Performance targets

Deliver the Auckland City Rail Link project by 2024* REVENUE ($’000)

653 EXPENDITURE ($’000)

55,305

*Subject to determination of COVID-19 impact

The performance of the output will be measured through the Output Measures noted below.

CRL Ltd’s Output Classes for the fiscal year 2021 relate to Health and Safety, Oversite Development, Project Delivery, Funding Envelope, Sustainability and Social Outcomes, Community and Stakeholder Engagement.

STRATEGIC AREA

Health and Safety

Oversite Development

Project Delivery

Funding Envelope

Sustainability and Social Outcomes OUTCOME

Build an underground rail link that is safe for constructors, operators, maintainers and users

Realisation of development potential in and around CRL sites

Deliver a safe, operable, quality underground rail link in a timely manner

Achieve fiscal efficiency

Achieve sustainability excellence including social outcomes PERFORMANCE TARGETS AND MEASURES

• An externally validated maturity assessment of the CRL HSE

Management System using the Risk Management Maturity Model (RM3) will achieve Level 3 (Standardised) by June 2021 • Total Recordable Injury Frequency Rate (TRIFR) at or below seven injuries per million hours worked • Staff wellbeing survey completed and action plan in place • Publish annual safety assurance summary report by June 2021 to assure safety for operations, maintenance and users

• CRLL to contribute to the planning and successful transition to a new entity to implement the agreed value creation and capture strategy – timeframe to be decided by the Sponsors

• Complete C8 Ōtāhuhu by October 2020 • Project Alliance Variation Agreement approved for inclusion of

C5/C7 contracts by December 2020 • Complete C2 by February 2021 • Complete C5 Western Line Early Works by October 2020 • TBM drive commences at Mt Eden by June 2021

• Meet delivery targets within approved Appropriation • Timely financial reporting of project costs on a cost to complete basis • Operate CRL Ltd’s corporate functions within the approved budget

• Achieve C1 and C2 “Excellent” Infrastructure Sustainability (IS)

“as built” rating • 95 per cent of construction demolition waste (including spoil) diverted from landfill • C1 and C2 10 per cent reduction in embodied carbon of construction material • C3 15 per cent reduction in embodied carbon of concrete • Deliver the Link Alliance progressive employment programme • Six Link Alliance construction contracts to be awarded to Māori and/or Pasifika small and medium sized enterprises

Community and Stakeholder Engagement Deliver a high level of communications and engagement • Efficiently respond to and process applications for access to the

Albert Street Business Hardship Programme • Increased public participation through events (target 8) and site tours (target 25) • Build positive profile of the Project with videos (target 10), social media (target at least 5 posts a week), proactive media releases (target 25) and community newsletter (target 12) • Responsiveness (target 2 working days response to public enquiries)

Forecast Financial Statements

The forecast financial statements (on pages 9-12) include a Statement of Forecast Comprehensive Revenue and Expenses, Statement of Forecast Financial Position, Statement of Forecast Changes in Equity and Statement of Forecast Cash Flows for the 2021 financial year.

CRL Ltd is funded to deliver the Project. Under the terms set out in the PDA, funding is recognised as share capital. Other funding received by CRL Ltd is by way of rental income from properties purchased to enable the build but not yet decommissioned, and interest on surplus cash balances. These items will be recorded as revenue in the Statement of Forecast Comprehensive Revenue and Expenses.

CRL Ltd incurs expenditure as part of its activities. Operating expenditure (i.e. the day-to-day running of CRL Ltd) and project expenditure (i.e. unable to be capitalised) is recorded in the Statement of Forecast Comprehensive Revenue and Expenses. This expenditure is funded by the Sponsors. Project expenditure that is capital in nature is recorded on the Statement of Forecast Financial Position as Capital Work in Progress.