059, 060, 062 and 063 - Hrg - Patrick Fontein and Property Council New Zealand _ (Patrick Fontein...

8/20/2019 059, 060, 062 and 063 - Hrg - Patrick Fontein and Property Council New Zealand _ (Patrick Fontein and Adam Th…

http://slidepdf.com/reader/full/059-060-062-and-063-hrg-patrick-fontein-and-property-council-new-zealand 1/30

!"#$%" '(" )*+,-)./ *.0')%1 2-). 0./"2"./".' (")%0.34 2)."-

0. '(" 5)''"% "# $%& '&(")*+& ,-.-/&0&.$ 1+$ 2332 -.4 $%& 5"+-67"8&*.0&.$ 91)+:6-.4;*-.(<$<".-6 =*"8<(<".(> 1+$?@2@

)./

0. '(" 5)''"% "# ;"A<+(B@C3 '&(<4&.$<-6 "DE&+$<8&(-.4 A"6<+<&(F@G@ '&(<4&.$<-6 -+$<8<$<&(F@G? '&(<4&.$<-64&8&6"A0&.$ +".$*"6(F -.4@GH '&(<4&.$<-6 +".$*"6( -.4-((&((0&.$

4*22-"5".')%1 4')'"5".' $# "60/".+" $#

2)'%0+, 5)%0.*4 #$.'"0. 789 )/)5 :"##%"1 '($524$.

; $+'$!"% <=>?



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !

+$.'".'4

2R@ KS&+)$<8& J)00-*MRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRH

?R@ N.$*"4)+$<". -.4 T*<&# UUURRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR V

HR@ W"4& "# W".4)+$UUUUUUUUUUUUUUUUUUUUUUUUUURRV

VR@ =*<0-*M N.<$<-6 W".+&*.( "# 1WXW 1W1= Y&*(<". 2P *). <. 1)/)($ ?@2CUURRRC

CR@ '&8<&Z "# $%& 1W1= Y&*(<". 2 '&()6$(UUUUUUUUUUUUUUURRRUG

GR@ W"0A-*<(". "# $%& 1W1= Y&*(<". 2 -.4 Y&*(<". ? '&()6$(UUUURUURRRU[

[R@ '&-(".( #"* $%& X<##&*&.+&( <. Y&*(<". 2 -.4 Y&*(<". ? '&()6$( UUUURRU\

\R@ N(()&( $%-$ Z<66 -##&+$ $%& *&-6<$M "# $%& #"*&+-($ 4&8&6"A0&.$ +-A-+<$MUUU2@

3R@ I)$)*& X&8&6"A0&.$ "# $%& 1WXW ,"4&6 -.4 W".+6)4<./ W"00&.$(RRURUR2?

1AA&.4<S 1B 1L= NO= ,&0" $" =-$*<+: I".$&<.P 14-0 ]"%.($".P W").+<6UUUUR2V

1AA&.4<S TB ,* =%<66 '&<4P 144<$<".-6 X<*&+$<". $" =-*$<&(P H@$% J&A$ ?@2CUUUURR2C

1AA&.4<S WB ,* X-8<4 O<66R ,&0" J)00-*<(<./ @2HK7 N.A)$(P C $% Q+$ ?@2CUUUR2G

1AA&.4<S XB Q)$A)$ ;-D6&( W"0A-*<./ $%& =1L= Z<$% 1W1= 82 -.4 8?UUUUU?H

1AA&.4<S KB 1AA&.4<S KB VG '-.4"0 ,OJ =*"A&*$<&(P *). $%*")/% 1W1= 82UURRR?G

1AA&.4<S IB ^ W&<6<./ #-+$"*P -4E)($&4 $" 0"*& +".(&*8-$<8& ". $%& \$% Q+$UUUUR?[

1AA&.4<S 7B 1WXW 8? ,"4&6 Q)$A)$ ,-AB '&/<".-6 ;&($&4 ;MA"6"/MUUUUUU?\

1AA&.4<S OB 1WXW 8? ,"4&6 Q)$A)$ ,-AB =*"#<$-D<6<$M "# J<$&(UUUUUUURUU?3

1AA&.4<S NB 1WXW 8? ,"4&6 Q)$A)$ ,-AB W-A-+<$M ". - J<$& T-(<(URUUUUUUH@



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C #

>@= "ABCDEFGB 4DHH7IJ

2R2 ;%& 1)+:6-.4 L.<$-*M =6-. NO= %-8& *&_)&($&4 =-$*<+: I".$&<. 9=I> -.4 14-0

;%"0A(". 91;> $" Z"*: Z<$% W").+<6 -.4 $" A*"8<4& -44<$<".-6 <.#"*0-$<". ".

4&8&6"A0&.$ +-A-+<$M #"*&+-($(P -( %</%6</%$&4 <. 1AA&.4<S 1R ;%<( ()D0<((<".

A*"8<4&( $%& ")$+"0&( "# $%<( A&&* *&8<&ZR

2R? `%-$ $%<( A&&* *&8<&Z %-( 8&*M +6&-*6M %</%6</%$&4P <( $%-$ Z%&. W").+<6P $%& NO= "*

"$%&*( Z-.$ $" 0-:& !"#$%&"'$! #)$'*+, "- .)+/+ 0"'+, $/+ $11!&+2 P "* Z%&.

#"',&2+/&'* %)+ !&3+!4 2+5+!"16+'% #$1$#&%4 +--+#% "- &'#/+$,&'* $ )+&*)% !&6&% P

$%& 1WXW Z<66 +"A& Z<$% $%<( 8&*M Z&66P Z<$%")$ "* 0<.<0-6 A&&* *&8<&ZR

2RH N$ <( Z%&. %)+ /7!+, "- $ 0"'+ $/+ #)$'*+2 9-( $%<( 1W1=>P $%&. $%& 5"": LA ;-D6&(

95L;a(> %-8& $" -6(" D& +%-./&4R `%&. 5L;a( -*& +%-./&4P $%& +".(&_)&.+&( "#

&-+% +%-./& %-8& $" 8&*M +-*&#)66M D& *&8<&Z&4 ". $%& 6<:&6M <0A-+$P ". $%& "$%&*

*&6-$&4 5L;a(R ;%<( Z<66 D& Z%&. - A&&* *&8<&Z <( 6<:&6M $" D& *&_)<*&4P )(<./ A*"A&*$M

4&8&6"A0&.$ A*"#&((<".-6( Z<$% &SA&*$<(& <. $%<( #<&64R

2RV ;%& ;-D6& <. 1AA&.4<S X (%"Z( $%& 4&8&6"A0&.$ +-A-+<$M "# KLML<= "# $%& =1L=

91WXW 82>P %-( <.+*&-(&4 $" ;<MK?N ).4&* 1W1= 91WXW 8?>P - /""4 <.+*&-(&

(%"Z<./ $%& D&.&#<$( "# $%& 1W1= 0"4<#<+-$<".(P D)$ - 6"./ Z-M -Z-M #*"0 $%& >O>M>O<

-44<$<".-6 4&8&6"A0&.$ +-A-+<$M &.8<(-/&4 DM W").+<6 <. 1W1= 91WXW 82>R

2RC ;%& 0-<. <(()& Z%M 1W1= 82 %-4 ()+% %</% #&-(<D6& 4&8&6"A0&.$ +-A-+<$MP <( $%-$

).4&* 1W1= $%& -66"Z-D6& %")(& .)0D&*( ". &-+% (<$& Z&*& -##&+$<8&6M 4")D6&4P D)$

DM ."$ +%-./<./ $%& 5L;a(P $%& (-0& 96-*/&> (<b& %")(& Z-( +".(<4&*&4 $" D& A6-+&4

". - (<$& %-6# $%& (<b&R ;%& "*</<.-6 5L;a( Z"*:&4 ". - *-$<" "# %")(& (<b& S (-6& A*<+&

^c0?P (" $%& 1W1= 82 -(()0&4 $%-$ $%& 6-*/& %")(& +")64 D& ("64 ". - *&6-$<8&6M

(0-66 (&+$<".P #"* - 8&*M %</% A*<+&R ;%& 4&$-<6( <. $%<( '&A"*$ (%"Z( $%<( $" D& #6-Z&4R

2RG ;%& <.$*"4)+$<". "# - d^ W&<6<./e -66"Z-.+& %-( D&&. 0-4& <.$" $%& 1WXWR ;%<( %-(

%-4 $%& &##&+$ "# 0"4&*-$<./ $%& &##&+$ "# 9$""> %</% .&Z %")(& A*<+&( ". (0-66 (<$&(R

2R[ ;%& *&+&.$ Z"*: +-**<&4 ")$ /<8& )( -66 +".#<4&.+& ". Z%-$ -. ")$($-.4<./ -((&$ $%&

1WXW ,"4&6 Z<66 D& #"* 1)+:6-.4 W").+<6R ;%& 8-($ 4<##&*&.+&( <. #&-(<D6&

4&8&6"A0&.$ +-A-+<$M .)0D&*( D&$Z&&. 82 -.4 8?P %</%6</%$ $%-$ $%& 1WXW ,"4&6

(%")64 ".6M D& )(&4 -/-<. -#$&* - $%"*")/% d+"00<((<".<./P $&($<./ -.4 *&8<&Z<./e "#

$%& 1WXW ,"4&6 %-( D&&. +"0A6&$&4 <. $%& .&S$ 2f? 0".$%(R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C $

<@= 08EIP9DCEFP8 789 !IFBQ

?R2 ;%& 1)+:6-.4 L.<$-*M =6-. NO= %-8& *&_)&($&4 =-$*<+: I".$&<. 9=I> -.4 14-0

;%"0A(". 91;> $" Z"*: Z<$% W").+<6 -.4 $" A*"8<4& -44<$<".-6 <.#"*0-$<". ".

4&8&6"A0&.$ +-A-+<$M #"*&+-($(R ;%& ,&0" A*"8<4&4 $" =IP 1; -.4 1)+:6-.4

W").+<6P ". $%& ?C$% J&A$&0D&* ?@2CP <( -$$-+%&4 <. 1AA&.4<S 1R

?R? ;%& <.#"*0-$<". +".$-<.&4 Z<$%<. $%<( J)D0<((<". <( A*"8<4&4 DM D"$% =I -.4 1;P

Z<$% $%& -((<($-.+& "# gM6& T-64&*($". 9gT> "# 1)+:6-.4 W").+<6 'N,LP Z%" %-( *&f

*). $%& 1)+:6-.4 W").+<6 X&8&6"A0&.$ W-A-+<$M 91WXW> ,"4&6 )(<./ $%& )A4-$&4

5"": LA ;-D6&( 95L;a(>R

?RH T"$% =I -.4 1; %-8& 0-4& ()D0<((<".( $" $%& 1L= NO= ". J)DE&+$( @C3P @G@P

@G? -.4 @GHP +<*+- ??.4 J&A$&0D&* ?@2CR =I -.4 1;a( D-+:/*").4 <.#"*0-$<".P &$+

<( A*"8<4&4 <. $%&(& ()D0<((<".( -.4 Z<66 ."$ D& *&A&-$&4 %&*&R

?RV I"66"Z<./ #)*$%&* ()D0<((<".(P #)*$%&* )A4-$&4 /)<4-.+& Z-( A*"8<4&4 $" =IP 1;

-.4 W").+<6 DM $%& NO= ". $%& H@$% J&A$&0D&* ?@2CR ;%& ,&0" c K0-<6 A*"8<4&4 $"

=IP 1; -.4 W").+<6 DM ,* =%<66 '&<4 "# $%& NO= <( -$$-+%&4 -( 1AA&.4<S TR

?RC ;%& ,* '&<4 ,&0" 9-( ?RV -D"8& -.4 1AA&.4<S T>P A*"8<4&4 /)<4-.+& Z%<+%

<.+6)4&4 ,* X-8<4 O<66 $" -+$ -( - W".8&."* #"* $%& @2H KSA&*$ 7*")A ,&0D&*(

9@2HK7>P $" -66"Z $%"(& @2HK7 $" +".$*<D)$& $" $%& A*"+&((R

?RG ,* O<66a( ,&0" D-+: $" ,* '&<4P ". $%& C$% Q+$"D&* ?@2CP ."$<./ $%& @2HK7 <.A)$P

<( A*"8<4&4 <. 1AA&.4<S WP +"8&*<./ [ A-/&(R

R@= +P9B PQ +P89DCE

HR2 T"$% =-$*<+: I".$&<. 9=I> -.4 14-0 ;%"0A(". 91;> +".#<*0 $%-$ Z& %-8& *&-4 $%&

KSA&*$ `<$.&(( W"4& "# W".4)+$ (&$ ")$ <. $%& K.8<*".0&.$ W")*$a( ?@2V =*-+$<+&

h"$&R `& %-8& *&-4 -.4 -/*&& $" +"0A6M Z<$% $%-$ W"4&R ;%<( &8<4&.+& <( Z<$%<.

")* -*&- "# &SA&*$<(&P &S+&A$ Z%&*& Z& ($-$& $%-$ Z& -*& *&6M<./ )A". $%& (A&+<#<&4

&8<4&.+& "# -."$%&* A&*(".R `& %-8& ."$ "0<$$&4 $" +".(<4&* 0-$&*<-6 #-+$( :."Z.

$" )( $%-$ 0</%$ -6$&* "* 4&$*-+$ #*"0 $%& "A<.<".( $%-$ Z& &SA*&((R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C %

L@= 2IFH7IJ 08FEF7S +P8CBI8T PQ )+/+ )+)2 6BITFP8 >M ID8 F8 )DUDTE <=>?

VR2 ;%& 1WXW2C ,"4&6 Z-( A*&A-*&4 <. - 8&*M (%"*$ $<0& #*-0&P -.4 Z-( ".6M )(&4 $"

$&($ $%& =1L= *)6&( -.4 $%& *&()6$-.$ 4&8&6"A0&.$ +-A-+<$M $%-$ $%<( +*&-$&4R ;%&

1WXW ,"4&6 )(&( - (&*<&( "# 4-$- $-D6&( $%-$ Z&*& A*"8<4&4 DM $%& =XK7 7*")AP

$%-$ Z&*& +"f"A$&4 -( A-*$ "# $%& @2HK7R

VR? ;%&*& -*& &S$*&0&6M +"0A6<+-$&4 0-$%&0-$<+-6 #"*0)6-& $%-$ 4*<8& $%& 1WXW

,"4&6P )(<./ 5L;a( $" A<+: )A 4-$- #*"0 $%& 8-*<")( 4-$- $-D6&( A*"8<4&4R N. $%&

(%"*$ -0").$ "# $<0& -8-<6-D6& D&$Z&&. $%& 1WXW ,"4&6 D&<./ +*&-$&4P -.4 $%&

@2HK7 '&A"*$ D&<./ *&_)<*&4 $" D& <(()&4P $%& ("6& #"+)( "# $%& 1WXW2C ")$A)$(P

Z-( 8-6<4-$<./ $%& #"*0)6-& -.4 4-$- $-D6&( $" *). ". $%& =1L= ')6&( -.4 b".<./(R

VRH ;%& <.<$<-6 1WXW2C ")$A)$ *&()6$( Z&*& A&&* *&8<&Z&4 DM $%& =XK7 -.4 -#$&* -

.)0D&* "# (0-66 d$Z&-:(e $" $%& #"*0)6-&P $%& ,&0D&*( "# $%& =XK7 Z&*& (-$<(#<&4

$%-$ $%& ")$A)$ *&()6$(P *). ).4&* $%& =1L= ')6&( -.4 i".<./(P Z&*& #-<*R

VRV =I Z-( 0-4& -Z-*& ". 2Hf2V 1)/)($ ?@2C $%-$ 1)+:6-.4 W").+<6a( 'N,L $&-0

%-4 d*&f*).e $%& 1WXW ,"4&6 Z<$% 4<##&*&.$ <.A)$( 9Z%-$ D&+-0& :."Z. -( 1W1=

82>P -.4 $%-$ $%& d4&8&6"A0&.$ #&-(<D6&e 4Z&66<./ .)0D&*( %-4 <.+*&-(&4 #*"0 $%& 1WXW2C =1L= .)0D&*( "# GVPV?@ 9"* \HPV?@ Z%&. <.+6)4<./ OhiW> $" ."Z D& -$

2\2P2\?R =I Z-( -(:&4 Z%&$%&* %& %-4 -.M <.8"68&0&.$ <. $%& d*&f*).e "# $%&

1WXW ,"4&6R =I %-4 ."$R

VRC T"$% =I -.4 1; -*& ()AA"*$<8& "# $%& 1)+:6-.4 W").+<6 10&.4&4 =*"8<(<".(

91W1=>P %"Z&8&* Z& Z&*& +".+&*.&4 -D")$ $%& -(()0A$<".( -AA6<&4 DM W").+<6 <.

$%& *&f*). "# $%& 1WXW2C 0"4&6 $" $&($ $%& A"$&.$<-6 <.+*&-(& <. 4&8&6"A0&.$

+-A-+<$M ).4&* $%& 1W1=R

VRG N. =I -.4 1;a( ()D0<((<".( $" $%& NO= +<*+- ??.4 J&A$P (A&+<#<+ *&_)&($( Z&*&

0-4& $" A&&* *&8<&Z $%& 1WXW 1W1= 82 *&()6$(R ;%<( ()D0<((<". A*"8<4&( $%&

")$+"0&( "# $%<( A&&* *&8<&ZR



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C &

?@= %BGFBV PQ EWB )+)2 6BITFP8 > %BTDSET

CR2 `%-$ $%<( A&&* *&8<&Z %-( 8&*M +6&-*6M %</%6</%$&4P <( $%-$ Z%&. W").+<6P $%& NO= "*

"$%&*( Z-.$ $" 0-:& !"#$%&"'$! #)$'*+, "- .)+/+ 0"'+, $/+ $11!&+2 P "* Z%&.

#"',&2+/&'* %)+ !&3+!4 2+5+!"16+'% #$1$#&%4 +--+#% "- &'#/+$,&'* $ )+&*)% !&6&%

Z<$%<. - ;"Z. W&.$*& #*"0 9(-M> V ($"*&M( $" \ ($"*&M(P $%& 1WXW Z<66 +"A& Z<$%

$%<( 8&*M Z&66P Z<$%")$ "* 0<.<0-6 A&&* *&8<&ZR 5L;a( 4".a$ .&&4 +%-./<./ #"* $%<(R

N$ <( Z%&. %)+ /7!+, "- $ 0"'+ $/+ #)$'*+2 9-( $%<( 1W1=>P $%&. $%& 5L;a( %-8& $"

-6(" D& +%-./&4R `%&. 5L;a( -*& +%-./&4P $%& +".(&_)&.+&( "# &-+% +%-./&

%-8& $" 8&*M +-*&#)66M D& *&8<&Z&4 ". $%& 6<:&6M <0A-+$P ". $%& "$%&* *&6-$&4 5L;a(R

;%<( Z<66 D& Z%&. - A&&* *&8<&Z <( 6<:&6M $" D& *&_)<*&4P )(<./ A*"A&*$M 4&8&6"A0&.$

A*"#&((<".-6( Z<$% &SA&*$<(& <. $%<( #<&64R

CR? 1( %</%6</%$&4 <. VR2 -.4 CR2 -D"8&P $%& 1WXW ,"4&6 <( <. <$( <.#-.+M -.4 <( ."$ M&$

*&-4M $" +"A& Z<$% ')6& +%-./&( +*&-$&4 DM 1W1=P Z<$%")$ 1WXW 5L; -4E)($0&.$

DM A*"A&*$M 4&8&6"A0&.$ A*"#&((<".-6(R

CRH 1AA&.4<S X A*"8<4&( - ;-D6& $%-$ +"0A-*&( $%& 4<##&*&.+&( <. 4&8&6"A0&.$

+-A-+<$M ")$A)$( #"* $%&B

<R 1)+:6-.4 =1L= 91WXW 82>P

<<R $%& 1W1= 91WXW 82> -.4

<<<R $%& 1W1= 91WXW 8?>R

CRV 1AA&.4<S X %</%6</%$( $%-$ -60"($ -66 "# $%& <.+*&-(& <. 4&8&6"A0&.$ +-A-+<$M

D&$Z&&. $%& =1L= 91WXW 82> -.4 $%& 1W1= 91WXW 8?>P Z-( <. $%& ,<S&4

O")(<./ J)D)*D-. i".& 9,OJ>R N. $%& d,OJ jH@@0?eP $%<( <.+*&-(&4 $%&

9()AA"(&4> #&-(<D6& 4&8&6"A0&.$ +-A-+<$M #*"0 2@P?3@ $" 2@VP[\C 4Z&66<./(R

CRC 1; A*"8<4&4 gT Z<$% - *-.4"0 (-0A6& "# C@@ ,OJ A*"A&*$<&(P #"* Z%<+% gT %-(

A*"8<4&4 $%& 1W1= 91WXW 82> -.4 $%& 1W1= 91WXW 8?> ")$A)$(R N$ <( $%*")/% 8&*M

+6"(&6M &8-6)-$<./ $%&(& C@@ (-0A6& ")$A)$( $%-$ =I -.4 1; %-8& +-**<&4 ")$ 0"($

"# ")* A&&* *&8<&Z -.4 (&.(& +%&+:<./R

CRC 1AA&.4<S K A*"8<4&( $%& *&6&8-.$ +"6)0.( "# $%& 1W1= 91WXW 82> '&()6$( #"* $%&

*-.4"0 (-0A6& "# C@@ ,OJ A*"A&*$<&(P (%"Z<./ $%& <.<$<-6 VG A*"A&*$<&(R Q# $%& VG,OJ A*"A&*$<&(P ? %-8& ." 4Z&66<./P V? %-8& 2 4Z&66<./ -.4 ? %-8& ? 4Z&66<./(P



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C '

0-:<./ - $"$-6 "# VG 4Z&66<./( ". $%& VG A*"A&*$<&(R ;%& 1W1= 91WXW 82> *&()6$(

(%"Z $%-$ -. -44<$<".-6 G2 4Z&66<./( -*& (%"Z. -( #&-(<D6& $" D& D)<6$P ". ?? "# $%&

VG A*"A&*$<&(R 9<& .&-*6M %-6# "# -66 $%& ,OJ (<$&( $%*")/%")$ 1)+:6-.4 9<.+6 *&+&.$6M

D)<6$ ()D4<8<(<".(> #&-(<D6& $" D& *&f4&8&6"A&4>R

CRG gT %-( +".#<*0&4 $" =I -.4 1; $%-$ Z%&. W").+<6 *-. $%& 1W1= 91WXW 82> <.

1)/)($ ?@2CP $%& ')6&( ).4&* 1W1= Z&*& +%-./&4P D)$ .".& "# $%& 5L;a( Z&*&

+%-./&4R

CR[ TM 8<&Z<./ 1AA&.4<S K M") +-. (&& $%-$ $%<( %-( %-4 $%& &##&+$ "# A6-+<./ $%& (-0&

(<b& %")(& &.8<(-/&4 ).4&* =1L= ')6&( ". - V@@0? (&+$<".P ".$" - +<*+- ?@@0?

(&+$<".R `%-$ .&&4&4 $" %-AA&. <( $%-$ ).4&* 1W1= ')6&( -.4 ."Z +".(<4&*<./ V

%")(&( ". - (&+$<". *-$%&* $%-. ?P $%-$ &-+% "# $%&(& V %")(&( .&&4&4 $" D&

(0-66&* (" $%-$ $%&M +")64 #<$ 9-.4 +"0A6M Z<$% $%& =1L= -.4 1W1= A6-..<./ -.4

)*D-. 4&(</. *)6&(> ". $%& (<$& %-6# $%& (<b&R

K@= +PHX7IFTP8 PQ EWB )+)2 6BITFP8 > 789 6BITFP8 < %BTDSET

GR2 1W1= 91WXW 8?> %-( +%-./&4 $%& 5L;a( $" +".(<4&* $%& &##&+$ "# A)$$<./ - (0-66&*%")(& ".$" $%& (0-66&* (&+$<".R <R&R 1 %")(& $%-$ <( -D6& $" +"0A6M Z<$% $%& A6-..<./

-.4 )*D-. 4&(</. *)6&( ).4&* $%& =1L= -.4 1W1=R ;%& +%-./&( $" $%& 5L;a( +-.

D& (&&. <. 1AA&.4<S W A-/& VR 1; -.4 =I A*"A"(&4 $%& +%-./&( "# $%& 5L;a(

Z%<+% <.+6)4&4 +%-./&( "# %")(& (<b&( 9Z%&. $%&*& -*& (0-66&* (&+$<".( ()+% -(

).4&* 1W1=>P Z%<+% Z&*& $%&. A&&* *&8<&Z&4 DM $%& =*"A&*$M X&8&6"A0&.$ KSA&*$

7*")A 9=XK7> &($-D6<(%&4 #"* $%& @2HK7P 4)*<./ H@$% J&A$ $" ?.4 Q+$R ;%&

+"**&(A".4&.+& A*"8<4&4 DM $%& =XK7 ". $%& ?.4 Q+$ %-( D&&. A*"8<4&4 $" $%&

NO= -.4 W").+<6P -.4 ,* O<66 %</%6</%$( $%& A*"+&(( ).4&*$-:&. <. 1AA&.4<S WP=-/& 2R

GR? =IP 1; -.4 $%& =XK7 -/*&&4 $%-$ - d^ W&<6<./e #-+$"* Z-( +".(<4&*&4 &((&.$<-6R

;%<( <( -. -((&((0&.$ Z%<+% +".(<4&*( %"Z 0)+% - A)*+%-(&* <( A*&A-*&4 $" A-M

#"* -. <.$&.(<#<&4 A*"A&*$MP *&6-$<8& $" $%& (-6& A*<+& c 8-6)& "# "$%&* .&-*DM

A*"A&*$<&(R <R&R -. -((&((0&.$ Z%<+% +".(<4&*( $%& +%"<+& $%-$ - *&(<4&.$<-6

A)*+%-(&* %-( <. Z%&$%&* $" D)M - .&Z 6-*/&9*> %"0& ". - (0-669&*> (&+$<".P -

4)A6&S "* $&**-+& %"0& "* -. -A-*$0&.$P +"0A-*&4 $" D&<./ -D6& $" D)M -. &S<($<./

%")(& ". - 6-*/&* (&+$<".R ;%<( *&_)<*&( -. -((&((0&.$ "# - d^ W&<6<./e #"* -.M



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C (

/<8&. $MA"6"/M "# 4Z&66<./P <. +"0A-*<(". $" $%& -8&*-/& (-6& A*<+& Z<$%<. $%-$

.&</%D")*%""4P "* W&.()( 1*&- L.<$ 9W1L>R ;%& =1L= 91WXW 82> %-4 *).

*&-(".-D6M Z&66 Z<$%")$ $%& d^ W&<6<./e D)$ $%& <.+*&-(&4 <.$&.(<$M ).4&* 1W1=P ".

Z%-$ -*& &##&+$<8&6M ()D)*D-. *&(<4&.$<-6 (<$&( %-( %</%6</%$&4 $%-$ $%& d^ W&<6<./e

<(()& .&&4( -44*&((<./R

GRH X)*<./ $%& Z&&: #*"0 $%& ?\$% J&A$ $" $%& ?.4 Q+$P =IP 1; -.4 $%& =XK7 ,&0D&*(

+-0& )A Z<$% Z%-$ Z& $%")/%$ Z&*& +".(&*8-$<8& d^ W&<6<./e #</)*&(R J"0& "# $%&

=XK7 $%")/%$ $%& d^ W&<6<./e .)0D&*( (%")64 D& 6&(( +".(&*8-$<8&R ;%&(& ^

W&<6<./ #-+$"*( Z&*& 4<($*<D)$&4 $" $%& Z<4&* @2HK7 ". I*< $%& ?.4 Q+$R

GRV `%&. $%& 1W1= 91WXW 8?> 4*-#$ W"0A)$&* *).( Z&*& +"0A6&$&4 ". $%& \$%

Q+$"D&*P $%<( %</%6</%$&4 $%-$ 0-.M "# $%& %</%&* A*<+&4 4Z&66<./( ". (0-66 (<$&(

Z<$%<. $%& ,OJ -*&-(P Z&*& ."$ -D6& $" 0&&$ $%& ^ W&<6<./ $%*&(%"64R ;%<( %-4 $%&

&##&+$ "# ()D($-.$<-66M *&4)+<./ $%& #&-(<D6& 4&8&6"A0&.$ +-A-+<$M 8<b $%& 1W1=

91WXW 82>R

GRC ;%& *&()6$ %</%6</%$&4 <. GRV -D"8& Z-( &SA&+$&4P %"Z&8&* $%& (+-6& "# $%&

*&4)+$<". Z-( _)<$& 6-*/&R 1#$&* +".()6$-$<". Z<$% X-8<4 O<66P 1;P =I -.4 gT %-8&

-/*&&4 $" d("#$&.e $%& ^ W&<6<./ #-+$"*( #"* $%<( 1W1= 91WXW 8?> *).P Z%<+% Z<66

%-8& $%& &##&+$ "# A-((<./ -( #&-(<D6& 4&8&6"A0&.$ +-A-+<$MP (<$&( $%-$ -*& 0"*&

$%-. 6<:&6M 0-*/<.-6R ;%& +%-./& <. $%& d^ W&<6<./e #-+$"* D&$Z&&. $%& ?.4 Q+$ -.4

$%& \$% Q+$ <( %</%6</%$&4 <. 1AA&.4<S IR

GRH ;%& ;-D6& <. 1AA&.4<S X (%"Z( $%-$ $%& >=LMNO? &S$*- 4&8&6"A0&.$ +-A-+<$M Z<$%<.

$%& ,OJ jH@@0? <. 1W1= 91WXW 82>P %-( 4*"AA&4 $" <LM;<<R ;%& ;-D6& <.

1AA&.4<S X (%"Z( $%& 4&8&6"A0&.$ +-A-+<$M "# KLML<= "# $%& =1L= 91WXW 82>P

%-( <.+*&-(&4 $" ;<MK?N ).4&* 1W1= 91WXW 8?> ^ W&<6<./ -( $%& =XK7 %-4-/*&&4P "* ><OMK=O Z<$% $%& '-<(&4 ^ W&<6<./R 1 /""4 <.+*&-(& (%"Z<./ $%& D&.&#<$(

"# $%& 1W1= 0"4<#<+-$<".(P D)$ - 6"./ Z-M -Z-M #*"0 $%& >O>M>O< -44<$<".-6

4&8&6"A0&.$ +-A-+<$M &.8<(-/&4 DM W").+<6 <. 1W1= 91WXW 82>R

N@= %B7TP8T QPI EWB /FQQBIB8CB F8 )+)2 6BITFP8 > 789 6BITFP8 < %BTDSET

[R2 KS-0<.<./ <. +6"(& 4&$-<6 $%& ;-D6& <. 1AA&.4<S K /<8&( - /""4 <.(</%$ <.$" $%&

*&-(".( #"* $%& 8-($6M 4<##&*&.$ 4&8&6"A0&.$ +-A-+<$M .)0D&*( -+%<&8&4 D&$Z&&.

82 -.4 8?R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C )

[R? ;%& 0-<. <(()& 9-( %</%6</%$&4 <. W6 CR[> <( $%-$ ).4&* 1W1= $%& -66"Z-D6& %")(&

.)0D&*( ". &-+% (<$& Z&*& -##&+$<8&6M 4")D6&4P D)$ DM ."$ +%-./<./ $%& 5L;a(P $%&

(-0& 96-*/&> (<b& %")(& Z-( +".(<4&*&4 $" D& A6-+&4 ". - (<$& %-6# $%& (<b&R ;%&

"*</<.-6 5L;a( Z"*:&4 ". - *-$<" "# %")(& (<b& S (-6& A*<+& ^c0?P (" $%& 1W1= 82

-(()0&4 $%-$ $%& 6-*/& %")(& +")64 D& ("64 ". - *&-66M (0-66 (&+$<".P #"* - 8&*M

%</% A*<+&R

[RH J"0& &S-0A6&( "# $%& D<b-**& *&()6$( $%-$ $%& 1W1= 82 A*"4)+&4 9(&& 1AA&.4<S K>

-.4 $%-$ 1)+:6-.4 W").+<6 %-8& A*"8<4&4 <. K8<4&.+& -( (%"Z<./ *"D)($

4&8&6"A0&.$ +-A-+<$MR

<R 2H ;M*<-. W6"(&P O-6# ,"". T-M 9'"Z ? <. 1AA&.4<S K>R 2 &S<($<./ %")(& ". -

\CV0? (&+$<".P Z<$% - +)**&.$ WY "# ^\2@P@@@R 1W1= 82 d-(()0&4e V h"

??@0? %")(&( Z")64 D& D)<6$P ". ?2V0? (&+$<".( 9/*"((P $%&*&#"*& ($<66 .&&4 $"

-66"Z #"* 4*<8&Z-M( &$+>P -.4 $%-$ &-+% "# $%& V %")(&( Z")64 D& -D6& $" D& ("64

#"* ^2RGC0R k&(B ^\2@P@@@ +)**&.$ 8-6)& #"* -66 $%& \CV0? 6-.4 -.4 2 %")(&P

D)$ 1W1= 82 -(()0&4 A&"A6& Z")64 D)M V %")(&( ". - _)-*$&* $%& 6-.4 -*&-R

`<$%<. $%& ,OJ b".& ).4&* =1L= -.4 1W1= *)6&(P $%&*& <( ." A"((<D6& Z-M

$%-$ - ?@@0? %")(& +-. #<$ ". - /*"(( (<$& "# ?2V0?P Z%&. -AA6M<./ - %&</%$

6<0<$ "# \f30P -.4 +"0A6M<./ Z<$% -66 $%& #*".$P (<4& -.4 *&-* M-*4(P 4*<8&Z-M(P

$)*.<./ +<*+6&(P )*D-. 4&(</. <(()&( &$+R I)*$%&*0"*&P #*"0 - (-6&( 8<-D<6<$M

A&*(A&+$<8&P 0"($ (&.(<D6& A&"A6& Z<66 E)($ DM $%& -4E"<.<./ %")(& -.4 6-.4 #"*

$%& +<*+- ^\2@P@@@P *-$%&* $%-. (A&.4 ^2RGC0 #"* - %")(& ". - l (<$&m

<<R 2[ X&8&*&66 =6P h"*$% W*"((P h"*$% J%"*& 9'"Z 2VP <. 1AA&.4<S K>R 2 O")(& ".

- GH20? (&+$<".P Z<$% - WY "# ^G3@P@@@R 1W1= 82 d-(()0&4e H h" ?@@0?

%")(&( Z")64 D& D)<6$P ". ?2@0? (&+$<".( 9/*"((P $%&*&#"*& ($<66 .&&4 $" -66"Z

#"* 4*<8&Z-M( &$+>P -.4 $%-$ &-+% "# $%& H %")(&( Z")64 D& -D6& $" D& ("64 #"*

^2RH@0R ;%& ^2RH0 <( *")/%6M $Z<+& $%& WY "# $%& %")(& ". - #)66 (<$&m<<<R 3G W"Z%&-4 '4P ,-.)*&Z- 9'"Z VVP <. 1AA&.4<S K -.4 I>R 2 O")(& ". -

G\V0? (&+$<".P Z<$% - WY "# ^HCCP@@@R 1W1= 82 d-(()0&4e H h" 2[\0?

%")(&( Z")64 D& D)<6$P ". ??\0? (&+$<".( 9/*"((P $%&*&#"*& ($<66 .&&4 $" -66"Z

#"* 4*<8&Z-M( &$+>P -.4 $%-$ &-+% "# $%& H %")(&( Z")64 D& -D6& $" D& ("64 #"*

^\C@P@@@R ;%& ^\C@: <( *")/%6M ?RV $<0&( $%& WY "# $%& %")(& ". - #)66 (<$&m

`%" <. ,-.)*&Z- Z")64 A-M ? $" ?RC $<0&( $%& 8-6)& "# - 6-*/& (<$& -.4

&S<($<./ %")(&P $" 6<8& <. - .&Z %")(& ". - 8&*M (0-66 92cH (<b&> (&+$<".n

<8R ,-.M "# $%& "$%&* &S-0A6&( <. 1AA&.4<S K (%"Z (<0<6-* *&()6$(R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *+

8R `%-$ <( 8&*M &8<4&.$ #*"0 $%& KS-0A6&( <. 1AA&.4<S KP <( $%-$ $%& D)<64<./ (<b&(

%</%6</%$&4 ).4&* 1W1= 91WXW 82> %-8& ."$ D&&. 8-6<4-$&4 -/-<.($ W").+<6a(

"Z. ()D0<((<".( ". T)<64<./ #"*0P -( A*"8<4&4 Z<$%<. $%& h<+: '"D&*$(

K8<4&.+&R ;%& D</ %")(&( -( (%"Z. <. 1W1= 91WXW 82> +-.a$ #<$ ". $%& (0-66

(<$&(P Z<$%")$ +%-./<./ $%& %&</%$ 6<0<$( "* <.+*&-(<./ $%& (<$& +"8&*-/& om

[RC ;%& <.$*"4)+$<". "# - d^ W&<6<./e -66"Z-.+& %-( D&&. 0-4& <.$" $%& 1WXWR ;%& d^

W&<6<./e <.+6)(<". Z-( +"0A6<+-$&4P -( $%& -4E)($0&.$ <. #)$)*& Z<66 A*"D-D6M .&&4

$" D& +"0A6&$&4 *&6-$<8& $" &-+% W1LP -( $%& 0&4<-. A*<+& "# ("0& W1La( Z<66 D&

0"*& &##&+$&4 DM -6*&-4M <.$&.(<#<&4 &S<($<./ ($"+: 9-( $%& 1)+:6-.4 WTX> -.4

"$%&* W1La( Z%&*& $%&*& <( - A*&4"0<.-.+& "# (<./6& %")(&(R N. $%& 0&-.$<0& Z&

%-8& -4"A$&4 - 8&*M +".(&*8-$<8& -AA*"-+%P Z%<+% .&&4( $" D& *&8<&Z&4 <. /*&-$

4&$-<6 Z%&. $%& 1WXW ,"4&6 <( #)*$%&* *&8<&Z&4P 9(&& J&+$<". \>R

[RG ;%& &##&+$ "# $%& ^ +&<6<./ Z<$% $%& =XK7 -AA*"8&4 .)0D&*( Z-( $" A*"8<4& -

#&-(<D6& 4&8&6"A0&.$ +-A-+<$M "# ;<MK?N 4Z&66<./(R TM *-<(<./ $%& ^ W&<6<./ -0").$

9-( -6(" (%"Z. <. 1AA&.4<S X>P gT %-( *&f*). $%& 1WXW ,"4&6 -.4 %</%6</%$( $%-$

$%<( Z")64 0-:& ><OMK=O #&-(<D6& 4&8&6"A0&.$ +-A-+<$M 4Z&66<./(R ;%<( <( <. &##&+$

A*"8<4<./ - '-./& "# A"$&.$<-6 #&-(<D6& 4Z&66<./(P ."$ Z<$%($-.4<./ $%-$ ("0& <. $%&

=XK7 $%")/%$ $%& ^ W&<6<./ +".4<$<".( $%-$ 6&4 $" $%& ;<MK?N Z&*& $""

+".(&*8-$<8&R ;%& (<b& "# $%& '-./& %</%6</%$( $%-$ 0"*& Z"*: <( *&_)<*&4 $"

+"00<((<".P $&($ -.4 *&8<&Z $%& 1WXW #)66MR 166 $%&(& .)0D&*( -*& - 6"./ Z-M

(%"*$ "# $%& >O>M>O< $%-$ $%& 1W1= 91WXW 82> (%"Z&4R

O@= 0TTDBT EW7E VFSS 7QQBCE EWB IB7SFEJ PQ EWB QPIBC7TE 9BGBSPXHB8E C7X7CFEJ

\R2 N$ %-( D&&. %</%6</%$&4 Z<$%<. $%& @2HK7 '&A"*$P $%-$ $%&*& -*& - (&*<&( "# #-+$"*(Z%<+% Z<66 *&4)+&P "* <.+*&-(& $%& #"*&+-($ 4&8&6"A0&.$ +-A-+<$M .)0D&*(R I"*

+"0A6&$&.&(( Z& Z<66 %</%6</%$ $%&(& -/-<. D&6"ZR ;%&*& -*& 0-.M ,&0D&*( "# $%&

@2HK7 Z%" %-8& 8-*M<./ 8<&Z( ". $%& &##&+$( "# &-+% <(()&R

>@ 0TTDBT EW7E VFSS IB9DCB EWB 7CWFBGB9 IB7SFEJ QIPH EWB )+/+ IBTDSET

7@ /BGBSPXHB8E CW78CB Q8&* - H@ M&-* $<0& A&*<"4P $%<( Z<66 6<:&6M :."+: ")$ H@fV@o

"# $%& 4&8&6"A0&.$ #&-(<D6& 4Z&66<./ .)0D&*(R ;%&*& -*& E)($ (" 0-.M A*"A&*$M

"Z.&*( Z%" -*& 8&*M +".$&.$ Z<$% $%& &S<($<./ )(& "# $%&<* A*"A&*$MR



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C **

DR +7X7CFEJ DEFSFT7EFP8R ;%<( Z<66 A*"D-D6M %-8& - /*&-$&* *&4)+$<". &##&+$ <. $%& 6"Z&*

(-6& A*<+& -*&-(P Z%&*& 4&8&6"A&*( -*& 6<:&6M $" D)<64 6"Z&* +"($ $&**-+& %"0&(P

$%-. -A-*$0&.$(R ,-.M "# $%& =-+<#<+- +)6$)*&( -*& -6(" ."$ 6<:&6M $" D& -$$*-+$&4 $"

-A-*$0&.$ 6<8<./P Z%<+% Z<66 -##&+$ D)<6$ $MA"6"/<&( <. $%&<* .&</%D")*%""4(R

+R 08QI7TEIDCEDIB CP8TEI7F8ETB DEFSFEJ XIPGF9BIT TEFQSB 9BGBSPXHB8E@ ;%<( <( E)($ ("

<0A"*$-.$ $" *&("68&R O"A&#)66M $%& )$<6<$M A*"8<4&*( Z<66 ($)4M $%& 1WXW2C ,-A(

8&*M +-*&#)66M -.4 &.()*& ()##<+<&.$ <.#*-($*)+$)*& <( A*"8<4&4 <. 6"+-$<".( -$%-$

(%"Z <.$&.(<#<+-$<". <( 4&8&6"A0&.$ #&-(<D6&R

4R /BGBSPXHB8E TFEBT CPTEF8U HPIB EW78 EWB +6R 1( $%& +)**&.$ =1L= 4"&( ."$

A*"8<4& ()##<+<&.$6M )Ab".&4 D*"Z.#<&64 6-.4 "AA"*$).<$MP ).$<6 $%&*& <( -. <.+*&-(&

<. )Ab".&4 6-.4P $%<( <(()& Z<66 +".$<.)& $" D& - A*"D6&0R J<$& "Z.&*( Z%" %-8&

D&&. dD6&((&4e Z<$% - ()D($-.$<-6 )Ab".<./P Z<66 #&&6 $%-$ $%&M -*& &.$<$6&4 $" -

Z<.4#-66 A*"#<$ -( - *&()6$R ;%<( +-. D& ()D($-.$<-66M *&4)+&4P DM A*"8<4<./

4&8&6"A&*( Z<$% /*&-$&* ()AA6M "AA"*$).<$<&(R

<@ 0TTDBT EW7E VFSS F8CIB7TB EWB 7CWFBGB9 IB7SFEJ QIPH EWB )+/+ IBTDSET

-R 4FEB 7H7SU7H7EFP8 10-6/-0-$<". <( - $<0& +".()0<./ -.4 +"($6M &S&*+<(&P $%-$

".6M - 6<0<$&4 .)0D&* "# 4&8&6"A&*( %-8& $%& A-$<&.+& $" ).4&*$-:&R ;%& 6"Z 6&8&6

"# 4&8&6"A0&.$ #&-(<D6& (<$&( <. $%& 0<S&4 %")(<./ b".&(P A*&4"0<.-.$6M N D&6<&8&

4)& $" $%& 4&.(<$M *&($*<+$<".(P 0&-. $%-$ ".6M $%& ;O1T b".&4 (<$&( Z<66 D&.&#<$

()D($-.$<-66M #*"0 -0-6/-0-$<".R ,M ($*"./ ()//&($<". <( $" -D"6<(% $%& 4&.(<$M

*)6&( <. $%& 0<S&4 %")(& b".&(P -.4 #"+)( ". $%& 4&(</. +".$*"6( #"* $%&(& -*&-(R

Y@ 'WB BQQBCET PQ EFHB FHXIPGF8U GF7YFSFEJ P8 78J CWPTB8 TFEB@ ;%&*& <( ." 4")D$

$%-$ - .)0D&* "# -*&-( $%-$ Z&*& 4&8&6"A&4 H@fV@ M&-*( -/" 9()+% -( I-*0 W"8&>

$%-$ -*& ."$ 4&8&6"A0&.$ #&-(<D6& +)**&.$6MP Z<66 /&$ +6"(&* $" D&+"0<./

4&8&6"A0&.$ #&-(<D6& <. $%& ?@fH@ M&-* $<0&#*-0& "# $%& 1)+:6-.4 =6-.R O"Z&8&*

$%& +".8&*(& +")64 D& (-<4 <. $%-$ - 6-.4 "Z.&* (<$$<./ ". - (<$& $%-$ <( ."$

4&8&6"A0&.$ #&-(<D6& $"4-MP Z")64 (<$ D-+: -.4 Z-<$ #"* %<( %")(& $" d4&$&*<"*-$&e#"* - ?@fH@ M&-* A&*<"4P (" $%-$ <. k&-* ?\ %& +-. ).4&*f$-:& -. <.$&.(<#<&4

4&8&6"A0&.$R ,-.M "# $%&(& "Z.&*( Z<66 +%""(& $" *&."8-$& -.4 c "* &S$&.4 $%&<*

A*"A&*$MP ()+% $%-$ ).6&(( - A*"A&*$M <( )Ab".&4 ()D($-.$<-66MP $%&(& (<$&( Z<66 ($-M

(<0<6-* $" Z%-$ $%&M -*& ."ZR W").$&*<./ $%<( <0A*"8&0&.$ <. 4&8&6"A0&.$ 8<-D<6<$MP

<( $%-$ <# - (<$& <( ."$ )Afb".&4 ()##<+<&.$6M $" A*"8<4& - .&-* $&*0 #&-(<D6& *&f

4&8&6"A0&.$ -6$&*.-$<8&P $%& "Z.&* "# $%& d$<*<./e %")(& 0-M +%""(& $" *&#)*D<(%

-.4 &S$&.4 %<( ($-.4 -6".& %")(& ". - #)66 (<$&R ;%& &S$&.$ "# $%& *&#)*D<(%0&.$(

-.4 &S$&.(<".( $%&. "#$&. 0-:& #)$)*& *&f4&8&6"A0&.$ $" - 0"*& <.$&.(& #"*0P

&8&. 0"*& +"($6M $" A)*+%-(& $%& 6-.4 A-*+&6@



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *!

C@ 6BIJ BQQBCEFGB 9BGBSPXBIT YBF8U 7YSB EP XBIQPIH YBEEBI EW78 EWB ZHF9 I78UB[

7TTDHXEFP8T@

;@= #DEDIB /BGBSPXHB8E PQ EWB )+/+ 5P9BS 789 +P8CSD9F8U +PHHB8ET

3R2 ;%& Z"*: $%-$ =IP 1; -.4 gT %-8& 4".& Z<$% $%& 1WXW ,"4&6 4)*<./ $%& 6-($ $Z"

Z&&:(P /<8& )( -66 +".#<4&.+& ". Z%-$ -. ")$($-.4<./ -((&$ $%& 1WXW ,"4&6 Z<66

D& #"* 1)+:6-.4 W").+<6R ;%& 1WXW Z<66 Z"*: 8&*M Z&66P D)$ 6<:& -.M .&Z A<&+& "#

&_)<A0&.$P $%& "Z.&* 91)+:6-.4 W").+<6> Z<66 .&&4 $" <.8&($ <.$" $%& 1WXW "8&*

$%& .&S$ 2f? 0".$%(P &##&+$<8&6M +"00<((<".<./ $%& .&Z A<&+& "# &_)<A0&.$P -.4

<.8&($<./ <.$" $%& #)*$%&* +-A-D<6<$M $%-$ $%& 1WXW %-(P Z%<+% %-( M&$ $" D& )$<6<(&4R

3R? ;%& *&8<&Z *&_)&($&4 DM $%& NO= 9-( 1AA&.4<S 1> %-( $-:&. =IP 1; -.4 gT - %)/&

-0").$ "# $<0& 4)*<./ $%& 6-($ $Z" Z&&:(R ,)+% "# $%<( Z"*: %-( %-4 $" D& +-**<&4

")$ ).4&* ()D($-.$<-6 $<0& A*&(()*&(R `%-$ <( ."Z .&&4&4 <( #"* $%& 1WXW $" D&

&##&+$<8&6M +"00<((<".&4 4)*<./ $%& .&S$ 2f? 0".$%(P (" $%-$ Z<$%")$ $<0&

A*&(()*&( -66 $%& <(()&( +-. D& +".(<4&*&4P $%& =XK7 +-. D& <.8"68&4P -.4 -66 $%&

(+&.-*<"( /"<./ #"*Z-*4 +-. D& #)66M $&($&4 -.4 *&8<&Z&4R

3RH X)*<./ $%& +"00<((<".<./ ($-/& "# $%& 1WXW ,"4&6P $%& 1WXW (%")64 D& )(&4 $"

$&($ - *-./& "# 4Z&66<./ (<b&( -.4 A*<+&(P <.8"68<./ 2Cf?@ 0"4&6 *).( $%-$ $&($ -

*-./& "# (<b&( -.4 A*<+&( #"* &-+% A-*+&6P (" $%-$ $%& 6"Z&($ A"((<D6& A*<+& 4Z&66<./

$%-$ <( +"00&*+<-66M #&-(<D6& <( 4&$&*0<.&4P -.4 $%& "8&*-66 .)0D&* "# 4Z&66<./(

$%-$ +-. D& D)<6$ <. $%& 6"Z&* A*<+& *-./&( <( :."Z.R ;%<( Z")64 D& - 8&*M )(&#)6

-44<$<". $" $%& 1WXW -.4 -66"Z - *-./& "# )(&#)6 $-D6&( $" D& A*"8<4&4P <.+6)4<./

$%& .)0D&* "# 4Z&66<./( $%-$ -*& +"00&*+<-66M #&-(<D6& -$ &-+% A*<+& A"<.$ *-./&P

^H@@P@@@ f ^V@@P@@@P ^V@@P@@@ f ^C@@P@@@P &$+RP -.4 D*":&. 4"Z. DM 4Z&66<./

$MA&P 6"+-$<".P b".&P &$+R ;%<( <( $%& :&M $" ).4&*($-.4<./ Z%&$%&* - 6"$ "# .&Z

4Z&66<./( Z<66 -+$)-66M D& D)<6$ ).4&* $%& =1L=P -( #"* 2@P@@@ A6)( 4Z&66<./( $" D&

D)<6$ -..)-66MP - 6-*/& A*"A"*$<". .&&4 $" D& A*<+&4 ).4&* ^C@@P@@@P -.4 <4&-66M

).4&* ^V@@P@@@R

3RV `& -66 ."Z -/*&& $%-$ <$ %-( D&&. &((&.$<-6 #"* -. -++)*-$& d^ W&<6<./e $" D&

A*"8<4&4 Z<$%<. $%& 1WXW ,"4&6P -( - d8-6<4-$"*e "# ")$A)$ *&()6$( 9(&& W6 [RC -.4

[RG -D"8&>R J"0& "# $%& =XK7 -.4 $%& @2HK7 Z&*& ()*A*<(&4 $" 6&-*. $%-$ - d^

W&<6<./e $""6 %-4 ."$ D&&. <.+6)4&4 <. $%& =1L= 91WXW 82>R 1 *&-6<($<+ ^ W&<6<./

-4E)($0&.$ Z<66 D& *&_)<*&4 <. #)*$%&* <$&*-$<".( "# $%& 1WXW ,"4&6R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *#

3RC Q.+& $%& +"00<((<".<./ &.8<(-/&4 <. W6 \R2 $" \RV <( +"0A6&$&4P Z%&. W").+<6P $%&

NO= "* "$%&*( Z-.$ $" 0-:& !"#$%&"'$! #)$'*+, "- .)+/+ 0"'+, $/+ $11!&+2 P "*

Z%&. #"',&2+/&'* %)+ !&3+!4 2+5+!"16+'% #$1$#&%4 +--+#% "- &'#/+$,&'* $

)+&*)% !&6&% Z<$%<. - ;"Z. W&.$*& #*"0 9(-M> V ($"*&M( $" \ ($"*&M(P $%& 1WXW Z<66

+"A& Z<$% $%<( Z&66P Z<$%")$ "* 0<.<0-6 A&&* *&8<&ZR 5L;a( Z<66 ."$ .&&4 $" +%-./&R

`<$% &##&+$<8& +"00<((<".<./P Z%&. %)+ /7!+, "- $ 0"'+ $/+ #)$'*+2 9-( $%<(

1W1=>P $%&. $%& 5L;a( Z<66 %-8& $" ($<66 D& +%-./&4R ;%<( Z<66 ($<66 .&&4 $" D& A&&*

*&8<&Z&4P )(<./ A*"A&*$M 4&8&6"A0&.$ A*"#&((<".-6( Z<$% &SA&*$<(& <. $%<( #<&64P

-6$%")/% #)$)*& A&&* *&8<&Z(P -#$&* W6 \R2 $" \RV -*& +"0A6&$&4P Z<66 ."$ *&_)<*& $%&

(-0& 6&./$% "# $<0& $%-$ $%<( A&&* *&8<&Z %-( $-:&.R

\RG ;%& 1W1= 91WXW 8?> ,-A( -*& A*"8<4& <. 1AA&.4<+&( 7P O -.4 NR 1( +-. D& (&&.

#*"0 $%& 5&/&.4P $%& 4-*:&* +"6")*( -*& $%& (<$&( Z<$% #&-(<D6& 4&8&6"A0&.$

+-A-+<$MR N$ <( <.$&*&($<./ $" ."$& $%& 0<(0-$+% "# #&-(<D6& 4&8&6"A0&.$ +-A-+<$M

Z<$%<. 0"($ A-*$( "# $%& 1)+:6-.4 N($%0)( -*&-P *&6-$<8& $" $%& ()D($-.$<-6

<.$&.(<#<+-$<". <.$&.4&4 Z<$%<. $%& 1)+:6-.4 =6-.R ;%<( <( A*&4"0<.-.$6M 4)& $" $%&

%&</%$ -.4 "$%&* *&($*<+$<".( <0A"(&4 <. $%&(& -*&-(R

\R[ ;%& 8-($ 4<##&*&.+&( <. #&-(<D6& 4&8&6"A0&.$ +-A-+<$M .)0D&*( D&$Z&&. 82 -.4 8?P

%</%6</%$ $%-$ $%& 1WXW ,"4&6 (%")64 ".6M D& )(&4 -/-<. -#$&* \R2 p \RV -D"8& %-(

D&&. +"0A6&$&4R =IP 1; -.4 gT -66 #&&6 8&*M ($*"./6M -D")$ $%<(R 1.M 1)+:6-.4

W").+<6 1WXW ,"4&6 )(& Z<$%")$ \R2 p \RV D&<./ +"0A6&$&4 Z<66 ."$ D& *&6<-D6&R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *$

)XXB89FA )

!"#$ &'('&)*+ '#",-"- #$-". '--)*)$,'. ),/$0#'*)$, 1234526514

Memo 70)-'+ 14 8"(*"#9"0 1234

:$; <=&>.',- ?$=,&).@ A'*0)&> 7$,*"),@ <-'# :B$#(C$,

??; D'E)- F)..@ 23G HI("0* J0$=( K/$0 ),/$0#'*)$, $,.+L

70$#; AB).. M")-@ F"'0),N !','N"0

Subject: 059, 060, 062 and 063 Residential hearings topics - Panel direction foradditional information on capacity forecasts

:B" 23G HI("0* J0$=( -"E".$("- *B" <=&>.',- ?$=,&). D"E".$(#",* ?'('&)*+ K<?D?L#$-". -'*"- O=.+ 1234 *B'* P'C =C"- *$ /$0"&'C* -"E".$('9." 0"C)-",*)'. &'('&)*+ /$0 *B" 23G:$()& – MA8 Q09', J0$P*BR :B)C #$-". P'C =C"- *$ (0$E)-" *B" A',". P)*B &'('&)*+/$0"&'C*C 9'C"- $, *B" ,$*)/)"- A<QAR 8=9C"S=",*.+ ), "E)-",&" *B" ?$=,&). B'C (0$($C"-#$-)/)"- T$," 0=."C /$0 ' ,=#9"0 $/ *B" 0"C)-",*)'. T$,"C ',- ), ('0*)&=.'0 B'C (0$($C"-#$-)/+),N *B" -",C)*+ &$,*0$.CR <C *B"C" (0$($C"- #$-)/)&'*)$,C *$ -",C)*+ &$,*0$.C '0""I("&*"- *$ C)N,)/)&',*.+ '//"&* 0"C)-",*)'. &'('&)*+ *B" ?$=,&). 0"50', *B" <?D? #$-". *$0"/."&* *B" #$-)/)"- -",C)*+ &$,*0$.CR :B" 0"C=.*C $/ *B'* #$-"..),N B'E" 9"", ),&.=-"- ), *B"Council’s evidence on the residential topicC -=" *$ 9" B"'0- C*'0*),N 3U V&*$9"0 1234R

A'*0)&> 7$,*"), ',- <-'# :B$#(C$, KPB$ P"0" #"#9"0C $/ *B" 23G HI("0* J0$=(L B'E"/)."- "E)-",&" $, *B" 0"C)-",*)'. *$()&C S="C*)$,),N *B" 'CC=#(*)$,C ',- W=-N"#",*C =C"- ),

*B" 0"50=, $/ *B" <?D? #$-".R X, *B")0 E)"P@ *B"C" )CC="C '0" C=//)&)",* *$ &'.. ),*$ S="C*)$,*B" 0".)',&" *B" A',". CB$=.- (.'&" $, *B" 0"C=.*C $/ *B)C #$-"..),NR

J)E", *B" )#($0*',&" $/ *B"C" &'('&)*+ forecasts for the Panel’s consideration of the0"C)-",*)'. *$()&C *B" A',". P)CB"C *$ B'E" &.'0)/)"- *B" "I*",* *$ PB)&B *B" 'CC=#(*)$,C ',-

W=-N"#",*C &0)*)S="- 9+ A'*0)&> 7$,*"), ',- <-'# :B$#(C$, )#('&* $, *B" &'('&)*+/$0"&'C*CR :$ B'E" *B)C ($),* &.'0)/)"- *B" A',". -)0"&*C *B'* A'*0)&> 7$,*"), ',- <-'#:B$#(C$, -"E".$( ', 'N0""- C"* $/ 'CC=#(*)$,C ',- W=-N"#",*C 0"S=)0"- *$ 0"50=, *B"

<?D? #$-". *$ (0$("0.+ 0"/."&* *B" #$-)/)"- -",C)*+ &$,*0$.C (0$($C"- 9+ *B" ?$=,&).R :B"A',". -)0"&*C *B" MX!Q *"'# *$ P$0> P)*B A'*0)&> 7$,*"), ',- <-'# :B$#(C$, *$ '&B)"E"',- 0"($0* 0"50=, <?D? #$-". 0"C=.*C (0)$0 *$ 3U V&*$9"0 1234 K&$##",&"#",* $/ *B"B"'0),NCLR

:B" A',". 0"S="C*C A'*0)&> 7$,*"), ',- <-'# :B$#(C$, *$ )-",*)/+@ &$#('0" ',- 0"($0* *B">"+ -)//"0",&"C ), 'CC=#(*)$,C ',- W=-N"#",*C =C"- ), *B)C 0"50=, $/ *B" <?D? #$-".0".'*)E" *$ *B$C" =C"- /$0 *B" Y+." Z'.-"0C*$, "E)-",&" -'*"- [ 8"(*"#9"0 1234@ ',-0".'*)E" *$ *B$C" =C"- ), *B" ),)*)'. <?D? #$-"..),N -'*"- 11 O=.+ 1234R

:B" A',". 0"S="C*C Y+." Z'.-"0C*$, *$ (0"C",* *B" 0"C=.*C $/ *B" 0"50=, <?D? #$-". ), '#',,"0 *B'* ",'9."C 0"'-+ &$#('0)C$, P)*B *B" 0"C=.*C (0"C",*"- ), B)C "E)-",&" -'*"- [8"(*"#9"0 1234@ ',- P)*B *B" 0"C=.*C /0$# *B" ),)*)'. <?D? #$-". -'*"- 11 O=.+ 1234R

7$0 &.'0)/)&'*)$,@ *B)C -)0"&*)$, )C *$ )-",*)/)"- ('0*)"C ),E$.E"- ), *B" 246@ 2\2@ 2\1 ',- 2\GM"C)-",*)'. F"'0),NC :$()&C ',- -$"C ,$* &'.. =($, ('0*)"C *B'* P"0" ),E$.E"- ), *B" 23GMA8 Q09', J0$P*B F"'0),NC :$()& *$ /)." /=0*B"0 "E)-",&" $0 0"($0* *$ *B" A',".R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *%

)XXB89FA !



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *&

)XXB89FA +M X7UB >



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *'

)XXB89FA +M X7UB <



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *(

)XXB89FA +M X7UB R



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C *)

)XXB89FA +M X7UB L



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !+

)XXB89FA +M X7UB ?



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !*

)XXB89FA +M X7UB K



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !!

)XXB89FA +M X7UB N



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !#

)XXB89FA /\ $DEXDE '7YSBT +PHX7IF8U EWB 2)*2 VFEW )+)2 G> 789 G<M 2U@ >

!"#$%&'" )"*"'+,#&'" -#,#.%/0 -+1,#2%$+34 56758 6-65 *9 #3: 6-65 *;

!" $%&' ()*'

+,))-&.%/

'

01.),)21

3)4'

+,))-&.%/' 01.),)21

5'&/-6.76)*

3%.%/671

8*%9,'4

:;3;"

:;353 <=>>

+'%&69,'

3%.%/671

";!"

:;353 ?@>

+'%&69,'

3%.%/671

;3;"

:;353 ?@>

+'%&69,'

3%.%/671

;3;"

:;353 ?=>

"58A

3'6,6*2

+'%&69,'

3%.%/671

;3;"

:;353 ?=>

B%6&'4

3'6,6*2

!"# %% &'(! )* !+,-./ "01 233456 *7#828 !"#$% '"$## 9 9

:* ;"!1 "0 <33456 =#223 (")%) **+ 9 *8

:5 ;"!1 "0 83 39<3345 * >#?<3 $",+) #"%$( 9 7#5=*

:8 ;"!1 "0 53 3983345 > 5#3=< $,"(!, $,#"*+) 5<#755 5?#7<=

(* ;"@1 "0 <33456 5#8*5 ("%() $"%#( 9 9

(5 ;"@1 "0 8339<3345 <#7=? )') $",%' 9 5#<*<

(8 ;"@1 "0 5 33983 345 * 3#33= - +"$(% 9 2#7=7

A5 ;"!1 BC/ 833 9< 3345 8#= 85 +, :5 +, :5 9 7<5

A8 ;"!1 BC/ 533983345 *7* #<83 +, :8 +, :8 5#3<> *<#575

A< ;"!1 BC/ D53345 *3#8>5 - #"!') 8?3 8?3

E5 ;"@1 BC/ 8339<3345 <*2 +, (5 +, (5 9 9

E8 ;"@1 BC/ 5 33 98 33 45 5 5#= 75 +, (8 +, (8 9 5#3><

E< ;"@1 BC/ D53345 77#7<7 ("%,! #"(*, ?#?85 ?#?85

F* B"): 8 %/G/. BC/ 5=2 +, H* +, H* =? =?

F8 B"): 2 %/G/. BC/ *>#7*3 +, H8 +, H8 9 9

I* ;@ 8 %/G/. BC/ 8#888 +, J* +, J* >33 >33

I5 ;@ < %/G/. BC/ 28#7<8 +, J5 +, J5 =#7>> =#7>>

"* B( 8 %/G/. BC/ *=#*<? +, K* +, K* 5#*3= 5#*3=

"5 B( < %/G/. BC/ 5?#<3< +, K5 +, K5 =22 =22

H* B"): 8 %/G/. )L4M 5#>?7 *% ("!+' 5#=*5 5#=*5

H8 B"): 2 %/G/. )L4M *? 2#2<8 #"!!* $$"'$% *8#=5> *8#=5>

H< B"): = %/G/. )L4M 8#372 - - 9 9

J* ;@ 8 %/G/. )L4M 723 * * 88 88

J5 ;@ < %/G/. )L4M 8<#<<2 )"(*, )"(*, =#*>= =#*>=

J8 ;@ 2 %/G/. )L4M 7?2 $') $') 83* 83*

J< ;@ = %/G/. )L4M 8#752 )%' )%' *#25> *#25>

K* B( 8 %/G/. )L4M 2#8<2 $), $), *7> *7>

K5 B( < %/G/. )L4M *=#83? '%! '%! 73* 73*

K8 B( 2 %/G/. )L4M 5#7>8 *,* *,* *?2 *?2

K< B( = %/G/. )L4M 8=#552 $"*+# $"*+# 773 773

K2 B( ? %/G/. )L4M <#*8< $"%(# $"%(# *#3>< *#3><

K= B( > %/G/. )L4M **#8=3 %")%% %")%% 8#??3 8#??3

K? B( 7 %/G/. )L4M 5#573 $"(%* $"(%* 5<8 5<8

K> B( *3 %/G/. )L4M *5#<5< $",#* $",#* *#8>< *#8><

K7 B( ** %/G/. )L4M 78> #)) #)) =3> =3>

K*3 B( *5 %/G/. )L4M >#7>2 )*+ )*+ =*5 =*5

K** B( * 89*2 %/G/. )L4M 7#? 52 %"%!+ %"%!+ <#357 <#357

K*5 B( *=9*> %/G/. )L4M *=5 #753 %"'#* %"'#* 8#=<= 8#=<=

K*8 B( *>952 %/G )L4M *#<73 %(( %(( 82* 82*

K*< B( 52983 %/G )L4M *#*<2 $! $! *38 *38

K*2 B( 836 %/G )L4M *>#582 '",$, '",$, <#2>? <#2>?

A-%*4 0)7%, @C@DECE@= FGCG=D @E@C@E= H=CFIJ @=ECFDE

B(

B"):

;@

(/,MN/ OP,/0

;"!

;"@

;"!

;"@

B"):

;@



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !$

)XXB89FA /\ $DEXDE '7YSBT +PHX7IF8U EWB 2)*2 VFEW )+)2 G> 789 G<M 2U@ <

! " ! #

% ! " & " ' ( ) * + , - . / 0 + & + ' + 0 1 2 , / 0 + " ,

2 , 3 . 4 5 6 7 - . 8 9 4 : + # & ; <

= " + . 0 . 8 9 >

! " # $ $ % & ' ) * + , $ , ' *

- , . / $ 0 , / 1 2 3 / 4 #

5 $ / &

6 & / 7 $ # 2

8 # / 9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

= 8 # / 9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

5 $ / &

6 & / 7 $ # 2

8 # / 9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

= 8 # / 9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

5 $ / &

6 & / 7 $ # 2

8 # / 9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

= 8 # /

9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

5 $ / &

6 & / 7 $ # 2

8 # / 9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

= 8 # / 9 % 7 $ #

: & 2 # 1

5 ! 6 ;

< # % $ % & '

> $ 7 # 1 ? 6 2 # &

! " # ! #

%

& '

# & " ( ) #

* *

+

# '

# ( " , - *

) " ) + !

# # '

( + " + * -

) " . , -

! * '

! # @ , & + , 1 ? ) / A / + B & /

! " & . &

%

& '

# # " ) # ,

! " - ,

(

. '

! ! " & ( &

! " # & ,

! ! '

* ( " + ( ,

* " & & *

, '

8 1 / & A $ % &

! . " & - .

) " * & ,

# , '

! * " ! , -

, #

-

- '

! - #

- .

( ) '

* ! " ( ( -

+ " * ! (

# & '

C # & 2 # 1 9 , & D / 9 9 # *

! + " - ( .

# " # ( &

! * '

( & " , , -

! " . +

.

) '

. , " - . !

. &

& '

! ( - " ) # +

( " ! . .

* '

C % 7 % 9 . B 9 E 0 / * 9

) " ( * )

* #

! '

* - " ! ) #

+ " & #

(

! + '

. " ! ( (

) - )

- '

) & " - * !

+ " + * !

! * '

C , " % . A

* " # + +

! # .

( '

) , " + + (

# " ! +

)

( '

* ! " , ) +

( " * - (

! ( '

, ( " . . +

+ " + + -

- '

F / % + / ? % A %

) " - ) #

* ( ,

+ '

* ) " , ! !

! " * (

!

( '

! ( " + ! #

# " ! - #

! ) '

) + " # - )

* " . + #

- '

D / & B 1 # " /

# # " # & &

* " # - !

! ) '

! , " ( # !

%

& '

* " - - (

%

& '

( ) " * , )

* " # - !

- '

D / & ' # 1 # G ? / H B H B

! & " + & !

# " . ! ,

# - '

# ( " ( ) ,

# &

-

! '

. " & # #

%

& '

( * " & . #

* " & # +

- '

D / B & ' / A % # A % # ) / 4 / A %

* " , - *

. . )

# # '

# , " ) + !

! " * -

,

) '

+ * " ! * )

+ " - * )

! ! '

, + " + + ,

. " , , ,

, '

G 1 / A # %

# " * ! +

*

& '

# , " & # !

# " & !

+

- '

! # " . & -

( " ) , !

* + '

( ( " ! ( (

+ " + ! &

! ) '

G ? / 1 / 5 / + / ? , # ? , #

! , " & ! .

) " ( ) *

# , '

! * " * ) &

#

)

& '

* . " . ( +

%

& '

- ! " # ! (

) " ( - .

. '

5 / + / A B 1 /

! ( " ( & .

# " . * !

# & '

! + " ) ( -

!

#

& '

! ) " ( # !

! " * , #

, '

( + " * - +

( " # * )

, '

5 B A # ? # + / + /

! " + - )

& '

! + " . & -

) #

+

* '

! * " * . .

. ( .

+ '

* ! " . - &

! " * - (

( '

I , 2 & # *

* " , . (

! .

& '

! # " - ! -

! .

,

! '

! -

%

& '

! + " - ! .

# & -

! '

: + + # 1 C / 1 7 , B 1

# " ) ! .

& '

# # " * ! .

! " - .

&

. '

( * " ) , #

! " + * &

( '

+ . " ( # .

* " ( ! &

) '

J / % ? / A # 1 # I / & ' # 9

( " ) - )

- ) +

! - '

+ " ) # )

%

& '

! * " - . .

%

& '

# ( " . . .

- ) +

* '

J / % ? # 4 / ? /

! ) (

%

& '

! " , ) +

)

-

* '

+ . " # , -

! - " - # (

# + '

- & " ( & -

! - " - . !

# ) '

J H / B

+ " , , ,

. # .

! # '

# ) " , ! .

! #

&

& '

) ( " ) ) *

%

& '

. - " ( - &

, ( .

! '

) , ? / $

K L M N O O P

P L N O P P

K Q =

L L R N S T P

P T N Q U

U

S =

S K U N M K R

L U N O U O

O =

K N K T R N R K P

O P N U S Q

R =

C , B 9 #

) # 1 1 / . #

> + / 1 ? 4 # & ?

) G ) > -



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !%

)XXB89FA /\ $DEXDE '7YSBT +PHX7IF8U EWB 2)*2 VFEW )+)2 G> 789 G<M 2U@ R

! " ! #

% ! " & " ' ( ) *

+ , - . / 0 + & + ' + 0 1 2 , / 0 + "

, 2 , 3 . 4 5 6 7 - . 8 9 4 : + ; , . -

+ < = " + . 0 . 8 9 >

! " # $ $ % & ' ) * + , $ , ' *

- , . / $ 0 , / 1 2 3 / 4 #

5 $ / &

6 & / 7 $ # 2

8 # / 9 % 7 $ #

: & 2 # 1

; / % 9 # 2

< # % $ % & '

= 8 # / 9 % 7 $ #

: & 2 # 1

; / % 9 # 2

< # % $ % & '

5 $ / &

6 & / 7 $ # 2

8 # / 9

% 7 $ #

: & 2 # 1

; / % 9 # 2

< # %

$ % & '

= 8 # / 9 % 7 $ #

: & 2 # 1

; / % 9 # 2

< # % $ % & '

5 $ / &

6 & / 7 $ # 2

8 # / 9 % 7 $ #

: & 2 # 1

; / % 9 # 2

< # % $ % & '

= 8 # / 9

% 7 $ #

: & 2

# 1

; / % 9 # 2

< # % $ % & '

5 $ / &

6 & / 7 $ # 2

8 # / 9 % 7 $ #

: & 2 # 1

; / % 9 # 2

< # % $ % & '

=

8 # / 9 % 7 $ #

: & 2 # 1

; / % 9 # 2

< # % $ % & '

> $ 7 # 1 ? 6 2 # &

! " # !

#

! %

# &

# ' " ( ) #

( * +

# &

# ( " % * +

) " ) , !

# # &

( , " , + *

, " ' ) +

! + &

! # @ , & + , 1 ? ) / A / + B & /

! " ' -

'

* !

* &

# # " ) # %

( " ! ! #

! - &

! ! " ' ( '

! " # ' %

! ! &

+ ( " , ( %

) " + % #

! , &

8 1 / & A $ % &

! - " ' *

-

- " - ) #

( % &

! + " ! % *

% # *

* &

! * #

* -

( ) &

+ ! " ( ( *

% " - ) *

+ ! &

C # & 2 # 1 9 , & D / 9 9 # *

! , " * (

-

* " , ' ,

( ) &

( ' " % % *

# " # - (

, &

- % " * - !

- '

' &

! ( * " ) # ,

% " % * '

* &

C % 7 % 9 . B 9 E 0 / * 9

) " ( +

)

# % )

) &

+ * " ! ) #

- " , % +

# + &

- " ! ( (

) * )

* &

) ' " * + !

% " ) , +

! % &

C , " % . A

+ " # ,

,

- , -

# * &

) % " , , (

( " * - )

- &

+ ! " % ) ,

( " + * (

! ( &

% ( " - - ,

! ' " ' # *

! ! &

F / % + / ? % A %

) " * )

#

! " ' % !

! % &

+ ) " % ! !

# " ( ! '

* &

! ( " , ! #

# " ! * #

! ) &

) , " # * )

) " , * +

! ' &

D / & B 1 # " /

# # " # '

'

) " % * %

# * &

! % " ( # !

! + %

! &

+ " * * (

.

' &

( ) " + % )

, " ! ! -

! + &

D / & ' # 1 # G ? / H B H B

! ' " , '

!

+ " # % (

+ ! &

# ( " ( ) %

, % +

+ &

- " ' # #

.

' &

( + " ' - #

+ " % - *

% &

D / B & ' / A % # A % # ) / 4 / A %

+ " % *

+

! " ! * #

# % &

# % " ) , !

# " # ' *

* &

, + " ! + )

, " * + )

! ! &

% , " , , %

! ' " ! ! (

! ' &

G 1 / A # %

# " + !

,

# %

! &

# % " ' # !

# " , ) -

% &

! # " - ' *

( " ) % !

+ , &

( ( " ! ( (

* " # * -

! , &

G ? / 1 / 5 / + / ? , # ? , #

! % " ' !

-

, " - , -

+ , &

! + " + ) '

# )

' &

+ - " - ( ,

.

' &

* ! " # ! (

, " - % +

! ' &

5 / + / A B 1 /

! ( " ( '

-

( " ) , ,

+ # &

! , " ) ( *

# + #

! &

! ) " ( # !

! " + % #

% &

( , " + * ,

, " ! % '

! + &

5 B A # ? # + / + /

! " , *

)

# ! -

! + &

! , " - ' *

) - )

+ &

! + " + - -

- ( -

, &

+ ! " - * '

! " , ) !

) &

; , 2 & # *

+ " % -

(

! -

' &

! # " * ! *

! - %

! &

! *

.

' &

! , " * ! -

# ' *

! &

: + + # 1 C / 1 7 , B 1

# " ) !

-

) ( (

# # &

# # " + ! -

) " ' ( '

# + &

( + " ) % #

! " , + '

( &

, - " ( # -

* " # ! (

! ! &

I / % ? / A # 1 # ; / & ' # 9

( " ) *

)

! " % * %

( + &

, " ) # )

% '

! &

! + " * - -

.

' &

# ( " - - -

# " ' , %

- &

I / % ? # 4 / ? /

! )

(

.

' &

! " % ) ,

- (

( &

, - " # % *

! * " * # (

# , &

* ' " ( ' *

! * " - ' -

# ) &

I H / B

, " % %

%

# " ! + (

+ ' &

# ) " % ! -

( ! '

# &

) ( " ) ) +

.

' &

- * " ( * '

# " ) ( (

+ &

) , ? / $

J K L M N N

O

K P M Q R L

L O =

K K S M P R O

L Q M

R L Q

S =

P J Q M L J S

K Q M N Q N

N =

J M J R S M S J O

J O S M Q R S

J O =

) G ) > -

C , B 9 #

) # 1 1 / . #

> + / 1 ? 4 # & ?



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !&

)XXB89FA "\ LK %789PH 5(4 2IPXBIEFBTM ID8 EWIPDUW )+)2 6BITFP8 >



=-$*<+: I".$&<. -.4 14-0 ;%"0A(". J$-$&0&.$ "# K8<4&.+& #"* L.<$-*M =6-. NO=P 3$% Q+$ ?@2C !'

)XXB89FA #\ ] +BFSF8U Q7CEPIM 79^DTEB9 EP HPIB CP8TBIG7EFGB P8 EWB OEW $CE

!"#$$%&' )$**+ ,+#- ./ 0/1*$*'/ -&2 3*4-5%*& 67 8#%$%&' ,29:;5<= >5? @45

0/1*$*'/ 8*2# ),A

$Ceiling

Fri 2 Oct

$Ceiling

Thu 8 Oct ! " # $ % & ' ( ) !*

Single Hs: 500m2+ ,B !"# BCD BCE !"# !$# !%# &## &!# &&# &'# &(# &)# &*#

MHS: Hs 400m2+ FB GCH BCI BCD !&* !&% !'* !(* !)* "** "!* ""* "#* "$*

MHS: Hs 3 00-400m2 FJ !"$ BCJ BCI !#* !$* !%* !&* !'* !(* !)* "** "** "**

MHS: Hs 2 00-300m2 FI !"$# BCB BCJ !!* !"* !#* !$* !%* !%% !&* !&% !'* !'%

MHS: Hs <200m2 FD !"% BCG BCJ (% )* )% !** !*% !!* !!% !"* !"% !#*

MHU: Hs 400m2+ 8B GCK BCI BCD !&% !'* !'% !(% !)% "*% "!% ""% "#% "$%

MHU: Hs 300-400m2 8J GC> BCJ BCI !#* !$* !%* !&* !'* !(* !)* "** "!* ""*

MHU: Hs 200-300m2 8I GC>E BCB BCJ !"* !#* !$* !%* !&* !&% !'* !'% !(* !(%

MHU: Hs <200m2 8D GCL BCG BCJ )% !** !*% !!* !!% !"* !"% !#* !#% !$*

MHS: Tce 400m2+ !B GCK BCJ BCI !"# !$# !%# &## &!# &&# &'# &(# &)# &*#

MHS: Tce 300-400 m !J GC> BCB BCJ !#* !$* !%* !&* !'* !(* !)* "** "** "**

MHS: Tce 200-300 m !I GCL BCG BCJ !!* !"* !#* !$* !%* !%% !&* !&% !'* !'%

MHS: Tce <200m2 !D & GCL BCJ (% )* )% !** !*% ! !* ! !% !"* !"% ! #*

MHU: Tce 400m2+ MB GCL BCJ BCJ !"# !$# !%# &## &!# &&# &'# &(# &)# &*#

MHU: Tce 300-400m MJ B BCB BCJ !#* !$* !%* !&* !'* !(* !)* "** "!* ""*

MHU: Tce 200-300m MI BCB BCG BCJ !"* !#* !$* !%* !&* !&% !'* !'% !(* !(%

MHU: Tce <200m2 MD BCJ GCL BCJ )% !** !*% !!* !!% !"* !"% !#* !#% !$*

MHU: Apmt <200m2 NB BCJ GC> BCG )* )% !** !*% ! !* ! !% !"* !"% ! #* ! $*

THAB 3 Level Tce )B &"' BCG BCJ %$ !#* !!( !&& !'# !'$ %# !## !!) !(#

THAB 4 Level Tce )J &"# BCG BCJ %$ !#* !!( !&& $# $( %# !## !!) !(#

THAB 5 Level Tce )I &"$ BCG BCJ %$ !#* *% "& ") "% $) %) !!# !')

MU 3 Level Tce OB ' BCG BCJ %" !#( !!! ! !$ !&) ! '& %# !## ! !) ! (#

MU 4 Level Tce OJ '"( BCG BCJ %" !#( !!! !!$ $# $( %# !## !!) !(#

MU 5 Level Tce OI '"% BCG BCJ %" !#( *% "& ") "% $) %) !!# !')

TC 3 Level Tce PB &") BCG BCJ %* !#& !#$ !!( !&# !&* %# !## !!) !(#

TC 4 Level Tce PJ ' BCG BCJ %* !#& !#$ !!( $# $( %# !## !!) !(#

TC 5 Level Tce PI '"& BCG BCJ %* !#& *" "! ") "% $) %) !!# !')

THAB 3 Level Apmt QB &"' GC> BCG %$ !#* !!( !&& !'# !'$ %# !## !!) !(#

THAB 4 Level Apmt QJ &") GC> BCG %$ !#* !!( !&& $# $( %# !## !!) !(#

THAB 5 Level Apmt QI ' GC> BCG %$ !#* *) "# ") "% $) %) !!# !')

THAB 6 Level Apmt QD '"( GC> BCG )# )) *# *) "# ") $# %# !#) !'#

MU 3 Level Apmt RB '"' GC> BCG %" !#( !!! !!$ ! &) ! '& %# !## ! !) ! (#

MU 4 Level Apmt RJ '"% GC> BCG %" !#( !!! !!$ $# $( %# !## !!) !(#

MU 5 Level Apmt RI *"( GC> BCG %" !#( *) "# ") "% $) %) !!# !')

MU 6 Level Apmt RD ( GC> BCG )# )) *# *) "# ") $# %# !#) !'#

TC 3 Level Apmt SB '"' GC> BCG %* !#& ! #$ ! !( !&# ! &* %# !## ! !) ! (#

TC 4 Level Apmt SJ '"% GC> BCG %* !#& !#$ !!( "# $# %# ! ## !!) !(#

TC 5 Level Apmt SI *"( GC> BCG %* !#& )" *! *$ "" $" %" !!& !')

TC 6 Level Apmt SD ( GC> BCG )& )' )) )% **+) ") $) %) !!# ! '#

TC 7 Level Apmt SE ("# GC> BCG )! )& )( )"+) *) "' $' %' !#$ ! &$

TC 8 Level Apmt SH # GC> BCG )# )! )' )*+) *'+) "! $! %! ! #* !&)

TC 9 Level Apmt SK #"( GC> BCG (% )# )&+) )* *& *% "% $% !#( ! &'

TC 10 Level Apmt S> #"% GC> BCG ($ )# )&+) ))+) *#+) *" "" $" !#& !&#

TC 11 Level Apmt SL )"' GC> BCG ($ )# )& )) )% *) ") $) !## !!$

TC 12 Level Apmt SBG )") GC> BCG ($ (%+) )! )'+) )"+" *' "' $' %$ ! !)

TC 13-15 Level Apm SBB $"' GC> BCG ($ (% )# )&+) )* *!+) "! $! %* !!'

TC 16-18 Level Apm SBJ % GC> BCG ($ (% )# )& )) *# *% "% %( !!#

TC 18-25 Lev Apmt SBI +"# GC> BCG ($ (% )# )& )( )$+) *" "" %& !#$

TC 25-30 Lev Apmt SBD && GC> BCG ($ (% )# )!+) )' )" *) ") %# !#)

TC 30+ Lev Apmt SBE &' GC> BCG ($ (% )# )! )& ))+) *' "' $$ !#'



0

Legend

Site Feasiblilty gross profit as

a of

total costs)

20 Feasible

20 Feasible but Over Price Ceiling

-2 0 Not Loss Making

19 -0

Infeasible

-20 Very Infeasible

MUL

L -

~

_

_ _

__

u _

~ ~ ~

~ ~

~

~

~

Feasibility Modelling:

Calculated Site Gross Profit Categories

Main Urban Area ACDCv2 Test 3 20151009

HIGHER PRICE CEILING

Map P duced by ~

j

and Use a nd In frastruc tu re ~ ~

RIMU

~ ~

uckland Council

uckland

Council

Te eun

here

o Tim k Maka onlu



Legend

Capacity that

is

Feasible AND

Under Price Ceiling

Capacity_with_FDC

1

• 2-5

•

6-10

• - 100

• >100

MUL

059, 060, 062 and 063 - Hrg - Patrick Fontein and Property Council New Zealand _ (Patrick Fontein...

Documents

Transcript of 059, 060, 062 and 063 - Hrg - Patrick Fontein and Property Council New Zealand _ (Patrick Fontein...