Kahungunu Asset Holding Company Report

Chairman's Report for the year 2008-2009

Tïhei Mauriora

He hönore, he kororia, he maungärongo ki te whenua

He whakaaro pai ki ngä tängata katoa.

Ka mihi rä ki ö tätou mate e hinga mai rä, e hinga atu rä.

Haere koutou ngä mate haere, haere

Moe mai koutou i roto i te Ariki

Ka piti hono, tätai hono,

Rätou te hunga mate kia rätou

Ka piti hono, tätai hono, tätou te hunga ora kia tätou

Tënä tätou katoa

It is my pleasure to present to you the annual report of Kahungunu Asset Holding

Company Limited (KAHC) for the year ended 30 of June 2009.

Kahungunu Asset Holding Company Limited (KAHC) was established in 2005

by Ngäti Kahungunu iwi Incorporated (NKII) to receive and manage the Treaty

of Waitangi Fisheries settlement on behalf of Ngäti Kahungunu. Since then the

company’s role has been expanded to manage other assets of Ngäti Kahungunu

Iwi Incorporated.

The key assets owned by KAHC include fishing quota, shares in Aotearoa Fisheries

Limited (who in turn own 50% of Sealord and a range of other seafood companies),

shares in Napier Mussels Limited, shares in Fiorldland Lobster Company Limited

and cash.

The company has the following objectives:

• To build intergenerational wealth for Ngäti Kahungunu

• To maximise the financial return on the assets

• To build a sustainable capital base for the future.

The Company’s strategy includes diversification of the asset portfolio. The company

has received funds from the shareholder, from the sale of property assets, to

reinvest in commercial property.

The operating profit for the year 2008 was $2,028,815 compared to $2,458,049 the

previous year.

I am also pleased to report an increased equity position of $ 34,370,866 for the year

ended 30 June 2009 compared to $33,742,051 for the 2007 year. This increase in

equity is posted after payment of the $1,400,000 dividend to the shareholder, Ngäti

Kahungunu Iwi Incorporated.

I take this opportunity to thank the Directors for their co-operation and the wisdom that has been

evident in the deliberations of the Board to date.

Käti mö tënei rïpoata

Tënei te mihi kia koutou e pae nei

Tëna koutou katoa

Harry Haerengarangi Mikaere

Chair

Kahungunu Asset Holding