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. 1 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 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 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 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 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.