On behalf of the Board we have the pleasure in of presenting to all RAL stakeholders the Annual report for the year ended 30 November 2020.

Please also find the below information relevant for shareholders:

• Notice of Ruapehu Alpine Lifts Limited Annual General Meeting

• Notice of Ruapehu Alpine Lifts Limited Annual Report

• Ruapehu Alpine Lifts Limited Shareholder proxy form

The Trust was created in 1983 to protect the interests of the company and its shareholders, and to preserve the Company’s integrity for future generations. The original Trustees who invested in the company were issued 10,000 “D” shares, which represent 45% of shares on issue. The Trust shareholding, and its stated aim of “preserving RAL in its current form”, is intended to prevent any individual, group of individuals or organisation being able to action a hostile takeover of the Company.

The original Trustees were Sir Bryan Todd, Sir Roy McKenzie and Peter Scott. Sir John Ingram was appointed as a Trustee in 1984.

Current Trustees are Tomas Huppert, John Parker, Phil Royal and Jo Bouchier.