Brian Mudge. Expertise. Memberships/Registrations

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1 Brian Mudge Brian Mudge ANZIV SPINZ Registered Valuer P: 64 (0) M: Memberships/Registrations Registered Valuer In summary, Brian has had an extensive property career covering residential, commercial, industrial valuations, insurance valuations and financial reporting, as well as property management, development and consultancy. He has worked on significant property projects throughout New Zealand, working for organisations such as Fletcher Challenge and the Wellington City Council managing large property portfolios and has experience as a subject expert in property court cases. Key areas of expertise; Mortgage security valuations New build valuations8 Insurance valuations/consultancy Litigation support Commercial rental assessments and determinations Matrimonial valuations Project Management Property Consultancy Member of the New Zealand Institute of Valuers Foundation Member of Property Institute of New Zealand

2 Current Employment Chronology Wellington Limited (Formely Appraisal Property Consultancy Limited) Director March Present Acquired the Wellington franchise of and Appraisal rebranded to become the franchisee. As well as working with all the major banks to provide mortgage valuations, the practice has undertaken significant portfolio valuation work, (residential, commercial and special use), for a range of private investors. Having managed the national contract for insurance reinstatement valuations for a number of church portfolios, extensive experience has been gained in valuing church properties, particularly those with a heritage listing. Appraisal Property Consultancy Limited Director March 2004 March 2014 Purchased the valuation practice known as Appraisal as a going concern. The services offered cover the normal range of residential, commercial, industrial, and motel valuations, as well as property management and consultancy. The work also involves significant major film industry properties in Miramar, Wellington. Inverwell Consultancy Limited Manager Following disestablishment of the position of Manager, Property, Wellington City Council, and redundancy, the property consultancy was re-established and engaged under contract by Wellington City Council to provide strategic property services and advice on specific property projects. At the end of this contract in May 1999, consulting continued with a major role including the rationalising of several property matters for ANZ Bank, and preparing the defence, and acting as an expert witness, in a property case that proceeded through the High Court to the Court of Appeal to a successful outcome for the clients. Wellington City Council Manager and Property / City valuer With the re-organisation of local government an opportunity arose for commercial skills to be applied to the rationalisation of Wellington City Council s property assets. The position involved establishing new organisational structures and processes for managing a local authority property portfolio in excess of $650 million, including major developments, asset sales/acquisitions and implementing new procedures and initiatives. In addition, the role covered management of thirteen staff.

3 Employment Chronology continued Mudge Property Consultancy Limited Owner / Director Mudge Property Consultancy was established in 1988 as a Valuation and Property Consultancy offering a full range of property services. The Consultancy undertook a wide variety of assignments within both the Public and Private Sector throughout New Zealand. This work focused on property strategy and the effective management, development, and use of property, offering a full range of valuation, property management, and acquisition and disposal skills. Fletcher Challenge Properties Southern Regional Manager Following the Fletcher Challenge merger, appointed as Regional Manager for Southern New Zealand. The position covered management of nine staff and responsibility for all Group-owned properties in the geographical area of New Zealand south of Hawkes Bay/Taranaki to Bluff. The role included liaison with Chairman and Directors on company property matters and significant involvement in the development and establishment of property management and internal leasing regimes following the Fletcher/Challenge merger. This role involved acquisition of sites; feasibility advice; construction of buildings; property administration in its broadest sense; market valuations; disposal of surplus properties and sale of lower-grade company properties under lease-back conditions; management of high-rise commercial buildings; property development; and development of significant residential and rural-residential subdivisions in the Wellington and Queenstown regions. Challenge Corporation Limited Property Supervisor and Valuer, Feb 1974 Dec 1980 Duties of the position included establishing insurance values on all properties of the company and its subsidiaries; valuations for asset purposes; negotiating the acquisition and disposal of company properties (principal negotiator); feasibility studies for new developments; supervision of consultants and contractors for the construction of a range of assets such as wool-stores, office buildings and car dealerships; property management of group owned properties from saleyards to multi-storey buildings. The geographical area of responsibility extended from Kaitaia to Bluff.

4 Major Assignments Some major assignments that Brian has worked on locally include:- Property Address Type of Property Client Purpose Wellington and the rest of New Zealand Exchange of Land, Polehill Gully and Evans Bay Parade Churches Landfill/ Industrial Warehouse 408 Hutt Road Unit Title Industrial Complex Presbyterian Church of Aotearoa, New Zealand The Maori Trustee Lambton Quay Bus Interchange Wellington City Council Tarakohe Fletcher Challenge House (now SAS House), The Terrace, Wellington Brandon Street, Wellington Cement Manufacturing and all associated mineral mining sites Commercial High Rise Commercial Building Golden Bay Cement Company Limited Fletcher Challenge Corporation Alirae Enterprises Ltd Valuation of the Wellington churches for insurance purposes. Project managed the insurance valuation contract for the nationwide portfolio. Advice on property matters including briefing two Huis and appearance as an expert witness at the Maori Land Court in respect of a land exchange proposal. Environment Court hearing with New Zealand Transport Agency and assisted in reaching agreement through a Court ordered mediation Developed a brief of Evidence and appeared as a witness in a High Court case regarding a claim under section 40 of the Public Works Act. Preparing the strategy for disposing of all properties in the Golden Bay region prior to the announcement of the closure of the cement works at Tarakohe, including assessment of values for sale. Project management from feasibility study stage through construction to occupation. Development and implementation of property management and internal leasing regimes following the merger. Expert witness in a major case through High Court and Court of Appeal both of which stipulated in their decisions that the price is to comprise [a] current market value as assessed by Brian Samuel Mudge

5 Additional property related experience and achievements Principal negotiator in reaching agreement for the possible sale of interest in Ground Leases totalling $70 million Negotiating major projects such as; Purchase of airport land for the Clearwater project Negotiating sale of airspace at Midland Park for the Midland Tower and Carpark thus enabling the high rise development to proceed and bringing about multi-million dollar savings on the original deal. St James Theatre - purchase for refurbishment plus a property exchange to enable the Royal New Zealand Ballet to be housed as part of the development Restoration of the Old BNZ building on the corner of Lambton Quay as a shopping arcade and offices. Purchase and amalgamation of properties in central Wellington fronting Willis and Victoria Streets for future development. (Redevelopment of the property has now been completed and is known as the Chews Lane development ). Chair of committee for Fletcher Challenge and Tower Corporation for total redevelopment of Johnsonville Shopping Centre. Included negotiating acquisition of properties, feasibility studies and preparation of contract documentation through to Board level reporting. Project did not proceed due to the October 1987 sharemarket crash. Gathering of all information, inspection and assessment of value of the property portfolios of companies under consideration for merger or takeover by Challenge and Fletcher Challenge including liaison with and advice to Directors on property matters, with particular relevance to company acquisitions. Instigated the valuation of Challenge Corporation s property portfolio for Financial Accounting reporting.