MEDIUM TERM REVENUE AND EXPENDITURE FRAMEWORK

Cornubia, one of the largest strategic integrated human settlement development projects in the country, is transforming the physical and social landscape of the city. The development is being built in phases over a twenty-year period, covering 1,300 hectares and comprising industrial, commercial and retail development. Construction of Cornubia Mall is underway and is expected to be completed in September 2017.

MAYOR’S REPORT (BUDGET SPEECH)1

In the next five years, Mr Speaker, we will continue to strategically shift the budget to deliver even more on the promises we have made, so that this ANC-led Municipality can develop and free the masses of our people from the miserable conditions of poverty, underdevelopment and unemployment. With our commitment to prompt service delivery and the provision of basic services to our free basic services package, pensioners, headed households, disability allowance holders and medical residents are exempt from paying tax on the first R460 000 of their property value.

COUNCIL RESOLUTIONS 1

• BUDGET RELATED RESOLUTIONS
• ESTIMATES OF INCOME AND EXPENDITURE
• RECAPITULATION: VALUATION OF RATEABLE PROPERTY
• EXEMPTIONS, REBATES AND REDUCTIONS
• RESIDENTIAL PROPERTY
• PUBLIC BENEFIT ORGANISATIONS
• LIFE RIGHTS SCHEMES AND RETIREMENT VILLAGES
• SCHOOLS NOT FOR GAIN
• BED AND BREAKFAST UNDERTAKINGS
• GUEST HOUSE UNDERTAKINGS
• BACK – PACKER LODGES, HOLIDAY ACCOMODATION AND STUDENT ACCOMMODATION
• NATURAL AND OTHER DISASTERS
• VACANT LAND
• NATURE RESERVES AND CONSERVATION AREAS
• ECONOMIC DEVELOPMENT
• SPECIAL RATING AREAS
• CONSULATES
• PHASING IN OF RATES
• FLAT SERVICE CHARGE RATE FOR FORMAL PROPERTIES VALUED BELOW R 185 000 AND INFORMAL SETTLEMENTS WHERE WATER AND ABLUTION FACILITIES HAVE BEEN PROVIDED
• DATE OF OPERATION OF DETERMINATION OF RATES That this determination comes into operation on 1 July 2017
• FINAL DATE FOR PAYMENT OF RATES
• ADMINISTRATION CHARGE ON ARREAR RATES
• OTHER TARIFFS AND CHARGES
• SURCHARGE ON WATER CONSUMPTION AND SEWER USER CHARGE
• DOMESTIC WATER DEBT RELIEF PROGRAM
• BUDGET RELATED POLICIES (i) RATES POLICY
• CAPITAL EXPENDITURE ESTIMATE
• BORROWINGS TO FINANCE THE CAPITAL BUDGET
• HOUSING/HOSTELS DEFICIT
• MEASURABLE PERFORMANCE OBJECTIVES
• INTEGRATED DEVELOPMENT PLAN (IDP)
• PARTICULARS OF INVESTMENTS
• REMUNERATION OF COUNCILLORS AND SENIOR OFFICIALS
• UNFUNDED MANDATES
• IMPACT OF HOUSING EXPENDITURE ON THE CASH RESERVES
• FREE BASIC SERVICES
• OFF BALANCE SHEET FINANCING
• CATALYTIC PROJECTS
• FOOD AID PROGRAM (SOUP KITCHENS)
• EXECUTIVE SUMMARY 1

That in terms of section 24(2)(c)(v) of the Municipal Finance Management Act, 56 of 2003, there are no proposed changes to any other budget-related policies. i) that in those cases when the information is provided in terms of section 19(2)(b) of the Municipal Finance Management Act No. 56 of 2003, together with project procurement planning, capital budget approval constitutes project approval for specific projects reflected in the detailed capital budget. This authority is requested by the Council to raise the appropriate long-term debt in terms of Article 46 of the Municipal Finance Management Act No. 56 of 2003, to partially finance the capital budget of the municipality during the MTREF period. i) That the formal housing deficit of R35 million for the financial year 2017/2018 be filled by the Rates Fund. ii) That the anticipated deficit of new housing and hostel development of R687.1 million be financed from the Rates Fund. iii).

• INTRODUCTION
• STRATEGIC PRIORITIES FOR THE 2017/2018 YEAR
• KEY ISSUES
• PERFOMANCE, ACHIEVEMENTS AND CHALLENGES .1 SERVICE DELIVERY
• SERVICE DELIVERY STANDARDS, LEVELS OF SERVICES, OUTCOMES, TIMETABLE FOR ACHIEVEMENTS AND FINANCIAL IMPLICATIONS
• FINANCIAL PERFORMANCE (2015/16 AND 2016/17): PARENT MUNICIPALITY
• OPERATING BUDGET
• CAPITAL BUDGET
• ALIGNMENT WITH NATIONAL AND PROVINCIAL PRIORITIES
• FINANCIAL STRATEGY, ONGOING VIABILITY AND SUSTAINABILITY
• FINANCIAL STRATEGY
• BUILT ENVIRONMENT PERFORMANCE PLAN ( BEPPS )
• MUNICIPAL ENTITIES
• OPERATING REVENUE FRAMEWORK 1

The municipality's solid financial position is proof of the municipality's sustainability and resilience. The municipality's depreciation policy is in accordance with the requirements of the generally accepted accounting practice (GRAP) standards.

SOURCES OF FUNDING

Furthermore, in its 12 years of existence, uShaka has contributed approximately R2 billion to domestic GDP and created just under 15 000 jobs (direct and indirect). uShaka Marine World is always determined to entertain and delight audiences – both young and old, international and local. In accordance with the Law on Municipal Finance Management, both municipal entities have submitted their budgets and business plans for consideration by the Municipality.

OPERATING EXPENDITURE FRAMEWORK 1

CAPITAL EXPENDITURE 1

CAPITAL BUDGET

INFRASTRUCTURE EXPENDITURE TRENDS

ECONOMIC DEVELOPMENT TRENDS

ELECTRICITY TRENDS

ETA TRENDS

HOUSING TRENDS

Provision for maintenance costs: R 129 m. Measures for disposal of sludge: R 41.2 m. Security costs for the protection of assets: R 48 m. Provision for VIP pit-latrine cleaning: R 44 m. Water consumption for washing facilities: R 176 m.

REFUSE REMOVAL TRENDS

SANITATION TRENDS

WATER TRENDS

ROAD TRENDS

MAJOR ITEMS OF EXPENDITURE

• HUMAN SETTLEMENTS, ENGINEERING, TRANSPORT AND INFRASTRUCTURE
• CORPORATE AND HUMAN RESOURCES
• SUSTAINABLE DEVELOPMENT AND CITY ENTERPRISES
• GOVERNANCE

ANNUAL BUDGET TABLES

This table facilitates an overview of the budgeted operating result in relation to the city's organizational structure. The reason is that the ownership and the municipality's net assets belong to the community.

OVERVIEW OF THE ANNUAL BUDGET PROCESS 2

• OVERVIEW
• PROCESS FOR CONSULTATIONS WITH EACH GROUP OF STAKEHOLDERS AND OUTCOMES
• SCHEDULE OF KEY DEADLINES RELATING TO THE BUDGET PROCESS
• OVERVIEW OF ALIGNMENT OF BUDGET WITH IDP 2

The key to strengthening the link between priorities and spending plans lies in strengthening political control of the budget process. The table below summarizes the key deadlines related to the budget process.

• KEY NATIONAL AND PROVINCIAL GUIDING DOCUMENTS
• DEVELOPMENT CHALLENGES
• MUNICIPAL STRATEGIC PRIORITY AREAS
• IDP OVERVIEW AND KEY AMENDMENTS
• IDP REVIEW PROCESS AND STAKEHOLDER PARTICPATION
• LINK BETWEEN THE IDP AND THE BUDGET
• MEASURABLE PERFORMANCE OBJECTIVES AND INDICATORS 2
• KEY FINANCIAL RATIOS / INDICATORS
• FREE AND SUBSIDISED BASIC SERVICES
• DRINKING WATER QUALITY AND WASTE WATER MANAGEMENT
• OVERVIEW OF BUDGET RELATED POLICIES 2

Given the strategic framework outlined, it is clear that the city's budget must be a pro-growth budget that meets basic needs and builds on existing skills and technology. The municipality's delivery plan is organized into eight separate but related plans. These priorities lead to the creation of structures that support, house and associate other actions and activities – the building blocks around which actions and prioritization take place.

• ASSESSMENT RATES POLICY
• CREDIT CONTROL AND DEBT COLLECTION POLICY
• TARIFF POLICY
• WATER POLICY
• SUPPLY CHAIN MANAGEMENT POLICIES
• INVESTMENT / CASH MANAGEMENT AND BORROWING POLICIES
• VIREMENTS BUDGET POLICY
• INFRASTRUCTURE ASSET MANAGEMENT POLICY
• ACCOUNTING POLICY
• FUNDING AND RESERVES POLICY
• BUDGET POLICY
• OVERVIEW OF BUDGET ASSUMPTIONS2

As required by the Municipal Finance Management Law, and in accordance with the Municipal Cash Management Regulations, the Investment Framework Policy and Guidelines have been revised and no changes have been made to the revised policy approved by the Council on 2013-08- 28. There were no changes in the budget policy which was approved by the council on February 23, 2011.

• KEY FINANCIAL ASSUMPTIONS
• CREDIT RATING OUTLOOK
• BORROWING AND INVESTMENT OF FUNDS
• PRICE MOVEMENTS ON SPECIFICS
• AVERAGE SALARY INCREASES
• CHANGING DEMAND CHARACTERISTICS (DEMAND FOR SERVICES)
• ABILITY OF THE MUNICIPALITY TO SPEND AND DELIVER ON THE PROGRAMS
• COST OF SERVICE DELIVERY VS AFFORDABILITY
• OVERVIEW OF BUDGET FUNDING 2

The 2017/18 capital budget of R7.4 billion is funded by R3.8 billion in government grants, R2.6 billion in internally generated funds and R1.0 billion in external borrowing. The graph below shows the total capital budget as of 2011 and shows its funding sources. Cash and investments are expected to be around R7.1 billion at the end of the current financial year.

• LOAN DEBT AND INVESTMENTS
• SOURCES OF FUNDING
• SAVINGS AND EFFICIENCIES
• INVESTMENTS – CASH BACKED
• COLLECTION RATES FOR EACH REVENUE SOURCE
• LEVELS OF RATES, SERVICE CHARGES AND OTHER FEES AND CHARGES

The main aim of this project is the analysis of the spending trends and prices to be included in the municipality's VKB price catalogue. The determination of the effective property tax rate is therefore an integral part of the municipality's budgeting process.

ANALYSIS OF THE NEW VALUATION ROLL

GRANT ALLOCATIONS 2

LEGISLATION COMPLIANCE STATUS 2

SERVICE DELIVERY AND BUDGET IMPLEMENTATION PLAN (SDBIP) 2

STATISTICAL INFORMATION ST

STST

CONSOLIDATED BUDGET

DETAILED

7+H7KHNZLQL7DEOH$&RQVROLGDWHG%XGJHWHG)LQDQFLDO3HUIRUPDQFHUHYHQXHDQGH[SHQGLWXUHE\PXQLFLSDOYRWH$ .. 9RWH2IILFHRIWKH&LWJHU,\QDJHU, . QYHVWLJDWLRQV ± ,QWHUQDO$XGLWDQG5LVN0DQDJHPHQW. HDOWK 3DUNV5HFUHDWLRQ&HPHWULHVDQG&XOWXUH 9RWH+XPDQ6HWWOHPHQWVDQG,QIUDVWUXFWXUH 'HSXW\&LW\0DQDJHU.

BUDGET SUPPORTING TABLES

0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN .ZD0DVKX%.ZD0DVKX%3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ .ZD0DVKX- ..ZD0DVKX- .3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±1HZ .ZD0DVKX/.ZD0DVKX/3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(([LVWLQJ .ZD;LPED3K.ZD;LPED3K3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±1HZ .ZD;LPED3KDVH.ZD;LPED3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ /DPRQWYLOOH0LQLVWHULDO/DPRQWYLOOH0LQLVWHULDO3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ /RYX/RYX3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ /RZHU0DOXND]L/RZHU0DOXND]L3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±±1HZ /RZHU7KRUQZRRG3KDVH/RZHU7KRUQZRRG3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±±±1HZ /RZHU7KRUQZRRG3KDVH/RZHU7KRUQZRRG3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±1HZ 0DWDPIDQD0DWDPIDQD3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±1HZ 0LQL7RZQ3KDVH0LQL7RZQ3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ 0ROZHQL/RZHU0ROZHQL/RZHU3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ 0RQD6XQKLOOV0RQD6XQKLOOV3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ 0RWDOD+HLJKWV0RWDOD+HLJKWV3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(1HZ 0SROD 0SROD 3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±±([LVWLQJ 0SROD3K0SROD3K3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 0SXPDODQJD8QLW&0SXPDODQJD8QLW&3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 0SXPDODQJD8QLW*0SXPDODQJD8QLW*3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±±1HZ 1HZ*HUPDQ\/RW1HZ*HUPDQ\/RW3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1JFRORVL5XUDO1JFRORVL5XUDO3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1MRERND]L0WDPWHQJZR1MRERND]L0WDPWHQJZR3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1NDQNXURDG1NDQNXURDG3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1RUWKHUQ6WRUP1RUWKHUQ6WRUP3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1RUWKDQG6RXWK%RRWK5RDG1RUWKDQG6RXWK%RRWK5RDG3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1VLPELQL5XUDO1VLPELQL5XUDO3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1WX]XPD&3KDVH1WX]XPD&3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±±±1HZ 1WX]XPD&3KDVH1WX]XPD&3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1WX]XPD'3KDVH 1WX]XPD'3KDVH 3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 1WX]XPD*,QILOO1WX]XPD*,QILOO3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 2DNIRUG3ULRU\2DNIRUG3ULRU\3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±1HZ 2OG 1HZ'XQEDU2OG 1HZ'XQEDU3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±1HZ 3ULPH\ULGJH3ULPH\ULGJH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 4LQLVHODQL$PDQ\XVZD4LQLVHODQL$PDQ\XVZD3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 5DLQERZ5LGJH5DLQERZ5LGJH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(([LVWLQJ 5HGFOLIIH3KDVH5HGFOLIIH3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 5LFKPRQG)DUP$DQG%5LFKPRQG)DUP$DQG%3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 5LGJHYLHZODQH5LGJHYLHZODQH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±±1HZ 5RVHIRQWHLQ5RVHIRQWHLQ3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±±±1HZ 5RVHQHDWKJDUGHQV5RVHQHDWKJDUGHQV3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±1HZ 5RVHQHDWKJDUGHQV5RVHQHDWKJDUGHQV3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±±±1HZ 6DQGWRQ3KDVH6DQGWRQ3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 6DQGWRQ3KDVH6DQGWRQ3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 6DQNRQWVKH6DQNRQWVKH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 6RERQDNKRQD3KDVH6RERQDNKRQD3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±1HZ 6RXWKHUQ6WRUP6RXWKHUQ6WRUP3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 6WRS1DPLELD6WRS1DPLELD3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(([LVWLQJ 7KDPER3OD]D7KDPER3OD]D3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±±1HZ 7VKHOLPQ\DPD3K7VKHOLPQ\DPD3K3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 8PEKD\L+RXVLQJ3URMHFW3KDVH8PEKD\L+RXVLQJ3URMHFW3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(1HZ 8POD]L,QILOO3KDVH3DUW8POD]L,QILOO3KDVH3DUW3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±1HZ 8POD]L,QILOO3URMHFW3KDVH8POD]L,QILOO3URMHFW3KDVH3&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ(±±±1HZ ϭϴϳ. 0HGLXP7HUP5HYHQXH ([SHQGLWXUH )UDPHZRUN 8POD]L%8POD]L%+<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±± 8POD]L,QILOOJ8POD]L,QILOOJ<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±± 8POD]L,QILOO(;8POD]L,QILOO(;<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±± 8POD]L,QILOO38POD]L,QILOO3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±± 8POD]L,QILOO30+8POD]L,QILOO30+<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(± 8POD]L,QILOO*;8POD]L,QILOO*;<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±± =DPDQL%%=DPDQL%%<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ± 8POD]L,QILOO3DUW48POD]L,QILOO3DUW4<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( 8POD]L,QILOO3DUW3KDVH8QLW++;8POD]L,QILOO3DUW3KDVH8QLW++;<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(± 8POD]L,QILOO3DUW3KDVH8QLW4448POD]L,QILOO3DUW3KDVH8QLW444<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(± 8POD]L,QILOO3DUW3K8QLW98POD]L*OHEH8POD]L,QILOO3DUW3K8QLW98POD]L*OHEH<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(± 8POD]L,QILOO3DUW+;8POD]L,QILOO3DUW+;<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± 0LQL7RZQSKDVH0LQL7RZQSKDVH<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ(ƒ6 $PDRWL&XED3KDVH$PDRWL&XED3KDVH<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ± %XUOLQJWRQ*UHHQILHOGV([WHQVLRQ3K%XUOLQJWRQ*UHHQILHOGV([WHQVLRQ3K<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ(ƒ6± (WDIXOHQL%(WDIXOHQL%<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± (WDIXOHQL%(WDIXOHQL%<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± .ODDUZDWHU6WDWLRQ.ODDUZDWHU6WDWLRQ<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( 8POD]L3DUW&8POD]L3DUW&<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( &RUQXELD3K%5HPHGLDO)RRWSDWKV&RUQXELD3K%5HPHGLDO)RRWSDWKV<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( 8POD]L-8POD]L-<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( 3UHPDU\5LGJH3UHPDU\5LGJH<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( 1DPELD6WRS1DPELD6WRS<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ( .LQJVEXUJK:HVW.LQJVEXUJK:HVW<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(± 7KDPER3OD]D7KDPER3OD]D<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6_ƒ( .HQQHG\5RDG.HQQHG\5RDG<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( 6DQGWRQ3KDUHD6DQGWRQ3KDUHD<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(± 8POD]L-8POD]L-<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(± 5HLWYDOLH5HLWYDOLH<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( .ZDGDEHND$LQILOO.ZDGDEHND$LQILOO<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ( 7UHQDQFH3DUN3KDVHE,QWHUVHFWLRQ7UHQDQFH3DUN3KDVHE,QWHUVHFWLRQ<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ6ƒ(±± &RUQXELD3K&RUQXELD3K<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ 6WUDWHJLF/DQG$FTXLVLWLRQ +LJK,QWHQVLW\&RUULGRU,QWHJUDWLRQ6WUDWHJLF/DQG$FTXLVLWLRQ +LJK,QWHQVLW\&RUULGRU,QWHJUDWLRQ<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ amp amp;(6<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ /DWƒ /RQJ (DUO\FKLOGKRRGGHYHORSPHQWFHQWUHVLQ,QIRUPDOVHWWOHPHQWV(DUO\FKLOGKRRGGHYHORSPHQWFHQWUHVLQ,QIRUPDOVHWWOHPHQWV<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ /DWƒ /RQJ%ORFNVXP $PDZRWL0RVFRZ$PDZRWL0RVFRZ3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ /DWƒ /RQJ± 8POD]L$;8POD]L$;3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ /DWƒ /RQJ±± 8POD]L$;8POD]L$;3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJƒ /DWƒ /RQJ±± 8POD]L(;(WKRSLD8POD]L(;(WKRSLD3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± 8POD]L=;3KDODPHQGH8POD]L=;3KDODPHQGH3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± 3DQHNHQL3DQHNHQL3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± :DWKDQJD:DWKDQJD3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± /;/;3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJƒ/DWƒ±± &OLIIGDOH6FKRRO6WDWLRQ&OLIIGDOH6FKRRO6WDWLRQ3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± /XQJHODQL/XQJHODQL3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± ,Y\&ORVH,Y\&ORVH3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± -DQ5R]-DQ5R]3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± 8POD]L(;(7KDQGDQDQL8POD]L(;(7KDQGDQDQL3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± 8POD]L(;-DEXODQL8POD]L(;-DEXODQL3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± =ZHOLERPYX=ZHOLERPYX3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± 8POD]L0;8POD]L0;3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ±± $PDRWDQD$PDRWDQD3<HV,QIUDVWUXFWXUH2WKHU6RFLDO+RXVLQJ/RQJ ƒ/DW ƒ6± ϭϴϵ.