Public Document Pack Council
Wednesday, 18th September, 2013 at 2.00 pm
MEMBERS’ ROOM DOCUMENTS
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Mem bers
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MEMBERS’ ROOM DOCUMENTS
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9 HAMPSHIRE MINERALS AND WASTE PLAN: ADOPTION
Inspectors’ report into the Hampshire Minerals and Waste Plan (2013). Saved policies of the Minerals and Waste Local Plan (1998). Minerals and Waste Core Strategy (2007). Minerals and Waste Plan for adoption (2013). Inspector’s ‘Main Modifications’. Inspector’s ‘Additional Modifications’. Hampshire County Council’s Cabinet report. List of Southampton sites in background document potentially suitable for waste management facilities. Summary of consultation responses (2013).
Tuesday, 10 September 2013 DIRECTOR OF CORPORATE SERVICES
Agenda Item 9
Report to Hampshire County Council, Portsmouth City Council, Southampton City Council, New Forest National Park Authority and South Downs National Park Authority by Andrew S Freeman, BSc(Hons) DipTP DipEM FRTPI FCIHT MIEnvSc an Inspector appointed by the Secretary of State for Communities and Local Government rd Date : 23 May 2013
PLANNING AND COMPULSORY PURCHASE ACT 2004 (AS AMENDED)
SECTION 20
REPORT ON THE EXAMINATION INTO THE
HAMPSHIRE MINERALS AND WASTE PLAN
LOCAL PLAN
Document submitted for examination on 29 February 2012
Examination hearings held between 6 to 8 June 2012, 11 to 15 June 2012 and 13 to 14 March 2013
File Ref: PINS/Q1770/429/7
ABBREVIATIONS USED IN REPORT AND APPENDIX
Core documents (referenced in parentheses in the text) are prefixed by the letters HMWP, ED or ND
AA Appropriate Assessment ABP Associated British Ports AONBs Areas of Outstanding Natural Beauty CDE Construction, Demolition and Excavation (waste) CHP Combined Heat and Power C&I Commercial and Industrial (waste) CIL Community Infrastructure Levy DCLG Department for Communities and Local Government ERFs Energy Recovery Facilities HGVs Heavy goods vehicles HWRCs Household Waste Recycling Centres ISA Integrated Sustainability Appraisal LDS Local Development Scheme MRFs Material Recovery Facilities MM Main modification MoD Ministry of Defence MSW Municipal Solid Waste mt million tonnes mtpa million tonnes per annum NPPF National Planning Policy Framework Para Paragraph S Section SA Sustainability Appraisal SAC Special Area of Conservation SAMS Sites and Monuments SCI Statement of Community Involvement SCS Sustainable Community Strategy SPA Special Protection Area SPZ Source Protection Zone SSSI Site of Special Scientific Interest WTSs Waste Transfer Stations
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Hampshire Minerals and Waste Plan, Inspector’s Report, May 2013
Non-Technical Summary
This report concludes that the Hampshire Minerals and Waste Local Plan provides an appropriate basis for minerals and waste planning within the plan area up to 2030 provided that a number of modifications are made to the Plan. The 1 Hampshire Authorities have specifically requested that I recommend any main 2 modifications necessary to enable them to adopt the Plan. All the main modifications to address this were proposed by the Hampshire Authorities and I have recommended their inclusion after full consideration of the representations from other parties on these issues.
The modifications can be summarised as follows:
• Referring to collaborative working and the presumption in favour of sustainable development. • Strengthening the vision and strategic aims. • Amending policies on the environment, communities and the economy to ensure consistency with national policy. • Providing for a landbank of brick clay of at least 25 years together with revised allocations. • Ensuring a review of land-won aggregate allocations in the event of a drop- off of supply. • Widening the provisions in respect of non-allocated land-won aggregate sites. • Making provision for silica sand. • Clarifying the policy on the location of new waste management developments. • Clarifying the minimum contribution of recycled and secondary aggregates to the supply of minerals. • Including provision for the consideration of new wharves and the safeguarding of potential wharves and concrete batching plants. • Adding robust monitoring arrangements.
1 Hampshire County Council, Portsmouth City Council, Southampton City Council, New Forest National Park Authority and South Downs National Park Authority 2 The Hampshire Authorities are also proposing “additional modifications” that will not affect legal matters or the soundness of the Plan.
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Introduction 1. This report contains my assessment of the Hampshire Minerals and Waste Local Plan in terms of Section 20(5) of the Planning and Compulsory Purchase Act 2004 (as amended). It considers first whether the Plan’s preparation has complied with the duty to co-operate, in recognition that there is no scope to remedy any failure in this regard. It then considers whether the Plan is sound and whether it is compliant with the legal requirements. The National Planning Policy Framework (Para 182) makes clear that to be sound a Local Plan should be positively prepared, justified, effective and consistent with national policy.
2. The starting point for the examination is the assumption that the local authorities have submitted what they consider to be a sound plan. The basis for my examination is the submission version of the Plan (February 2012, HMWP 135). This is an up-date of the publication version (November 2011, HMWP 001) on which public consultation took place in November and December 2011. The stated aim of the modified submission version is to improve readability; also to clarify points in response to comments received. It does not contain any changes that I would regard as main modifications.
3. My report deals with the main modifications that are needed to make the Plan sound and legally compliant and they are identified in bold in the report ( MM ). In accordance with Section 20(7C) of the 2004 Act, the Hampshire Authorities requested that I should make any modifications needed to rectify matters that make the Plan unsound/not legally compliant and thus incapable of being adopted. These main modifications are set out in the Appendix.
4. The main modifications that go to soundness have been subject to public consultation and, where necessary, Sustainability Appraisal (SA) and I have taken the consultation responses into account in writing this report.
Assessment of Duty to Co-operate 5. Section 20(5)(c) of the 2004 Act requires that I consider whether the Hampshire Authorities complied with any duty imposed on them by Section 33A of the 2004 Act in relation to the Plan’s preparation. Section 33A requires constructive, active and ongoing engagement with local authorities and a variety of prescribed bodies in order to maximise the effectiveness of plan preparation.
6. By working together as a partnership of minerals and waste planning authorities, the Hampshire Authorities have addressed internal issues of intra- county working. This has included conforming with community strategies and with the established (New Forest) and emerging (South Downs) National Park management plans and strategies.
7. Engagement with borough and district councils within Hampshire has formed an important part of the plan-making process. Particular topics of discussion have been the availability and use of industrial land for waste development; local regeneration needs, for instance around the marine wharves; and accordance with the development plan including the Development Plan Documents of the Hampshire Districts.
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8. Regard has been paid to the minerals and waste strategies of local planning authorities beyond Hampshire’s boundaries. Discussions have been held with the adjacent authorities of Dorset, Wiltshire, Surrey, West Sussex and Berkshire. Discussions with other relevant authorities such as Somerset and Northamptonshire County Councils have also been held.
9. In terms of key bodies prescribed in the Town and Country Planning (Local Planning) (England) Regulations 2012:
• There have been ongoing engagement and meetings with the Environment Agency and Natural England.
• All consultation documents, updates and meeting invites have been sent to English Heritage, the Homes and Communities Agency, Transport for London, the Secretary of State for Transport and the Civil Aviation Authority.
• There had been engagement with the Mayor of London through the South East Waste Planning Advisory Group Regional Technical Advisory Body.
• The Hampshire, Isle of Wight, Portsmouth and Southampton Primary Care Trusts have been regularly consulted and contact has been established with neighbouring Primary Care Trusts.
• The Office of Rail Regulation has been contacted in addition to ongoing engagement with Network Rail.
• There has been continual engagement with the Highways Agency and with Hampshire County Council as highways authorities.
• There has been consultation with the Marine Management Organisation and the Crown Estate that has led to publication of an agreed position statement.
10. Details of the co-operative working are set out in the document “A record of collaborative working in the preparation of the Hampshire Minerals and Waste Plan” (HMWP 140a). I conclude that the Hampshire Authorities have worked collaboratively with other authorities and bodies and have co-operated effectively through a continuous period of engagement. The Local Planning Authorities have fulfilled the duty to co-operate with regard to the Hampshire Minerals and Waste Plan.
Assessment of Legal Compliance 11. My examination of the compliance of the Plan with the legal requirements is summarised in the table below. I conclude that the Plan meets them all. However, in the light of discussion at the examination hearings and other evidence before me, I include comments on a number of relevant matters.
Local Development Schemes
12. The Minerals and Waste Development Scheme of Hampshire County Council (HMWP 032), as submitted to the Secretary of State at the start of the examination process, referred to public examination of the Hampshire Minerals
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and Waste Plan in April 2012 with adoption in July 2012. In the event, hearing sessions were held in June 2012 and March 2013. Adoption in the summer of 2013 is now anticipated. To reflect these revised dates, an updated Local Development Scheme (HMWP 032a) has been prepared. The content and timing of the Plan are compliant with the revised scheme.
Statements of Community Involvement
13. With regard to community involvement, some parties found the consultation exercise to be overwhelmingly complicated, to have an over-emphasis on electronic responses and to have involved Plan exhibitions at distant locations. For my part, I appreciate that much of the documentation is lengthy and technical in nature. This is perhaps inevitable given the nature of the subject. In addition, and in part a reflection of the Regulations, there is an emphasis on use of the internet. However, in this and all other respects, including the choice of exhibition venues, I find that there has been compliance with the Statements of Community Involvement. I do not find that the consultation process was flawed.
Sustainability Appraisal
14. The Hampshire Minerals and Waste Plan has been subject to sustainability appraisal. The document setting out the latest iteration of this process is the Integrated Sustainability Appraisal Report (HMWP 078b). Amongst other things, several representors have criticised the scoring used in the assessment of sites. Examples of the criticisms are to be found at core documents ED 117 and 118 where alternative scores are proposed for sites at Downton Manor Farm and Yeatton Manor Farm. Assessment of the Hamble Airfield, Purple Haze and Roeshot sites are other examples.
15. I acknowledge that there is an element of subjectivity in the way in which the scores have been assessed and recorded. In this respect, I have had regard to the possible use of alternative scores. However, I do not find that the conclusions of the Hampshire Authorities are significantly flawed. The sustainability appraisal is part of an overall assessment of the environmental effects of the Hampshire Minerals and Waste Plan. Even if some of the scores were varied, I do not consider that the overall conclusions of the exercise would be materially different. I conclude that the sustainability appraisal is adequate.
Appropriate Assessment
16. Another process that has been the subject of criticism is that of appropriate assessment as carried out under the Habitats Regulations. The latest details are set out in the “Assessment Under the Habitats Regulations – Habitats Regulations Assessment Record” (HMWP 132a) together with the related Appendices (HMWP 133c). Again, the assessment of individual sites is considered by certain representors to be flawed. A particular example is the allocated site at Purple Haze where issues include the effect on Special Areas of Conservation, Special Protection Areas and Ramsar Sites. A further example is the proposed Bramshill Quarry extension which also affects a Special Protection Area.
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17. At Purple Haze, the lack of hydro-geological evidence creates uncertainty. However, as advised by Natural England, it has been possible to address such matters in the wording of the development considerations. At the Bramshill Quarry extension (and again with advice from Natural England), a widely drawn allocation boundary would allow greater control over adjacent development and possible benefits in terms of continued management. In all the circumstances, I consider that the Appropriate Assessment is adequate.
Regional Strategy
18. On 28 February 2013 the Secretary of State laid in Parliament a statutory instrument to partially revoke the Regional Strategy for the South East. Two policies have been saved. One of these (Policy NRM6: Thames Basin Heaths Special Protection Area) is relevant in parts of the plan area. The partial revocation came into force on 25 March 2013. The policies within the Regional Strategy on minerals and waste are no longer part of the development plan.
LEGAL REQUIREMENTS
Local Development The Local Plan is identified within the approved LDS Scheme (LDS) March 2013 which sets out an expected adoption date of summer 2013. The Local Plan’s content and timing are compliant with the LDS. Statement s of Community The SCI s of the Hampshire Authorities were adopted Involvement (SCIs) and over a period extending from 2006 to 2013. relevant regulations Consultation has been compliant with the requirements therein, including consultation on the post-submission proposed “main modification” changes (MM). Sust ainability Appraisal SA has been carried out and is adequate. (SA) Appropriate Assessment AA has been carried out under t he Habitats (AA) Regulations (October 2012 with revised appendices March 2013). The AA is adequate. National Policy The Local Plan complies with national policy except where indicated and modifications are recommended. Regional Strategy (RS) All m aterial provisions of the RS (South East Plan) were revoked in March 2013. The Local Plan is in general conformity with the remaining relevant provisions of the RS (Policy NRM6). Sustainable Community Satisfactory regard has been paid to the SCS s of the Strategies (SCSs) Hampshire Authorities. 2004 Act (as amended) The Local Plan complies with the Act and the and 2012 Regulations. Regulations.
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Assessment of Soundness Preamble
19. The Hampshire Minerals and Waste Plan will replace the Hampshire Minerals and Waste Core Strategy as adopted in 2007. The new Local Plan makes provision for all aspect of minerals and waste development within the county of Hampshire over a period extending up to 2030. It is a collaboration between the “Hampshire Authorities”, namely Hampshire County Council, Portsmouth City Council, Southampton City Council, the New Forest National Park Authority and the South Downs National Park Authority.
20. The central purpose is to set out policies for minerals extraction and the provision of waste management infrastructure over the period of the Plan all within a context that provides for the protection of Hampshire’s environment, the maintenance of Hampshire’s communities and support for Hampshire’s economy. In this regard, some 12 sites across the plan area are allocated for mineral extraction or waste management purposes. A further specific site is the subject of minerals safeguarding.
21. The main tranche of examination hearings took place in June 2012. During the course of those hearings it became clear that main modifications would be necessary to make the Plan sound and/or legally compliant and capable of adoption. Modifications were drafted and consulted upon. As a result of representations received, the hearings were resumed (and concluded) in March 2013.
22. The preparation of the Plan and its examination have taken place at a time of change. For example, the Plan was submitted to the Secretary of State approximately one month before publication of the final version of the National Planning Policy Framework. In addition, all material provisions of the Regional Strategy (South East Plan) were revoked late in the examination process.
23. Certain new documents of relevance were published after submission of the Plan. These include “Technical Guidance to the National Planning Policy Framework”, “Guidance on the Managed Aggregate Supply System” and “Guidance for local planning authorities on implementing planning requirements of the European Union Waste Framework Directive (2008/98/EC)”. Interested parties were given an opportunity to comment on the Plan in the light of all these documents.
24. The National Planning Policy Framework sets out the Government’s planning policies for England and how these are expected to be applied. Specific waste policies are not included in the Framework. However, other policies are relevant to the content of the Plan, minerals policies in particular.
25. Although in all material respects the South East Plan has now been revoked, the Hampshire Minerals and Waste Plan largely conforms with this Spatial Strategy. The degree of conformity is outlined in the document “Hampshire Minerals and Waste Plan – Conformity with the South East Plan” (HMWP 109a). The principles and aims of the Regional Strategy are also largely replicated in the Minerals and Waste Plan. However, there are some instances where an alternative approach has been implemented.
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26. Alternative approaches have been developed where the evidence collected has shown that circumstances are different from those obtaining at the time of the preparation of the South East Plan. Examples include the adoption of a rolling average of 10 years’ sales data and other relevant information regarding aggregates, and an assessment of all supply options, as required under the National Planning Policy Framework.
27. Some areas of the evidence base for the South East Plan are considered to be out of date. Evidence prepared for the Hampshire Minerals and Waste Plan is more recent and presents a more realistic picture of minerals and waste issues in some areas.
28. With regard to the National Planning Policy Framework, the draft Framework (ND 001) was used in the preparation of the Plan. However, the examination was undertaken using the final Framework as published on 27 March 2012 (ND 075). As discussed below, certain main modifications to the Plan are proposed in order to address important discrepancies. Other matters are to be addressed through additional modifications proposed by the Hampshire Authorities.
29. Specific matters are addressed in the body of my report under the main issues headings. However, there are two matters of preliminary concern. These are the new presumption in favour of sustainable development; and a new soundness requirement, namely that local plans (which include the Hampshire Minerals and Waste Plan) should be positively prepared.
30. In terms of the new soundness requirement, the Framework requires that the Plan should be based on a strategy which seeks to meet objectively assessed development and infrastructure requirements. In this regard, a steady and adequate supply of minerals would be yielded from a variety of sources and locations. In terms of waste, the need for new management capacity has been objectively assessed to calculate the capacity gap and the waste management needs of the plan area. The policies can be considered to be positive and enabling. They set out the circumstances where development would be permitted rather than seeking to restrict growth.
31. I find that the Plan has been positively prepared and is sound in this regard. In addition, with the incorporation of main modifications MM1 and MM9 , there would be a clear statement of the Hampshire Authorities’ intention to take a positive approach that reflects the presumption in favour of sustainable development contained in the National Planning Policy Framework. As such, there would be accordance with this important new strand of national policy.
Main Issues
32. Taking account of all the representations, written evidence and the discussions that took place at the examination hearings, I have identified 11 main issues upon which the soundness of the Plan depends. They are discussed in the order in which they were considered at the examination hearings, not in any particular order of importance. Main modifications are recommended as appropriate.
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33. Many of the representations are addressed in additional modifications that are proposed by the Hampshire Authorities. However, these do not concern matters of soundness or legal compliance and do not need to be considered in this report.
Issue 1 - Whether there is a positive and collective vision for the future of Hampshire, including a clear economic vision, which reflects the aspirations of local communities
34. Paragraph 17 of the National Planning Policy Framework calls for succinct local plans setting out a positive vision for the future of the area. There is also a call for a clear economic vision and strategy (Para 21). In response, the Hampshire Minerals and Waste Plan sets out a short vision at Para 2.24. This is expanded upon in Para 2.25 with strategic aims at Paras 2.27 to 2.29. However, these provisions are lacking in economic focus. In addition, there is a general need for restructuring, consolidation and summarisation.
35. Changes that would ensure consistency with national policy are set out in three main modifications ( MM2 to MM4). There would be re-phrasing to clarify the importance of minerals to economic activities such as housing growth and infrastructure provision. Additional text would emphasise the role of recycled aggregates and how the required landfill capacity requirement would be met. In addition, there would be greater clarity over the links between the vision and the strategic aims.
Issue 2 – Whether there are clear and appropriate environmental policies that, amongst other things, would ensure that there would be no unacceptable adverse effects on the natural or historic environment
Protection of the landscape
36. Under Paras 115 and 116 of the National Planning Policy Framework, great weight should be given to conserving landscape and scenic beauty in National Parks and Areas of Outstanding Natural Beauty. Planning permission should be refused for major developments in these designated areas except in exceptional circumstances. In this regard, Policy 3 of the Hampshire Minerals and Waste Local Plan needs to be up-dated to reflect accurately these provisions of national policy, provisions that are absent from the policy as submitted. Necessary changes would be effected through a main modification (MM5 ).
Protection of the countryside
37. Policy 4 of the Plan deals with protection of the countryside. Under the terms of the policy, minerals and waste development in the open countryside, outside the National Parks and Areas of Outstanding Natural Beauty (for which there is separate policy provision), will not be permitted unless it complies with the criteria stated in the policy. However, the policy needs to be considered in the context of other policies in the Plan, notably Policy 28 on locating waste management development.
38. Under Policy 28 (as proposed to be modified), the emphasis is upon locating waste management development in urban areas in northeast and south Hampshire, along the strategic road corridors and in areas of major new or
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planned development. Such locations could include sites within a rural setting in which case sites would be considered suitable and supported where they would involve previously-developed land and the development would be of a scale compatible with the setting.
39. Modified Policy 28 would also recognise that there could be other special locational needs outside the main terms of the policy. Exceptional circumstances are set out in the text accompanying the policy. A more rural location could be appropriate where the facility would be closer to the source of the waste or related to an agricultural activity. For example, anaerobic digester plants and composting facilities may need to be located where there would be an available feedstock and where the residues could be disposed of to land for beneficial purposes.
40. At present there is an internal inconsistency within the Plan. Policy 4 is not justified in its existing form. It needs to be amended in line with the evidence base that supports the locational provisions of Policy 28. A main modification (MM6 ) is recommended. With this modification in place, there would be appropriate reference within Policy 4 to countryside activities, local needs and the exceptional circumstances defined under modified Policy 28. Modified Policy 4 would be clear and appropriate.
Green Belt
41. The protection of the South West Hampshire Green Belt is dealt with in Policy 5 of the Hampshire Minerals and Waste Plan and in Paragraphs 3.34 to 3.37. However, there are a number of deficiencies in the policy:
• The policy requires developments to contribute to the achievement of Green Belt objectives. However, the National Planning Policy Framework no longer refers to Green Belt objectives. The equivalent provision is enhancing the beneficial use of the Green Belt.
• The way the policy is written, only time-limited developments would be permitted. This approach is flawed. In any event, in many cases, time- limited developments would still be inappropriate although the temporary nature of the activity could contribute towards demonstrating very special circumstance in certain cases.
• The policy as written would allow development where there are special circumstances that would make the development appropriate. However, it is not possible to make a development appropriate (or “not inappropriate”) through special circumstances (or even very special circumstances).
42. To rectify the above deficiencies, a main modification ( MM7 ) is proposed. The policy would be simplified and would refer to permitting development that is not inappropriate or where very special circumstances exist; also to enhancing the beneficial use of Green Belt. With this modification in place, the Green Belt provisions would be consistent with national policy as expressed in the National Planning Policy Framework and would be sound. The policy would be clear and appropriate.
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Issue 3 - Whether there are clear and appropriate community-related policies that, amongst other things, would ensure that there would be no unacceptable adverse effects on human health
Protecting public health, safety and amenity
43. Policy 9 of the Plan addresses the topics of public health protection, safety and amenity. However, the provisions are lacking in a number of important respects. These are summarised below:
• In the context of the release of emissions, there is confusion over use of the term “beyond recognised levels”.
• The term “visually obtrusive” does not adequately cover visual amenity matters.
• There is no reference to tip and quarry slope stability; differential settlement of quarry backfill and landfill; and subsidence and migration of contaminants. This is contrary to Para 143 of the National Planning Policy Framework.
• There is no reference to protecting public strategic infrastructure.
• The need to address potential cumulative impacts and the way they relate to existing developments should be covered in the policy (not in the supporting text).
44. By way of response, a main modification ( MM8 ) is proposed:
• The term “above appropriate standards” would be used in place of “beyond recognised levels”.
• Instead of referring to visually obtrusive developments, there would be reference to the avoidance of unacceptable visual impact.
• Reference would be added to tip and quarry slope stability; differential settlement of quarry backfill and landfill; and subsidence and migration of contaminants.
• There would be reference to impact on public strategic infrastructure.
• There would be more comprehensive reference, within the policy, to cumulative impacts.
45. With the above main modification in place, the Hampshire Minerals and Waste Plan would accord with Government policy on environmental criteria and the related soundness of the Plan would be assured. There would be clear and appropriate policies on community-related matters.
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Issue 4 - Whether appropriate provision is made for the steady and adequate supply of clay and chalk and for any demand for small-scale extraction of building stone
Brick-making clay – stock of permitted reserves
46. One of the main changes between the draft and final versions of the National Planning Policy Framework was that relating to the landbank that should be provided for brick clay. The draft Framework (on which the Plan was predicated) made reference to ensuring security of supply of brick clay by allocating sufficient land to maintain a landbank of at least 10 years. This is the time period that is referred to in Policy 21 (Brick-making clay) of the Plan.
47. The final version of the Framework indicates that there should be a stock of permitted reserves of at least 25 years for brick clay. In order to reflect this element of national policy, a main modification is necessary ( MM10 ). With this modification in place, the related provision of the Plan would be sound and 3 there would be accordance with the National Planning Policy Framework.
Issue 5 - Whether there is clear and effective provision for the safeguarding of mineral and waste sites and facilities; also the long-term conservation of mineral resources and the definition of safeguarding and consultation areas
Concrete batching sites
48. Under Para 143 of the National Planning Policy Framework, local planning authorities should, amongst other things, safeguard sites for concrete batching. The Hampshire Mineral and Waste Plan contains a list of safeguarded minerals and waste sites at Appendix B. However, concrete batching plants are not presently included.
49. In order to comply with the Framework, it will be necessary to include concrete batching plants in the list at Appendix B of the Plan. This would be dealt with by way of a main modification ( MM11 ). With this modification in place, there would be accordance with related national policy and the Plan would be sound in this respect.
Minerals Consultation Areas
50. A further provision of Paragraph 143 of the National Planning Policy Framework is the definition of Minerals Consultation Areas. Local planning authorities are expected to define Minerals Consultation Areas based on Minerals Safeguarding Areas. The topic of Minerals Consultation Areas was the subject of discussion at the hearings. Clear and flexible provisions are already in place in Hampshire. Although the Hampshire Authorities are proposing additional modifications whereby the arrangements would be clarified and highlighted, no main modifications are necessary.
3 Further modifications relating to brick-making clay have also been prepared (MM24 and MM25) – see Issue 7 below.
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Issue 6 - Whether appropriate provision is made for the steady and adequate supply of sharp sand, gravel and soft sand
Land-won aggregate – quantification of requisite supply
51. One of the more controversial matters discussed at the examination hearings was the amount of sand and gravel that should be produced from land-won sources each year. Some representatives of the industry (perhaps with an eye to additional allocations) were concerned that the “apportionment” was too low. Those against the allocation of particular sites tended to regard the apportionment as too high and sought a lower land-won contribution and an increased yield from other sources including imports.
52. The historical starting point is the South East Plan. Policy M3 on primary aggregates set an apportionment of 2.63 million tonnes per annum (mtpa) for Hampshire/Southampton/Portsmouth. This figure was the subject of later review. Following an examination in public, the Secretary of State proposed changes to Policy M3 (changes that were not adopted given the decision to revoke regional strategies). The proposed annual average of land-won sand and gravel for Hampshire was set at 2.05 mtpa (March 2010).
53. A further change was introduced in the National Planning Policy Framework. Paragraph 145 of the Framework indicates that supply should be based on a rolling average of 10 years’ sales data and other relevant local information. Planning for a steady and adequate supply of aggregates would be informed by the preparation of an annual Local Aggregates Assessment.
54. Three versions of a Local Aggregates Assessment were before the examination. Version 1 (HMWP 136) represents the draft of the Assessment as initially prepared by the Hampshire Authorities. Version 2 (HMWP 136a) was prepared after consultation responses had been received, notably those of the South East England Aggregate Working Party (HMWP 141). Version 3 (HMWP 136b) was prepared to reflect the situation at the end of 2012 and to inform the examination hearings as resumed in March 2013.
55. The comments of many of those making representations on this part of the Plan reflect the views of the South East England Aggregate Working Party. There is concern about the robustness of the sales data; the prospect of increased house-building and commercial/industrial activity; and demand for aggregate from neighbouring authorities. There is also a view that there should be some form of contingency together with robust monitoring.
56. The various versions of the Local Aggregates Assessment confirm the locally derived land-won sand and gravel apportionment set out in the Plan (1.56 mtpa). This figure is in excess of the 10 year sales average of 1.41 mtpa. It 4 also exceeds the three year average of 0.95 mtpa.
57. The apportionments and the sales figures are inclusive of both sharp sand and gravel and soft sand. However, the soft sand calculations have been the subject of separate criticism. In this regard, the locally derived apportionment
4 The DCLG publication “Guidance on the Managed Aggregate Supply System” states (Footnote 1) that Mineral Planning Authorities should also look at the average 3 year sales in particular to identify the general trend of demand.
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amounts to 0.28mtpa. This can be compared with average annual sales, over the 10 year period, of 0.23mt.
58. For my part, I recognise that the sales data for land-won sand and gravel presents a mixed picture including a decline in sales notably over the last three years. However, the work follows the approach advocated in the National Planning Policy Framework. Further, having regard to other relevant information, there is no certainty that sales will differ markedly from those assessed by the Hampshire Authorities certainly in the foreseeable future.
59. In terms of other sources of supply (recycled and secondary aggregates, marine-won aggregates and imported hard rock), the infrastructure is in place such that the supply envisaged within the Plan (Policy 17: Aggregate supply – capacity and sources) could be achieved. However, except in the case of hard rock (imported), this would be at levels not actually achieved in the past.
60. In conclusion, I am satisfied that supplying sand and gravel at a rate of 1.56 mtpa (including 0.28 mtpa of soft sand) would be an appropriate contribution to a steady and adequate supply of aggregates in Hampshire. However, the evidence raises some uncertainties. In order to be effective and deliverable over the Plan period, I consider that there should be robust monitoring of Policy 17 (Aggregate supply – capacity and sources) and a commitment to vary the required elements of supply should this become necessary. Such a response would be effected through a further main modification ( MM12 ).
Meeting aggregate supply
61. The way in which the required supply of land-won aggregates would be met is summarised in Table 5.3 of the Plan. The requirement over the Plan period is for 30 million tonnes (mt) of sand and gravel (apportionment x Plan period (19.25 years)). Existing reserves amount to 16.44 mt. Sites initially allocated in the Plan would yield 11.57 mt. Together these amount to 28.01 mt. There is therefore a shortfall of a total of 1.99 mt.
62. The Hampshire Authorities envisage that this shortfall would be made up through a minimum “contingency” of 0.15 mtpa. This would come from what are in effect windfall sites (described in the Local Aggregates Assessments as “unallocated opportunities”). Historically, 0.30 mtpa has come forward from these unallocated sites. This is double the figure upon which reliance is now placed.
63. The Hampshire Authorities argue that unallocated opportunities could come forward under the provisions of Policy 20: Local land-won aggregates. Policy 20 identifies specific sites from which extraction would be permitted. In addition, proposals outside the areas identified in the Plan could be supported where it could be demonstrated that the identified sites are not deliverable, that there is a demonstrated need for the development or that prior extraction of the aggregate facilitates other development.
64. The way in which the sites identified in the Plan could be demonstrated to be “not deliverable” is unclear. In addition, there may be a specific local requirement for the mineral. Further, extraction may be justified where it is either part of a proposal for another beneficial use or involves extraction prior to a planned development. Given that reliance could be placed on sites
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outside the specific areas identified in Policy 20, these points should be recognised in the policy. This would be effected through a main modification (MM13 ). Additional modifications in the supporting text would provide further clarification and explanation.
65. Several representors have stated that there should be allocations sufficient to meet all the identified needs and there should be no specific reliance on unallocated opportunities. They say that this is one of the fundamental tasks that should be met by the Plan. In this regard, several sites have been put forward as candidates for additional allocation in circumstances where there is stated to be no way of knowing whether the sites would be acceptable to the Hampshire Authorities even if they came forward by way of Policy 20.
66. I agree that, ideally, the local apportionment should be met from specific allocations. However, I am satisfied that the Plan includes a strategy that will deliver a steady and adequate supply of sharp sand, gravel and soft sand. The key elements of that strategy are:
• a realistic local apportionment;
• extraction of remaining reserves from existing permitted sites;
• further extraction through the extension of certain existing permitted sites;
• extraction from new allocated sites;
• extraction from unallocated opportunities in appropriate circumstances; and
• robust monitoring and a commitment to review if there were a material change in circumstances.
Provision for silica sand
67. The Hampshire Minerals and Waste Plan does not contain any reference to silica sand. At the time of preparation of the Plan, there was no knowledge of a silica sand resource within the plan area. However, during the course of the examination, it was demonstrated that sand at Kingsley Quarry should be classed as silica sand. Having regard to the chemical composition of the sand, its grain shape, grain-size distribution and end application, I agree that there is silica sand within the plan area, notably at Kingsley Quarry.
68. It follows that the Hampshire Minerals and Waste Plan should address the topic of silica sand. In particular, and in accordance with Paragraphs 145 and 146 of the National Planning Policy Framework, a separate landbank for silica sand should be calculated and maintained. Further, provision should be made for a stock of permitted reserves of at least 10 years for individual silica sand sites.
69. These matters are addressed through a proposed main modification ( MM14 ). This main modification is necessary if the Plan is to be consistent with national policy and sound. The modification also refers to Frith End Quarry where the geological conditions (and the presence of silica sand) are similar to those found at Kingsley Quarry.
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Issue 7 - Whether sufficient sites have been allocated; whether they are acceptable in environmental terms and in other respects; whether the sites are deliverable; and whether there is flexibility regarding the availability of sites
Introduction
70. Site allocations are made under the provisions of Policy 20 (Local land-won aggregates), Policy 21 (Brick-making clay) and Policy 31 (Non-hazardous waste landfill). Details are included in Appendix A of the Plan – Site allocations. At Inset Map 5, Appendix A also identifies a site at Whitehill Bordon (now to be known as Whitehill & Bordon). However, this depicts a Minerals Safeguarding Area to which Policy 15 refers (Safeguarding – mineral resources (Sand and Gravel and brick-making clay)).
71. I have concluded above (Issue 6) that provision for an adequate and steady supply of aggregates would be made under modified Policy 20 and that the allocation of additional sand and gravel sites would not be necessary. The present discussion (Issue 7) concentrates on the appropriateness of the specific allocations (aggregate and other) that appear in the Submission Plan.
Brick-making clay
72. As part of the process of planning for a steady and adequate supply of brick clay, as required by Para 146 of the National Planning Policy Framework, the Hampshire Mineral and Waste Plan makes an allocation at Michelmersh Brickworks , one of two brickworks within the plan area. Two parcels of land are allocated. One parcel is generally to the west of the existing brickworks. The other is to the north.
73. During the examination process, it became clear that neither of these parcels would be suitable for the future extraction of brick-making clay. The western parcel falls within Source Protection Zone 1; there is an unacceptable risk to the quality and quantity of drinking water supplies that could not be adequately mitigated. With regard to the northern parcel, recent site investigations have demonstrated that this area is almost entirely barren.
74. In the circumstances, and in order to meet the requirements of the National Planning Policy Framework, it was necessary to undertake a further search for sites that could be suitable for brick clay extraction. This further search was undertaken after the first tranche of examination hearings. New allocations were put forward after the search. These have been the subject of a further round of public consultation.
75. Two new parcels of land are now put forward for allocation. These parcels lie to the east of the existing works and are known respectively as “School House Field” and, below that, “Hillside Field”. Extraction of clay from School House Field would likely take place over a concentrated period of three months in a summer season. Extraction from Hillside Field would take much longer. A total period of 14 years was referred to at the examination hearings although extraction would take place over three or four week periods.
76. Amongst representors, there is concern that open views across local fields (highlighted in the Conservation Area Plan) would be lost. In addition there
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would be significant adverse effects on the living conditions of local residents. A further concern is whether all practicable options have been assessed and considered in appropriate detail. This is in circumstances where inclusion of School House Field was rejected at an inquiry into a previous plan, in 1995, the impact of working an alternative field being perceived as much less.
77. At the examination hearings it was clear to me that there are no realistic alternative sources of brick clay of the required composition. The circumstances are materially different from those assessed in 1995. To my mind, the most significant effects would be on the living conditions of residents close to the site notably the occupiers of The Old School House, Croft House and Nurse’s Cottage. Steps to safeguard their amenities would be an important development consideration. It is also relevant that the site would only be worked during limited periods of time.
78. Under the National Planning Policy Framework, planning for a steady and adequate supply of brick clay is an important consideration. This would not be achieved under the submission proposals. Acceptable alternative sites are needed. In this regard, the Plan should be modified to include the allocation of School House Field and Hillside Field. This would be achieved under the recommended main modifications (MM10, MM24 and MM25 ).
79. The second brickworks within the plan area is Selborne Brickworks . This is located with the South Downs National Park. Although I would normally expect provision for non-energy minerals to be made from outside National Parks, the identification of further brick-making clay resources at Selborne is required in order that the brickworks has a secure long-term supply of clay. This would support the investment required in the brickworks.
80. Those making representations about the allocated land are principally concerned about effects on the environment and amenity; also the impact of traffic on rural roads. These are matters considered at the time planning permission for clay extraction was granted in 2004 (a permission that was allowed to lapse). It is also relevant that the site has been in operation “for hundreds of years”.
81. Matters such as traffic issues, the protection of residents’ amenities and the impact on landscape character are identified as development considerations. These would be addressed as proposals are progressed. My conclusion is that the allocation is acceptable and is soundly based.
Aggregate rail depots
82. There are two sites that are allocated as aggregate rail depots. The first is Basingstoke Sidings . This is an existing rail siding with operational capacity and good road access. Whilst there are a number of concerns, mainly about the potential effect on residential development and regeneration sites, the principal sensitive receptors are on the far side (south) of the main line railway. The impact on local residents (and businesses) is a development consideration and could be satisfactorily addressed at the application stage.
83. The second site allocated as an aggregate rail depot is Micheldever Sidings . The proposed allocation is, in itself, relatively uncontroversial although access matters would be clarified through an additional modification.
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Soft sand
84. There are two sites that have been allocated with the extraction of soft sand in mind. One is at Purple Haze (which also has resources of sharp sand and gravel). The other is at Forest Lodge Farm.
85. The objections to the Purple Haze site are many and varied. At the related hearing session, representations were discussed under some 20 different headings. In addition to matters relating to the Appropriate Assessment as discussed above, there are important concerns regarding the nature and quantity of the reserve; the effect on recreational amenity; and the likely success of the restoration proposals. Transport effects are also an issue.
86. There have been differing estimates of the amount of aggregate that could be extracted from the site. The level of the water table is a further complication. Quantification of the reserves is in part a question of the volume included within the calculation and allowances made for buffering. However, I have no reason to seriously question the estimates or understanding of the Hampshire Authorities. Even if the assessment proves to be optimistic, that does not undermine the appropriateness of the allocation. Further, as noted at other sites, wet working is not necessarily a barrier to extraction.
87. In terms of the effect on recreational amenity, there would be encroachment on the Moors Valley Country Park. Also, an area of coniferous forest currently enjoyed by the public as an attractive place to see and walk would be lost. For the users of these facilities the effects would be detrimental. Nevertheless, bearing in mind the importance of the mineral resource and access to the amenities of the wider Ringwood Forest, I consider that the disbenefits would be acceptable. In this regard, the Purple Haze site would make an essential contribution to the future supply of soft sand within the plan area.
88. With regard to restoration, I note that there are considerable uncertainties about the likely success of the intended recreation of heathland. Be that as it may, this is not the only element of restoration. In my opinion, the uncertainties do not override the appropriateness of the site allocation.
89. Traffic impacts have been assessed on the basis of 100 two-way traffic movements each day. Additional traffic of this order is unlikely to have a significant impact on the B3081 or on the operation of the wider transport network.
90. Even if the identified alternative sites were available, I would find Purple Haze to be a site suitable for mineral extraction. This is notwithstanding the uncertainties and the lack of an identified operator. In my view, it should be possible to resolve outstanding matters at the application stage. If any particular application failed to resolve outstanding matters, it would need to be refused.
91. The main considerations at Forest Lodge Farm (more correctly Forest Lodge Home Farm) are traffic impacts and effects on residential amenities. The adjacent A326 is one of the most heavily congested roads in the county. However, the Strategic Transport and Traffic Assessment (HMWP 081) predicts some 48 two-way movements a day. I would not expect movements of this
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order to have a significant impact on highway operation or safety. As to residential amenity, there is nearby existing (and proposed) housing especially in Butts Ash. Nevertheless, adequate mitigation could be provided under a detailed scheme secured under the development considerations.
92. I find that the allocation of Forest Lodge (Home) Farm is soundly based. There would be an important contribution to the soft sand needs of the plan area, needs that are difficult to meet. In addition, there would be a site in the south of the plan area. This would help counter the dominance of Purple Haze in the west and give a more balanced spatial distribution of supply.
Sharp sand and gravel
93. Turning to sites that would supply sharp sand and gravel, I have discussed the Bramshill Quarry extension site in the context of the foregoing discussion on Appropriate Assessment (Paras 16 and 17). Other points of concern regarding the Bramshill Quarry extension would be addressed under the development considerations. Similarly, key issues at the Bleak Hill Quarry extension site and at Cutty Brow are identified development considerations to be dealt with at the application stage.
94. The proposed allocation at Hamble Airfield is the subject of a considerable number of representations. Key concerns include disturbance to amenity and function; loss of informal recreational opportunities; impacts on rights of way; landscape impacts; impacts upon local residential visual amenity; and traffic impacts. Related to these impacts would be effects on air quality and on the economy of the Hamble peninsula. For my part, I see the impact on residents and users of local facilities as being of particular importance; also traffic impacts.
95. In terms of the residents and users of local facilities, there would be an undoubted impact. For example, residential development borders three sides of the site; and there are other nearby facilities that include schools, a community college and footpaths. Nevertheless, for the duration of the development, I would expect adequate mitigation to be available though the design and execution of the scheme and through the imposition of appropriate planning conditions.
96. With regard to traffic and related impacts, the evidence indicates (HMWP 081 and ED 097) that there would be up to 60 two-way movements of heavy goods vehicles (HGVs) each day served by a simple priority junction. In my judgement, this would represent an insignificant increase in the number and frequency of HGVs on Hamble Lane even if restricted to the inter-peak period.
97. I would not expect there to be any unacceptably adverse effects, notably on human health, as a result of the proposals. Residents living close to the workings would be exposed to a number of environmental impacts. Whilst particular care would need to be taken in formulating appropriate planning conditions, I find that the allocation of the site is soundly based.
98. In terms of the Roeshot site, I have identified three main considerations. The first is the effect on the residential amenities of those who would be living within the proposed North Christchurch Urban Extension Strategic Allocation. The second is the impact on the A35 and the wider transport network. The
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third is the sustainability credentials of the site bearing in mind the particular need to import inert material to effect restoration.
99. The proposed housing site lies south of the site, beyond a railway embankment. This embankment shields the majority of the site although it peters out at the eastern end. Even so, the protection of residential amenities is an identified development consideration. I would expect appropriate mitigation to be effected through planning conditions and through the design and operation of the site.
100. Access would be gained via an upgraded haul road. This would have an improved junction with the A35. The Strategic Traffic and Transport Assessment has assumed that there would be some 100 two-way vehicular movements a day. This increase in traffic is unlikely to have a material impact on the operation of the A35 or the wider transport network.
101. As to sustainability considerations, it is stated (ED 103) that expected levels of importation would be in the order of 50,000 to 70,000 cubic metres each year. Others have put the estimate much higher in circumstances where there is a perceived shortage of inert material. The prospective developers of the site are active in the sourcing, collecting and treatment of inert material. I would not expect there to be any overriding problem in providing the material that would be needed for restoration. In all the circumstances, I find that the allocation of the site is soundly based.
Non-hazardous landfill
102. Two non-hazardous landfill sites are allocated under the Hampshire Mineral and Waste Plan. The first is at the Squabb Wood landfill and would represent the provision of additional capacity at this site near Romsey. It is apparent that operation of the existing facility has given rise to a number of concerns over the years, notably in respect of smells, dust and noise. In addition, whilst tolerating the presence of the existing landfill, residents have a reasonable expectation that the landfill would come to an end and that the site would be restored.
103. Whilst the presence of the landfill would inevitably be prolonged, I consider that there is no objection in principle to the proposed allocation. Protection of the amenities of nearby residential properties is listed as a development consideration. Any new application would consider afresh matters such as smells, noise and dust. Controls could be tightened as necessary. However, the allocation is soundly based and would enable the site to make a continuing contribution to Hampshire’s landfill requirements.
104. As to landfilling at Purple Haze , there are concerns similar to those examined in respect of the aggregate extraction proposals and the Appropriate Assessment. Additionally, the need for the site is questioned; and there are a range of environmental concerns typical of those associated with landfill proposals.
105. On the question of need, there is a projected shortfall in landfill capacity towards the end of the Plan period. Notwithstanding the size of the void, it would make sense to use the space created by the mineral extraction at Purple Haze. In terms of the various environmental concerns, these would be
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addressed through the development consideration. In particular, regard would be paid to the protection of the amenity of Verwood residents, and others in the vicinity, as well as local businesses.
106. The Policy that deals with the matter of non-hazardous waste landfill is Policy 31. The policy as submitted would not be effective. The intention is to set out a priority order for decision making. In addition, there needs to be consistency with Policy 19 (Aggregate wharves and rail depots) as proposed to be modified. Soundness would be ensured through a related main modification ( MM15 ).
107. In order to ensure consistency with the Regional Strategy (South East Plan), it had been intended to remove the policy statement to the effect that no provision would be made for landfill of London’s waste. Given the revocation of related provisions of the Regional Strategy, reference to London’s waste no longer has a bearing on the soundness of the Plan. To the extent appropriate, this matter is to be addressed under the additional modifications of the Hampshire Authorities.
Conclusions
108. In the circumstance discussed above, I am satisfied that sufficient sites have been allocated. They are acceptable in environmental terms and in other respects. There are no known deliverability or other issues of any significance.
Issue 8 - Whether there is clear and justifiable guidance on the location of new waste management development
109. Policy 28 is the key policy dealing with locations for waste management development. However, as current submitted, there are a number of important shortcomings:
• The policy sets out what can be done in the open air or on allocated land rather than directing development to appropriate locations.
• Insufficient regard has been paid to factors that are relevant to biomass fuelled energy schemes.
• The policy is not flexible enough to respond to the realities of the market.
• The location of development could be restricted unnecessarily.
• Not all “B8” land (use for storage or as a distribution centre) is going to be suitable for waste management development.
• Not all “employment land” is going to be suitable for waste management development.
110. In response to these points, main modifications are proposed ( MM16-MM18 ). Amongst other things:
• The modified policy would give a better steer to the location of development by incorporating, in the policy, the principal geographic points referred to in the supporting text and illustrated in the Key Diagram.
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• There would be recognition that the location of energy from waste schemes is also influenced by the need to access fuel feedstock.
• The modified policy would set out the type of waste developments that need not be restricted to urban land and provide a basis for addressing exceptions to the policy.
• The modified policy would not unnecessarily restrict the location of development.
• Reference to the potential suitability of land falling within Use Class B8 would be qualified.
• Reference to land used for employment purposes would be deleted.
With these modifications in place, there would be consistency with national policy and the Plan would be sound. The guidance on the location of new waste management facilities would be clear and justified.
Issue 9 - Whether appropriate account is taken of the contribution that substitute or secondary and recycled materials and mineral waste could make to the supply of minerals
111. Paragraph 143 of the National Planning Policy Framework indicates that, before considering extraction of primary materials, local planning authorities should take account of the contribution that could be made by substitute or secondary and recycled materials (and minerals waste). Minerals waste is not a contender in Hampshire. However, recycled and secondary aggregates are seen as an important element of supply. Policy 17 of the Submission Plan assumes provision at a rate of 1.0 mtpa. Policy 29 supports the production of 1.0 mtpa of “high quality” recycled / secondary aggregates.
112. In order to reflect the intentions of Government policy, it is important that the “target” for the production of high quality recycled / secondary aggregates is not seen as a maximum. The proposed modification to Policy 29 ( MM19 ) would make clear that the production of at least 1 mtpa would be supported.
Issue 10 - Whether there is clarity in matters relating to the provision and safeguarding of aggregate wharfs and rail depots
Development and expansion of existing wharves and rail depots
113. Policy 19 of the Submission Plan supports the maximisation of the capacity of existing aggregate wharves and rail depots including appropriate investment in infrastructure and the extension of appropriate wharf sites. However, the policy does not refer to the environmental criteria that would be relevant to development at existing, expanded or new facilities (National Planning Policy Framework Para 143 refers).
114. In order to comply with national policy, a modification of Plan Policy 19 is recommended ( MM20 ). New wharf and rail depot proposals would be supported where the scheme represents sustainable development. New developments would be expected to have a road connection as well as a connection to the rail network or to water of a depth appropriate to the trades
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to be served. Absence of unacceptable harm to the environment and to local communities would need to be demonstrated in line with other policies in the Plan.
Safeguarding of potential wharves and rail depots
115. Policy 33 of the Hampshire Minerals and Waste Plan has the title “Long-term safeguarding”. The central purpose of the policy and the accompanying text is to safeguard areas that could be considered for minerals and waste wharf infrastructure if they become available or were released from their current uses. The safeguarding would take place pending a review of the Plan.
116. One of the main failings of the policy is that it looks to the long term and does not provide adequate definition or safeguarding of potential locations for railhead and wharf developments that could be anticipated now and justified within the Plan period. This is partly as a result of assumptions about wharfage capacity and the perceived ability of existing wharves to service the needs of the area up to 2030. The stance of the Hampshire Authorities in this regard is informed by the document “Needs Assessment for Wharves and Rail Depots in Hampshire” (HMWP 012).
117. The Hampshire Authorities have concluded that existing provision is adequate until 2030. However, I find that there are a number of important subjective factors to take into account. These include navigation constraints; the physical capacity of quays; outdated infrastructure; inability to expand; and regeneration pressures.
118. In addition, bearing in mind the National Policy Statement for Ports (ND 076), it is appropriate to recognise the legitimate development aspirations of the Port of Southampton. There is a case for supporting investment in new modern minerals and waste wharf facilities particularly where there would be access to a deep water channel and connections to road and rail.
119. A further complication is the store which the Port of Southampton places on its strategic land reserve (Land to the north west of Hythe (Dibden Bay)). Dibden Bay is a controversial location. It is a Site of Special Scientific Interest (SSSI) and adjoins the New Forest National Park. The foreshore is of international importance being designated as a Special Protection Area and a Ramsar site as well as an SSSI. In 2004, the Secretary of State rejected proposals for port development at Dibden Bay principally because of its environmental impacts. Any future development proposals would need to demonstrate imperative reasons of overriding public interest under the Habitats Regulations.
120. The Port Authority is confident that, for future proposals for development at Dibden Bay, the requirements of the Habitats Regulations could be satisfied. This remains to be seen. Nevertheless, there is a strong case for improved minerals and waste facilities at the Port of Southampton. Whilst it would be inappropriate to make any allocation at Dibden Bay, the safeguarding of this and other areas is to be supported.
121. In recognition of the above matters, Policy 33 of the Plan and much of the accompanying supporting text have been redrafted ( MM21 to MM23 ). In accordance with Paragraph 143 of the National Planning Policy Framework, there would be adequate safeguarding of potential rail heads and wharves.
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The related provisions would be consistent with national policy and would be sound.
122. I am satisfied that, in respect of the sensitive “Dibden Bay issue”, the Plan as proposed to be modified would be legally compliant. In this regard, the policy is restricted to safeguarding. It does not encompass minerals and wharf development; and the supporting text explicitly recognises that any development at Dibden Bay must satisfy the requirements of the Habitats Regulations.
Issue 11 - Whether there are clear arrangements for monitoring the Plan and reporting the results as part of a delivery strategy with clear targets and measurable outcomes
123. The Hampshire Minerals and Waste Plan includes a Monitoring Plan at Appendix D. This Monitoring Plan sets out key indicators (such as “Production of land won aggregates”). There are also columns for recording “Measured period”, “Previous Period (for comparison)” and “Change”. However, the Monitoring Plan is woefully lacking. Only four of the thirty-three policies in the Plan would be monitored; there is no indication of the period to be measured, the previous period or the change that would be assessed; and there is no information regarding the targets or performance criteria that would be used.
124. In response to the criticisms, a main modification ( MM12 ) is proposed. A completely new Monitoring and Implementation Plan would be inserted. All the policies (now thirty-four) in the Plan would be measured. The proposed outcome and mechanism would be identified along with appropriate stakeholders and the action that they would take. For each policy, a monitoring indicator would be stated. Importantly, there would be a clear statement of the trigger or threshold that would prompt a review of the related policy.
125. With the modification in place, there would be clear arrangements for monitoring the Plan and reporting the results. There would be clear targets and measurable outcomes. The Plan would be sound in this regard and the Hampshire Authorities would be able to fulfil their statutory responsibilities in respect of monitoring (Planning and Compulsory Purchase Act 2004, Section 35).
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Overall Conclusion and Recommendation 126. The Plan has a number of deficiencies in relation to soundness and/or legal compliance for the reasons set out above which mean that I recommend non- adoption of it as submitted, in accordance with Section 20(7A) of the Act. These deficiencies have been explored in the main issues set out above.
127. The Hampshire Authorities requested that I recommend main modifications to make the Plan sound and/or legally compliant and capable of adoption. I conclude that with the recommended main modifications set out in the Appendix the Hampshire Minerals and Waste Local Plan would satisfy the requirements of Section 20(5) of the 2004 Act and meet the criteria for soundness in the National Planning Policy Framework.
Andrew S Freeman
INSPECTOR
This report is accompanied by a separate Appendix and Annexes. The Appendix contains the main modifications. Replacements for Appendices B and C of the Plan are included in Annexes A and B respectively. A replacement for Inset Map 7 is contained in Annex C.
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Appendix 2
Saved Hampshire Minerals and Waste Local Plan (1998) policies to be superseded upon adoption of the Hampshire Minerals and Waste Plan.
Policy 19 - Preferred Areas - Mineral The Mineral Planning Authority will grant planning permission for the extraction of sand and gravel from land within the following preferred areas, as shown on the proposals map inset maps: o Area 1 - North of Welshman's Road, Mortimer West End; o Area 2 - Bramshill Plateau, Hartley Wintney/Eversley; o Area 3 - Roke Manor, Shootash; o Area 4 - Gardeners Lane (The Triangle), Ridge; o Area 5 - Bleak Hill, Harbridge; o Area 6 - Plumley Wood and Farm, Ringwood Forest; o Area 7 - Blue Haze (North), Ringwood Forest; provided that the development proposals meet the specific criteria for the preferred area as set out in the text accompanying the proposals map inset maps.
Policy 21 - Safeguarded Areas - Mineral The Mineral Planning Authorities will seek to safeguard the following sites for use for the landing or unloading, handling and distribution of marine-dredged, sea-borne or rail-borne aggregates and will normally oppose proposals for development which would prevent or prejudice the use of these sites for those purposes: (i) the following existing aggregates wharves and rail-head aggregates depots: AGGREGATES WHARVES o Bakers Wharf, Chapel, Southampton o Burnley Wharf, Chapel, Southampton o Leamouth Wharf, Chapel, Southampton o Willments Shipyard, Woolston, Southampton o Marchwood Power Station Wharf o Upper Quay, Fareham o Tipner Point Wharf, Portsmouth o Kendalls Wharf, Langstone Harbour, Portsmouth o Bedhampton Wharf, Havant RAIL-HEAD AGGREGATES DEPOTS o Chickenhall Lane, Eastleigh o Botley Station o Fareham Station (ii) the following preferred site for a rail-head aggregates depot, as shown on the proposals map inset map: o Site A - Micheldever Station (iii) any other sites where permission is granted for the establishment of an aggregates wharf or a rail-head aggregates depot or where such use is established without the need for planning permission.
2013
1.
Policy 38 - Preferred Areas - Waste The Waste Planning Authority will permit the disposal of waste by landfilling within the following preferred areas, as shown on the proposals map inset maps: o Area 10 - Blue Haze/Chatsworth Sandpits, Ringwood Forest; and o Area 11 - Apsley Farm, Andover; provided that the development proposals meet the specific criteria for the preferred area as set out in the text accompanying the proposals map inset maps.
Policy 43 - Preferred Sites - Waste The Waste Planning Authorities will permit the development of integrated waste processing plants at the following preferred sites, as shown on the proposals map inset maps: o Site B - Chineham (Wildmoor) Incinerator, Reading Road, Basingstoke; o Site C - Marchwood Power Station Site, Normandy Way, Marchwood; o Site D - Town Depot, Chapel, Southampton; o Site E - Portsmouth Incinerator, Quartremaine Road, Copnor, Portsmouth; o Site F - Havant Incinerator, Harts Farm Way, Havant; and o Site G - Charleston Road, Fawley; provided that the development proposals meet the specific criteria for the preferred site as set out in the text accompanying the proposals map inset maps.
2. Agenda Item 9
Appendix 3
Hampshire Minerals and Waste Core Strategy (2007) policies to be superseded upon adoption of the Hampshire Minerals and Waste Plan
Spatial strategy policies
Policy S1 (Sustainable Design, Construction and Demolition) New built development should facilitate the efficient use of resources through: a. Designs and layouts that allow the effective sorting, recycling and composting of waste; b. Design principles and construction methods that minimise primary aggregate use and encourage the use of high-quality building materials made from recycled and secondary sources; c. Construction and demolition methods that minimise waste production and re-use/recycle materials, as far as practicable on-site.
Policy S2 - Waste growth and demand for natural resources The rate of growth in controlled waste will be reduced so that the annual amount of municipal, commercial and industrial waste requiring management will be stabilised at 3.12 million tonnes a year by 2025. Likewise, primary aggregate consumption will be stabilised at 2016 levels.
Policy S3 (Self Sufficiency) By 2016, Hampshire will achieve ‘net self sufficiency’ in waste management capacity and waste will be disposed of at the nearest appropriate site. No provision will be made for London’s waste in the period to 2016, provision post-2016 will be considered by a review of the Strategy.
Policy S4 (Recycling and Composting) There will be a progressive increase in the average recycling and composting rates for all municipal, commercial and industrial waste to 50% in 2010; 55% in 2015 and; 60% in 2020.
Policy S5 (Capacity Requirements for Recycling, Composting and Recovery and Treatment) Waste management capacity (including specialist facilities as detailed in Policy S7) will be provided in the period to 2020, as follows: o Recycling and Composting – facilities for the reception, storage, segregation and processing of 1.86 million tonnes a year of municipal, commercial and industrial waste (and associated bulking-up, transfer and contingency storage facilities); o Recovery and Treatment - facilities for the reception, storage and treatment of 0.93 million tonnes a year of municipal, commercial and industrial waste (and associated bulking-up and transfer facilities).
Policy S6 (Landfill) During the period to 2020, up to 5.3 million tonnes of non-hazardous landfill capacity will be provided within the Landfill Potential Area shown on the Key Diagram. By 2015, the landfilling of untreated municipal waste will cease. Where technically and environmentally appropriate, non-hazardous landfill
1.
void will be conserved by the reuse of inert daily cover materials, or the use of alternative daily cover materials.
During the period to 2020, 18.5 million tonnes of non-recyclable inert waste will be used: a. in restoring mineral excavations and for landfill engineering, or b. for civil engineering and other infrastructure projects, or c. beneficially at the site of production.
Additionally, provision for London’s landfill requirements post 2016 will be considered by a review of the Strategy.
Policy S7 (Specialist Waste) Hazardous waste management capacity will be increased by reviewing and revising the capacity and potential of existing treatment and landfill sites.
Provision will be made for the following specialist waste operations: a. Biological processing, capable of handling 385,000 tonnes a year of biowaste, and b. Soil Hospitals (for remediation of contaminated soils) capable of treating 35,000 tonnes a year, and c. Recycling (or Treatment) of Air Pollution Control Residues capable of handling at least 20,000 tonnes a year, and d. Energy Recovery from Waste Biomass (inc. Wood) capable of handling a minimum of 50,000 tonnes a year of contaminated waste wood, and e. If needed, disassembly plants capable of handling 35,000 tonnes a year of waste electrical equipment, and f. Facilities on farms for the storage/processing and recycling of farm waste, and g. If needed, expansion of existing sites or new sites for the treatment of sewage and trade effluent.
Policy S8 - Sand and Gravel Provision will be made for the production of land-won and gravel at a rate of 2.63 million tonnes a year until 2010, principally from within the Mineral Resource Areas shown on the Key Diagram. To meet local needs from indigenous materials the following local apportionment will apply for the period to 2016: o North East Hampshire 0.433 mtpa o Forest (excluding the New Forest National Park) 1.163 mtpa o Downland 0.643 mtpa o South Hampshire 0.391 mtpa
The Mineral Planning Authorities will endeavour to maintain a landbank of at least seven years of planning permissions for the extraction of sand and gravel.
In the event that the South East Plan apportionment for Hampshire is modified the sand and gravel production and local apportionment will be adjusted accordingly.
2.
Policy S9 (Recycled and Secondary Aggregate) By 2016, production capacity will be provided for the supply of recycled and secondary aggregates at a rate of 1.7 million tonnes a year, including provision for the reprocessing of 100,000 tonnes of incinerator bottom ash.
Policy S10 (Chalk) The small-scale extraction of chalk for agricultural and industrial uses is supported. Extraction of chalk for other uses, such as use as aggregate or as a fill or engineering material, will be opposed.
Policy S11 (Clay) Provision will be made for maintaining a reserve of brick-making clay, sufficient to last 25 years at current rates of supply. The export of brick making clay for other uses is not supported.
Policy S12 (Oil and Gas) The exploration, appraisal and commercial production of oil and gas, and ancillary development, is supported, except within the New Forest National Park.
Policy S13 (Wharves and Rail Depots) was quashed, following the High Court Challenge in 2008.
Policy S14 (Safeguarding of Existing Development) was quashed, following the High Court Challenge in 2008 .
Policy S15 (Sterilisation) Proposals for permanent development which would sterilise mineral deposits shown on the Key Diagram, or subsequently in the Hampshire Minerals Plan or on the Proposals Map, will be resisted unless provision is made for extraction prior to the commencement of development, or other planning considerations apply.
Policy S16 (Location of Waste Management) All areas of major new development, including those on greenfield and brownfield land, and especially those containing new or redeveloping employment land, should accommodate an appropriate proportion of the waste management capacity for recycling, composting or recovery and treatment set out in Policy S5.
Strategic facilities, shall be located within the North East Hampshire or South Hampshire areas shown on the Key Diagram.
Policy S17 (Co-location, Systems and Infrastructure) Minerals and waste development should increase resource recovery and efficiency by the:
3.
o Co-location of compatible minerals and waste facilities, including where appropriate, with suitable reprocessing, manufacturing or industrial uses; o Use of 'reverse logistics' bulking and transfer for the movement of materials; o Optimisation of waste collection and handling system to allow the joint collection and handling of similar types of municipal, commercial and industrial waste.
Policy S18 (Site Selection) Sites and locations for the minerals and waste development required by this Strategy will be identified in the Hampshire Waste Management Plan and the Hampshire Minerals Plan, using the methodology and factors identified in Appendix 2.
Development control policies
Policy DC1 (Sustainable Minerals and Waste Development) Minerals and waste developments will only be permitted if they meet the standards outlined in Policy S1 and, in appropriate circumstances, are designed and constructed to use water and energy efficiently.
Policy DC2 (Sites with International and National Designations) Minerals and waste development, which is likely to prejudice the purpose of the following designated sites and their settings, will not be permitted unless the reasons for development outweigh the likely adverse impact, taking into account the requirements of relevant legislation and guidance.
Internationally Designated Sites: European Sites (Special Protection Areas, proposed Special Protection Areas, Special Areas of Conservation, proposed Special Areas of Conservation) and Ramsar sites (Wetlands of International Importance);
Nationally Designated Sites: The New Forest National Park, the proposed South Downs National Park and Areas of Outstanding Natural Beauty; National Nature Reserves, Sites of Special Scientific Interest; Scheduled Ancient Monuments; Listed Buildings, and sites on the National Register of Parks and Gardens of Special Historic Interest; Registered Battlefields.
In all cases, applications will be subject to the most rigorous examination.
Policy DC3 (Impact on Landscape and Townscape) Minerals and waste development will only be permitted if due regard is given to the likely visual impact of the proposed development and its impact on, and the need to maintain and enhance, the distinctive character of the landscape or townscape. If necessary, additional design, landscaping, planting and screening, including planting in advance of the commencement of the development, should be proposed.
4.
Policy DC4 (Historic Heritage) Minerals and waste development will be granted if due regard is given to the likely effects on the need to protect and safeguard sites of archaeological, historical, and architectural importance, and the settings of these sites.
Policy DC5 - Green Belt Minerals and waste development, other than for time-limited minerals and waste operations and ancillary development, will not be permitted, in the South West Hampshire Green Belt unless there are special circumstances which may make a location in these areas appropriate and the highest standards of development are applied.
Policy DC6 (Highways) Major mineral extractions, landfills and ‘strategic’ recycling, aggregate processing and recovery and treatment facilities, will be permitted provided they have a suitable access to and/or route to the minerals and waste lorry route as illustrated on the Key Diagram. In all cases, minerals and waste development will only be permitted if it pays due regard to the likely volume and nature of traffic that would be generated by the proposal and the suitability of the proposed access to the site and of the road network that would be affected.
Consideration should be given to highway capacity, road and pedestrian safety, congestion and environmental impact, and whether any highway improvements are required and whether these could be carried out satisfactorily without causing unacceptable environmental impact.
Policy DC7 (Biodiversity) Minerals and waste developments will only be permitted if due regard is given to the likely effects of the proposed development on biodiversity and, where possible, proposals should conserve and enhance biodiversity.
Development likely to adversely impact upon ‘regionally or locally designated sites or protected species’ – designated in adopted Local Plans or Local Development Frameworks – (including Sites of Importance for Nature Conservation (SINCs), Species of Principal Importance for Biodiversity, Regionally Important Geological Sites and Local Nature Reserves) shall only be permitted if the merits of development outweigh the likely impact.
Policy DC8 (Pollution, health, quality of life and amenity) Minerals and waste development will only be permitted if due regard is given to the pollution and amenity impacts on the residents and users of the locality and there is unlikely to be an unacceptable impact on health and/or the quality of life of occupants of nearby dwellings and other sensitive properties. Where necessary minerals and waste developments should include mitigation measures, such as buffer zones between the site and such properties.
Policy DC9 (Public Safety)
5.
Minerals and waste developments affected by ‘safeguarding zones’ will only be permitted with due regard to public safety issues, in consultation with the appropriate bodies responsible for managing and/or regulating the relevant site(s).
Policy DC10 (Water Resources) Non-hazardous landfill developments in areas that overlie major aquifers, and Groundwater Source Protection Zones I, II & III, and mineral extraction or inert landfill in areas that overlie major aquifers and Groundwater Source Protection Zone I will not be permitted.
All minerals and waste developments will only be permitted if they are unlikely to have an unacceptable impact on coastal, surface or ground waters and due regard is given to water conservation and efficiency.
Policy DC11 (Flooding) Minerals and waste development will only be permitted in accordance with the conclusions of a Flood Risk Assessment. Moreover, landfill and hazardous waste facilities, in flood risk zones 3a and 3b, or development that is likely to create an unacceptable risk of off-site flooding, will not be permitted.
Policy DC12 (Restoration and Aftercare) Mineral extraction, landfill and other appropriate developments will not be permitted unless there is satisfactory provision for the restoration of the site, within a reasonable timescale, for an after use consistent with the general planning objectives of the area.
The restoration and after care of sites should seek to meet two or more of the following planning objectives: a. Improving public access to the countryside, including public access for disabled people and recreation; b. Use for management of water resources and/or flooding management; c. The improvement of biodiversity; d. Use as back-up grazing; e. Return to agriculture, forestry or other ‘open’ use recreational facilities.
Proposals for mineral extraction and landfill must include provision for at least five years of aftercare following restoration of the site.
Restoration proposals for mineral workings in Aerodrome Safeguarding Zones should take account of the need for progressive working and restoration, to prevent open water bodies becoming bird roosts.
Policy DC13 (Waste Management and Recycling (including Aggregate Recycling Facilities) Waste management developments (excluding landfill) will be permitted provided that the site: a. Is identified as a site, or within an area suitable for waste management uses, in the Hampshire Waste Management Plan or Minerals Plans, or
6.
b. Re-uses/redevelops previously developed land and/or redundant agricultural and forestry buildings (including their curtilages), or c. Is within a planned area of large-scale development, or d. Is on employment land, preferably co-located with complementary activities, and e. Has good access to, the minerals and waste lorry route as shown on the Key Diagram, and where possible, the site enables the use of water-borne and rail freight, and f. In the case of recovery and treatment sites, incoming waste shall be subject to pre-treatment, either on or off site to maximise the potential for recycling, and where technically possible, energy will be generated and used and the by-products, including heat, will be reused or recycled, and g. In the case of sites providing public access, the site shall be accessible for use by disabled people.
Policy DC14 (Landfill) Planning permission will be only be granted for landfill provided the site: a. Is identified for landfill use, as part of the restoration of a mineral site, in the Hampshire Minerals Plan, or pending its adoption is an existing or proposed un-restored mineral void, and in the case of non-hazardous landfill is within the landfill potential area shown on the Key Diagram, and b. Appropriate provision is made for the pre-treatment or sorting of waste, either on or off site, to substantially reduce its biodegradable and recyclable content, and c. It does not pose an unacceptable environmental risk, including risk to groundwater, and d. It is close to, and with good access to, the minerals and waste lorry route, as shown on the Key Diagram.
Policy DC15 (Sand and Gravel) Sand and gravel extraction would be permitted provided the site is: Within the Mineral Resource Area; o The proposed development involves a small scale extension to or deepening of an active extraction sites; o The landbank indicates that there is a need for sand and gravel which cannot reasonably be met from identified sits and locations and it can be shown that working such land would be equally acceptable to working within an identified site or location; o The site is not within or would have an unacceptable impact upon the New Forest and South Downs National Parks or Area of Outstanding Natural Beauty; o The proposals includes restoration opportunities for increasing biodiversity or access to public open space, to help to meet other planning objectives and where necessary, proposals for landscaping and planting (prior to operation) are included; and o The site is close to, and with good access to, the minerals and waster lorry route.
Policy DC16 (Chalk)
7.
Chalk extraction will be permitted, where it can be shown that there is a clearly demonstrated agricultural or industrial need which cannot be met from another source and that the need outweighs any environmental, transport or other impacts that are likely to be caused over the timescale of the development.
Policy DC17 (Clay) The extraction of clay, will be permitted provided the site: a. Is identified for the extraction of clay in the Hampshire Minerals Plan, and the clay is to be used solely for brick-making, or b. There is a need for additional clay for other uses, such as landfill engineering, and the site is within an existing sand and gravel quarry and the extraction of clay would be incidental to the extraction of sand and gravel, or c. The proposed development involves a small-scale extension to or deepening of an active clay extraction or landfill site.
Policy DC18 (Wharves and Rail Depots) was quashed, following the High Court Challenge in 2008.
Policy DC19 (Oil and Gas) The exploration and appraisal of oil and gas will be permitted, provided the site and equipment: a. Is not located within the New Forest National Park, and b. Is sited above the prospect (the potential oil or gas reserve) at the location where it would have the least environmental impact, and c. The proposal provides for the restoration and subsequent aftercare of the site, whether or not oil or gas is found. The commercial production of oil and gas will be permitted provided the site and equipment: a. Is not located within the New Forest National Park, and b. A full appraisal programme for the oil and gas field has been completed, and c. The proposed location is the most suitable one, taking into account environmental, geological and technical factors.
Policy DC20 (Borrow Pits and Spoil Sites) Prior extraction of minerals and disposal of inert spoil wastes, arising from the requirements of specific construction projects, will be permitted, provided the site is within the ‘corridor of disturbance’ created by the development.
Policy DC21 (Prior Extraction of Minerals) The extraction of sand and gravel, prior to construction of permanent planned development, to avoid sterilisation of mineral deposits, will be permitted provided it does not prejudice the timescale and standards of the subsequent development.
Policy DC22 (Additional Plant, Buildings and Minor Development) Additional plant, buildings and minor developments at active minerals and waste sites, or the exploration of minerals (except oil and gas), will be permitted provided, where appropriate, they do not extend the timescale for
8.
completion of the development , they are ancillary to the operation of the site or they provide for the co-location of complementary minerals and waste activities.
9. This page is intentionally left blank Agenda Item 9
Appendix 4 H A M P S H I R E PORTSMOUTH, SOUTHAMPTON, NEW FOREST & SOUTH DOWNS
MINERALS AND WASTE PLAN For adoption by the partner authorities at Full Council / Authority meetings (September – October 2013)
All Plans reproduced within this document meet copyright of the data suppliers Ordnance Survey on behalf of the Controller of Her Majesty’s Stationary Office © Crown copyright.
Unauthorised reproduction infringes Crown copyright and may lead to prosecution of civil proceedings. HCC 100019180 2012.
© Environment Agency Copyright 2012. All rights reserved.
Reproduced from the British Geological Survey Map data at the original scale of 1:100,000. Licence 2008/202 British Geological Survey. © NERC. All rights reserved.
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+P VJKU 2NCP VJG *CORUJKTG #WVJQTKVKGU JCXG UGV QWV C 8KUKQP 1DLGEVKXGU 5RCVKCN 5VTCVGI[ CPF RQNKEKGU VQ GPCDNG VJG FGNKXGT[ QH UWUVCKPCDNG OKPGTCNU CPF YCUVG FGXGNQROGPV VJCV KU TKIJV HQT *CORUJKTG WR VQ VJG 2NCP RGTKQF KU HTQO ,CPWCT[ VQ /CTEJ +P QVJGT YQTFU KV GZRNCKPU JQY OKPGTCN TGUQWTEGU UJQWNF DG GZRNQKVGF CPF UWRRNKGF CU YGNN CU VJG PGEGUUCT[ YCUVG OCPCIGOGPV KPHTCUVTWEVWTG UWEJ VJCV *CORUJKTGŎU GPXKTQPOGPV YKNN DG RTQVGEVGF KVU EQOOWPKVKGU OCKPVCKPGF CPF VJG NQECN GEQPQO[ UWRRQTVGF
6JG 2NCP TGRNCEGU VJG *CORUJKTG /KPGTCNU CPF 9CUVG %QTG 5VTCVGI[ VJG %QTG 5VTCVGI[ CFQRVGF KP ,WN[ CPF VJG ōUCXGFŎ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
PGY RNCPPKPI IWKFCPEG VJCV UGVU QWV C RTGUWORVKQP KP HCXQWT QH UWUVCKPCDNG FGXGNQROGPV C ITGCVGT HQEWU QP RNCPPKPI HQT ENKOCVG EJCPIG VJG GORJCUKU QP C NQECN CRRTQCEJ VQ RNCPPKPI HQT NQECN PGGFU CPF C TGFWEGF ōCRRQTVKQPOGPVŎ HQT NCPFYQP CIITGICVGU
'SWCNN[ VJG 2NCP UGGMU VQ DWKNF QP VJG GZVGPUKXG VGEJPKECN YQTM CPF RWDNKE EQPUWNVCVKQP RTGXKQWUN[ ECTTKGF QWV CPF VQ KPENWFG URGEKHKE UKVG RTQRQUCNU CU YGNN CU PGY UVTCVGIKE RQNKE[ IWKFCPEG
6JKU 2NCP EQORTKUGU VJTGG GNGOGPVU KPENWFKPI VJG
UVTCVGIKE CRRTQCEJ CPF RQNKEKGU UVTCVGIKE UKVGU EQPUKFGTGF PGEGUUCT[ VQ FGNKXGT VJG 2NCP QDLGEVKXGU CPF IGPGTCN CPF UKVGURGEKHKE FGXGNQROGPV OCPCIGOGPV RQNKEKGU
+P RTGRCTKPI VJKU 2NCP VJG *CORUJKTG #WVJQTKVKGU JCXG RWDNKUJGF HQWT EQPUWNVCVKQP FQEWOGPVU
ō*CXG ;QWT 5C[ CDQWV %JCPIGU VQ VJG *CORUJKTG /KPGTCNU CPF 9CUVG %QTG 5VTCVGI[Ŏ 0QXGODGT ō*CXG ;QWT 5C[ 2NCPPKPI HQT *CORUJKTGŎU /KPGTCNU CPF 9CUVGŎ (GDTWCT[ C UWRRNGOGPVCT[ EQPUWNVCVKQP ō*CXG ;QWT 5C[ ŋ #FFKVKQPCN /KPGTCN +UUWGUŎ ,WPG CPF *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP 2WDNKECVKQP XGTUKQP %QPUWNVCVKQP QP UQWPFPGUU 1EVQDGT
6JGUG HQWT EQPUWNVCVKQP FQEWOGPVU DWKNF QP RTGXKQWU YQTM QP VJG CFQRVGF %QTG 5VTCVGI[ CPF RTGRCTCVQT[ YQTM QP OKPGTCNU CPF YCUVG UKVGU CU YGNN CU CUUQEKCVGF RWDNKE GPICIGOGPV 6JG EQPUWNVCVKQP HQTOGF RCTV QH VJG EQPUWNVCVKQP RTQEGUU TGSWKTGF WPFGT 4GIWNCVKQP QH VJG 6QYP CPF %QWPVT[ 2NCPPKPI .QECN &GXGNQROGPV 'PINCPF #OGPFOGPV 4GIWNCVKQPU CPF VJG TGURQPUGU TGEGKXGF JCXG JGNRGF WU RTGRCTG VJG TGXKUGF UVTCVGI[ CPF RQNKE[ HTCOGYQTM
6JKU KPENWFGU YQTM WPFGTVCMGP CV VJG 4GIWNCVKQP 4GIWNCVKQPU UVCIG QH VJG FTCHV *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP RTGRCTCVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
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
+P CP[ FGEKUKQP WPFGT VJG 2NCPPKPI #EVU CDQWV OKPGTCNU CPF YCUVG FGXGNQROGPV KP *CORUJKTG FWG TGICTF UJQWNF DG IKXGP VQ CNN RCTVU QH VJG 2NCP CPF CRRTQRTKCVG YGKIJV IKXGP VQ VJQUG RCTVU VJCV CTG LWFIGF VQ DG OQUV TGNGXCPV 4GICTF UJQWNF CNUQ DG IKXGP VQ KORCEVU VQ VJG GPXKTQPOGPV CPF EQOOWPKVKGU DG[QPF VJG 2NCP CTGC CTKUKPI HTQO FGXGNQROGPVU YKVJKP KV
6JG 2NCP KU UGV QWV KP HKXG UGEVKQPU FGCNKPI YKVJ VJG HQNNQYKPI CTGCU
5WUVCKPCDNG OKPGTCNU CPF YCUVG FGXGNQROGPV 2TQVGEVKPI *CORUJKTG U 'PXKTQPOGPV /CKPVCKPKPI *CORUJKTG U %QOOWPKVKGU 5WRRQTVKPI *CORUJKTG U 'EQPQO[ CPF +ORNGOGPVCVKQP /QPKVQTKPI CPF 2NCP 4GXKGY
/KPGTCNU CPF YCUVG UKVGU KFGPVKHKGF YKVJKP VJG 2NCP CTG UGV QWV KP OQTG FGVCKN KP #RRGPFKZ # 5KVG CNNQECVKQPU #RRGPFKZ $ .KUV QH UCHGIWCTFGF OKPGTCNU CPF YCUVG UKVGU UGVU QWV VJG OKPGTCNU CPF YCUVG UKVGU EQPUKFGTGF HQT UCHGIWCTFKPI D[ VJG 2NCP
6JG 2NCP KPENWFGU CP +ORNGOGPVCVKQP CPF /QPKVQTKPI 2NCP UGG #RRGPFKZ % +ORNGOGPVCVKQP CPF /QPKVQTKPI 2NCP YJKEJ UGVU QWV JQY VJG *CORUJKTG #WVJQTKVKGU YKNN KORNGOGPV CPF OQPKVQT VJG RQNKEKGU KP VJG 2NCP
6JG 2NCP KU DCUGF QP EQORTGJGPUKXG GXKFGPEG CPF CUUGUUOGPVU YJKEJ JCXG DGGP RTGRCTGF D[ QT QP DGJCNH QH VJG *CORUJKTG #WVJQTKVKGU 6JG EQORNGVG NKUV QH UWRRQTVKPI FQEWOGPVU KU UJQYP KP #RRGPFKZ ' 5WRRQTVKPI FQEWOGPVU *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
8KUKQP CPF 5RCVKCN 5VTCVGI[
6JKU UGEVKQP FGUETKDGU JQY VJG *CORUJKTG #WVJQTKVKGU JCXG FGXGNQRGF VJG 8KUKQP CPF 5RCVKCN 5VTCVGI[ HQT OKPGTCNU CPF YCUVG RNCPPKPI KP *CORUJKTG WR VQ +V UGVU QWV C RQTVTCKV QH YJCV VJG 2NCP CTGC KU EWTTGPVN[ NKMG CPF VJG YQTM VJCV JCU DGGP ECTTKGF QWV VQ CUUGUU VJKU CU YGNN CU VJG HQTGECUV PGGF HQT OKPGTCNU CPF YCUVG HCEKNKVKGU VJG KUUWGU VJG 2NCP JCU VQ EQPUKFGT KP FGNKXGTKPI VJGUG FGXGNQROGPVU CPF JQY VJG XKUKQP JCU DGGP UJCRGF HTQO VJKU YQTM
9G JCXG UQWIJV VQ RTGRCTG C 2NCP YJKEJ KU DCUGF QP UQWPF CPF WR VQ FCVG GXKFGPEG KP QTFGT VQ LWUVKH[ VJG RQNKEKGU CPF RTQRQUCNU YKVJKP KV 9G JCXG ICVJGTGF VQIGVJGT CPF CPCN[UGF C YGCNVJ QH KPHQTOCVKQP QP OKPGTCNU CPF YCUVG KUUWGU HQT *CORUJKTG #NN VJKU JCU DGGP DTQWIJV VQIGVJGT KP C UGTKGU QH DCEMITQWPF FQEWOGPVU YJKEJ CTG CNN RWDNKUJGF CNQPIUKFG VJKU 2NCP
6JG 2NCP KU DCUGF WRQP VJG RTKPEKRNG QH FGNKXGTKPI UWUVCKPCDNG OKPGTCNU CPF YCUVG FGXGNQROGPV KP *CORUJKTG WR VQ 6JKU KU FGUETKDGF KP VJG (QTGYQTF VQ VJKU 2NCP CPF OGCPU GPUWTKPI YG JCXG VJG TKIJV FGXGNQROGPVU VQ OCKPVCKP C TGNKCDNG UWRRN[ QH OKPGTCNU CPF GZEGNNGPV OCPCIGOGPV QH QWT YCUVG YJKNG RTQVGEVKPI VJG GPXKTQPOGPV CPF QWT EQOOWPKVKGU 6JG 2NCP KU UVTWEVWTGF VQ TGHNGEV VJKU CRRTQCEJ QH DCNCPEKPI CPF KPVGITCVKPI VJG PGGFU QH VJG GPXKTQPOGPV VJG EQOOWPKV[ CPF VJG GEQPQO[ CU FGOQPUVTCVGF KP VJG HQNNQYKPI FKCITCO
(KIWTG $CNCPEKPI VJG GPXKTQPOGPV EQOOWPKV[ CPF VJG GEQPQO[
6JG 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM 022( GPFQTUGU VJKU CRRTQCEJ UQ VJG 2NCP ECP DG UGGP CU CP KPVGTRTGVCVKQP QH PCVKQPCN RQNKE[ KP VJG *CORUJKTG EQPVGZV
0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM JVVR YYYEQOOWPKVKGUIQXWMRNCPPKPICPFDWKNFKPIRNCPPKPIU[UVGORNCPPKPIRQNKE[RNCPPKPIRQNKE[HTCOGYQTM *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
*CORUJKTG KP
*CORUJKTG EQXGTU CP CTGC QH JGEVCTGU CPF JCU C XCTKGF RJ[UKECN IGQITCRJ[ QH C NQYNCPF EJCTCEVGT +V KU NQECVGF KP UQWVJGTP 'PINCPF 6JG NCPFUECRG JCU DGGP HQTOGF D[ C PWODGT QH KPHNWGPEGU KPENWFKPI CPEKGPV RGTKINCEKCN CEVKXKV[ VJCV ETGCVGF ITCXGN VGTTCEGU CPF RNCVGCW FGRQUKVU RCTVKEWNCTN[ QP VJG EQCUV CPF TKXGT XCNNG[U 6JG OQUV KORQTVCPV FGRQUKVU CTG KP VJG #XQP 8CNNG[ QP VJG YGUVGTP UKFG QH *CORUJKTG
5KIPKHKECPV RCTVU QH VJG NCPFUECRG CTG TGEQIPKUGF CU DGKPI QH JKIJ SWCNKV[ JGPEG C NCTIG RTQRQTVKQP QH *CORUJKTG KU EQXGTGF D[ PCVWTG EQPUGTXCVKQP CPF NCPFUECRG FGUKIPCVKQPU 6JGUG CTG RTQVGEVGF VQ OCKPVCKP PCVWTCN TGUQWTEGU CPF GPUWTG VJCV HWVWTG IGPGTCVKQPU YKNN JCXG VJG QRRQTVWPKV[ VQ WPFGTUVCPF GPLQ[ CPF DGPGHKV HTQO VJGKT URGEKCN SWCNKVKGU *CORUJKTG CNUQ KPENWFGU VYQ 0CVKQPCN 2CTMU NQECVGF KP VJG 0GY (QTGUV CPF VJG 5QWVJ &QYPU 6JGUG UKVGU HQTO RCTV QH VJG YKFGT DKQFKXGTUKV[ KPVGTGUVU CPF CNN EQPVTKDWVG VQ *CORUJKTG U GEQU[UVGOU EQOOWPKV[ SWCNKV[ QH NKHG CPF VJG NQECN GEQPQO[ HQT GZCORNG VJTQWIJ VQWTKUO 'PXKTQPOGPVCN FGUKIPCVKQPU DQVJ YKVJKP CPF QWVUKFG QH VJG 2NCP CTGC CTG JKIJNKIJVGF QP VJG HQNNQYKPI OCR (KIWTG 'PXKTQPOGPVCN CPF .CPFUECRG &GUKIPCVKQPU YKVJKP CPF KP RTQZKOKV[ VQ VJG 2NCP CTGC
(KIWTG 'PXKTQPOGPVCN CPF .CPFUECRG &GUKIPCVKQPU YKVJKP CPF KP RTQZKOKV[ VQ VJG 2NCP CTGC *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
#V KVU UKORNGUV *CORUJKTG EQPVCKPU C DTQCF DCPF QH EJCNM FQYPNCPF YJKEJ UGRCTCVGU VJG OQTG FGXGNQRGF CTGCU QH VJG PQTVJGCUV CPF UQWVJ 6JG EJCNM FQYPNCPF KU QH NKOKVGF KORQTVCPEG HQT OKPGTCN CPF YCUVG FGXGNQROGPV CNVJQWIJ KV EQPVCKPU UQOG UOCNN QPUJQTG QKNHKGNFU
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ŎU OCKP EQOOWPKVKGU (KIWTG *CORUJKTG U OCKP EQOOWPKVKGU
(KIWTG *CORUJKTG U OCKP EQOOWPKVKGU
*CORUJKTG JCU C RTQURGTQWU CPF ITQYKPI GEQPQO[ YKVJ C EQORCTCVKXGN[ NQY WPGORNQ[OGPV TCVG *QYGXGT VJGTG CTG UVKNN RQEMGVU QH FGRTKXCVKQP KP CTGCU UWEJ CU )QURQTV *CXCPV 5QWVJCORVQP CPF 2QTVUOQWVJ CPF KP UQOG TWTCN CTGCU 6JG 2CTVPGTUJKR HQT 7TDCP 5QWVJ *CORUJKTG 275* CPF 5QNGPV .QECN 'EQPQOKE 2CTVPGTUJKR .'2 RTQOQVG GEQPQOKE ITQYVJ CPF TGIGPGTCVKQP YKVJ C RCTVKEWNCT HQEWU QP 5QWVJCORVQP CPF 2QTVUOQWVJ *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
%QOOWPKECVKQPU CTG IQQF YKVJ C JKIJECRCEKV[ TQCF PGVYQTM KPENWFKPI VJG / CPF / 5QWVJCORVQP #KTRQTV KU C DWU[ CPF ITQYKPI JWD HQT UJQTVJCWN 'WTQRGCP HNKIJVU 6JG TCKNYC[U CTG JGCXKN[ WUGF HQT RCUUGPIGTU CPF HTGKIJV YKVJ KPETGCUKPI COQWPVU QH HTGKIJV DGKPI VTCPURQTVGF HTQOVQ 5QWVJCORVQP FQEMU HQNNQYKPI TGEGPV KORTQXGOGPVU VQ VJG TCKN PGVYQTM 6JG TCKN PGVYQTM RTQXKFGU QRRQTVWPKVKGU HQT KORQTVKPI CIITGICVG KPVQ *CORUJKTG HQT GZCORNG NKOGUVQPG HTQO 5QOGTUGV
6JG 2QTV QH 5QWVJCORVQP KU C INQDCN ICVGYC[ HQT VJG 7PKVGF -KPIFQO KP VGTOU QH UJKRRKPI HQT EQPVCKPGTKUGF IQQFU CPF NGKUWTG ETWKUGU 6JG RQTV RNC[U C TGIKQPCN TQNG HQT OKPGTCNU CPF YCUVG 6JG RQTV EWTTGPVN[ GZRQTVU UETCR OGVCN CPF JCU KORQTVGF ETWUJGF TQEM KP VJG RCUV 2QTVUOQWVJ JCTDQWT KU JQOG VQ CP KORQTVCPV PCXCN FQEM[CTF CPF C EQOOGTEKCN RQTV UGTXKEKPI VJG EQPVKPGPVCN TQNNQP TQNNQHH HGTT[ VTCFG 6JG YJCTXGU QP VJG 4KXGT +VEJGP CTG UKIPKHKECPV HQT KORQTVKPI OCTKPGFTGFIGF UCPF CPF ITCXGN CPF GZRQTVKPI OGVCN
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
*CORUJKTG JCU NQECN UWRRNKGU QH UCPF CPF ITCXGN UKNKEC UCPF EJCNM DTKEMOCMKPI ENC[ CPF QKN CPF ICU *CORUJKTG FQGU PQV JCXG JCTF TQEM QT QVJGT URGEKCNKUV CIITGICVGU QT OKPGTCNU VJGUG JCXG VQ DG KORQTVGF KPVQ VJG EQWPV[ D[ UGC QT D[ TCKN 1XGT VJG NCUV [GCTU VJG CXGTCIG RTQFWEVKQP UCNGU CPF NCPFKPIU QH CNN OKPGTCNU JCXG DGGP CRRTQZKOCVGN[ OKNNKQP VQPPGU RGT CPPWO OVRC KPENWFKPI CRRTQZKOCVGN[ OVRC QH TGE[ENGF CIITGICVGU CPF OVRC QH UCPF CPF ITCXGN HTQO NQECN SWCTTKGU # UKOKNCT COQWPV JCU EQOG HTQO OCTKPG FTGFIKPI CPF KORQTVKPI QH CRRTQZKOCVGN[ OVRC VJTQWIJ GZKUVKPI TCKN FGRQVU *CORUJKTG JCU VTCFKVKQPCNN[ GZRQTVGF UCPF CPF ITCXGN VQ PGKIJDQWTKPI CTGCU DWV KU CNUQ C PGV KORQTVGT QH CIITGICVGU UWEJ CU ETWUJGF TQEM
6JG OCKP CIITGICVG UWRRN[ CTGCU CPF GZKUVKPI YCUVG HCEKNKVKGU CTG UJQYP QP VJG HQNNQYKPI OCR (KIWTG /KPGTCN TGUQWTEGU SWCTTKGU CPF UVTCVGIKE YCUVG KPHTCUVTWEVWTG KP *CORUJKTG
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV /KPGTCNU KP *CORUJKTG $CEMITQWPF 5VWF[ UGEVKQP /KPGTCNU KP *CORUJKTG $CEMITQWPF 5VWF[ UGEVKQP RCTCITCRJU /KPGTCNU KP *CORUJKTG $CEMITQWPF 5VWF[ UGEVKQP RCTCITCRJU /KPGTCNU KP *CORUJKTG $CEMITQWPF 5VWF[ UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
(KIWTG /KPGTCN TGUQWTEGU SWCTTKGU CPF UVTCVGIKE YCUVG KPHTCUVTWEVWTG KP *CORUJKTG
*CORUJKTG JCU C TGUQWTEGOCPCIGOGPV CRRTQCEJ VQ FGCNKPI YKVJ YCUVG ŋ VJCV KU KV UGGU YCUVG CU C TGUQWTEG VJCV ECP DG TGWUGF QT TGE[ENGF VQ OCMG PGY RTQFWEVU 6JG *CORUJKTG #WVJQTKVKGU CTG CNTGCF[ VCMKPI C NGCFKPI TQNG KP JQWUGJQNF YCUVG OCPCIGOGPV CPF DWUKPGUUGU KP *CORUJKTG CNUQ JCXG C UVTQPI CPF KORTQXKPI TGEQTF QH TGE[ENKPI *CORUJKTGŎU VQVCN GUVKOCVGF YCUVG CTKUKPIU CTG CDQWV OVRC QXGT JCNH QH VJKU KU TGE[ENGF YKVJ QXGT FKXGTVGF HTQO NCPFHKNN 1XGTCNN *CORUJKTG EWTTGPVN[ JCU GPQWIJ ECRCEKV[ VQ FGCN YKVJ VJKU COQWPV QH YCUVG CNVJQWIJ UQOG HCEKNKVKGU JCXG QPN[ VGORQTCT[ RNCPPKPI RGTOKUUKQP
#UUGUUOGPV QH PGGF HQT YCUVG OCPCIGOGPV HCEKNKVKGU KP *CORUJKTG 9CUVG &CVC 5WOOCT[ 4GRQTV UGEVKQP RCTCITCRJ *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
+UUWGU HQT VJG 2NCP
6JG *CORUJKTG #WVJQTKVKGU TGICTF VJG HQNNQYKPI CU VJG MG[ KUUWGU HQT VJG 2NCP
/CP[ QH *CORUJKTGŎ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
6JG 2NCP UGVU QWV JQY YG CKO VQ TGUQNXG VJGUG KUUWGU CPF FGXGNQR C XKUKQP CPF QDLGEVKXGU 'CEJ UGEVKQP QH VJG 2NCP NQQMU HKTUV CV VJG EWTTGPV UKVWCVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
1VJGT 2NCPU CPF 2TQITCOOGU
0CVKQPCN RQNKE[ IWKFCPEG KU EQPVCKPGF KP 2NCPPKPI 2QNKE[ 5VCVGOGPVU CPF 2NCPPKPI 2QNKE[ )WKFCPEG RTQXKFKPI VJG UVTCVGIKE HTCOGYQTM HQT NCPFWUG RNCPPKPI
6JG 2NCP JCU DGGP RTGRCTGF CV C VKOG QH EJCPIG HQT VJG RNCPPKPI U[UVGO 6JG )QXGTPOGPV RWDNKUJGF VJG 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM 022( KP TGRNCEKPI CNN GZKUVKPI RQNKE[ EKTEWNCTU CPF IWKFCPEG 6JG (TCOGYQTM FQGU PQV EQPVCKP URGEKHKE YCUVG RQNKEKGU UKPEG PCVKQPCN YCUVG RNCPPKPI RQNKE[ YKNN DG RWDNKUJGF CNQPIUKFG VJG 0CVKQPCN 9CUVG /CPCIGOGPV 2NCP HQT 'PINCPF 6JG 2NCP JCU VCMGP KPVQ CEEQWPV PCVKQPCN RQNKE[ CU GZRTGUUGF KP VJG 022( 6JG 2NCP CNUQ VCMGU KPVQ CEEQWPV /CTKPG 2NCPU )QXGTPOGPV EKTEWNCTU CPF IWKFCPEG CNUQ EQXGT C TCPIG QH KUUWGU
+P FWG EQWTUG VJG FGXGNQROGPV RNCP TGNGXCPV VQ *CORUJKTG RNCPPKPI CWVJQTKVKGU YKNN EQORTKUG VJG HQNNQYKPI
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP .QECN 2NCPU ŋ &GXGNQROGPV 2NCP &QEWOGPVU &2&U CFQRVGF D[ VJG WPKVCT[ CWVJQTKVKGU FKUVTKEVU CPF VJG PCVKQPCN RCTM CWVJQTKVKGU 0GKIJDQWTJQQF 2NCPU CPF CP[ UCXGF RQNKEKGU HTQO QNFGT .QECN 2NCPU
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
6JG *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP KPENWFKPI VJG 8KUKQP 9JGTG YG PGGF VQ DG TGHNGEV VJG CURKTCVKQPU QH VJGUG FQEWOGPVU +P RCTVKEWNCT VJG 2NCP RTQITGUUGU CODKVKQPU CPF GZRTGUUGF KP VJG *CORUJKTG 5WUVCKPCDNG %QOOWPKV[ 5VTCVGI[
#ODKVKQP +PHTCUVTWEVWTG CPF UGTXKEGU CTG FGXGNQRGF VQ UWRRQTV GEQPQOKE CPF JQWUKPI ITQYVJ YJKNUV RTQVGEVKPI VJG GPXKTQPOGPV CPF SWCNKV[ QH NKHG KU UWRRQTVGF D[ VJG RTQXKUKQP QH OKPGTCNU CPF YCUVG KPHTCUVTWEVWTG KP VJG 2NCP 2TQVGEVKQP QH VJG GPXKTQPOGPV CPF SWCNKV[ QH NKHG KU EQPUKFGTGF VJTQWIJQWV VJG 2NCP DWV RCTVKEWNCTN[ KP RQNKEKGU ŋ #ODKVKQP *CORUJKTG KU CEENCKOGF HQT EQPUGTXKPI CPF WUKPI PCVWTCN TGUQWTEGU OQTG GHHKEKGPVN[ CPF HQT TGFWEKPI CPF CFCRVKPI VQ VJG GHHGEVU QH ENKOCVG EJCPIG KU URGEKHKECNN[ UWRRQTVGF VJTQWIJ 2QNKE[ %NKOCVG EJCPIG OKVKICVKQP CPF CFCRVCVKQP CPF OQTG IGPGTCNN[ VJTQWIJ VJG CRRTQCEJ QP GPEQWTCIKPI VJG WUG QH TGE[ENGF CPF UGEQPFCT[ CIITGICVGU CPF FGCNKPI YKVJ YCUVG KP VJG OQUV UWUVCKPCDNG OCPPGT RQUUKDNG *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
7PFGT *CORUJKTGŎU FWV[ VQ EQQRGTCVG VJG *CORUJKTG #WVJQTKVKGU JCXG CU RCTV QH RNCP RTGRCTCVKQP NKCKUGF YKVJ *CORUJKTGŎ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
# HWNN NKUV QH FQEWOGPVU YJKEJ CTG EQPUKFGTGF VQ DG FKTGEVN[ CPF KPFKTGEVN[ TGNGXCPV VQ VJG *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP KU KPENWFGF KP VJG ,QKPV $CUGNKPG 4GRQTV 6JKU KPENWFGU CP CUUGUUOGPV QH VJG KORNKECVKQPU HQT VJKU 2NCP QH MG[ TGNGXCPV QDLGEVKXGU CPF VCTIGVU KFGPVKHKGF
8KUKQP 9JGTG YG PGGF VQ DG
6JG HQNNQYKPI XKUKQP JCU DGGP FGXGNQRGF
8KUKQP 2TQVGEVKPI VJG GPXKTQPOGPV OCKPVCKPKPI EQOOWPKVKGU CPF UWRRQTVKPI VJG GEQPQO[
1XGT VJG PGZV [GCTU VJG RNCPPKPI QH OKPGTCNU CPF YCUVG FGXGNQROGPV YKNN JGNR OGGV *CORUJKTGŎU RTGUGPV CPF HWVWTG PGGFU D[ RTQVGEVKPI VJG GPXKTQPOGPV OCKPVCKPKPI EQOOWPKV[ SWCNKV[ QH NKHG CPF UWRRQTVKPI VJG GEQPQO[ D[
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ŎU EQPVKPWGF GEQPQOKE ITQYVJ CU YGNN CU VJG GEQPQOKGU KPHNWGPEGU D[ *CORUJKTG CPF QRRQTVWPKVKGU HQT WTDCP TGIGPGTCVKQP YJGTG RQUUKDNG
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
5CHGIWCTFKPI OKPGTCN TGUQWTEGU PGEGUUCT[ GZKUVKPI OKPGTCNU CPF YCUVG KPHTCUVTWEVWTG CPF NCPF HQT RQVGPVKCN KPHTCUVTWEVWTG CU C EQPVTKDWVKQP VQ C UVGCF[ CPF CFGSWCVG UWRRN[ QH OKPGTCNU CPF RTQXKUKQP QH YCUVG HCEKNKVKGU *GNRKPI VQ FGNKXGT CP CFGSWCVG UWRRN[ QH OKPGTCNU CPF OKPGTCNU TGNCVGF RTQFWEVU VQ UWRRQTV JQWUKPI ITQYVJ FGNKXGT MG[ KPHTCUVTWEVWTG RTQLGEVU CPF RTQXKFG VJG GXGT[FC[ RTQFWEVU VJCV YG CNN WUG KP *CORUJKTG CU YGNN CU KP PGKIJDQWTKPI CTGCU 6JKU YKNN DG FGNKXGTGF D[ GPUWTKPI UWHHKEKGPV CIITGICVG KU UWRRNKGF HQT VJG EQPUVTWEVKQP KPFWUVT[ HTQO CP CRRTQRTKCVG EQODKPCVKQP QH UQWTEGU KPENWFKPI
NQECN UCPF CPF ITCXGN HTQO CTQWPF 5QWVJCORVQP UQWVJ YGUV *CORUJKTG 4KPIYQQF (QTGUV GCUV QH #PFQXGT VJG $QTFQP CTGC CPF PQTVJGCUV *CORUJKTG OCTKPG FTGFIGF UCPF CPF ITCXGN XKC YJCTXGU QP VJG 4KXGT +VEJGP 4KXGTU 6GUV CPF 2QTVUOQWVJ CPF .CPIUVQPG *CTDQWTU TCKN KORQTVGF NKOGUVQPG XKC GZKUVKPI FGRQVU KP UQWVJ *CORUJKTG CPF PGY QPGU KP PQTVJ *CORUJKTG CPF IKXKPI RCTVKEWNCT UWRRQTV HQT TGE[ENGFUGEQPFCT[ CIITGICVGU HTQO XCTKQWU UKVGU DGHQTG UWRRN[ HTQO QVJGT UQWTEGU
2TQXKFKPI HQT DTKEMOCMKPI ENC[ HQT VJG DTKEMYQTMU CV /KEJGNOGTUJ PGCT 4QOUG[ CPF 5GNDQTPG PGCT $QTFQP #RRTQRTKCVGN[ RNCPPKPI HQT EJCNM GZVTCEVKQP HQT CITKEWNVWTCN WUG 'ZRNQTCVKQP CPF RTQFWEVKQP QH QKN CPF ICU 'PEQWTCIKPI C \GTQ YCUVG GEQPQO[ YJGTGD[ NCPFHKNN KU XKTVWCNN[ GNKOKPCVGF D[ RTQXKFKPI HQT OQTG TGE[ENKPI CPF YCUVG TGEQXGT[ HCEKNKVKGU KPENWFKPI GPGTI[ TGEQXGT[ #KOKPI HQT *CORUJKTG VQ DG ōPGV UGNHUWHHKEKGPVŎ KP YCUVG HCEKNKVKGU YJGTGD[ KV ECP CEEQOOQFCVG CNN VJG YCUVG VJCV CTKUGU CEEGRVKPI VJGTG YKNN DG OQXGOGPVU KPVQ CPF QWV QH VJG CTGC VQ HCEKNKVKGU UWEJ CU VJG PCVKQPCNN[ KORQTVCPV KPEKPGTCVQT CV (CYNG[
5RCVKCN 5VTCVGI[
6JG URCVKCN UVTCVGI[ QWVNKPGU VJG CRRTQCEJ *CORUJKTG YKNN VCMG VQ ETKVKECN OKPGTCNU CPF YCUVG KUUWGU CPF UGVU VJG EQPVGZV HQT VJG 2NCP U RQNKEKGU 6JG *CORUJKTG #WVJQTKVKGU JCXG CPF YKNN EQPVKPWG VQ YQTM EQNNCDQTCVKXGN[ YKVJ QVJGT DQFKGU VQ GPUWTG VJCV UVTCVGIKE RTKQTKVKGU CETQUU NQECN DQWPFCTKGU CTG CPF YKNN EQPVKPWG VQ DG RTQRGTN[ EQQTFKPCVGF CPF ENGCTN[ TGHNGEVGF KP VJKU 2NCP CP[ UWDUGSWGPV TGXKGY QH VJKU 2NCP CPF QVJGT KPFKXKFWCN .QECN 2NCPU
6CMKPI KPVQ CEEQWPV *CORUJKTG KP CPF VJG 8KUKQP 9JGTG YG PGGF VQ DG C PWODGT QH UVTCVGIKE QRVKQPU CPF RTKQTKVKGU CTG CXCKNCDNG VQ *CORUJKTG 6JG RTKPEKRNG QPGU JCXG DGGP UWDLGEV VQ CP +PVGITCVGF 5WUVCKPCDKNKV[ #RRTCKUCN +5# CU YGNN CU *CDKVCVU 4GIWNCVKQP #UUGUUOGPV YJGTG CRRTQRTKCVG 6JKU RTQXKFGU VJG DCUKU HQT VJG UVTCVGIKE RTKQTKVKGU QH VJG *CORUJKTG #WVJQTKVKGU UGV QWV KP VJG 5RCVKCN 5VTCVGI[ CPF RTQXKFGU VJG EQPVGZV HQT VJG 2NCP U RQNKEKGU
6JG QXGTCNN UVTCVGIKE RTKQTKV[ KU VJCV GPQWIJ OKPGTCNU CPF YCUVG FGXGNQROGPV KU RTQXKFGF VQ UWRRQTV VJG GEQPQOKGU QH *CORUJKTG CU YGNN CU GEQPQOKGU KP QVJGT CTGCU KPHNWGPEGF D[ *CORUJKTG VJTQWIJQWV VJG 2NCP RGTKQF YKVJQWV LGQRCTFKUKPI *CORUJKTGŎU GPXKTQPOGPV CPF VJG SWCNKV[ QH NKHG QH KVU EQOOWPKVKGU
#EEQTFKPIN[ CP[ OKPGTCNU CPF YCUVG FGXGNQROGPV JCU VQ HKV YKVJKP C HTCOGYQTM EQORTKUKPI VJG RTQVGEVKQP QH
VJG UKIPKHKECPV PCVWTCN CUUGVU NKMG NCPFUECRG FGUKIPCVKQPU 0CVKQPCN 2CTMU #10$U CPF EJCTCEVGT DKQFKXGTUKV[ KPVGTGUVU 'WTQRGCP 5KVGU 555+U *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
JGTKVCIG 5#/5 .KUVGF $WKNFKPIU CTEJCGQNQI[ CPF VJG EQWPVT[UKFG CPF 5QWVJ 9GUV *CORUJKTG )TGGP $GNV
6JGTG KU CP GZRGEVCVKQP VJCV VJG HQNNQYKPI YKNN DG CFFTGUUGF
ENKOCVG EJCPIG KORCEVU HNQQFKPI CPF UQKN EQPUGTXCVKQP SWCNKV[ FGUKIPGF FGXGNQROGPV UCHGIWCTFKPI QH EQOOWPKV[ COGPKV[ JGCNVJ CPF UCHGV[ OCPCIGOGPV QH VTCHHKE EQOOWPKV[ KPXQNXGOGPV CPF DGPGHKVU CPF GEQPQOKE CPF UQEKCN TGIGPGTCVKQP
9KVJKP VJKU EQPVGZV VJG OQUV KORQTVCPV KUUWGU HQT CIITGICVGU KP VJG *CORUJKTG CTGC KPENWFG
OCZKOKUKPI TGE[ENKPI CPF TGEQXGT[ QH EQPUVTWEVKQP FGOQNKVKQP CPF GZECXCVKQP %&' YCUVG RTQXKUKQP HQT UCPF CPF ITCXGN VQ DG UWRRNKGF CV C TCVG QH OVRC HTQO NQECN NCPFYQP ITCXGN UQWTEGU RTQXKUKQP HQT UKNKEC UCPF NCPFDCPMU CV GZKUVKPI UKVGU KP 'CUV *CORUJKTG GPUWTG UWHHKEKGPV ECRCEKV[ CV CNVGTPCVKXG UQWTEGU UWEJ CU TGE[ENKPI UKVGU CIITGICVG YJCTXGU CPF CIITGICVG TCKN FGRQVU KU OCKPVCKPGF QT FGXGNQRGF VQ GPUWTG VJCV OVRC ECP DG UWRRNKGF HTQO VJGUG CNVGTPCVKXG UQWTEGU 6JG CEVWCN UWRRN[ KP YCU OKNNKQP VQPPGU OV 5CHGIWCTFKPI QH OKPGTCN TGUQWTEGU GZKUVKPI CPF RQVGPVKCN UVTCVGIKE OKPGTCNU CPF YCUVG KPHTCUVTWEVWTG UCHGIWCTFGF CU YGNN CU CTGCU YJKEJ EQWNF DG EQPUKFGTGF CU RQUUKDNG NQECVKQPU HQT C OKPGTCNU CPF YCUVG YJCTH QT TCKN FGRQV KH VJG[ DGEQOG CXCKNCDNG QT CTG TGNGCUGF HTQO VJGKT EWTTGPV WUG YKVJKP VJG 2NCP RGTKQF 6JKU YQWNF GPCDNG *CORUJKTG VQ UWRRN[ KH TGSWKTGF QXGT OVRC QH CIITGICVG QH YJKEJ OVRC YQWNF DG GZRQTVGF KH EWTTGPV UCNGU RCVVGTPU CTG OCKPVCKPGF VJTQWIJQWV VJG 2NCP RGTKQF 1P VJKU DCUKU C UVGCF[ CPF CFGSWCVG UWRRN[ QH CIITGICVG ECP DG RTQXKFGF WR VQ
6Q OGGV VJG NQECN NCPFYQP UCPF CPF ITCXGN TGSWKTGOGPV QH OVRC *CORUJKTG YKNN PGGF VQ RTQXKFG OKNNKQP VQPPGU QH OCVGTKCN D[ 6JKU YKNN DG OGV HTQO
GZKUVKPI RGTOKVVGF TGUGTXGU OKNNKQP VQPPGU UKVGU KFGPVKHKGF YKVJKP VJG 2NCP KPENWFKPI GZVGPUKQPU CPF PGY UKVGU OKNNKQP VQPPGU CPF WPCNNQECVGF QRRQTVWPKVKGU OKNNKQP VQPPGU
6JG UKVGU HQT NQECN NCPFYQP UCPF CPF ITCXGN KPENWFKPI GZVGPUKQPU KFGPVKHKGF KP VJG 2NCP CTG CNN EQPUKFGTGF UVTCVGIKE 6JGUG UVTCVGIKE UKVGU YKNN GCEJ OCMG C UKIPKHKECPV EQPVTKDWVKQP QXGT OKNNKQP VQPPGU VQ VJG UWRRN[ QH CIITGICVGU QXGT VJG 2NCP RGTKQF CPF CTG ETKVKECN VQ VJG FGNKXGT[ QH VJG UVTCVGI[ HQT OKPGTCNU
6JG URCVKCN UVTCVGI[ HQT VJG HWVWTG UWRRN[ QH CIITGICVGU YKNN EGPVTG QP WUKPI NQECN NCPFYQP UCPF CPF ITCXGN TGUQWTEGU VJCV ECP DG YQTMGF YKVJQWV UKIPKHKECPV KORCEVU +P VJG OCKP VJGUG NQECVKQPU CNTGCF[ EQPVCKP CIITGICVGU YQTMKPIU UQ VJG VKOKPI QH PGY YQTMKPIU YKNN DG EQPVTQNNGF ECTGHWNN[ VQ CXQKF CP[ EWOWNCVKXG KORCEVU 6JG UVTCVGI[ CNUQ DWKNFU QP
ECRCEKV[ QP GZKUVKPI CPF RQVGPVKCN FGXGNQROGPV QH HWTVJGT %&' YCUVG ECRCEKV[ CIITGICVG YJCTXGU ECRCEKV[ KPENWFKPI UKVG GZRCPUKQP CPF TGNQECVKQP QRRQTVWPKVKGU KP UQWVJ *CORUJKTG CPF GZKUVKPI CIITGICVG TCKN FGRQVU KP UQWVJ *CORUJKTG CPF PGY QPGU KP PQTVJ *CORUJKTG
'ZRNCPCVKQP HQT VJKU NGXGN QH UWRRN[ KU UGV QWV KP 2QNKE[ #IITGICVG 5WRRN[ ECRCEKV[ CPF UQWTEG /KPGTCNU KP *CORUJKTG $CEMITQWPF 5VWF[ UGEVKQP /KPGTCNU 2TQRQUCN 5VWF[ UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
6CDNG IKXGU C TQWIJ IWKFG VQ VJG IGQITCRJ[ QH HWVWTG CIITGICVG UWRRN[ ECRCEKV[ KP *CORUJKTG +V FQGU PQV TGRTGUGPV VJG EWTTGPV IGQITCRJ[ QH UWRRN[ KP *CORUJKTG
6CDNG )GQITCRJ[ QH HWVWTG CIITGICVG UWRRN[
#TGC 5CPF CPF ITCXGN 4GE[ENKPI UKVGU 9JCTXGU OVRC 4CKN FGRQVU OVRC SWCTTKGU OVRC OVRC
4KPIYQQF (QTGUV
0GY (QTGUV EQCUV
5QWVJ *CORUJKTG
$QTFQP
0QTVJ *CORUJKTG
0QV KFGPVKHKGF
6QVCN D[ QTKIKP
2NGCUG PQVG %CRCEKV[ HKIWTGU JCXG DGGP TQWPFGF WR 5JCTR UCPF CPF ITCXGN UQHV UCPF CPF UKNKEC UCPF 4GUQWTEGU KP VJKU NQECNKV[ CTG GZVTCEVGF HQT DQVJ CIITGICVG CPF PQP CIITGICVG WUGU
5QWTEG #FF
*CORUJKTG YKNN EQPVKPWG VQ UWRRN[ PGKIJDQWTKPI CTGCU YKVJ CDQWV QH VJG CIITGICVG UCNGU UQWTEGF HTQO KVU QYP UCPF CPF ITCXGN SWCTTKGU TGE[ENKPI UKVGU YJCTXGU CPF TCKN FGRQVU
(QT YCUVG *CORUJKTG YKNN CKO VQ OGGV VJG )QXGTPOGPVU IQCN QH C ō\GTQ YCUVGŎ GEQPQO[ YJKEJ HQT VJG RWTRQUGU QH VJKU 2NCP YKNN OGCP \GTQ YCUVG VQ NCPFHKNN 6JKU KU EQPUKUVGPV YKVJ VJG )QXGTPOGPVŎU XKGY VJCV CNN OCVGTKCN TGUQWTEGU CTG TGWUGF TGE[ENGF QT TGEQXGTGF KP UQOG YC[ YKVJ QPN[ OKPKOCN COQWPVU FKURQUGF VQ NCPFHKNN CU VJG NCUV QRVKQP *QYGXGT *CORUJKTG CNTGCF[ JCU C OCVWTG PGVYQTM QH YCUVG KPHTCUVTWEVWTG HQT TGE[ENKPI CPF TGEQXGT[ UQ VJCV QXGT QH CNN QH KVU PQPJC\CTFQWU YCUVG KU CNTGCF[ FKXGTVGF HTQO NCPFHKNN *CORUJKTGŎU HWVWTG PGGFU CTG DCUGF QP VJG GUVKOCVGF EWTTGPV ECRCEKV[ HQT YCUVG OCPCIGOGPV CPF VJG HQNNQYKPI CUUWORVKQPU CPF VCTIGVU
GUVKOCVGF EWTTGPV YCUVG CTKUKPIU CPF ITQYVJ TCVG QH RGT CPPWO C PQPJC\CTFQWU TGE[ENKPI TCVG QH D[ CPF FKXGTUKQP QH PQPJC\CTFQWU YCUVG HTQO NCPFHKNN D[
6JG CUUWORVKQPU CPF VCTIGVU CDQXG OGCP QXGTCNN VJCV *CORUJKTG TGSWKTGU D[
CP CFFKVKQPCN OVRC QH PQPJC\CTFQWU TGE[ENKPI CPF TGEQXGT[ ECRCEKV[ CP CFFKVKQPCN OV QH PQPJC\CTFQWU NCPFHKNN ECRCEKV[ CPF PQ CFFKVKQPCN ECRCEKV[ HQT KPGTV YCUVGU WR VQ YJKEJ YKNN DG WUGF KP TGUVQTCVKQP QH OKPGTCN XQKFU NCPFHKNN CPF QVJGT FGXGNQROGPVU
)QXGTPOGPV 4GXKGY QH 9CUVG 2QNKE[ KP 'PINCPF ,WPG C Ő\GTQ YCUVG GEQPQO[ő KP YJKEJ OCVGTKCN TGUQWTEGU CTG TGWUGF TGE[ENGF QT TGEQXGTGF YJGTGXGT RQUUKDNG CPF QPN[ FKURQUGF QH CU VJG QRVKQP QH XGT[ NCUV TGUQTV JVVR YYYFGHTCIQXWMRWDNKECVKQPURDYCUVGTGXKGY 2NCPPKPI 2QNKE[ 5VCVGOGPV 225 2NCPPKPI CPF YCUVG OCPCIGOGPV &%.) #UUGUUOGPV QH 0GGF HQT 9CUVG /CPCIGOGPV (CEKNKVKGU 9CUVG &CVC 5WOOCT[ 4GRQTV UGEVKQP VCDNG *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
0QPJC\CTFQWU NCPFHKNN ECRCEKV[ TGSWKTGF KP *CORUJKTG YKNN DG OGV D[ GZKUVKPI RGTOKVVGF UKVGU CPF VJKU ECRCEKV[ YKNN DG HKNNGF FWTKPI VJG 2NCP RGTKQF +P VJG UJQTV VGTO CFFKVKQPCN ECRCEKV[ YKNN DG RTQXKFGF VJTQWIJ RTQRQUCNU CV CP GZKUVKPI NCPFHKNN PGCT 4QOUG[ .QPIGT VGTO CFFKVKQPCN NCPFHKNN ECRCEKV[ YKNN DG RTQXKFGF CV C TGUGTXG CTGC KP 4KPIYQQF (QTGUV QT QVJGT UWKVCDNG NQECVKQPU
*CORUJKTGŎU GZKUVKPI JC\CTFQWU YCUVG OCPCIGOGPV ECRCEKV[ KU CFGSWCVG VQ OCPCIG EWTTGPV CPF RTQLGEVGF JC\CTFQWU YCUVG CTKUKPIU 6JGTG KU PQ PGGF VQ RTQXKFG CFFKVKQPCN ECRCEKV[ WR VQ
*CORUJKTG JCU C IQQF PGVYQTM QH GZKUVKPI HCEKNKVKGU HQT YCUVG OCPCIGOGPV YKVJ C ECRCEKV[ QH CRRTQZKOCVGN[ OKNNKQP VQPPGU RGT CPPWO KPENWFKPI CP GZVGPUKXG PGVYQTM QH
*QWUGJQNF 9CUVG 4GE[ENKPI %GPVTGU *94%U 9CUVG 6TCPUHGT 5VCVKQPU 965U /CVGTKCN 4GEQXGT[ (CEKNKVKGU /4(U 'PGTI[ 4GEQXGT[ (CEKNKVKGU '4(U EQORQUVKPI UKVGU CIITGICVG TGE[ENKPI HCEKNKVKGU CPF HCEKNKVKGU HQT TGE[ENKPI CPF TGEQXGTKPI JC\CTFQWU YCUVG
*CORUJKTG YKNN RNCP HQT CNN QH KVU YCUVG CTKUKPIU YJGVJGT /WPKEKRCN 5QNKF 9CUVG /59 %QOOGTEKCN CPF +PFWUVTKCN %+ QT QVJGT EQOOGTEKCN UQWTEGU /59 KU NCTIGN[ OCPCIGF D[ C NQPIVGTO EQPVTCEV EQXGTKPI VJG YJQNG QH *CORUJKTG CPF EQORTKUGU C PGVYQTM QH HCEKNKVKGU YJKEJ CEJKGXG C TGE[ENKPI TCVG KP GZEGUU QH CPF C FKXGTUKQP HTQO NCPFHKNN TCVG KP GZEGUU QH #NN V[RGU QH YCUVG YKNN DG RNCPPGF HQT TGICTFNGUU QH KVU QTKIKP %+ YCUVG CTKUKPIU CTG CDQWV VYKEG VJCV QH /59 DWV ECP EQPVCKP UKOKNCT OCVGTKCNU CPF TGSWKTG UKOKNCT OGVJQFU QH VTGCVOGPV CPF VJWU UKOKNCT FGXGNQROGPVU
6JG EWTTGPV PGVYQTM QH HCEKNKVKGU KU IGPGTCNN[ HQEWUGF QP VJG OCKP WTDCP CTGCU KP UQWVJ CPF PQTVJ *CORUJKTG CNVJQWIJ UQOG URGEKCNKUV HCEKNKVKGU UWEJ CU EQORQUVKPI CPF NCPFHKNN VGPF VQ DG KP OQTG TWTCN CTGCU 5QOG YCUVG HCEKNKVKGU RCTVKEWNCTN[ VJQUG HQT TGE[ENKPI EQPUVTWEVKQP FGOQNKVKQP CPF GZECXCVKQP %&' YCUVG VJCV RTQFWEG TGE[ENGF CIITGICVGU TGHNGEV JKUVQTKE NCPFHKNN NQECVKQPU QT EWTTGPVHQTOGT SWCTTKGU
6JG URCVKCN FKUVTKDWVKQP QH HCEKNKVKGU KU PQV GZRGEVGF VQ EJCPIG UKIPKHKECPVN[ *QYGXGT CU OQTG YCUVG KU OCPCIGF VJTQWIJ TGE[ENKPI CPF TGEQXGT[ HCEKNKVKGU TCVJGT VJCP NCPFHKNN OQTG YKNN DG OCPCIGF ENQUG VQ KVU QTKIKP KP VJG WTDCP CTGCU QH UQWVJ CPF PQTVJ *CORUJKTG 9CUVG HCEKNKVKGU YKNN CNUQ PGGF VQ UWRRQTV VJG RNCPPGF CTGCU QH OCLQT PGY FGXGNQROGPV KP VJG EQWPV[ 6JGTG KU CNUQ C IGPGTCN RTGUWORVKQP VJCV OCLQT YCUVG HCEKNKVKGU UJQWNF DG NQECVGF ENQUG VQ VJG UVTCVGIKE TQCF PGVYQTM VQ OKPKOKUG VJG GHHGEV QH VTCHHKE KP VJGUG WTDCP CTGCU *QYGXGT UQOG HCEKNKVKGU UWEJ CU CPCGTQDKE FKIGUVGT RNCPVU CPF EQORQUVKPI OC[ DG NQECVGF KP TWTCN CTGCU YJGTG VJGTG KU CP CXCKNCDNG HGGFUVQEM CPF YJGTG TGUKFWGU ECP DG FKURQUGF VQ NCPF
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
#UUGUUOGPV QH 0GGF HQT 9CUVG /CPCIGOGPV (CEKNKVKGU KP *CORUJKTG 9CUVG &CVC 5WOOCT[ 4GRQTV UGEVKQP #PPGZ *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
EWTTGPV CPF RTQRQUGF OKPGTCN QRGTCVKQPU ŋ GZEGRV VJG TGUGTXG RTQXKUKQP PQVGF CDQXG ŋ FQ PQV RTQXKFG UWKVCDNG XQKFU *CORUJKTGŎU IGQNQI[ KU WPUWKVCDNG CPF VJGTG CTG CEEGUU CPF NCPFUECRG EQPUVTCKPVU
2TKPEKRCN NQECVKQPU HQT JC\CTFQWU YCUVG YKNN HQEWU QP VJG GZKUVKPI OGTEJCPV KPEKPGTCVQTU CV (CYNG[ CPF VJG NGICE[ NCPFHKNN ŋ WPVKN KV KU EQORNGVGF ŋ KP VJG 0GY (QTGUV 0CVKQPCN 2CTM *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
-G[ &KCITCO
6JG EQORQPGPVU QH VJG URCVKCN UVTCVGI[ CTG KNNWUVTCVGF QP VJG -G[ &KCITCO +V UJQYU VJG OCKP UWRRN[ UQWTEGU HQT CIITGICVGU VJG OCKP CTGCU QH FKHHGTGPV V[RGU QH YCUVG FGXGNQROGPV KPVGTGUVU CPF VJG RTKPEKRCN EQPUVTCKPVU 6JG -G[ &KCITCO KU KPVGPFGF VQ DG C FKCITCOOCVKE KPVGTRTGVCVKQP QH VJG 5RCVKCN 5VTCVGI[ UGV QWV KP VJKU EJCRVGT CPF KU PQV KPVGPFGF VQ RQTVTC[ CP[ URGEKHKE UKVG CEVKXKV[ QT RTQRQUCN YKVJ URCVKCN CEEWTCE[
6JG TGOCKPKPI UGEVKQPU QH VJG 2NCP FGXGNQR VJG 5RCVKCN 5VTCVGI[ U RTKPEKRNGU CPF QDLGEVKXGU 5RGEKHKE FGVCKNU TGNCVKPI VQ VJG RQNKEKGU CTG UJQYP QP VJG 2QNKEKGU /CR (KIWTG -G[ &KCITCO CRJT KGCUCF9UG2C #QVF1VDT 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
5WUVCKPCDNG OKPGTCNU CPF YCUVG FGXGNQROGPV
6JG 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM 022( TGSWKTGU NQECN RNCPU VQ UWRRQTV VJG RTGUWORVKQP KP HCXQWT QH UWUVCKPCDNG FGXGNQROGPV UQ VJCV FGXGNQROGPV YJKEJ KU UWUVCKPCDNG ECP RTQITGUU 6JG 2NCP KU DCUGF QP VJG RTKPEKRNGU QH UWUVCKPCDNG FGXGNQROGPV 6JKU KU FGOQPUVTCVGF KP VJG 8KUKQP CPF 5RCVKCN 5VTCVGI[ CPF VJG RQNKEKGU KP VJG 2NCP YJKEJ CNN UGGM VQ FGNKXGT UWUVCKPCDNG OKPGTCNU CPF YCUVG FGXGNQROGPV KP *CORUJKTG #EEQTFKPIN[ CP[ FGXGNQROGPV VJCV EQPHQTOU YKVJ VJG 2NCP KU FGGOGF UWUVCKPCDNG CPF VJG *CORUJKTG #WVJQTKVKGU UJQWNF CNNQY KV VQ RTQITGUU YKVJQWV FGNC[ #U RNCPPKPI NCY TGSWKTGU RNCPPKPI FGEKUKQPU VQ DG FGVGTOKPGF KP CEEQTFCPEG YKVJ VJG FGXGNQROGPV RNCP WPNGUU OCVGTKCN EQPUKFGTCVKQPU KPFKECVG QVJGTYKUG VJG 2NCP KPENWFGU VJG HQNNQYKPI RQNKE[
2QNKE[ 5WUVCKPCDNG OKPGTCNU CPF YCUVG FGXGNQROGPV
6JG *CORUJKTG #WVJQTKVKGU YKNN VCMG C RQUKVKXG CRRTQCEJ VQ OKPGTCNU CPF YCUVG FGXGNQROGPV VJCV TGHNGEVU VJG RTGUWORVKQP KP HCXQWT QH UWUVCKPCDNG FGXGNQROGPV EQPVCKPGF KP VJG 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM /KPGTCNU CPF YCUVG FGXGNQROGPV VJCV CEEQTFU YKVJ RQNKEKGU KP VJKU 2NCP YKNN DG CRRTQXGF YKVJQWV FGNC[ WPNGUU OCVGTKCN EQPUKFGTCVKQPU KPFKECVG QVJGTYKUG
9JGTG VJGTG CTG PQ RQNKEKGU TGNGXCPV VQ VJG RTQRQUCN QT VJG TGNGXCPV RQNKEKGU CTG QWV QH FCVG CV VJG VKOG QH OCMKPI VJG FGEKUKQP VJGP VJG *CORUJKTG #WVJQTKVKGU YKNN ITCPV RGTOKUUKQP WPNGUU OCVGTKCN EQPUKFGTCVKQPU KPFKECVG QVJGTYKUG VCMKPI KPVQ CEEQWPV YJGVJGT
#P[ CFXGTUG KORCEVU QH ITCPVKPI RNCPPKPI RGTOKUUKQP YQWNF UKIPKHKECPVN[ CPF FGOQPUVTCDN[ QWVYGKIJ DGPGHKVU YJGP CUUGUUGF CICKPUV VJG RQNKEKGU KP VJG 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM VCMGP CU C YJQNG QT
5RGEKHKE RQNKEKGU KP VJCV (TCOGYQTM KPFKECVG VJCV FGXGNQROGPV UJQWNF DG TGUVTKEVGF
6JG *CORUJKTG #WVJQTKVKGU YKNN CNYC[U YQTM RTQCEVKXGN[ YKVJ OKPGTCNU CPF YCUVG CRRNKECPVU VQ HKPF UQNWVKQPU YJKEJ OGCP VJCV RTQRQUCNU ECP DG CRRTQXGF YJGTGXGT RQUUKDNG CPF VQ UGEWTG FGXGNQROGPV VJCV KORTQXGU VJG GEQPQOKE UQEKCN CPF GPXKTQPOGPVCN EQPFKVKQPU KP VJG 2NCP CTGC
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
IKXG FWG YGKIJV VQ VJKU 2NCP KP VJG EQPVGZV QH VJG QXGTCNN FGXGNQROGPV RNCP YJGP OCMKPI FGEKUKQPU QP OKPGTCNU CPF YCUVG FGXGNQROGPV KORQUG CRRTQRTKCVG EQPVTQNU QP FGXGNQROGPV OQPKVQT CNN OKPGTCNU CPF YCUVG FGXGNQROGPV RTQRQTVKQPCVG VQ KVU RQVGPVKCN TKUM CPF VCMG CRRTQRTKCVG EQORNKCPEG OGCUWTGU KPENWFKPI GPHQTEGOGPV CEVKQP YJGP WPCWVJQTKUGF FGXGNQROGPV VCMGU RNCEG CPF GPEQWTCIG NQECN NKCKUQP RCPGNU HQT OKPGTCNU CPF YCUVG FGXGNQROGPV CU CRRTQRTKCVG VQ GPUWTG VJG EQOOWPKV[ ECP GZCOKPG RTQRQUCNU CPF FGXGNQROGPV CPF VCNM YKVJ KPVGTGUVGF RCTVKGU .KCKUQP RCPGNU ECP DG KPXQNXGF YKVJ OKPGTCNU CPF YCUVG FGXGNQROGPV CV CNN UVCIGU QH VJG RNCPPKPI RTQEGUU KPENWFKPI RTGCRRNKECVKQP CPF RQUV UWDOKUUKQP CU YGNN CU FWTKPI FGXGNQROGPV OQPKVQTKPI
+P OCMKPI CP[ RNCPPKPI FGEKUKQP VJG *CORUJKTG #WVJQTKVKGU YKNN JCXG VQ OCMG C LWFIGOGPV CU VQ VJG YGKIJV VJG[ IKXG VQ VJG XCTKQWU GNGOGPVU QH VJG 2NCP CPF QVJGT OCVGTKCN EQPUKFGTCVKQPU CPF EQPENWFG YJGVJGT QP VJG DCNCPEG QH GXKFGPEG C FGXGNQROGPV KU PQV UWUVCKPCDNG CPF YJGVJGT KV UJQWNF RTQEGGF
2QNKE[ 5WUVCKPCDNG OKPGTCNU CPF YCUVG FGXGNQROGPV KPFKECVGU VJCV YJGTG VJG RNCP KU UKNGPV QT VJG TGNGXCPV RQNKEKGU CTG QWV QH FCVG VJGP VJG *CORUJKTG #WVJQTKVKGU YKNN ITCPV RGTOKUUKQP WPNGUU OCVGTKCN EQPUKFGTCVKQPU KPFKECVG QVJGTYKUG KPENWFKPI VCMKPI KPVQ CEEQWPV YJGVJGT VJGTG CTG URGEKHKE RQNKEKGU KP VJG (TCOGYQTM VJCV KPFKECVG VJCV FGXGNQROGPV UJQWNF DG TGUVTKEVGF 6JKU OC[ KPENWFG VJQUG RQNKEKGU TGNCVKPI VQ
UKVGU RTQVGEVGF WPFGT VJG $KTFU CPF *CDKVCVU &KTGEVKXGU CPFQT FGUKIPCVGF CU 5KVGU QH 5RGEKCN 5EKGPVKHKE +PVGTGUV NCPF FGUKIPCVGF CU )TGGP $GNV .QECN )TGGP 5RCEG CP #TGC QH 1WVUVCPFKPI 0CVWTCN $GCWV[ *GTKVCIG %QCUV QT YKVJKP C 0CVKQPCN 2CTM FGUKIPCVGF JGTKVCIG CUUGVU CPF NQECVKQPU CV TKUM QH HNQQFKPI QT EQCUVCN GTQUKQP
+P QTFGT VJCV OKPGTCNU CPF YCUVG FGXGNQROGPV EQORNKGU YKVJ VJG TGSWKTGOGPVU QH VJG 2NCP CRRTQRTKCVG RNCPPKPI EQPFKVKQPU CPF RNCPPKPI QDNKICVKQPU YKNN DG WUGF 2NCPPKPI EQPFKVKQPU CVVCEJGF VQ RNCPPKPI RGTOKUUKQPU HQT OKPGTCNU CPF YCUVG FGXGNQROGPV CTG VJG WUWCN YC[ KP YJKEJ RQVGPVKCN KORCEVU CUUQEKCVGF YKVJ EQPUVTWEVKQP CPF QRGTCVKQP QH OKPGTCNU CPF YCUVG FGXGNQROGPV OC[ DG EQPVTQNNGF
2NCPPKPI EQPFKVKQPU CTG WUGF VQ GPUWTG VJG RQNKE[ TGSWKTGOGPVU QH VJG 2NCP CPF QVJGT OCVGTKCN EQPUKFGTCVKQPU CTG RTQRGTN[ CFFTGUUGF
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
PGEGUUCT[ KP QTFGT VQ OCMG VJG FGXGNQROGPV CEEGRVCDNG KP RNCPPKPI VGTOU FKTGEVN[ TGNCVGF VQ VJG FGXGNQROGPV CPF HCKTN[ CPF TGCUQPCDN[ TGNCVGF KP UECNG CPF MKPF VQ VJG FGXGNQROGPV
0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJU &%.) 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJU &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
6JGUG VGUVU YKNN DG WUGF VQ FGVGTOKPG YJGTG RNCPPKPI QDNKICVKQPU UJQWNF DG UGEWTGF CPF YJGTG VJG[ YKNN DG PGEGUUCT[ #P GZCORNG QH VJG V[RG QH RNCPPKPI QDNKICVKQP VJCV KU NKMGN[ VQ DG TGSWKTGF KU VJCV QH C .CPFUECRG /CPCIGOGPV 2NCP RCTVKEWNCTN[ HQNNQYKPI VJG TGUVQTCVKQP QH C UKVG QT HWPFKPI VQYCTFU VTCPURQTV KORTQXGOGPVU YJGTG VJG KORCEV QH VJG FGXGNQROGPV QP VJG NQECN JKIJYC[ PGVYQTM KU TGSWKTGF VQ DG OKVKICVGF
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
#HVGT #RTKN QT YJGP C %+. EJCTIKPI UEJGFWNG KU CRRTQXGF VJG %+. 4GIWNCVKQP YKNN EQOG KPVQ HQTEG CPF VJG RQQNKPI QH EQPVTKDWVKQPU UGEWTGF WPFGT 5 CITGGOGPVU YKNN DG TGUVTKEVGF 6JKU TGUVTKEVKQP YKNN PQV CRRN[ VQ EQPVTKDWVKQPU UGEWTGF HQT JKIJYC[ KORTQXGOGPVU WPFGT 5 CITGGOGPVU *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
2TQVGEVKPI *CORUJKTG U 'PXKTQPOGPV
# JKIJSWCNKV[ CPF JGCNVJ[ GPXKTQPOGPV WPFGTRKPU GEQPQOKE RTQURGTKV[ CPF SWCNKV[ QH NKHG *CORUJKTG U GPXKTQPOGPV EQPVTKDWVGU XCTKQWU DGPGHKVU MPQYP CU GEQU[UVGO UGTXKEGU YJKEJ CTG KORQTVCPV VQ VJG YKFGT GPXKTQPOGPV NQECN EQOOWPKVKGU CPF VJG GEQPQO[ 5WEJ DGPGHKVU KPENWFG OCKPVCKPKPI DKQFKXGTUKV[ CPF GEQNQIKECN PGVYQTMU RTQVGEVKPI VJG JKUVQTKE GPXKTQPOGPV CPF RTQXKFKPI CP CVVTCEVKXG CPF JGCNVJ[ UGVVKPI HQT VJQUG NKXKPI YQTMKPI CPF URGPFKPI NGKUWTG VKOG KP VJG 2NCP CTGC (WTVJGTOQTG C JKIJSWCNKV[ GPXKTQPOGPV UWRRQTVU VJG GEQPQO[ HQT GZCORNG D[ RTQXKFKPI VQWTKUO CUUGVU CPF CP CVVTCEVKXG UGVVKPI HQT KPXGUVOGPV 5QOG TGUQWTEGU UWEJ CU ENGCP YCVGT RTQFWEVKXG UQKNU CPF TGPGYCDNG GPGTI[ CTG UWUVCKPGF D[ VJG PCVWTCN GPXKTQPOGPV 'PXKTQPOGPVCN CUUGVU CNUQ RTQXKFG QRRQTVWPKVKGU HQT FGXGNQRKPI KPFWUVTKGU HQT VJG ITGGP GEQPQO[ CU YGNN CU UWRRQTVKPI VJG JGCNVJ CPF YGNNDGKPI QH EQOOWPKVKGU (KPCNN[ C TQDWUV CPF YGNNHWPEVKQPKPI PCVWTCN GPXKTQPOGPV YKNN DG OQTG TGUKNKGPV VQ ENKOCVG EJCPIG 6JG HQNNQYKPI OCR (KIWTG #P QXGTXKGY QH *CORUJKTG U WPKSWG GPXKTQPOGPVCN CUUGVU JKIJNKIJVU VJG 2NCP CTGC U GPXKTQPOGPVCN CUUGVU KPENWFKPI FGUKIPCVGF UKVGU VJG 5QWVJ 9GUV *CORUJKTG )TGGP $GNV 0CVKQPCN 2CTMU CPF #TGCU QH 1WVUVCPFKPI 0CVWTCN $GCWV[
(KIWTG #P QXGTXKGY QH *CORUJKTG U WPKSWG GPXKTQPOGPVCN CUUGVU
5QOG OKPGTCNU CPF YCUVG FGXGNQROGPVU CNVJQWIJ PGEGUUCT[ ECP RQUG TKUM VQ VJG GPXKTQPOGPV VJTQWIJ RQNNWVKQP FKUVWTDCPEG VQ YKNFNKHG FGUVTWEVKQP QH CTEJCGQNQIKECN UKVGU CPF JKUVQTKE NCPFUECRGU CPF CNVGTKPI NCPFUECRG EJCTCEVGT *QYGXGT VJG PCVWTCN GPXKTQPOGPV UJQWNF PQV DG UGGP CU C DCTTKGT VQ FGXGNQROGPV CPF KH JCPFNGF EQTTGEVN[ OKPGTCNU CPF YCUVG FGXGNQROGPV ECP PQV QPN[ OCKPVCKP VJG GZKUVKPI XCNWG QH VJG GPXKTQPOGPV DWV ECP CNUQ RTQXKFG UKIPKHKECPV QRRQTVWPKVKGU VQ GPJCPEG KV *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
6JG 2NCP CKOU VQ RTQXKFG HQT VJG OCKPVGPCPEG QH C JKIJSWCNKV[ CPF JGCNVJ[ GPXKTQPOGPV CPF UWRRQTVU
TGUKNKGPEG VQ ENKOCVG EJCPIG VJG ITGGP GEQPQO[ QWT JGTKVCIG CPF VQWTKUO CUUGVU VJG JGCNVJ CPF YGNNDGKPI QH NQECN EQOOWPKVKGU CPF GEQPQOKE RTQURGTKV[ CPF SWCNKV[ QH NKHG
%NKOCVG EJCPIG
6JGTG KU UEKGPVKHKE EQPUGPUWU VJCV JWOCP CEVKXKV[ KU KPETGCUKPI VJG CVOQURJGTKE EQPEGPVTCVKQP QH ITGGPJQWUG ICUGU YJKEJ CTG GZRGEVGF VQ NGCF VQ ENKOCVG EJCPIG +V KU VJGTGHQTG C PCVKQPCN RNCPPKPI QDLGEVKXG VJCV RNCPPKPI RNC[U C MG[ TQNG KP JGNRKPI UJCRG RNCEGU VQ UGEWTG TCFKECN TGFWEVKQPU KP ITGGPJQWUG ICU GOKUUKQPU OKPKOKUKPI XWNPGTCDKNKV[ CPF RTQXKFKPI TGUKNKGPEG VQ VJG KORCEVU QH ENKOCVG EJCPIG CPF UWRRQTVKPI VJG FGNKXGT[ QH TGPGYCDNG CPF NQY ECTDQP GPGTI[ CPF CUUQEKCVGF KPHTCUVTWEVWTG 0CVKQPCN RNCPPKPI RQNKE[ CNUQ UVCVGU VJCV NQECN RNCPPKPI CWVJQTKVKGU UJQWNF CFQRV RTQCEVKXG UVTCVGIKGU VQ OKVKICVG CPF CFCRV VQ ENKOCVG EJCPIG
2QNKE[ %NKOCVG EJCPIG OKVKICVKQP CPF CFCRVCVKQP
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF OKPKOKUG VJGKT KORCEV QP VJG ECWUGU QH ENKOCVG EJCPIG 9JGTG CRRNKECDNG OKPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF TGFWEG XWNPGTCDKNKV[ CPF RTQXKFG TGUKNKGPEG VQ KORCEVU QH ENKOCVG EJCPIG D[
C DGKPI NQECVGF CPF FGUKIPGF VQ JGNR TGFWEG ITGGPJQWUG ICU GOKUUKQPU CPF VJG OQTG UWUVCKPCDNG WUG QH TGUQWTEGU QT D FGXGNQRKPI GPGTI[ TGEQXGT[ HCEKNKVKGU CPF VQ HCEKNKVCVG NQY ECTDQP VGEJPQNQIKGU CPF E CXQKFKPI CTGCU QH XWNPGTCDKNKV[ VQ ENKOCVG EJCPIG CPF HNQQF TKUM QT QVJGTYKUG KPEQTRQTCVG CFCRVCVKQP OGCUWTGU
/KPGTCNU CPF YCUVG FGXGNQROGPV ECP RTQXKFG QRRQTVWPKVKGU VQ OKVKICVG CPF CFCRV VQ VJG KPGXKVCDNG GHHGEVU QH ENKOCVG EJCPIG 6JKU OC[ KPENWFG
TGFWEVKQP KP ITGGPJQWUG ICUGU VJTQWIJ FKXGTVKPI DKQFGITCFCDNG YCUVG HTQO NCPFHKNN IGPGTCVKQP QH TGPGYCDNG GPGTI[ VJTQWIJ GPGTI[ HTQO YCUVG HCEKNKVKGU OQTG UWUVCKPCDNG WUG QH TGUQWTEGU VJTQWIJ VJG WUG QH TGE[ENGF CPF UGEQPFCT[ CIITGICVGU KP EQPUVTWEVKQP CRRTQRTKCVG TGUVQTCVKQP QH SWCTTKGU CPF NCPFHKNN UKVGU UWRRN[KPI CIITGICVGU HQT WUG KP HNQQF CPF EQCUVCN FGHGPEGU
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
QRRQTVWPKVKGU HQT YCVGT UVQTCIG KP HNQQF \QPGU GI OKPGTCN GZVTCEVKQP CPF VJG NQECVKQP QH FGXGNQROGPV CFLCEGPV VQ NQECN OCTMGVU
+P VJKU EQPVGZV TGUKNKGPEG OGCPU ECRCEKV[ HQT VJG GPXKTQPOGPV VQ TGURQPF VQ UWEJ EJCPIGU D[ TGUKUVKPI FCOCIG CPF YJGTG FCOCIG FQGU QEEWT TGEQXGTKPI SWKEMN[ 6JKU ECP DG CEJKGXGF D[ OCKPVCKPKPI C TQDWUV CPF XCTKGF PGVYQTM QH PCVWTCN GPXKTQPOGPVU YJKEJ YKNN CNNQY PCVWTCN RTQEGUUGU VQ EJCPIG CPF CFCRV YKVJQWV EQUVN[ KPVGTXGPVKQP
*CORUJKTG KU NQECVGF KP VJG UQWVJ QH 'PINCPF CPF JCU C NQYN[KPI EQCUV VJCV KU XWNPGTCDNG VQ EJCPIG VJTQWIJ XCTKCVKQPU VQ VJG ENKOCVG CPF HNQQFKPI /CP[ KUUWGU TGNCVKPI VQ ENKOCVG EJCPIG CTG CNUQ FGCNV YKVJ VJTQWIJ QVJGT UGEVKQPU CPF RQNKEKGU KP VJG 2NCP 6JGUG KPENWFG UGEVKQPU QP 4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU (NQQFKPI TKUM CPF RTGXGPVKQP /CPCIKPI VTCHHKE KORCEVU CPF &GUKIP EQPUVTWEVKQP CPF QRGTCVKQP QH OKPGTCNU CPF YCUVG FGXGNQROGPV
)GPGTCNN[ OKPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF DG CXQKFGF KP CTGCU QH *CORUJKTG UWDLGEV VQ EQCUVCN EJCPIG WPNGUU CRRTQRTKCVG CFCRVCVKQP OGCUWTGU CTG KPEQTRQTCVGF *QYGXGT UQOG GZKUVKPI FGXGNQROGPVU CTG XWNPGTCDNG KP VJKU TGURGEV 6JGUG KPENWFG NGICE[ NCPFHKNNU YJKEJ CTG NQECVGF ENQUG VQ 2QTVUOQWVJ CPF .[OKPIVQP YJGTG CFCRVCVKQP OGCUWTGU OC[ JCXG VQ DG KORNGOGPVGF TGVTQURGEVKXGN[
*CDKVCVU CPF URGEKGU
*CORUJKTG CPF KVU PGKIJDQWTKPI EQWPVKGU JCXG C YGCNVJ QH YKNFNKHG JCDKVCVU KPENWFKPI EJCNM ITCUUNCPF JGCVJNCPF CPEKGPV YQQFNCPF EJCNM TKXGTU QNF OGCFQYU YGVNCPFU CPF EQCUVCN JCDKVCVU CPF URGEKGU QH RNCPVU CPF CPKOCNU VJCV CTG EQPUKFGTGF KPVGTPCVKQPCNN[ PCVKQPCNN[ QT NQECNN[ TCTG QT KORQTVCPV
# UKIPKHKECPV RTQRQTVKQP QH VJGUG JCDKVCVU CPF URGEKGU CTG UCHGIWCTFGF D[ KPVGTPCVKQPCN CPF PCVKQPCN PCVWTG EQPUGTXCVKQP NGIKUNCVKQP 5KVGU FGUKIPCVGF D[ KPVGTPCVKQPCN NGIKUNCVKQP CTG IKXGP VJG JKIJGUV NGXGN QH UVCVWVQT[ RTQVGEVKQP KP CEEQTFCPEG YKVJ VJG *CDKVCV 4GIWNCVKQPU 2QNKE[ RTQVGEVU KORQTVCPV JCDKVCVU CPF URGEKGU CV CNN NGXGNU QH RWDNKE CFOKPKUVTCVKQP TGSWKTKPI NQECN CWVJQTKVKGU VQ UGV QWV C UVTCVGIKE CRRTQCEJ VQ RNCP RQUKVKXGN[ HQT VJG ETGCVKQP RTQVGEVKQP GPJCPEGOGPV CPF OCPCIGOGPV QH PGVYQTMU HQT DKQFKXGTUKV[ CPF ITGGP KPHTCUVTWEVWTG
+PVGTPCVKQPCNN[ KORQTVCPV UKVGU CPF URGEKGU KPENWFG
5RGEKCN 2TQVGEVKQP #TGCU 52#U 2TQVGEVGF UKVGU CPF URGEKGU KP CEEQTFCPEG YKVJ #TVKENG QH VJG '7 $KTFU &KTGEVKXG 5RGEKCN #TGCU QH %QPUGTXCVKQP 5#%U 2TQVGEVGF JCDKVCVU CPF URGEKGU CU UGV QWV KP '7 *CDKVCVU &KTGEVKXG #PPGZGU + CPF ++ 4COUCT UKVGU 2TQVGEVGF KORQTVCPV YGVNCPF JCDKVCVU KP CEEQTFCPEG YKVJ VJG 4COUCT EQPXGPVKQP CPF ō'WTQRGCP 2TQVGEVGF 5RGEKGUŎ #U NKUVGF KP VJG '7 *CDKVCVU &KTGEVKXG #PPGZ +8
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
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQPU CPF 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
&GXGNQROGPV YJKEJ KU NKMGN[ VQ JCXG CP CFXGTUG KORCEV WRQP 'WTQRGCP 2TQVGEVGF 5RGEKGU ECP QPN[ DG RGTOKVVGF YJGTG KV KU LWFIGF VQ JCXG PQ UCVKUHCEVQT[ CNVGTPCVKXG VJGTG CTG UVTQPI QXGTTKFKPI TGCUQPU QH RWDNKE KPVGTGUV CPF VJCV VJG EQPUGTXCVKQP UVCVWU QH VJG URGEKGU ECP DG OCKPVCKPGF
0CVKQPCNN[ KORQTVCPV UKVGU CPF URGEKGU KP VJG 2NCP CTGC KPENWFG
5KVGU QH 5RGEKCN 5EKGPVKHKE +PVGTGUV 555+U 0CVKQPCN 0CVWTG 4GUGTXGU 004U .QECN 0CVWTG 4GUGTXGU .04U YJGTG VJG[ EQTTGURQPF YKVJ 555+U 5RGEKGU QH CPKOCN CPF RNCPV NKUVGF KP VJG UEJGFWNGU QH VJG 9KNFNKHG CPF %QWPVT[UKFG #EV CU COGPFGF CPF VJG $CFIGT #EV #PEKGPV 9QQFNCPF CPF 0CVWTG +ORTQXGOGPV #TGCU
6JG VYQ 0CVKQPCN 2CTMU CNUQ JCXG UVCVWVQT[ RWTRQUGU YJKEJ KPENWFG EQPUGTXKPI VJGKT YKNFNKHG 4GNGXCPV CWVJQTKVKGU CTG TGSWKTGF VQ VCMG KPVQ CEEQWPV CP[ YQTM YJKEJ OC[ CHHGEV VJGUG CTGCU
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
*CORUJKTG CPF KVU PGKIJDQWTKPI EQWPVKGU CNUQ KPENWFG QVJGT KORQTVCPV UKVGU JCDKVCVU CPF URGEKGU YJKEJ CTG CNUQ GZVTGOGN[ KORQTVCPV KP OCKPVCKPKPI C JKIJ NGXGN QH DKQFKXGTUKV[ 6JGUG KPENWFG
5KVGU QH +ORQTVCPEG HQT 0CVWTG %QPUGTXCVKQP 5+0% ŋ KFGPVKHKGF NQECNN[ CPF IKXGP TGICTF WPFGT PCVKQPCN RQNKE[ *CDKVCV CPF 5RGEKGU QH 2TKPEKRCN +ORQTVCPEG KP 'PINCPF NKUVGF CPF IKXGP TGICTF WPFGT UGEVKQP QH VJG 0CVWTCN 'PXKTQPOGPV CPF 4WTCN %QOOKVVGGU #EV CPF *CDKVCVU CPF URGEKGU NKUVGF CPF IKXGP TGICTF D[ VJG 7- $KQFKXGTUKV[ #EVKQP 2NCP CPF VJG *CORUJKTG #WVJQTKVKGU $KQFKXGTUKV[ #EVKQP 2NCPU
6JGUG UKVGU JCDKVCVU CPF URGEKGU HQTO PGVYQTMU VJCV UWRRQTV C TQDWUV CPF JGCNVJ[ PCVWTCN GPXKTQPOGPV CPF CTG TGEQIPKUGF D[ NQECN FGUKIPCVKQPU QT D[ PCVKQPCN RQNKE[ 6JGUG CTG QHVGP GUUGPVKCN KP OGGVKPI TGIKQPCN CPF NQECN DKQFKXGTUKV[ RTKQTKVKGU CPF QDLGEVKXGU #U C RTKQTKV[ UWEJ JCDKVCVU UJQWNF DG OCKPVCKPGF CPF KPENWFGF YKVJKP VJG FGUKIP QH FGXGNQROGPV WPNGUU KV KU FGGOGF VJCV OGCUWTGU UWEJ CU OKVKICVKQP QT EQORGPUCVKQP CTG UWKVCDNG CPF VJCV CP QXGTCNN DCNCPEG QH PQ PGV NQUU QH DKQFKXGTUKV[ KU OCKPVCKPGF *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
2QNKE[ 2TQVGEVKQP QH JCDKVCVU CPF URGEKGU
/KPGTCN CPF YCUVG FGXGNQROGPV UJQWNF PQV JCXG C UKIPKHKECPV CFXGTUG GHHGEV QP CPF YJGTG RQUUKDNG UJQWNF GPJCPEG TGUVQTG QT ETGCVG FGUKIPCVGF QT KORQTVCPV JCDKVCVU CPF URGEKGU
6JG HQNNQYKPI UKVGU JCDKVCVU CPF URGEKGU YKNN DG RTQVGEVGF KP CEEQTFCPEG YKVJ VJG NGXGN QH VJGKT TGNCVKXG KORQTVCPEG
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Ŏ $KQFKXGTUKV[ #EVKQP 2NCPU
&GXGNQROGPV YJKEJ KU NKMGN[ VQ JCXG C UKIPKHKECPV CFXGTUG KORCEV WRQP UWEJ UKVGU JCDKVCVU CPF URGEKGU YKNN QPN[ DG RGTOKVVGF YJGTG KV KU LWFIGF KP RTQRQTVKQP VQ VJGKT TGNCVKXG KORQTVCPEG VJCV VJG OGTKVU QH VJG FGXGNQROGPV QWVYGKIJ CP[ NKMGN[ GPXKTQPOGPVCN FCOCIG #RRTQRTKCVG OKVKICVKQP CPF EQORGPUCVKQP OGCUWTGU YKNN DG TGSWKTGF YJGTG FGXGNQROGPV YQWNF ECWUG JCTO VQ DKQFKXGTUKV[ KPVGTGUVU
+PVGTPCVKQPCNN[ RTQVGEVGF UKVGU YKNN DG IKXGP VJG UVCVWVQT[ RTQVGEVKQP UGV QWV KP VJG 'WTQRGCP 7PKQP *CDKVCVU &KTGEVKXG
+P C UOCNN PWODGT QH KPUVCPEGU OKPGTCNU CPF YCUVG FGXGNQROGPV OC[ TGUWNV KP UKIPKHKECPV KORCEVU QP JCDKVCVU YJKEJ ECPPQV DG CXQKFGF QT OKVKICVGF QT VJGTG OC[ DG C NQUU QH JCDKVCV +P VJGUG KPUVCPEGU VJG RTQXKUKQP QH PGY CTGCU QH NKMGHQTNKMG JCDKVCVU CU EQORGPUCVQT[ JCDKVCVU YKNN DG TGSWKTGF VQ GPUWTG VJCV VJGTG KU PQ QXGTCNN PGV NQUU QH JCDKVCVU 6JGUG UJQWNF DG NQECVGF GKVJGT YKVJKP QT ENQUG VQ VJG RTQRQUGF FGXGNQROGPV +H UKIPKHKECPV JCTO ECPPQV DG CXQKFGF OKVKICVGF CICKPUV QT CFGSWCVGN[ EQORGPUCVGF HQT RNCPPKPI RGTOKUUKQP EQWNF DG TGHWUGF KH VJG PGGFU HQT VJG FGXGNQROGPV FQ PQV QWVYGKIJ VJG DKQFKXGTUKV[ KPVGTGUVU CV VJG UKVG %QORGPUCVQT[ JCDKVCVU YKNN PGGF VQ DG EQPUKFGTGF CU RCTV QH VJG TGUVQTCVKQP QH C UKVG 6JG TGUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP QP 4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU
%QWPEKN &KTGEVKXG ''% QH /C[ QP VJG EQPUGTXCVKQP QH PCVWTCN JCDKVCVU CPF QH YKNF HCWPC CPF HNQTC *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
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
+V KU KORQTVCPV VJCV FGEKUKQPU EQPEGTPKPI OKPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF EQPUKFGT RQVGPVKCN KORCEVU KPENWFKPI KP EQODKPCVKQP KORCEVU YKVJ QVJGT RNCPU RTQITCOOGU QT RTQLGEVU QP JCDKVCVU CPF URGEKGU DQVJ YKVJKP CPF QWVUKFG *CORUJKTG CPF OGCUWTGU UJQWNF DG VCMGP VQ CXQKF OKVKICVG QT EQORGPUCVG UWEJ KORCEVU
.CPFUECRG CPF EQWPVT[UKFG
6JGTG KU C FKXGTUG TCPIG QH NCPFUECRGU KP *CORUJKTG *CORUJKTGŎU NCPFUECRG CPF EQWPVT[UKFG KU GZEGRVKQPCN KP VGTOU QH VJG PCVKQPCN UKIPKHKECPEG QH KVU DWKNV PCVWTCN CPF JKUVQTKE GPXKTQPOGPV
&GUKIPCVGF NCPFUECRGU
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
6JG VYQ 0CVKQPCN 2CTMU JCXG VJG HQNNQYKPI UVCVWVQT[ RWTRQUGU YJKEJ FGEKUKQPOCMGTU OWUV VCMG KPVQ CEEQWPV YJGP EQPUKFGTKPI FGXGNQROGPV RTQRQUCNU
EQPUGTXG CPF GPJCPEG VJG PCVWTCN DGCWV[ YKNFNKHG CPF EWNVWTCN JGTKVCIG CPF RTQOQVG QRRQTVWPKVKGU HQT VJG WPFGTUVCPFKPI CPF GPLQ[OGPV QH VJG URGEKCN SWCNKVKGU QH 0CVKQPCN 2CTMU D[ VJG RWDNKE
+H VJGTG KU C EQPHNKEV DGVYGGP VJG VYQ RWTRQUGU VJG HKTUV VCMGU RTGEGFGPEG
9JGP 0CVKQPCN 2CTMU ECTT[ QWV VJGUG RWTRQUGU VJG[ CNUQ JCXG VJG FWV[ VQ UGGM VQ HQUVGT VJG GEQPQOKE CPF UQEKCN YGNNDGKPI QH NQECN EQOOWPKVKGU YKVJKP VJG 0CVKQPCN 2CTMU
0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJU &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQPU CPF *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
.QECN NCPFUECRG EJCTCEVGT CUUGUUOGPVU JCXG DGGP RTGRCTGF HQT GCEJ NQECN CWVJQTKV[ KP *CORUJKTG 6JGUG JCXG DGGP EQORNGOGPVGF D[ VJG *CORUJKTG +PVGITCVGF %JCTCEVGT #UUGUUOGPV YJKEJ RTQXKFGU C UVTCVGIKE QXGTXKGY 6JGUG CUUGUUOGPVU ECP DG WUGF VQ CUUGUU VJG KORCEV QH OKPGTCNU CPF YCUVG FGXGNQROGPV DQVJ KPUKFG CPF QWVUKFG QH FGUKIPCVGF CTGCU
2QNKE[ 2TQVGEVKQP QH VJG FGUKIPCVGF NCPFUECRG
/CLQT OKPGTCNU CPF YCUVG FGXGNQROGPV YKNN PQV DG RGTOKVVGF KP VJG 0GY (QTGUV QT 5QWVJ &QYPU 0CVKQPCN 2CTMU QT KP VJG 0QTVJ 9GUUGZ &QYPU VJG %TCPDQTPG %JCUG CPF 9GUV 9KNVUJKTG &QYPU CPF %JKEJGUVGT *CTDQWT #TGCU QH 1WVUVCPFKPI 0CVWTCN $GCWV[ GZEGRV KP GZEGRVKQPCN EKTEWOUVCPEGU +P VJKU TGURGEV EQPUKFGTCVKQP YKNN DG IKXGP VQ
C VJG PGGF HQT VJG FGXGNQROGPV KPENWFKPI KP VGTOU QH CP[ PCVKQPCN EQPUKFGTCVKQPU D VJG KORCEV QH RGTOKVVKPI QT TGHWUKPI VJG FGXGNQROGPV WRQP VJG NQECN GEQPQO[ E VJG EQUV CPF UEQRG HQT OGGVKPI VJG PGGF QWVUKFG VJG FGUKIPCVGF CTGC QT OGGVKPI VJG PGGF KP UQOG QVJGT YC[ CPF F YJGVJGT CP[ FGVTKOGPVCN GHHGEVU QP VJG GPXKTQPOGPV NCPFUECRG CPF QT TGETGCVKQPCN QRRQTVWPKVKGU ECP DG UCVKUHCEVQTKN[ OKVKICVGF
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF TGHNGEV CPF YJGTG CRRTQRTKCVG GPJCPEG VJG EJCTCEVGT QH VJG UWTTQWPFKPI NCPFUECRG CPF PCVWTCN DGCWV[ YKNFNKHG CPF EWNVWTCN JGTKVCIG QH VJG FGUKIPCVGF CTGC /KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF CNUQ DG UWDLGEV VQ C TGSWKTGOGPV VJCV KV KU TGUVQTGF KP VJG GXGPV KV KU PQ NQPIGT PGGFGF HQT OKPGTCNU CPF YCUVG WUGU
5OCNNUECNG YCUVG OCPCIGOGPV HCEKNKVKGU HQT NQECN PGGFU UJQWNF PQV DG RTGENWFGF HTQO VJG 0CVKQPCN 2CTMU CPF #10$U RTQXKFGF VJCV VJG[ ECP DG CEEQOOQFCVGF YKVJQWV WPFGTOKPKPI VJG QDLGEVKXGU QH VJG FGUKIPCVKQP
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ōOCLQTŎ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
#P[ NQECN QT EQOOWPKV[ NCPFUECRG EJCTCEVGT CUUGUUOGPVU QT UKOKNCT EQOOWPKV[NGF RNCPPKPI KPKVKCVKXGU UWEJ CU XKNNCIG FGUKIP UVCVGOGPVU UJQWNF CNUQ DG EQPUKFGTGF YJGP FGVGTOKPKPI VJG RQVGPVKCN KORCEVU QH OKPGTCN CPF YCUVG FGXGNQROGPVU
*CORUJKTG +PVGITCVGF %JCTCEVGT #UUGUUOGPV *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
%QWPVT[UKFG
6JG NCPFUECRG QWVUKFG VJG FGUKIPCVGF CTGCU CPF UKVGU KU CNUQ NQECNN[ KORQTVCPV CPF JKIJN[ XCNWGF +V KU KORQTVCPV VQ TGURGEV KVU URGEKCN SWCNKVKGU /KPGTCN CPF YCUVG FGXGNQROGPVU GXGP VJQWIJ VJG[ OC[ DG VGORQTCT[ ECP JCXG C PGICVKXG NCPFUECRG CPF XKUWCN KORCEV /QUV OKPGTCN FGXGNQROGPVU CTG VKGF VQ EQWPVT[UKFG NQECVKQPU CU VJKU KU YJGTG OQUV WPUVGTKNKUGF OKPGTCN FGRQUKVU CTG CXCKNCDNG 9CUVG WUGU CPF QVJGT OKPGTCNU FGXGNQROGPVU VJCV CTG PQV URGEKHKECNN[ NKPMGF VQ VJG PCVWTCN QEEWTTGPEG QH C OKPGTCN UJQWNF DG NQECVGF KP WTDCP CTGCU *QYGXGT VJKU KU PQV CNYC[U HGCUKDNG QP COGPKV[ ITQWPFU 5QOG YCUVG WUGU UWEJ CU NCTIGUECNG HCEKNKVKGU TGSWKTKPI CP QRGP UKVG CTG FKHHKEWNV VQ CEEQOOQFCVG KP WTDCP CTGCU #NUQ XKCDNG OKPGTCN TGUGTXGU YJKEJ JCXG PQV CNTGCF[ DGGP UVGTKNKUGF D[ DWKNV FGXGNQROGPV CTG WUWCNN[ HQWPF KP VJG EQWPVT[UKFG 1VJGT CEVKXKVKGU GUUGPVKCN HQT UWRRN[KPI OKPGTCNU CTG CNUQ NQECVGF KP VJG EQWPVT[UKFG UWEJ CU QPUJQTG QKNHKGNFU CPF DTKEMYQTMU YKVJ VJGKT CUUQEKCVGF ENC[ YQTMKPIU
#RRTQRTKCVGN[ OCPCIGF FGXGNQROGPV KU KORQTVCPV VQ UWRRQTV GORNQ[OGPV CPF RTQXKUKQP QH UGTXKEGU KP TWTCN CTGCU KPENWFKPI OQTG UWUVCKPCDNG GPGTI[ UWRRNKGU /KPGTCNU CPF YCUVG FGXGNQROGPV OC[ CNUQ RTQXKFG DGPGHKVU HQT TWTCN EQOOWPKVKGU UWEJ CU GPJCPEGF RWDNKE CEEGUU CPF TGETGCVKQPCN QRRQTVWPKVKGU GURGEKCNN[ CU RCTV QH VJG TGUVQTCVKQP UVCIG QH FGXGNQROGPV
2QNKE[ 2TQVGEVKQP QH VJG EQWPVT[UKFG
/KPGTCNU CPF YCUVG FGXGNQROGPV KP VJG QRGP EQWPVT[UKFG QWVUKFG VJG 0CVKQPCN 2CTMU CPF #TGCU QH 1WVUVCPFKPI 0CVWTCN $GCWV[ YKNN PQV DG RGTOKVVGF WPNGUU
C KV KU C VKOGNKOKVGF OKPGTCN GZVTCEVKQP QT TGNCVGF FGXGNQROGPV QT D VJG PCVWTG QH VJG FGXGNQROGPV KU TGNCVGF VQ EQWPVT[UKFG CEVKXKVKGU OGGVU NQECN PGGFU QT TGSWKTGU C EQWPVT[UKFG QT KUQNCVGF NQECVKQP QT E VJG FGXGNQROGPV RTQXKFGU C UWKVCDNG TGWUG QH RTGXKQWUN[ FGXGNQRGF NCPF KPENWFKPI TGFWPFCPV HCTO QT HQTGUVT[ DWKNFKPIU CPF VJGKT EWTVKNCIGU QT JCTF UVCPFKPIU
9JGTG CRRTQRTKCVG CPF CRRNKECDNG FGXGNQROGPV KP VJG EQWPVT[UKFG YKNN DG GZRGEVGF VQ OGGV JKIJGUV UVCPFCTFU QH FGUKIP QRGTCVKQP CPF TGUVQTCVKQP
/KPGTCNU CPF YCUVG FGXGNQROGPV KP VJG QRGP EQWPVT[UKFG UJQWNF DG UWDLGEV VQ C TGSWKTGOGPV VJCV KV KU TGUVQTGF KP VJG GXGPV KV KU PQ NQPIGT TGSWKTGF HQT OKPGTCNU CPF YCUVG WUG
6JG EQWPVT[UKFG KU CNUQ CP KORQTVCPV TGUQWTEG HQT RWDNKE CEEGUU CPF TGETGCVKQP HQT *CORUJKTGŎU EQOOWPKVKGU CU YGNN CU UWTTQWPFKPI EQOOWPKVKGU
9JGTG OKPGTCNU QT NCPFHKNN UKVGU CTG NQECVGF ENQUG VQ QT YQWNF FKTGEVN[ KORCEV C UVCVWVQT[ RWDNKE TKIJV QH YC[ HQQVRCVJ PGVYQTM OGCUWTGU UJQWNF DG RWV KP RNCEG VQ RTQVGEV QT FKXGTV VJG TQWVG HQT C VGORQTCT[ QT RGTOCPGPV RGTKQF CU CRRTQRTKCVG 6JKU KPENWFGU CFQRVGF RWDNKE HQQVRCVJU DTKFNGYC[U CPF E[ENG TQWVGU *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
9JGTG OKPGTCNU CPF YCUVG UKVGU CTG NQECVGF ENQUG VQ QT YQWNF FKTGEVN[ KORCEV WRQP C RGTOKUUKXG HQQVRCVJ VJG WUG QH VJKU TQWVG HQT RWDNKE CEEGUU YKNN DG EQPUKFGTGF CU RCTV QH CP[ RNCPPKPI CRRNKECVKQP YJKEJ OC[ JCXG CP KORCEV 2GTOKUUKXG HQQVRCVJU FQ PQV ECTT[ VJG UCOG YGKIJV CU CFQRVGF RWDNKE TKIJVU QH YC[
5QOG OKPGTCNU CPF YCUVG FGXGNQROGPVU KP *CORUJKTG JCXG URGEKHKE TGUVQTCVKQP EQPFKVKQPU CUUQEKCVGF YKVJ VJGKT RNCPPKPI RGTOKUUKQPU VQ GPUWTG VJCV VJG UKVG KU TGUVQTGF KP VJG GXGPV QH KVU ENQUWTG QT QP VJG GPFKPI QH OKPGTCNU CPF YCUVG CEVKXKVKGU 6JKU KU VQ GPUWTG ōPQPEQPHQTOKPIŎ FGXGNQROGPVU QT FGXGNQROGPVU VJCV OC[ EQPVCOKPCVG VJG NCPF QT DQVJ CTG PQV NGHV HQT HWVWTG IGPGTCVKQPU VQ FGCN YKVJ 6JKU KPENWFGU *CORUJKTGŎU VJTGG GPGTI[ TGEQXGT[ HCEKNKVKGU
6JG FGUKIP QH OKPGTCNU CPF YCUVG FGXGNQROGPV KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP QP &GUKIP EQPUVTWEVKQP CPF QRGTCVKQP QH OKPGTCNU CPF YCUVG FGXGNQROGPV 6JG TGUVQTCVKQP QH OKPGTCN CPF YCUVG FGXGNQROGPVU ECP NGCF VQ GPJCPEGF RWDNKE CEEGUU CPF CFFKVKQPCN TGETGCVKQP WUGU 6JKU KU EQPUKFGTGF KP VJG UGEVKQP QP 4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU
5QWVJ 9GUV *CORUJKTG )TGGP $GNV
6JGTG CTG C PWODGT QH NCTIGN[ WPFGXGNQRGF QRGP CTGCU DGVYGGP UGVVNGOGPVU KP *CORUJKTG YJKEJ JGNR RTQVGEV VJG FKUVKPEVPGUU QH WTDCP CTGCU *CORUJKTG JCU QPG )TGGP $GNV NQECVGF KP VJG UQWVJ YGUV QH *CORUJKTG VJG 5QWVJ 9GUV *CORUJKTG )TGGP $GNV 6JKU JCU DGGP FGUKIPCVGF VQ EQPVCKP FGXGNQROGPV RTGUUWTGU HTQO VJG $QWTPGOQWVJ WTDCP CTGC 6JGTG KU CP GZKUVKPI UCPF CPF ITCXGN YQTMKPI CPF C UVTCVGIKE EQPUVTWEVKQP YCUVG TGEQXGT[ HCEKNKV[ KP VJG 5QWVJ 9GUV *CORUJKTG )TGGP $GNV
+P CFFKVKQP VJGTG CTG C PWODGT QH 5VTCVGIKE CPF .QECN )CRU FGUKIPCVGF KP .QECN &GXGNQROGPV 2NCPU HQT VJGKT TQNG KP RTQXKFKPI HQT VJG UGRCTCVKQP QH UGVVNGOGPVU 6JGUG CTGCU CTG QHVGP NQECVGF KP UGPUKVKXG NCPFUECRGU KORQTVCPV VQ VJG UGVVKPI QH UGVVNGOGPVU
0CVKQPCN RNCPPKPI RQNKE[ TGSWKTGU NQECN RNCPPKPI CWVJQTKVKGU VQ RNCP RQUKVKXGN[ VQ UWRRQTV VJG RWTRQUG QH VJG )TGGP $GNV D[ CXQKFKPI KPCRRTQRTKCVG FGXGNQROGPV CPF VQ GPJCPEG VJG DGPGHKEKCN WUG QH VJG )TGGP $GNVŎ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
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQPU CPF 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
2QNKE[ 5QWVJ 9GUV *CORUJKTG )TGGP $GNV
9KVJKP VJG 5QWVJ 9GUV *CORUJKTG )TGGP $GNV OKPGTCNU CPF YCUVG FGXGNQROGPVU YKNN DG CRRTQXGF RTQXKFGF VJCV VJG[ CTG PQV KPCRRTQRTKCVG QT VJCV XGT[ URGEKCN EKTEWOUVCPEGU GZKUV
#U HCT CU RQUUKDNG OKPGTCNU CPF YCUVG FGXGNQROGPVU UJQWNF GPJCPEG VJG DGPGHKEKCN WUG QH VJG )TGGP $GNV
6JG JKIJGUV UVCPFCTFU QH FGXGNQROGPV QRGTCVKQP CPF TGUVQTCVKQP YKNN DG TGSWKTGF
.KOKVGF KPHKNNKPI QT VJG RCTVKCN QT EQORNGVG TGFGXGNQROGPV QH RTGXKQWUN[ FGXGNQRGF UKVGU DTQYPHKGNF NCPF YJGVJGT TGFWPFCPV QT KP EQPVKPWKPI WUGU GZENWFKPI VGORQTCT[ DWKNFKPIU YJKEJ YQWNF PQV JCXG C ITGCVGT KORCEV QP VJG QRGPPGUU QH VJG )TGGP $GNV CPF VJG RWTRQUGU QH KPENWFKPI VJG NCPF YKVJKP KV OC[ DG RGTOKVVGF YJGTG VJG QRGPPGUU CPF VJG RWTRQUGU QH VJG )TGGP $GNV CTG PQV ITGCVN[ KORCEVGF
6JG FKURQUCN QH YCUVG ECP RNC[ C RCTV KP VJG TGUVQTCVKQP QH OKPGTCN YQTMKPIU CPF OC[ VJGTGHQTG DG CEEGRVCDNG KP VJG )TGGP $GNV 4GUVQTCVKQP YKVJKP VJG )TGGP $GNV OC[ RTQXKFG QRRQTVWPKVKGU VQ GPJCPEG DGPGHKEKCN WUG QH VJG )TGGP $GNV 4GUVQTCVKQP KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP QP 4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU
6JG FGXGNQROGPV QH RGTOCPGPV YCUVG HCEKNKVKGU YQWNF DG LWFIGF QP VJG NQECVKQPCN PGGFU QH VJG FGXGNQROGPV 6JKU VQIGVJGT YKVJ VJG YKFGT GPXKTQPOGPVCN CPF GEQPQOKE DGPGHKVU QH UWUVCKPCDNG YCUVG OCPCIGOGPV CTG OCVGTKCN EQPUKFGTCVKQPU VJCV UJQWNF DG IKXGP UKIPKHKECPV YGKIJV KP FGVGTOKPKPI YJGVJGT RTQRQUCNU UJQWNF DG IKXGP RNCPPKPI RGTOKUUKQP 6JG UCOG CRRTQCEJ KU CNUQ CFQRVGF HQT OKPGTCN YQTMKPIU CPF RGTOCPGPV YCUVG FGXGNQROGPV KP 5VTCVGIKE QT .QECN )CRU YJGTG CRRTQRTKCVG
+V KU TGEQIPKUGF VJCV VJGTG CTG RCTVKEWNCT NQECVKQPCN PGGFU HQT UQOG V[RGU QH YCUVG OCPCIGOGPV WUGU YJKEJ OC[ NGCF VQ VJG PGGF VQ NQECVG UWEJ HCEKNKVKGU KP VJG )TGGP $GNV +P UWEJ KPUVCPEGU VJGUG NQECVKQPCN TGSWKTGOGPVU PGGF VQ DG IKXGP UKIPKHKECPV YGKIJV VQIGVJGT YKVJ YKFGT GPXKTQPOGPVCN CPF GEQPQOKE HCEVQTU 6JG EQPUVTWEVKQP QH PGY RGTOCPGPV OKPGTCNU CPF YCUVG DWKNFKPIU KU PQV EQPUKFGTGF VQ DG CRRTQRTKCVG YKVJKP VJG )TGGP $GNV
0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
*GTKVCIG
/KPGTCNU CPF YCUVG FGXGNQROGPV ECP RNC[ C RQUKVKXG TQNG KP RTQOQVKPI CTEJCGQNQIKECN KPXGUVKICVKQPU CPF RTQVGEVKPI JGTKVCIG CUUGVU KPENWFKPI VJG TGEQTF QH JKUVQTKECNN[ QT CTEJKVGEVWTCNN[ UKIPKHKECPV DWKNFKPIU 6JKU TQNG KU UGV QWV KP PCVKQPCN RNCPPKPI RQNKE[ *CORUJKTG JCU C TKEJ CPF FKXGTUG JGTKVCIG QH CTEJCGQNQIKECN UKVGU JKUVQTKE DWKNFKPIU XGUUGNU CPF JKUVQTKE NCPFUECRGU 6JGUG CUUGVU TCPIG HTQO EQPUGTXCVKQP CTGCU CPF KPFKXKFWCN CTVKHCEVU VQ JKUVQTKE UKVGU DWKNFKPIU UGVVNGOGPVU NCPFUECRGU RCTMU CPF ICTFGPU 6JG 2NCP CTGC KPENWFGU QXGT NKUVGF DWKNFKPIU EQPUGTXCVKQP CTGCU UEJGFWNGF CPEKGPV OQPWOGPVU JKUVQTKE RCTMU CPF ICTFGPU 6JGUG EQPVTKDWVG UKIPKHKECPVN[ VQ C UGPUG QH RNCEG CPF NQECN KFGPVKV[ CPF CTG KTTGRNCEGCDNG +V KU KORQTVCPV VQ RTQVGEV VJG OQUV UKIPKHKECPV CUUGVU CPF VQ GPUWTG VJCV CP CFGSWCVG TGEQTF KU OCFG QH CP[ UKVG VJCV KU D[ PGEGUUKV[ FGUVTQ[GF FCOCIGF QT CNVGTGF CPF VQ GPUWTG VJCV CTEJCGQNQIKECN MPQYNGFIG KU RTGUGTXGF HQT HWVWTG IGPGTCVKQPU
*GTKVCIG CUUGVU ECP DG FGHKPGF CU DGKPI DQVJ FGUKIPCVGF CPF PQPFGUKIPCVGF &GUKIPCVGF CUUGVU KPENWFG 5EJGFWNGF #PEKGPV /QPWOGPVU .KUVGF $WKNFKPIU 4GIKUVGTGF 2CTMU CPF )CTFGPU 0QPFGUKIPCVGF CUUGVU CTG PQV IKXGP CP[ UVCVWVQT[ RTQVGEVKQP DWV VJG[ CTG TGEQIPKUGF CU OCMKPI C RQUKVKXG CPF UKIPKHKECPV EQPVTKDWVKQP VQ NQECN JKUVQTKECN MPQYNGFIG EJCTCEVGT CPF HGCVWTGU
2QNKE[ %QPUGTXKPI VJG JKUVQTKE GPXKTQPOGPV CPF JGTKVCIG CUUGVU
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF RTQVGEV CPF YJGTGXGT RQUUKDNG GPJCPEG *CORUJKTGŎU JKUVQTKE GPXKTQPOGPV CPF JGTKVCIG CUUGVU DQVJ FGUKIPCVGF CPF PQPFGUKIPCVGF KPENWFKPI VJG UGVVKPIU QH VJGUG UKVGU
6JG HQNNQYKPI CUUGVU YKNN DG RTQVGEVGF KP CEEQTFCPEG YKVJ VJGKT TGNCVKXG KORQTVCPEG
C UEJGFWNGF CPEKGPV OQPWOGPVU D NKUVGF DWKNFKPIU E EQPUGTXCVKQP CTGCU F TGIKUVGTGF RCTMU CPF ICTFGPU G TGIKUVGTGF DCVVNGHKGNFU H UKVGU QH CTEJCGQNQIKECN KORQTVCPEG CPF I QVJGT NQECNN[ TGEQIPKUGF CUUGVU
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF RTGUGTXG QT GPJCPEG VJG EJCTCEVGT QT CRRGCTCPEG QH JKUVQTKECN CUUGVU WPNGUU KV KU FGOQPUVTCVGF VJCV VJG PGGF HQT CPF DGPGHKVU QH VJG FGXGNQROGPV FGEKUKXGN[ QWVYGKIJ VJGUG KPVGTGUVU
+PHQTOCVKQP QP PQPFGUKIPCVGF NQECNN[ TGEQIPKUGF CUUGVU ECP DG HQWPF QP VJG *KUVQTKE 'PXKTQPOGPV 4GEQTF JGNF D[ VJG TGNGXCPV NQECN RNCPPKPI CWVJQTKV[
0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJU &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
#P[ FGEKUKQP QP RNCPPKPI CRRNKECVKQPU HQT OKPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF DG KPHQTOGF D[ CP CUUGUUOGPV RTQRQTVKQPCVG VQ VJG EKTEWOUVCPEGU QH CP[ KORCEVU QP VJG JKUVQTKE GPXKTQPOGPV 6JKU UJQWNF KPENWFG CP CRRTQRTKCVG NGXGN QH HKGNF KPXGUVKICVKQP KH PGEGUUCT[
6JGTG OC[ DG RTGXKQWUN[ WPKFGPVKHKGF CTEJCGQNQIKECN FGRQUKVU CPF HGCVWTGU RTGUGPV KP RTQRQUGF OKPGTCNU CPF YCUVG UKVGU (WTVJGT CTEJCGQNQIKECN KPXGUVKICVKQPU YKNN DG TGSWKTGF KP CTGCU QH KPVGTGUV RTKQT VQ FGXGNQROGPV +UUWGU QH JKUVQTKE JGTKVCIG VJCV PGGF VQ DG EQPUKFGTGF OC[ TGSWKTG RTKQT KPXGUVKICVKQP KPENWFKPI RTGFGVGTOKPCVKQP GXCNWCVKQP HKGNFYQTM CPF OKVKICVKQP OGCUWTGU KPENWFKPI OGVJQFU QH YQTMKPI YJKEJ VCMG VJGUG KPVQ CEEQWPV /KPGTCNU QT YCUVG FGXGNQROGPV YKNN DG EQPUKFGTGF QP VJGKT OGTKVU CUUGUUKPI VJG UWKVCDKNKV[ QH VJG RTQRQUCN CP[ UWIIGUVGF OKVKICVKQP OGCUWTGU KPENWFKPI VJG RQVGPVKCN DGPGHKVU QH OKPGTCN FGXGNQROGPV HQT CTEJCGQNQI[
*CORUJKTG CNTGCF[ JCU C PWODGT QH GZCORNGU QH CTEJCGQNQIKECN HGCVWTGU DGKPI HQWPF CV OKPGTCN GZVTCEVKQP UKVGU CPF GZVTCEVKQP IGPGTCVKPI OQTG JKUVQTKECN HKPFU /CLQT JKUVQTKE HGCVWTGU UWEJ CU UEJGFWNGF CPEKGPV OQPWOGPVU NQECVGF QT FKUEQXGTGF QP UKVGU RTQRQUGF HQT OKPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF DG RTGUGTXGF CU RCTV QH VJG FGXGNQROGPV CU CRRTQRTKCVG
6JG TGUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU ECP DG WUGF VQ KORTQXG CEEGUUKDKNKV[ VQ VJG JKUVQTKE GPXKTQPOGPV 6JKU OC[ KPENWFG VJG KPVGTRTGVCVKQP QH HKPFU HTQO CTEJCGQNQIKECN KPXGUVKICVKQPU KORTQXGF CEEGUU VQ JKUVQTKE UKVGU CPF QT RWDNKEKUKPI VJG TGUWNVU QH CTEJCGQNQIKECN KPXGUVKICVKQPU 6JKU KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP QP 4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU
5QKNU
*CORUJKTGŎU TKEJ CPF FKXGTUG TCPIG QH UQKNU JCU FGXGNQRGF QXGT VJG NCUV [GCTU KPHNWGPEGF D[ VJG ITCFWCN GXQNWVKQP QH *CORUJKTGŎU EQOOWPKVKGU /QUV QH *CORUJKTGŎU UQKN TGUQWTEGU CTG CUUQEKCVGF YKVJ CITKEWNVWTCN NCPF CPF CNOQUV QH ITCFGF CITKEWNVWTCN NCPF KP *CORUJKTG KU EQPUKFGTGF VQ DG ōDGUV CPF OQUV XGTUCVKNG CITKEWNVWTCN NCPFŎ *QYGXGT VJG UQKN TGUQWTEGU CUUQEKCVGF YKVJ HQTGUVT[ CPF CPEKGPV YQQFNCPF CTG CNUQ GZVTGOGN[ XCNWCDNG 6JG[ CNN RGTHQTO C TCPIG QH GUUGPVKCN HWPEVKQPU YJKEJ WPFGTRKP *CORUJKTGŎU GPXKTQPOGPV UQEKGV[ CPF GEQPQO[
5QKNU CTG XWNPGTCDNG VQ XCTKQWU OQFGTPFC[ RTGUUWTGU YJKEJ ECP FGUVTQ[ VJGO KP TGNCVKXGN[ UJQTV RGTKQFU QH VKOG 0CVKQPCN RNCPPKPI RQNKE[ CFXKUGU NQECN RNCPPKPI CWVJQTKVKGU VQ VCMG CEEQWPV QH VJG GEQPQOKE CPF QVJGT DGPGHKVU QH DGUV CPF OQUV XGTUCVKNG CITKEWNVWTCN NCPF CPF UGGM VQ WUG CTGCU QH RQQTGT SWCNKV[ NCPF YJGTG KV KU CXCKNCDNG CPF VJG CRRTQCEJ KU UWUVCKPCDNG 6JCV IWKFCPEG KU UWRRQTVGF D[ VJG &'(4# 5QKN 5VTCVGI[ YJKEJ KFGPVKHKGU VJTGG OCKP VJTGCVU VQ UQKN SWCNKV[ ŋ GTQUKQP D[ YKPF CPF TCKP EQORCEVKQP CPF QTICPKE OCVVGT FGENKPG #FFKVKQPCNN[ UQKN NQUU ECP QEEWT VJTQWIJ FGXGNQROGPV KPENWFKPI OKPGTCNU CPF YCUVG FGXGNQROGPV +V KU KORQTVCPV VJCV VJGTG KU PQ PGV NQUU KP VJG SWCNKV[ QH *CORUJKTGŎU UQKNU UQ VJG &'(4# %QFG QH 2TCEVKEG HQT 5QKNU 7UG QP %QPUVTWEVKQP 5KVGU UJQWNF DG VCMGP KPVQ EQPUKFGTCVKQP
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) 5CHGIWCTFKPI QWT 5QKNU ŋ # 5VTCVGI[ HQT 'PINCPF &'(4# %QPUVTWEVKQP %QFG QH 2TCEVKEG HQT VJG 5WUVCKPCDNG 7UG QH 5QKNU QP %QPUVTWEVKQP 5KVGU &'(4# *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
5QKN KUUWGU CTG RCTVKEWNCTN[ TGNGXCPV HQT OKPGTCN FGXGNQROGPV CU GZVTCEVKQP WUWCNN[ KPXQNXGU FKUVWTDKPI NCPF CPF UQKNU QXGT NCTIG CTGCU /KPGTCNU CPF YCUVG FGXGNQROGPV ECP CNUQ RTQXKFG QRRQTVWPKVKGU HQT VJG RTQVGEVKQP TGE[ENKPI TGEQXGT[ QT GPJCPEGOGPV QH UQKNU QT UQKN UWDUVKVWVGU (QT GZCORNG VJG RTQFWEVKQP QH TGE[ENGF CPF UGEQPFCT[ CIITGICVG ECP TGFWEG VJG PGGF VQ GZVTCEV NCPFYQP CIITGICVGU TGFWEKPI VJG RQVGPVKCN KORCEV QP UQKNU +P CFFKVKQP YCUVG FGXGNQROGPVU UWEJ CU EQORQUVKPI CPF CPCGTQDKE FKIGUVKQP OC[ RTQXKFG QRRQTVWPKVKGU VQ RTQFWEG C RTQFWEV YJKEJ OC[ JGNR VQ GPJCPEG UQKNU
#IITGICVGU CPF UQKNU EQPVTKDWVG VQ VJG EQPUVTWEVKQP FGOQNKVKQP CPF GZECXCVKQP YCUVG UVTGCO KP *CORUJKTG +P *CORUJKTG CPF VJG +UNG QH 9KIJV RTQFWEGF VJG JKIJGUV SWCPVKV[ QH TGE[ENGF UQKN KP VJG 5QWVJ 'CUV COQWPVKPI VQ QH VQVCN TGE[ENGF UQKN KP VJG TGIKQP 4GE[ENKPI QH UQKNU KU GPEQWTCIGF CPF VJKU KU EQPUKFGTGF KP VJG UGEVKQP QP %QPUVTWEVKQP FGOQNKVKQP CPF GZECXCVKQP YCUVGU
2QNKE[ 2TQVGEVKQP QH UQKNU
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF RTQVGEV CPF YJGTGXGT RQUUKDNG GPJCPEG UQKNU CPF UJQWNF PQV TGUWNV KP VJG PGV NQUU QH DGUV CPF OQUV XGTUCVKNG CITKEWNVWTCN NCPF
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF GPUWTG RTQVGEVKQP QH UQKNU FWTKPI EQPUVTWEVKQP CPF YJGP CRRTQRTKCVG TGEQXGT CPF GPJCPEG UQKN TGUQWTEGU
9JGTG KV KU PGEGUUCT[ HQT OKPGTCNU CPF YCUVG FGXGNQROGPV VQ DG NQECVGF QP CITKEWNVWTCN NCPF QT QVJGT NCPF YKVJ UQKN TGUQWTEGU KV UJQWNF YJGTGXGT RQUUKDNG DG NQECVGF QP RQQTGT SWCNKV[ CITKEWNVWTCN NCPF +H VKOGNKOKVGF FGXGNQROGPV JCU VQ DG NQECVGF QP DGUV CPF OQUV XGTUCVKNG CITKEWNVWTCN NCPF
K VJG CHHGEVGF NCPF UJQWNF DG TGUVQTGF VQ DGUV CPF OQUV XGTUCVKNG CITKEWNVWTCN NCPF KH RQUUKDNG CPF CV NGCUV VJG ITCFG KV JCF DGHQTG VJG FGXGNQROGPV QT KK CP GSWKXCNGPV CTGC QH NCPF OWUV DG WRITCFGF VQ DGUV CPF OQUV XGTUCVKNG CITKEWNVWTCN $/8 NCPF
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
6JG TGUVQTCVKQP QH OKPGTCNU CPF YCUVG FGXGNQROGPV KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP QP 4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU
*CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU
6JG GHHGEVKXG TGUVQTCVKQP CPF NQPIVGTO CHVGTECTG QH OKPGTCNU CPF YCUVG FGXGNQROGPV CTG KPVGITCN VQ CNN OKPGTCN GZVTCEVKQP CPF NCPFHKNN FGXGNQROGPV KP *CORUJKTG 'ZVTCEVKPI OKPGTCNU CPF NCPFHKNNKPI CTG NQPIVGTO NCPF WUGU DWV DGECWUG VJG[ CTG QPN[ VGORQTCT[ FGXGNQROGPVU KV KU ETKVKECN VJCV TGUVQTCVKQP CPF CHVGTECTG QH VJG UKVG KU ECTGHWNN[ RNCPPGF CPF OCKPVCKPGF 6JKU GPUWTGU VJCV NQECN EQOOWPKVKGU CPF VJG GPXKTQPOGPV TGEGKXG OCZKOWO DGPGHKV CHVGTYCTFU 6JKU CRRTQCEJ KU TGKPHQTEGF KP 0CVKQPCN 2NCPPKPI 2QNKE[ YJKEJ UVCVGU VJCV NQECN RNCPPKPI CWVJQTKVKGU UJQWNF RTQXKFG HQT TGUVQTCVKQP CPF CHVGTECTG CV VJG GCTNKGUV QRRQTVWPKV[ VQ DG ECTTKGF QWV VQ JKIJ GPXKTQPOGPVCN UVCPFCTFU VJTQWIJ VJG CRRNKECVKQP QH CRRTQRTKCVG EQPFKVKQPU YJGTG PGEGUUCT[
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ŎU DKQFKXGTUKV[ NCPFUECRG CPF EQOOWPKVKGU
4GUVQTCVKQP KU C MG[ CTGC YJGTG RQUKVKXG DGPGHKVU ECP DG CEJKGXGF VJTQWIJ OKPGTCNU CPF YCUVG FGXGNQROGPV *CORUJKTG CNTGCF[ JCU C PWODGT QH IQQF GZCORNGU QH HQTOGT OKPGTCNU CPF NCPFHKNN UKVGU YJKEJ JCXG DGGP UWEEGUUHWNN[ TGUVQTGF HQT VJG DGPGHKV QH VJG YKFGT GPXKTQPOGPV NQECN EQOOWPKVKGU CPF VJG NQECN GEQPQO[ 6JG[ KPENWFG VJG 4KPIYQQF CPF (TKVJ 'PF SWCTTKGU YJKEJ DQVJ YQP TGUVQTCVKQP CYCTFU TGEQIPKUKPI VJG TGUVQTCVKQP QH VJG UKVGU HQT PCVWTG EQPUGTXCVKQP CPF VJGKT EQPVTKDWVKQP VQ DKQFKXGTUKV[ 6JG TGUVQTCVKQP QH QVJGT OKPGTCNU CPF YCUVG FGXGNQROGPVU OWUV CNUQ DG EQPUKFGTGF 6JKU KPENWFGU VJG TGUVQTCVKQP QH OKPGTCNU CPF YCUVG CEVKXKVKGU CUUQEKCVGF YKVJ VKOGNKOKVGF FGXGNQROGPVU UWEJ CU DWKNV UVTWEVWTGU HQNNQYKPI VJG EQORNGVKQP QH VJGKT WUG 6JKU YKNN KPENWFG FGXGNQROGPV UWEJ CU GPGTI[ TGEQXGT[ HCEKNKVKGU CPF NCPFHKNN ICU WVKNKUCVKQP QT NGCEJCVG VTGCVOGPV U[UVGOU 6JG TGUVQTCVKQP QH OKPGTCN GZVTCEVKQP UKVGU CPF NCPFHKNN UKVGU ECP RTQXKFG DGPGHKVU HQT NQECN EQOOWPKVKGU D[ ETGCVKPI NGKUWTG CPF COGPKV[ QRRQTVWPKVKGU CU YGNN CU ITGCVGT RWDNKE CEEGUU VQ VJG PCVWTCN GPXKTQPOGPV
2QNKE[ 4GUVQTCVKQP QH SWCTTKGU CPF YCUVG FGXGNQROGPVU
6GORQTCT[ OKPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF DG TGUVQTGF VQ DGPGHKEKCN CHVGTWUGU EQPUKUVGPV YKVJ VJG FGXGNQROGPV RNCP
4GUVQTCVKQP QH OKPGTCNU CPF YCUVG FGXGNQROGPVU UJQWNF DG KP MGGRKPI YKVJ VJG EJCTCEVGT CPF UGVVKPI QH VJG NQECN CTGC CPF UJQWNF EQPVTKDWVG VQ VJG FGNKXGT[ QH NQECN QDLGEVKXGU HQT JCDKVCVU DKQFKXGTUKV[ QT EQOOWPKV[ WUG YJGTG VJGUG CTG EQPUKUVGPV YKVJ VJG FGXGNQROGPV RNCP
6JG TGUVQTCVKQP QH OKPGTCN GZVTCEVKQP CPF NCPFHKNN UKVGU UJQWNF DG RJCUGF VJTQWIJQWV VJG NKHG QH VJG FGXGNQROGPV
0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJ &%.) *CORUJKTG 4GUVQTCVKQP 5VWF[ UGEVKQP *CORUJKTG 4GUVQTCVKQP 5VWF[ UGEVKQP *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
6JG TGUVQTCVKQP QH OKPGTCN GZVTCEVKQP CPF NCPFHKNN UKVGU UJQWNF KPENWFG CV NGCUV QPG QH VJG HQNNQYKPI CKOU UWDLGEV VQ KVU HKPCPEKCN XKCDKNKV[ CPF VJG UWKVCDKNKV[ CPF FGNKXGTCDKNKV[ QH VJG UKVG VQ KPEQTRQTCVG TGUVQTCVKQP CKOU
KORTQXGF RWDNKE CEEGUU VQ VJG PCVWTCN GPXKTQPOGPV VJTQWIJ VJG ETGCVKQP QH GPJCPEGF CEEGUU CU YGNN CU NGKUWTG CPF COGPKV[ QRRQTVWPKVKGU 6JKU OC[ KPENWFG VJG ETGCVKQP QH ITGGP URCEGU UWEJ CU RCTMU YQQFU GVE KORTQXGOGPVU VQ VJG UVTCVGIKE TKIJV QH YC[ PGVYQTM RTQXKUKQP QH CFFKVKQPCN HQQVRCVJU CPF E[ENG TQWVGU RTQXKUKQP QH UKVGU HQT QVJGT TGETGCVKQPCN WUGU CPF VJG RTQXKUKQP QH GPXKTQPOGPVCN GFWECVKQP HCEKNKVKGU ETGCVKQP QH JCDKVCVU HQT YKNFNKHG CPF GPJCPEGF DKQFKXGTUKV[ VQ KORTQXG VJG PCVWTCN GPXKTQPOGPV KORTQXG DKQFKXGTUKV[ CPF FGNKXGT DKQFKXGTUKV[ ICKPU VQ FGITCFGF JCDKVCVU QT JGNR TGXGTUG VJG DTGCMFQYP QH JCDKVCVU CU CRRTQRTKCVG EQPVTKDWVG VQ NQECN QDLGEVKXGU HQT
VJG RTQXKUKQP QH ITGGP KPHTCUVTWEVWTG FGUKIPCVGF UKVG EQPUGTXCVKQP QDLGEVKXGU 0CVWTG +ORTQXGOGPV #TGCU 0+#U $KQFKXGTUKV[ 1RRQTVWPKV[ #TGCU $1#U CPF CP[ QVJGT NQECN DKQFKXGTUKV[ VCTIGVU NKPMGF VQ QPIQKPI OCPCIGOGPV
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ōWTDCP EQQNKPIŎ +ORTQXGOGPV VQ JCDKVCVU CPF DKQFKXGTUKV[ OC[ CNNQY HQT VJG ETGCVKQP QH ITGGP EQTTKFQTU YJKEJ ECP JGNR NKPM KORQTVCPV JCDKVCVU YJKNUV CNUQ RNC[KPI C TQNG KP OKVKICVKPI CPF CFCRVKPI VQ ENKOCVG EJCPIG /KVKICVKQP CPF CFCRVCVKQP UJQWNF DG KPEQTRQTCVGF KPVQ TGUVQTCVKQP UEJGOGU YJGTG RQUUKDNG OCPCIGOGPV QH YCVGT TGUQWTEGU KPENWFKPI RTQXKUKQP QH CITKEWNVWTCN TGUGTXQKTU RWDNKE YCVGT UVQTCIG CPF HNQQF YCVGT UVQTCIG 6JGUG OC[ CNUQ RTQXKFG QRRQTVWPKVKGU VQ OKVKICVG CPF CFCRV VQ ENKOCVG EJCPIG TGVWTPKPI VJG UKVG VQ CITKEWNVWTCN CPF HQTGUVT[ NCPF VQ KORTQXG VJG SWCNKV[ QH CITKEWNVWTCN NCPF CPF UQKNU KP UQOG KPUVCPEGU 6JGTG YKNN DG C RTGHGTGPEG CICKPUV TGUVQTCVKQP VQ QVJGT PQPCITKEWNVWTCN WUGU YJGP UKVGU CTG NQECVGF QP CITKEWNVWTCN NCPF VQ GPUWTG VJCV *CORUJKTGŎU KORQTVCPV CITKEWNVWTCN NCPF KU RTQVGEVGF CPF NCPF KU PQV RGTOCPGPVN[ NQUV CPF WUG QH VJG NCPF HQT ITC\KPI KPENWFKPI DCEMWR QT COGPKV[ ITC\KPI
1RRQTVWPKVKGU HQT VJG OWNVKRNG WUG QH TGUVQTGF UKVGU CPF ETQUUEWVVKPI DGPGHKVU YKNN DG UWRRQTVGF UWEJ CU TGUVQTKPI C UKVG VQ KORTQXG DKQFKXGTUKV[ CNQPIUKFG RTQXKFKPI TGETGCVKQPCN WUG HQT VJG RWDNKE *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
(QNNQYKPI VJG TGUVQTCVKQP QH UQOG OKPGTCNU QT NCPFHKNN UKVGU VJGTG OC[ DG UQOG KPUVCPEGU YJGTG VJG UKVG KU FGXGNQRGF HQT QVJGT DWKNV FGXGNQROGPVU 6JKU OC[ KPENWFG VJG RTQXKUKQP QH QRGP URCEG CU RCTV QH C YKFGT PQPOKPGTCNU CPF YCUVG FGXGNQROGPV JQWUKPI QT QVJGT HQTOU QH PQPOKPGTCNU CPF YCUVG FGXGNQROGPV
9JGTG OKPGTCNU QT NCPFHKNN UKVGU CTG NQECVGF ENQUG VQ QT CHHGEV C RWDNKE TKIJV QH YC[ HQQVRCVJ PGVYQTM OGCUWTGU UJQWNF DG RWV KP RNCEG VQ RTQVGEV QT FKXGTV VJG TQWVG HQT C VGORQTCT[ QT RGTOCPGPV RGTKQF CU CRRTQRTKCVG 6JKU KU EQPUKFGTGF KP VJG UGEVKQP QP .CPFUECRG CPF EQWPVT[UKFG
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
+P C UOCNN PWODGT QH KPUVCPEGU OKPGTCNU CPF YCUVG FGXGNQROGPV OC[ TGUWNV KP UKIPKHKECPV KORCEVU QP JCDKVCVU YJKEJ ECPPQV DG CXQKFGF QT OKVKICVGF QT VJGTG OC[ DG C NQUU QH JCDKVCV +P VJGUG KPUVCPEGU VJG RTQXKUKQP QH PGY CTGCU QH NKMGHQTNKMG JCDKVCVU CU EQORGPUCVQT[ JCDKVCVU YKNN DG TGSWKTGF VQ GPUWTG VJCV VJGTG KU PQ QXGTCNN PGV NQUU QH JCDKVCVU 6JGUG UJQWNF DG NQECVGF GKVJGT YKVJKP QT ENQUG VQ VJG RTQRQUGF FGXGNQROGPV +H UKIPKHKECPV JCTO ECPPQV DG CXQKFGF OKVKICVGF CICKPUV QT CFGSWCVGN[ EQORGPUCVGF HQT RNCPPKPI RGTOKUUKQP EQWNF DG TGHWUGF KH VJG PGGFU HQT VJG FGXGNQROGPV FQ PQV QWVYGKIJ VJG DKQFKXGTUKV[ KPVGTGUVU CV VJG UKVG %QORGPUCVQT[ JCDKVCVU CTG CNUQ EQPUKFGTGF KP VJG UGEVKQP QP *CDKVCVU CPF URGEKGU 6JG ETGCVKQP CPF NQPIVGTO OCPCIGOGPV CHVGTECTG QH EQORGPUCVQT[ JCDKVCVU FGXGNQRGF CU C TGUWNV QH OKPGTCNU QT YCUVG FGXGNQROGPVU YKNN PGGF VQ DG EQPUKFGTGF CU RCTV QH VJG TGUVQTCVKQP CPF CHVGTECTG UEJGOGU HQT OKPGTCNU CPF YCUVG FGXGNQROGPVU CU CRRTQRTKCVG 5RGEKHKE EQPUKFGTCVKQP KU TGSWKTGF QP VJG CDKNKV[ VQ TGETGCVG JCDKVCVU CPF VJKU KU CP KORQTVCPV EQPUKFGTCVKQP YJKEJ OWUV DG CFFTGUUGF FWTKPI VJG HQTOWNCVKQP QH TGUVQTCVKQP CPF CHVGTECTG UEJGOGU (QT GZCORNG CPEKGPV YQQFNCPF ECPPQV DG TGETGCVGF CPF VJGTG KU C RTGUWORVKQP CICKPUV KVU NQUU
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
6JG TGUVQTCVKQP QH OKPGTCNU CPF NCPFHKNN UKVGU UJQWNF DG EQPUKFGTGF CV CNN UVCIGU QH VJG FGXGNQROGPV RTQEGUU CPF UJQWNF EQOOGPEG CV VJG GCTNKGUV QRRQTVWPKV[ +V UJQWNF DG EQORNGVGF YKVJKP CP CEEGRVCDNG VKOGUECNG CU UGV QWV D[ VJG TGNGXCPV RNCPPKPI RGTOKUUKQP 6JG *CORUJKTG #WVJQTKVKGU GZRGEV RJCUGF TGUVQTCVKQP VQ VCMG RNCEG QP CNN OKPGTCN GZVTCEVKQP CPF NCPFHKNN UKVGU WPNGUU KV ECP DG GHHGEVKXGN[ FGOQPUVTCVGF VJCV VJKU KU PQV CRRTQRTKCVG 6JKU CNNQYU YQTMGF NCPF VQ DG TGUVQTGF CU GZVTCEVKQP QT NCPFHKNNKPI RTQITGUUGU KP QVJGT RCTVU QH VJG UKVG +V ECP CNUQ JGNR VQ QHHUGV KORCEVU QH VJG FGXGNQROGPV QP DKQFKXGTUKV[ CPF VJG NCPFUECRG CU YGNN CU JGNRKPI VQ GPJCPEG NQECN FKUVKPEVKXGPGUU FWTKPI VJG NKHG QH VJG FGXGNQROGPV 9JGTG GCTN[ TGUVQTCVKQP KU PQV CRRTQRTKCVG CNN TGUVQTCVKQP YQTMU UJQWNF DG RJCUGF VQ EQOOGPEG KOOGFKCVGN[ HQNNQYKPI VJG EQORNGVKQP QH GZVTCEVKQP QT NCPFHKNNKPI *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
5KIPKHKECPV NQPIVGTO CFFKVKQPCN GPIKPGGTKPI TGSWKTGOGPVU CTG KORQUGF QP NCPFHKNN D[ VJG 'PXKTQPOGPVCN 2GTOKVVKPI 4GIWNCVKQPU 'PINCPF CPF 9CNGU VJTQWIJ 2QNNWVKQP 2TGXGPVKQP CPF %QPVTQN 22% RGTOKVU CFOKPKUVGTGF D[ VJG 'PXKTQPOGPV #IGPE[
4GUVQTCVKQP QH OKPGTCN CPF NCPFHKNN UKVGU WUKPI EQPUVTWEVKQP FGOQNKVKQP CPF GZECXCVKQP YCUVGU KU GPEQWTCIGF 6JKU KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP QP %QPUVTWEVKQP FGOQNKVKQP CPF GZECXCVKQP YCUVGU 6JG WUG QH EQPUVTWEVKQP FGOQNKVKQP CPF GZECXCVKQP YCUVG KU EQPUKFGTGF VQ DG ōTGEQXGT[Ŏ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
5QOG OKPGTCNU CPF YCUVG FGXGNQROGPVU KP *CORUJKTG JCXG URGEKHKE RNCPPKPI EQPFKVKQPU YJKEJ GPUWTG VJCV VJG UKVG KU TGUVQTGF KP VJG GXGPV QH VJG ENQUWTG QH VJG UKVG QT VJG EGUUCVKQP QH OKPGTCNU CPF YCUVG CEVKXKVKGU 6JKU KPENWFGU *CORUJKTGŎU TGEQXGT[ HCEKNKVKGU 6JG TGUVQTCVKQP QH QVJGT PQPEQPHQTOKPI FGXGNQROGPVU KP VJG EQWPVT[UKFG KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP QH VJG 2NCP TGNCVKPI VQ .CPFUECRG CPF EQWPVT[UKFG
+V KU PGEGUUCT[ VQ OCPCIG TGUVQTGF UKVGU HQT C RGTKQF QH ōCHVGTECTGŎ 6JKU KU VQ OCKPVCKP CPF KORTQXG VJG UVTWEVWTG CPF UVCDKNKV[ QH VJG UQKN CPF VQ RTQXKFG HQT XGIGVCVKQP JGNRKPI VQ GPUWTG C DGPGHKEKCN CHVGTWUG 6JG NGPIVJ QH VJG CHVGTECTG RGTKQF YKNN PQTOCNN[ DG CV NGCUV HKXG [GCTU CPF YKNN DG PGIQVKCVGF QP C ECUGD[ECUG DCUKU FGRGPFKPI QP VJG TGUVQTCVKQP CPF CHVGT WUGU CITGGF HQT C UKVG # NQPIGT CHVGTECTG RGTKQF OC[ PGGF VQ DG PGIQVKCVGF FGRGPFKPI QP VJG PCVWTG QH VJG FGXGNQROGPV +P UQOG KPUVCPEGU TGUVQTGF UKVGU TGSWKTG NQPIVGTO OCPCIGOGPV VQ OCKPVCKP VJGO CPF VQ GPUWTG VJCV TGUVQTCVKQP ICKPU UWEJ CU PCVWTG EQPUGTXCVKQP CPF COGPKV[ CTG OCZKOKUGF 6JG NQPIVGTO OCPCIGOGPV RNCPU YKNN WUWCNN[ DG OCPCIGF D[ QVJGT GPXKTQPOGPVCN QTICPKUCVKQPU +V KU KORQTVCPV VJCV NQPIVGTO HWPFKPI CPF OCPCIGOGPV UEJGOGU CTG UGEWTGF CPF GUVCDNKUJGF CU TGSWKTGF VQ GPUWTG VJCV VJG CHVGTECTG QH UKVGU KU CEJKGXCDNG CPF UWUVCKPCDNG KP VJG NQPIGT VGTO
*CORUJKTGŎU EQOOWPKVKGU JCXG CP KORQTVCPV TQNG VQ RNC[ KP JGNRKPI VQ UJCRG TGUVQTCVKQP UEJGOGU HQT OKPGTCNU NCPFHKNN CPF QVJGT OKPGTCNU CPF YCUVG FGXGNQROGPVU +P QTFGT VQ EQPVTKDWVG VQ UWEEGUUHWN TGUVQTCVKQP CPF CHVGTECTG QH OKPGTCNU CPF NCPFHKNN UKVGU VJG OKPGTCN CPF YCUVG RNCPPKPI CWVJQTKVKGU GPEQWTCIG GPICIGOGPV KP VJG RNCPPKPI CRRNKECVKQP RTQEGUU CPF UWRRQTV VJG GUVCDNKUJOGPV QH NQECN NKCKUQP RCPGNU HQT VJG NKHGVKOG QH CP[ OCLQT OKPGTCNU QT YCUVG UKVG 6JGUG RCPGNU OC[ EQPUKFGT KUUWGU UWEJ CU VJG YQTMKPI CPF TGUVQTCVKQP QH UKVGU %QOOWPKV[ KPXQNXGOGPV KP TGUVQTCVKQP KU EQPUKFGTGF KP OQTG FGVCKN KP VJG UGEVKQP %QOOWPKV[ DGPGHKVU *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
/CKPVCKPKPI *CORUJKTG U %QOOWPKVKGU
'PUWTKPI *CORUJKTG EQPVKPWGU VQ DG C RNGCUCPV CPF UCHG RNCEG VQ NKXG KU GUUGPVKCN VQ OCKPVCKPKPI VJG SWCNKV[ QH NKHG CPF YGNNDGKPI QH KVU EQOOWPKVKGU /KPGTCNU CPF YCUVG FGXGNQROGPV KU PGEGUUCT[ VQ CNNQY *CORUJKTGŎU EQOOWPKVKGU VQ HWPEVKQP PQY CPF KP VJG HWVWTG /QUV RGQRNG YJQ NKXG CPF YQTM KP *CORUJKTG WUG OKPGTCNU CPF RTQFWEG YCUVG VQ UQOG GZVGPV CPF UQOG NKXG ENQUG VQ GZKUVKPI QT RTQRQUGF OKPGTCNU CPF YCUVG FGXGNQROGPV UKVGU 6JGTGHQTG KV KU CNUQ GUUGPVKCN VQ CFFTGUU CP[ RQVGPVKCN KORCEV QP EQOOWPKVKGU ECWUGF D[ OKPGTCNU CPF YCUVG FGXGNQROGPV
2NCPPKPI HQT HWVWTG OKPGTCNU CPF YCUVG FGXGNQROGPV KU CNUQ CDQWV FQKPI YJCV KU PGEGUUCT[ VQ TGFWEG QT CXQKF VJG RQVGPVKCN KORCEV QP *CORUJKTG U EQOOWPKVKGU CPF CFFTGUUKPI VJGKT EQPEGTPU +PFGGF HQT OCP[ [GCTU VJG *CORUJKTG #WVJQTKVKGU JCXG UQWIJV VQ GPUWTG VJCV VJG PGGF HQT OKPGTCNU CPF YCUVG FGXGNQROGPV CPF RQVGPVKCN KORCEVU QP EQOOWPKVKGU KU OCPCIGF KP CP KPVGITCVGF CPF UWUVCKPCDNG YC[ +V KU CNUQ TGEQIPKUGF VJCV VJG 2NCP OC[ CHHGEV EQOOWPKVKGU DG[QPF *CORUJKTG UQ CP[ TGHGTGPEG VQ *CORUJKTGŎU EQOOWPKVKGU KP VJG 2NCP UJQWNF CNUQ DG VCMGP VQ KPENWFG PGKIJDQWTKPI EQOOWPKVKGU
6JKU UGEVKQP QH VJG 2NCP EQPUKFGTU VJG KORQTVCPEG QH TGURQPFKPI VQ EQOOWPKV[ EQPEGTPU YJGP RNCPPKPI HQT HWVWTG OKPGTCNU CPF YCUVG FGXGNQROGPV 6JG .QECNKUO #EV GORQYGTU NQECN EQOOWPKVKGU VQ JGNR UJCRG FGXGNQROGPV KP VJG EQOOWPKVKGU KP YJKEJ VJG[ NKXG VJTQWIJ ITGCVGT RCTVKEKRCVKQP KP VJG RNCPPKPI RTQEGUU 6JG #EV IKXGU OQTG HTGGFQO CPF HNGZKDKNKV[ VQ NQECN IQXGTPOGPV VQ RNCEG ITGCVGT GORJCUKU QP YJCV EQOOWPKVKGU YCPV CPF GPCDNKPI VJGO VQ DG KPXQNXGF KP VJG RNCPPKPI RTQEGUU
6JG *CORUJKTG #WVJQTKVKGU CEMPQYNGFIG VJCV UQOG OKPGTCNU CPF YCUVG CEVKXKVKGU CNVJQWIJ PGEGUUCT[ CTG UGGP CU JCXKPI RQVGPVKCN PGICVKXG GHHGEVU QP TGUKFGPVU HTQO PQKUG FWUV QFQWTU CPF VTCHHKE EQPIGUVKQP RGTJCRU CNUQ CHHGEVKPI JGCNVJ 5QOG QH VJGUG GHHGEVU CTKUG FKTGEVN[ HTQO VJG FGXGNQROGPV QH VJG OKPGTCNU CPF YCUVG UKVG KVUGNH YJKNG UQOG CTKUG KPFKTGEVN[ CPF ECP CHHGEV C YKFGT CTGC
(NQQFKPI JCU DGEQOG JKIJN[ TGNGXCPV VQ *CORUJKTG HQNNQYKPI C UWEEGUUKQP QH HNQQFKPI KPEKFGPVU KPENWFKPI HNQQFKPI HTQO ITQWPFYCVGT UQWTEGU KP EQCUVCN HNQQFKPI KP CPF TKXGT HNQQFKPI KP 6JG RTQVGEVKQP QH MG[ KPHTCUVTWEVWTG HTQO HNQQFKPI KU C ETKVKECN KUUWG HQT VJG 2NCP CTGC
%QOOWPKVKGU QHVGP IKXG VTCHHKE HTQO OKPGTCNU CPF YCUVG FGXGNQROGPV CU VJGKT OCLQT KH PQV RTKOCT[ EQPEGTP 6TCPURQTV KPHTCUVTWEVWTG PGGFU VQ DG OCKPVCKPGF DWV YG TGEQIPKUG VJCV QH CNN OQXGOGPV QH OKPGTCNU CPF YCUVG KU OCFG D[ TQCF WUKPI JGCX[ IQQFU XGJKENGU
6JG *CORUJKTG #WVJQTKVKGU CNUQ TGEQIPKUG VJCV XCTKCVKQPU KP *CORUJKTG U RQRWNCVGF CTGCU OGCPU FKHHGTGPV EQOOWPKVKGU HCEG FKHHGTGPV EJCNNGPIGU
2TQVGEVKPI EQOOWPKVKGU KU EGPVTCN VQ FGEKUKQPOCMKPI KP *CORUJKTG CPF VJKU UGEVKQP UGVU QWV JQY VJKU UJQWNF IWKFG FGEKUKQPU CDQWV RNCPPGF CPF HWVWTG OKPGTCNU CPF YCUVG FGXGNQROGPV +V KU DCUGF QP VJG *CORUJKTG #WVJQTKVKGU WPFGTUVCPFKPI QH VJG PGGFU CPF EQPEGTPU QH NQECN EQOOWPKVKGU DWV CNUQ TGEQIPKUGU VJG DGPGHKVU CPF QRRQTVWPKVKGU VJCV OKPGTCNU CPF YCUVG CEVKXKVKGU ECP QHHGT KPENWFKPI HKPCPEKCN DGPGHKVU UWEJ CU RTQXKFKPI C PGY UWRRN[ QH GPGTI[
+V KU GUUGPVKCN VQ QHHUGV QT OKPKOKUG VJG GHHGEVU QH OKPGTCNU CPF YCUVG QRGTCVKQPU QP EQOOWPKVKGU #P[ PGICVKXG GHHGEVU CTG QHVGP QPN[ VGORQTCT[ DGECWUG OCP[ QRGTCVKQPU CTG VGORQTCT[ DWV OKVKICVKQP OGCUWTGU CTG CNUQ CXCKNCDNG 6JKU UGEVKQP FGCNU YKVJ VJGUG KUUWGU CPF UGGMU VQ UJQY JQY CP[ GHHGEVU QP VJG EQOOWPKV[ YKNN DG DCNCPEGF CICKPUV VJG PGGF HQT OKPGTCNU CPF YCUVG FGXGNQROGPV
*CORUJKTG U TGUKFGPVU CTG CNUQ GPEQWTCIGF VQ JCXG VJGKT UC[ CDQWV OKPGTCNU CPF YCUVG FGXGNQROGPV KP VJG 2NCP CTGC CU YGNN CU VJGKT NQPIVGTO QRGTCVKQPU VJTQWIJ OKPGTCNU CPF YCUVG UKVG .KCKUQP 2CPGNU *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
2TQVGEVKPI RWDNKE JGCNVJ UCHGV[ CPF COGPKV[
/KPGTCNU CPF YCUVG OCPCIGOGPV CEVKXKVKGU UJQWNF PQV IKXG TKUG VQ RQNNWVKQP QT PGICVKXGN[ CHHGEV VJG GPXKTQPOGPV QT C EQOOWPKV[ GZEGUUKXGN[ QT WPPGEGUUCTKN[
9CUVG KP RCTVKEWNCT OWUV DG OCPCIGF UCHGN[ VQ GPUWTG KV FQGU PQV DGEQOG C UGTKQWU VJTGCV VQ RWDNKE JGCNVJ FCOCIG VJG GPXKTQPOGPV QT DGEQOG C PWKUCPEG CU VJKU ECP CHHGEV VJG SWCNKV[ QH NKHG QH *CORUJKTGŎU EQOOWPKVKGU UQ KV PGGFU VQ DG OCPCIGF CRRTQRTKCVGN[ #U RCTV QH CP[ RNCPPKPI CRRNKECVKQP CNN OKPGTCNU CPF YCUVG FGXGNQROGPV YKNN PGGF VQ FGOQPUVTCVG JQY KUUWGU CUUQEKCVGF YKVJ RWDNKE JGCNVJ UCHGV[ CPF COGPKV[ CTG DGKPI UWKVCDN[ CPF UWUVCKPCDN[ CFFTGUUGF CU RCTV QH RNCPPKPI CRRNKECVKQP UWDOKUUKQPU 6JKU KU KP NKPG YKVJ PCVKQPCN RNCPPKPI RQNKE[ YJKEJ UVCVGU VJCV RNCPPKPI RQNKEKGU CPF FGEKUKQPU UJQWNF OKVKICVG CPF TGFWEG VQ C OKPKOWO CP[ PGICVKXG KORCEV QP JGCNVJ CPF SWCNKV[ QH NKHG &GXGNQROGPV YJKEJ KU CRRTQRTKCVGN[ NQECVGF FGUKIPGF CPF OCPCIGF VQ JKIJ UVCPFCTFU KU NGUU NKMGN[ VQ IKXG TKUG VQ JGCNVJ CPF UCHGV[ EQPEGTPU
2QNKE[ 2TQVGEVKPI RWDNKE JGCNVJ UCHGV[ CPF COGPKV[
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF PQV ECWUG CFXGTUG RWDNKE JGCNVJ CPF UCHGV[ KORCEVU CPF WPCEEGRVCDNG CFXGTUG COGPKV[ KORCEVU
/KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF PQV
C TGNGCUG GOKUUKQPU VQ VJG CVOQURJGTG NCPF QT YCVGT CDQXG CRRTQRTKCVG UVCPFCTFU D JCXG CP WPCEEGRVCDNG KORCEV QP JWOCP JGCNVJ E ECWUG WPCEEGRVCDNG PQKUG FWUV NKIJVKPI XKDTCVKQP QT QFQWT F JCXG CP WPCEEGRVCDNG XKUWCN KORCEV G RQVGPVKCNN[ GPFCPIGT CKTETCHV HTQO DKTF UVTKMG CPF UVTWEVWTGU H ECWUG CP WPCEEGRVCDNG KORCEV QP RWDNKE UCHGV[ UCHGIWCTFKPI \QPGU I ECWUG CP WPCEEGRVCDNG KORCEV QP
K VKR CPF SWCTT[ UNQRG UVCDKNKV[ QT KK FKHHGTGPVKCN UGVVNGOGPV QH SWCTT[ DCEMHKNN CPF NCPFHKNN QT KKK UWDUKFGPEG CPF OKITCVKQP QH EQPVCOKPCPVU
J ECWUG CP WPCEEGRVCDNG KORCEV QP EQCUVCN UWTHCEG QT ITQWPFYCVGTU K ECWUG CP WPCEEGRVCDNG KORCEV QP RWDNKE UVTCVGIKE KPHTCUVTWEVWTG L ECWUG CP WPCEEGRVCDNG EWOWNCVKXG KORCEV CTKUKPI HTQO VJG KPVGTCEVKQPU DGVYGGP OKPGTCN CPF YCUVG FGXGNQROGPVU CPF DGVYGGP OKPGTCN YCUVG CPF QVJGT HQTOU QH FGXGNQROGPV
6JG RQVGPVKCN EWOWNCVKXG KORCEVU QH OKPGTCNU CPF YCUVG FGXGNQROGPV CPF VJG YC[ VJG[ TGNCVG VQ GZKUVKPI FGXGNQROGPVU OWUV DG CFFTGUUGF VQ CP CEEGRVCDNG UVCPFCTF
0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJU &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT
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
6JG UETGGPKPI QH UKVGU CPF QVJGT OKVKICVKQP OGCUWTGU CTG QHVGP TGSWKTGF VQ GPUWTG CP CEEGRVCDNG FGITGG QH RQVGPVKCN KORCEV QH OKPGTCNU CPF YCUVG FGXGNQROGPVU QP VJG JCDKVCVU NCPFUECRG VQYPUECRG CPF NQECN EQOOWPKVKGU +V KU UVCPFCTF RTCEVKEG KP *CORUJKTG HQT QRGTCVKQPCN OKPGTCN GZVTCEVKQP CPF KPGTV YCUVG TGE[ENKPI UKVGU VQ JCXG C OKPKOWO DWHHGT \QPG QH OGVTGU YJGTG CRRTQRTKCVG HTQO VJG PGCTGUV UGPUKVKXG JWOCP TGEGRVQTU UWEJ CU JQOGU CPF UEJQQNU VJQWIJ VJKU FKUVCPEG YKNN DG TGXKGYGF QP C ECUGD[ECUG DCUKU 0CVKQPCN RNCPPKPI RQNKE[ RTQXKFGU HWTVJGT IWKFCPEG QP VJKU KUUWG &GXGNQROGPVU JCPFNKPI DKQYCUVGU UWEJ CU NCPFHKNN CPF EQORQUVKPI UKVGU OC[ PGGF C DWHHGT \QPG QH WR VQ OGVTGU HTQO UGPUKVKXG JWOCP TGEGRVQTU WPNGUU VJGTG CTG GZEGRVKQPCN EKTEWOUVCPEGU UWEJ CU OKVKICVKQP OGCUWTGU YJKEJ ECP TGFWEG VJG UK\G QH VJG DWHHGT #NN CRRNKECVKQPU HQT OKPGTCNU CPF YCUVG FGXGNQROGPV YKNN DG CFXGTVKUGF KP VJG TGNGXCPV NQECN PGYURCRGTU #P[ FGXGNQROGPV ENQUG VQ PGKIJDQWTKPI RTQRGTVKGU CU FGHKPGF YKVJKP VJG *CORUJKTG 5VCVGOGPV QH %QOOWPKV[ +PXQNXGOGPV YKNN DG CFXGTVKUGF XKC C PGKIJDQWT PQVKHKECVKQP NGVVGT
$KTFUVTKMG \QPGU CTQWPF CGTQFTQOGU EQXGT UKIPKHKECPV RCTVU QH *CORUJKTG CPF NQECVKPI UKVGU YKVJKP VJGUG \QPGU OC[ KORCEV VJG QRGTCVKQP YQTMKPI TGUVQTCVKQP CPF CHVGT WUG QH UWEJ UKVGU 1VJGT JC\CTF \QPGU UWEJ CU VJQUG CTQWPF OKNKVCT[ KPUVCNNCVKQPU EJGOKECN RNCPVU CPF UVQTCIG CTGCU HQT FCPIGTQWU UWDUVCPEGU EQXGT UQOG CTGCU QH *CORUJKTG CPF ECP TGUVTKEV EGTVCKP V[RGU QH FGXGNQROGPV KP VJQUG NQECVKQPU VQ CXQKF KPETGCUKPI TKUMU VQ VJQUG NKXKPI CPF YQTMKPI KP VJG XKEKPKV[
6JG NQECVKQP QH RWDNKE UVTCVGIKE KPHTCUVTWEVWTG UWEJ CU YCVGT GNGEVTKEKV[ CPF ICU PGVYQTMU OC[ CNUQ TGUVTKEV FGXGNQROGPV KP UQOG KPUVCPEGU
2QVGPVKCN EWOWNCVKXG KORCEVU QH OKPGTCNU CPF YCUVG FGXGNQROGPV CTG RCTVKEWNCTN[ TGNGXCPV KP CTGCU YJKEJ CTG CNTGCF[ WPFGT UKIPKHKECPV FGXGNQROGPV RTGUUWTG QT JCXG EQPEGPVTCVKQPU QH GZKUVKPI CPF RQVGPVKCN HWVWTG OKPGTCN CPF YCUVG FGXGNQROGPV 6JG KORCEVU QP RNCPPGF FGXGNQROGPV PGCTD[ YKNN DG EQPUKFGTGF CU YGNN CU VJG KORCEVU QP GZKUVKPI UWTTQWPFKPI WUGU
/KPGTCNU CPF YCUVG FGXGNQROGPV ECP CHHGEV C EQOOWPKV[ŎU CEEGUU VQ RWDNKE TKIJVU QH YC[ QRGP URCEGU QT QWVFQQT TGETGCVKQP WUGU YJKNUV VJG FGXGNQROGPV KU KP RTQITGUU &GXGNQROGPV EQWNF CNUQ CHHGEV TQWVGU HCXQWTGF D[ E[ENKUVU GSWGUVTKCPU CPF YCNMGTU PGCT OKPGTCNU CPF YCUVG UKVGU +V KU UVCPFCTF RTCEVKEG HQT UWEJ TQWVGU VQ DG FKXGTVGF +V KU GZRGEVGF VJCV TKIJVU QH YC[ YKNN DG TGRNCEGF FKXGTVGF QT GSWKXCNGPV TQWVGU DG RTQXKFGF /KPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF PQV PGICVKXGN[ CHHGEV VJGUG HGCVWTGU VQ CP WPCEEGRVCDNG FGITGG
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ŎU EQCUVNKPG 6JG 2QQNG CPF %JTKUVEJWTEJ $C[ 5/2 EQXGTU VJG TGOCKPFGT QH VJG *CORUJKTG EQCUV KP VJG 0GY (QTGUV 6JG KORCEV QH TKUKPI UGC NGXGNU QP VJG *CORUJKTG EQCUV KU CP KORQTVCPV KUUWG CU VJGTG CTG CTGCU QH TGEQIPKUGF KORQTVCPEG HQT DKQFKXGTUKV[ YJKEJ EQWNF DG CHHGEVGF KH EQCUVCN FGHGPEG OGCUWTGU NKOKV VJG PCVWTCN OKITCVKQP QH VJGUG JCDKVCVU KP C NCPFYCTF FKTGEVKQP 0CVKQPCN RNCPPKPI RQNKE[ QP HNQQFKPI CKOU VQ UVGGT KPCRRTQRTKCVG PGY FGXGNQROGPV VQ CTGCU YKVJ VJG NQYGUV RTQDCDKNKV[ QH HNQQFKPI CPF UGVU QWV C UGSWGPVKCN CRRTQCEJ HQT FGVGTOKPKPI CRRTQRTKCVG NQECVKQPU 6JKU CRRTQCEJ KU DCUGF QP VJG KPFKECVKXG (NQQF /CRU RTGRCTGF D[ VJG 'PXKTQPOGPV #IGPE[ # 5VTCVGIKE (NQQF 4KUM #UUGUUOGPV 5(4# JCU DGGP RTGRCTGF VQ UWRRQTV VJKU 2NCP 6JG CUUGUUOGPV NQQMU CV VJG RQVGPVKCN HNQQFTKUM CUUQEKCVGF YKVJ VJG OKPGTCNU CPF YCUVG UKVG CNNQECVKQPU KPENWFGF KP VJG 2NCP 6JG CUUGUUOGPV DWKNFU WRQP FKUVTKEV DQTQWIJ CPF WPKVCT[ 5(4#U CU YGNN CU VJG *CORUJKTG 2TGNKOKPCT[ (NQQF 4KUM #UUGUUOGPV 6JG (NQQF CPF 9CVGT /CPCIGOGPV #EV ETGCVGU C PGY TQNG HQT EQWPV[ CPF WPKVCT[ CWVJQTKVKGU CU .GCF .QECN (NQQF #WVJQTKVKGU IKXKPI VJGO TGURQPUKDKNKV[ HQT VCMKPI CRRTQRTKCVG OGCUWTGU VQ OCPCIG CPF EQQTFKPCVG RWDNKE UGEVQT TGURQPUG VQ HNQQF TKUM KP VJGKT CTGCU 0GY FWVKGU KPENWFGF WPFGT VJG #EV KPENWFG C FWV[ VQ RTGRCTG C .QECN (NQQF 4KUM /CPCIGOGPV 5VTCVGI[ .(4/5 VQ GUVCDNKUJ C TGIKUVGT CPF TGEQTF QH UKIPKHKECPV HNQQF TKUM HGCVWTGU CPF VQ DGEQOG TGURQPUKDNG HQT CRRTQXKPI CFQRVKPI CPF OCKPVCKPKPI 5WUVCKPCDNG &TCKPCIG 5[UVGOU 5W&5 +ORNGOGPVCVKQP QH RQNKEKGU CPF RTQRQUCNU KP VJKU 2NCP UJQWNF JCXG TGICTF VQ VJGUG FWVKGU CPF UJQWNF TGHNGEV VJG TGSWKTGOGPVU QH VJG .(4/5 CU KV GXQNXGU *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP ,QKPV $CUGNKPG 4GRQTV UGEVKQP 0QTVJ 5QNGPV 5JQTGNKPG /CPCIGOGPV 2NCP 2QQNG CPF %JTKUVEJWTEJ $C[ 5JQTGNKPG /CPCIGOGPV 2NCP 0CVKQPCN 2NCPPKPI 2QNKE[ (TCOGYQTM RCTCITCRJU &%.) *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP 5VTCVGIKE (NQQF 4KUM #UUGUUOGPV *CORUJKTG /KPGTCNU CPF 9CUVG 2NCP #FQRVGF 1EVQDGT 2QNKE[ (NQQF TKUM CPF RTGXGPVKQP /KPGTCNU CPF YCUVG FGXGNQROGPV KP CTGCU CV TKUM QH HNQQFKPI UJQWNF C PQV TGUWNV KP CP KPETGCUGF HNQQFTKUM GNUGYJGTG CPF YJGTG RQUUKDNG YKNN TGFWEG HNQQFTKUM QXGTCNN D KPEQTRQTCVG HNQQF RTQVGEVKQP HNQQF TGUKNKGPEG CPF TGUKUVCPEG OGCUWTGU YJGTG CRRTQRTKCVG VQ VJG EJCTCEVGT CPF DKQFKXGTUKV[ QH VJG CTGC CPF VJG URGEKHKE TGSWKTGOGPVU QH VJG UKVG E JCXG UKVG FTCKPCIG U[UVGOU FGUKIPGF VQ VCMG CEEQWPV QH GXGPVU YJKEJ GZEGGF VJG PQTOCN FGUKIP UVCPFCTF F PQV KPETGCUG PGV UWTHCEG YCVGT TWPQHH CPF G 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ŋ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Ŏ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ŎU FGXGNQROGPV YQWNF TGUWNV KP C UKIPKHKECPV KORCEV QP VJG JKIJYC[ PGVYQTM #WVJQTKVKGU FKUEWUUKQPU GPICIGOGPV RTQEGUUGF YGGMU QT VJG OKPGTCNU CPF GPXKTQPOGPV CPF QPG KP YJKEJ KORTQXGOGPVU CTG TGSWKTGF VQ VJG NQECN JKIJYC[ CPF NKCKUQP DGVYGGP YKVJKP RTQRQUGF YCUVG OCKPVCKP UWTTQWPFKPI VJG UKVG +ORTQXGOGPVU OC[ KPENWFG VTCHHKE ECNOKPI CU YGNN 'PXKTQPOGPV OKPGTCNU CPF YCUVG YGGMU QT VJG 2NCPPKPI FGXGNQROGPV *CORUJKTGŎU CU QVJGT OGCUWTGU VQ OKVKICVG KORCEVU CUUQEKCVGF YKVJ JKIJYC[ #IGPE[ FGXGNQRGTU VJG RTQRQUGF )WCTCPVGG EQOOWPKVKGU OQXGOGPVU 9JGTG C RNCPPKPI QDNKICVKQP KU TGSWKTGF GCEJ ECUG YKNN DG FGVGTOKPKPI CWVJQTKV[ 2NCPPKPI CPF UWRRQTV FGVGTOKPGF QP KVU KPFKXKFWCN OGTKVU CPF PGGFU CPF YKNN VCMG KPVQ CEEQWPV 0CVWTCN CPF UVCVWVQT[ CPF QVJGT )WCTCPVGG $TGCEJ QH *CORUJKTGŎU VJG DGPGHKVU CPF KUUWGU CUUQEKCVGF YKVJ VJG RTQRQUGF FGXGNQROGPV 'PINCPF EQPUWNVGGU CU DGPEJOCTM GEQPQO[ CRRTQRTKCVG QXGT VYQ #HVGT #RTKN QT YJGP C %+. EJCTIKPI UEJGFWNG KU CRRTQXGF VJG UWEEGUUKXG %+. 4GIWNCVKQP YKNN EQOG KPVQ HQTEG CPF VJG RQQNKPI QH EQPVTKDWVKQPU 6KOGN[ FGEKUKQPU QP [GCTU UGEWTGF WPFGT UGEVKQP CITGGOGPVU YKNN PQ NQPIGT DG RGTOKVVGF 6JKU RNCPPKPI CRRNKECVKQPU TGUVTKEVKQP YKNN PQV CRRN[ VQ EQPVTKDWVKQPU UGEWTGF HQT JKIJYC[ KORTQXGOGPVU WPFGT 5 CITGGOGPVU /KPGTCN CPF 'PUWTG CRRTQRTKCVG CPF 6JG %+. 4GIWNCVKQPU KPVTQFWEGF KP TGFWEGF VJG HKXG VGUVU UGV QWV 9CUVG RTQRQTVKQPCVG KP %KTEWNCT VQ VJTGG CPF RWV VJGO QP C UVCVWVQT[ DCUKU HQT FGXGNQRGTU KPHQTOCVKQP KU FGXGNQROGPV ECRCDNG QH DGKPI EJCTIGF %+. # RNCPPKPI QDNKICVKQP OWUV UWDOKVVGF DG PGEGUUCT[ VQ OCMG VJG RTQRQUGF FGXGNQROGPV CEEGRVCDNG KP RNCPPKPI VGTOU FKTGEVN[ TGNCVGF VQ VJG RTQRQUGF FGXGNQROGPV CPF HCKTN[ CPF TGCUQPCDN[ TGNCVGF KP UECNG CPF MKPF VQ VJG RTQRQUGF FGXGNQROGPV %+. QPN[ TGNCVGU VQ FGXGNQROGPV YJKEJ KPENWFGU VJG ETGCVKQP QH C PGY DWKNFKPI QT GZVGPUKQP VQ CP GZKUVKPI DWKNFKPI CPF VJGTG CTG GZGORVKQPU %+. FQGU PQV CRRN[ VQ OCLQT OKPGTCNU CPF YCUVG FGXGNQROGPV VJCV FQGUPŎV KPXQNXG DWKNFKPIU DWV VJGTG OC[ DG UQOG HQTOU QH OKPGTCNU CPF YCUVG FGXGNQROGPVU YJKEJ YQWNF DG EJCTIGCDNG 6JKU YKNN KPENWFG CNN V[RGU QH DWKNFKPIU KPVQ YJKEJ RGQRNG IQ UWEJ CU 2QNKE[ +ORNGOGPVCVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY QHHKEGU RQTVCECDKPU CPF QVJGT DWKNFKPIU QEEWRKGF D[ YQTMGTU QP FGXGNQROGPVU CUUQEKCVGF YKVJ OKPGTCNU CPF YCUVG FGXGNQROGPV CPF YCUVGVTCPUHGT UVCVKQPU QT OCVGTKCN TGEQXGT[ HCEKNKVKGU 6JG #EV FQGU PQV CNNQY HQT %QWPV[ %QWPEKNU VQ DG C EJCTIKPI CWVJQTKV[ HQT %+. CNVJQWIJ KP VJG EQPVGZV QH OKPGTCNU RNCPPKPI VJG *CORUJKTG #WVJQTKVKGU CTG EQPUKFGTGF VQ DG VJG EQNNGEVKPI CWVJQTKVKGU 9JGTG %+. KU CRRNKECDNG KP CP CTGC KP TGNCVKQP VQ OKPGTCNU CPF YCUVG FGXGNQROGPV %+. YKNN DG EQNNGEVGF D[ VJG TGNGXCPV *CORUJKTG CWVJQTKV[ CPF TGVWTPGF VQ VJG TGNGXCPV FKUVTKEV QT DQTQWIJ EQWPEKN YKVJ VJG GZEGRVKQP QH VJG 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG %KV[ %QWPEKNU CPF 0CVKQPCN 2CTM #WVJQTKVKGU CPF WUGF HQT VJG KPHTCUVTWEVWTG PGGFGF VQ UWRRQTV OKPGTCNU CPF YCUVG FGXGNQROGPVU 2QNKE[ /KPKOKUG *CORUJKTG 5GGM VQ NQECVG OKPGTCNU 2NCPPKPI 0WODGT QH %NKOCVG EQPVTKDWVKQP #WVJQTKVKGU CPF YCUVG FGXGNQROGPV RGTOKUUKQPU RNCPPKPI EJCPIG ŋ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ōNKMGN[ UKIPKHKECPV GHHGEVŎ VQ 'WTQRGCP UKVG U ECP DG KFGPVKHKGF VJG RTQRQUCNU CPF RNCPPKPI RTQEGUU PGGFU VQ EQPUKFGT YJGVJGT ōPQ CFXGTUG GHHGEV QP KPVGITKV[Ŏ QH VJGUG FGUKIPCVKQPU ECP DG RTQXGP 6JGTG YKNN DG C PGGF VQ HQNNQY VJG *CDKVCVU 4GIWNCVKQPU #UUGUUOGPV RTQEGUU VJG FGVCKN QH YJKEJ UJQWNF DG RTQRQTVKQPCVG VQ VJG UECNG CPF NQECVKQP QH FGXGNQROGPV CPF GPUWTG VJCV #.. 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Ŏ CPF QVJGT RQVGPVKCN KORCEVU HQT 555+U RJ[UKECNN[ QT HWPEVKQPCNN[ EQPPGEVGF VQ C FGXGNQROGPV UKVG 9JGTG UWEJ CEVKXKVKGUKORCEVU OC[ CTKUG VJTQWIJ FGXGNQROGPV UWHHKEKGPV EQTTGURQPFGPEG YKVJ VJG 5VCVWVQT[ 0CVWTG %QPUGTXCVKQP #WVJQTKV[ OWUV DG RTQXKFGF VQ UWRRQTV CP CRRNKECVKQP VQ FGOQPUVTCVG VJCV VJKU JCU DGGP CFGSWCVGN[ EQPUKFGTGF CPF CFFTGUUGF YKVJKP CP CRRNKECVKQP 6JG *CORUJKTG #WVJQTKVKGU OWUV EQPUWNV VJG 5VCVWVQT[ 0CVWTG 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CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY EQPUKFGTCVKQP QH CGTQFTQOG UCHGIWCTFKPI KH CRRTQRTKCVG VQ VJG NQECVKQP YJGTG QPUKVG VQR CPF UWD UQKNU CTG VQ DG WUGF CU RCTV QH VJG TGUVQTCVKQP QH C UKVG VJG TGUVQTCVKQP UEJGOGU YKNN PGGF VQ OCMG RTQXKUKQP VQ GPUWTG VJCV CFGSWCVG UQKNU QT UQKNOCMKPI OCVGTKCNU CTG CXCKNCDNG VQ TGUVQTG VJG UKVG UCVKUHCEVQTKN[ 6JG FGVCKNU OCPCIGOGPV UVQTCIG VKOKPIU CPF OGCPU QH UQKNU OQXGOGPVU UJQWNF VJGTGHQTG DG ENGCTN[ UGV QWV YKVJ TGUVQTCVKQP UEJGOGU YJGTG TGUVQTCVKQP UEJGOGU TGSWKTG VJG KORQTVCVKQP QH QVJGT OCVGTKCNU UWEJ CU PQPJC\CTFQWU CPF KPGTV YCUVGU KV OWUV DG FGOQPUVTCVGF VJCV VJGTG YKNN DG CP CFGSWCVG CPF VKOGN[ UWRRN[ 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG QH UWKVCDNG OCVGTKCN VQ GPUWTG VJCV VJG TGUVQTCVKQP QH C UKVG ECP RTQEGGF QP UEJGFWNG EQPUKFGTCVKQP QH QVJGT HKPCPEKCN KPXGUVOGPV OCFG VQYCTFU VJG EQPUGTXCVKQP QH JCDKVCVU CPF URGEKGU QH KPVGTGUV QP VJG FGXGNQROGPV NCPF CU CRRTQRTKCVG RNCPU HQT 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*CORUJKTG 6JG ETGCVKQP CPF NQPIVGTO OCPCIGOGPV CHVGTECTG QH EQORGPUCVQT[ JCDKVCVU FGXGNQRGF CU C TGUWNV QH OKPGTCNU QT YCUVG FGXGNQROGPVU YKNN PGGF VQ DG EQPUKFGTGF CU RCTV QH VJG TGUVQTCVKQP CPF CHVGTECTG UEJGOGU HQT OKPGTCNU CPF YCUVG FGXGNQROGPVU CU CRRTQRTKCVG 5RGEKHKE EQPUKFGTCVKQP KU TGSWKTGF QP VJG CDKNKV[ VQ TGETGCVG JCDKVCVU CPF VJKU KU CP KORQTVCPV EQPUKFGTCVKQP YJKEJ OWUV DG CFFTGUUGF FWTKPI VJG HQTOWNCVKQP QH TGUVQTCVKQP CPF CHVGTECTG UEJGOGU (QT GZCORNG CPEKGPV YQQFNCPF ECPPQV DG TGETGCVGF CPF VJGTG KU C RTGUWORVKQP CICKPUV KVU NQUU 9JGTG OKPGTCNU CPF NCPFHKNN UKVGU HCNN YKVJKP ōDKTFUVTKMGŎ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ŎU KORQTVCPV CITKEWNVWTCN NCPF KU RTQVGEVGF CPF NCPF KU PQV RGTOCPGPVN[ NQUV /KPGTCNU CPF YCUVG FGXGNQROGPV QP JKIJSWCNKV[ CITKEWNVWTCN DGUV CPF OQUV XGTUCVKNG NCPF YKNN DG TGSWKTGF VQ TGVWTP VJG UKVG VQ CV NGCUV KVU RTGXKQWU CITKEWNVWTCN NCPF EQPFKVKQP KH PQV KORTQXGF WPNGUU KV ECP DG FGOQPUVTCVGF VJCV CNVGTPCVKXG CHVGTWUGU QWVYGKIJ VJKU PGGF 6JG RTQVGEVKQP QH UQKNU KP VJGUG NQECVKQPU KU EQPUKFGTGF WPFGT 2QNKE[ 2TQVGEVKQP QH UQKNU 6JGUG KUUWGU YKNN PGGF VQ DG EQPUKFGTGF KP FGVCKN HQT TGUVQTCVKQP CPF CHVGTECTG UEJGOGU QP CITKEWNVWTCN NCPF CPF CRRTQRTKCVG FGUKIP RTKPEKRNGU YJKEJ CTG CEEGRVCDNG CPF UGPUKVKXG VQ DKQFKXGTUKV[ UJQWNF DG EQPUKFGTGF CU CRRTQRTKCVG CU RCTV QH VJG FGUKIP QH CITKEWNVWTCN ITC\KPI CPF HQTGUVT[ TGUVQTCVKQP UEJGOGU 2QNKE[ +ORNGOGPVCVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY 6JG TGUVQTCVKQP QH OKPGTCNU CPF NCPFHKNN UKVGU UJQWNF EQOOGPEG CV VJG GCTNKGUV QRRQTVWPKV[ CPF OWUV DG EQORNGVGF YKVJKP CP CEEGRVCDNG VKOGUECNG CU UGV QWV D[ VJG TGNGXCPV RNCPPKPI RGTOKUUKQP 4GUVQTCVKQP QH QKN CPF ICU UKVGU KU C MG[ UKVG EQPUKFGTCVKQP #U QKN CPF ICU FGXGNQROGPV VCMGU RNCEG QXGT VJTGG UVCIGU KV KU RQUUKDNG VQ TGSWKTG VJG TGUVQTCVKQP QH YGNN UKVGU VQ DG WPFGTVCMGP CV VJG GPF QH GCEJ UVCIG TCVJGT VJCP CNNQYKPI VJG QRGTCVQT VQ MGGR VJG UKVG QP JQNF DGHQTG OQXKPI QP VQ VJG PGZV UVCIG CRJT KGCUCF9UG2C #QVF1VDT 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG #NN OKPGTCNU CPF NCPFHKNN RTQRQUCNU TGSWKTG CP CHVGTECTG RGTKQF QH CV NGCUV HKXG [GCTU *QYGXGT C NQPIGT CHVGTECTG RGTKQF OC[ PGGF VQ DG PGIQVKCVGF FGRGPFKPI QP VJG PCVWTG QH VJG FGXGNQROGPV (QT GZCORNG 4GUVQTCVKQP VQ JGCVJNCPF YKNN TGSWKTG C NQPIGT CHVGTECTG RGTKQF FWG VQ VJG NGPIVJ QH VKOG JGCVJNCPF WUWCNN[ VCMGU VQ GUVCDNKUJ PCVWTG EQPUGTXCVKQP OCPCIGOGPV OC[ TGSWKTG CP CHVGTECTG RGTKQF QH WR VQ QT KP GZEGUU QH [GCTU FGRGPFKPI QP VJG UEJGOG CPF TGUVQTCVKQP VQ CITKEWNVWTG OC[ QPN[ PGGF C HKXG[GCT CHVGTECTG RGTKQF #U YKVJ TGUVQTCVKQP VJG CHVGTECTG RGTKQF HQT OKPGTCN GZVTCEVKQP QT NCPFHKNN UKVGU YKNN DG EQPVTQNNGF VJTQWIJ RNCPPKPI EQPFKVKQPU QT NGICN CITGGOGPVU 1PEG VJG CHVGTECTG RGTKQF JCU DGGP EQORNGVGF OKPGTCNU CPF YCUVG QRGTCVQTU CTG PQTOCNN[ PQ NQPIGT TGURQPUKDNG HQT VJG OCPCIGOGPV QH VJG UKVG 5KVGU CTG VJGTGCHVGT WUWCNN[ JCPFGF DCEM VQ VJG QTKIKPCN NCPFQYPGT QT UQOG QVJGT CIGPE[ HQT QPIQKPI WUG CPF OCPCIGOGPV #P GZEGRVKQP KU NCPFHKNN ICU CPF NGCEJCVG OQPKVQTKPI YJKEJ OC[ PGGF VQ EQPVKPWG HQT C RGTKQF UGV D[ C 22% RGTOKV CRJT KGCUCF9UG2C #QVF1VDT 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG 2QNKE[ +ORNGOGPVCVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY 2QNKE[ /KPKOKUG #NN OKPGTCNU CPF YCUVG FGXGNQROGPV YKNN PGGF VQ EQPUKFGT VJG HQNNQYKPI *CORUJKTG 'PUWTG CNN FGXGNQROGPV 2NCPPKPI 0WODGT QH 2TQVGEVKPI KORCEV QP KUUWGU #WVJQTKVKGU RTQRQUCNU OKPKOKUG VJGKT RGTOKUUKQPU RNCPPKPI RWDNKE JGCNVJ RWDNKE 6JG EQPUKFGTCVKQP QH GOKUUKQPU VQ CKT UJQWNF KPENWFG VJG RTQZKOKV[ KORCEVU CICKPUV RGTOKUUKQPU UCHGV[ CPF JGCNVJ QH RTQRQUCNU VQ CTGCU YJKEJ CNTGCF[ TGSWKTG CKTSWCNKV[ 'PXKTQPOGPV CICKPUV COGPKV[ UCHGV[ CPF KORTQXGOGPV 6JKU KPENWFGU #KT 3WCNKV[ /CPCIGOGPV #TGCU 'PUWTG CRRTQRTKCVG #IGPE[ CFXKEG 'PXKTQPOGPV COGPKV[ VJG EQPUKFGTCVKQP QH GOKUUKQPU VQ CKT CPF FWUV UJQWNF EQPUKFGT OCPCIGOGPV CPF #IGPE[ CFXKEG VJG RTQZKOKV[ QH JCDKVCVU CPF FGUKIPCVGF UKVGU UGPUKVKXG VQ OQPKVQTKPI KPETGCUGF NQCFKPI CUUGUUOGPV UJQWNF DG ECTTKGF QWV VQ EQPUKFGT VJG KORCEVU QH 2NCPPKPI RTQRQUCNU DQVJ CNQPG CPF KP EQODKPCVKQP YKVJ QVJGT RNCPU /KPGTCNU CPF %CTT[ QWV UWKVCDNG RGTOKUUKQPU RTQITCOOGU QT RTQLGEVU 9CUVG CUUGUUOGPVU QP VJG CICKPUV 0WODGT QH CP[ WPFWG CFXGTUG RQNNWVKQP RWDNKE UCHGV[ QT COGPKV[ KORCEVU FGXGNQRGTU KORCEV QH RTQRQUCNU CPF 'PXKTQPOGPV RNCPPKPI OWUV DG CXQKFGF QT OKPKOKUGF D[ UGPUKVKXG FGUKIP NC[QWV CUUGUU CP[ EWOWNCVKXG *GCNVJ 1HHKEGT RGTOKUUKQPU EQPUVTWEVKQP CFGSWCVG UETGGPKPI DWHHGT \QPGU YJGTG TGNGXCPV KORCEVU CFXKEG CICKPUV CPF GHHGEVKXG QRGTCVKPI UQNWVKQPU CKOGF CV OCPCIKPI PQKUG CKT 'PXKTQPOGPV QFQWT HNQQFKPI CPF XKUWCN KORCEVU 5WIIGUV UWKVCDNG *GCNVJ 1HHKEGT CXQKFKPI KORCEVU QP RGFGUVTKCP UCHGV[ KU C MG[ EQPUKFGTCVKQP QH OKVKICVKQP OGCUWTGU QT CFXKEG JKIJYC[U COGPKV[ 6JKU KU EQPUKFGTGF KP 2QNKE[ /CPCIKPI VTCHHKE KPFKECVG RQUKVKXG KORCEVU YJGTG FGXGNQROGPV KU DKTFUVTKMG \QPGU CTQWPF CGTQFTQOGU EQXGT UKIPKHKECPV RCTVU QH RTQRQUGF *CORUJKTG %GTVCKP QRGTCVKQPU KPENWFKPI UKVG YQTMKPI CPF TGUVQTCVKQP QRVKQPU KP VJGUG CTGCU ECP DG CHHGEVGF FWG VQ VJG PGGF VQ MGGR DKTFU CYC[ HTQO CKTETCHV HNKIJV RCVJU 6JG TGUVQTCVKQP 'PXKTQPOGPVCN #FXKEG QP IQQF RTCEVKEG QH UKVGU KP DKTFUVTKMG CTGCU KU EQPUKFGTGF KP 2QNKE[ 4GUVQTCVKQP QH *GCNVJ CPF RWDNKECVKQPU SWCTTKGU CPF YCUVG FGXGNQROGPVU RTQRQUCNU YKVJKP RWDNKEUCHGV[ UCHGIWCTFKPI \QPGU YKNN DG *GCNVJ #VVGPFCPEG CV NKCKUQP UETWVKPKUGF KP VJG NKIJV QH RQVGPVKCN TKUMU PQVKHKGF D[ VJG *GCNVJ 5CHGV[ OGGVKPIU CPF 5CHGV[ 'ZGEWVKXG CGTQFTQOG QRGTCVQTU CPF /KPKUVT[ QH 'ZGEWVKXG &GHGPEG CRRNKECPVU OC[ DG TGSWKTGF VQ UWDOKV C *GCNVJ +ORCEV #UUGUUOGPV /KPKUVT[ QH YJGTG JGCNVJ KORCEVU QT RQVGPVKCN JGCNVJ KORCEVU CTG KFGPVKHKGF &GHGPEG 6JG TGNGXCPV JGCNVJ CPF RQNNWVKQP EQPVTQN CWVJQTKVKGU YKNN DG EQPUWNVGF QP RTQRQUCNU YJKEJ OC[ IKXG TKUG VQ RQNNWVKQP CPF JGCNVJ #GTQFTQOG KUUWGU QRGTCVQTU CNN OKPGTCNU CPF YCUVG FGXGNQROGPVU OWUV VCMG KPVQ CEEQWPV VJG PGGF VQ RTQVGEV VJG HNQY CPF SWCNKV[ QH EQCUVCN UWTHCEG CPF 2QNKE[ +ORNGOGPVCVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY ITQWPFYCVGT TGUQWTEGU 6JGTG KU CNUQ C PGGF VQ RTQVGEV VJG SWCNKV[ 'PXKTQPOGPV CPF [KGNF QH RQVCDNG YCVGT TGUQWTEGU /KPGTCNU CPF YCUVG #IGPE[ FGXGNQROGPVU YKNN QPN[ DG RGTOKVVGF KH VJG[ CTG WPNKMGN[ VQ JCXG CP WPCEEGRVCDNG KORCEV QP YCVGT TGUQWTEGU CPF FWG TGICTF KU 1VJGT IKXGP VQ YCVGT EQPUGTXCVKQP CPF GHHKEKGPE[ 0QPJC\CTFQWU NCPFHKNN TGNGXCPV FGXGNQROGPVU UJQWNF PQV KORCEV C RTKPEKRCN CSWKHGT CPF UJQWNF GPXKTQPOGPVCN DG NQECVGF QWVUKFG )TQWPFYCVGT 2TQVGEVKQP TGNGXCPV IQXGTPKPI CWVJQTKVKGU 'PXKTQPOGPV #IGPE[ VJCV VJGTG 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG YQWNF PQV DG CP KORCEV CU C TGUWNV QH VJG FGXGNQROGPV .CPFHKNN CRRNKECPVU YKNN PGGF VQ FGOQPUVTCVG VJCV )TQWPFYCVGT 2TQVGEVKQP CPF (NQQF 4KUM \QPGU FQ PQV WPFGTNKG VJG RTQRQUGF UKVG 4GEQOOGPFGF UVCPFQHHU HTQO )TQWPFYCVGT 2TQVGEVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY 2QNKE[ +ORTQXGOGPV &GXGNQROGPVU WPFGT EQPUKFGTCVKQP KP KFGPVKHKGF CTGCU QH HNQQF TKUM YKNN *CORUJKTG 4GUKUV FGXGNQROGPV KP 2NCPPKPI 0WODGT QH (NQQF TKUM CPF VQ HNQQF PGGF VQ FGOQPUVTCVG VJCV VJG FGXGNQROGPV QH VJG UKVG YKNN DG UCHG CPF #WVJQTKVKGU CTGCU NKCDNG VQ HNQQFKPI RGTOKUUKQPU RNCPPKPI RTGXGPVKQP RTQVGEVKQP PQV TGUWNV KP KPETGCUGF HNQQF TKUM 5WEJ FGXGNQROGPVU YKNN TGSWKTG VJG QT YJKEJ YQWNF KPETGCUG CICKPUV RGTOKUUKQPU QT PQ PGV 5GSWGPVKCN 6GUV CPF YJGTG CRRTQRTKCVG VJG 'ZEGRVKQP 6GUV VQ DG ECTTKGF HNQQF TKUM KP PGCTD[ 'PXKTQPOGPV CICKPUV KPETGCUG KP QWV VQIGVJGT YKVJ UKVGURGEKHKE (NQQF 4KUM #UUGUUOGPVU 9JGTG C HNQQF CTGCU #IGPE[ CFXKEG 'PXKTQPOGPV HNQQF TKUM TKUM KU KFGPVKHKGF FGXGNQROGPV UJQWNF QEEWT QPN[ KP GZEGRVKQPCN #IGPE[ CFXKEG EKTEWOUVCPEGU YJGTG VJG 'ZEGRVKQP 6GUV KP PCVKQPCN IWKFCPEG KU OGV # /KPGTCNU CPF %CTT[ QWV UWKVCDNG FGXGNQROGPV YKVJQWV C (NQQF 4KUM #UUGUUOGPV YJGTG QPG KU TGSWKTGF 9CUVG CUUGUUOGPVU QP VJG YKNN WUWCNN[ PQV DG UWRRQTVGF FGXGNQRGTU KORCEV QH RTQRQUCNU CPF CUUGUU CP[ EWOWNCVKXG &GXGNQROGPV YKVJKP CP CTGC ITGCVGT VJCP JGEVCTG QT YKVJKP (NQQF KORCEVU 4KUM 'PXKTQPOGPV 5WRRN[ HNQQF TKUM FCVC VQ #IGPE[ /2#92# #FXKEG QP IQQF RTCEVKEG CPF RWDNKECVKQPU 2QNKE[ +ORNGOGPVCVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY 2QNKE[ 0Q 6JG OGVJQF HQT VTCPURQTVKPI YCUVG VQ CPF HTQO C YCUVG HCEKNKV[ UJQWNF DG *CORUJKTG 5WRRQTV YCVGTTCKN 2NCPPKPI 0WODGT QH /CPCIKPI UKIPKHKECPV KP CEEQTFCPEG YKVJ VJG IWKFCPEG KP 2NCPPKPI 2QNKE[ 5VCVGOGPV 225 #WVJQTKVKGU VTCPURQTV QH OCVGTKCNU RGTOKUUKQPU RNCPPKPI VTCHHKE KORCEVU QP YJKEJ GPEQWTCIGU PGY YCUVG HCEKNKVKGU VQ DG NQECVGF CU ENQUG VQ VJGKT YJGTG RQUUKDNG EQPVTCT[ VQ RGTOKUUKQPU UCHGV[ QH OCKP UQWTEG QH YCUVG CU RQUUKDNG KP QTFGT VQ TGFWEG VJG FKUVCPEG VJCV *KIJYC[ CICKPUV JKIJYC[U YCUVG KU VTCPURQTVGF CPF JGPEG TGFWEG VJG ECTDQP KORCEV HTQO YCUVG *KIJYC[ %CTT[ QWV UWKVCDNG #WVJQTKV[ *KIJYC[ CPF VTCPURQTVCVKQP CWVJQTKVKGU CUUGUUOGPVU KPENWFKPI CFXKEG #WVJQTKV[ RGFGUVTKCPU CEEGUU GOKUUKQPU CPF CFXKEG 9JGTG VJG UQWTEG QH YCUVG HQT C HCEKNKV[ OC[ CTKUG HTQO C TCPIG QH EQPIGUVKQP KP VJG ECUG 0Q IGQITCRJKE NQECVKQPU VJG KORCEV QH FGXGNQRKPI C PGVYQTM QH UOCNNGT QH TQCF VTCPURQTVCVKQP UKIPKHKECPV HCEKNKVKGU TCVJGT VJCP QPG NCTIGT EGPVTCN HCEKNKV[ UJQWNF DG CUUGUUGF YKVJ QP VJG KORCEV QH KORCEVU QP TGURGEV VQ VJG NKMGN[ VTCPURQTV KORCEVU QH DQVJ QRVKQPU QP EQPIGUVKQP RTQRQUCNU CPF CUUGUU CP[ 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG JKIJYC[ GOKUUKQPU EQOOWPKVKGU CPF UKVGU QH JKUVQTKE QT GEQNQIKECN KORQTVCPEG EWOWNCVKXG KORCEVU ECRCEKV[ QT GPXKTQPOGPV 6JG RTQXKUKQP QH CFGSWCVG CPF UCHG CEEGUU VQ UKVGU CPF HCEKNKVKGU KU RCTCOQWPV %QPUWNV YKVJ /2#92# CPF COGPKV[ +P RCTVKEWNCT UKVGU UJQWNF JCXG CPF UWRRN[ UCHG CEEGUU CPF CP CEEGRVCDNG TQWVG VQ VJG UVTCVGIKE TQCF PGVYQTM YJKEJ CXQKFU QT OKPKOKUGU KORCEVU QP UGPUKVKXG NCPFUECRGU /KPGTCNU CPF 2TQOQVG YCVGTTCKN JCDKVCVU URGEKGU CPF EQOOWPKVKGU CPF 9CUVG VTCPURQTV QH OCVGTKCNU OC[ PGGF VQ UKIPWR VQ C UGEVKQP CITGGOGPV HQT C UVCHH VTCXGN FGXGNQRGTU YJGTG RQUUKDNG RNCP YJGTG VJG OKPGTCNU CPF YCUVG FGXGNQROGPV IGPGTCVGU UKIPKHKECPV COQWPVU QH XGJKENG OQXGOGPVU 6JKU YKNN DG QH RCTVKEWNCT KORQTVCPEG VQ NCTIGT HCEKNKVKGU UWEJ CU OKPGTCN GZVTCEVKQP UKVGU CPF NCTIG UECNG YCUVG HCEKNKVKGU YJKEJ CTG NKMGN[ VQ IGPGTCVG JKIJGT VTCHHKE PWODGTU VJCP UOCNNGT HCEKNKVKGU 6JG WUG QH DQVJ VJG 540 CPF 240 CNQPIUKFG UWKVCDNG NQECN UVTCVGIKE TQCFU .40 UJQWNF GPUWTG VJCV VJG KORCEVU QP EQOOWPKVKGU CPF UKVGU QH JKUVQTKE QT GEQNQIKECN KORQTVCPEG CTG MGRV VQ C OKPKOWO +H PGEGUUCT[ VTCHHKE TQWVKPI CITGGOGPVU YKNN DG KORNGOGPVGF VQ GPUWTG VJCV CEEGUU KU TGUVTKEVGF VQ VJG NQYGUV KORCEV TQWVG +V KU CNUQ KORQTVCPV VJCV RQVGPVKCN ETQUUDQWPFCT[ KORCEVU CPF EWOWNCVKXG KORCEVU QH OKPGTCNU CPF YCUVG FGXGNQROGPV YKVJ QVJGT NQECN FGXGNQROGPVU CTG EQPUKFGTGF CRJT KGCUCF9UG2C #QVF1VDT 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG 2QNKE[ +ORNGOGPVCVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY (WTVJGTOQTG VJG FGXGNQROGPV QH KPHTCUVTWEVWTG VQ GPEQWTCIG VJG OQUV CRRTQRTKCVG VTCPURQTV QH OKPGTCNU CPF YCUVG TGUQWTEGU KU UWRRQTVGF KP RCTVKEWNCT JKIJYC[ FGXGNQROGPVU VJCV YQWNF KORTQXG CEEGUU VQ SWCTTKGU CPF YCUVG HCEKNKVKGU VJWU OKVKICVKPI VJG KORCEVU QH GZKUVKPI QT HWVWTG VTCHHKE QP VJG GPXKTQPOGPV CPF EQOOWPKVKGU #RRTQRTKCVG KORTQXGOGPVU VQ VJG JKIJYC[ PGVYQTM VQ JGNR YKVJ VJKU YKNN DG UWRRQTVGF GURGEKCNN[ KH KV ECP RTQXKFG CEEGUU VQ TGUQWTEGU VJCV YQWNF QVJGTYKUG JCXG VQ TGOCKP WPWUGF +V KU KORQTVCPV VQ PQVG VJCV KP UQOG 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EQPUVTWEVKQP CPF FGOQNKVKQP YCUVGU KP VJG EQPUVTWEVKQP QH VJG FGXGNQROGPV CPF CUUQEKCVGF VTCPURQTVCVKQP KPHTCUVTWEVWTG 2QNKE[ +ORNGOGPVCVKQP 2TQRQUCN %QPUKFGTCVKQPU /GEJCPKUO 5VCMGJQNFGT 5VCMGJQNFGT CEVKQP /QPKVQTKPI /QPKVQTKPI QWVEQOGU CPFQT KPFKECVQT VTKIIGT HQT UVCVWVQT[ VJTGUJQNF HQT NKOKVCVKQP EQPUWNVGG RQNKE[ TGXKGY 6JG FGUKIP QH OKPGTCNU CPF YCUVG FGXGNQROGPV UJQWNF OKPKOKUG YCUVG RTQFWEVKQP +H FGOQNKVKQP PGGFU VQ VCMG RNCEG DGHQTG EQPUVTWEVKQP FGOQNKVKQP YCUVGU UJQWNF DG TGEQXGTGF TGE[ENGF CPF TGWUGF RTGHGTCDN[ QPUKVG CU HCT CU RQUUKDNG EQPUKFGT VJG GPF QH VJG HCEKNKV[ U NKHG CPF UGGM VQ OKPKOKUG VJG FKURQUCN QH YCUVG CPF OCZKOKUG TGEQXGT[ CPF TGE[ENKPI QH YCUVG CPF OCZKOKUG VJG TGE[ENKPI CPF TGWUG QH YCVGT CPF JGCV VJTQWIJQWV VJG RTQEGUU +H GZEGUU JGCV KU RTQFWEGF VJKU UJQWNF DG WUGF YKVJKP C NQECN JGCVKPI UEJGOG YKVJKP KPFWUVTKCN OCPWHCEVWTKPI QT D[ 1EVQDGT #FQRVGF 2NCP 9CUVG CPF /KPGTCNU *CORUJKTG CITKEWNVWTCN RTQEGUUGU PGCTD[ 9JGTG TGETGCVKQPCN FKURNCEGOGPV QT UKOKNCT 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For further information, please contact Planning Policy in the County Planning group: Telephone: 0845 603 5634 or 01962 846591 Email: [email protected] Write to: Planning Policy County Planning Economy, Transport & Environment Department Hampshire County Council Floor 1, Elizabeth II Court West Winchester SO23 8UD Internet: www.hants.gov.uk/county-planning ______ Agenda Item 9 Appendix – Main Modifications Appendix 5 The page numbers and paragraph numbering below refer to the submission local plan, and do not take account of the deletion or addition of text. Policy/ Page Main Modification Ref Paragraph MM1 20 After 2.50 After Para 2. 50, insert the following: Sustainable minerals and waste development The National Planning Policy Framework (NPPF) requires local plans to support the presumption in favour of sustainable development so that development which is sustainable can progress. The Plan is based on the principles of sustainable development. This is demonstrated in the Vision and Spatial Strategy and the policies in the Plan which all seek to deliver sustainable minerals and waste development in Hampshire. Accordingly any development that conforms with the Plan is deemed sustainable and the Hampshire Authorities should allow it to progress without delay. As planning law requires planning decisions to be determined in accordance with the development plan unless material considerations indicate otherwise, the Plan includes the following policy. Policy 1: Sustainable minerals and waste development The Hampshire Authorities will take a positive approach to minerals and waste development that reflects the presumption in favour of sustainable development contained in the National Planning Policy Framework. Minerals and waste development that accords with policies in this Plan will be approved without delay, unless material considerations indicate otherwise. Where there are no policies relevant to the proposal or the relevant policies are out of date at the time of making the decision, then the Hampshire Authorities will grant permission unless material considerations indicate otherwise - taking into account whether: • Any adverse impacts of granting planning permission would significantly and demonstrably outweigh benefits, when assessed against the policies in the National Planning Policy Framework taken as a whole; or • Specific policies in that Framework indicate that development should be restricted. 1 Policy/ Page Main Modification Ref Paragraph The Hampshire Authorities will always work proactively with minerals and waste applicants to find solutions which mean that proposals can be approved wherever possible and to secure development that improves the economic, social and environmental conditions in the plan area. Development management will be the main, but not the only means by which the Plan will deliver sustainable minerals and waste development in Hampshire. The approach will be about problem solving and seeking quality outcomes. The Plan is largely delivered through the determination of minerals and waste planning applications and through the implementation of policies in the Plan. The policies in the Plan provide an overarching approach to development management in the plan area. Accordingly when dealing with applications, the Hampshire Authorities will: • promote pre-application discussions between minerals and waste developers, the determining authority and statutory and other consultees as appropriate; • encourage engagement between developers and the local community; • ensure appropriate and proportionate information is submitted; • request statutory consultees, that include the Environment Agency, Highway Authority, Hampshire and neighbouring Environmental Health Officers, Natural England and English Heritage to provide timely advice; • give due weight to this Plan in the context of the overall development plan when making decisions on minerals and 8 waste development ; • impose appropriate controls on development; • monitor all minerals and waste development proportionate to its potential risk and take appropriate compliance measures including enforcement action when unauthorised development takes place; and • encourage local liaison panels for minerals and waste development as appropriate to ensure the community can examine proposals and existing development and talk with interested parties. Liaison panels can be involved with minerals and waste development at all stages of the planning process, including pre-application and post- submission, as well as during development monitoring. In making any planning decision the Hampshire Authorities will have to make a judgement as to the weight they give to the various elements of the Plan and other material considerations and conclude whether on the balance of evidence a development is sustainable and whether it should proceed. 2 Policy/ Page Main Modification Ref Paragraph Policy 1 (Sustainable minerals and waste development) indicates that where the Plan is silent or the relevant policies are out of date, then the Hampshire Authorities will grant permission unless material considerations indicate otherwise including taking into account whether specific policies in that Framework indicate that development should be restricted. This may include for example, those policies relating to: • sites protected under the Birds and Habitats Directives and/or designated as Sites of Special Scientific Interest; • land designated as Green Belt, Local Green Space, an Area of Outstanding Natural Beauty, Heritage Coast or within a National Park; • designated heritage assets; and • locations at risk of flooding or coastal erosion. In order that minerals and waste development complies with the requirements of the Plan, appropriate planning conditions and planning obligations will be used. Planning conditions attached to planning permissions for minerals and waste development are the usual way in which potential impacts associated with the construction and operation of minerals and waste development may be controlled. Planning conditions are used to ensure the policy requirements of the Plan and other material considerations are properly addressed. Addressing further offsite matters may require additional schemes over and above planning conditions and can be required through legal agreements (planning obligations) as appropriate. A planning obligation normally requires something to be done, or it can be used to impose restrictions and is covered by specific 8 national planning guidance . Planning obligations will only be sought where they are required to make a development acceptable in planning terms that would otherwise be unacceptable. The Community Infrastructure Levy (CIL) Regulations 2010 require that any planning obligation required by a local planning authority be; necessary in order to make the development acceptable in planning terms; directly related to the development; and fairly and reasonably related in scale and kind to the development. These tests will be used to determine where planning obligations should be secured and where they will be necessary. An example of the type of planning obligation that is likely to be required is that of a Landscape Management Plan, particularly following the 3 Policy/ Page Main Modification Ref Paragraph restoration of a site or funding towards transport improvements where the impact of the development on the local highway network is required to be mitigated. It is likely that Community Infrastructure Levy (CIL) will be introduced by a number, if not all of the district, borough and city councils within the Hampshire Authorities on or before April 9 2014 . The County Council is not a Charging Authority and therefore cannot operate CIL itself. Development dealt with by the Minerals and Waste Planning Authority may still be liable to pay CIL charges according to the rates set by the relevant district or borough council. CIL is charged on buildings of over 100 square metres net additional floorspace that people normally use and as such, mineral extraction and associated developments that propose buildings to house machinery will not be liable to pay the CIL. Employment and industrial developments are liable to pay the CIL charges if included on charging schedules. In some parts of Hampshire it is not economically viable for a development if a significant CIL is charged for employment or industrial developments and therefore these uses have been excluded or limited from the relevant Charging Schedules. It is therefore likely that some built facilities for waste management activities would be exempt from paying the CIL charges. The Hampshire Authorities are committed to ensuring that minerals and waste development takes place in conformity with the planning permissions granted. If a minerals or waste development is not being operated in accordance with the planning permission or associated agreed schemes, the Hampshire Authorities will take the necessary steps to ensure compliance, where it is expedient to do so. This may include taking enforcement action to ensure that any breach of planning permission is rectified. Other enforcement bodies such as Environmental Health Officers and the Environment Agency may also monitor aspects of a development, with the Environment Agency ensuring that all waste sites are operated in accordance with Environmental Permitting Regulations. Footnotes: 8) National Planning Policy Framework, paragraphs 203-206 (DCLG, 2012) 9) After 6 April 2014 (or when a CIL charging schedule is approved) the CIL Regulation 2010 will come into force and the pooling of contributions secured under S106 agreements will be restricted. This restriction will not apply to contributions secured for highway improvements under S278 agreements. MM2 12 2.24 to 2.26 Substitute the following for Paras 2.24 to 2.26: Vision – Where we need to be 4 Policy/ Page Main Modification Ref Paragraph The following vision has been developed: Vision: “Protecting the environment, maintaining communities and supporting the economy” by: Over the next 20 years, the planning of minerals and waste development will help meet Hampshire’s present and future needs whilst protecting the environment, maintaining community quality of life and supporting the economy by: • Protecting and conserving the New Forest and South Downs National Parks, Areas of Outstanding Natural Beauty and other valued landscapes. Sensitive habitats like the Thames Basin Heaths and our archaeological and historic heritage will be treated similarly. • Helping to mitigate the causes of, and adapt to, climate change by developing more energy recovery facilities and the appropriate restoration of mineral workings. • Protecting community amenity, health and safety, particularly by managing traffic impacts, ensuring sustainable, high quality and sensitive design, imposing appropriate separation of development from residents and landscaping. • Valuing the countryside for its own merits and protecting the South West Hampshire Green Belt from inappropriate development but recognising local geology, the rural economy and protection of amenity. • Managing traffic impacts including the encouragement of rail and water borne transport of mineral and waste. • Encouraging engagement between developers, site operators and communities so there is an understanding of respective needs. • Support Hampshire’s continued economic growth as well as the economies influences by Hampshire and opportunities for urban regeneration where possible. • Safeguarding mineral resources, necessary existing minerals and waste infrastructure and land for potential infrastructure as a contribution to a steady and adequate supply of minerals and provision of waste facilities. • Helping to deliver an adequate supply of minerals and minerals related products to support housing growth, deliver key infrastructure projects and provide the everyday products that we all use in Hampshire as well as in neighbouring areas. This will be delivered by ensuring sufficient aggregate is supplied for the construction industry from an appropriate combination of sources including: o local sand and gravel from around Southampton, 5 Policy/ Page Main Modification Ref Paragraph south west Hampshire, Ringwood Forest, east of Andover, the Bordon area and north-east Hampshire; o marine dredged sand and gravel via wharves on the River Itchen, River Test and Portsmouth and Langstone Harbours; o rail imported limestone via existing depots in south Hampshire and new ones in north Hampshire; and o giving particular support for recycled/secondary aggregates from various sites before supply from other sources. • Provide for brick making clay for the brickworks at Michelmersh, near Romsey and Selborne, near Bordon. • Appropriately plan for chalk extraction for agricultural use. • Exploration and production of oil and gas; • Encouraging a zero waste economy whereby landfill is virtually eliminated by providing for more recycling and waste recovery facilities including energy recovery. • Aiming for Hampshire to be ‘net self-sufficient’ in waste facilities whereby it can accommodate all the waste that arises, accepting there will be movements into and out of the area to facilities such as the nationally important incinerator at Fawley. MM3 13 2.26 Substitute the following for Para 2.26: The spatial strategy outlines the approach Hampshire will take to critical minerals and waste issues and sets out the context for the Plan’s policies. The Hampshire Authorities have and will continue to work collaboratively with other bodies to ensure that strategic priorities across local boundaries are, and will continue to be, properly coordinated and clearly reflected in this Plan, any subsequent review of this Plan, and other individual Local Plans. MM4 13 2.27 to 2.47 Substitute the following for Paras 2.27 to 2.47: Taking into account ‘Where Hampshire is now’ and the ‘Vision’ a number of strategic options and priorities are available to Hampshire. The principal ones have been subject to an Integrated Sustainability Appraisal (ISA). This provides the basis for the strategic priorities of the Hampshire Authorities set out in the Spatial Strategy and provides the context for the Plan's policies. The overall strategic priority is that enough minerals and waste development is provided to support the economies of Hampshire as well as economies in other areas influenced by Hampshire throughout the plan period without jeopardising Hampshire’s environment and the quality of life of its communities. Accordingly any minerals and waste development has to fit within a framework comprising the protection of: 6 Policy/ Page Main Modification Ref Paragraph • the significant natural assets like landscape designations (National Parks, AONBs) and character; • biodiversity interests (European Sites, SSSIs); • heritage (SAMS, Listed Buildings, archaeology); • the countryside and South West Hampshire Green Belt. There is an expectation that the following will be addressed: • climate change impacts, flooding and soil conservation; • quality designed development; • safeguarding of community amenity, health and safety; • management of traffic; • community involvement and benefits; and • economic and social regeneration. Within this context the most important issues for aggregates in the Hampshire area include: • maximising recycling and recovery of construction demolition and excavation (CDE) waste; • provision for sand and gravel to be supplied at a rate of 1.56 mtpa from local land-won sand and gravel sources; • provision for silica sand extraction at existing sites in East Hampshire; • ensure sufficient capacity at alternative sources such as recycling sites, aggregate wharves and aggregate rail depots is maintained or developed to ensure that 4 mtpa (actual supply in 2010 was 2.27 million tonnes (mt)) can be supplied from these alternative sources; • mineral resources and existing and potential strategic minerals and waste infrastructure safeguarded as well as areas which could be considered as possible locations for a minerals and waste wharf or rail depot, if they become available or are released from their current use within the plan period. This would enable Hampshire to supply, if required, over 5 mtpa of aggregate of which 0.6 mtpa would be exported if current sales patterns are maintained throughout the plan period. On this basis a steady and adequate supply of aggregate can be provided up to 2030. To meet the local land-won sand and gravel requirement of 1.56 mtpa Hampshire will need to provide 30 million tonnes of material by 2030. This will be met from: • existing (permitted) reserves –16.44 million tonnes; • sites identified within the Plan, including extensions and new sites –11.57 million tonnes; and • unallocated opportunities - 3.08 million tonnes. The sites for local land-won sand and gravel (including extensions) identified in the Plan are all considered strategic. 7 Policy/ Page Main Modification Ref Paragraph These strategic sites will each make a significant contribution (over 0.5 million tonnes) to the supply of aggregates over the plan period and are critical to the delivery of the strategy for minerals. For waste, Hampshire will aim to meet the Governments goal of a 4 ‘zero waste’ economy which for the purposes of this Plan will mean zero waste to landfill. This is consistent with the 1 Government’s view that all material resources are re-used, recycled or recovered in some way with only minimal amounts disposed to landfill as the last option. However, Hampshire already has a mature network of waste infrastructure for recycling and recovery so that over 80% of all of its non-hazardous waste is already diverted from landfill. Hampshire’s future needs are based 5 on the estimated current capacity for waste management and the following assumptions and targets: • estimated current waste arisings and growth rate of 0.5% per annum; • a non-hazardous recycling rate of 60% by 2020; and • 95% diversion of non-hazardous waste from landfill by 2020. The assumptions and targets above mean overall that Hampshire requires by 2030: • an additional 0.68mtpa of non-hazardous recycling and recovery capacity; • an additional 1.41mt of non-hazardous landfill capacity; and • no additional capacity for inert wastes up to 2030, which will be used in restoration of mineral voids, landfill and other developments. Non-hazardous landfill capacity required in Hampshire will be met by existing permitted sites and this capacity will be filled during the plan period. In the short term, additional capacity will be provided through proposals at an existing landfill near Romsey. Longer term, additional landfill capacity will be provided at a reserve area in Ringwood Forest or other suitable locations. Hampshire’s existing hazardous waste management capacity is adequate to manage current and projected hazardous waste arisings. There is no need to provide additional capacity up to 2030. The spatial strategy for the future supply of aggregates will centre on using local land-won sand and gravel resources that can be worked without significant impacts. In the main, these locations already contain aggregates workings, so the timing of new workings will be controlled carefully to avoid any cumulative 8 Policy/ Page Main Modification Ref Paragraph impacts. The strategy also builds on: • capacity on existing and potential development of further CDE waste capacity; • aggregate wharves capacity, including site expansion and 6 relocation opportunities in south Hampshire; and • existing aggregate rail depots in south Hampshire and new ones in north Hampshire. Table 2.1 gives a rough guide to the geography of future aggregate supply capacity in Hampshire. It does not represent the current geography of supply in Hampshire. Table 2.1 Geography of future aggregate supply Area Sand Recycling Wharves Rail and sites (mtpa) depots gravel (mtpa) (mtpa) quarries (mtpa)** Ringwood 0.68 0.21 - - Forest New 0.20 0.075 - - Forest coast South 0.19 0.39 2.0 0.5 Hampshire Bordon 0.06*** - - - North 0.30 0.37 - 0.5 Hampshire Not 0.12 - - - identified Total by 1.56 1.05* 2.00 1.00 origin * Capacity figures have been rounded up ** Sharp sand and gravel, soft sand and silica sand *** Resources in this locality are extracted for both aggregate and non-aggregate uses Hampshire will continue to supply neighbouring areas with about 29% of the aggregate sales sourced from its own sand and gravel quarries, recycling sites, wharves and rail depots. Hampshire has a good network of existing facilities for waste management (18) , with a capacity of approximately 5.75 million tonnes per annum, including an extensive network of: • Household Waste Recycling Centres (HWRCs); • Waste Transfer Stations (WTSs); • Material Recovery Facilities (MRFs); • Energy Recovery Facilities (ERFs); • composting sites; 9 Policy/ Page Main Modification Ref Paragraph • aggregate recycling facilities; and • facilities for recycling and recovering hazardous waste. Hampshire will plan for all of its waste arisings whether Municipal Solid Waste (MSW), Commercial and Industrial (C&I) or other commercial sources. MSW is largely managed by a long-term contract covering the whole of Hampshire and comprises a network of facilities which achieve a recycling rate in excess of 40% and a diversion from landfill rate in excess of 90%. All types of waste will be planned for, regardless of its origin. C&I waste arisings are about twice that of MSW but can contain similar materials and require similar methods of treatment and thus similar developments. The current network of facilities [text continues as before] Footnotes: 2) Minerals in Hampshire – Background Study, section 4.14 (Hampshire Authorities, 2012) 3) Minerals in Hampshire – Background Study, section 4.13 (Hampshire Authorities, 2012) 4) Government Review of Waste Policy in England (June 2011) - a “zero waste economy” in which material resources are re-used, recycled or recovered wherever possible, and only disposed of as the option of very last resort.“ - http://www.defra.gov.uk/publications/2011/06/14/pb13540-waste-review/ 5) Assessment of Need for Waste Management Facilities in Hampshire – Waste Data Summary Report, table 7.3, section 7.3 (Hampshire Authorities, 2012) 6) Minerals Proposal Study (Hampshire Authorities, 2012) 1) Planning Policy Statement 10 (PPS10) – Planning and waste management (DCLG, 2006) MM5 30 Policy 3 Substitute the follo wing for Policy 3 : (now to be Policy 4) Policy 4: Protection of the designated landscape Major minerals and waste development will not be permitted in the New Forest or South Downs National Parks, or in the North Wessex Downs, the Cranborne Chase and West Wiltshire Downs, and Chichester Harbour Areas of Outstanding Natural Beauty except in exceptional circumstances. In this respect, consideration will be given to: the need for the development, including in terms of any national considerations; and the impact of permitting, or refusing the development, upon the local economy; the cost and scope for meeting the need outside the designated area, or meeting the need in some other way; and whether any detrimental effects on the environment, landscape and / or recreational opportunities can be satisfactorily mitigated. 10 Policy/ Page Main Modification Ref Paragraph Minerals and waste development should reflect and where appropriate enhance the character of the surrounding landscape and natural beauty, wildlife and cultural heritage of the designated area. Minerals and waste development should also be subject to a requirement that it is restored in the event it is no longer needed for minerals and waste uses. Small-scale waste management facilities for local needs should not be precluded from the National Parks and AONBs provided that they can be accommodated without undermining the objectives of the designation. MM6 Page Policy 4 Substitute the following for Policy 4 : 31 (Now to be Policy 5) Policy 5: Protection of the countryside Minerals and waste development in the open countryside, outside the National Parks and Areas of Outstanding Natural Beauty, will not be permitted unless: it is a time-limited mineral extraction or related development; or the nature of the development is related to countryside activities, meets local needs or requires a countryside or isolated location; or the development provides a suitable reuse of previously developed land, including redundant farm or forestry buildings and their curtilages or hard standings. Where appropriate and applicable, development in the countryside will be expected to meet highest standards of design, operation and restoration. Minerals and waste development in the open countryside should be subject to a requirement that it is restored in the event it is no longer required for minerals and waste use. MM7 Page Policy 5 Substitute the following for Policy 5 : 32 (Now to be Policy 6) Policy 6: South West Hampshire Green Belt Within the South West Hampshire Green Belt, minerals and waste developments will be approved provided that they are not inappropriate or that very special circumstances exist. As far as possible, minerals and waste developments should enhance the beneficial use of the Green Belt. The highest standards of development, operation and restoration will be required. 11 Policy/ Page Main Modification Ref Paragraph MM8 Page Policy 9 Substitute the following for Policy 9 : 40 (Now to be Policy 10) Policy 10: Protecting public health, safety and amenity Minerals and waste development should not cause adverse public health and safety impacts, and unacceptable adverse amenity impacts. Minerals and waste development should not: a) release emissions to the atmosphere, land or water (above appropriate standards); b) have an unacceptable impact on human health; c) cause unacceptable noise, dust, lighting, vibration or odour; d) have an unacceptable visual impact; e) potentially endanger aircraft from bird strike and structures; f) cause an unacceptable impact on public safety safeguarding zones; g) cause an unacceptable impact on: i) tip and quarry slope stability; or ii) differential settlement of quarry backfill and landfill; or iii) subsidence and migration of contaminants. h) cause an unacceptable impact on coastal, surface or groundwaters; i) cause an unacceptable impact on public strategic infrastructure; j) cause an unacceptable cumulative impact arising from the interactions between mineral and waste developments, and between mineral, waste and other forms of development. The potential cumulative impacts of minerals and waste development and the way they relate to existing developments must be addressed to an acceptable standard. MM9 45 4.39 to 4.42 Delete Paras 4.39 to 4.42 including Policy 13 MM10 68 Policy 21 Substitute the following for Policy 21: (Now to be Policy 22) Policy 22: Brick-making clay A supply of locally extracted brick-making clay for use in Hampshire’s remaining brickworks that will enable the maintenance of a landbank of at least twenty-five years of brick-making clay, will be provided from: the extraction of remaining reserves at the following permitted site: Michelmersh Brickworks and extension of existing or former brick-making clay 12 Policy/ Page Main Modification Ref Paragraph extraction sites at the following sites, provided the proposals address the development considerations outlined in Appendix A - Site allocations: Michelmersh Brickworks (Inset Map 7) Selborne Brickworks (Inset Map 6) The sites identified above are shown on the Policies Map. Extracted brick-making clay from Michelmersh and Selborne should only be used for the manufacture of bricks, tiles and related products in the respective brickworks. Clay extraction outside the sites identified could take place where: it can be demonstrated that the sites identified in Policy 22 are not deliverable; and there is a demonstrated need for the development; and/or the extraction of brick-making clay is incidental to the extraction of local land-won aggregate at an existing sand and gravel quarry. MM11 143 Appendix B For Appendix B s ubstitute the appendix at Annex A attached (Replacement Appendix B). MM12 154 Appendix C For Appendix C s ubstitute t he appendix at Annex B at tached (Replacement Appendix C). Delete Appendix D. Precede Replacement Appendix C with the following substitute heading and text: Appendix C – Implementation and Monitoring Plan The overarching delivery of minerals and waste development will be carried out through Development Management. Although there are other planning decisions (such as Compulsory Purchase Orders), preparation of additional local development documents will be undertaken by the Hampshire Authorities. In particular, decisions on • planning applications; • compliance monitoring of mineral and waste developments; and • unauthorised development. The key delivery partners in this respect will be the statutory bodies (such as the Hampshire Authorities, the Environment Agency, Natural England and English Heritage) in conjunction with mineral and waste operators and other bodies. The Implementation and Monitoring Plan is intended to deliver the aims of the Spatial Strategy. The following table shows the links between the implementation and monitoring of the Minerals 13 Policy/ Page Main Modification Ref Paragraph and Waste Plan policies. The terms used in the header of the table shown below are: o Policy: This is the Policy number and name in the Plan; o Implementation: o Proposed outcome (or limitation ) – this is the intended outcome of the policy; o Considerations/Mechanism –this is how the outcome is to be achieved; o Stakeholder and/or Statutory consultee – bodies that can have an impact on the outcome; and o Stakeholder Action – this is a brief indicative summary of the main actions to be carried out by the stakeholder. o Monitoring Indicator: This is what is to be measured and compared and acts as a baseline for the monitoring of year on year changes. o Monitoring trigger (threshold) for policy review: This is the point which signifies there is an issue with a policy which may require a review. MM13 64 Policy 20 Substitute the following for Policy 20: Policy 20: Local land-won aggregates An adequate and steady supply of locally extracted sand and gravel will be provided by maintaining a landbank of permitted sand and gravel reserves sufficient for at least seven years from: 1) the extraction of remaining reserves at the following permitted sites: • Bramshill Quarry, Bramshill (sharp sand and gravel) • Eversley Common Quarry, Eversley (sharp sand and gravel) • Eversley Quarry (Chandlers Farm), Eversley (sharp sand and gravel) • Mortimer Quarry, Mortimer West End (sharp sand and gravel) • Badminston Farm (Fawley) Quarry, Fawley (sharp sand and gravel) • Bury Farm (Marchwood) Quarry, Marchwood (sharp sand and gravel) • Bleak Hill Quarry (Hamer Warren), Harbridge (sharp sand and gravel) • Avon Tyrell, Sopley (sharp sand and gravel) • Downton Manor Farm Quarry, Milford on Sea (sharp sand and gravel) • Roke Manor Quarry, Shootash (sharp sand and gravel) 14 Policy/ Page Main Modification Ref Paragraph • Blashford Quarry (including Plumley Wood / Nea Farm), near Ringwood (sharp sand and gravel / soft sand) • Frith End Sand Quarry, Sleaford (soft sand) • Kingsley Quarry, Kingsley (soft sand) 2) or extensions to the following existing sites, provided the proposals address the development considerations outlined in Appendix A- Site allocations: i. Bleak Hill Quarry Extension, Harbridge (sharp sand and gravel) (Inset Map 13) – 0.5 million tonnes ii. Bramshill Quarry Extension (Yateley Heath Wood), Blackbushe (sharp sand and gravel) (Inset Map 1) – 1.0 million tonnes 3) or new sand and gravel extraction sites, provided the proposals address the development considerations outlined in Appendix A- Site allocations: i. Roeshot, Christchurch (sharp sand and gravel) (Inset Map 11) – 3.0 million tonnes ii. Cutty Brow, Longparish (sharp sand and gravel) (Inset Map 3) – 1.0 million tonnes iii. Hamble Airfield, Hamble-le-Rice (sharp sand and gravel) (Inset Map 9) – 1.50 million tonnes iv. Forest Lodge Home Farm, Hythe (soft sand / sharp sand and gravel) (Inset Map 10) – 0.57 million tonne v. Purple Haze, Ringwood Forest (soft sand / sharp sand and gravel) (Inset Map 12) – 4.0 million tonnes 4) Proposals for new sites outside the areas identified in Policy 20 (including extension of sites identified in Policy 20 (1) will be supported where: i. monitoring indicates that the sites identified in 1), 2) and 3) are unlikely to be delivered to meet Hampshire’s landbank requirements and / or maximises use of existing plant and infrastructure and available mineral resources at an existing associated quarry; or ii. the development is for the extraction of minerals prior to a planned development; or iii. the development is part of a proposal for another beneficial use; or iv. the development is for a specific local requirement. The extension and new sites identified above are shown on the Policies Map. MM14 67 After Para After Para 5.64 insert the following text and policy: 15 Policy/ Page Main Modification Ref Paragraph 5.64 Silica sand Silica sand, also known as industrial sand, is sand which contains a high proportion of silica in the form of quartz. It is produced from both unconsolidated sands and crushed sandstones and is marketed for purposes other than for direct use in the construction industry (i.e. for non-aggregate uses) for a range of specialist and high value industrial applications. This includes glass manufacture, foundry casting, specialist non-staining, ceramics, chemical manufacture, water filtration purposes, recreational and horticultural uses (including golf courses) and root zone products. The distinction between sand used for industrial purposes and used for construction aggregate is based principally on application and market specifications, with different uses demanding different combinations of properties. Silica sand, with potential for industrial uses, is geologically and geographically sparsely distributed within the UK. Silica sand has been extracted historically in surrounding mineral planning areas such as Surrey, Kent and Dorset for use in glass making and other 25 non-aggregate uses . Hampshire has not historically been a producer of silica sand. However, soft sand resources in East Hampshire which lie on the edge of the Folkestone bed formation have been shown to include the properties and specification of silica sand. The material located in this part of Hampshire is considered to be coarser than silica sand used for glass making, making it suitable for use in the horticultural and recreation sectors. The Kingsley and Frith End quarries are located in this part of Hampshire and extract silica sand as well as soft sand. National planning policy identifies silica sand as a mineral of local and national importance. Silica sand resources are safeguarded through Policy 15 (Safeguarding – mineral resources). The 26 National Planning Policy Framework sets out the requirement to plan for a steady and adequate supply of industrial minerals. This includes the provision of a stock of permitted silica sand reserves to support the level of actual and proposed investment required for new or existing plant and the maintenance and improvement of existing plant and equipment of at least 10 years for individual silica sand sites and at least 15 years for silica sand sites where 27 significant new capital is required as far as possible and realistic, provided that the industry comes forward with suitable applications. Silica sand provision is therefore tied to the operational life of individual site reserves and sufficient landbanks need to be identified on a site by site basis. To meet national requirements, the Hampshire Authorities will aim to ensure that a landbank of at least 10 years is maintained at 16 Policy/ Page Main Modification Ref Paragraph individual existing sites where silica sand is considered to be extracted in the Folkestone bed formation in East Hampshire. Evidence has shown that existing quarries, located at Kingsley and Frith End, are located on the edge of the Folkestone bed formation and have deposits consistent with silica sand uses (e.g. horticulture and recreational uses). Recent reserves information for the sites has indicated that the sites have landbanks of approximately 10 (124) and 7 years (125) respectively based on the national planning policy guidance for calculating silica sand landbanks (126). The majority of potential resources which have silica sand properties are found either within or in very close proximity to the South Downs National Park. The properties of material extracted in these locations is not considered to be suitable for high value industrial uses e.g. for glass making. Policy 21 – Silica sand development An adequate and steady supply of silica sand will be provided by maintaining a landbank of permitted reserves sufficient for at least 10 years from: • Frith End Sand Quarry, Sleaford (silica sand) • Kingsley Quarry, Kingsley (silica sand) Proposals for silica sand extraction within the Folkestone bed formation and outside the permitted silica sand sites identified above will be supported where: a) the availability of deposits with properties consistent with silica sand uses is demonstrated; and b) monitoring indicates that there is a need to maintain a 10-year landbank; and c) the proposals do not have an unacceptable environmental or amenity impact either alone or in combination with other plans or projects; or d) prior extraction is necessary in order to avoid sterilisation of the deposits due to planned development. It is acknowledged that both sites have just under the 10 year landbank requirement as set out in the NPPF. It is also acknowledged that extraction at Frith End and Kingsley quarries are only permitted until 2016 and 2018 respectively. Options for potential extension of both sites have been considered as part of 1 2 the plan preparation process . However, they are not considered to be deliverable options for further silica sand extraction at this stage. It is therefore conceivable that the operators of these sites will require further permissions to extend the timescales for 17 Policy/ Page Main Modification Ref Paragraph extracting remaining reserves and if deliverable opportunities come forward these will be considered against the criteria set out in the policy. It is expected that production of silica sand will primarily be from existing quarries, but could require new sites or extensions to existing sites when the need arises. Any proposals within the South Downs National Park would also have to meet the requirements of Policy 4 (Protection of the designated landscape) including the consideration of alternatives. The need for the extraction of silica sand must be balanced against environmental and amenity constraints and there may be overriding environmental and/or amenity reasons why the stock of permitted reserves at some sites may not be replenished as they are used up. The acceptability of extending existing mineral extraction sites will be assessed on a case-by-case basis and will include an assessment of cumulative impacts which may be associated with continued working and other economic considerations. As silica sand is a more specialist mineral in Hampshire in terms of its use, i.e. for non aggregate uses, the use of silica sand for aggregate uses, when alternatives are available is discouraged. Footnotes 124. Minerals in Hampshire - Background Study, section 4.2.1, paragraph 309 125. Minerals in Hampshire - Background Study, section 4.2.1, paragraph 312 1 Hampshire Minerals Proposal Study (Hampshire Authorities, 2013) 2 Hampshire Minerals and Waste Plan Integrated Sustainability Appraisal (Hampshire Authorities, 2013) 25) Minerals in Hampshire – Background Study, section 4,.2.1, paragraphs 287- 296 26) National Planning Policy Framework, paragraph 145 (DCLG, 2012) 27) National Planning Policy Framework, paragraph 146 (DCLG, 2012) 28) Minerals in Hampshire – Background Study, section 4,.2.1, paragraph 308 29) Minerals in Hampshire – Background Study, section 4,.2.1, paragraph 310 30) National Planning Policy Framework Technical Guidance, paragraph 53 (DCLG, 2012) MM15 94 Policy 31 Substitute the following for Policy 31: (Now to be Policy 32) Policy 32: Non-hazardous waste landfill Development for landfill capacity necessary to deal with Hampshire’s non-hazardous residual waste to 2030 will be supported. No provision will be made for landfill of London’s waste. Non-hazardous landfill capacity will be provided and supported in accordance with the following priority order: 18 Policy/ Page Main Modification Ref Paragraph 1) the use of remaining permitted capacity at existing landfill sites: • Blue Haze landfill, near Ringwood • Squabb Wood landfill, near Romsey • Pound Bottom landfill, Redlynch. 2) proposals for additional capacity at the following existing site provided the proposals addresses the relevant development considerations outlined in Appendix A - Site allocations: i. Squabb Wood landfill, near Romsey (Inset Map 8). 3) in the event that further capacity is required, or if any other shortfall arises for additional capacity for the disposal of non-hazardous waste, the need may be met at the following reserve area provided any proposal addresses the relevant development considerations outlined in Appendix A - Site allocations: i. Purple Haze, near Ringwood (Inset Map 12). 4) proposals for additional capacity at any other suitable site where: i. there is a demonstrated need for non-hazardous landfill and where no acceptable alternative form of waste management further up the waste hierarchy can be made available to meet the need; and ii. there is an existing landfill or un-restored mineral void, except where this would lead to unacceptable continuation, concentration or increase in environmental or amenity impacts in a local area or prolong any impacts associated with the existing development; and iii. the site is not located within or near an urban area, (e.g. using suitable guideline stand-offs from the Environment Agency); and iv. the site does not affect a Principal Aquifer and is outside Groundwater Protection and Flood Risk Zones; and v. through restoration proposals, will lead to improvement in land quality, biodiversity or public enjoyment of the land; and vi. the site provides for landfill gas collection and energy recovery. MM1 6 85 Paras 5.137 Substitute the following for Paras 5.137 to 5.144 (inc luding to 5.144 footnotes): Locating waste management development 19 Policy/ Page Main Modification Ref Paragraph There are several different types of modern waste management facilities and they can be located on different types of land. In Hampshire, the current network of facilities is generally focused on the main urban areas in south and north Hampshire, although some facilities, such as composting tend to be in more rural areas. The spatial distribution of facilities is not expected to change significantly. However, as more waste is managed through recycling and recovery facilities rather than landfill, more will be managed close to its origin in the urban areas of south and north Hampshire. Waste facilities will also need to support planned areas of major new development. There is also a general presumption that major waste facilities should be located close to the strategic road network to minimise the effect of traffic in these urban areas. Not all urban sites will be suitable for waste management, and a range of local facilities will also be needed to serve rural areas. It is expected that the needs of rural areas will generally be met by smaller, more community-based facilities. A number of sites have been identified in Hampshire which are considered to be suitable, in principle, to host waste management 34 activities . Evidently, the opportunities are mainly in industrial estate locations, but there are other previously developed sites with good transport connections which may also be suitable. These include: • vehicle depots; • redundant agricultural land and buildings; • brownfield sites at major transport junctions; • rail sidings; and • former Ministry of Defence (MoD) land. Other site opportunities which have not previously been developed (i.e. greenfield), but are in well screened locations away from residential areas, may provide opportunities for locating facilities which require countryside or a more isolated location such as Anaerobic Digestion. This Plan expects market led delivery and therefore it is not appropriate to identify and allocate any of the individual sites identified for recycling and recovery facilities. To provide more flexibility to the market, this Plan identifies broad locations within Hampshire where there are a number of sites that would be suitable for waste management in principle. These locations are illustrated on the Key Diagram. This approach recognises the ‘spatial’ needs of different types of facilities, including the demand for certain sites, and the constraints that limit the location of some facility types. 20 Policy/ Page Main Modification Ref Paragraph Footn ote: 34) Suitable locations for waste management facilities have been identified in the An Assessment of Sites and Areas for Waste Management Facilities in Hampshire (Hampshire Authorities, 2012) and The Suitability of Industrial Areas for Waste Management in Hampshire (Hampshire Authorities, 2012). MM1 7 86 Policy 28 Substitute the following for Policy 28: (Now to be Policy 29) Policy 29: Locations and sites for waste management Development to provide recycling, recovery and/ or treatment of waste will be supported on suitable sites in the following locations: • Urban areas in north-east and south Hampshire; • Areas along the strategic road corridors; and • Areas of major new or planned development. Sites in these locations will be considered suitable and supported where it: a) is part of a suitable industrial estate; or b) has permission or is allocated for general industry/ storage; or c) is previously-developed land or redundant agricultural and forestry buildings, their curtilages and hardstandings or is part of an active quarry or landfill operation; or d) is within or adjoins sewage treatment works and the development enables the co-treatment of sewage sludge with other wastes; and e) is of a scale compatible with the setting. Development in other locations will be supported where it is demonstrated that: i. the site has good transport connections to sources of and/or markets for the type of waste being managed; and a special need for that location and the suitability of the site can be justified. MM1 8 87 Paras 5.145 Substitute the following for Paras 5.145 to 5.155: to 5.155 Policy 29 (Locations and sites for waste management) is used to assess proposals for all types of recycling, recovery and treatment facility whether they are handling inert, non-hazardous or hazardous wastes. Disposal of waste is considered elsewhere in the Plan with reference to landfill. Policy 29 (Locations and sites for waste management) sets the general approach to considering the location and sites for new waste management facilities. Proposals will be assessed at the planning application stage 21 Policy/ Page Main Modification Ref Paragraph considering the type and nature of the waste management activity and with reference to the Plan as a whole. All waste management has transport implications and transport impacts should be minimised by prioritising sites with good connections to the strategic road network. Areas along the strategic road corridors are indicated to maximise opportunities to transport waste where this minimises impacts on local roads and the distance to the market. It is national planning policy to give priority to the re-use of previously-developed land, including redundant agricultural and 35 forestry buildings, their curtilages and hardstandings . Recycling and recovery facilities enclosed in buildings are typically of an industrial nature and deal with largely segregated materials. Activities involve preparing or sorting waste for re-use and include materials recovery facilities, waste transfer stations, dis- assembly and re-manufacturing plants, and reprocessing industries. Potential nuisances such as dust and noise can be mitigated as the activity is enclosed, meaning these facilities are compatible with industrial estates. Smaller-scale facilities (with an approximate throughput of up to 50,000 tonnes per annum and requiring sites of 2 hectares of less) will normally be compatible with most general industrial estates. Larger scale enclosed premises (typically requiring sites of 2-4 hectares, with a throughput in excess of 100,000 tonnes per annum) and facilities with a stack are likely to be located on larger industrial estates or suitable brownfield sites. Sites suitable for general industrial uses are those identified as suitable for B2 (including mixed B2 / B8), or some uses within the B8 use class (namely open air storage). Waste management uses would not normally be suitable on land identified only for B1 (light industrial uses), although a limited number of low impact waste management uses (e.g. the dis-assembly of electrical equipment) may be suitable on these sites. Some industrial estates will not be considered suitable for certain waste management facilities because for instance the units are small, the estate is akin to a business park or it is located close to residential properties. Energy from waste facilities which include advanced thermal treatment processes such as pyrolysis, gasification/plasma conversion require built facilities and in some cases a stack (i.e. chimney). Sites must be carefully selected and sensitively designed to avoid visual and other amenity and environmental impacts and to provide renewable energy to serve the 22 Policy/ Page Main Modification Ref Paragraph surrounding area. The location of these facilities is influenced by the location of those using the heat and energy generated and the need to access fuel feedstock. This means that where appropriate, energy from waste Combined Heat and Power plants (CHP) (which may also include non-waste fuel sources) may be encouraged alongside new and existing developments, or near sources of fuel feedstock. Small scale community based CHP schemes may be suitable within planned major development or regeneration areas or in mixed use schemes. CHP could also be used in remote rural areas that do not have access to mains gas supplies. Recycling and recovery activities which predominantly take place in the open (outside buildings) or involve large areas of open air storage include biological waste treatment (including composting), construction, demolition and excavation (CDE) recycling, End-of-Life Vehicle processing and some Household Waste Recycling Centres. Because these activities can create noise, odours and other emissions, they are not easily assimilated in built-up areas. Sites within countryside locations are often more suitable for these types of activities. In accordance with the other policies in this Plan, activities involving open areas will only be supported if they do not have adverse environmental impacts, and noise and emissions are controlled by effective enclosure and other techniques. Some activities will be more ‘hybrid’ in nature, requiring sites with buildings and open storage areas. These may include outdoor waste transfer stations or recovery centres, wharves and rail sidings for waste transhipment/ storage. In most cases, the co- location of waste management facilities or processes to increase the recycling and recovery of waste is supported, particularly when the feedstock or outputs are well related. New waste water and sewage treatment plants, extensions to existing works, or facilities for the co-disposal of sewage with other wastes will be supported where the location minimises any adverse environmental or other impact that the development would be likely to give rise to, and the suitability of the site can be justified in accordance with this Plan. Land adjacent to, or within, sewage treatment works can be suitable for waste management activities as there may be compatible land uses for the biological treatment of waste. Some waste facilities, particularly those for recycling CDE waste that produce recycled aggregates reflect historic landfill locations or current/former quarries. In almost all cases, it is expected that former quarries or landfills will be restored but there may be 23 Policy/ Page Main Modification Ref Paragraph exceptions whereby the benefits from continued development at some locations are considered better than re-locating the development elsewhere. CDE waste recycling facilities can be acceptable on some industrial sites particularly if the site is in close proximity to sources of waste. In these cases, they will need to operate to higher environmental standards if in proximity to homes and businesses. There may be exceptional circumstances where both enclosed and open-air facilities can be justified on sites outside main urban areas. Facilities may require a more rural location because this is closer to the source of the waste being treated or related to an agricultural activity. For instance, anaerobic digester plants and composting facilities may need to be located where there is an available feedstock and where residues can be disposed to land for beneficial purposes. Proposals would generally be of a smaller scale than that proposed in urban areas or on urban fringes. Specifically, enclosed buildings should be of a scale which is compatible with a countryside setting. In demonstrating the suitability of sites, the considerations set out in environmental and community polices (Policies 1-14) of the Plan, where relevant, will need to be satisfied. Further guidance on locating waste management facilities outside urban areas is provided by Policies 4 (Protection of the designated landscape), 5 (Protection of the countryside) and 6 (South West Hampshire Green Belt). Footnote: 35) Planning Policy Statement 10: Planning and Waste Management, paragraph 21, ii (DCLG, 2005) MM 19 90 Policy 29 Substitute the following for Policy 29: (Now to be Policy 30) Policy 30: Construction, demolition and excavation (CDE) waste development Where there is a beneficial outcome from the use of inert CDE waste in developments, such as the restoration of mineral workings, landfill engineering, civil engineering and other infrastructure projects, the use will be supported provided that as far as reasonably practicable all materials capable of producing high quality recycled aggregates should have been removed for recycling. Development to maximise the recovery of CDE waste to produce at least 1mtpa of high quality (187) recycled/secondary aggregates will be supported. MM2 0 60 Policy 19 Substitute the following for Policy 19: Policy 19: Aggregate wharves and rail depots 24 Policy/ Page Main Modification Ref Paragraph The capacity at existing aggregate wharves and rail depots will where possible and appropriate be maximised and investment in infrastructure and /or the extension of suitable wharf and rail depot sites will be supported to ensure that there is sufficient capacity for the importation of marine-won sand and gravel and other aggregates. Existing wharf and rail depot aggregate capacity is located at the following sites: • Supermarine Wharf, Southampton (Aggregates wharf) • Leamouth Wharf, Southampton (Aggregates wharf) • Dibles Wharf, Southampton (Aggregates wharf) • Kendalls Wharf, Portsmouth (Aggregates wharf) • Fareham Wharf, Fareham (Aggregates wharf) • Marchwood Wharf, Marchwood (Aggregates wharf) • Bedhampton Wharf, Havant (Aggregates wharf) • Burnley Wharf, Southampton (Aggregates wharf) • Eastleigh Rail Depots, Eastleigh (Aggregates rail depot) • Botley Rail Depot, Botley (Aggregates rail depot) • Fareham Rail Depot, Fareham (Aggregates rail depot) Further aggregate rail depots are proposed provided the proposals address the development considerations outlined in Appendix A - Site allocations and also are safeguarded at: • Basingstoke Sidings, Basingstoke (Inset Map 2) • Micheldever Sidings, Micheldever (Inset Map 4) The rail depot proposals are illustrated on the Policies Map. New wharf and rail depot proposals will be supported if the proposal represents sustainable development. New developments will be expected to: a) have a connection to the road network; and b) have a connection to the rail network or access to water of sufficient depth to accommodate the vessels likely to be used in the trades to be served; and c) demonstrate, in line with the other policies in this Plan, that they do not pose unacceptable harm to the environment and local communities. MM2 1 98 Pa ras 6.1 to Substitute the following for Paras 6.1 to 6.3 and their heading: 6.3 Safeguarding potential minerals and waste wharf and rail depot infrastructure As set out in the policies on aggregate supply, Hampshire’s existing minerals infrastructure and the proposals identified are considered to be adequate until 2030(207). However, the position will be monitored throughout the plan period to ensure the Plan responds positively and flexibly to any changes in supply, demand and other changes in circumstances such as changes in 25 Policy/ Page Main Modification Ref Paragraph operations and technology at wharves and rail depots and th e need of areas outside of the Plan. These matters are considered in more detail in the sections on ’Safeguarding - mineral infrastructure’ , ‘Aggregate Supply-capacity and source’, ‘Aggregate wharves and rail depots’ and Safeguarding – waste infrastructure’ . Monitoring the Plan will ensure that potential trends which may impact on wharf and rail capacity are identified and allow a timely assessment of the consequences on the Plan’s objectives. Relevant issues include: • navigational / marine access constraints; • navigational constraints; • physical capacity of quays; • lack of rail access; • inability of existing aggregates wharves to meet modern and potential future operational needs of the marine aggregates industry or to expand; and • regeneration opportunities in the cities of Southampton and Portsmouth and elsewhere; and • Hampshire's influence over wider economies. In the event that further wharf or rail depot proposals come forward within the plan period, criteria against which they will be considered are set out in the section on ‘Aggregate wharves and rail depots’ . Safeguarding potential infrastructure, like that for mineral resources (as set out in the section on ‘Safeguarding – mineral resources’) would not in itself presume in favour of future development. [Text continues as before ]…. National planning policy requires 'mineral planning authorities to safeguard potential wharves and rail heads (rail depots) and associated storage, handling and processing of facilities for the bulk transport by rail and sea of minerals (208). [Text continues as before] MM2 2 99 Policy 33 Substitute the following for Policy 33: (Now to be Policy 34) Policy 34: Safeguarding potential minerals and waste wharf and rail depot infrastructure The following areas are safeguarded so that their appropriateness for use as a minerals and waste wharf or rail depot can be considered, if they become available or are released from their current uses: a) land located to the north west of Hythe identified in the Port of Southampton Master Plan; and b) identified in the Southampton Core Strategy as operational port land; and c) Marchwood military port (also known as Marchwood Sea Mounting Centre); and 26 Policy/ Page Main Modification Ref Paragraph d) land at HM Naval Bas e and commercial port as identified in the Portsmouth Core Strategy for port and employment uses; and e) existing and former railway sidings and other land that could be rail linked. The locations for safeguarding are shown on the Policies Map. MM2 3 99 Para s 6.5 to Substitute the following for Paras 6.5 to 6.8: 6.8 The reclaimed land located to the north west of Hythe (known as Dibden Bay) and as identified in the Port of Southampton Master Plan (212) is considered by Associated British Ports (ABP) to be the only location for accommodating significant port expansion. ABP also consider that this site could provide an opportunity to meet not only a local but also a potentially regional and national need for the processing and distribution of different aggregates and waste resources, especially if deep-water berthing facilities were to be developed. The site is also identified in the New Forest District (Outside the National Park) Core Strategy DPD (2009) as the only area of land physically capable of accommodating significant expansion of the Port of Southampton. However, land at Dibden Bay is a Site of Special Scientific Interest (SSSI) and adjoins the New Forest National Park. The foreshore is of international importance, being designated as a Special Protection Area (SPA) and Ramsar site, as well as a SSSI. In 2004, the Secretary of State rejected previous proposals for port development at Dibden Bay principally because of its environmental impacts. Whilst there may be a strong economic case for the physical expansion of the Port of Southampton, any development in this location must, amongst other considerations, satisfy the requirements of the Habitats Regulations. Expansion of the Port of Southampton may not be the only option for further wharf capacity. Investment in modern infrastructure may provide further opportunities. In addition, with the changing economic and defence priorities, land that is currently unavailable may be considered for future minerals and waste uses, including transport. For instance, opportunities may arise through the current review of the use of the Marchwood Military Port (also known as Marchwood Sea Mounting Centre). The existing commercial docks at Southampton, as operated by Associated British Ports, are identified in other elements of the development plan as operational port land where the growth of general port uses is encouraged. (213). The existing naval base and commercial docks at Portsmouth are also identified in other elements of the development plan for employment and port uses (213). Were areas of such land to be released from port of port related uses by the relevant port authority, this may provide 27 Policy/ Page Main Modification Ref Paragraph further opportunities for minerals and waste wharf infrastructure. Footnote: 38) City of Southampton Local Plan Review – Adopted Version (2006) Proposals Map and Southampton Local Development Framework Core Strategy Development Plan Document, policy CS9, page 44 (2010) / The Portsmouth Plan (Portsmouth’s Core Strategy), PCS11 employment land, page 87-88 (Portsmouth City Council, 2012) MM2 4 130 Michelmersh Substitute the following for the text preceding Inset Map 7: Brickworks Michelmersh Brickworks Location: West of Michelmersh, approximately 4km north of Romsey Grid reference: SU 340 258 Minerals and Waste Planning Au thority: Hampshire County Council District Authority: Test Valley Borough Council Parish Authority: Michelmersh and Timsbury Parish Council Area: 6.2 hectares Existing land use: Predominantly agriculture Proposed land use: Brick -making clay extra ction to support Michelmersh Brickworks Total mineral resource: Approximately 18.4 years Restoration: Agriculture, biodiversity and amenity uses. School House Field should be restored at a low level due to the location of the Source Protection Zone. Reason for allocation: The site is considered to be an acceptable option for continuing a local supply of brick-making clay for Michelmersh Brickworks Development considerations: • The impact on commuting or foraging for Mottisfont SAC bats*. • Protection of the amenity of nearby residential properties. • Visual impact, setting of listed building, Michelmersh conservation area and deer park. • Protection of the water quality, recharge of the aquifer, groundwater source and Timsbury public water supply*. • No development shall take place within the area identified as a Source Protection Zone (SPZ) 1 and appropriate buffering will be required for any development adjacent to the SPZ. • The restoration of the site will need to be compatible with the re-designated Source Protection Zone status of the 28 Policy/ Page Main Modification Ref Paragraph site following excavation, as advised by the Environment Agency. • No importation of material to restore School House Field will be permitted due to the status of the site changing to SPZ 1. Only limited soil restoration would be acceptable provided that a risk assessment shows that the activity would not cause pollution to groundwater. • Hydrological Impact Assessment to be undertaken. • Method of working for School House Field which should include consideration of the change in status from SPZ2 to SPZ1 as soon as clay has been extracted from School House Field. • Method of working for Hillside Field. • Loss of any hedgerows, commuting or foraging areas used by the Mottisfont bat population should be avoided within the extraction site, or replaced above or beyond the length or area lost. • Appropriate light suppression measures to reduce light pollution from the site, and control the use of lighting at the site in order to minimise the impact on bats. • Protection of sewer pipelines. • Protection of amenity uses of the Test Way (footpath nos 8 and 20). • Access between the existing site and new sites. • Traffic issues and impact. MM2 5 131 Inset Map: 7 For Inset Map: 7 substitute the Inset Map at Annex C attached (Replacement Inset Map: 7). 29 This page is intentionally left blank Schedule of further proposed changes to the submission version of the Draft Hampshire Minerals & Waste Plan March 2013 (from hearings) (Limited to changes proposed following the March 2013 hearings) Vision and Spatial Strategy Reference Type Page Po licy / Description of modification paragraph DC256 Additi 11 Paragraph • Remove reference to the South East Plan from the section Other Plans and Programmes . onal 2.19 (Other Plans and Programme s) DC257 Additi 13 Paragraphs • Amendments to existing text of the vision so say sources including instead of ‘from’. Agenda Item9 onal 2.27-2.47 • Add reference to potential minerals and waste wharf and rail depot infrastructure in vision. chang e to a (Spatial main Strategy) Appendix 6 modifi cation DC258 Additi 13 Parag raphs • Resolve typos in the spatial strategy. onal 2.27 – 2.47 • Clarify some of the existing text. chang Page 1 of 12 Reference Type Page Po licy / Description of modification paragraph e to a (Spatial main Strategy) modifi cation Protecting Hampshire’s environment Reference Type Page Policy / Description of modification paragraph DC259 Additional 26 Section title • Change title of the section from ‘Habitats and wildlife’ to ‘Habitats and species’. (Habitats and Wildlife) DC260 Additional 31 Policy 5 • Proposed change DC22 proposed to delete the reference to countrysi de and isolated change to a (Protection of location as it was considered already covered under Policy 29 (previously policy 28). This text main the should be reinstated. modification countryside) DC261 Additional 37 Policy 9 • Insert additional paragraph after 3.57 on res toration with soils and inert material . (Restoration of quarries and waste developments) Maintaining Hampshire’s communities Reference Type Page Policy / Description of modification paragraph DC262 Additi 41 Paragraph 4.14 • Add reference to NPPF Technical Gu idance on buffer zones. onal Page 2 of 12 Reference Type Page Policy / Description of modification paragraph (Protecting health, safety and amenity) Page 3 of 12 Supporting Hampshire’s economy Reference Type Page Policy / Description of modification paragraph DC263 Addi 51 Paragraph • Removal of final part of the last sentence of the paragrap h in relation to sterilisation of mineral tiona 5.13 resources. l • Add reference to criteria a-d from the policy. (Safeguardin • Minor amendments to the text following the hearing. g - mineral resources) DC264 Addi 54 Paragraph • Add new statement on the make up of total aggregat e supply in Hampshire. tiona 5.23 • Remove reference to South East Plan apportionment in supporting text. l (Aggregate supply) DC265 Addi 54 Paragraph • Delete paragraph. tiona 5.24 l (Aggregate supply) DC266 Addi 55 Paragraph • Add reference to national planning polic y and MASS guidance. tiona 5.26 l (Aggregate supply) DC267 Addi 60 Policy 19 • Amend the first statement of the policy to it reads more clearly. tiona • Revise wording to remove reference to ‘need’ in the criteria for new wharf development. l (Aggregate chan wharves and ge to rail depots) a main Page 4 of 12 Reference Type Page Policy / Description of modification paragraph modi ficati on DC268 Addi 60 Paragraphs • Amend supporting text in relation to need and capacity. tion 5.43 (Aggregate wharves and rail depots) DC269 Addi 60 Paragraph • Clarification on application of wharves in rela tion to Policy 5. tiona 5.44 l (Aggregate wharves and rail depots) DC270 Addi 61 Paragraph • Amendments to the existing text to tie up with the proposed changes to Policy 34. tiona 5.48 l (Aggregate wharves and rail depots) DC271 Addi 63 Policy 20 • Clarification of monitoring, delivered and local need. tiona • Clarify ‘ii’ in relation – what is meant by maximise use. l (Local land • Remove examples from the policy. chan won ge to aggregate) a main modi Page 5 of 12 Reference Type Page Policy / Description of modification paragraph ficati on DC272 Addi 65 Table 5.3 • Clarification Table 6.3. tiona (6.3) l (Local land won aggregate) DC273 Addi 66 After • Move from paragraph 5.62. tiona Paragraph • Clarify what is meant by monitoring, delivered and local need in relation to criteria 4 of Policy 20. l 5.59 (Local land won aggregate) DC274 Addi 66 Paragraph • Reordering of the list of o pportunities. tiona 5.59 • Clarify what is meant by local need. l • Clarify what is meant by maximising existing plan. (Local land • Add definition of beneficial uses. won • Amend references to sharp sand and gravel to local land won aggregate. aggregate) DC275 Addi 66 Following • Reinstate text relating to deliverability – see DC86. tiona Paragraph l 5.59 (Local land won aggregate) DC276 Addi 66 Paragraph • Move paragraph 5.62 to after paragraph 5.59. Page 6 of 12 Reference Type Page Policy / Description of modification paragraph tiona 5.62 l (Local land won aggregate) DC277 Addi 67 Following • Revise paragraph 6.81 of the new wording relating to the two sites. tiona paragraph l 5.64 – new chan section on ge to silica sand a main (Silica sand) modi ficati on DC278 Addi 69 Paragraph • Reinstate text relating to deliverability. tiona 5.71 l (Clay) DC279 Addi 76 After • New paragraph added in relation to the responsibility for sustainable waste management. tiona paragraph l 5.101 before the policy (Sustainable waste management development ) Page 7 of 12 Reference Type Page Policy / Description of modification paragraph DC280 Addi 88 Paragraph • Text moved from end of paragraph 5.157 t o 5.156. tiona 5.156 l (Construction , demolition and excavation waste) DC281 Addi 88 Paragraphs • Clarification of the use of inert waste. tiona 5.157 • Delete text at end of paragraph as moved to paragraph 5.156. l (Construction , demolition and excavation waste) DC282 Addi 89 Paragraph • Amend wording to ensure consistency with paragraph 5.157 tiona 5.160 l (Construction , demolition and excavation waste) DC283 Addi 90 Policy 30 • Amend wording to strengthen policy and clarify use of inert material. tiona l (Construction , demolition Page 8 of 12 Reference Type Page Policy / Description of modification paragraph and excavation waste development ) Safeguarding potential minerals and waste wharf and rail depot infrastructure (previously called ‘Long term safeguarding’ and the section will sit in the ‘Economy section’ in the adopted Plan) Reference Type Page Policy / Description of modification paragraph DC284 Additi 98 Paragraphs • Remove reference to capacity in relation to further proposals. onal – 6.1-6.3 to a main (Safeguardin chang g potential e minerals and waste wharf and rail depot infrastructur e) DC285 Additi 99 Policy 33 • Change title of the policy. onal (now policy • Update policy number. 34) • At the end of policy 33 (now policy 34) add ‘The locations identified above are shown on the (Safeguardin Policies Map. g potential • Update policy wording. minerals and waste wharf and Page 9 of 12 Reference Type Page Policy / Description of modification paragraph rail depot infrastructur e) DC286 Additi 100 Paragraphs • Revised wording at the end of section. onal 6.5-6.8 • Resolve typos. • Where areas of such land – clarify the position in relation to change to Policy 34. (Safeguardin • Delete repeated text proposed in DC244. g potential minerals and waste wharf and rail depot infrastructur e) Glossary Reference Type Page Policy / Description of modification paragraph DC287 Additional 104 - • Add definition of borrow pits. DC288 Additional 107 - • Include definition on waste residues DC289 Additional 110 - • Amended definition pr oposed for recovery through DC246 DC290 Additional 110 - • Amend definition RSS. & 11 Appendix A (Site allocations) Reference Type Page Policy / Description of modification paragraph DC291 Additi 131 Michelmers • Update the map to change the location of allo cated areas. Page 10 of 12 Reference Type Page Policy / Description of modification paragraph onal h • Update site information. • Amend development considerations. • Add additional text explaining why School House field needs to be restored at the low level. • Additional development considerations to be added relating to restoration and hydrology. • Revised wording of development considerations relating to water supply to specifically identify the Timsbury works. • Additional development considerations relating to the sewer pipeline and footpath. DC292 Additi 141 - - • Add hyphenation to Site name on In set Map and Description. onal 142 Page 11 of 12 Appendix B (List of safeguarded sites) Reference Type Page Policy / Description of modification paragraph DC293 Additional From o Remove reference to ‘if developed’ in the comments for Land to the north west of Hythe. page o Replace ‘include’ with ‘encompass’ in footnote 44. 143 Appendix D (Relationship between old and new policies) (previously in appendix E) Reference Type Page Policy / Description of modification paragraph DC294 Additional 183 - o Where existing tables refer to ‘sect ion’ change this to ‘policy’. Links to proposed changes DC201 Page 12 of 12 Agenda Item 9 AgendaAppendix item: 7 HAMPSHIRE COUNTY COUNCIL Decision Report Decision Maker: Cabinet Date: 22 July 2013 Title: Hampshire Minerals and Waste Plan Reference: 4965 Report From: Director of Economy, Transport and Environment Contact name: Lisa Kirby Tel: 01962 845795 Email: [email protected] 1. Executive Summary 1.1. The purpose of this paper is to update Cabinet on the progress of preparing the Hampshire Minerals and Waste Plan (HMWP) and to propose that Cabinet make a recommendation to Full Council to adopt the Plan. 1.2. This paper seeks to: • summarise the plan-making process which has been undertaken, including the Public Examination into the soundness of the Plan; • summarise the findings of the Inspector’s Report into the soundness of the HMWP; • clarify the position of the HMWP with respect to the revocation of the South East Plan; • request that Cabinet recommend to the Full Council that they adopt the HMWP as Minerals and Waste Planning Authority, incorporating the modifications identified in the Inspector’s Report; • establish the next steps of the adoption process; and • identify that the HMWP will supersede the Hampshire Minerals and Waste Core Strategy (2007) and the saved Hampshire Minerals and Waste Local Plan (1998) policies. 2. Contextual information 2.1. The aim of the HMWP is to protect Hampshire’s environment and communities and to support Hampshire’s economy through the sustainable management of minerals and waste development. 2.2. The HMWP contains revised and updated strategic policies, revised and strengthened development management and spatial policies as well as including strategic minerals and waste site allocations. The Plan will provide a 1. Agenda item: comprehensive framework for future minerals and waste development in Hampshire to 2030. 2.3. The County Council has worked in partnership with Southampton City Council, Portsmouth City Council, the New Forest National Park Authority and the South Downs National Park Authority (the ‘partner authorities’) to prepare the HMWP. 2.4 Throughout the plan preparation process expert legal advice has been sought and this has informed the design and content of this process. 2.5. Following approval by the five partner authorities in October 2011 and a subsequent public consultation on the soundness of the Plan, the HMWP was submitted to the Secretary of State on 29 February 2012. Mr Andrew Freeman was appointed as the Planning Inspector to conduct an independent Public Examination into the soundness of the Plan and to report back on the outcomes of the examination to the partner authorities. 2.6. The Public Examination of the HMWP commenced upon submission of the Plan and an initial public hearing took place in June 2012. This resulted in the Inspector asking the partner authorities to review specific elements of the submission Plan and to propose modifications to ensure that the plan could be found ‘sound’ – that is, as set out in Government’s National Planning Policy Framework (NPPF), positively prepared, justified, effective and consistent with national policy. Proposed modifications to the Plan were duly prepared taking into account both legal and planning advice and new evidence which arose as a consequence of the first stage of public hearings. As the Plan preparation process is essentially iterative in nature, updates and amendments were to be expected. 2.7. It was considered that the changes proposed took into account both legal and planning advice and dealt with relevant new evidence which arose as a consequence of the first stage of the public hearings. The majority of those amendments were minor in nature (additional modifications) rather than amendments which affected the ‘soundness’ of the Plan (main modifications). The proposed main and additional changes were brought to the attention of Members and approved by the County Council (on 20 September 2012) for public consultation. 2.8. A public consultation on the proposed modifications took place between 22 October and 17 December 2012 and the outcomes of this consultation were then considered at a second stage public hearing in March 2013, where they were considered to be appropriate by the Planning Inspector. 2.9. The Inspector issued his Report to the partner authorities on the soundness of the Plan in late May 2013. As expected the Inspector recommended non- adoption of the original Plan as submitted (February 2012) in accordance with section 20(7A) of the Planning and Compulsory Purchase Act 2004. However, as the partner authorities requested, the Inspector recommended 2. Agenda item: main modifications that would make the Plan satisfy the requirements of section 20(5)(a) of the Planning and Compulsory Purchase Act 2004, and be “sound”. As a result the Plan, including these modifications, can now be adopted. 2.10. A summary of the findings of the Inspectors Report and the main changes to the HMWP is included in Section 4 of this report. The main modifications comprise changes already considered by Cabinet and Full Council in September 2012. These are set out in Appendix 1 of the report. 2.11 The Director of Economy, Transport and Environment was given delegated authority following the County Council resolution in October 2011 to make minor typographical and formatting changes to the Plan. Under this authority a number of minor modifications were also proposed. 3. Introduction and plan-making process 3.1. The County Council, as Minerals and Waste Planning Authority, has a statutory duty to plan for the provision of minerals and waste development. 3.2. Current policy for minerals and waste development in Hampshire is set out in the Hampshire Minerals and Waste Core Strategy (HMWCS) which was adopted in 2007. The adopted HMWCS was subject to a successful legal challenge in 2008 by Associated British Ports, which resulted in a number of its policies and associated supporting text being quashed. Since the adoption of the HMWCS there have also been significant changes to national planning policy. 3.3. The County Council has worked in partnership with Southampton City Council, Portsmouth City Council, the New Forest National Park Authority and the South Downs National Park Authority to prepare the HMWP which enables the delivery of sustainable minerals and waste development to 2030 in Hampshire. The Plan sets out policies to guide minerals and waste development which have been constructed to protect Hampshire’s environment and communities and support Hampshire’s economy. 3.4. The HMWP aims to significantly strengthen the protection it affords Hampshire’s environment and communities and provides robust direction for business. The HMWP also aims to ensure that the right development is built at the right time and in the right place. Examples of minerals and waste development include construction, demolition and excavation waste recycling sites, rail depots and marine wharves, local quarries, material recycling facilities, energy from waste facilities and landfill. The HMWP also includes site allocations for the following types of development: • rail depots (Basingstoke Sidings, Micheldever Sidings) • land-won sand and gravel extraction (Bramshill Quarry Extension, Bleak Hill Quarry Extension, Hamble Airfield, Purple Haze, Cutty Brow, Forest Lodge Home Farm, Roeshot); 3. Agenda item: • brick-making clay extraction (Michelmersh, Selborne); and • landfill (Squabb Wood, Purple Haze (reserve site)). 3.5. The Plan has been developed based on a robust technical evidence base including site appraisal work, Strategic Environmental Assessment, Sustainability Appraisal and Habitats Regulation Assessment. The evolution of the Plan has also considered the numerous responses to various public consultations gathered over several years as part of public consultation. This included the ‘Have YOUR say’ on planning for minerals and waste in Hampshire and ‘Have YOUR say’ additional minerals issues consultations in February and July 2011 respectively. 3.6. In preparing the Plan, the County Council had a duty to carry out or secure the carrying out of a Strategic Environmental Assessment (SEA) to meet the requirements of the Strategic Environmental Assessment Directive (European Directive 2001/42/EC) (SEA Directive). This is implemented in the United Kingdom through the Environmental Assessment of Plans and Programmes Regulations 2004 (the SEA Regulations). 3.7. The preparation of the HMWP has been subject to a full Integrated Sustainability Appraisal (ISA). The ISA comprises a joint sustainability appraisal and strategic environmental assessment of the Plan and has been carried out in parallel to the development of the Plan, informing the Plans aims, objectives and policies. This included various stages of consultation with statutory consultees and other interested parties at the scoping stage (2010), on interim ISA reports on policies and proposals (2011) and on the various versions of the ISA Report which have been published at the publication, submission and public examination stages of the plan making process. 3.8. The ISA of the HMWP meets the requirement of the SEA Regulations to prepare an environmental report. How the ISA meets the requirement of Regulations 8 (3), 12(2), 12(3) and Schedule 2 of the SEA Regulations are set out in Appendix 2. 3.9. The County Council also has a duty to ensure that the Plan was prepared in accordance with the Conservation of Habitats and Species Regulations 2010 (the Habitats Regulations), specifically Regulation 102 which requires that where a land use plan is likely to have a significant effect on a European site or a European offshore marine site (either alone or in combination with other plans or projects), and is not directly connected with or necessary to the management of the site, the plan-making authority for that plan must, before the plan is given effect, make an appropriate assessment of the implications for the site in view of that site's conservation objectives. This assessment examines the impact that the Plan would have on the integrity of the sites designated under the EU Habitats Directive. 3.10. The HMWP was subject to continuous iterative assessment throughout Plan preparation. Formal Habitats Regulation Assessment (HRA) screening 4. Agenda item: reports were published throughout 2011 and were subject to consultation with statutory consultees (Natural England) and other interested parties. The HRA Record which concludes the overall findings of the assessment has also been published throughout plan preparation including amendments required following consultation and the public hearings. 3.11. The HRA satisfies the requirements of the Habitat Regulations to prepare an assessment of the HMWP on the integrity of European Sites. In accordance with Regulation 102, Natural England has been consulted on the HRA as part of plan preparation. During this process, Natural England, has been in agreement with the conclusions namely that it has been ascertained that the plan will not adversely affect the integrity of the European sites. The final HRA Record has been produced and will be published alongside the Plan upon adoption. This will include concluding comments from Natural England. 3.12. On 13 October 2011, the County Council resolved to publish the HMWP for consultation on its ‘soundness’. This ‘soundness’ consultation period ran between 7 November 2011 and 19 December 2011. The consultation also gave consultees the opportunity to comment on the evidence base associated with the Plan. A total of 1,912 representations were received. Following this, in accordance with the resolutions of the County Council in October 2011, some minor changes were made to the Plan and it was then submitted to Government on 29 February 2012. The ‘submission’ version of the Plan was subject to an independent Public Examination in relation to soundness and the other legal tests by an independent Planning Inspector. 3.13. The NPPF was published in March 2012 following the submission of the HMWP. The NPPF sets out what the Government envisages will be required in order to make a plan sound, forming the basis of the examination of Plans. The NPPF states that a sound plan should be: • Positively prepared – the plan should be prepared based on a strategy which seeks to meet objectively assessed development and infrastructure requirements, including unmet requirements from neighbouring authorities where it is reasonable to do so and consistent with achieving sustainable development; • Justified – the plan should be the most appropriate strategy, when considered against the reasonable alternatives, based on proportionate evidence; • Effective – the plan should be deliverable over its period and based on effective joint working on cross-boundary strategic priorities; and • Consistent with national policy – the plan should enable the delivery of sustainable development in accordance with the policies in the Framework. 3.14. A revised Local Development Scheme, reflecting the revised timescales for plan delivery, was approved on 6 March 2013 by the Executive Member for Environment and Transport. 5. Agenda item: 4. Public Examination and Hearing 4.1 Andrew Freeman was appointed as Planning Inspector by the Secretary of State to conduct an independent Public Examination of the HMWP. 4.2 The Public Examination included a public hearing which commenced 6 June 2012. It was adjourned on 15 June 2012 to enable the partner authorities to prepare modifications following discussions at the hearings, to address the concerns raised by the Inspector. 4.3 The partner authorities prepared a number of ‘main modifications’. Main modifications are those changes which are considered to affect the soundness of the Plan. In certain cases, the partner authorities sought expert legal advice on key issues. 4.4 Some of the main modifications required were due to the introduction of the National Planning Policy Framework (NPPF) following the submission of the Plan, or due to new information that came to light as a consequence of evidence given at the hearing. Reasons for main modifications included: a) To include a clear statement of the planning authorities’ intention to take a positive approach and to incorporate the presumption in favour of sustainable development in accordance with the requirements of the NPPF; b) New evidence was submitted to the Inspector by the operator of Kingsley Quarry in East Hampshire to the effect that the mineral should be re- classified as silica sand (an industrial mineral). Consequently, the Inspector asked the partner authorities to review the HMWP in relation to the provision for silica sand, to ensure that the Plan is in accordance with NPPF; c) New evidence was also submitted to the Inspector by the operator of Michelmersh Brickworks at the first stage of the public examination, which showed that the sites allocated in the HMWP contain a substantially lower amount of brick clay than was previously thought. The Inspector requested that the allocation of sites at Michelmersh should be reviewed to comply with the NPPF landbank requirements; d) During the Public Examination, New Forest District Council challenged the wording of Policy 33 (Long term safeguarding) and proposed revisions. This issue was discussed at both stages of the hearings. NFDC raised arguments relating to the meaning and effect of the safeguarding policy and the approach to be taken to fulfilling the requirements for appropriate assessment under the Habitats Regulations. 4.5 The majority of main modifications identified relate to the Hampshire County Council administrative area. This is with exception of the introduction of a policy on provision for silica sand which affects the South Downs National Park and the issues surrounding the safeguarding of potential wharves and rail depots which affect Southampton City Council and Portsmouth City Council. 6. Agenda item: 4.6 In addition, the partner authorities took the opportunity to address a number of minor corrections such as typing errors, formatting, matters of clarification or policy consolidation. These are termed as ‘additional modifications’. Additional modifications are those which taken together do not materially affect the policies that would be set out in the plan if it was adopted with the main modifications but no other modifications. Additional modifications identified are set out in Appendix 3 of the report. 4.7 Following discussions at the hearings, the partner authorities also updated the parts of the Plan’s evidence base, including revisions to the Integrated Sustainability Appraisal and Habitat Regulation Assessment, as required. 4.8 The main and additional modifications were approved for consultation by the County Council on 20 September 2012. A consultation on the proposed modifications to the Plan took place between 22 October and 17 December 2012. The consultation also gave consultees the opportunity to comment on the updated evidence base associated with the Plan. One hundred and thirty four consultees submitted a total of 304 independent points of submission on the proposed modifications. A summary of the responses can be found at: http://consult.hants.gov.uk/portal/pdpp/examination_library_other_documents ?tab=files (see document HMWP201). 4.9 Following the completion of the consultation, the Public Examination recommenced with a further public hearing in March 2013, focused on the modifications identified for discussion by the Planning Inspector following the consultation. 4.10 The South East Plan was finally revoked (with the exception of two saved policies on RAF land in Oxfordshire and the Thames Basin Heaths Special Protection Area) in March 2013. Therefore, the legal requirement imposed by section 24(1)(a) of the Planning and Compulsory Purchase Act 2004 is for the HMWP to now be in ‘general conformity’ with the remaining provisions of the South East Plan. 5. Findings of the Inspector’s Report on the soundness of the Hampshire Minerals and Waste Plan 5.1. The Inspector provided the partner authorities with his final report of the findings of the Public Examination – the ‘Inspectors Report’ – in late May 2013. 5.2. The Inspector’s Report only considers those changes to the HMWP which were considered to affect the soundness of the Plan or its compliance with the legal requirements referred to in section 20(5)(a) of the Planning and Compulsory Purchase Act 2004 – main modifications. 7. Agenda item: Assessment of duty to co-operate 5.3. The Planning and Compulsory Purchase Act 2004 requires constructive, active and on-going engagement with local authorities and a variety of prescribed bodies in order to maximise the effectiveness of plan preparation. The Inspector concluded the partner authorities had worked collaboratively with other authorities and bodies and had co-operated effectively through a continuous period of engagement, fulfilling the duty to co-operate. Assessment of legal compliance 5.4. The Inspector concluded that the Hampshire Minerals and Waste Plan met all legal requirements. The Inspector noted the following: • Local Development Scheme (LDS): The Inspector concluded that the HMWP was compliant with the approved LDS. • Consultation : The Inspector noted that some consultees had raised concerns over the consultation process. The Inspector concluded that the Plan had been prepared in accordance with the adopted Statement of Community Involvement and that the consultation process was not flawed. He also concluded that the partner authorities had met their duties in line with the relevant regulations which emphasise the use of the internet. • Integrated Sustainability Appraisal (ISA): The Inspector noted that the appraisal of sites had been criticised by some parties as being flawed. However, the Inspector concluded that he did not find the conclusions of the ISA to be flawed and that the ISA is adequate. • Appropriate Assessment (AA): The Inspector noted that some objectors had raised concerns about the AA and that the appraisal of sites, Purple Haze and Bramshill Quarry extension (Yateley Heath Wood) in particular, were considered to be flawed. However, the Inspector concluded that the AA is adequate. • Regional Spatial Strategy (RSS): The Inspector noted that the partial revocation of the South East Plan came into force on 25 March 2013 and concluded that the policies in relation to minerals and waste within the South East Plan therefore no longer formed part of the development plan. The Inspector concluded that the HMWP is in general conformity with the remaining relevant provisions of the South East Plan. Assessment of soundness of the Hampshire Minerals and Waste Plan 5.5. The Inspector acknowledged that the preparation of the HMWP and its subsequent Public Examination had taken place at a time of change in planning policy and guidance. For example, the Plan was submitted to the Secretary of State approximately one month before the publication of the NPPF. In addition, the material provisions of the RSS (the South East Plan) were revoked late in the Public Examination process. Other relevant documents and guidance have also been published following submission of the Plan. On all of these issues, the Inspector concluded that interested parties had an opportunity to comment on the Plan in light of those new documents and the revocation. 8. Agenda item: 5.6. All of the main modifications identified within the Inspectors Report are based on the modifications that the County Council and its partner authorities approved and which were subject to consultation between October and December 2012. Appendix 1 of this report sets out the 22 main modifications to the Plan as required by the Inspector to make the Plan sound. 5.7. All other additional modifications to the Plan are not considered in the Inspector’s Report as they do not impact the soundness of the Plan. These are largely typographic, formatting or policy consolidation changes – additional modifications. Compliance with the National Planning Policy Framework (NPPF) 5.8. The HMWP clearly states its aim to protect Hampshire’s environment, maintain Hampshire’s communities and support Hampshire’s economy. 5.9. The NPPF was issued on 27 March 2012, following the submission of the HMWP on 29 February 2012. The NPPF introduced the presumption in favour of sustainable development, and an additional element of the policy on ‘soundness’, namely that local plans, such as the HMWP, should be ‘positively prepared’ (see paragraph 3.13). 5.10. The NPPF also introduced the presumption in favour of sustainable development. At the first stage of the public hearings, the Inspector indicated that a policy relating to this issue was required to meet the tests of soundness. A modification was therefore prepared which introduced a new policy and supporting text (see modification MM1 in Appendix 1). 5.11. With the modifications in place, the Inspector concluded that the Plan had been positively prepared. He noted that, with the incorporation of the main modifications relating to the presumption in favour of sustainable development (see modification MM1) and the deletion of Policy 13 (Planning conditions and obligations) and its associated supporting text (see modification MM9), this would constitute a clear statement on the partner authorities intention to take a positive approach which reflects the presumption in favour of sustainable development contained in the NPPF. 5.12. The Inspector highlighted 11 soundness issues in his Report which he set out his conclusions. These are considered in the remaining part of this section of the report. Issue 1: Whether there is a positive and collective vision for the future of Hampshire, including a clear economic vision, which reflects the aspirations of local communities 5.13. Following the first stage of the public hearing, amendments to the Vision and Spatial Strategy were proposed (see modifications MM2, MM3 and MM4 in Appendix 1) to provide greater links to the policies in the plan and include 9. Agenda item: links to the NPPF requirements for collaborative working, clarification of strategic priorities and other points of clarification. 5.14. The Inspector concluded that with the modifications in place, the Plan would be consistent with national policy and would give greater clarity over the links between the Vision and Spatial Strategy. Issue 2: Whether there are clear and appropriate environmental policies that, amongst other things, would ensure that there would be no unacceptable adverse effects on the natural or historic environment 5.15. Following the first stage of the public hearing, policies on protection of designated landscapes (including the National Parks and AONBs) (see modification MM5 in Appendix 1), the protection of the wider countryside (see modification MM6) and the South West Hampshire Green Belt (see modification MM7) were revised ensure that HMWP was consistent with national policy. 5.16. With respect to designated landscapes, the Inspector concluded that the modifications update the polices sufficiently to accurately reflect the provisions of national policy, which were absent in the submission version of the Plan. In relation to the policy on the countryside, the Inspector concluded that the modification ensured that the Plan is internally consistent with other policies (e.g. policy on the locations of sites and areas for waste management) and this modification would be clear and appropriate. The Inspector also concluded that the revisions to the policy on the South West Hampshire Green Belt made the policy simpler, clearer, more appropriate and consistent with the NPPF. Issue 3: Whether there are clear and appropriate community-related policies that, amongst other things, would ensure that there would be no unacceptable adverse effects on human health 5.17. Following the first stage of the public hearing, the policy on protecting public health, safety and amenity was revised to ensure compliance with the NPPF, to clarify development criteria and to highlight the importance of cumulative impacts (see modification MM8 in Appendix 1). 5.18. The Inspector concluded that with the modification in place, the HMWP would accord with national policy and the related soundness of the Plan would be assured. He stated that the modification would mean that there would be a clear and appropriate policy on community related matters. Issue 4: Whether appropriate provision is made for the steady and adequate supply of clay and chalk and for any demand for small-scale extraction of building stone 5.19. The draft NPPF included a requirement to plan for at least a 10 year landbank at brick-making clay sites. This was taken into account in the 10. Agenda item: submission version of the Plan through Policy 21 (Brick-making clay). The publication of the final NPPF increased this requirement to plan for at least a 25 year landbank. As a result, a modification to the policy was prepared to meet the landbank requirements of the NPPF (see modification MM10 in Appendix 1). 5.20. The Inspector concluded that with this modification in place, the related provision of the Plan would be sound and would accord with the NPPF. Issue 5: Whether there is clear and effective provision for the safeguarding of mineral and waste sites and facilities; also the long- term conservation of mineral resources and the definition of safeguarding and consultation areas 5.21. Following the first stage of the public hearing, the safeguarding list was amended to include concrete batching plants to meet the requirements of the NPPF (see modification MM11 in Appendix 1). The issue of Mineral Consultation Areas (MCAs) was also discussed at the public hearings as the NPPF indicates that local planning authorities are expected to define MCAs. 5.22. The Inspector concluded that with this modification in place, the related provision of the Plan would be in accordance with the NPPF and the Plan would be sound in this respect. With regards to the issue of Mineral Consultation Areas (MCAs), the Inspector concluded that clear and flexible provisions are already in place in Hampshire but notes that the partner authorities have also proposed additional modifications to clarify arrangements. Therefore, no main modifications were considered to be necessary in relation to this issue. Issue 6: Whether appropriate provision is made for the steady and adequate supply of sharp sand, gravel and soft sand 5.23. The public hearings included detailed discussions on the level of supply for sand and gravel. The Inspector confirmed that the evidence base put together by the partner authorities on supply (the Local Aggregates Assessment) to inform the Public Examination of the HMWP was robust. This he acknowledged outlined the locally derived land-won sand and gravel apportionment (of 1.56mtpa) as set out in Policy 17 (Aggregate supply – capacity and source). The Inspector concluded that the approach undertaken meets the requirements of the NPPF and the recently emerged guidance from DCLG on the Aggregate Supply System (2012). The Inspector acknowledged that some consultees had criticised the soft sand apportionment. However, the Inspector noted that the approach taken meets that advocated in the NPPF. He also noted that there was no evidence that sales of soft sand will differ from those assessed by the partner authorities in the foreseeable future. In overall conclusion on matters related to land-won aggregate supply, the Inspector concluded that he was satisfied that supplying sand and gravel at a rate of 1.56mtpa (including 0.28mtpa for soft 11. Agenda item: sand) would be an appropriate contribution to a steady and adequate supply of aggregates for the plan area. 5.24. In terms of other sources of aggregate supply, the Inspector concluded that there is sufficient and appropriate infrastructure in place and, as such, the supply levels for other aggregates, as set out in Policy 17 (Aggregate supply – capacity and source) could be achieved. 5.25. To ensure that any changes in aggregate supply are addressed, changes to the monitoring of the Plan were put forward following the first stage of Public Examination (see modification MM12 in Appendix 1). The Inspector indicated that, with this modification in place, the Plan would be effective and deliverable over the plan period in this respect by ensuring that there is robust monitoring of total aggregate supply and a commitment to vary the required elements of supply should this become necessary. 5.26. The Inspector highlighted the partner authorities approach to relying on ‘unallocated’ sites to make up the provision for aggregate supply. He recognised that whilst ideally, the local apportionment should be met from specific allocations, he was satisfied that the Plan in its entirety includes a strategy that will deliver a steady and adequate supply of sharp sand and gravel and soft sand. He also concluded that the modifications to Policy 20 (see modification MM13 in Appendix 1) improved the policy in relation to unallocated sites. 5.27. As part of the preparation for the public hearing, the operator of Kingsley Quarry in East Hampshire provided evidence to the Inspector that the mineral at that quarry was silica sand (as well as soft sand) based on its uses. Despite several opportunities and on-going dialogue with the operator, this information had never previously been submitted to the planning authorities at any stage of plan preparation and as such the submitted version of the Plan did not include a policy on silica sand. The NPPF includes a requirement for minerals planning authorities to: ‘plan for a steady and adequate supply of industrial minerals by co-operating with neighbouring and more distant authorities to co-ordinate the planning of industrial minerals to ensure adequate provision is made to support their likely use in industrial and manufacturing processes by providing a stock of permitted reserves of at least 10 years for individual silica sand sites to support the level of actual and proposed investment required for new or existing plant and the maintenance and improvement of existing plant and equipment’ . 5.28. At the first stage of the public hearing, the Inspector requested that the partner authorities review the HMWP to make provision for silica sand in accordance with the NPPF of a 10 year landbank for silica sand sites (see modification MM14 in Appendix 1). Following the adjournment of the public hearings, a modification was prepared to meet this requirement. This included the introduction of a new section, policy and supporting text on silica sand and adjustment to other areas of the plan as required. The Inspector concluded that the provision for silica sand was adequately addressed 12. Agenda item: through the modifications. The modifications did not include any further site allocations for silica sand as site appraisal work concluded that there were no current sustainable opportunities to extend the existing Kingsley and Frith End quarries. The new policy (Policy 21 – Silica sand) incorporates criteria to guide further silica sand development. Issue 7: Whether sufficient sites have been allocated; whether they are acceptable in environmental terms and in other respects; whether the sites are deliverable; and whether there is flexibility regarding the availability of sites 5.29. The Inspector concluded that sufficient sites had been allocated within the HMWP and that they are acceptable in environmental terms and in other respects. He also concluded that there are no known deliverability or other issues of significance with the allocations included in the Plan. The Inspector therefore did not remove or add any site allocations to the Plan. The main conclusions of his report in relation to site allocations are outlined below. Brick-making clay Michelmersh 5.30. The submission version of the Plan included two site allocations at Michelmersh. During the Public Examination new information appeared that neither of these allocations would be suitable for future extraction of brick- making clay based on the lack of viable resources and other constraints. As a result, the Inspector indicated that the supply of brick-making clay for Michelmersh needed to be reviewed to ensure the soundness of the Plan in relation to this issue. This was in addition to the need to plan for a 25 year landbanks, as already set out in Issue 4 of this report. 5.31. Following the adjournment of the hearings, further site appraisal work was undertaken including an assessment of geological constraints and potential community impacts. This indicated that a new area should be put forward for allocation. Therefore, due to the geological constraints and the problematical nature of the areas surrounding the brickworks and the impacts on residents, School House Field and Hillside Field were proposed for allocation. A number of modifications were prepared in relation to this issue covering the changes to the allocation and suitable development management criteria (see modification MM24 in Appendix 1). 5.32. The existing permitted reserves alongside the revised allocated site would provide for an estimated 22 year landbank. It was acknowledged by the operator that there are no other viable options for extraction in this locality at this time, and it was agreed that the new allocation is sufficient for their needs. 5.33. In his Report, the Inspector recognised the concerns of the local community with regards to the revised site allocations. However he stated that it was clear to him that there were no realistic or alternative sources of brick clay of 13. Agenda item: the required composition to that at Michelmersh. The Inspector noted that development considerations are of importance in this context to protect the local environment and community. The Inspector clearly states that the NPPF requirement to plan for a steady and adequate supply of brick-making clay is an important consideration meaning that new sites are required to replace those sites identified in the submission Plan. The Inspector therefore concluded that the Plan should be modified to include the allocation of School House Field and Hillside Field, to make the plan sound in this regard. Selborne 5.34. The Inspector noted that he would normally expect the provision of non- energy minerals to be made outside of National Parks, but recognised that the allocation was needed to secure long-term supply of clay for the brickworks. The Inspector highlighted the environmental and amenity concerns raised by some parties but considered those to be covered by the development considerations identified in the Plan. The Inspector also recognised that there was a long history of operations at the brickworks. Rail depots Basingstoke 5.35. The Inspector recognised the concerns raised by some consultees over the allocation, namely the impact on residential amenity and regeneration. However, he concluded that the impacts on the local residents and businesses are covered within the development considerations identified for the site and considered that these could satisfactorily be addressed at the planning application stage. Micheldever 5.36. The Inspector noted that the allocation at Micheldever Sidings was, in itself, relatively uncontroversial although he recognised that access matters would be clarified through an additional modification to the Plan (see DC249 in Appendix 3) which revised an existing development consideration on access. Soft sand Forest Lodge Home Farm 5.37. The Inspector highlighted the main considerations in relation to this allocation as traffic impacts and effects on residential amenities. He recognised that the adjacent A326 is congested but noted that he would not expect the predicted traffic movements to have a significant impact on highway operation or safety. He also noted that in relation to residential amenity, adequate mitigation measures could be provided under a detailed scheme through the development considerations identified in the Plan. The Inspector therefore concluded that he found the allocation to be soundly based and that it would make an important contribution to the requirement for soft sand, whilst also giving a more balanced spatial distribution of supply of soft sand. 14. Agenda item: Purple Haze 5.38. The Inspector noted that the objections to the Purple Haze allocation had been wide and varied and included concerns regarding the nature of the reserve, the Appropriate Assessment findings, impact on residential and recreational amenity, restoration and transportation impacts. 5.39. On the issue of the reserve, the Inspector concluded that he had no reason to question the estimates or understandings of the partner authorities. 5.40. The Inspector acknowledged that the working of the site would encroach into the Moors Valley Country Park. However, he highlighted the importance of the mineral resource and concluded that he considered the dis-benefits on amenity to be acceptable in that regard. He also noted that the allocation would provide an important contribution to the requirement for soft sand. 5.41. In the Inspector’s discussion on the adequacy of the Appropriate Assessment, he acknowledged that a lack of hydro-geological evidence had created some uncertainty for some consultees. However, he noted that Natural England had advised that these matters had been addressed through the wording of the development considerations included in the Plan. 5.42. On the issue of restoration, the Inspector acknowledged the concerns raised in relation to the success of heathland restoration but highlighted that this was not the only element of the restoration identified for the site. As a result, he concluded that any uncertainties on restoration would not override the appropriateness of the allocation. 5.43. In relation to traffic impacts, the Inspector concluded that the additional traffic generated was unlikely to have a significant impact on the B3081 or the wider transport network. 5.44. In conclusion, the Inspector stated that, even if alternative soft sand sites were available, he would still find the Purple Haze site to be a suitable site for mineral extraction. He indicated that, in his view, any outstanding matters could be resolved at the planning application stage and, if that could not occur, that permission would need to be refused. Sharp sand and gravel Bramshill Quarry Extension (Yateley Heath Wood) 5.45. In the Inspector’s discussion on the adequacy of the Appropriate Assessment, he concluded that a widely drawn allocation boundary allows greater control over adjacent development and had possible benefits in terms of continued management. This is in line with Natural England advice. He also concluded that other issues of concern raised by some consultees would be addressed by the development considerations identified in the Plan. 15. Agenda item: Bleak Hill and Cutty Brow 5.46. The Inspector concluded that the key issues identified at the two sites are addressed by the development considerations identified in the Plan and would be dealt with at the planning application stage. Hamble Airfield 5.47. The Inspector acknowledged the considerable number of representations received about the allocation and highlighted that he considered the impact on residents, users of local facilities and traffic impacts as being of particular importance. 5.48. The Inspector concluded that he would expect mitigation measures to be available throughout the life of the development to address potential impacts on residents and facilities and that he would not expect there to be any unacceptable adverse effects, notably on human health. 5.49. In terms of traffic impacts, the Inspector concluded that additional movements generated as a result of the development would represent an insignificant increase in the number of HGVs on Hamble Lane. The Inspector found the allocation to be soundly based. Roeshot 5.50. The Inspector identified the impact on residential amenities, traffic impacts and restoration as the three main considerations in relation to this allocation. 5.51. The Inspector concluded that protection of amenity is covered by development considerations identified in the Plan and that he would expect appropriate mitigation measures to be implemented through planning conditions. On the issue of traffic impact, the Inspector concluded that the increase in traffic is unlikely to have a material impact on the operation of the A35 or the wider highway network. In terms of the restoration, the Inspector noted the concerns raised by some consultees over the level of inert fill which will be required to restore the site but concluded that he would not expect this to an overriding issue. The Inspector therefore found the allocation to be soundly based in all circumstance. Non hazardous landfill Squabb Wood 5.52. The Inspector acknowledged that there have been concerns about the current operations at Squabb Wood, notably odour, dust and noise and that local residents have a reasonable expectation that the landfill operations will come to an end and that the site would be restored. The Inspector acknowledged that the presence of landfill operations would be prolonged through the allocation but considered that there is no ‘in principle’ objection to the allocation as these matters will be addressed through the development 16. Agenda item: considerations identified in the Plan. He also noted that any new planning application for development will need to re-consider these issues. The Inspector concluded that the allocation is soundly based and would enable the site to make a continuing contribution to landfill requirements in the Plan area. Purple Haze 5.53. The Inspector noted the similar concerns and issues raised for the landfill allocation to those raised for the allocation for mineral extraction in this location. He came to the same conclusions; namely that concerns can be addressed by the development considerations identified in the Plan. The Inspector also noted that some consultees questioned the need for the site but highlighted the projected shortfall in landfill capacity identified in the Plan. Non hazardous landfill 5.54. The Inspector also commented on the overarching policy for non hazardous landfill and indicated that the policy (Policy 31- Non Hazardous waste landfill) as submitted was not effective. However, he noted the modification proposed (see modification MM15 in Appendix 1) which introduces a priority order for decision making rectifies this issue. As a result of the modification, and with this being in place, the Inspector concluded that soundness would be ensured in relation to this policy. London’s Waste 5.55. Following the completion of the first stage of public hearings, the partner authorities prepared a modification which sought to remove reference to the non-provision of capacity for London’s waste from Policy 31 (Non Hazardous waste landfill). This is because, at that time, with the South East Plan still in place (before revocation) its inclusion meant that the Plan was not in conformity with the South East Plan in this respect. However, the relevant policies in the South East Plan have since been revoked, meaning that the reference to London’s waste has no bearing on the soundness of the Plan. Issue 8: Whether there is clear and justifiable guidance on the location of new waste management development 5.56. Following the first stage of the public hearing, the policy and supporting text relating to locating waste management development was revised to provide greater clarity and strengthen the guidance for a wider range of waste management land uses (see modifications MM16, MM17 and MM18 in Appendix 1). The Inspector concluded that with these modifications in place, there would be consistency with national policy and the plan would be sound in this respect. He concluded the modification would mean that the guidance on the location of new waste management facilities would be clear and justified. 17. Agenda item: Issue 9: Whether appropriate account is taken of the contribution that substitute or secondary and recycled materials and mineral waste could make to the supply of minerals 5.57. Following the first stage of the public hearing, Policy 29 (Construction, demolition and excavation waste) of the submission plan was modified to include a minimum target for the production of high quality recycled and secondary aggregate (see modification MM19 in Appendix 1). This modification reflects Government intentions on this issue and the principles of the NPPF. The Inspector concluded that with this modification in place, it would make it clear that production of at least 1mtpa would be supported. Issue 10: Whether there is clarity in matters relating to the provision and safeguarding of aggregate wharfs and rail depots 5.58. Following the first stage of the public hearing, Policy 19 (Aggregate wharves and rail depots) of the submission plan was modified to include criteria to guide new wharf development, to ensure compliance with the NPPF (see modification MM20 in Appendix 1). The Inspector concluded that the modifications made the policy compliant with the NPPF. 5.59. During the first stages of the public hearing, there was substantial discussion on the issue of safeguarding potential wharves and rail depots. This issue was considered by Policy 33 (Long term safeguarding) and its associated supporting text in the submission plan. The Inspector’s report clearly sets out the aims of the policy as ensuring that potential future opportunities for wharves and rail depots are “safeguarded from unnecessary sterilisation from non-mineral development” as defined by the NPPF, if they become available or are released from present uses. The Inspector also acknowledged that the policy does not presume development of the land. 5.60. As part of the Public Examination process, New Forest District Council sought legal opinion, which specifically challenged the process undertaken by the partner authorities relating to Habitats Regulation Assessment (HRA). Their advice suggested that the partner authorities had not carried out the HRA process correctly. The District Council was also of the view that an Appropriate Assessment should be carried out for safeguarding potential wharf and rail depot sites. The partner authorities sought their own expert legal opinion from a specialist planning barrister on this matter and this was taken into account in the revisions to the policy proposed by the partner authorities. 5.61. Following the first stage of the public hearing, Policy 33 (Long term safeguarding) and its associated supporting text were modified (see modifications MM21, MM22 and MM23 in Appendix 1). The revisions take into account amendments to the policy wording and supporting text to make the context for safeguarding clearer. A further HRA screening of the policy was also undertaken as well as revised ISA work. 18. Agenda item: 5.62. The Inspector acknowledged the issues associated with the land to the north west of Hythe (Dibden Bay) in his Report. However, he concluded that, with the modifications in place, there would be adequate safeguarding of potential rail heads and wharves and the related provisions are consistent with national planning policy and is therefore sound. The Inspector also concluded that he was satisfied that the Plan as proposed to be modified in relation to Dibden Bay, would be legally compliant as the policy is restricted to safeguarding and does not encompass development and the supporting text explicitly recognises that any development at Dibden Bay must satisfy the Habitats Regulations. Issue 11: Whether there are clear arrangements for monitoring the Plan and reporting the results as part of a delivery strategy with clear targets and measurable outcomes 5.63. Following discussion at the first stage of the public hearing, a modification was prepared which merged the Monitoring and Implementation Plan and identified new proposed outcomes, mechanisms and indicators for the monitoring of all policies in the Plan (see modification MM12 in Appendix 1). The revised Monitoring and Implementation Plan would provide a cohesive and improved framework to guide minerals and waste development, and monitor progress against the policies in the HMWP. 5.64. The Inspector concluded that with this modification in place, there would be clear arrangements for monitoring of the Plan and reporting the results. As a result, the Inspector stated that the Plan would be sound in this regard and the modification would enable the partner authorities to be able to fulfil statutory responsibilities in respect to monitoring. Conclusion on soundness of the Hampshire Minerals and Waste Plan 5.65. The Inspector’s overall conclusion was the Plan as submitted (February 2012) had a number of deficiencies in relation to soundness and/ or legal compliance for the reasons set out in his Report and he recommended non adoption of the plan as submitted. However, the Inspector recommended the partner authorities incorporate the proposed modifications outlined in his Report to make the Plan sound and/or legally compliant and therefore capable of adoption. 5.66. As a result of these modifications being in place, the Inspector concluded that the HMWP would satisfy the requirements of Section 20 (5) of the Planning and Compulsory Purchase Act and meet the criteria for soundness set out in the NPPF. 5.67. All of the main modifications identified within the Inspectors Report are based on the main modifications approved for consultation by the County Council and its partner authorities in October 2012, following the first stage of the Public Examination and these were subject to public consultation from October –December 2012. 19. Agenda item: 5.68. All other modifications to the Plan (additional) are not considered in the Inspector’s Report as they do not impact the soundness of the Plan. These are largely typographic, formatting or policy consolidation changes. 6. Next steps 6.1. The partner authorities can only adopt a sound Plan. Without implementing the recommended main modifications, the Plan would not be sound. Therefore, the HMWP can only be adopted in accordance with the recommendations of the Inspector’s Report on soundness, provided that the main modifications identified are incorporated. 6.2. It is important that the work on the HMWP is completed as early as practically possible, so that future planning applications for mineral and waste development can be assessed against a robust and up to date set of planning policies and an agreed list of key, strategic sites for both minerals extraction and major waste operations. 6.3. The Plan will provide the statutory development plan policy for the development and management of all minerals and waste in the administrative areas covered by Hampshire County Council, Southampton City Council, Portsmouth City Council, the New Forest National Park Authority and the part of the South Downs National Park Authority which falls within Hampshire, up to 2030. 6.4 All of the partner authorities will each need to gain approval to adopt the Plan. If the Council and its partner authorities are minded to adopt the Plan, a notice of adoption for Hampshire County Council, Southampton City Council, Portsmouth City Council, the New Forest National Park Authority and the South Downs National Park Authority to jointly adopt the Plan will be prepared. 6.5 Adoption of the HMWP would be in accordance with the agreed Local Development Scheme (2013). 6.6 The adoption of the Plan will be subject to a 6 week challenge period once the resolution to adopt has been made by all partner authorities and the adoption notice has been issued. 6.7 The Hampshire Minerals and Waste Core Strategy and the saved policies of the Hampshire Minerals and Waste Local Plan will be superseded upon adoption of the Hampshire Minerals and Waste Plan. The policies which will be superseded are set out in appendices 4 and 5 of this report. 7. Risks 7.1. The HMWCS is the currently adopted Plan in relation to minerals and waste in Hampshire. If the council is minded not to adopt the HMWP, the County Council and its partner authorities would be left with an out-of-date strategy to 20. Agenda item: judge minerals and waste planning applications against. The HMWCS does not meet national planning policy in relation to minerals and waste issue in a number of areas. The HMWCS was also subject to a successful legal challenge by Associated British Ports in 2008 which resulted in a number of the Core Strategy policies and their associated references being quashed from the Plan. The HMWP provides greater certainty on the protection of the Plan area’s environment, maintaining its communities and enhancing its economy. Non adoption of the Plan could lead to opportunistic applications which would be judged against an out of date adopted Plan. 7.2. The Government’s position on out-of-date plans is that in such instances the NPPF take priority in decision making. This would mean that no locally specific policies could be applied to decision making within the Plan area if an up-to-date Plan is not in place. 8. Recommendations 8.1 To note that the Inspector’s Report has been received and his conclusion that with the main modifications identified in his report, the Hampshire Minerals and Waste Plan (HMWP) meets the criteria for soundness and may therefore be adopted. 8.2 To recommend that the County Council adopts the HMWP which incorporates the main modifications identified in the Inspectors Report, as outlined in appendix 1 of the report, and the additional modifications as outlined in appendix 3. 8.3 To recommend that the County Council adopts the HMWP as a basis for its development management activities with immediate effect. 8.4 To recommend that authority is delegated to the Director of Economy, Transport and Economy to undertake all necessary steps to secure the process of statutory adoption including the publication of formal notices on the adoption of the Plan. 8.5 To note that the HMWP will supersede the Hampshire Minerals and Waste Core Strategy (2007) and the ‘saved’ policies from the Hampshire Minerals and Waste Local Plan (1998) as set out in Appendices 4 and 5 of the report. Rpt/4965/LK 21. Integral Appendix A CORPORATE OR LEGAL INFORMATION: Links to the Corporate Strategy Hampshire safer and more secure for all: no Corporate Improvement plan link number (if appropriate): yes Maximising well-being: Corporate Improvement plan link number (if appropriate): Enhancing our quality of place: yes Corporate Improvement plan link number (if appropriate): Other Significant Links Links to previous Member decisions: Title Reference Date Draft Hampshire Minerals and Waste Plan 4161 20 September 2012 Draft Hampshire Minerals and Waste Plan 2756 13 October 2011 Planning for future minerals and waste 1964 25 November development 2010 Hampshire Minerals and Waste Development 874 28 September Framework Core Strategy Revision 2009 Development Framework Core Strategy 719 29 June 2009 Revision Authorisation of the County Council response to the Government Office for the South East Consultation on the partial review of the Regional Spatial Strategy for the South East Direct links to specific legislation or Government Directives Title Date Hampshire Minerals and Waste Plan Inspectors Report 23 May 2013 Order to revoke the South East Plan 25 March 2013 Guidance on the Managed Aggregate Supply System 19 October 2012 National Planning Policy Framework 27 March 2012 Planning and Compulsory Purchase Act 2004 as amended 2009 22. Integral Appendix A Section 100 D - Local Government Act 1972 - background documents The following documents discuss facts or matters on which this report, or an important part of it, is based and have been relied upon to a material extent in the preparation of this report. (NB: the list excludes published works and any documents which disclose exempt or confidential information as defined in the Act.) Document Location Hampshire Minerals and Waste Plan - Winchester Plan for adoption (DRAFT) – July 2013 Draft Hampshire Minerals and Waste Plan Winchester (submission) - February 2012 Complete schedule of main and additional Winchester changes to the Hampshire Minerals and Waste Plan – October 2012 23. Integral Appendix B IMPACT ASSESSMENTS: 1. Equalities Impact Assessment: 1.1 The proposals in this report have been developed with due regard to the requirements of the Equality Act 2010, including the Public Sector Equality Duty and the Council’s equality objectives. The website contains a summary assessment of the impacts on http://documents.hants.gov.uk/equality-impact- assessments/ete/delivering-infrastructure.doc . 1.2 It is considered that the issues covered by this report will not have impacts requiring further specific actions by the Council above those already established in its existing policies and working procedures. 2. Impact on Crime and Disorder: 2.1. None. 3. Climate Change: 3.1. How does what is being proposed impact on our carbon footprint / energy consumption? Sustainable minerals and waste development contributes to the reduction of the carbon footprint of Hampshire 3.2. How does what is being proposed consider the need to adapt to climate change, and be resilient to its longer term impacts? The proposals and the plan have been subject to Integrated Sustainability Appraisal to ensure that they contribute to mitigation of, and adaption to climate change. Agenda Item 9 Appendix 8 Minerals and Waste Plan: Adoption Members’ Room Document 8: List of sites in Southampton identified in the background document as potentially suitable for waste management facilities. The Plan does not allocate specific sites for waste management use (except for 2 landfill sites). However, it sets out the types of location where waste management uses will generally be supported. These include suitable industrial areas or similar previously developed land. The indicative spatial diagrams indicate the Southampton area as being suitable for waste management, including waste transfer, recycling and recovery. Publically available background documents do identify sites which are potentially suitable. These documents do not have ‘plan status’, and specific proposals (on these or other sites) will be assessed further at the planning application stage to test their acceptability. The sites identified in Southampton as potentially suitable are as follows:- Port of Southampton – Western Docks (new site). An appropriate small scale renewable energy plant. The acceptability of larger facilities would need to be demonstrated (eg given the proximity to residential areas). Redbridge Lane (green field site); Millbrook, Empress Road, Central Trading Estate, Willments ship yard / Hazel Road, Ashley Crescent (existing industrial areas). In general these sites are identified as suitable for enclosed facilities (eg transfer stations, material recycling facilities). Some sites are also likely to be suitable for more open uses which already operate in parts of the city, such as aggregate and metal recycling, a household waste recycling centre, or for an appropriate energy from waste facility. Individual proposals will be assessed on their merits. Woolston Waste Water Treatment Works (existing). The odours from the current facility constrain the ability to fully develop the adjacent Centenary Quay site. Southern Water are progressing an option to upgrade the site. Any on site upgrade should meet higher standards to remove this constraint. This page is intentionally left blank Agenda Item 9 Appendix 9 Minerals and Waste Plan: Adoption Members’ Room Document 9: Summary of consultation responses This document summarises the responses to the consultation on modifications to the Plan (October – December 2012). 4 Summary of key issues from the consultation 1 The summary of issues was produced by officers summarising representations and combining different representations raising the same or very similar issues. It was then considered whether the issues raised required further clarification or another kind of change in the Plan or evidence base and if not, why not. 'Appendix one - Summary of responses on the proposed modifications' lists both the summaries of issues and the Hampshire Authorities response to the issues. The summaries are split as per the structure of the HMWP. 2 Previous consultation exercises generated more diverse levels of response due to the scope of previous consultation exercises. As the changes were more targeted, the levels of response have followed suite. Vision and Spatial Strategy 3 Responses received on the ' Vision and Spatial Strategy' focused on the changes proposed to this section of the Plan as this was redrafted. Many of the responses highlighted areas where further clarification would be of benefit e.g. Key Diagram and the role of Marine Management Organisations. Support was shown to some of the changes proposed e.g. inclusion of sites of archaeological and historical heritage and the separate provision for silica sand. A small number of responses were received on the new policy on the presumption in favour of sustainable development (new Policy 1) and the application of National Planning Policy Framework (NPPF). Protection of Hampshire's environment 4 Responses received on the changes proposed to the section on 'Protection of Hampshire's environment' focused on changes to policies 3, 4 and 5 (as revised numbering) on habitats and species, protection of designated sites and the countryside as well as a few other points of clarification. A response was received on the HRA compliance on Policy 3 (revised Policy 4) which was not related to a proposed change. Responses were received both in support of and raising concerns with the soundness of Policy 4 (revised Policy 5). A response was also received relating to the application of the NPPF in relation to the Green Belt and Policy 5 (revised Policy 6). Some support was received for the changes to Policy 6 (revised Policy 7) on heritage and the movement of text from the Implementation Plan into the main body of the Plan in relation to this issue. A response was also received indicating that policy provisions for bird strike may be too generalised. Maintaining Hampshire's communities 5 Responses received on ' Maintaining Hampshire's communities' largely focused on Policy 9 (revised Policy 10) which relates to protection of health, safety and amenity. These focused on the proximity of development to local communities and buffer zones/stand offs. Other responses were also received on the need for the waste market to be flexible, impact on the water environment from landfill developments, flooding and impact of traffic in designated areas. Some support was received to the changes proposed to Policy 11 (revised Policy 12). Supporting Hampshire's economy 6 Responses received on ' Supporting Hampshire's economy' focused on a variety of minerals and waste issues. 7 A small number of responses questioned whether the resources at Whitehill Bordon have the potential to be silica in relation to Policy 15 (Safeguarding - mineral resources). s consultation (22October - 17December 23 2012) - Summary of responses 8 Although the issue of safeguarding Whitehill Bordon through the provisions of Policy 15 (Safeguarding - mineral resources) was not an issue being consulted upon, three responses were submitted still objecting to the safeguarding allocation. This has largely been as a result of the outcomes of the recent public examination of the East Hampshire and South Downs National Park Joint Core Strategy where the Inspector presiding raised concerns over the deliverability of the Whitehill Bordon Eco-town. One such issue was over the HMWP inclusion of the area for safeguarding and the associated supporting text on this issue. Although this issue was considered at the HMWP public examination previously, due to the recent event, the issue of current wording of the supporting text for Policy 15 (Safeguarding - mineral resources) has been brought to the attention of the Inspector presiding over the HMWP for his consideration. 9 Concerns were also highlighted in relation to the wording for Policy 17 (Aggregate Supply. In particular, the specification of 'limestone' as the type of aggregate to be imported into the county by rail (in policy 17 (Aggregate Supply)) was considered to be unsound and suggestions have been made that some of the figures presented in the policy are not based on the most up-to-date information and correct appraisal (ISA); 10 Proposed changes to Policy 19 (Aggregate wharves and rail depots) were considered unsound as the policy relies on maximising capacity at existing sites which may not be appropriate. In addition, the removal of safeguarding status for wharves and rail depots through the supporting text for Policy 19 (Aggregate wharves and rail depots) was also considered to be unsound by one response. 11 A number of responses considered the proposed changes to Policy 20 (Local land- won aggregate). This included clarification over triggers for review of aggregate supply. A number of responses considered the criteria for unallocated sites to be insufficient / vague / to flexible and suggested revised wording, and some even proposed that a new policy should be considered as well as doubts over the reliance on unallocated sites. One response also indicated that the policy should be reconsidered in light of the DCLG MASS guidance. A small number of responses sought further clarification / definition of terms of issues relating to the policy including 'local needs', 'extensions' and 'beneficial uses'. One response questioned the inclusion of a 'priority order' within Policy 20 (Local land-won aggregate) and considered it to be unsound; 12 In addition to the above, the introduction of a new policy and associated supporting text on silica sand is also one of the main issues for further consideration. The calculation of landbanks for silica sand sites at Kingsley and Frith End is disputed as well as the removal of the quarry sites from the permitted reserves of aggregates (with a sole focus on silica). Other opportunities for extraction of silica/soft sand in East Hampshire not allocated were also highlighted through a small number of responses. 13 As already indicated, the largest proportion of responses on one change related to the allocation at Michelmersh for brick-making clay. The majority of these responses opposed to the changes to the allocation on a variety of grounds including its potential impact on local communities, the landscape, the conservation area, amenity and hydrology. A number of responses also indicated that they did not believe that the appropriate level of investigation into impacts and alternative options had taken place and that the site allocations also do not meet the NPPF requirement of 25 years. Utility companies and statutory consultees with an interest in the area indicated that they would like some strengthening of development considerations in relation to hydrology. 14 Some support was received for the proposed changes to the policy on locating waste developments (Policy 28 (revised Policy 29)). A response was received relating to the proposed changes to Policy 29 (revised Policy 30) on construction, demolition and excavation wastes in relation to missing an opportunity by allowing CDE waste to be disposed without recovery. Minerals and Waste Plan - Soundness of proposed modifications consultation (22 ctober - 17 December 24 2012) - Summary of responses 15 Although some support was given for the proposed changes to Policy 30 (revised Policy 31) on liquid and waste water management, one response raised concerns about the wording in relation to co-treatment of sewage sludges with other organic wastes. 16 A small number of responses were received relating to the changes proposed to Policy 33 (revised Policy 34) and its associated supporting text in relation to potential minerals and waste wharves for safeguarding. These disputed whether the changes were sound, based on the safeguarding of land to the north west of Hythe (Dibden) or on points of clarification. Appendices 17 Responses received on the amendments to development considerations focused on Bramshill quarry extension, Forest Lodge Home Farm, Michelmersh and Roeshot. For example, in relation to Forest Lodge Home Farm, a nearby local landowner has raised an objection to the proposed change to the restoration specification. A large number of responses relating to Michelmersh also questioned the level of detail provided in the development considerations. Such responses indicated that they considered much more detail is required at the plan making stage. Some comments were also received on the proposed changes to Inset Map 5 (Whitehill Bordon) but these largely related to safeguarding mineral resources in this area, rather than the change to the annotation proposed. 18 Responses received on the safeguarding list focused on what respondents believed to be omissions or unsound inclusions. 19 A small number of responses were received in relation to the Implementation and Monitoring Plan . These considered issues relating to the need for clarification on the monitoring triggers proposed. Some support was also given to the element of the Plan in relation to the historic environment. Proposals Map (Policies Map) 20 The responses received in relation to the Proposals Map, focused on sites not being included on the map or sites which should be removed. MASS guidance 21 One of the responses received on the MASS guidance indicated that Policy 20 (Local land won aggregate) should be reconsidered in light of the new guidance. Evidence base 22 The large majority of responses received on the evidence base related to the ISA report, in particular to the appraisal of site allocations. The majority of these were outside the scope of the consultation