Hoea ra - Ngāti Kahungunu Iwi Incorporated

I am also pleased to report an increased equity position of $ 53,992,485for the year ended 30 June 2011 compared to $52,222,903 for the 2010year. This increase in equity is posted after payment of the $1,640,000dividend to the shareholder, Ngäti Kahungunu Iwi Incorporated.During the year the company negotiated settlement of the CommercialAquaculture Settlement for ‘pre-commencement space’ on behalf of NgätiKahungunu Iwi Incorporated and this settlement should be effected in the2011-2012 year.There have been changes made to the Company’s Board of Directorsduring the year. Taine Randell, Eboni Waitere and I were appointed to theBoard in November 2010. Te Horipo Karaitiana and Rawinia Kamau wereappointed in August 2011.Christine Teariki retired in November 2010. Harry Mikaere, the previouschairman and Chris O’Reilly retired in August 2011 having completed two3 year terms. I take this opportunity to acknowledge the foundation workof the outgoing directors, along with Peter Brierley who remains a director,and thank them on behalf of the company for their valuable contribution toNgäti Kahungunu. The current Board of Directors look forward to servingour iwi in this important role and building on the work of those who precedeus.Kaati mö tënei rïpoataTënei te mihi ki a koutou e pae neiTënä koutou katoaRangi ManuelChairmanNgäti Kahungunu Iwi Incorporated acknowledges the long term service of the outgoingDirectors, Harry Mikaere, Chris O’Reilly and Christine Teariki.Page 23