Ranginui No 12 Ranginui No 12 TrustTrust

2015 Annual General Meeting

5 September 2015

Ngāti He Orchard

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

Reports Chairperson | Paula Werohia

Orchard Manager | Ray Gordon

Financial Update | James Stewart

Share Portfolio | Hamish Coleman

Chairperson Report

Orchard productivity

The Kiwifruit Claim/KISP

Grants

Panui

Trustee Training

SIPO Development

Papakainga Opportunities

Whakawhanaungatanga Day

PAULA WEROHIA

Orchard Manager ReportRAY GORDON

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Ranginui 12 TrustInvestment PortfolioSeptember 2015

Advisor: Hamish Coleman

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• 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

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• 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

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%)

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Ranginui No 12 Trust

Summary of Annual Results

For the Year Ended

31 March 2015

Canopy Hectares

20142014 20152015

Ngapeke Green KiwifruitNgapeke Green Kiwifruit 4.084.08 4.084.08

Ngati He Green KiwifruitNgati He Green Kiwifruit 11.5311.53 11.8211.82

Ngati He Gold KiwifruitNgati He Gold Kiwifruit 0.330.33 5.265.26

Export Trays

20142014 20152015

Ngapeke Green Ngapeke Green KiwifruitKiwifruit

31,04131,041 41,88941,889

Ngati He Green Ngati He Green KiwifruitKiwifruit

118,369118,369 157,889157,889

Ngati He Gold KiwifruitNgati He Gold Kiwifruit 4,7054,705 54,21754,217

Income

20142014

$$20152015

$$Gross Profit from Kiwifruit - Gross Profit from Kiwifruit - NgapekeNgapeke

78,83378,833 102,411102,411

Gross Profit from Kiwifruit - Ngati Gross Profit from Kiwifruit - Ngati He Green He Green

303,348303,348 613,034613,034

Gross Profit from Kiwifruit - Ngati Gross Profit from Kiwifruit - Ngati He GoldHe Gold

(21,760)(21,760) 58,06858,068

Gross Profit from Avocados Gross Profit from Avocados 38,60538,605 48,41348,413

Gross Profit from Rent – Ranginui Gross Profit from Rent – Ranginui RdRd

-- 6,3966,396

Income Continued

20142014

$$20152015

$$

Dividends ReceivedDividends Received 75,55575,555 118,643118,643

Interest ReceivedInterest Received 42,33742,337 53,95853,958

Overseas Investment IncomeOverseas Investment Income 15,35915,359 18,01818,018

Rents ReceivedRents Received 4,4204,420 6,2116,211

Other IncomeOther Income 13,43513,435 4,4064,406

TOTAL INCOMETOTAL INCOME 550,132550,132 1,029,551,029,5588

Expenditure

20142014

$$20152015

$$

Orchard Working ExpensesOrchard Working Expenses 175,295175,295 114,650114,650

Repairs & MaintenanceRepairs & Maintenance 51,77351,773 149,150149,150

Vehicle ExpensesVehicle Expenses 23,39923,399 15,49615,496

Administration ExpensesAdministration Expenses 172,758172,758 212,786212,786

Financial ExpensesFinancial Expenses 542542 243243

DepreciationDepreciation 79,29079,290 73,09673,096

TaxationTaxation 352352 32,63932,639

TOTAL EXPENSESTOTAL EXPENSES 503,409503,409 598,060598,060

Net Surplus

20142014

$$20152015

$$

NET OPERATING PROFITNET OPERATING PROFIT 46,72346,723 431,498431,498

Less Owner DividendsLess Owner Dividends 85,00085,000 75,00075,000

Less Education & Other GrantsLess Education & Other Grants -- - -

Realised Capital Losses (Gains)Realised Capital Losses (Gains) (103,089)(103,089) (27,157)(27,157)

NET SURPLUS (DEFICIT)NET SURPLUS (DEFICIT) 64,81264,812 383,655383,655

Financial Position

20142014

$$20152015

$$

Net Current AssetsNet Current Assets 782,045782,045 1,104,0951,104,095

InvestmentsInvestments 1,574,0971,574,097 1,700,6351,700,635

Plant & VehiclesPlant & Vehicles 86,14186,141 110,227110,227

Land & BuildingsLand & Buildings 9,130,3999,130,399 10,115,09910,115,099

Term LiabilitiesTerm Liabilities (31,680)(31,680) (23,760)(23,760)

NET ASSETSNET ASSETS 11,541,00211,541,002 13,006,2913,006,2966

Ranginui No 12 History

-200000

0

200000

400000

600000

800000

1000000

1200000

2010 2011 2012 2013 2014 2015

$

ProfitReinvested

OwnerDistributions

NPAT

Return on Assets

3.100

5.000

1.500

4.500

1.200

3.400

0.000

1.000

2.000

3.000

4.000

5.000

6.000

2010 2011 2012 2013 2014 2015

%

Forecast for the Year Ended 31 March 2016

Cash Position as at 1 April 2015Cash Position as at 1 April 2015 985,255985,255

Forecasted Cash Profit for the year Forecasted Cash Profit for the year ended 31 March 2016ended 31 March 2016

500,010500,010

TOTAL AVAILABLE FUNDSTOTAL AVAILABLE FUNDS 1,485,2651,485,265

To be spent as follows;To be spent as follows;

Owner DividendsOwner Dividends ??

Owners GrantsOwners Grants ??

Purchase of Fixed AssetsPurchase of Fixed Assets 81,00081,000

CASH POSITION AS AT 31 MARCH 2016CASH POSITION AS AT 31 MARCH 2016 1,404,2651,404,265

Appointment of Auditor

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.

Annual DistributionReimplementation of Grants

General Business Papakainga Whakawhanaungatanga Weekend Te Awanui Huka Pak Update