Mangapapa B2

Presentation Mangapapa B2; an overview How to get involved Previous strategic direction for your

consideration

Disclaimer: the information in this presentation is given for information purposes only. It is intended for the shareholders of Mangapapa B2 only. The information is provided by an individual and is not a communication from the Management Committee or the shareholders of Mangapapa B2.Any figures provided are indicative only and require analysis and confirmation

Mangapapa B2

Mangapapa B2 4,674.5 ha situated on the banks of the Mōkau

river and lies approximately 22 kilometres upstream from the Mōkau township.

Incorporated April 1983 as “The Proprietors of Mangapapa B2 Block” (100 OT 280-281)

Committee of Management appointed to act for and on behalf of shareholders.

Current Management CommitteeAs at 20 February 2010 Dion Adams David Heperi Mohi Takiari Peter Stockman Steven Wilson Te Waitiehu Hamana Wikitoria Michalanney

Current shareholdings 130 owners with 40 million shares

Resources Coal: lies over half the Mōkau Coalfield and

contains almost 88% of the coal available from the field for open cast mining.

(Mt=Million tonnes)

Total Mōkau Field

Mangapapa B2 resource

Opencast 36.14 Mt 31.69 Mt

Underground 62.88 Mt 24.50 Mt

Total 99.02 Mt 56.19 Mt

Stream with a bed of coal

Farming 340ha farmed, two leases bringing in $20,800 per

annum

The Woolshed

The Woolshed

The Woolshed

Forestry Remainder in secondary manuka growth and

native timber

Forestry

Asset mix:

Note this is different from cashflow ($ in and out). This is what the assets could be worth.

MiningFarmingForestryTourismHorticultureTotal (estimate $million)

160.02.5

175.02.5

0.5$ 340.5

So What?As a shareholder: You can share in the financial benefits from the

whenua You whakapapa back to the whenua Your children and mokopuna can benefit from the

whenua

But how?

How to benefit Succeed to the shares you are entitled to; Attend the meetings of Mangapapa B2; Select the best people for the Management

Committee, including yourself! Keep your whānau informed; Get involved with what the Management

Committee is doing

If not: ka hinga!2005 2009

Previous Strategic Direction for your consideration

ValuesTino Rangatiratanga: We control and

make decisions with what happens with our resources

Tiaki whenua; tiaki awa; tiaki tangata: Achieve optimum economic returns from our resources while caring for the land, waters and people.

He nui atu te kaupapa i te tangata: The vision is bigger than the individuals

What makes us uniquely us?What is important, guiding principles,

bottom lines?What will we not compromise on?What do we stand for?

Vision

Mangapapa: Positive growth, Positive people, Positive returns.

Purpose, reason for being, why are we here?What future do we want to create?Where do we want to be in 20 years…50 years…100 years?May never be achieved

Mission Establish an asset base

worth $340m consistent with the values of Mangapapa, which Mangapapa controls and develops to produce a net profit equal to a 10% return on equity

What do we want to do?What do we want to achieve (big picture)? Key strategic goal(s)

Key focus areas Economic: Develop

Business Cases and confirm business direction.

Social & Educational: Employment and Succession Plan; Educational opportunities through businesses and alliances.

Environmental: P0licy reflecting tiaki whenua, tiaki awa, tiaki tangata; align business activities and actions with environmental imperatives.

Cultural: Wānanga – whakapapa, reo, tikanga, whanaungatanga; Produce Book

Mangapapa: Positive growth, Positive people, Positive returns