Board of Directors

	John Spencer Mr Spencer was appointed Chair of Tainui Group Holdings in early 2003. He brings to the Board significant financial and commercial expertise gained in senior management positions held in a number of major companies both in New Zealand and overseas. Prior to the formation of Fonterra Co-operative Group, he was Chief Executive Officer of New Zealand Dairy Group. Mr Spencer is Chairman of AsureQuality Ltd and Telfer Young, Deputy Chairman of Solid Energy Ltd and a Director of DairyNZ, Allied Nationwide Finance Ltd, Tower Ltd, WEL Networks, and Touchstone Capital Partners Ltd.
	Hon. Koro Wetere Mr Wetere, a former Minister of Maaori Affairs who also held the portfolios of Lands Forestry & Valuation, joined the Tainui Group Holdings Board in 2002. He is a director of Te Ohu Kai Moana. He has held various governance roles throughout his career and has a long record of community service. He was Interim Chair of Te Kaumaarua (now Te Arataura) and Te Kauhanganui.
	Jonathan Eriksen Mr Eriksen joined the Tainui Group Holdings Board in August 2004. He is Managing Director of Eriksen & Associates Ltd, a fi rm of consulting actuaries and investment strategists. He brings to the Board an impressive depth of experience in investment and business consulting. Mr Eriksen is a Fellow of the Institute of Actuaries of London and Australia, an Associate of the Society of Actuaries of the United States and an inaugural Fellow of the New Zealand Society of Actuaries. He is past Chair of the Association of Superannuation Funds and has advised the New Zealand and Russian governments on pensions policy.
	Rukumoana Schaafhausen Mrs Schaafhausen is a member of Te Arataura. She has been a member of Te Kauhanganui since its inception in 1995. She is a lawyer specialising in commercial and governance work. After working for a large property development company, she is currently consulting. Mrs Schaafhausen is Chair of the Groups Audit and Risk Committee and a member of the Whakatupuranga 2050 Committee which is charged with carrying forward the wider tribes' social objectives. She is also a trustee of the SENZ Training & Employment Charitable Trust.
	Mike Allen Mr Allen was appointed to the Investment Committee of the Board in October 2008 and to the full Board on 1 April 2009. He has extensive experience in investment banking and general management, both in New Zealand and the UK. Mr Allen worked at Southpac Corporation for 15 years, which included time as Head of its Mergers and Acquisitions team. He then joined Westpac as Head of Sales, leading a redesign of the banks' customer relationship function on both sides of the Tasman during his tenure there. Mike is a Director of Breakwater Ltd (Private Equity), Godfrey Hirst NZ Ltd, the Retirement Villages Group and Waratah Receivables Ltd.
	Sonny Wilson Mr Wilson is a member of Te Arataura and has been a long serving member on Te Kauhanganui since 2003. Mr Wilson is Chairman of Tainui Sports Limited, Tainui Festival and Tainui Sports Awards. He is also Chairman of Hukanui Marae Trustees, Tainui Touch Association and Chairman of Hukanui Rugby League. He brings extensive experience in social, community and local government organisations.
	Rob McLeod (Advisor to the Board) Mr McLeod joined the Tainui Group Holdings Board in 2003 as an advisor and was appointed to the Board in early 2004. He reverted to being an advisor in 2007 when he was appointed Managing Partner of Ernst & Young New Zealand. Mr McLeod has over 20 years experience as a specialist tax practitioner. He chairs the NZ Business Roundtable, has previously chaired the NZ Institute of Chartered Accountants Tax Committee and was Chairman of the Government Tax Review in 2001. Previous directorships included: Telecom New Zealand Ltd, SkyCity Entertainment Group Ltd, ANZ National Bank Ltd, Sealord Group Ltd, Aotearoa Fisheries Ltd, Raukura Moana Fisheries Ltd and Te Ohu Kai Moana Trustee Ltd.