2016/17 ANNUAL REPORT 2 ANNUALANNUAL REPORTREPORT

MISSION CONTENTS

First Nations Trust is responsible for the distribution of the First Nation’s share of SIGA and SGC Casino profits to 04 Message from the Chairperson for specified uses that benefit their communities. 06 Roles of the Trustees

08 A Commitment to First Nations VISION Development

First Nations Trust will strive to maintain a trusting relationship 09 First Nations Trust: with First Nations based on integrity, confidentiality and mutual A Timeline of its Development respect in order to assist them in making a positive difference in the lives of First Nations people, their children and their 10 Designated Allocations children’s children. 13 Expenditures by Permitted Purpose / Designated Allocations

VALUES 14 Use of First Nations Trust Funds

Integrity – The First Nations Trust conducts business with 19 Financial Statements uncompromising integrity.

Effectiveness – The First Nations Trust has an intense focus on understanding and meeting the needs of our beneficiaries

Quality Teamwork – We work as a team to fulfill expectations and to protect the interests of our beneficiaries.

3 ANNUALANNUAL REPORTREPORT

MESSAGE FROM THE CHAIRPERSON

On behalf of the Board of Trustees for the First Nations Trust, I am pleased to present the 2016-2017 Annual Report. The Annual Report covers all operations of the Trust for the fiscal period April 1, 2016 to March 31, 2017. Since the Trust’s creation in 2003, this audit marks our 14th consecutive year of receiving yet another unqualified audit.

As Trustees, we take seriously our responsibility of fiscal openness, accountability and transparency and fulfilling our fiduciary responsibility to our beneficiaries - the First Nations of Saskatchewan. That is why we are proud to maintain efficient operations while fulfilling our mandate of audit confirmations and oversight so as to maximize the funds available for distribution to our beneficiaries. With focused diligence of our staff and the commitment of all Trustees to deal with all matters in a timely cost-effective manner, we are able to balance these obligations.

Casino profits in Saskatchewan fluctuate as the gaming market matures along with economic uncertainties which affects the net proceeds received by the Trust for distribution. However, despite these uncertainties the First Nations Trust received $54.7 million dollars to distribute among our beneficiaries. This was comprised of $39.4 million from Saskatchewan Indian Gaming Authority (SIGA) casinos, $13.1 million from Saskatchewan Gaming Corporation (SGC) casinos and $2.2 million which is allocated to First Nations Addictions Rehabilitation Foundation (FNARF).

We would like to thank the Leaders and staff of all the First Nations in Saskatchewan for their compliance with the Trust Indenture and Trust policies and procedures and look forward to their continued cooperation for many years to come.

Respectfully,

Sheila C. Sutherland Chairperson

4 ANNUALANNUAL REPORTREPORT

BOARD OF TRUSTEES

DELORIS DELORME BRENDA STEVENSON LINDA OKANEE Trustee, Trustee, Carry the Kettle First Nation Trustee, Thunderchild First Nation

NOLAND HENDERSON JOE MUNROE EVERETTE BEAR Trustee, Montreal Lake Nation Trustee, Trustee, Muskoday First Nation

5 ANNUALANNUAL REPORTREPORT

ROLES OF THE TRUSTEES

A TRUST is often established to provide a way of A Beneficiary of the First Nation Trust is defined in the having property held for an individual or a group and 2003 Trust Indenture as a “First Nation, an Indian Band allows the trust property to be managed by a trustee or or the Federation of Saskatchewan Indian Nations”. group of trustees. THE POWER AND AUTHORITY of the Trustees Regardless of the nature of the property held by the as set out in section 8 of the 2003 Trust Indenture, trust, Trustees must manage the trust so that decisions include authority to pay authorized expenses; to retain made about the trust’s property are made in the best the services of advisors, professionals or others to interests of the beneficiaries of the trust. assist the Trustees in the performance of their duties; to pay reasonable remuneration to the Trustees for THE FIRST NATIONS TRUST was established to performance of their duties; to follow valid direction “effect the distribution of the monies due to First from the Chiefs-in-Assembly (Legislative Assembly Nations from, among other things, the profits from of the FSIN); and except as limited by the 2003 Trust both SIGA and SGC casinos”. Indenture, pay out the trust property for the benefit of any one or more of the beneficiaries, or for the benefit In the case of the First Nations Trust, the Trust is of First Nations peoples. defined by the 2003Trust Indenture. The Indenture is the result of an agreement made in 2002 between the FSIN and the Province of Saskatchewan. The Property PERMITTED USES of the First Nations Trust property held by the First Nations Trust is defined in the 2003 are set out in the 2003 Trust Indenture. For monies Trust Indenture and that property is money. The money distributed by the Trustees, the Trust Indenture requires is received from the net profits of eight casinos, six that the funds must be used for specified purposes for are under First Nation control and two are under the First Nations and First Nations peoples. In accordance control of the Province. with Section 5.01 of the Trust Indenture those permitted uses are: What the Trustees can and cannot do with the property • Economic development; held by the Trust is defined by the 2003Trust Indenture, in conjunction with The Trustees Act, R.S.S 1978. The • Social programs; law also imposes certain obligations on the Trustees, • Justice initiatives; even if these duties are not specifically set out in the • Education and education facilities; Trust Agreement. • Development and operation of recreation facilities; • Senior and youth programs; Trustee obligations include holding ownership and legal control of the property of the trust. The law • Cultural and spiritual development; requires that the Trustees of the First Nations Trust • Development and maintenance of community act only in the best interests of the beneficiaries of the infrastructure; Trust. Another obligation of the Trustees is to appoint • Health initiatives; a qualified independent auditor to examine the books and records of the First Nations Trust at the end of each • Governance activities; fiscal year. The Annual Report must include the audited • Treaty protection, and financial statements of the First Nations Trust for that • Any other charitable purpose. fiscal year.

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THE FIRST NATIONS TRUST PROCESS

The Trust’s fiscal year begins April 1 and runs until March 31 of the following year. Payments are made to First Nations Trust by the Ministry of Government Relations pursuant to formulas contained in the 2002 Framework Agreement and the profits forecasted by the FSIN’s Saskatchewan Indian Gaming Authority (SIGA) casinos and the Province’s Saskatchewan Gaming Corporation (SGC) casinos. One-fourth of those estimated profits are paid to the First Nations Trust at the end of each quarter.

After the fiscal year has concluded, the Ministry is required to reconcile the forecasted and actual audited net profits from all Casino operations and either pay amounts due from under-forecasting or recover any overpayments from First Nations Trust.

The Trustees must meet at least quarterly to distribute the trust property in accordance with the 2003 Trust Indenture. When the Trustees distribute trust property, they must follow any properly received directions from the FSIN Chief-in-Assembly.

At the end of each fiscal year, the Board of Trustees are responsible for ensuring that all the beneficiaries of Trust monies properly account for how these funds were spent.

Section 9 of the 2003 Trust Indenture sets out the accountability provisions. In the event that a recipient or beneficiary of trust property is not able to properly account for the monies, or spent the monies in an inappropriate manner, the Trustees have a fiduciary obligation to the other beneficiaries to take whatever steps are necessary, including withholding future payments, to ensure appropriate accountability by the beneficiaries.

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A COMMITMENT TO FIRST NATIONS DEVELOPMENT

NET PROFITS BENEFICIARY REPORTS TO THE The First Nations share of the net profits from gaming FIRST NATIONS TRUST is currently distributed to the First Nations Trust Beneficiaries are required to report to the First Nations through the Saskatchewan Ministry of Government Trust each fiscal year. Before the end of the fiscal Relations. year each First Nation and Designated Beneficiary is reminded of their reporting requirements. Each FIRST NATION RUN CASINOS: beneficiary must provide their audited Schedule The casinos operating under the Saskatchewan Indian concerning funds received from the First Nations Trust. Gaming Authority contribute 50 percent of the net These Schedules outline how the funds received from profits from gaming in the following casinos: the Trust were used.

• Bear Claw Casino Each beneficiary must also provide an Auditor’s • Dakota Dunes Casino opinion that confirms that funds were expended by the • Gold Eagle Casino beneficiary in accordance with the “Pemitted Purposes” • Living Skies Casino set out in S. 5.01 of the Trust Indenture. • Northern Lights Casino • Painted Hand Casino

PROVINCIAL GOVERNMENT CASINOS: There are currently two Casinos operated by the Saskatchewan Gaming Corporation that contribute to the First Nations Trust:

• Casino • Casino Regina

The portion of the net-profits contributed to the First Nations Trust from the two SGC-run casinos was 25 percent of their net annual revenues.

NET PROFITS RECEIVED BY THE FIRST NATIONS TRUST 2016-2017

The contributions to the First Nations Trust transfer from the Ministry of Government Relations to the First Nations Trust. Funds are provided to the FNT in four regular quarterly distributions and an annual reconciliation.

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A TIMELINE OF ITS DEVELOPMENT The First Nations Trust was established in 2003. The following timeline includes some of the events and documents that were significant in the establishment and growth of the First Nations Trust.

1994 1995 2002/2003

1994 Gaming Agreement 1995 Gaming Agreement 2002 Framework Agreement The FSIN entered into the 1994 Gaming When the City of referendum During 2002, the FSIN and the Province Agreement with the Government of results left the Province with only one negotiated the 2002 Framework Agreement Saskatchewan. The Agreement provided for government-run Casino, the parties negotiated that consolidated all previous gaming the revenue sharing arrangement between First the 1995 Gaming Agreement. agreements between the parties The Nations and the Provincial government. Agreement was for a 25 year term with reviews The 1995 Gaming Agreement authorized the every five years. Under the 1994 Gaming Agreement, the operation of four First Nation- run casinos in FSIN and the Province agreed that the First Saskatchewan operated by the Saskatchewan The new arrangement provided annual Nations in Saskatchewan would receive 25 Indian Gaming Authority (SIGA) in addition funding to deal with problem gambling. In percent of the net revenues from two proposed to the government run casino in Regina. addition, amendments provided for designated government-run casinos. At the time, casinos funding to continue the joint effort between were to open in Regina and Saskatoon. FSIN and the Province concerning matters Both casinos were to have a target of 50% related to on-reserve gaming jurisdiction. employment of First Nations employees. 2003 First Nations Trust As a result of the 2002 Framework Agreement, the First Nations Trust was established when the 2003 Trust Indenture was signed.

Amendments to 2002 Gaming Agreement Amendments were made to the 2002 Framework Agreement to allow SIGA to operate two additional casinos. The additional casinos were built at the Whitecap Dakota First Nation and in the City of .

2007 2012 2016

2007 Amending Agreement 2012 Five year review 2016 Amending Agreement During the first five-year review the Parties During the most recent five year review, the This amendment was signed in August agreed to amend the 2002 Framework parties were unable to come to agreement 2016 and permitted the development of Agreement to include: on extending the FSIN’s directed allocations an additional SIGA casino to be located in of $250,000 per year for FSIN s.2.1 Gaming , SK. • A process for new Gaming Ventures; Jurisdiction and $250,000 per year for FSIN • Changing the designated payouts made by Gaming Activities [from the 2007 amending First Nations Trust (s.4.1); agreement]. Those allocations ceased in 2012. • A five-year designated allocation to FSIN for Gaming • Activities (s. 4.b.1); • Changing the percentage of the net profits due to First Nations Trust; • Amending the funding amount due to SLGA from SIGA; • Revising the designated allocation to the First Nations Addiction Rehabilitation Foundation (FNARF); and • Changing the requirement of fidelity bonds for the Board of Trustees of the First Nations Trust.

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DESIGNATED ALLOCATIONS

MANDATORY ALLOCATIONS DIRECTED ALLOCATIONS The First Nations Trust (FNT) distributes mandatory In addition to making mandatory allocations as set allocations each fiscal year in accordance with the out in the 2002 Framework Agreement, the Trustees 2002 Framework Agreement and its subsequent are required to make distributions if directed by a amendments. resolution from the FSIN Chiefs in Assembly pursuant to section 8.01(d) of the Trust Indenture. • The designated funding continued for: First Nations Addiction Rehabilitation Foundation In the 2016-17 fiscal year, directed allocations were (FNARF). made to:

• FSIN First Nations Treaty Right Protection Fund First Nations Addiction Rehabilitation Foundation • STC Treaty Rights Protection Fund FNARF was established in 1995. FNARF’s mandate • FSIN Senate Operation is to ensure effective and accessible education, • FSIN Veterans. prevention, and treatment programs about problem • Chief Big Bear First Nation gambling are available to First Nation people. • FSIN Operational Plan & Budget

In accordance with the 2002 Framework Agreement Such designated distributions are permitted as a use of and its amendments, FNARF receives $2,250,000. funds under the terms specified in Section 5.01 of the The funds received are redistributed annually for local 2003 Trust Indenture. programming to Tribal Councils and the independent First Nations in Saskatchewan.

Administration of the FNARF is provided by the FSIN Health and Social Development Secretariat. A working group of representatives from the independent First Nations and Tribal Councils provide technical support for the FNARF Board of Directors.

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DESIGNATED ALLOCATIONS

First Nation Treaty Rights Protection Fund FSIN Veterans The FSIN Chiefs-in-Assembly established the First The FSIN Chiefs in Assembly directed the Trustees, Nations Treaty Rights Protection Fund (FNTRPF) in via Resolution #1847, to distribute $150,000 per 1983 pursuant to FSIN Resolution #007 and again in year commencing in the 2012-13 fiscal year for FSIN Resolution #597. The established objective of FNTRPF Veterans operations. These distributions are made is the protection, promotion and enhancement of through the FSIN Department of Finance. Treaty and Inherent Rights of all First Nation peoples in Saskatchewan. Chief Big Bear Band The FSIN Chiefs in Assembly passed Resolution #1896 As is the case with the First Nation distributions, the that instructed the Trust to provide an additional directed allocation uses the population count provided distribution of $10,000 each year that will be ongoing by each First Nation to the FSIN Clerk of the Assembly. until the conclusion of the land claim of the Big Bear The FNT determines the FNTRPF allocation based on Band. These distributions are made directly to Chief five dollars per capita multiplied by the sum of all the Big Bear Band. First Nation population counts reported. FSIN Operational Plan & Budget STC Treaty Rights Protection Fund The FSIN Chiefs in Assembly directed the The FSIN Chiefs-in-Assembly passed Resolution #1940 Trustees, via Resolution #1917 & #1973 to that directed the Trustees to release the Saskatoon annually distribute fifty percent of the net annual Tribal Council First Nations’ proportional share of the revenue up to a maximum of $2.5 million, FNTRPF resources directly to the Saskatoon Tribal generated from the addition of 250 machines Council as of April 1, 2015. This Resolution also allows determined by the Saskatchewan Indian Gaming other Tribal/Grand Councils and Independent Bands assume control of their proportional share of FNTRPF Authority, to the FSIN to support core operational funds should they so choose plan commencing in the 2015-16 fiscal year and will continue to the 2020-2021 fiscal year. FSIN Senate Prior to making this distribution the Trustees The FSIN Chiefs in Assembly directed the Trustees, via ensure compliance with the work plan that was Resolution #1904, to distribute an annual allocation of attached to the Resolutions and confirms the $150,000 per year commencing in the 2014-15 fiscal amount through confirmation of the SIGA Audited year for Senate Operations. These distributions are Financial Statements. made through the FSIN Department of Finance.

11 Historical Distribution 2016-2017 Distribution

2003-04* $ 15,745,296 Period Distribution Amount Date 2004-05 $ 22,508,242 1st Quarter $ 13,826,875.00 Jun-16 2005-06 $ 22,622,795 2nd Quarter $ 13,826,875.00 Sep-16 2006-07 $ 28,299,186 3rd Quarter $ 13,826,875.00 Dec-16 2007-08 $ 35,452,261 4th Quarter $ 10,691,375.00 Mar-17 2008-09 $ 51,471,841 2015-16 Reconciliation $ 2,667,068.00 Sep-16 2009-10 $ 50,996,383 2017 Interest Distribution $ 65,000.00 Mar-17 ANNUALANNUAL2010-11 $ 41,620,501 REPORTREPORT TOTAL $ 54,904,068.00 2011-12 $ 45,647,122 2012-13 $ 57,286,624 2013-14 $ 57,693,372 2014-15 $ 55,860,628 2015-16 $ 57,634,274 2016-17 $ 54,904,068 BENEFITS DISTRIBUTED TOTAL $ 597,742,593 *Only three quarterly payments were received and distributed by FNT in 2003-2004

$70,000,000

$60,000,000

$50,000,000

$40,000,000

$30,000,000

$20,000,000

$10,000,000

$- 2003-04* 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

HISTORICAL DISTRIBUTION 2016-2017 DISTRIBUTION 2003-04* $15,745,296 Period Distribution Amount Date 2004-05 $22,508,242 1st Quarter $13,826,875.00 Jun-16 2005-06 $22,622,795 2nd Quarter $13,826,875.00 Sep-16 2006-07 $28,299,186 3rd Quarter $13,826,875.00 Dec-16 2007-08 $35,452,261 4th Quarter $10,691,375.00 Mar-17 2008-09 $51,471,841 2015-16 $2,667,068.00 Sep-16 2009-10 $50,996,383 Reconciliation 2010-11 $41,620,501 2017 Interest 2011-12 $45,647,122 $65,000.00 Mar-17 Distribution 2012-13 $57,286,624 TOTAL $54,904,068.00 2013-14 $57,693,372 2014-15 $55,860,628 2015-16 $57,634,274 2016-17 $54,904,068 TOTAL $597,742,593 *Only three quarterly payments were received and distributed by First NationsTrust in 2003-04.

12 Saskatchewan First Nations

The development & The development & First Nations Trust Economic Education & operation of Senior & Youth Cultural & Spiritual maintenance of Governance Any other First Nation 15-16 Surplus Social Programs Justice Initiatives Health Initiatives Treaty Protection Total 16-17 Surplus / Deficit Revenue Development Education facilities recreational Programs Development community Activities Charitable Purpose facilities infrastructure

Ahtahkakoop First Nation 1,111,698 - - 461,114 - - 121,380 - - 374,812 - 154,392 - - 1,111,698 - Beardy's & Okemasis First Nation 1,067,386 - - 87,371 - - 248,195 64,527 13,050 57,723 - 529,691 - 66,828 1,067,385 - Big Island Lake Cree Nation 390,484 - - - - - 350,491 5,560 34,433 - - - - - 390,484 - 1,095,642 - 368,382 322,016 - - 214,031 - 177,602 - - 13,611 - - 1,095,642 - Birch Narrows First Nation 250,826 - 15,071 - - - 235,755 ------250,826 - Black Lake Denesuline Nation 666,973 - 5,091 - - - 116,736 - - 242,218 - 302,928 - - 666,973 - Buffalo River First Nation 453,119 ------453,119 - - - - 453,119 - Canoe Lake Cree Nation 764,587 - - 557,676 - 17,747 168,505 - - 20,659 - - - - 764,587 - Carry the Kettle First Nation 904,266 - - 303,440 - 76,368 - 347,212 177,246 - - - - - 904,266 - Chacachas First Nation * 10,000 42,500 ------52,500 Chakastaypaysin Cree Nation 365,459 - - 95,860 - - - 10,661 1,075 - - 258,290 - - 365,886 - 427 Chief Big Bear Nation * 10,000 37,500 ------47,500 Clearwater River Nation 639,037 - 92,374 155,607 - 6,739 - - 63,093 287,414 33,810 - - - 639,037 - Cote First Nation 1,210,597 - 12,270 182,739 11,700 25,018 1,000 30,891 216,226 - 93,649 - 464,787 172,317 1,210,597 - Cowessess First Nation 1,331,652 692,611 - 189,215 - - - 383,804 14,599 392,503 - 766,033 - 278,109 2,024,263 - Cumberland House Cree Nation 516,697 ------87,127 376,651 - - - - 52,919 516,697 - 173,119 - - - - - 8,602 - - 112,000 4,400 48,117 - - 173,119 - English River First Nation 487,266 - - 217,790 - - - - 155,633 - - 113,843 - - 487,266 - Fishing Lake First Nation 569,037 ------44,400 19,080 503,997 - 1,560 - - 569,037 - 460,826 - - - - - 460,826 ------460,826 - Fond Du Lac Denesuline Nation 635,505 ------329,845 163,320 141,840 - 500 - - 635,505 - George Gordon First Nation 1,120,046 - 147,382 112,428 - 34,694 - 238,273 46,728 174,649 25,690 223,821 - 116,381 1,120,046 - Hatchet Lake Denesuline Nation 581,239 - - - - - 58,572 - 157,214 164,900 - 7,813 - 192,740 581,239 - 498,074 - - 378,221 - - - 16,481 - - - 176,559 - - 571,261 - 73,188 Kahkewistahaw First Nation 619,450 - - - - - 265,000 - 180,000 - - 174,450 - - 619,450 - 1,008,303 ------391,824 - 616,478 - - 1,008,302 - 787,707 - 8,700 16,832 - - 8,587 - 16,996 149,774 - 521,853 4,223 60,742 787,707 - Key First Nation 425,184 - 215,200 ------50,032 - 159,952 - - 425,184 - First Nation 328,211 ------297,138 - 31,073 328,211 - Lac Indian Band 3,345,074 - 53,216 - - - 21,192 1,419,532 748,693 - 1,155,657 - - - - 3,345,074 - 53,216 Little Black Bear First Nation 196,881 ------25,238 - - - 57,664 - 113,979 196,881 - 634,541 ------357,366 3,036 134,481 - 139,658 - - 634,541 - * 46,606 ------46,606 Makwa Sahgaiehcan First Nation 505,780 - - 92,864 - 42,519 168,225 - - 76,249 - - 11,973 113,950 505,780 - Ministikwan Nation 430,431 ------430,431 Mistawasis First Nation 862,844 - 47,495 6,000 161,373 - - - 45,409 59,730 - - 600,189 - - 872,701 - 57,352 Montreal Lake Cree Nation 1,261,762 - - 675,692 ------586,069 - - 1,261,761 - 577,707 - 577,704 - 226,443 - - - - - 351,264 - - - - 577,707 - 577,704 Mosquito Grizzly Bear Head Lean Man First Nation 483,945 - - 32,826 - - 1,500 1,670 4,675 161,607 - 207,009 16,975 57,683 483,945 - Muscowpetung First Nation 434,174 - 91,886 - - 84,507 19,762 - 137,110 - - - 100,909 434,174 - 668,257 - - - - 182,474 109,608 - 20,488 355,687 - - - - 668,257 - Muskoday First Nation 605,321 - 50,727 - 20,929 44,025 - 290,587 150,787 48,266 - - - - 605,321 - 593,762 - - 313,545 - - - - - 280,217 - - - - 593,762 - Nekaneet First Nation 163,165 ------163,165 170,550 - 2,452 300 - 107,846 - 21,377 10,328 19,012 - 9,235 - - 170,550 - Ochapowace First Nation 545,596 ANNUAL- - - REPORT- - 545,596 ------545,596 - 232,202 ANNUAL- 100,529 - REPORT- - - 111,673 - - - 20,000 - - 232,202 - 593,441 ------593,441 - - - - 593,441 - Onion Lake First Nation 1,888,762 - - 175,000 - - - 1,400,000 - - 75,000 238,762 - - 1,888,762 - 687,523 - - 479,100 - - 109,996 - 6,090 - - 92,337 - - 687,523 - Peepeekisis First Nation 833,303 - 37,813 173,569 - - - 158,526 157,189 - - 306,206 - - 833,303 - Pelican Lake First Nation 523,762 - 64,000 144,136 - - - 113,333 - 202,293 - - - - 523,762 - Peter Ballantyne Cree Nation 3,284,496 - - 767,392 - 175,064 - 923,365 - 425,246 - 948,414 - 45,015 3,284,496 - Peter Chapman Cree Nation 261,101 - - 80,040 - - - 20,885 8,795 - 2,425 110,000 42,317 - 264,462 - 3,361 Pheasant Rump Nakota First Nation 142,294 - - 13,021 - - - 65,113 7,297 4,572 - 51,001 - 1,290 142,294 - 763,303 - 647,243 - EXPENDITURES- - - - BY- PERMITTED- - 116,060 PURPOSES- - 763,303 - Cree Nation 542,385 - - 29,523 - - 42,171 - - 470,691 - - - - 542,385 - Red Earth Cree Nation * 552,040 ------552,040 Red Pheasant First Nation 785,780 73,710 - - - - 49,054 - - - - 737,018 - - 786,072 73,418 Sakimay First Nation 519,266 159,894 5,585 140,675 - 56,793 - - - - - 235,053 - 81,160 519,266 159,894 First Nation 416,835 - - 157,430 ------259,406 - - 416,836 - * 324,358 - 622,762 - - - - - 76,190 3,450 - - 11,320 - 317,044 408,004 - 706,408 Standing Bufflao Dakota Nation 409,129 ------78,732 150,397 180,000 - - - - 409,129 - Star Blanket First Nation 221,284 - - - - 81,002 - - - 140,282 - - - - 221,284 - Sturgeon Lake First Nation 920,321 - - 21,000 - 4,550 - - - 689,338 - 205,433 - - 920,321 - 624,908 159,753 - 125,447 - 11,289 - 166,321 - 259,902 - 221,702 - - 784,661 - Thunderchild First Nation 900,413 - - 488,099 - - - 269,214 - 14,577 - 128,523 - - 900,413 - Wahpeton Dakota First Nation 176,651 - - 8,975 10,800 - - 6,187 21,688 69,630 3,274 56,097 - - 176,651 - Waterhen Lake First Nation 643,532 - - 65,859 - - - - 27,201 180,472 - 370,000 - - 643,532 - White Bear First Nation 838,119 421,370 20,000 - - - - 294,891 - 10,000 42,067 423,119 - 45,000 835,077 424,412 Whitecap Dakota Sioux First Nation 211,651 - - - - 211,652 ------211,652 - Witchekan Lake First Nation 248,899 ------248,899 Wood Mountain 100,550 ------1,000 - 24,400 70,475 4,675 - 100,550 - Yellow Quill First Nation 934,450 - 100,227 86,823 10,645 40,610 - - 25,954 - 14,400 516,942 5,580 133,269 934,450 - Young Chipewayan * 10,000 7,500 ------17,500 48,599,543 293,661 1,990,932 7,539,441 54,074 1,224,089 4,703,362 6,753,313 2,471,051 9,477,458 319,115 11,084,721 550,530 1,980,408 48,148,494 *Audit not received at time of printing. For more current information please go to www.firstnationstrust.com.

Treaty Protection , 1% Any other Charitable Purpose , 4%

Governance Activities , 23% Economic Development , 4%

Social Programs , 16% Health Initiatives , 1%

Justice Initiatives , < 0%

Education & Education facilities , 2%

The development & maintenance of community infrastructure , 20% The development & operation of Cultural & Spiritual recreational facilities , 10% Development , 5% Senior & Youth Programs , 14%

13 ANNUALANNUAL REPORTREPORT

USE OF FIRST NATIONS TRUST FUNDS

This table provides a look at how each First Nation community expended funds distributed in accordance with Section 5.01 of the Trust Indenture. Note: Figures are rounded to the nearest dollar. First Nations Trust Revenue 15-16 Surplus Economic Development Social Programs Justice Initiatives Facilities Education & of Recreational Facilities The Development & Operation Senior & Youth Programs Development Cultural & Spiritual Community Infrastucture The Development & Maintenance of Health Initiatives Governance Activities Treaty Protection Any Other Charitable Purpose Total Expenditures 16-17 Surplus / Deficit

First Nation

Ahtahkakoop First Nation 1,111,698 - - 461,114 - - 121,380 - - 374,812 - 154,392 - - 1,111,698 -

Beardy's & Okemasis First 1,067,386 - - 87,371 - - 248,195 64,527 13,050 57,723 - 529,691 - 66,828 1,067,385 - Nation

Big Island Lake Cree 390,484 - - - - - 350,491 5,560 34,433 - - 3,500 - - 390,484 - Nation

Big River First Nation 1,095,642 - 368,382 322,016 - - 214,031 - 177,602 - - 13,611 - - 1,095,642 -

Birch Narrows First Nation 250,826 - 15,071 - - - 235,755 ------250,826 -

Black Lake Denesuline 666,973 - 5,091 - - - 116,736 - - 242,218 - 302,928 - - 666,973 - Nation

Buffalo River First Nation 453,119 ------453,119 - - - - 453,119 -

Canoe Lake Cree Nation 764,587 - - 557,676 - 17,747 168,505 - - 20,659 - - - - 764,587 -

Carry the Kettle First 904,266 - - 303,440 - 76,368 - 347,212 177,246 - - - - - 904,266 - Nation

Chacachas First Nation * 10,000 42,500 ------52,500

Chakastaypaysin Cree 365,459 - - 95,860 - - - 10,661 1,075 - - 258,290 - - 365,886 (427) Nation

Chief Big Bear Nation * 10,000 37,500 ------47,500

Clearwater River Dene 639,037 - 92,374 155,607 - 6,739 - - 63,093 287,414 33,810 - - - 639,037 - Nation

Cote First Nation 1,210,597 - 12,270 182,739 11,700 25,018 1,000 30,891 216,226 - 93,649 - 464,787 172,317 1,210,597 -

Cowessess First Nation 1,331,652 692,611 - 189,215 - - - 383,804 14,599 392,503 - 766,033 - 278,109 2,024,263 -

Cumberland House Cree 516,697 ------87,127 376,651 - - - - 52,919 516,697 - Nation

Day Star First Nation 173,119 - - - - - 8,602 - - 112,000 4,400 48,117 - - 173,119 -

English River First Nation 487,266 - - 217,790 - - - - 155,633 - - 113,843 - - 487,266 -

Fishing Lake First Nation 569,037 ------44,400 19,080 503,997 - 1,560 - - 569,037 -

14 ANNUALANNUAL REPORTREPORT

USE OF FIRST NATIONS TRUST FUNDS First Nations Trust Revenue 14-15 Surplus Economic Development Social Programs Justice Initiatives Facilities Education & of Recreational Facilities The Development & Operation Senior & Youth Programs Development Cultural & Spiritual Community Infrastucture The Development & Maintenance of Health Initiatives Governance Activities Treaty Protection Any Other Charitable Purpose Total Expenditures 16-17 Surplus / Deficit

First Nation

Flying Dust First Nation 460,826 - - - - - 460,826 ------460,826 -

Fond Du Lac Denesuline 635,505 ------329,845 163,320 141,840 - 500 - - 635,505 - Nation

George Gordon First 1,120,046 - 147,382 112,428 - 34,694 - 238,273 46,728 174,649 25,690 223,821 - 116,381 1,120,046 - Nation

Hatchet Lake Denesuline 581,239 - - - - - 58,572 - 157,214 164,900 - 7,813 - 192,740 581,239 - Nation

James Smith Cree Nation 498,074 - - 378,221 - - - 16,481 - - - 176,559 - - 571,261 (73,188)

Kahkewistahaw First 619,450 - - - - - 265,000 - 180,000 - - 174,450 - - 619,450 - Nation

Kawacatoose First Nation 1,008,303 ------391,824 - 616,478 - - 1,008,302 -

Keeseekoose First Nation 787,707 - 8,700 16,832 - - 8,587 - 16,996 149,774 - 521,853 4,223, 60,742 787,707 -

Key First Nation 425,184 - 215,200 ------50,032 - 159,952 - - 425,184 -

Kinistin First Nation 328,211 ------297,138 - 31,073 328,211 -

Lac La Ronge Indian Band 3,345,074 53,216 - - - 21,192 1,419,532 748,693 - 1,155,657 - - - - 3,345,074 (53,216)

Little Black Bear First 196,881 ------25,238 - - - 57,664 - 113,979 198,881 - Nation

Little Pine First Nation 634,541 ------357,366 3,036 134,481 - 139,658 - - 634,541 -

Lucky Man Cree Nation * 46,606 ------46,606

Makwa Sahgaiehcan First 505,780 - - 92,864 - 42,519 168,225 - - 76,249 - - 11,973 113,950 505,780 - Nation

Ministikwan Nation * 430,431 ------430,431

Mistawasis First Nation 862,844 47,795 6,000 161,373 - - - 45,409 59,730 - - 600,189 - - 872,701 (57,352)

Montreal Lake Cree 1,261,762 - - 675,692 ------586,069 - - 1,261,761 - Nation

Moosomin First Nation 577,707 577,704 - 226,443 - - - - - 351,264 - - - - 577,707 (577,704)

*Audit not received at time of printing. For more current information please go to www.firstnationstrust.com. 15 ANNUALANNUAL REPORTREPORT

USE OF FIRST NATIONS TRUST FUNDS

This table provides a look at how each First Nation community expended funds distributed in accordance with Section 5.01 of the Trust Indenture. Note: Figures are rounded to the nearest dollar. First Nations Trust Revenue 14-15 Surplus Economic Development Social Programs Justice Initiatives Facilities Education & of Recreational Facilities The Development & Operation Senior & Youth Programs Development Cultural & Spiritual Community Infrastucture The Development & Maintenance of Health Initiatives Governance Activities Treaty Protection Any Other Charitable Purpose Total Expenditures 16-17 Surplus / Deficit

First Nation

Mosquito Grizzly Bear Head 483,945 - - 32,826 - - 1,500 1,670 4,675 161,607 - 207,009 16,975 57,683 483,945 - Lean Man First Nation

Muscowpetung First Nation 434,174 - 91,886 - - 84,507 - 19,762 - 137,110 - - - 100,909 434,174 -

Muskeg Lake Cree Nation 668,257 - - - - 182,474 109,608 - 20,488 355,687 - - - - 668,257 -

Muskoday First Nation 605,321 - 50,727 - 20,929 44,025 - 290,587 150,787 48,266 - - - - 605,321 -

Muskowekwan First Nation 593,762 - - 313,545 - - - - - 280,217 - - - - 593,762 -

Nekaneet First Nation * 163,165 ------163,165

Ocean Man First Nation 170,550 - 2,452 300 - 107,846 - 21,377 10,328 19,012 - 9,235 - - 170,550 -

Ochapowace First Nation 545,596 - - - - - 545,596 ------545,596 -

Okanese First Nation 232,202 - 100,529 - - - - 111,673 - - - 20,000 - - 232,202 -

One Arrow First Nation 593,441 ------593,441 - - - - 593,441 -

Onion Lake First Nation 1,888,762 - - 175,000 - - - 1,400,000 - - 75,000 238,762 - - 1,888,762 -

Pasqua First Nation 687,523 - - 479,100 - - 109,996 - 6,090 - - 92,337 - - 687,523 -

Peepeekisis First Nation 833,303 - 37,813 173,569 - - - 158,526 157,189 - - 306,206 - - 833,303 -

Pelican Lake First Nation 523,762 - 64,000 144,136 - - - 113,333 - 202,293 - - - - 523,762 -

Peter Ballantyne Cree 3,284,496 - - 767,392 - 175,064 - 923,365 - 425,246 - 948,414 - 45,015 3,284,496 - Nation

Peter Chapman Cree 261,101 - - 80,040 - - - 20,885 8,795 - 2,425 110,000 42,317 - 264,462 (3,361) Nation

Pheasant Rump Nakota First 142,294 - - 13,021 - - - 65,113 7,297 4,572 - 51,001 - 1,290 142,294 - Nation

Piapot First Nation 763,303 - 647,243 ------116,060 - - 763,303 -

Poundmaker Cree Nation 542,385 - - 29,523 - - 42,171 - - 470,691 - - - - 542,385 -

16 ANNUALANNUAL REPORTREPORT

USE OF FIRST NATIONS TRUST FUNDS First Nations Trust Revenue 14-15 Surplus Economic Development Social Programs Justice Initiatives Facilities Education & of Recreational Facilities The Development & Operation Senior & Youth Programs Development Cultural & Spiritual Community Infrastucture The Development & Maintenance of Health Initiatives Governance Activities Treaty Protection Any Other Charitable Purpose Total Expenditures 16-17 Surplus / Deficit

First Nation

Red Earth Cree Nation * 552,040 ------552,040

Red Pheasant First Nation 785,780 73,710 - - - - 49,054 - - - - 737,018 - - 786,072 73,418

Sakimay First Nation 519,226 159,894 5,585 140,675 - 56,793 - - - - - 235,053 - 81,160 519,266 159,894

Saulteaux First Nation 416,835 - - 157,430 ------259,406 - - 416,836 -

Shoal Lake Cree Nation 324,358 622,762 - - - - - 76,190 3,450 - - 11,320 - 317,044 408,004 (706,408)

Standing Bufflao Dakota 409,129 ------78,732 150,397 180,000 - - - - 409,129 - Nation

Star Blanket First Nation 221,284 - - - - 81,002 - - - 140,282 - - - - 221,284 -

Sturgeon Lake First Nation 920,321 - - 21,000 - 4,550 - - - 689,338 - 205,433 - - 920,321 -

Sweetgrass First Nation 624,908 159,753 - 125,447 - 11,289 - 166,321 - 259,902 - 221,702 - - 784,661 -

Thunderchild First Nation 900,413 - - 488,099 - - - 269,214 - 14,577 - 128,523 - - 900,413 -

Wahpeton Dakota First 176,651 - - 8,975 10,800 - - 6,187 21,688 69,630 3,274 56,097 - - 176,651 - Nation

Waterhen Lake First Nation 643,532 - - 65,859 - - - - 27,201 180,472 - 370,000 - - 643,532 -

White Bear First Nation 838,119 421,370 20,000 - - - - 294,891 - 10,000 42,067 423,119 - 45,000 835,077 424,412

Whitecap Dakota Sioux First 211,651 - - - - 211,652 ------211,652 - Nation

Witchekan Lake First 248,899 ------248,899 Nation *

Wood Mountain 100,550 ------1,000 - 24,400 70,475 4,675 - 100,550 -

Yellow Quill First Nation 934,450 - 100,227 86,823 10,645 40,610 - - 29,954 - 14,400 516,942 5,580 133,269 934,450 -

Young Chipewayan * 10,000 7,500 ------17,500

Total 48,599,543 293,661 1,990,932 7,539,441 54,074 1,224,089 4,703,362 6,753,313 2,471,051 9,477,458 319,115 11,084,721 550,530 1,980,408 48,148,949

*Audit not received at time of printing. For more current information please go to www.firstnationstrust.com. 17 FNT AUDITED FINANCIAL STATEMENTS

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27 www.firstnationstrust.com

Asimakaniseekan Askiy Reserve 202E Joseph Okemasis Drive Saskatoon, SK S7N 1B1