Cumulative Dividend Income Last 12 Months to Month Shown ($M)

Summary of Income Cumulative dividend income last 12 months to month shown ($m)

Cumulative dividend income for the previous 12 months to month shown ($m) 0.30 0.28 0.29 Assets $9,373,859 0.28 0.27 0.28 0.27 0.26 0.27 0.25 0.25 0.26 0.26 0.25 Distributions 0.20 paid out since $624,872 commencement 0.15

0.10

0.05

0.00 Nov 2015 Jan 2016 Mar 2016 May 2016 Jul 2016 Sep 2016

Current financial year Since 2016/17 Note: Last 12 months Budget Year-to-date commencement Annual budget 1 . The table assumes that dividends earned are immediately paid out to the Trust. Dividends Value start of period 9,226,700 9,226,700 7,414,499 - 9,226,700 received and paid to the Trust include both dividend and interest income on the Net capital invested - - 1,084,130 7,460,086 - investments. 2 . The 2016/17 budget assumes all the net Dividends received/earned 120,488 149,310 286,329 624,872 361,464 dividends at 4.5% (NZ), 4.0% (Australia) and Dividends paid to Trust -120,488 -149,310 -286,329 -624,872 -361,464 3.5% (global). No new capital is allowed for and no market movement or currency Market movement - 183,335 966,130 1,973,675 - movement is assumed. Both could be positive or negative. Currency movement - -36,175 -90,899 -59,902 - 3 The total asset value includes NZ$31,092.00 Value at 31 October 2016 9,226,700 9,373,859 9,373,859 9,373,859 9,226,700 cash held with Forsyth Barr.

New Zealand shares

During the month Average Returns Holdings Price (local) Values Gain/loss Code Company Industry purchase End Net 1 cost Start End Start End Start Buys Sells Market Currency values dividend Month Ytd Inception

ABA Abano Healthcare Healthcare 6.98 25,436 25,436 8.55 8.00 217,478 - - (13,990) 203,488 - (6.43%) 7.84% 10.93% AIA Auckland Intl. Airport Services 3.95 31,410 31,410 7.35 6.59 230,864 - - (23,872) 206,992 2,827 (9.18%) 2.70% 25.45% AWK Airwork Holdings Limited Services 2.90 49,827 49,827 4.44 4.85 221,232 - - 20,429 241,661 3,986 11.21% 9.00% 27.49% CVT Comvita Limited Consumer goods 8.27 21,800 21,800 11.30 9.45 246,340 - - (40,330) 206,010 - (16.37%) (19.77%) 15.40% EBO Ebos Consumer goods 9.41 12,088 12,088 18.85 17.05 227,859 - - (21,758) 206,100 3,929 (7.90%) 6.12% 31.82% FPH F&P Healthcare Healthcare 4.45 21,040 21,040 10.01 8.86 210,610 - - (24,196) 186,414 - (11.49%) (10.97%) 38.19% FBU Fletcher Building Primary 8.59 24,920 24,920 10.73 10.37 267,392 - - (8,971) 258,420 4,984 (1.51%) 23.17% 8.13% FRE Freightways Services 5.15 30,520 30,520 6.57 6.39 200,516 - - (5,494) 195,023 4,425 (0.54%) 0.99% 15.97% GXH Green Cross Health Limited Healthcare 1.53 76,900 76,900 2.69 2.60 206,861 - - (6,921) 199,940 - (3.35%) 0.78% 31.66% HBY Hellaby Holdings Limited Primary 2.94 69,650 69,650 3.32 3.34 231,238 - - 1,393 232,631 - 0.60% 33.30% 10.32% MFT Mainfreight Services 14.38 12,515 12,515 17.75 18.57 222,141 - - 10,262 232,404 - 4.62% 13.18% 15.97% MVN Methven Consumer goods 1.17 166,790 166,790 1.33 1.21 221,831 - - (20,015) 201,816 - (9.02%) (2.27%) 9.13% MET Metlifecare Healthcare 4.43 38,740 38,740 6.25 5.78 242,125 - - (18,208) 223,917 - (7.52%) 5.19% 14.43% MELCA Meridian Energy Energy 1.25 78,700 78,700 2.60 2.57 204,620 - - (2,361) 202,259 7,266 2.44% 1.08% 35.29% PEB Pacific Edge Technology 0.69 422,927 422,927 0.46 0.46 194,546 - - - 194,546 - 0.00% (16.36%) (21.92%) POT Port of Tauranga Limited Services 5.90 9,690 48,450 19.60 3.90 189,924 188,471 (188,471) (969) 188,955 - (0.51%) 0.00% 11.60% SKL Skellerup Holdings Consumer goods 1.55 146,450 146,450 1.37 1.43 200,637 - - 8,787 209,424 8,055 8.59% 18.07% (2.62%) VCT Vector Limited Energy 2.69 57,630 57,630 3.30 3.18 190,179 - - (6,916) 183,263 - (3.64%) (1.02%) 12.43% VGL Vista Group International Limited Technology 5.86 34,300 34,300 6.50 6.01 222,950 - - (16,807) 206,143 - (7.54%) 2.74% 2.53%

Total shares 19 shares 4,149,342 188,471 (188,471) (169,935) 3,979,407 35,472 (3.26%) 3.22% 19.14% Cash 0 Total NZ shares portfolio 3,979,407 NZSX50 (100.00%) (100.00%) (100.00%) Private equity

Phytomed Pharmaceuticals 3.49 90,975 90,975 4.80 4.80 436,680 - - - 436,680 - 0.00% 0.00% 22.43% Supreme Biotech Pharmaceuticals 2.35 13,004 13,004 11.69 11.69 29,319 - - - 29,319 - 0.00% 0.00% 0.00%

Total private equity 2 investments 465,999 - - - 465,999 - 0.00% 0.00% 17.75%

Notes: 1. "Average purchase cost" figures are since inception, and in local currency. 2. Port of Tauranga Limited (POT) undertook a 5:1 share split on 17 October 2016.

Ngati Pahauwera Development Trust 2

New Zealand shares

Portfolio weightings

Fletcher Building Airwork Holdings Limited These are Hellaby Holdings Limited all more than 20% Mainfreight above the Metlifecare "equal Skellerup Holdings weighting target." Auckland Intl. Airport Vista Group International Limited Ebos Comvita Limited Abano Healthcare Meridian Energy target 5.3% in each share Methven Green Cross Health Limited Freightways Pacific Edge Port of Tauranga Limited F&P Healthcare Vector Limited 0% 1% 2% 3% 4% 5% 6% 7% 8%

Ngati Pahauwera Development Trust 3 Australian shares

ALQ ALS Technology 6.07 35,770 35,770 5.96 6.23 223,938 - - 10,145 2,938 237,021 - 5.84% 30.87% (4.99%) AMC Amcor Primary 11.27 9,860 9,860 15.15 14.70 156,911 - - (4,661) 1,911 154,161 - (1.75%) 1.80% 18.71% ANN Ansell Healthcare 20.89 7,960 7,960 22.98 21.69 192,144 - - (10,786) 2,276 183,634 - (4.43%) 22.78% 6.97% ANZ ANZ Banking Group Financials 34.20 5,715 5,715 27.63 27.85 165,867 - - 1,321 2,098 169,286 - 2.06% 21.15% (3.19%) AHE Automotive Holdings Group Services 4.09 33,440 33,440 4.28 4.05 150,339 - - (8,079) 1,785 144,046 4,611 (1.15%) 12.76% 5.63% BHP BHP Billiton Primary 39.73 3,447 3,447 22.38 23.07 81,033 - - 2,498 1,048 84,580 - 4.38% 26.58% (12.53%) BKL Blackmores Limited Pharmaceuticals 35.09 784 784 116.58 112.08 96,007 - - (3,706) 1,158 93,460 - (2.65%) (11.92%) 75.37% BOQ Bank of Queensland Financials 13.84 11,720 11,720 11.37 10.46 139,975 - - (11,203) 1,616 130,388 - (6.85%) 0.22% (18.73%) BXB Brambles Services 10.24 12,410 12,410 11.98 11.53 156,168 - - (5,866) 1,886 152,188 1,925 (1.33%) (4.39%) 10.03% CSL CSL Pharmaceuticals 74.26 1,445 1,445 107.00 100.51 162,411 - - (9,851) 1,915 154,475 1,358 (4.08%) (8.31%) 16.68% EVT Event Hospitality and Entertainment Services 10.29 9,200 9,200 15.08 14.00 145,731 - - (10,437) 1,698 136,992 - (6.00%) (0.23%) 20.56% LLC Lend Lease Corporation Limited Property 15.11 10,095 10,095 14.04 13.52 148,880 - - (5,514) 1,799 145,165 - (2.50%) 11.22% 3.27% ORA Orora Limited Primary 2.98 51,100 51,100 3.15 2.90 169,081 - - (13,419) 1,954 157,615 2,738 (5.20%) 8.42% 3.91% PGH Pact Group Holdings Limited Primary 4.27 30,300 30,300 6.31 6.57 200,833 - - 8,275 2,624 211,733 3,543 7.30% 12.51% 31.79% QUB Qube Holdings Limited Services 2.68 55,800 55,800 2.33 2.23 136,569 - - (5,861) 1,640 132,348 1,667 (1.88%) 3.66% (7.88%) RHC Ramsay Healthcare Healthcare 51.16 2,380 2,380 79.12 73.36 197,800 - - (14,400) 2,302 185,702 - (6.12%) 4.68% 20.36% RMD Resmed Inc. Pharmaceuticals 5.93 19,020 19,020 8.48 7.84 169,422 - - (12,787) 1,966 158,601 - (6.39%) (3.82%) 17.01% SHL Sonic Healthcare Technology 19.46 7,256 7,256 22.01 20.49 167,757 - - (11,585) 1,960 158,132 - (5.74%) (1.60%) 9.40% SUN Suncorp Group Financials 14.54 10,945 10,945 12.11 11.97 139,227 - - (1,610) 1,727 139,344 - 0.08% 2.79% 2.55% SYD Sydney Airport Services 4.68 21,070 21,070 6.97 6.26 154,263 - - (15,714) 1,739 140,287 - (9.06%) (6.57%) 20.07% WES Wesfarmers Limited Conglomerate 46.58 3,624 3,624 44.10 41.01 167,876 - - (11,763) 1,959 158,073 3,659 (3.73%) 6.10% 1.49% WBC Westpac Banking Corp Financials 36.84 4,577 4,577 29.51 30.47 141,877 - - 4,615 1,839 148,331 - 4.55% 8.58% (0.54%) WOW Woolworths Consumer goods 39.76 3,340 3,340 23.27 23.65 81,641 - - 1,333 1,041 84,015 1,168 4.39% 16.53% (13.58%)

Total shares 23 shares ex rate 0.9520 0.9402 3,545,750 - - (129,053) 42,881 3,459,578 20,669 (1.86%) 6.96% 15.50% Cash 2,059 Total Au shares portfolio 3,461,637 All Ords 0.00% 5.98% 3.83% Notes: 1. The average purchase cost of each individual Australian security, since inception.

Ngati Pahauwera Development Trust 4

Australian shares

Portfolio weightings

ALS Pact Group Holdings Limited Ramsay Healthcare Ansell These are all more ANZ Banking Group than 20% Resmed Inc. above the Sonic Healthcare "equal Wesfarmers Limited weighting Orora Limited target." CSL Amcor Brambles Westpac Banking Corp Lend Lease Corporation Limited target 4.3% in each share Automotive Holdings Group Sydney Airport Suncorp Group These are all Event Hospitality and Entertainment more than Qube Holdings Limited 20% below Bank of Queensland the "equal Blackmores Limited weighting target." BHP Billiton Woolworths 0% 1% 2% 3% 4% 5% 6% 7% 8%

Ngati Pahauwera Development Trust 5

Overseas shares

During the month Average Returns Holdings Price (local) Values Gain/loss Code Company Industry purchase Net 1 End values cost Start End Start End Start Buys Sells Market Currency dividend Month Ytd Inception

AWK American Water Works Company Inc Utilities 110.72 500 500 74.98 72.53 51,405 - - (1,680) 924 50,649 - (1.47%) (12.41%) (8.12%) T AT & T Corp Telecommunications 58.34 955 955 40.73 36.51 53,335 - - (5,526) 888 48,697 - (8.70%) (15.53%) (11.74%) CL Colgate-Palmolive Co Consumer Goods 91.73 550 550 73.29 71.17 55,271 - - (1,599) 997 54,670 - (1.09%) (3.32%) 10.00% CR Crane Company Primary 83.38 595 595 62.31 68.21 50,836 - - 4,814 1,034 56,683 - 11.50% 21.28% 12.20% DHR Danaher Corporation Conglomerate 145.63 380 380 77.13 78.19 40,188 - - 552 757 41,497 - 3.26% 0.47% (1.69%) FTV Fortive Corporation Primary 67.38 190 190 50.70 50.21 13,209 - - (128) 243 13,324 16 0.99% 4.20% 4.20% GE General Electric Company Conglomerate 44.35 1,230 1,230 29.53 29.22 49,804 - - (523) 915 50,196 - 0.79% (7.53%) (7.41%) GIS General Mills Inc Food 71.42 715 715 63.66 61.66 62,412 - - (1,961) 1,123 61,574 - (1.34%) (9.53%) 31.94% ITW Illinois Tool Works Inc Primary 129.07 380 380 119.04 113.84 62,026 - - (2,709) 1,102 60,418 296 (2.12%) 9.19% 16.84% JNJ Johnson & Johnson Pharmaceutical 134.22 370 370 117.27 115.33 59,495 - - (984) 1,087 59,598 - 0.17% (5.34%) 14.01% KMB Kimberley-Clark Corp Healthcare 143.01 350 350 125.22 114.55 60,095 - - (5,121) 1,021 55,995 386 (6.20%) (16.46%) 9.19% KHC Kraft Heinz Company Consumer Goods 126.97 435 435 88.57 88.08 52,829 - - (292) 976 53,512 313 1.89% 2.47% (1.97%) MDT Medtronic Plc Healthcare 103.45 480 480 85.40 81.93 56,207 - - (2,284) 1,002 54,925 - (2.28%) (6.16%) 9.38% MRK Merck & Co Inc Pharmaceutical 77.55 640 640 61.91 58.84 54,329 - - (2,694) 959 52,594 353 (2.55%) 2.48% 3.12% MMM 3M Company Primary 220.71 226 226 175.37 165.77 54,345 - - (2,975) 954 52,324 - (3.72%) (3.28%) 6.36% PFE Pfizer Inc Pharmaceutical 45.53 1,100 1,100 33.32 31.93 50,256 - - (2,097) 895 49,054 - (2.39%) (9.57%) 7.80% RSG Republic Services Inc Waste management 72.22 765 765 50.07 51.98 52,521 - - 2,003 1,013 55,537 290 6.31% 3.48% 1.57% ROK Rockwell International Corp Primary 152.55 330 330 117.12 118.80 52,995 - - 760 999 54,754 - 3.32% 5.92% 10.28% SWK Stanley Black and Decker Inc Consumer Goods 168.47 330 330 121.73 114.39 55,081 - - (3,321) 961 52,722 - (4.28%) 1.06% (4.39%) TMO Thermo Fisher Scientific Inc Laboratory equipment 219.69 250 250 156.06 147.21 53,497 - - (3,034) 937 51,400 45 (3.84%) (1.21%) (6.26%) WBA Walgreens Boots Alliance Inc Pharmaceutical 114.64 430 430 79.21 81.10 46,703 - - 1,114 888 48,705 - 4.29% (3.11%) 1.12% US subtotal 21 shares ex rate 0.7293 0.7160 1,086,839 - - (27,683) 19,674 1,078,830 1,697 (0.76%) (4.37%) 9.22%

ADP Aeroports de Paris Transport 163.16 300 300 88.32 90.97 40,851 - - 1,226 (258) 41,819 - 2.37% (9.00%) (5.98%) FRE Fresenius Se+Co.KGAA O.N. Healthcare 80.86 620 620 70.11 67.48 67,019 - - (2,514) (395) 64,109 - (4.34%) 1.43% 16.51% KNEBV Kone Oyj Primary 60.91 800 800 44.93 42.14 55,418 - - (3,441) (319) 51,658 - (6.78%) 1.48% 6.56% OR L'Oreal Consumer Goods 247.83 200 200 167.65 166.00 51,696 - - (509) (314) 50,873 - (1.59%) (6.13%) 3.37% UNA Unilever NV-CVA Consumer Goods 57.91 850 850 41.36 38.35 54,203 - - (3,945) (308) 49,950 - (7.85%) (9.82%) (5.09%) EU subtotal 5 shares ex rate 0.6486 0.6526 269,186 - - (9,183) (1,594) 258,410 - (3.64%) (4.26%) 1.07%

RB Reckitt Benckiser Plc Consumer Goods 118.33 420 420 72.05 73.25 53,864 - - 897 (2,351) 52,411 435 (1.91%) (11.11%) (3.11%) UK subtotal 1 share ex rate 0.5618 0.5870 53,864 - - 897 (2,351) 52,411 435 (1.91%) (11.11%) (14.59%)

ROG Roche Holdings Ag Healthcare 370.98 148 148 241.80 229.80 50,553 - - (2,509) 88 48,132 - (4.79%) (11.19%) (12.34%) Swiss subtotal 1 share ex rate 0.7079 0.7066 50,553 - - (2,509) 88 48,132 - (4.79%) (11.19%) (12.34%)

Total shares 28 shares 14,539 14,539 1,460,443 - - (38,478) 15,818 1,437,783 2,132 (1.41%) (3.74%) 5.46% MSCI (100.00%) ###### ###### Notes: 1 . The average purchase cost of each individual overseas security, since inception.

Ngati Pahauwera Development Trust 6

Overseas shares

Portfolio weightings

Fresenius Se+Co.KGAA O.N. These are General Mills Inc all more Illinois Tool Works Inc than 20% Johnson & Johnson above the Crane Company "equal Kimberley-Clark Corp weighting Republic Services Inc target." Medtronic Plc Rockwell International Corp Colgate-Palmolive Co Kraft Heinz Company Stanley Black and Decker Inc Merck & Co Inc Reckitt Benckiser Plc 3M Company Kone Oyj target 3.6% in Thermo Fisher Scientific Inc each share L'Oreal American Water Works Company Inc General Electric Company Unilever NV-CVA Pfizer Inc These are all Walgreens Boots Alliance Inc more than AT & T Corp 20% below Roche Holdings Ag the "equal Aeroports de Paris weighting Danaher Corporation target." Fortive Corporation 0% 1% 2% 3% 4% 5% 6%

Ngati Pahauwera Development Trust 7