Significant Assumptions

SIGNIFICANT ASSUMPTIONS DWELLING AND RESIDENT POPULATION PROJECTIONS (AS AT 30 JUNE), TAURANGA CITY (JUNE 2014 ALLOCATIONS) Additional

2013

2013-2018

Area

2018-2023

2023-2028

2013-2018

2018-2023

2023-2028

Occupied Dwellings

Total Dwellings

Usually Resident Population

Occupied Dwellings

Usually Resident Population

Occupied Dwellings

Usually Resident Population

Occupied Dwellings

Usually Resident Population

Mt Maunganui

8,460

10,191

19,695

245

558

245

549

250

453

Papamoa

8,032

8,953

21,630

1,325

3,017

2,165

4,852

2,380

4,316

Tauranga Central

9,846

10,521

24,772

1,285

2,926

1,585

3,552

945

1,714

Tauranga South

6,740

7,079

18,291

547

1,246

395

885

270

490

Tauranga West

12,800

13,515

32,892

805

1,833

750

1,681

585

1,061

0

0

0

0

0

0

0

2,064

3,742

45,878

50,259

117,280

4,207

9,579

5,140

11,520

6,494

11,776

Unconfirmed Greenfield1 TOTAL 1

Greenfield land to accommodate unallocated projected growth is to be identified via the SmartGrowth Settlement Pattern Review Project.

SIGNIFICANT ASSUMPTIONS

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SIGNIFICANT ASSUMPTIONS CITY GROWTH POPULATION PROJECTIONS Tauranga City is one of the fastest growing cities in New Zealand. The Statistics NZ growth assumptions have historically been conservative and have under represented actual growth. Through the SmartGrowth strategy update in 2013, population projections have been prepared through to 2063. The original SmartGrowth forecasts prepared through to 2051 by the University of Waikato in 2004 were reviewed in 2007, 2010 and in 2011. The population projections and spatial allocation of projected growth used for the Long Term Plan (refer to table on previous page) have been extracted from the “Tauranga City Population and Household Projection Review 2014 (Growth Allocations 2013-2028)”. This review allocated the current SmartGrowth population and household projections produced by the National Institute of Demographic and Economic Analysis (NIDEA) in 2014 down to SmartGrowth Sub-unit level, Census Area Unit Level and statistical meshblock level for the time period 2013 to 2028. Population and Household projections at City level are provided in this report in 5 yearly increments out to 2063. The table also refers to ‘unconfirmed Greenfield’ growth. Because of the Smartgrowth Settlement Pattern Review project this is the sub-regional growth that will be spatially allocated once new Greenfield locations for long-term growth have been identified. In late 2014 resolutions were passed by the SmartGrowth Committee and partner Councils to accelerate work on rezoning of land in the Te Tumu and Keenan Road identified growth areas together with a strategic assessment of the wider Tauriko corridor.

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2015-25 LONG TERM PLAN

Another policy objective of ensuring at least 10 years supply of urban land is available to meet projected growth needs was also adopted. One of the likely outcomes of this work will be structure planning and rezoning of land to support urban development earlier than has been envisaged in the past. As a result it is expected that the current “unconfirmed Greenfield” allocation (in the table) will be reallocated to Te Tumu and Keenan Road structure plan areas in the latter part of the Long Term Plan 2015-2025 period, and together with Tauriko corridor opportunities, also into the next Long Term Plan period (2018-2028) as well. Te Tumu

This land forms part of the Te Tumu Growth Area. The rationale for Council and Western Bay of Plenty District Council purchase of the land was to ensure development of this land was consistent with the Smart Growth Strategy. The land was purchased with the condition of providing the vendor the option to acquire it sometime from December 2016 to December 2026. Council has a right to receive cash when the vendor exercises its option to repurchase this property. Although development of the Te Tumu Growth Area is projected to commence within the next ten years, it is assumed the development right on the Council-owned Te Tumu property will not be exercised until after 30 June 2025.

Te Tumu is the second stage of the Papamoa East corridor development – Wairakei being the first. Te Tumu is programmed to commence urban development in a planned sequence after a significant amount of the preceding Wairakei urban growth area is developed.

Currently Council’s loan associated with Te Tumu is $14.8m. Debt servicing associated with this loan has been funded from rates since July 2013. In this LTP Council is continuing to fund the debt servicing from rates. The rate funding of Te Tumu debt is budgeted to continue for the ten years to 2025.

Under current planning documents it is envisaged that Te Tumu urban development commences in the 2021-2026 period. With the recent SmartGrowth policy adjustment (outlined above) this assumption will now be revisited. This has implications for this Long Term Plan and the 30 Year Infrastructure Strategy and revised thinking will be factored into these documents. The tentative assumption is that the Te Tumu urban development will now commence sometime within the next 5-10 years.

As this transaction may extend beyond the end of the LTP, Council has adopted a prudent approach to managing its associated debt exposure. Funding debt servicing from rates will ensure that debt remains at the current level. It is expected that this land will increase in value nearer the time of zoning this land to residential development as planned in the Smart Growth Strategy. The associated debt risk will decrease as future value of this land increases.

The expected yield from Te Tumu in the current Long Term Plan is around 9,400 dwellings. This is highly indicative because the dwelling yield is influenced by a number of planning constraints. Te Tumu Land Purchase In 2007 Council and Western Bay of Plenty District Council together acquired a block of land referred to as Te Tumu.

Keenan Road The expected yield for Keenan Road (referred to as ‘Pyes Pa South’) in the current Long Term Plan is around 1.400 dwellings, commencing in the 2026-2031 period. With the recent SmartGrowth policy adjustment (outlined above) this assumption will now be revisited. This has implications for this Long Term Plan and the 30 Year Infrastructure Strategy and revised thinking will be factored into these

SIGNIFICANT ASSUMPTIONS documents. The tentative assumption is that the Keenan Road urban development will now commence sometime within the next 5-10 years. Western Corridor A strategic assessment of urban growth opportunities for residential and business/industrial development in the Tauriko (western) corridor is to be commenced by SmartGrowth. This will have regard to the NZTA investigations into State Highway 29 improvements. The assessment will enable SmartGrowth to consider whether long term urban development within this corridor is feasible, and will influence spatial growth allocation assumptions in the next Long Term Plan round. GROWTH-RELATED INFRASTRUCTURE COSTS The 2015-25 Long Term Plan includes all of the cost of providing infrastructure to accommodate the city’s growth within that time period. Growth Uncertainty and Monitoring Approximately 57% of the total capital programme in the Long Term Plan is growth related. The quantum and timing of growth is therefore a critical assumption for Tauranga City. Council has introduced a monitoring programme where the actual level of takeup will be reviewed for residential land on a six monthly basis and business land on an annual basis. This includes an environmental scan of the development sector and discussion with key stakeholders as to emerging and likely trends. Council will reassess and if necessary adjust the timing of growth related projects taking into account: • Information obtained in the growth monitoring programme

• Assessment of land demand and remaining infrastructure network capacities • Number of growth areas available for development • Council’s Debt position • Outcome of negotiations with developers to encourage developers to assume a greater share of the risk by forward funding development costs. Whilst the most up to date modelling has been used in predicting growth for the Long Term Plan it is not possible to predict future growth perfectly. The impact of changes in growth assumptions over the Long Term Plan is on significant portions of the revenue, operational expenditure and capital expenditure of Council. Development contribution revenue assumptions depend on both the amount of growth and the location of that growth (because different geographical areas have different levels of development contributions). Council’s assumptions about the amount of growth and the location of that growth are outlined on the preceding page. If growth is different to that assumed then there will be an impact on revenue. If total revenue from development contributions is reduced then there will be a consequent increase in debt (because development contributions are levied to repay debt incurred when Council builds infrastructure to service growth). However, if growth slows then Council may also be able to further defer capital expenditure on growth-related projects which will consequently reduce debt compared to the projections in the Long Term Plan. Note that if development contributions revenue is less than forecast and debt consequently increases there will be no impact on rates. This is because this debt is funded by development contributions and not rates.

As mentioned above Council monitors growth on an ongoing basis to ensure it aligns its capital expenditure programme with changes in growth demands and likely development contribution revenue used to fund growth. For example recent slow downs in growth have resulted in future growth related capital expenditure being delayed until future years so that it is more aligned to higher development contribution revenue which is used to fund this expenditure. Hence the net impact on Council’s financial position is minimised by ensuring the capital programme is continually aligned with changes in growth assumptions and therefore revenue streams. Asset Management Plans Forecast figures included in the Long Term Plan relating to the management and enhancement of significant assets has been based on Council’s Asset Management Plans. The update of the following Asset Management Plans was completed between June 2014 and November 2014: • Parks and Recreation • Property Assets • Transportation • Stormwater • Wastewater • Water Supply The asset management plans are based on the city growth assumptions outlined above. Useful Lives of Significant Assets Refer to the Statement of Accounting Policies section of this document for information in relation to the useful lives of significant assets.

SIGNIFICANT ASSUMPTIONS

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SIGNIFICANT ASSUMPTIONS Depreciation rates are based upon the estimated lives of assets. For new assets depreciation calculations commence at the start of the year after the project has been completed. As assets are revalued their useful lives are reassessed and depreciation adjusted accordingly Changes to the useful lives of assets have a direct impact on the renewal profiles of assets, for example where asset replacements are delayed. The result of this is an increase in depreciation reserves for a period of time as this is the funding source for asset replacements. In order to ensure that depreciation is not over charged on a long term basis Council review the balances of their depreciation reserves. Hence the impact of changes in this assumption is managed by an ongoing review of depreciation rates and the level of balances in depreciation reserves compared to future funding needs for asset renewals. Sources of Funds for Future Replacement of Significant Assets Refer to the Revenue and Financing Policy and also the Groups of Activities section of the document for the Statement of Prospective Financial Performance table associated with each activity area. A Funding Impact Statement (FIS) is provided for each major activity in the Financials section. Levels of Service The financial information included in this Long Term Plan has been prepared based upon the levels of service as outlined in the Long Term Plan documentation. Levels of service in some areas are proposed to change through this Long Term Plan process. See the major focus section for further details on these changes.

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2015-25 LONG TERM PLAN

Projected Growth Change Factors Refer to the Major Focus section of this document for information and assumptions relating to projected growth assumptions.

Year ending

Annual average %pa CAPEX

OPEX

LGCI

Jun 04

3.90

3.78

3.83

Jun 05

3.97

1.51

2.53

Approach to Potential Climate Change Impacts

Jun 06

9.07

6.81

7.76

The impacts of climate change have been considered in various activities. Where the impacts of climate change have a potential implication on that activity, these impacts have been factored into future forecasts.

Jun 07

3.15

2.31

2.67

Jun 08

5.47

6.06

5.81

Jun 09

6.33

3.06

4.45

Jun 10

0.69

1.24

1.00

Jun 11

3.26

1.83

2.45

Jun 02

5.29

4.31

4.73

Jun 13

-0.26

1.60

0.78

Jun 14

0.37

1.72

1.13

Jun 15

2.08

1.95

2.00

Jun 16

2.34

2.16

2.24

Jun 17

2.61

2.33

2.45

Jun 18

2.64

2.43

2.53

Jun 19

2.67

2.57

2.61

Jun 20

2.80

2.71

2.75

Jun 21

2.96

2.85

2.90

Jun 22

3.11

2.99

3.04

Jun 23

3.27

3.13

3.19

Jun 24

3.48

3.27

3.36

Jun 25

3.67

3.41

3.53

20 year avge %pa

3.23

2.93

3.06

Leaky Home Settlements Council has assumed that the bulk of leaky home settlements will be concluded by the end of the 2015/16 year and there will be no new material claims in the future. Accounting Policies The Long Term Plan Financial Statements have been presented in accordance with Public Sector Public Benefit Entity Accounting Standards (PBE IPSAS) for Tier 1 entities and comply with the requirements of the Local Government Act 2002, which includes the requirement to comply with New Zealand Generally Accepted Accounting Practice with the exception of the Funding Impact Statements. INCREASE IN FUTURE YEAR’S ESTIMATES There are many aspects that can influence the actual costs that will be incurred in the future. Some of the major ones affecting Tauranga City Council are: Inflation It is expected that no material changes will occur from exchange rate movements.

Source: BERL

SIGNIFICANT ASSUMPTIONS The Business and Economic Research Limited (BERL) price change estimates for the Local Government Cost Index have been used in the preparation of the Prospective Financial Statements. This index is based on goods and services more relevant to Local Government than the Consumer Price Index (CPI). It is recognised that the uncertainty of predicting the impact of any of the above cost influencers is very high. Any estimate of future inflation is based upon assumptions which will change over time. Council’s approach to inflation is to adjust each year’s Annual Plan in order to bring it in line with more up to date inflation estimates. As Council shows both inflation and non inflation key financial reports in its Long Term Plan the impacts of inflation can be clearly shown. Any changes in these assumptions will be reflected in future Annual Plans and whilst every effort is made to absorb inflationary impacts if inflation exceeds that estimated future rate numbers may be higher than that shown in the Long Term Plan. Conversely where inflation is lower than that expected where possible savings will be included in future Annual Plans. Council has set a rates limit of CPI plus 2% after adjusting for growth in the rating base.  The CPI forecasts used to calculate the rates increase limit are the forecasts released by BERL on 14 September 2014 as shown in the following table. The BERL CPI forecasts were used as they are available for each of the ten years of the LTP.

Year Ending

CPI % per annum change

Jun-16

1.70

Jun-17

1.90

Jun-18

2.00

Jun-19

2.10

Jun-20

2.10

Jun-21

2.20

Jun-22

2.30

Jun-23

2.40

Jun-24

2.40

Jun-25

2.50

Tauranga City Council has invested considerable effort into updating Levels of Service, Asset Management Plans and developing a robust Long Term Plan. This provides important information for the community to assess relative priorities of the proposed projects. To assist the community engagement and understanding of the impact of price changes in the Prospective Financial Statements, the Council has also provided supplementary information which focuses on the effects of growth and levels of service and does not include the effect of price changes.

information can be found. Supplementary information is included to aid the readers understanding of the relevant impacts of costs excluding inflation. The supplementary financial information shows the build up of existing base costs, growth costs and level of service changes. Borrowing and Interest Rates Council’s current long term debt borrowing rates range from 4% to 8.2% providing an average interest rate range over the ten years of 5.9%. Interest expense was calculated based on opening debt, adjusted for loans being repaid evenly over the year and loans for new capital expenditure being taken out evenly over the year. Over the Ten Year Period there could be considerable fluctuations in interest rates in particular in later years where accurate forecasts are difficult to make. Council however has considerable hedging and borrowing profiles in place to minimise the impacts of changes in interest rates in the short to medium term.

• Inflation.

In the event that Council’s average interest rates change by 0.25% the impact on interest costs if the full amount (approximately $400 million) of debt was financed at this rate would be approximately $1 million per annum. However as Council’s borrowings are structured to ensure debt refinancing is considerably less on an annual basis this would be the worst case long term scenario. The actual annual impact of such a change would be considerably less as Council on average maintains approximately 80% of the debt at fixed interest rates during the initial two to three years of the Long Term Plan.

The table on the following page describes each of the costs and where in the Long Term Plan the relevant

It is assumed that Council will be able to borrow on similar terms and conditions to present.

THE MAJOR COST COMPONENTS The operational and capital costs within the Long Term Plan are made up of: • Existing base costs • Growth costs • Level of service changes

SIGNIFICANT ASSUMPTIONS

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SIGNIFICANT ASSUMPTIONS Investment Interest Rate The investment interest rates on invested funds assumed for the Long Term Planning period are between 3.75% and 5.25%. Investment rates are based on the Reserve Bank Official Cash Rate (OCR) estimates. Vested Assets It has been assumed that vested assets will be received by Council in accordance with the assumed growth of the city. Funding Growth Related Development The growth related component of infrastructure required for new developments – stormwater, wastewater, water supply, roading and facilities and reserves – is proposed to be paid for by development contributions under the provisions of the Local Government Act 2002.

Council acts as “banker” for the capital expenditure, paying for work to be done and receiving money from the developers when subdivisions are complete. Council often has to undertake the capital expenditure before development contributions are received and covers the shortfall with debt to be repaid when the development contributions are received.

Capital Expenditure Council’s approach to the funding of capital is presented in the Revenue and Financing Policy. In brief Council policy is to fund capital expenditure from the following sources: Renewal Expenditure (i.e. replacing an existing asset) • Depreciation reserves

The Development Contribution (DC) policy is consistent with the capital expenditure programme in the Long Term Plan. The DC Policy provides for cost of capital to be charged on all Building Impact Fee projects and Subdivision Impact Fee projects.

• Debt

The interest rates used for this Cost of Capital are 6% from 2015/16 to 2024/25.

• Development contributions

• Rates or user charges • New Zealand Transport Agency (NZTA) New Capital Expenditure

• Debt • User charges

Cost Type

Cost Description

Information in Long Term Plan

Existing base cost

Costs to continue to deliver the current level of service to the existing community

• The approved Long Term Plan financials

Growth costs

Costs to deliver the current level of service to a larger community

• Long Term Plan financials and the Financial Strategy

• Asset renewals (refer capital expenditure schedule for each activity) • Growth related new or upgraded assets (refer capital expenditure schedule for each activity) • Development Contribution Policy

Level of service changes

Costs to deliver a higher (or lower) level of

• Consultation Document explains the costs to ratepayers of options to change Levels of Service

service to the whole community

• New, increased or decreased levels of service (refer Level of Service part of each activity)

Inflation

Increased cost on all (existing, growth and level

• Impact of inflation is separately disclosed in the Financial Summary, Debt Summary and Rates Revenue Summary in the ‘Our Council’ section

of service changes) due to price changes

• Major Focus section discloses impact of inflation separately in all tables

• Other new or upgraded assets (refer capital expenditure schedule for each activity)

• For each activity impact of inflation is separately disclosed in Statement of Prospective Financial Performance • Funding Impact Statements for each activity are only shown inclusive of inflation Total Cost

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Total for all four above costs

2015-25 LONG TERM PLAN

• Overall Prospective Statement of Financial Performance, Position, Changes in Equity and Cashflow

SIGNIFICANT ASSUMPTIONS • Surplus cash or reserves

Depreciation Rates on Planned Asset Acquisitions

Insurance

• New Zealand Transport Agency (NZTA)

Refer to the Statement of Accounting Policies in the Financials section of this document for information relating to depreciation rates on planned asset acquisitions.

Council has approximately of three billion dollars of infrastructural assets. Risks are associated with damage to assets, either through accident, disaster, fire, fidelity or negligence.

• Other external funding Where a capital expenditure project is dependent on financial or other contributions from a third party, it is assumed that those contributions will be received in a timely manner. Operating Expenditure Council’s approach to the funding of operational expenditure is presented in the Revenue and Financing Policy. Expenditure includes increased operating costs (if any) associated with every capital project. Other operating costs (associated with assets resulting from capital expenditure) are assumed to be constant, except where there is expected to be a relationship between costs and increased population. Costs associated with new debt are included. Depreciation for new capital expenditure is based on rates established for each individual project. These rates are based on the same useful lives as identified for existing assets. Revenue Revenue is generated in accordance with the Revenue and Financing Policy. It is assumed that where community contributions are shown for specific projects, then those contributions will be received. Creation and Realisation of Investments, Reserves and Assets The plan assumes that all investments and reserves continue in accordance with their current pattern.

Future Revaluations It has been assumed that asset revaluations will continue on a rolling cyclical basis. This revaluation impact is broadly equivalent to the increase in Local Government Cost Index (LGCI). Internal Allocation Support services in Council are allocated internally to individual activities. Expenditure shown in the Long Term Plan includes those internal allocations. Service Delivery Options For the purposes of the Long Term Plan, Council has assumed the existing services and methods of delivery will continue except where this has been clearly stated in the Groups of Activities section. Resource Consents A majority of Council’s capital works projects require resource consents to be granted before works can commence. It has been assumed that resource consents can be obtained for all capital works, and that obtaining those resource consents will not significantly impact on the timing of capital works shown in the Long Term Plan. For the purposes of the Long Term Plan it is assumed existing resource consents will be renewed where appropriate. Changes to consent conditions are included in the Long Term Plan where known.

Council has a range of insurance practices to protect it from these risks including: • Public liability insurance • Membership of the Local Authorities’ Protection Programme, a mutual fund created by the local government sector to provide funding in the event of damage to underground pipe assets. • Various general insurances such as those covering business interruption, material damage, vehicles, computers, personal accident, etc. Regulatory Environment It is assumed that current national and regional policies, strategies and legislation will not change significantly during the period of the Long Term Plan. Local Authority Boundaries It is assumed that there will be no changes to the nature of the Tauranga City Council’s business over the period of the Long Term Plan. Changes to Council’s business dictated by as yet unknown / unconfirmed legislation or Central Government Policy Change It is assumed that there will be no change in legislation or central government policy (e.g. change in water quality or Resource Management Act (RMA) requirements) unless otherwise noted.

SIGNIFICANT ASSUMPTIONS

43

SIGNIFICANT ASSUMPTIONS New Zealand Transport Agency (NZTA) It has been assumed that financial assistance from NZTA will continue on the same basis and at the rates set by NZTA in the October 2014 Funding Assistance Rate Review. For more information, see the Transportation activity under Groups of Activities section of this document. Changes to NZTA road prioritisation may impact on future funding. Normal funding assistance for the 2015-18 NLTP and at end of transition

2015/16

2016/17

2017/18

End of transition 2024/24

47%

48%

49%

51%

Significant assumptions that relate to specific groups of activities are shown in the relevant part of the Groups of Activities section.

Other Significant Assumptions

Long Term Plan Amendment – Creating Tauranga’s Civic Heart

Council’s aquatic centres and indoor sports facilities are owned and operated by Bay Venues Ltd which is wholly owned by Tauranga City Council.

The Long Term Plan Amendment – Creating Tauranga’s Civic Heart has been undertaken using the base assumptions from the initial 2015-25 LTP for:

Although the financial projections for Bay Venues have not been consolidated into the Long Term Plan, the costs to Council of operational grants, depreciation on BVL assets and grants for interest have been included. The capital expenditure budgets for renewals and new investment have been included in the accounts. The impact of not consolidating the accounts is not expected to have any impact on future funding requirements. Route K has been assumed to be sold on 30 June 2015 to NZTA for $61m. This sale has been included in opening debt levels.

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Significant asset sales have been included in this Long Term Plan in order to improve Council’s balance sheet position.These have been conservatively estimated. In the event that no asset sales were realised then Council’s debt levels would increase by $20m over the ten years and the maximum debt to operating revenue ratio would be still within its treasury limit. Council’s stated limit of 225% could require adjustment of the timing of projects into a later year of the Long Term Plan. The majority of properties held for sale are not rate funded hence there will not be a material impact on rates in the event of these sales not fully materialising.

2015-25 LONG TERM PLAN

• Growth percentages, • inflation and • interest rates for projects already included in the LTP However for additional investment associated with the Civic Space Options amendment, including the new carpark building on Harington Street, a long term debt borrowing rate of 5.5% has been assumed. The closing debt position at 30 June 2016 has been revised downward from the initial LTP figure of $355m to $315m. For future years the downward revision is

$20m for each of the years. This is based on an assumed permanent debt reduction due to unbudgeted property sales and additional development contribution revenue of $20m, whereas in the 2016/17 year the remainder of the lower opening variance is expected to be removed as capital expenditure budgeted for 2015/16 is completed in 2016/17. The financials presented in the report are based on Council leasing the building structure for the civic administration building. Council plans to work with the private sector to deliver a new civic administration building on Council land located on the Willow Street or Durham Street sites. The assumed lease agreement for the building structure in the Long Term Plan financial statements is based on the following assumptions: • The building would be a standard modern office building, which would be able to be leased by other activities without any major modification. • The lease term would be for a period of 20 years, which is consistent with the economic life of the proposed building fit-out which would be paid for by Council. • Any lease extension at the end of the 20-year term would be negotiated based on market rates. • The agreement would not include an option for Council to buy the building at the end of the lease term • The assumed lease cost is based on the lessor receiving a 6.5% per annum return on the total cost of construction of the building.

SIGNIFICANT ASSUMPTIONS • The developer would have the right to sell their development interest. The assumed lease agreement for the land on which the building would stand is based on the following assumptions: • The land would be leased to the “private sector” on a 120-year lease. • The cost of the lease for the first 20 years while Council occupies the building would be zero. • At the end of the 20-year lease on the building, if Council was not the lessee, Council would receive lease revenue at market rates for the remaining 100 years. • These assumptions have been adopted as a conservative approach in the Long Term Plan. • The lease agreement on the land and building is based on Council’s development partner having the right to sell their development interest. Consistent with the above assumptions the financial impacts of the lease in the amended LTP are based on an operating lease. As such under current accounting standards the long term lease commitments are recognised annually as an operating expense over the life of the project. There is no recognition of the lease in the Statement of Financial Position. The final form of any agreement will determine the form of accounting disclosure.

SIGNIFICANT ASSUMPTIONS

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SIGNIFICANT ASSUMPTIONS

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2015-25 LONG TERM PLAN