Annual Report TARANAKI IWI HOLDINGS LP & TARANAKI IWI FISHERIES LIMITED

I am proud to report on Taranaki Iwi Holdings LP’s (Holdings) second full year of operations.

Te Kāhui o Taranaki founded Holdings to be the iwi’s dedicated commercial manager. We share and support Te Kāhui’s vision and values:

• Taranaki Iwi – Me Harakeke Tōngai Nui

• Kia rongomou, Kia manawanui, Kia aroha ki te tangata, Kia tika, kia pono

Our goal as the commercial arm of Te Kāhui is to support these values by being an outstanding investment company for Taranaki Iwi and one who is a respected investment and economic leader in the Taranaki Region. Our focus is on:

EXCELLENCE Achieve leading sector returns on investment

GROWTH Grow investments to enable continual growth in distributions

LEADERSHIP Lead within the Taranaki regional economy through performance

INTEGRITY Enhance the mana of Taranaki Iwi by reflecting its values

We aim to achieve this by following these key investment principles: TIHLP is implementing the following Investment Approach in order to achieve its vision and long-term objectives: