{"id":33458,"date":"2026-06-03T17:31:06","date_gmt":"2026-06-03T05:31:06","guid":{"rendered":"https:\/\/www..com\/nz\/?p=33458"},"modified":"2026-06-08T16:17:56","modified_gmt":"2026-06-08T04:17:56","slug":"earn-hiring-out-your-campervan-nz","status":"publish","type":"post","link":"https:\/\/www..com\/nz\/earn-hiring-out-your-campervan-nz\/","title":{"rendered":"How Much Can You Earn Hiring Out Your Campervan in New Zealand?"},"content":{"rendered":"\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www..com\/nz\/wp-content\/uploads\/2022\/04\/Kereru-24-1-scaled.jpg\" alt=\"A Quirky Campers campervan named Kaewa parked in front of New Zealand mountains\" \/><\/figure>\r\n\r\n\r\n\r\n<div style=\"background-color: #ffffff; border-left: 5px solid #6B072B; padding: 18px 22px; margin: 0 0 28px;\">\r\n<p style=\"margin: 0 0 10px; font-size: 1.05em; line-height: 1.5; color: #001551;\"><strong>In short:<\/strong> Across the 2025\/26 season, the average campervan listed with Quirky Campers NZ returned c.$16,000 to its owner after our fee, and the top performers reached nearly $28,000. This guide gives an honest look at those numbers: what you as an owner can earn hiring out your campervan, how many bookings and days of hire it took, the running costs to weigh against it, and what a sensible first year looks like.<\/p>\r\n<p style=\"margin: 0; font-size: 0.8em; letter-spacing: 0.02em; color: #001551;\">By James O&#8217;Hern \u00b7 General Manager, Quirky Campers NZ \u00b7 Published June 2026<\/p>\r\n<\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">The honest picture on owner earnings<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Understanding the financial side is a big part of deciding whether to hire out your campervan. Buying and converting a van to a high standard is not cheap, so it is fair to want a clear view of the return before you commit.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">We have already written about what being a Quirky owner involves: the joy of it, what we look for, the work, and the compliance side. You can read that here: <a href=\"https:\/\/www..com\/nz\/hire-out-your-campervan-quirky-campers-nz\/\">How to hire out your campervan with Quirky Campers NZ<\/a>. This article looks at the numbers from last season and gives you a straight answer on what the returns can look like.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">One thing up front. The figures below come from vans that were listed with us for a full season. We removed any that joined partway through the 2025\/26 financial year (April 2025 to March 2026), because a half year of earnings would distort the averages one way or the other. So what you are seeing is what an established van earned across a full year, not a best case picked to flatter.<\/p>\r\n\r\n\r\n\r\n<div style=\"background-color: #fdf6ef; border-left: 5px solid #6B072B; padding: 24px 28px; margin: 0 0 28px;\">\r\n<p style=\"margin: 0 0 14px; font-size: 1.1em; line-height: 1.5; color: #001551; font-style: italic;\">&#8220;I&#8217;d always dreamed of owning a camper van, but until I hit upon the idea of renting one out to help cover the costs (and even provide some additional income!), it felt like something that would remain a pipe dream. After some quick Googling, Quirky Campers NZ completely stole my heart. I loved everything about the brand, and the beautiful handcrafted vans on the site really captured my imagination.&#8221;<\/p>\r\n<p style=\"margin: 0; font-size: 0.9em; color: #001551;\">Julia Walker, owner of <a href=\"https:\/\/www..com\/nz\/campervan\/467134\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Sunny<\/strong><\/a><\/p>\r\n<\/div>\r\n\r\n<h2 class=\"wp-block-heading\">What Quirky owners earned last season<\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www..com\/nz\/wp-content\/uploads\/2026\/06\/quirky_owner_returns_hero.png\" alt=\"Infographic showing the average Quirky Campers van earned about $16,300, took 6.4 bookings, was on hire 95 days, charged about $270 per day and covered 14,200 km in 2025\/26\" \/>\r\n<figcaption class=\"wp-element-caption\">What the average Quirky van earned across the 2025\/26 season.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Last season, the average van on our platform returned approximately $16,300 to its owner. That is after Quirky&#8217;s fee, so it is money in the owner&#8217;s pocket before their own running costs (more on those shortly). A handful of our highest earners returned $26,000 to $28,000.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www..com\/nz\/wp-content\/uploads\/2026\/06\/quirky_returns_range_1.png\" alt=\"Chart showing annual owner earnings ranging from about $10,000 for quieter vans to about $27,900 for top performers, with a typical van around $17,300\" \/>\r\n<figcaption class=\"wp-element-caption\">The realistic spread of annual owner earnings, 2025\/26.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">At the quieter end, a van might return around $10,000 across the year. That still typically covers the running costs of keeping a van safe and legal, with something left over: for the upgrades you have been meaning to do, a few trips of your own, or simply chipping away at the cost of the van itself.<\/p>\r\n\r\n\r\n\r\n<div style=\"overflow-x: auto; margin: 0 0 8px;\">\r\n<table style=\"width: 100%; border-collapse: collapse; font-size: 0.95em;\">\r\n<thead>\r\n<tr style=\"background-color: #6b072b; color: #ffffff;\">\r\n<th style=\"text-align: left; padding: 10px 12px; width: 58%;\">Owner earnings, 2025\/26 (full-season vans)<\/th>\r\n<th style=\"text-align: left; padding: 10px 12px; width: 42%;\">Returned to owner (NZD)<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Average<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">$16,300<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5; background-color: #fdf6ef;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Median (the typical van)<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">$17,300<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Top performers<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">up to $26,000 &#8211; $28,000<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5; background-color: #fdf6ef;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Quieter vans<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">$10,000<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\" style=\"font-size: 0.85em; color: #555555; font-style: italic;\">Figures are the owner&#8217;s share after Quirky&#8217;s fee, before the owner&#8217;s own running costs.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">The other numbers: bookings, hire days and kilometres<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Earnings are the headline, but a few other figures fill in the picture of a typical year on the platform.<\/p>\r\n\r\n\r\n\r\n<div style=\"overflow-x: auto; margin: 0 0 16px;\">\r\n<table style=\"width: 100%; border-collapse: collapse; font-size: 0.95em;\">\r\n<thead>\r\n<tr style=\"background-color: #6b072b; color: #ffffff;\">\r\n<th style=\"text-align: left; padding: 10px 12px; width: 58%;\">A typical van&#8217;s year<\/th>\r\n<th style=\"text-align: left; padding: 10px 12px; width: 42%;\">Figure<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Bookings across the season<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">5 to 10 (average just over 6)<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5; background-color: #fdf6ef;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Average booking length<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">15 days<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Days on hire<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">90 to 100 days<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5; background-color: #fdf6ef;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Distance covered while on hire<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">14,000 km (depending on pick-up location)<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A van out for 95 days a year still leaves much of the year for your own use. That is part of the benefit to owners, as the van earns its upkeep and is still yours for the weekends and holidays you want it for.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">When the bookings happen<\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www..com\/nz\/wp-content\/uploads\/2026\/06\/quirky_seasonality_1.png\" alt=\"Bar chart showing 54% of bookings in summer, 24% in spring, 19% in autumn and 3% in winter across the platform in 2025\/26\" \/>\r\n<figcaption class=\"wp-element-caption\">Share of bookings by season across the platform, 2025\/26.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\r\n<p>Demand is highly seasonal, with more than half of last season&#8217;s bookings in summer, with spring and autumn making up the majority of the remaining bookings. Winter is generally quiet.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Your own use of the van between roughly October and March is the single biggest lever on your income. Every peak week you keep for yourself is a week the van is not earning. That is entirely your call, and plenty of owners happily trade some income for their own summer trips, but it is worth thinking about this before going too hard on calendar blocks. Second, vans that stay available through the busy months, and are set up for cooler-weather travel, tend to earn more steadily across the year.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">What drives your income<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">No two vans earn the same, and a handful of things explain most of the difference.<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Quirkiness (character).<\/strong> The vans that do best have a clear, coherent style and personality. People will travel a long way for a van they have fallen for!<\/li>\r\n<li><strong>Photos.<\/strong> Great photos are the single biggest factor in how well a van books. It is why we contribute up to $500 towards a professional photoshoot before you go live.<\/li>\r\n<li><strong>Location.<\/strong> Auckland and Christchurch are the busiest pick-up and drop-off points, but you do not have to be in either. Being close to an airport, or able to bring the van to a convenient handover point (usually for a small fee), works well too.<\/li>\r\n<li><strong>Features.<\/strong> Customers consistently look for beds over 1.8m long, a shower (even a simple solar one), an awning, or a form of heating for the cooler months. None of these features are essential, but each one widens your camper&#8217;s appeal.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">The running costs to weigh against it<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The return is one side, but keeping a van safe, legal and well-presented costs money too, and it is only fair to show that side as well. As a rough annual guide:<\/p>\r\n\r\n\r\n\r\n<div style=\"overflow-x: auto; margin: 0 0 16px;\">\r\n<table style=\"width: 100%; border-collapse: collapse; font-size: 0.95em;\">\r\n<thead>\r\n<tr style=\"background-color: #6b072b; color: #ffffff;\">\r\n<th style=\"text-align: left; padding: 10px 12px; width: 26%;\">Cost<\/th>\r\n<th style=\"text-align: left; padding: 10px 12px; width: 37%;\">Indicative amount<\/th>\r\n<th style=\"text-align: left; padding: 10px 12px; width: 37%;\">Notes<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Certificate of Fitness (CoF)<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">Approximately $140 to $180 &#8211; however it can be higher for larger CoF B vehicles<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">Required every 6 months<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5; background-color: #fdf6ef;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Self-containment certificate<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">$120 levy plus approximately $150 for the inspection<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">Valid 4 years (about $70 a year)<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Servicing (e.g. AA Silver Service)<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">$279 members, $299 non-members<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">Annually (depending on distance travelled)<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5; background-color: #fdf6ef;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Electrical Warrant of Fitness<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">$200<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">Only if required. Valid 4 years<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Gas Safety Certificate<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">varies<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">Only if required. One-off<\/td>\r\n<\/tr>\r\n<tr style=\"border-bottom: 1px solid #E5E5E5; background-color: #fdf6ef;\">\r\n<td style=\"padding: 10px 12px; color: #001551;\">Registration (rego)<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">$250 to $400 as a guide &#8211; it varies by vehicle and fuel type<\/td>\r\n<td style=\"padding: 10px 12px; color: #001551;\">Annual fee paid to the government for all vehicles. Rego is higher for CoF vehicles.<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">On top of these sit the usual maintenance costs: tyres, repairs, cleaning, and the consumables you restock between trips. Insurance while the van is on hire is covered by us, which takes one of the bigger costs off your plate.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">We are not going to put a net profit figure on this, because it varies too much from van to van. But as a guide, even a quieter van returning around $10,000 covers the running costs above, with room to spare.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">How Quirky Campers NZ&#8217;s pricing model works<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Our pricing for owners is meant to be simple and transparent. You only pay when you get a booking. There is no charge to sign up, list or insure your van, and no hidden costs. There are no tie-in periods, though we always look for long-lasting relationships with our owners so we can make the most of working together.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><strong>Pricing explained:<\/strong> Quirky takes 33% of the booking total, and the remaining 67% goes to you.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">In return you get:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>The Quirky Campers brand working to bring you great customers<\/li>\r\n<li>Insurance for your van whilst on hire, with the option to extend our policy (through Vero) to your own private use, plus 24\/7 roadside assistance while it is out<\/li>\r\n<li>A quality listing, written to tell the story of your van and your conversion<\/li>\r\n<li>Up to $500 towards a professional photographer, plus Quirky Campers decals and stickers<\/li>\r\n<li>A GPS unit and subscription (we cover the unit and the ongoing subscription; you just arrange fitting)<\/li>\r\n<li>Owner support from the Quirky team, and help if something happens on the road<\/li>\r\n<li>Guides and documentation to make bookings straightforward<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Because we are selective about which vans we list and where, there is less competition between vans on the platform, which helps keep bookings flowing to each owner.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">What a realistic first year looks like<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">It would be easy to show you the averages and leave it there, but that would not be the full picture. Figures in this post are from established vans with a full season behind them. A brand new listing usually earns less in its first year, while it builds up reviews and we learn how best to present it.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Factor in 15% to 30% lower earnings in the early years as a reference. Reviews do a lot of quiet work, and each strong review makes the next booking a little more likely.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">The bigger picture: New Zealand&#8217;s travel market<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Demand for your van does not happen in a vacuum, so it is worth a look at the wider market.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The encouraging part is that international tourism has recovered strongly. Overseas visitor arrivals reached 3.58 million in the year to February 2026, up 229,000 on the year before. Tourism New Zealand is targeting roughly 3.7 million arrivals by the middle of 2026. There is also a steady domestic market that has taken to campervan travel.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">We will temper that with some honesty, though. Growth has been steady rather than a sudden surge, and the sector is not immune to the wider world. Covid showed how quickly things can change, and global events can still ripple through. Some of it is simply out of our hands.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Can I list more than one van?<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">One van is a sensible place to start. It lets you learn the ropes and see what the investment of time and money really looks like. If it goes well and there is demand in your area, you are welcome to list more, and plenty of our owners do. Each new van is considered case by case and needs to meet the same quality standard as the first.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Frequently asked questions<\/h2>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">How and when will I get paid?<\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">We process pay-outs twice a week, so you are normally paid within five days of a trip ending.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Do customers pay for Road User Charges (RUCs)?<\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Yes. For diesel vans we work out the RUCs for each hire after the trip, charge the customer, and pass it straight on to you with no mark-up.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Do I need to be GST registered or set up a company?<\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">This is your decision to make. We can work with you whether you run your campervans through a company structure or privately yourself. We are not business advisors, so please check with professionals before making this decision.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Can I rent to friends and family?<\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Yes, you are welcome to rent to your friends and family through Quirky Campers NZ. Once your van is live, and once you know the dates of their travel, contact <a href=\"mailto:campervansnz@.com\">campervansnz@.com<\/a> and the team can guide you through the process and answer any questions.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">In summary<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">There is a lot to weigh up with campervan ownership. There are upfront costs to get a van ready, costs to keep it safe and compliant, and costs to keep it running. But get it right, and there is a real return to be had: an average of about $16,300 to owners last season, and more for vans that are well placed, well presented, and kept available through the busy months.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The owners who do best are the ones who put the effort in early and do not cut corners. They also tend to be the ones we work with year after year. If you are weighing it up and want an honest steer on what your van might do, get in touch at <a href=\"mailto:campervansnz@.com\">campervansnz@.com<\/a> or via <a href=\"https:\/\/www..com\/nz\/\">our website<\/a>.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>In short: Across the 2025\/26 season, the average campervan listed with Quirky Campers NZ returned c.$16,000 to its owner after our fee, and the &hellip; <\/p>\n<div class=\"read-more-wrap\"><a href=\"https:\/\/www..com\/nz\/earn-hiring-out-your-campervan-nz\/\" class=\"more-link\">Read more <span class=\"screen-reader-text\">How Much Can You Earn Hiring Out Your Campervan in New Zealand?<\/span><\/a><\/div>\n","protected":false},"author":696,"featured_media":33494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[1],"tags":[127,128,132],"class_list":["post-33458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-campervan-ownership","tag-hiring-out-your-van","tag-return-on-investment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much Can You Earn Hiring Out Your Campervan in New Zealand?<\/title>\n<meta name=\"description\" content=\"What can you earn hiring out your campervan in New Zealand? 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