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10 Crowe Horwath New Zealand Audit Partnership Member Crowe Horwath International Level 1, Crowe Horwath House 57 Willis Street Wellington 6011 New Zealand PO Box Manners Street Wellington 6142 New Zealand INDEPENDENT AUDITOR S REPORT To the Corporate Trustee of Haast Trust Tel Fax Report on the Financial Statements We have audited the accompanying consolidated financial statements of Haast Trust on pages 1 to 7, which comprise the statements of financial position as at 30 June 2016, the statements of profit or loss and other comprehensive income and the statements of changes in equity for the period then ended, and a summary of significant accounting policies and other explanatory information. This report is made solely for the Corporate Trustee and our audit has been undertaken so that we might state to the trustee those matters we are required to state to the trustee in our auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustee, for our audit work, for this report, or for the opinion we have formed. Corporate Trustee s Responsibility for the Financial Statements The corporate trustee is responsible on behalf of the entity for the preparation and fair presentation of these consolidated financial statements in accordance with the accounting policies as disclosed in the notes of the financial statements, and for such internal control as the trustee determine is necessary to enable the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Other than in our capacity as auditor we have no relationship with, or interests in, the trust. Crowe Horwath New Zealand Audit Partnership is a member of Crowe Horwath International, a Swiss verein. Each member firm of Crowe Horwath is a separate and independent legal entity.

Crowe Horwath New Zealand Audit Partnership Member Crowe Horwath International Level 1, Crowe Horwath House 57 Willis Street Wellington 6011 New Zealand PO Box 11976 Manners Street Wellington 6142

11 Crowe Horwath New Zealand Audit Partnership Member Crowe Horwath International Level 1, Crowe Horwath House 57 Willis Street Wellington 6011 New Zealand PO Box Manners Street Wellington 6142 New Zealand Tel Fax Opinion In our opinion, the consolidated financial statements on pages 1 to 7 present fairly, in all material respects, the financial position of the group and Haast Trust as at 30 June 2016 and their financial performance for the period then ended in accordance with the stated accounting policies set out in the attached notes to the financial statements. Basis of Accounting and Restriction of Distribution Without modifying our opinion, we draw attention to the stated accounting policies in the notes of the financial statements, which describes the basis of accounting. We also draw your attention that this report is made solely for the Corporate Trustee and our audit has been undertaken so that we might state to the Trustee those matters we are required to state to the trustee in our auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustee, for our audit work, for this report, or for the opinion we have formed. Crowe Horwath New Zealand Audit Partnership CHARTERED ACCOUNTANTS 12 October 2016 Crowe Horwath New Zealand Audit Partnership is a member of Crowe Horwath International, a Swiss verein. Each member firm of Crowe Horwath is a separate and independent legal entity.

Crowe Horwath Brisbane ABN Member Crowe Horwath International Audit and Assurance Services Level Edward Street Brisbane QLD 4000

Crowe Horwath Brisbane ABN Member Crowe Horwath International Audit and Assurance Services Level Edward Street Brisbane QLD 4000 Crowe Horwath Brisbane ABN 79 981 227 862 Member Crowe Horwath International Audit and Assurance Services Level 16 120 Edward Street Brisbane QLD 4000 Australia Tel +61 7 3233 3555 Fax +61 7 3233 3567