Ngai Tahu Settlement

Doug Graham Treaty of Waitangi Negotiations

SCHEDULE OF TERMS

THE LESSOR AND THE LESSEE COVENANT AND AGREE as
follows:

1 DEFINITIONS AND INTERPRETATION

1.1 In this Lease, unless the context otherwise
requires:

the Act means the National Parks Act 1980;

the Land means the land described as Nelson Land
District, Buller District Council, 647.4974 hectares, more or less, being
Sections 1-7, 9-17, 19-28 and 31-33, Block I and Sections 1-4, 8 and 10-13,
Block V, Whakapoai Survey District (SO 6543). All New Zealand Gazette 1974 page
610 as shown on Allocation Plan AS 214 (SO 15493) and attached to the
Deed of Settlement referred to in Recital A;

the Rent means an annual rental of $1.00 per annum
including GST;

the Successors to the Whakapoai Land means the persons
determined by the Maori Land Court pursuant to clause 15.6.2 of the Deed of
Settlement referred to in Recital A to be entitled to succeed to the
beneficial interest of an Original Beneficiary (as that term is defined in
clause 15.1 of the Deed of Settlement referred to in Recital A) in the
Land; and

Te Runanga means Te Runanga o Ngai Tahu, established
under section 6 of the Te Runanga o Ngai Tahu Act 1976.

1.2 In the interpretation of this Lease, unless the context
otherwise requires:

1.2.1 headings appear as a matter of convenience and are not to
affect the interpretation of this Lease;

1.2.2 the singular includes the plural and vice versa, and
words importing one gender include the other genders;

1.2.3 a reference to an enactment or any regulations is a
reference to that enactment or those regulations as amended, or to any enactment
or regulations substituted for that enactment or those regulations but this
provision shall be read subject to clause 1.3 of this Lease; and

1.2.4 a reference to a party to this Lease or any other
document or agreement includes that party's successors, heirs, executors and
assigns.

1.3 The parties agree that the rule of interpretation referred
to in clause 1.2.3 of this Lease is intended only to facilitate
interpretation of this Lease in circumstances where legislative changes make
statutory references in this Lease obsolete. It is not intended to indicate, and
should not be interpreted as indicating, any consent by the Lessor to, or
acquiescence by the Lessor in, the introduction to Parliament by the Crown of
any proposed statutory amendment which would adversely affect the redress
provided by the Crown pursuant to the Deed of Settlement referred to in
Recital A or the ability of either party to fulfil its obligations
expressed in this Lease or in that Deed of Settlement.

2 LEASE IN PERPETUITY

The Lessor leases the Land to the Lessee in perpetuity and the
Lessee takes on lease the Land in perpetuity subject to the terms and conditions
set out in this Lease.

3 THE RENT

The Lessee shall pay the Rent to the Lessor on demand by the
Lessor.

4 LEASE CHARGES

In addition to the rent payable under the Lease, the Lessee
shall, subject to any agreement to the contrary between the Lessee and the
Lessor, pay all rates, grants in lieu of rates, and other local authority
charges which may be charged, levied or reasonably assessed or which may become
payable in relation to the Land and all costs, expenses and charges of any
nature incurred by the Lessee or the Lessor (in which case they shall be
reimbursed by the Lessee to the Lessor upon demand) in relation to the
ownership, management, occupation and use of the Land under clause 5 of
this Lease.

5 PERMITTED USE

The Lessee shall manage the Land as part of the Kahurangi
National Park for the purposes set out in section 4 of the National Parks Act
1980 and subject to all provisions of that Act.

6 NO ASSIGNMENT

The Lessee shall not assign, sublet or otherwise part with
possession of the Land or its estate or interest in the Land or any part or
parts of the Land without the prior consent of the Lessor. Nothing in this
clause prevents the Lessee from granting a concession (as that term is defined
in section 2 of the Act) in compliance with the Act and this Lease.

7 QUIET ENJOYMENT

The Lessee, while paying the Rent and performing and observing
the terms and conditions of this Lease shall peaceably hold and enjoy the Land
without hindrance or interruption by the Lessor or by any person or persons
claiming under the Lessor until the determination of this Lease.

8 TERMINATION

8.1 The Lessor may terminate this Lease by 90 days notice in
writing to the Lessee if:

8.1.1 the Rent or any other money payable to the Lessor under
this Lease is in arrears and unpaid for 28 days after any of the days appointed
for payment (which, in the case of the Rent, is the date of demand);
or

8.1.2 the Lessee breaches any terms of this Lease, the Lessor
has notified the Lessee in writing of the breach, and the Lessee does not
rectify the breach within 90 days of receiving notification.

8.2 If the Lessor terminates the Lease under this clause
8
all rights of the Lessee shall absolutely cease but the Lessee shall not
be released from any liability to pay the Rent or other money payable by the
Lessee up to the date of termination or for any breach of any term up to the
date of termination.

8.3 The Lessor may exercise its right under this clause to
terminate the Lease notwithstanding any prior waiver or failure to take action
by the Lessor or any indulgence granted by the Lessor for any matter or
default.

8.4 The Lessee shall pay the costs of the Lessor in enforcing
or attempting to enforce its rights and powers under this Lease if the Lessee is
in default.

9 ACCESS

9.1 Members of the public may have access to and entry on the
Land subject to any controls on entry imposed by the Lessee pursuant to the Act
and subject to the terms of this Lease.

9.2 The Lessor may have free access to and entry on the Land at
any time.

10 INDEMNITY

The Lessee will indemnify the Lessor from and against all
actions, claims, demands, losses, damages, costs and expenses for which the
Lessor shall become liable arising from loss or damage to the property of, or
death or injury to, any member of the public on any part of the Land in
accordance with the right of access given the clause 9 of this Lease
unless such loss, damage, death or injury is caused or contributed to by any
act, omission, neglect or breach of this Lease on the part of the Lessor or any
employee, contractor or agent of the Lessor.

11 DISPUTE RESOLUTION AND ARBITRATION

11.1 If any dispute arises between the parties in connection
with this Lease, the parties shall without prejudice to any other rights attempt
to resolve the dispute by negotiation or other informal dispute resolution
techniques agreed to by the parties.

11.2 If the parties are unable to resolve the dispute by
negotiation or other informal means within 21 days of written notice by one
party to the other of the dispute (or such further period as the parties agree
in writing) either party may refer the dispute to arbitration in accordance with
the Arbitration Act 1996.

12 NOTICES

12.1 All notices under this Lease shall be in writing. They
shall be delivered personally or by pre-paid post or by facsimile addressed to
the receiving party at the address or facsimile number set out in clause
12.2
. A notice given in accordance with this clause shall be deemed to have
been received:

12.1.1 in the case of personal delivery, on the date of
delivery;

12.1.2 in the case of a letter, on the third working day after
posting; and

12.1.3 in the case of facsimile, on the date of
dispatch.

12.2 The address for notice of the parties are:

12.2.1 Lessor:

12.2.2 Lessee: Conservator West Coast
Conservancy

Sewell Street

HOKITIKA

Facsimile: (03) 755 8425,

or such other address as may be notified in writing to the
Minister of Conservation by the Lessor from time to time.

13 REGISTRATION OF THIS LEASE

The Lessor shall at the cost of the Lessee in all respects,
register this Lease under the provisions of the Land Transfer Act
1952.

EXECUTED as a deed on the date first written
above.

[Execution provisions to come]