zk `j j`^e`ËZXek `e k_Xk `k `j k_\ Ëijk glYc`Z&gi`mXk\ gXike\ij_`g fi glYc`Z&`n` gXike\ij_`g kf [\m\cfg X dXafi cfZXc ^fm\ied\ek ]XZ`c`kp `e E\n

Q\XcXe[% @e X[[`k`fe `k i\gi\j\ekj k_\ i\[\m\cfgd\ek f] Xe \o`jk`e^ (0.'j Yl`c[`e^ `ekf X Zfek\dgfiXip ]XZ`c`kp `eZfigfiXk`e^ k_\ c\X[`e^ k_`eb`e^ `e [\j`^e`e^ ]fi jljkX`eXYc\ [\m\cfgd\ek%

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Nfib fe k_\ Hl\\ejkfne Gfjk F]ËZ\ Gi\Z`eZk [li`e^ k_\ p\Xi _Xj Z\eki\[ fe k_\ Zfdgc\k`fe f] k_\ +k_ Yl`c[`e^ fe k_\ j`k\ Xe[ k_\ Zfdd\eZ\d\ek f] ZfejkilZk`fe fe k_\ ,k_ Xe[ ËeXc Yl`c[`e^% E^ ` KX_l Gifg\ikp _Xj Y\\e nfib`e^ fe k_`j Ëm\ Yl`c[`e^ [\m\cfgd\ek j`eZ\ (000 n`k_ k_\ ËeXc Yl`c[`e^ Y\`e^ jZ_\[lc\[ ]fi Zfdgc\k`fe `e J\gk\dY\i )''0%

K_\ gifg\ikp \em`ifed\ek `e E\n Q\XcXe[ _Xj Z_Xe^\[ j`^e`ËZXekcp fm\i k_\ cXjk -$0 dfek_j# n`k_ j`^e`ËZXek jcfn`e^ `e k_\ i\j`[\ek`Xc Xe[ `e[ljki`Xc [\m\cfgd\ek dXib\kj% Fm\i k_\ cXjk ]\n dfek_j k_\ ZfdgXep _Xj Xjj\jj\[ k_\ jk\gj `k e\\[\[ kf kXb\ kf d`e`d`j\ k_\ `dgXZk f] i\Z\jj`fe Zfe[`k`fej% N\ Xi\ `e k_\ ]fikleXk\ gfj`k`fe f] _Xm`e^ X hlXc`kp gifg\ikp `em\jkd\ek gfik]fc`f n`k_ X jkife^ k\eXek YXj\ Xe[ ZXj_ Ìfnj% 8j jlZ_ fli `em\jkd\ek gifg\ik`\j Xi\ efk c`b\cp kf Y\ `dgXZk\[ Yp k_\ \Zfefd`Z Zfe[`k`fej `e k_\ j_fik kf d\[`ld$k\id%

0ROPERTY )NVESTMENT Fli gifg\ikp `em\jkd\ek k\Xd _Xj Y\\e Zfek`el`e^ kf nfib n`k_ \o`jk`e^ k\eXekj `e fli `em\jkd\ek gifg\ik`\j% B\p XZk`m`k`\j [li`e^ k_\ p\Xi _Xm\ `eZcl[\[ nfib`e^ n`k_ k\eXekj kf gi\gXi\ ]fi k_\ Zcfjli\ f] N`^iXd 8\if[ifd\# nfib n`k_ k_\ ;\gXikd\ek f] :flikj fe k_\`i i\hl`i\d\ekj `e :_i`jkZ_liZ_ Xe[ k_\ fe^f`e^ dXeX^\d\ek f] i\cXk`fej_`gj n`k_ fli ).) k\eXekj%

2URAL ,AND K_\ ]fZlj f] nfib [li`e^ k_\ p\Xi fe k_\ iliXc cXe[ gfik]fc`f _Xj Y\\e kf le[\ijkXe[ k_\ `dgXZk f] k_\ >fm\ied\ekÃj <d`jj`fej KiX[`e^ JZ_\d\% =fccfn`e^ `e`k`Xc XeXcpj`j f] k_\ jZ_\d\# E^ ` KX_l Gifg\ikp _Xj Y\\e nfib`e^ Zcfj\cp n`k_ K\ I eXe^X f E^ ` KX_l fe dXb`e^ i\gi\j\ekXk`fej fe k_\ gifgfj\[ c\^`jcXk`fe kf k_\ :ifne%

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Dfm\d\ek `e mXcl\ f] IpdXe J_Xi\j ¾ [\Zi\Xj\& `eZi\Xj\ %

;\[lZk i\mXclXk`fe jligclj\j i\Xc`j\[ fe jXc\j f] `em\jkd\ekj%

**,

:fdgXiXk`m\j _Xm\ Y\\e X[aljk\[ `e i\cXk`fe kf EQ @=IJ X[fgk`fe

K_`j JkXk\d\ek `j kf Y\ i\X[ `e ZfealeZk`fe n`k_ k_\ JlddXip JkXk\d\ek f] 8ZZflek`e^ Gfc`Z`\j Xe[ Efk\j kf k_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj XkkXZ_\[% -(

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 8ZZflekj I\Z\`mXYc\ @em\ekfi`\j @em\ekfi`\j ¾ Gifg\ikp CfXej 8[mXeZ\[ Fk_\i =`eXeZ`Xc 8jj\kj Fk_\i :lii\ek 8jj\kj KXoXk`fe

.

Efe$:lii\ek 8jj\kj ZcXjj`Ë\[ Xj _\c[ ]fi JXc\ 4OTAL #URRENT !SSETS .ON #URRENT !SSETS 8ZZflekj I\Z\`mXYc\ Efe :lii\ek @em\ekfip ¾ Gifg\ikp CfXej 8[mXeZ\[ Gifg\ikp# GcXek Xe[ <hl`gd\ek 9`fcf^`ZXc 8jj\kj @em\jkd\ek Gifg\ik`\j @em\jkd\ekj `e <hl`kp @ejkild\ekj @ek\i\jk `e 8jjfZ`Xk\ :fdgXe`\j Fk_\i =`eXeZ`Xc 8jj\kj =`j_ HlfkX Xe[ DXi`e\ =Xid C`Z\eZ\j >ff[n`cc 9iXe[j# I`m\i I`^_kj# :feZ\jj`fej Xe[ Jf]knXi\

*UNE S

*UNE S

.#,)+ )'#-)- .#.0- ,*#)'( )#/-* (. (#)*0 ))

*#.'/ 0#+,+ -#*+, +/#0/( *#)*+ +#-0, /#-.0 )-+

0*#)// '

/,#*-' *'(

0 (' (( ()

*#/)* )(#(+( (#'/, -+#-)/ )#0(( )-(#(+, .)#*), -#*)/ (#(*) ./#''( (-#,*0 ))#+.*

*#/.0 (0#)-* (#(*) ,.#/+) )#/+( )(.#0-( .,#*+0 .#-,, +0 +0#+(, (-#+// ))#*+'

Dfe\p fn\[ kf E^ ` KX_l Yp fli Zljkfd\ij% JkfZb f] Ëj_# lec\Xj\[ hlfkX# dXi`e\ ]Xid Zifgj# i\kX`c d\iZ_Xe[`j\ _\c[ ]fi jXc\ Xe[ gXikj jkfZb% Gifg\ik`\j Xe[ j\Zk`fej gcXee\[ kf Y\ jfc[ n`k_`e () dfek_j%

@em\jkd\ek gifg\ik`\j gi`dXi`cp _\c[ ]fi i\ekXc `eZfd\ Xe[ ZXg`kXc Xggi\Z`Xk`fe% @eZcl[\j j_Xi\j `e IpdXe ?\Xck_ZXi\ Xe[ 8fk\XifX =`j_\i`\j% K_\ ZXiip`e^ mXcl\ f] fli j_Xi\ f] N_Xc\ NXkZ_ BX`b liX%

4OTAL .ON #URRENT !SSETS

4OTAL !SSETS

:fdgXiXk`m\j _Xm\ Y\\e X[aljk\[ `e i\cXk`fe kf EQ @=IJ X[fgk`fe

K_`j JkXk\d\ek `j kf Y\ i\X[ `e ZfealeZk`fe n`k_ k_\ JlddXip JkXk\d\ek f] 8ZZflek`e^ Gfc`Z`\j Xe[ Efk\j kf k_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj XkkXZ_\[% -)

4% 2e.!.'! / .'_) 4!(5 !.$ .'_) 4!(5 #(!2)4!",% 42534

3UMMARY 'ROUP 3TATEMENT OF &INANCIAL 0OSITION CONT !S AT *UNE

.OTES

#URRENT ,IABILITIES :i\[`kfij Xe[ 8ZZilXcj :lii\ek Gfik`fe f] Efe$:lii\ek C`XY`c`k`\j

*UNE

*UNE

S

S

(,

Dfe\p fn\[ kf fli jlggc`\ij Xe[ i–eXe^X [`jki`Ylk`fej jk`cc kf Y\ gX`[%

*)#)*, 0/#.0/

*(#.'(#)*'

4OTAL #URRENT ,IABILITIES

@eZcl[\j Yfiifn`e^j le[\i k\id ]XZ`c`kp n`k_ 9EQ%

.ON #URRENT ,IABILITIES K\id CfXej Fk_\i =`eXeZ`Xc C`XY`c`k`\j

(,

(,* ,'

,)#'-' '

4OTAL .ON #URRENT ,IABILITIES

4OTAL ,IABILITIES

.ET !SSETS

%QUITY Kiljk =le[j `e G\ig\kl`kp :Xg`kXc I\j\im\ 8jj\k I\mXclXk`fe I\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[j i\Z\`m\[ ]ifd k_\ :ifne `eZcl[`e^ :cX`d J\kkc\d\ek (.'d Xe[ gXik`Xc =`j_\i`\j J\kkc\d\ek )/d `e J\gk\dY\i )''.% @eZcl[\j k_\ [`]]\i\eZ\ Y\kn\\e k_\ Zlii\ek dXib\k mXcl\ Xe[ k_\ gi`Z\j gX`[ ]fi IpdXe J_Xi\j% I\gi\j\ekj lei\Xc`j\[ ^X`ej Xe[ cfjj\j fe ]fi\`^e Zlii\eZp Xe[ `ek\i\jk iXk\ _\[^\j% K_\ e\k nfik_ f] E^Â ` KX_l Xj d\Xjli\[ `e k_\ >iflg =`eXeZ`Xc 8ZZflekj%

:fdgXiXk`m\j _Xm\ Y\\e X[aljk\[ `e i\cXk`fe kf EQ @=IJ X[fgk`fe

)( J\gk\dY\i )''/

BX`n_XbX_X\i\

:_`\] <o\Zlk`m\ F]Ă‹Z\i

K_`j JkXk\d\ek `j kf Y\ i\X[ `e ZfealeZk`fe n`k_ k_\ JlddXip JkXk\d\ek f] 8ZZflek`e^ Gfc`Z`\j Xe[ Efk\j kf k_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj XkkXZ_\[% -*

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_ nXj gifm`[\[ ]ifd1 :Xj_ i\Z\`gkj ]ifd :ljkfd\ij JXc\ f] @em\ekfi`\j ¾ Gifg\ikp ;`m`[\e[j i\Z\`m\[ @ek\i\jk i\Z\`m\[

(+-#+,- ).#'), (#/*, 0')

(+'#,*- )/#(.( )#0)/ (#')+

(.-#)(/

(.)#-,0

:Xj_ nXj Xggc`\[ kf1 :Xj_ gX`[ kf Jlggc`\ij Xe[ <dgcfp\\j GliZ_Xj\ f] ;\m\cfgd\ek Gifg\ik`\j Ki`YXc ;`jki`Ylk`fej @ek\i\jk gX`[ KXoXk`fe gX`[

()'#/*. *+#))* (-#'(/ +#/-+ .(

((.#/,) **#,(+ ('#-/- ,#00* ,.(

(.-#'(*

(-/#-(-

.ET #ASH )N¾OW FROM /PERATING !CTIVITIES

@eZcl[\j jXc\j f] i\j`[\ek`Xc [\m\cfgd\ek j\Zk`fej%

@eZcl[\j gliZ_Xj\j f] i\j`[\ek`Xc [\m\cfgd\ek j\Zk`fej%

#ASH &LOWS FROM )NVESTING !CTIVITIES :Xj_ nXj gifm`[\[ ]ifd1 JXc\ f] Gifg\ikp# GcXek Xe[ <hl`gd\ek CfXej i\gX`[ I\]le[ f] i\[lZk`fe `e GliZ_Xj\ Gi`Z\ f] @em\jkd\ek JXc\ f] @em\jkd\ek kf Af`ek M\ekli\ GXike\i JXc\ f] =fi\jkj JXc\ f] HlfkX JXc\ f] @em\jkd\ekj

*#'*+ (#0-/ ' ,)+ (#'., )0, '

(#+,/ )#,), )#*+0 ' ' )/, /'#'.,

:Xj_ nXj Xggc`\[ kf1 GliZ_Xj\ f] Gifg\ikp# GcXek Xe[ <hl`gd\ek CfXej X[mXeZ\[ 8Zhl`j`k`fe f] 9lj`e\jj\j :Xg`kXc`j\[ =`j_\i`\j 8ccfZXk`fe :fjkj GliZ_Xj\ f] @em\jkd\ekj GliZ_Xj\ f] HlfkX GliZ_Xj\ f] 9`fcf^`ZXc Xjj\kj GliZ_Xj\ f] @ekXe^`Yc\j @em\jkd\ek Gifg\ik`\j <og\e[`kli\

-#/0- ,#//- )#-/' (#,,' ' ()#-/- (#,'' .,( (-' ),#)*/

/-#-0)

,'#+,(

)+#)./

.ET #ASH /UT¾OW )N¾OW FROM )NVESTING !CTIVITIES

K_`j JkXk\d\ek `j kf Y\ i\X[ `e ZfealeZk`fe n`k_ k_\ JlddXip JkXk\d\ek f] 8ZZflek`e^ Gfc`Z`\j Xe[ Efk\j kf k_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj XkkXZ_\[% -+

@eZcl[\j ZXg`kXc Zfjkj XjjfZ`Xk\[ n`k_ :_i`jkZ_liZ_ :`kp :fleZ`c AM Xe[ 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_ nXj gifm`[\[ ]ifd1 9Xeb f] E\n Q\XcXe[ cfXej ;\gfj`kj X[mXeZ\[

+-#''' ('/

' '

:Xj_ nXj Xggc`\[ kf1 I\gXpd\ek f] 9Xeb f] E\n Q\XcXe[ cfXej I\gXpd\ek f] fk_\i efe Zlii\ek c`XY`c`k`\j

+-#('/ ' ++.

-,#,'' ,'*

++.

--#''*

.ET #ASH )N¾OW /UT¾OW FROM &INANCING !CTIVITIES

.ET )NCREASE IN #ASH (ELD

&ISH 3ETTLEMENT #ASH )NTRODUCED 8[[ YXcXeZ\ Xk Y\^`ee`e^ f] p\Xi

*#.'/

*#),+

"ALANCE AT %ND OF 9EAR

I\gi\j\ek\[ Yp1 :Xj_ Xe[ ZXj_ \hl`mXc\ekj

.#,)+

*#.'/

'

K_`j JkXk\d\ek `j kf Y\ i\X[ `e ZfealeZk`fe n`k_ k_\ JlddXip JkXk\d\ek f] 8ZZflek`e^ Gfc`Z`\j Xe[ Efk\j kf k_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj XkkXZ_\[% -,

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\[ ]fi k_\ gligfj\ f] ^`m`e^ `e]fidXk`fe XYflk k_\ >iflg kf k_\ E^Â ` KX_l n_Â el`%

K_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj ]fi K\ 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`fe C`d`k\[ Xe[ `kj jlYj`[`Xi`\j Xe[ k_\ kiljkj ]fi n_`Z_ k_\ ZfdgXep Xe[ `kj jlYj`[`Xi`\j XZk Xj kiljk\\# 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$^iflg kiXejXZk`fej%

\ejli`e^ k_Xk k_\ jlYjkXeZ\ f] k_\ le[\icp`e^ kiXejXZk`fej Xe[ fk_\i \m\ekj `j i\gfik\[%

K_\ >iflg Z_Xe^\[ `kj XZZflek`e^ gfc`Z`\j fe ( Alcp )''. kf Zfdgcp n`k_ E\n Q\XcXe[ \hl`mXc\ek kf @ek\ieXk`feXc =`eXeZ`Xc I\gfik`e^ JkXe[Xi[j EQ @=IJ % K_\ kiXej`k`fe kf EQ @=IJ `j XZZflek\[ ]fi `e XZZfi[XeZ\ n`k_ EQ @=IJ ( =`ijk$ k`d\ 8[fgk`fe f] E\n Q\XcXe[ <hl`mXc\ekj kf @ek\ieXk`feXc =`eXeZ`Xc I\gfik`e^ JkXe[Xi[j# n`k_ ( Alcp )''- Xj k_\ [Xk\ f] kiXej`k`fe% 8e \ogcXeXk`fe f] _fn k_\ kiXej`k`fe ]ifd jlg\ij\[\[ gfc`Z`\j kf EQ @=IJ _Xj X]]\Zk\[ k_\ JlddXip >iflg JkXk\d\ek f] =`eXeZ`Xc Gfj`k`fe Xe[ JlddXip >iflg JkXk\d\ek f] =`eXeZ`Xc G\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 @=IJ YXcXeZ\ j_\\k Xj Xk ( 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 kf E^ ` KX_l d\dY\ij Xe[ k_\`i Zfddle`k`\j% E^ ` KX_l ?fc[`e^j dXeX^\j k_\ Zfdd\iZ`Xc XZk`m`k`\j Xe[ Xjj\kj k_Xk _Xm\ Y\\e gcXZ\[ `e k_\ 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^X f E^ ` KX_l `j X Yf[p ZfigfiXk\ `eZfigfiXk\[ `e E\n Q\XcXe[ Yp j\Zk`fe - f] k_\ K\ I–eXe^X f E^ ` KX_l 8Zk (00-% @k `j X glYc`Z Y\e\Ă‹k \ek`kp Xe[ `j [fd`Z`c\[ `e E\n Q\XcXe[%

K\ I–eXe^X f E^ ` KX_l Xe[ k_\ E^ ` KX_l :_Xi`kXYc\ Kiljk _Xm\ Zfddfe Y\e\ËZ`Xi`\j%

K_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj ]fi k_\ >iflg _Xm\ Y\\e gi\gXi\[ `e XZZfi[XeZ\ n`k_ ^\e\iXccp XZZ\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`Xc JkXk\d\ekjà %

K_\ JlddXip >iflg =`eXeZ`Xc JkXk\d\ekj n\i\ Xlk_fi`j\[ ]fi `jjl\ Yp K\ I–eXe^X f E^ ` KX_l fe )( 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 `j YXj\[ fe k_\ ]X`i mXcl\ f] k_\ Zfej`[\iXk`fe ^`m\e `e \oZ_Xe^\ ]fi Xjj\kj%

8ZZflek`e^ gfc`Z`\j Xi\ j\c\Zk\[ Xe[ Xggc`\[ `e X dXee\i n_`Z_ \ejli\j k_Xk k_\ i\jlck`e^ ËeXeZ`Xc `e]fidXk`fe jXk`jË\j k_\ ZfeZ\gkj f] 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\jk k_fljXe[ [fccXij ''' lec\jj fk_\in`j\ jkXk\[%

3IGNI½CANT !CCOUNTING 0OLICIES K_\ ]fccfn`e^ j`^e`Ă‹ZXek XZZflek`e^ gfc`Z`\j _Xm\ Y\\e X[fgk\[ `e k_\ gi\gXiXk`fe Xe[ gi\j\ekXk`fe f] k_\ Ă‹eXeZ`Xc i\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 `kj XZk`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$c`e\ YXj`j k_\ Ă‹eXeZ`Xc jkXk\d\ekj f] k_\ kiljkj Xe[ k_\`i jlYj`[`Xi`\j Xe[ XjjfZ`Xk\j n`k_ k_\ Zfejfc`$ [Xk\[ Ă‹eXeZ`Xc jkXk\d\ekj f] K\ I–eXe^X f E^ ` KX_l Xe[ E^ ` KX_l :_Xi`kXYc\ Kiljk Xe[ `kj jlYj`[`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[\[ `e k_\ JlddXip >iflg JkXk\d\ek f] =`eXeZ`Xc G\i]fidXeZ\ ]ifd k_\ \]]\Zk`m\ [Xk\ f] XZhl`j`k`fe fi lg kf k_\ \]]\Zk`m\ [Xk\ f] [`jgfjXc# Xj Xggifgi`Xk\% 8cc `ekiX$^iflg kiXejXZk`fej# YXcXeZ\j# `eZfd\ Xe[ \og\ej\j Xi\ \c`d`eXk\[ `e ]lcc fe ZfdY`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\# Ylk efk Zfekifc# fm\i k_\ Ă‹eXeZ`Xc Xe[ fg\iXk`e^ gfc`Z`\j% @em\jkd\ekj `e XjjfZ`Xk\j Xi\ XZZflek\[ ]fi lj`e^ k_\ \hl`kp d\k_f[ f] XZZflek`e^ Xe[ Xi\ `e`k`Xccp i\Zfi[\[ Xk Zfjk% 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\ek f] =`eXeZ`Xc G\i]fidXeZ\# Xe[ `kj j_Xi\ f] gfjk$XZhl`j`k`fe i\j\im\j `j i\Zf^e`j\[ `e i\j\im\j% K_\ ZldlcXk`m\ gfjk$XZhl`j`k`fe dfm\d\ekj Xi\ X[aljk\[ X^X`ejk k_\ ZXiip`e^ mXcl\ f] k_\ `em\jkd\ek% N_\e k_\ >iflgĂƒj j_Xi\ f] cfjj\j \oZ\\[j k_\ 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\gk kf k_\ \ok\ek k_Xk k_\ >iflg _Xj `eZlii\[ fYc`^Xk`fej `e i\jg\Zk f] 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\ `j i\Zf^e`j\[ fe X k`d\ gifgfik`fe YXj`j lj`e^ k_\ \]]\Zk`m\ `ek\i\jk d\k_f[% K_\ \]]\Zk`m\ `ek\i\jk d\k_f[ XccfZXk\j k_\ `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\jk iXk\% K_\ \]]\Zk`m\ `ek\i\jk iXk\ `j k_\ [`jZflek iXk\ Xk n_`Z_ k_\ gi\j\ek mXcl\ f] k_\ ]lkli\ ZXj_ ĂŒfnj \hlXcj k_\ e\k ZXiip`e^ Xdflek f] k_\ Ă‹eXeZ`Xc Xjj\k% N_\e ZXcZlcXk`e^ k_\ \]]\Zk`m\ `ek\i\jk iXk\ k_\ >iflg \jk`dXk\j k_\ ]lkli\ ZXj_ ĂŒfnj Zfej`[\i`e^ Xcc k_\ ZfekiXZklXc k\idj f] k_\ ZfekiXZk Ylk [f\j efk `eZcl[\ ]lkli\ Zi\[`k cfjj\j% K_\ ZXcZlcXk`fe f] k_\ \]]\Zk`m\ `ek\i\jk iXk\ `eZcl[\j Xcc ]\\j# kiXejXZk`fe Zfjkj Xe[ Xcc fk_\i gi\d`ldj fi [`jZflekj k_Xk Xi\ Xe `ek\^iXc gXik f] k_\ \]]\Zk`m\ `ek\i\jk iXk\% FeZ\ X Ă‹eXeZ`Xc Xjj\k fi X ^iflg f] j`d`cXi Ă‹eXeZ`Xc Xjj\kj _Xj Y\\e ni`kk\e [fne Xj X i\jlck f] Xe `dgX`id\ek cfjj# `ek\i\jk `eZfd\ `j i\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\ek cfjj% 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\k f] ^ff[j Xe[ j\im`Z\j kXo >JK # i\YXk\j# [`jZflekj Xe[ X]k\i \c`d`eXk`e^ jXc\j n`k_`e k_\ >iflg% I\m\el\ `j i\Zf^e`j\[ Xj ]fccfnj1 A 2ENTAL )NCOME I\ekXc `eZfd\ `j i\Zf^e`j\[ fe X jkiX`^_k c`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^ Xe fg\iXk`e^ c\Xj\ Xi\ X[[\[ kf k_\ ZXiip`e^ Xdflek f] k_\ c\Xj\[ Xjj\k Xe[ i\Zf^e`j\[ fe X jkiX`^_k c`e\ YXj`j fm\i k_\ 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[j f] fne\ij_`g f] k_\ ^ff[j jfc[% C 3ALE OF SERVICES JXc\ f] j\im`Z\j Xi\ i\Zf^e`j\[ `e k_\ XZZflek`e^ g\i`f[ `e n_`Z_ k_\ j\im`Z\j Xi\ i\e[\i\[# Yp i\]\i\eZ\ kf Zfdgc\k`fe f] k_\ jg\Z`Ă‹Z kiXejXZk`fe Xjj\jj\[ fe k_\ YXj`j f] k_\ XZklXc j\im`Z\ gifm`[\[ Xj gifgfik`fe f] k_\ kfkXc j\im`Z\j kf Y\ 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`ej fi cfjj\j [l\ kf dfm\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\`^e Zlii\eZp i`jbj%

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:fjkj `eZcl[\ X jpjk\dXk`Z XccfZXk`fe f] Xggifgi`Xk\ gif[lZk`fe fm\i_\X[j k_Xk i\cXk\ kf glkk`e^ `em\ekfi`\j `e k_\`i gi\j\ek cfZXk`fe Xe[ Zfe[`k`fe%

@em\ekfi`\j ZcXjj`Ă‹\[ Xj lec\Xj\[ hlfkX Xi\ k_\ i`^_kj kf ZXkZ_ Ă‹j_ k_Xk Xi\ XkkXZ_\[ kf k_\ Ă‹j_ hlfkX j_Xi\j%

Gifg\ik`\j ZcXjj`Ă‹\[ Xj `em\ekfi`\j Xi\ gifg\ik`\j `ek\e[\[ ]fi jXc\ `e k_\ fi[`eXip Zflij\ f] Ylj`e\jj fi Xi\ `e k_\ gifZ\jj f] Y\`e^ ZfejkilZk\[ fi [\m\cfg\[ ]fi jlZ_ X jXc\%

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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\ekcp d\Xjli\[ Xk Zfjk c\jj Xep XZZldlcXk\[ `dgX`id\ek cfjj\j% >ff[n`cc `j efk jlYa\Zk kf Xdfik`jXk`fe# Ylk `j k\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 >iflg JkXk\d\ek f] =`eXeZ`Xc G\i]fidXeZ\ Xe[ `j efk jlYj\hl\ekcp i\m\ij\[% I\]\i Xcjf kf `dgX`id\ek f] Xjj\kj gfc`Zp% B 1UOTA AND -ARINE &ARM ,ICENCES HlfkX Xe[ dXi`e\ ]Xid c`Z\eZ\j Xi\ Yfk_ `e[\Ă‹e`k\ c`]\ `ekXe^`Yc\ Xjj\kj% K_\p Xi\ Yfk_ i\Zfi[\[ Xk Zfjk c\jj `dgX`id\ek% C )NTANGIBLE !SSETS "RANDS 2IVER 2IGHTS #ONCESSIONS AND #ONSENTS 9iXe[j# i`m\i i`^_kj# ZfeZ\jj`fej Xe[ Zfej\ekj _Xm\ Xe `e[\Ă‹e`k\ lj\]lc c`]\ Xe[ Xi\ i\Zfi[\[ Xk Zfjk c\jj `dgX`id\ek% #OMPUTER 3OFTWARE :fdglk\i jf]knXi\ Xe[ c`Z\eZ\j Xi\ ZXg`kXc`j\[ fe k_\ YXj`j f] k_\ Zfjkj `eZlii\[ kf XZhl`i\ Xe[ Yi`e^ kf lj\ k_\ jg\Z`Ă‹Z Xjj\k% K_\j\ Zfjkj Xi\ Xdfik`j\[ fe X jkiX`^_k c`e\ YXj`j fm\i k_\`i \jk`dXk\[ lj\]lc c`]\ f] fe\ kf Ă‹m\ p\Xij%

A 2ECOGNITION AND -EASUREMENT Gifg\ikp# gcXek Xe[ \hl`gd\ek `j jkXk\[ Xk _`jkfi`ZXc Zfjk c\jj XZZldlcXk\[ [\gi\Z`Xk`fe Xe[ gifm`j`fe ]fi `dgX`id\ek% ?`jkfi`ZXc Zfjk `eZcl[\j \og\e[`kli\ k_Xk `j [`i\Zkcp Xkki`YlkXYc\ kf k_\ XZhl`j`k`fe f] k_\ `k\dj% B 3UBSEQUENT COSTS JlYj\hl\ek Zfjkj Xi\ `eZcl[\[ `e k_\ Xjj\kĂƒj ZXiip`e^ mXcl\ fi i\Zf^e`j\[ Xj X j\gXiXk\ Xjj\k# Xj Xggifgi`Xk\# fecp n_\e `k `j gifYXYc\ k_Xk ]lkli\ \Zfefd`Z Y\e\Ă‹kj XjjfZ`Xk\[ n`k_ k_\ `k\d n`cc ĂŒfn kf k_\ >iflg Xe[ k_\ Zfjk f] k_\ `k\d ZXe Y\ d\Xjli\[ i\c`XYcp% 8cc fk_\i i\gX`ij Xe[ dX`ek\eXeZ\ Xi\ Z_Xi^\[ kf k_\ JlddXip >iflg JkXk\d\ek f] =`eXeZ`Xc G\i]fidXeZ\ [li`e^ k_\ Ă‹eXeZ`Xc g\i`f[ `e n_`Z_ k_\p Xi\ `eZlii\[% C $EPRECIATION CXe[ Xe[ `em\jkd\ek gifg\ik`\j le[\i [\m\cfgd\ek _Xm\ efk Y\\e [\gi\Z`Xk\[% ;\gi\Z`Xk`fe fe fk_\i Xjj\kj `j ZXcZlcXk\[ fe X jkiX`^_k c`e\ YXj`j kf XccfZXk\ k_\`i Zfjk kf k_\`i i\j`[lXc mXcl\j fm\i k_\`i \jk`dXk\[ lj\]lc c`m\j% K_\ \jk`dXk\[ lj\]lc c`m\j# i\j`[lXc mXcl\j Xe[ [\gi\Z`Xk`fe d\k_f[ Xi\ i\m`\n\[ Xk k_\ \e[ f] \XZ_ XeelXc i\gfik`e^ g\i`f[% )NVESTMENT 0ROPERTY

@em\jkd\ek gifg\ikp `eZcl[\j gifg\ik`\j _\c[ kf \Xie i\ekXc `eZfd\# fi ]fi ZXg`kXc Xggi\Z`Xk`fe% 8 gifg\ikp `j Xcjf ZcXjj`Ă‹\[ Xj Xe `em\jkd\ek gifg\ikp `] `k [f\j efk _Xm\ Xe fg\iXk`e^ c\Xj\ `e gcXZ\# Ylk `j _\c[ n`k_ k_\ `ek\ek`fe f] j\Zli`e^ Xe fg\iXk`e^ c\Xj\%

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8ep ^X`ej fi cfjj\j Xi`j`e^ ]ifd X Z_Xe^\ `e ]X`i mXcl\ Xi\ i\Zf^e`j\[ `e k_\ JlddXip >iflg JkXk\d\ek f] =`eXeZ`Xc G\i]fidXeZ\%

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.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE

*ULY S

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.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE

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.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE

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.OTES TO THE 3UMMARY 'ROUP &INANCIAL 3TATEMENTS &OR THE YEAR ENDED *UNE

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%FFECT OF TRANSITION TO .: )&23 S

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