Rics GCPM External q4 2019

Occupier demand - NB % Availablility - NB %
ALL off ind ret ALL off ind

2008 Q1 APAC -5 -9 0 -6 -7 -5 -8
2008 Q2 APAC -9 -16 1 4 26 23 13
2008 Q3 APAC -30 -40 -30 -17 37 50 41
2008 Q4 APAC -78 -93 -69 -71 36 44 22
2009 Q1 APAC -63 -67 -64 -58 60 69 51
2009 Q2 APAC -13 -13 -11 -14 63 78 44
2009 Q3 APAC 18 24 9 21 55 64 45
2009 Q4 APAC 27 35 8 35 33 32 35
2010 Q1 APAC 38 51 26 35 22 30 12
2010 Q2 APAC 47 63 42 34 17 15 8
2010 Q3 APAC 43 56 33 39 1 0 -3
2010 Q4 APAC 34 45 32 20 1 -7 -7
2011 Q1 APAC 35 46 25 34 2 4 -3
2011 Q2 APAC 39 49 35 30 2 5 -2
2011 Q3 APAC 16 19 10 19 19 15 12
2011 Q4 APAC 2 0 0 7 8 22 -5
2012 Q1 APAC 5 7 3 5 13 22 6
2012 Q2 APAC 9 2 7 18 23 38 4
2012 Q3 APAC 7 -9 14 16 19 29 -3
2012 Q4 APAC -4 -20 3 3 25 34 9
2013 Q1 APAC 17 23 10 17 26 41 12
2013 Q2 APAC 12 2 18 16 14 25 -4
2013 Q3 APAC 10 10 11 8 26 35 11
2013 Q4 APAC 25 27 26 23 24 32 12
2014 Q1 APAC 19 28 15 16 20 27 10
2014 Q2 APAC 10 17 9 4 24 29 14
2014 Q3 APAC 15 32 13 -1 19 20 12
2014 Q4 APAC 12 25 13 -3 18 15 17
2015 Q1 APAC 13 31 13 -4 21 23 16
2015 Q2 APAC 13 34 9 -3 19 16 17
2015 Q3 APAC -9 4 -7 -24 15 18 6
2015 Q4 APAC -3 17 -4 -21 21 27 8
2016 Q1 APAC -8 10 -8 -25 15 15 12
2016 Q2 APAC -19 -5 -18 -33 21 16 19
2016 Q3 APAC -14 6 -14 -33 30 31 20
2016 Q4 APAC -9 16 -10 -35 24 27 18
2017 Q1 APAC 0 25 -4 -22 16 15 16
2017 Q2 APAC 9 30 14 -16 15 19 -2
2017 Q3 APAC 9 31 11 -16 4 -6 1
2017 Q4 APAC 17 46 20 -15 9 6 2
2018 Q1 APAC 17 50 10 -8 11 7 2
2018 Q2 APAC 19 47 16 -6 9 7 -3
2018 Q3 APAC 12 41 6 -10 8 11 -4
2018 Q4 APAC 2 20 5 -20 6 4 -3
2019 Q1 APAC 8 28 8 -14 7 1 0
2019 Q2 APAC 4 20 10 -17 12 16 -1
2019 Q3 APAC -19 -10 -11 -36 14 8 11
2019 Q4 APAC -17 -6 0 -45 17 21 5
Inducements - NB % Development starts - NB %
ret ALL off ind ret ALL off ind ret

-8 2 1 2 4 19 20 17 20
11 15 25 8 3 0 -4 3 0
20 23 40 15 13 -10 -5 -19 -6
40 54 67 47 46 -49 -50 -52 -46
58 76 85 72 70 -51 -52 -54 -48
68 63 80 55 51 -37 -34 -41 -35
55 52 58 47 51 -23 -21 -29 -18
34 38 56 32 26 -32 -33 -36 -28
23 10 13 9 9 -8 -11 -1 -10
27 8 5 5 15 -16 -9 -15 -23
4 -2 -9 7 -2 -2 4 -6 -2
16 1 -4 -3 8 3 -3 8 6
5 -2 -10 -2 3 6 6 8 3
4 0 -9 4 7 4 7 10 -6
30 4 0 -1 14 7 13 -2 7
6 13 17 6 15 4 6 2 3
11 16 19 9 19 0 5 0 -4
26 18 31 4 18 7 2 14 4
31 14 19 5 18 11 9 11 12
31 29 49 10 24 22 30 18 17
23 15 26 1 16 8 16 1 7
21 20 27 7 23 14 16 10 15
29 24 33 16 21 26 21 30 27
28 17 22 8 20 19 20 15 23
21 16 26 5 16 13 15 11 13
29 9 10 4 15 8 9 5 11
26 15 13 15 17 11 17 7 10
24 12 8 8 20 8 15 0 9
26 15 13 12 19 20 31 13 17
24 20 13 19 26 16 22 9 16
21 18 21 13 21 6 18 1 0
28 18 14 17 22 6 17 -4 5
18 18 14 12 28 7 21 -1 3
28 23 22 23 25 8 22 1 0
38 17 13 14 23 5 17 -2 0
26 16 13 16 19 8 21 1 1
16 14 9 10 22 -4 16 -15 -12
27 4 0 0 13 4 18 3 -9
18 6 -9 4 24 -8 2 -13 -12
21 3 -8 0 18 2 12 -2 -3
23 4 -5 1 18 7 21 2 -2
22 8 -4 2 25 8 21 2 1
17 9 0 7 19 2 17 -3 -8
16 10 9 8 15 -6 5 -9 -14
22 7 5 3 14 1 11 -3 -7
22 7 5 -1 16 -2 10 -7 -9
23 10 6 7 19 -9 -1 -8 -20
24 20 19 12 30 -6 4 1 -22
3m Rent Expectations - NB % Investment Enquiries - NB% 3m Capital value expectatio
ALL off ind ret ALL off ind ret ALL

39 46 34 36 -43 -33 -50 -48
20 23 30 29 -19 -39 -34 -35 -15
-19 -35 -18 -3 -62 -70 -62 -53 -40
-73 -86 -71 -62 -83 -89 -78 -82 -81
-81 -85 -82 -75 -53 -52 -58 -48 -79
-65 -70 -67 -57 8 17 -10 15 -37
-31 -39 -32 -21 37 49 19 40 -8
-10 -18 -20 8 35 46 8 48 2
6 5 2 12 29 42 21 21 28
16 23 14 11 31 40 28 24 21
37 44 29 38 42 56 32 37 45
40 55 33 28 42 48 32 45 42
43 60 43 22 46 62 34 39 49
38 50 31 28 31 34 28 30 37
24 31 15 24 17 19 14 19 12
-2 -12 0 5 2 0 -4 11 -4
4 -3 3 13 14 15 8 17 13
-3 -16 -2 8 24 19 23 29 7
6 2 11 7 23 25 16 27 23
-1 -22 17 4 42 48 40 38 21
15 16 8 20 39 47 25 42 35
8 0 15 9 26 27 18 33 32
12 20 8 8 30 32 28 28 26
16 21 9 16 34 39 18 45 20
20 28 15 17 27 30 24 28 23
4 16 3 -7 26 31 22 25 15
16 33 12 5 26 44 13 22 23
7 26 3 -9 16 25 6 16 19
5 20 5 -10 18 30 16 8 29
7 26 5 -10 25 39 21 15 25
-7 2 -6 -17 4 20 -3 -6 6
-7 6 -5 -23 6 21 5 -6 9
-11 9 -13 -30 1 15 1 -13 -1
-23 -13 -26 -31 -8 13 -16 -22 -19
-12 3 -11 -30 0 20 -7 -14 0
-13 9 -18 -30 7 26 0 -5 -6
-3 19 -6 -21 7 28 1 -9 17
4 22 11 -20 7 32 3 -14 18
10 35 9 -16 14 33 7 3 13
16 42 15 -8 20 44 13 4 26
15 44 8 -9 23 44 22 4 32
20 43 17 0 23 44 18 8 26
6 33 -2 -12 11 28 9 -3 16
-3 20 -5 -23 -2 14 -3 -18 5
13 36 10 -7 10 27 11 -7 18
11 28 13 -7 5 21 5 -12 9
-16 1 -13 -35 -14 -2 -12 -27 -12
-14 1 -6 -37 -7 6 4 -31 -6
5 21 3 -10 10
-10 2 -4 -29 -9
-15 -19 -7 -18 -19
3m Capital value expectations - NB % 12m Rent Expectations - NB % 12m Capital value expectations - NB %
Office Ind Retail ALL off ind ret ALL off
-21 -9 -12
-56 -38 -21
-88 -81 -75
-82 -82 -72
-40 -34 -36
-12 -8 -4
0 -5 10
35 21 27
32 20 9
50 36 47
51 32 42
59 41 44
44 31 33
13 11 10
-5 -7 1
11 7 22
3 4 15
21 23 25
15 29 20
37 32 35
30 29 38
29 23 28 22 31 16 18 24 29
18 19 24 26 26 22 29 35 34
27 20 21 26 34 23 22 33 37
22 14 10 12 24 11 0 17 27
35 17 17 24 43 23 7 42 51
28 17 11 19 34 15 7 22 30
39 32 18 14 29 15 -1 27 36
36 21 18 13 29 12 0 32 40
18 6 -5 -5 8 -3 -20 8 20
18 9 1 0 17 -2 -17 9 23
13 -1 -15 -2 16 -6 -17 5 18
-8 -17 -32 -16 -1 -20 -28 -19 -9
17 0 -16 -5 11 -4 -22 8 20
9 -6 -21 -6 13 -8 -22 4 19
37 11 2 4 23 4 -16 16 30
39 20 -4 12 27 17 -6 22 37
26 14 -1 20 41 22 -3 22 38
43 24 11 26 53 28 -1 42 60
54 26 15 27 51 28 2 41 60
47 22 9 30 51 31 9 40 57
34 15 -1 22 43 22 1 24 39
23 5 -14 11 34 10 -12 11 29
37 16 1 22 44 19 3 26 45
23 8 -6 24 42 24 6 25 40
3 -10 -29 1 19 7 -22 -1 17
6 7 -32 -1 14 17 -33 3 19
28 10 -8
4 -2 -30
-24 -12 -23
al value expectations - NB % Foreign enquiries, NB % Supply availaibility - for sale, NB %
ind ret ALL Office Ind Retail ALL Office Ind
15 29
29 42
28 33
12 11
39 35 25 37 18 21 17 21 8
19 17 10 20 -2 13 12 13 9
27 18 14 25 8 9 25 31 21
33 21 13 27 4 7 9 10 6
7 -3 -2 5 -3 -7 14 14 9
10 -5 -2 10 -7 -9 15 20 6
6 -10 -1 12 -3 -11 11 13 0
-17 -31 -12 7 -20 -22 10 21 1
9 -6 4 25 -6 -8 17 23 11
3 -9 5 24 -1 -8 12 9 8
12 7 6 22 -2 -3 3 3 5
24 7 -8 13 -12 -26 9 18 0
22 6 8 24 1 0 6 11 -2
40 26 18 34 7 12 5 8 -5
38 25 13 28 7 4 14 17 3
40 23 9 25 4 0 6 13 -8
25 9 3 19 -4 -6 0 12 -9
11 -8 -8 5 -12 -19 4 8 -2
24 9 3 19 2 -10 10 14 2
26 10 -3 10 -4 -13 11 19 3
1 -20 -16 -7 -18 -23 6 7 1
17 -28 -11 1 -5 -30 16 20 9
-3 12 -8 -12
-14 -3 -11 -26
-11 -15 -4 -14
for sale, NB % Credit conditions Capital value expectations - responde
Imp signif imp slight No chng Deter Deter Prime
Retail NB % (1) (2) (3) slight (4) signnif (5) All-Propert Office
21 32 8 39 39 12 2 2.8 4.6
15 31 3 42 43 12 1 1.6 3.4
22 32 5 45 33 15 2 1.8 3.7
10 27 8 37 38 17 1 1.8 3.8
19 1 1 26 46 25 2 0.5 2.3
20 -2 4 24 42 27 3 0.1 2.7
20 -8 6 20 39 31 3 -0.2 1.8
9 -1 2 24 47 24 2 -1.5 0.6
17 -15 4 17 42 32 4 -0.3 1.8
19 -15 3 18 44 29 7 -0.2 2.2
2 -9 2 23 41 27 7 1.1 3.6
9 -14 2 19 45 31 4 1.0 3.2
8 -5 1 24 44 26 5 1.2 3.8
10 -1 2 23 48 23 3 2.3 4.7
22 1 2 29 39 27 3 2.1 4.4
12 -5 1 26 41 26 6 2.0 4.4
-1 -15 4 20 38 34 4 1.2 3.4
6 -14 2 24 34 33 7 0.6 2.8
13 12 3 33 39 22 2 1.5 4.1
10 15 4 34 38 22 1 1.4 3.7
9 -1 2 28 40 27 4 -0.6 1.7
17 10 3 31 42 21 2 -0.4 1.6
lue expectations - respondents' 12m average % forecast Capital value expectations -longer term expectations net
Prime Prime Secondary Secondary Secondary Prime Prime Prime
Industrial Retail Office Industrial Retail All-Propert Office Industrial Retail
3.2 3.7 2.0 1.4 1.4

2.1 2.0 1.2 0.3 0.4
2.6 2.0 1.4 0.8 0.2
2.9 2.5 0.9 0.4 0.1
1.5 0.3 0.5 -0.3 -1.3
1.0 -0.2 0.0 -1.0 -2.1
0.5 -0.9 0.1 -0.9 -2.0
-0.7 -1.9 -1.7 -2.5 -3.0
0.5 -0.3 -0.1 -1.2 -2.2
0.6 -0.5 -0.2 -0.9 -2.2
1.4 1.0 1.2 -0.2 -0.5
1.4 0.6 1.2 0.0 -0.6
2.0 1.0 1.0 0.2 -1.1
3.0 2.3 2.5 1.0 0.3
2.0 2.1 2.3 1.3 0.7
2.4 2.1 1.9 1.1 0.3
1.8 1.3 1.1 0.3 -0.7
1.5 0.9 0.6 -0.7 -1.7 -0.5 29.6 14.1 0.8
2.5 1.4 1.4 0.4 -0.6 11.3 44.4 28.3 12.9
2.4 1.6 1.2 0.4 -1.0 11.7 40.8 26.9 8.5
0.7 -1.0 -0.4 -1.3 -3.1 -4.8 21.3 10.7 -8.8
1.9 -1.7 -0.2 -0.2 -3.8 5.2 32.4 32.0 -6.8
nger term expectations net balance % Rent expectations - respondents' 12m average % forecast
Secondary Secondary Secondary Prime Prime Prime Secondary Secondary
Office Industrial Retail All-Propert Office Industrial Retail Office Industrial
1.3 4.2 1.9 2.6 0.8 0.0

1.2 3.8 1.7 1.4 1.1 -0.3
0.9 2.9 1.6 1.6 0.8 -0.1
0.5 3.5 1.9 0.7 -0.2 -1.1
-1.2 1.0 0.3 -1.6 -1.3 -1.9
-0.9 2.0 0.6 -1.7 -1.1 -1.8
-1.3 1.4 0.1 -2.2 -1.1 -2.4
-1.8 0.7 -0.8 -2.1 -2.4 -2.7
-1.1 1.1 -0.3 -1.3 -0.8 -2.0
-1.2 1.6 0.0 -2.3 -0.9 -2.2
0.2 2.7 0.8 -0.4 1.0 -0.8
0.3 2.5 1.2 -0.4 0.6 -0.6
0.9 4.2 1.8 1.0 1.3 -0.4
1.7 4.7 2.3 1.3 2.3 0.4
1.4 4.6 1.8 1.1 1.8 0.2
1.7 4.5 2.1 1.9 1.8 0.4
1.2 3.7 1.7 1.2 1.2 0.3
-1.7 -15.8 -30.2 0.4 3.2 1.4 0.4 0.9 -0.8
8.7 -6.1 -20.4 1.3 4.0 2.1 1.5 1.7 -0.3
9.7 1.8 -17.6 1.3 3.5 2.3 1.7 1.5 0.1
-6.2 -12.8 -33.4 -0.8 1.7 0.7 -1.9 -0.5 -1.0
4.1 4.7 -35.0 -0.9 1.2 1.5 -2.3 -0.5 -0.3
Rent expectations - longer term expectations net balance %
Secondary Prime Prime Prime Secondary Secondary Secondary
Retail All-Propert Office Industrial Retail Office Industrial Retail
35.0
30.0
25.0
20.0
Column CK
15.0
10.0
5.0
0.0
1 2 3 4 5 6 7 8 9 1011 12 13 14 1516 17 18 19 20
-1.2
-0.6
-1.2
-2.1
-3.7
-3.4
-3.5
-3.4
-3.4
-3.4
-2.2
-1.7
-2.6
-1.2
-0.7
-0.7
-1.1
-2.5 -5.7 24.1 11.6 -3.2 -8.1 -21.3 -37.2
-1.2 7.3 41.0 19.1 4.0 15.4 -10.3 -25.5
-1.3 8.3 38.7 25.8 5.3 7.1 -4.7 -22.6
-3.8 -5.5 15.3 10.1 -11.5 -1.7 -12.0 -33.2
-4.7 -0.6 29.2 28.4 -21.0 -1.4 2.4 -41.1
View on current market valuation levels Perceptions on current phase of prop
Very CheapCheap Fair Value Expensive Very Expensive Early DownMid-DowntBottom

OSI ISI
60.0
40.0
20.0
0.0
-20.0
-40.0
-60.0
Column CK
-80.0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
8 8 8 8 9 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5 6 6
3
3
3
3
3
3
19 20 3
3
3
3
3
2.6 11.1 38.8 40.8 6.8 47.5

4.0 9.0 27.3 46.6 13.0 59.6 15.2 15.5 15.0
1.1 7.1 29.7 48.4 13.6 62.1 25.3 11.0 17.1
0.6 7.9 41.6 40.8 9.1 49.9 24.3 20.4 20.7
0.4 8.0 35.6 40.7 15.4 56.1 18.8 22.2 11.8
2.2 8.3 35.4 45.4 8.6 54.0 19.5 29.1 10.7
4.3 10.3 28.0 45.7 11.7 57.4 10.2 25.6 8.5
0.8 6.2 29.1 45.8 18.0 63.8 15.2 15.8 12.8
0.5 8.6 25.6 48.6 16.8 65.4 11.9 12.3 14.2
0.0 8.5 40.2 38.0 13.5 51.5 11.2 13.7 7.6
0.2 9.0 25.3 50.4 15.0 65.4 5.7 15.1 7.9
2.5 8.1 36.9 36.0 16.4 52.4 8.8 12.1 7.3
0.9 10.6 36.5 39.0 13.2 52.2 6.3 7.1 8.7
0.0 6.3 36.8 34.8 22.1 56.9 10.4 11.3 5.5
0.8 9.1 32.2 40.1 17.9 57.9 12.6 14.5 4.5
1.3 8.7 34.0 40.5 15.4 56.0 24.4 23.4 8.1
1.6 7.2 37.9 42.9 10.4 53.3 16.5 17.1 8.8
1.0 8.3 38.6 38.3 13.7 52.0 19.7 19.4 7.9
1.4 9.5 39.1 34.1 15.9 50.0 31.1 18.7 9.1
0.6 9.5 34.3 41.6 14.1 55.7 19.6 19.5 9.7
tions on current phase of property cycle
Early Uptu Mid-UpturnPeak Average OSI ISI

OSI ISI 10.5 -21.6
-1.4 -11.0
-23.7 -34.0
-68.2 -55.0
-73.4 -44.0
-46.7 -9.6
-21.5 10.0
-6.9 10.4
11.4 28.0
18.1 20.4
27.3 33.0
24.2 30.4
26.6 37.6
25.9 24.6
12.0 8.4
-4.2 -3.4
-2.1 7.6
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
-3.7 9.8
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -0.3 13.4
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
3 3 3 3 4 4 4 4 5 5 5 5 6 6. 6 6. 7 6. 7. 7 8 8 8. 8. 8. 8. 9 9.
3 1 8 3 3 4 5 7 2 -11.3 21.8
3 1 8 8 0 0 6 6 1
3 1 8 8 5 7 0 3 4 5.7 23.8
3 1 8 8 5 4 1 8 5
3 1 8 8 5 0 8 8 0 0.1 18.2
3 1 8 8 5 7 5 8 6
3 1 8 8 5 4 1 8 1 -0.8 20.2
3 1 8 8 5 0 8 8 7
3 1 8 8 5 7 5 8 2 8.1 21.6
3 1 8 8 5 4 1 8 8
3 1 9 9 5 7 7 4 7.8 21.2
1.8 14.6
5.4 10.8
2.2 7.3
1.2 7.5
7.4 26.8 20.1 3.8 0.0 13.8
2.7 19.5 24.4 3.5 -11.4 -1.3
2.6 15.9 16.2 3.1 -9.2 0.1
5.3 20.2 21.7 3.5 -12.4 -3.5
1.6 16.0 23.1 3.3 -21.5 -12.5
11.0 20.4 24.3 3.8 -14.2 -5.6
6.2 20.7 29.4 3.9 -12.8 -3.6
5.0 22.4 34.3 4.2 -5.6 6.7
14.2 17.0 36.3 4.2 3.1 5.3
14.0 21.4 35.9 4.4 4.0 7.3
16.4 16.7 38.7 4.4 10.0 13.9
19.5 24.5 34.0 4.5 9.1 13.6
16.0 22.6 34.2 4.3 10.4 14.6
11.1 14.5 42.9 4.3 3.2 8.9
9.1 10.8 24.3 3.3 -3.9 -0.5
14.4 19.1 24.1 3.7 4.3 6.1
11.0 14.2 27.8 3.6 2.9 0.9
10.3 6.7 24.0 3.1 -15.1 -10.5
12.3 8.9 29.9 3.6 -17.2 -9.6
ALL off ind ret ALL off

2008 Q1 Australia -22 -18 -18 -31 -28 -53
2008 Q2 Australia -35 -33 -28 -44 -8 -41
2008 Q3 Australia -56 -40 -74 -56 32 35
2008 Q4 Australia -83 -86 -79 -85 63 86
2009 Q1 Australia -63 -70 -56 -63 70 80
2009 Q2 Australia -20 -42 17 -35 46 75
2009 Q3 Australia 16 23 15 8 58 62
2009 Q4 Australia 33 64 20 11 7 0
2010 Q1 Australia 62 55 60 75 -10 0
2010 Q2 Australia 19 27 30 0 -3 0
2010 Q3 Australia 36 40 56 11 -8 0
2010 Q4 Australia 22 38 50 -27 -26 -64
2011 Q1 Australia 21 50 18 -9 -18 -33
2011 Q2 Australia 3 42 -11 -25 1 -33
2011 Q3 Australia -19 18 -7 -69 13 -11
2011 Q4 Australia -4 28 3 -45 -9 -30
2012 Q1 Australia -2 30 4 -44 -1 -23
2012 Q2 Australia 3 17 19 -29 20 6
2012 Q3 Australia -20 -27 4 -36 25 21
2012 Q4 Australia -44 -55 -10 -67 43 65
2013 Q1 Australia -8 -15 8 -17 30 77
2013 Q2 Australia -38 -79 0 -31 30 64
2013 Q3 Australia -14 -31 -8 0 38 75
2013 Q4 Australia 19 7 36 14 29 64
2014 Q1 Australia 3 -13 0 25 32 61
2014 Q2 Australia -5 -25 5 5 42 67
2014 Q3 Australia -9 -7 -4 -15 36 56
2014 Q4 Australia -18 -31 -14 -9 25 34
2015 Q1 Australia -9 -18 -3 -7 25 41
2015 Q2 Australia -3 2 -9 -2 28 29
2015 Q3 Australia 1 0 6 -4 21 37
2015 Q4 Australia 15 24 11 11 32 41
2016 Q1 Australia 8 18 7 -2 10 7
2016 Q2 Australia 1 2 -2 4 20 23
2016 Q3 Australia 15 27 9 9 1 -6
2016 Q4 Australia 15 46 7 -7 -3 -17
2017 Q1 Australia 12 37 15 -15 -3 -17
2017 Q2 Australia 24 42 44 -15 -5 -14
2017 Q3 Australia 12 38 26 -29 -17 -43
2017 Q4 Australia 22 52 40 -24 -14 -40
2018 Q1 Australia 14 53 30 -41 -6 -35
2018 Q2 Australia 16 47 35 -33 5 -15
2018 Q3 Australia 15 38 29 -21 5 -8
2018 Q4 Australia 5 26 18 -30 12 -1
2019 Q1 Australia 2 33 23 -50 4 -20
2019 Q2 Australia 0 21 20 -40 14 8
2019 Q3 Australia -3 11 16 -36 20 10
2019 Q4 Australia 2 21 25 -39 21 16
ind ret ALL off ind ret ALL off

-12 -19 -4 -18 6 0 -2 6
18 0 4 6 6 0 -16 -29
47 11 30 45 26 17 -51 -50
57 42 63 79 62 46 -90 -100
67 63 85 100 78 75 -100 -100
16 44 88 95 84 82 -68 -70
54 58 74 69 69 83 -63 -69
10 11 34 36 40 25 -54 -36
-20 -13 3 18 0 -13 12 0
-10 0 46 60 33 44 -29 -27
-25 0 4 -10 22 0 21 40
-15 8 -10 -29 -8 8 13 21
-27 9 -9 -33 -9 20 10 0
11 31 -3 -28 4 20 -13 -10
-6 59 2 -22 -13 44 -22 -22
-15 20 10 -20 8 45 0 14
4 19 17 -6 7 54 -12 -3
3 52 25 18 10 48 0 6
0 54 28 16 21 52 -8 -12
10 52 64 83 28 79 -21 -15
-17 25 40 62 9 45 -14 0
-15 38 40 69 9 36 3 0
-8 38 57 94 23 46 26 19
-14 36 36 71 7 29 14 7
10 20 40 65 25 25 8 5
29 32 39 62 24 32 11 0
15 38 46 48 35 54 0 8
26 16 44 59 36 35 10 24
23 10 36 50 30 29 11 15
35 20 37 39 42 32 0 7
8 20 31 35 21 37 6 18
33 22 22 24 18 24 -5 -2
11 12 10 -2 11 20 1 8
17 20 18 14 31 9 -8 -8
2 7 8 -6 14 17 -21 -16
7 3 12 -17 25 28 -19 -17
-8 16 4 -19 3 28 -20 -11
-22 21 -10 -29 -20 18 -5 0
-23 14 -19 -56 -26 26 -16 -13
-11 9 -11 -40 -14 20 1 10
-15 33 2 -31 -2 40 0 10
-8 39 4 -19 -5 36 5 14
-9 32 3 -20 -4 33 3 17
6 32 6 -8 0 25 -13 -6
-6 37 14 0 4 38 -13 -2
-3 38 13 4 -3 39 -13 3
14 36 21 11 9 42 0 11
10 37 22 17 4 46 0 15
nt starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%

6 -19 36 59 29 19 -67 -69
-13 -7 37 56 22 31 -59 -47
-53 -50 11 20 5 6 -38 -39
-86 -85 -41 -50 -43 -31 -81 -77
-100 -100 -81 -80 -89 -75 -36 -22
-68 -67 -55 -60 -37 -71 -4 0
-62 -58 -26 -31 -23 -25 47 67
-50 -75 -17 -27 -10 -11 37 60
22 14 24 18 30 25 41 40
-20 -40 0 0 20 -20 32 27
22 0 36 40 33 33 42 60
23 -8 31 50 38 0 27 31
30 0 27 75 18 -20 20 45
0 -30 16 55 7 -19 5 19
-13 -33 16 61 6 -25 -12 14
-5 -10 0 35 3 -40 -8 3
-19 -14 0 39 7 -50 22 43
3 -10 0 22 10 -35 -5 9
0 -12 -11 -9 8 -32 1 14
-25 -24 -35 -40 -15 -50 24 33
-9 -36 -17 -31 9 -27 65 67
20 -10 -37 -85 18 -36 27 17
38 23 -17 -25 -8 -15 66 64
21 14 -19 -29 -14 -14 66 79
16 5 -12 -18 0 -16 48 41
10 23 -18 -45 0 -10 48 43
0 -9 -26 -33 -15 -28 37 48
-4 11 -23 -36 -15 -16 36 31
16 3 -16 -21 -10 -17 32 26
-7 0 -23 -29 -18 -21 39 44
4 -4 -8 -6 -6 -11 40 48
-14 2 -4 -2 -9 0 35 44
4 -8 3 20 -4 -8 32 42
-4 -11 -6 -4 -6 -7 7 11
-21 -27 10 33 0 -2 27 31
-18 -21 9 36 -5 -5 29 38
-20 -28 10 26 20 -14 34 47
3 -17 18 42 25 -12 23 29
-10 -24 20 54 26 -20 14 25
16 -22 20 48 34 -22 31 54
10 -20 12 44 24 -31 31 50
15 -15 11 32 29 -27 13 25
3 -13 14 39 28 -25 9 20
-11 -21 3 15 14 -18 6 15
-5 -33 6 32 21 -35 2 21
-9 -32 1 18 17 -33 8 29
12 -23 3 25 21 -36 10 21
12 -27 5 22 17 -25 18 35
Enquiries - NB% 3m Capital value expectations - NB % 12m Rent Expectations - NB %
ind ret ALL Office Ind Retail ALL off

-63 -69
-67 -64 -32 -21 -50 -23
-47 -29 -55 -58 -61 -44
-83 -83 -90 -92 -92 -85
-50 -38 -84 -86 -83 -83
0 -11 -57 -68 -50 -53
33 42 -42 -50 -42 -33
11 38 11 0 11 22
44 38 22 20 22 25
40 30 29 36 40 10
38 25 43 40 44 44
42 8 23 29 31 8
20 -11 36 75 27 0
-4 0 13 35 11 -11
-7 -43 -15 6 -13 -40
-11 -16 -2 16 -5 -18
8 12 2 30 -4 -22
-7 -20 -3 16 0 -26
-4 -8 -13 -9 -4 -27
33 7 -9 -5 16 -37
64 64 27 23 50 8
36 30 -12 -25 0 -10
75 58 24 13 31 31 2 -6
57 62 24 14 36 21 -14 -43
52 52 19 9 30 20 6 -13
38 62 19 10 24 24 5 -5
32 32 24 26 28 17 -20 -24
33 44 15 4 19 23 -15 -24
42 29 31 22 35 34 -7 -8
29 43 14 9 9 23 -25 -25
35 35 22 27 25 13 3 13
30 32 19 16 16 24 14 22
27 28 15 20 10 16 8 22
0 11 8 7 4 14 -10 -7
15 34 22 25 19 21 8 17
16 34 8 17 3 5 26 46
29 26 30 43 25 23 26 45
23 17 30 44 38 10 31 42
13 3 5 19 7 -10 28 51
36 4 25 44 31 0 33 60
41 3 20 37 35 -13 23 53
27 -14 17 36 28 -13 22 48
17 -11 10 33 20 -23 23 52
15 -14 -5 11 3 -29 17 43
16 -32 4 25 18 -32 16 44
19 -25 1 18 17 -32 13 36
28 -19 10 32 23 -26 21 45
33 -15 17 38 34 -21 26 48
Expectations - NB % 12m Capital value expectations - NB % Foreign enquiries, NB %
ind ret ALL off ind ret ALL Office
23 -8 17 25 -13 38
0 0 38 29 50 36
24 10 43 39 48 43
10 9 35 38 24 43
0 -36 25 16 37 22 63 73
-15 -6 19 4 22 31 46 55
2 -14 30 21 32 36 49 57
-28 -24 10 5 5 19 45 53
3 -7 26 34 25 20 44 52
5 16 14 11 13 17 43 50
-8 8 20 27 15 18 42 50
-14 -9 3 1 6 3 16 23
3 5 27 34 25 23 31 40
21 12 29 38 26 24 28 40
28 5 34 39 35 29 28 31
43 9 45 48 52 36 -3 3
42 -9 15 21 17 9 8 9
53 -14 40 52 49 19 24 34
40 -25 35 58 45 3 -4 10
37 -18 23 42 32 -6 -17 -11
37 -20 25 44 41 -10 -2 14
26 -18 15 29 26 -11 -20 -15
33 -28 9 29 27 -29 -19 -14
29 -25 17 34 34 -18 -13 -1
39 -21 22 48 40 -21 4 19
44 -14 33 56 54 -11 4 20
quiries, NB % Supply availaibility - for sale, NB % Credit conditions
Imp signif
Ind Retail ALL Office Ind Retail NB % (1)
54 63 26 41 20 16 39 7
29 54 18 17 23 14 29 6
47 43 2 3 3 0 67 6
34 46 4 14 2 -5 21 10
44 38 15 19 13 15 -26 2
33 44 24 16 33 22 -32 0
33 44 -6 -6 -2 -10 -43 0
7 19 4 6 0 4 -39 0
27 27 -7 -12 -5 -5 -49 2
26 18 1 -10 11 3 -65 2
29 24 -11 -28 -6 0 -59 3
-7 -7 -12 -13 -10 -14 -65 0
3 10 -18 -6 -23 -23 -59 0
25 14 -9 -21 -16 9 -53 0
-5 -18 -8 -10 -11 -3 -32 2
-12 -27 -2 -13 -8 14 -59 1
-3 -16 3 4 -5 8 -78 0
-18 -26 11 9 5 18 -64 1
-8 -34 5 -5 1 18 -49 1
-8 -28 11 8 1 25 8 2
8 -16 15 9 9 26 25 2
10 -20 12 4 4 27 37 5
Capital value expectations - respondents' 12m average % fo
imp slight Deter slight Deter Prime
(2) No chng (3) (4) signnif (5) All-PropertyPrime Office Industrial Prime Retail
46 32 14 0 1.0 0.0 2.0 1.0

35 45 10 3 -0.3 -0.5 1.0 1.7
64 27 3 0 1.4 2.3 2.8 1.5
27 46 13 4 -1.1 -1.0 -0.6 0.3
16 38 42 2 1.6 3.1 2.6 2.2
14 41 36 9 -0.4 0.8 0.2 1.0
11 34 53 2 0.3 1.9 0.9 1.6
11 39 41 9 -1.0 0.1 -0.1 -0.1
9 28 49 12 0.8 1.8 1.2 1.3
5 21 60 12 0.8 2.7 1.0 1.4
5 24 49 19 1.4 3.5 2.1 1.5
3 29 62 6 1.9 2.9 2.7 1.5
6 28 59 6 0.7 2.8 2.0 1.1
0 47 43 10 1.4 3.1 3.3 0.8
17 29 41 10 1.3 3.9 2.4 1.1
7 24 59 9 1.0 3.3 2.6 0.6
4 14 71 11 1 2.5 2.0 0.3
7 19 55 17 0.5 2.2 1.8 0.3
11 28 50 11 0.4 3.0 2.5 -1.1
37 29 29 2 0.4 2.5 2.4 -0.4
44 34 20 1 1.2 3.4 3.0 -0.1
42 42 11 0 1.4 3.4 3.6 0.2
ondents' 12m average % forecast Capital value expectations -longer term expectations net balance %
Secondary Secondary Secondary Prime Secondary
Office Industrial Retail All-PropertyPrime Office Industrial Prime Retail Office
-1.0 1.0 0.0

-3.2 -0.6 -0.1
-0.1 0.9 0.9
-2.8 -2.0 -0.7
0.6 0.8 0.3
-1.4 -1.8 -1.5
-0.2 -1.3 -0.9
-2.2 -1.9 -1.6
1.5 -0.6 -0.2
0.8 -0.6 -0.7
1.0 0.2 -0.1
2.1 1.6 0.7
0.0 -0.3 -1.2
1.5 0.7 -1.0
1.4 0.4 -1.5
1.0 0.8 -1.9
1.1 1.0 -1.1
0.9 0.3 -2.5 13.3 37.3 30.3 4.6 18.2
0.7 0.6 -3.2 5.6 33.6 36.9 -16.9 9.5
0.1 0.5 -2.8 19 53 48 -3 26
1.6 1.2 -2.0 26.6 61.7 52.5 5.8 34.2
1.7 1.5 -2.1 19.6 52.0 50.0 4.3 21.1
ectations net balance % Rent expectations - respondents' 12m average % forecast
Secondary Secondary Prime Secondary Secondary
Industrial Retail All-PropertyPrime Office Industrial Prime Retail Office Industrial
-2.0 -2.0 1.0 -1.0 -4.0 -1.0

-1.8 -2.5 -0.2 0.1 -4.2 -2.3
-1.7 -2.2 -0.4 -0.7 -3.4 -1.7
-3.6 -3.3 -3.0 -2.3 -4.8 -4.6
-0.4 1.4 1.2 0.3 -0.9 -1.4
-0.8 0.6 0.0 0.8 -2.2 -2.1
-0.3 1.4 0.0 0.6 -0.1 -1.7
-1.8 -0.4 -0.7 -0.5 -3.5 -3.0
-0.7 1.5 -0.5 -0.1 0.2 -2.4
1.5 4.5 1.9 1.5 2.6 -0.2
0.9 3.6 1.3 0.4 2.4 -0.2
1.5 2.7 2.4 0.8 2.5 0.9
1.2 3.9 2.2 0.2 2.4 0.7
1.7 4.7 3.1 0.2 2.9 1.4
1.0 4.7 1.9 0.0 1.8 0.4
1.2 4.5 2.7 0.2 1.7 1.0
0.9 3.6 2.0 -0.3 1.8 0.8
13.6 -24.2 1.0 3.5 2.5 0.0 1.8 1.0
10.7 -40.0 0.7 3.8 2.7 -0.9 1.8 0.7
21 -32 0.4 2.8 2.4 -0.4 0.9 0.3
25.6 -20.0 0.9 3.2 3.0 -0.1 1.1 1.1
16.7 -26.4 0.9 2.9 2.4 -0.2 1.5 1.1
Secondary Prime Secondary Secondary Secondary
Retail All-PropertyPrime Office Industrial Prime Retail Office Industrial Retail
-3.0
-1.3
-1.9
-3.7
-3.0
-1.8
-2.1
-2.4
-2.6
-0.9
-2.0
-0.5
-2.2
-2.3
-2.4
-2.8
-2.3
-3.0 5.6 33.3 29.9 -3.1 10.1 4.5 -40.9
-3.9 7.6 43.8 36.1 -18.4 17.3 9.9 -43.2
-3.8 18 57 53 -3 17 19 -38
-3.2 16.0 48.4 49.2 -9.7 19.8 23.3 -35.2
-2.5 11.9 46.5 48.9 -16.7 16.8 10.8 -34.7
View on current market valuation levels Per
Very Cheap Cheap Fair Value Expensive Very Expensive Early Downt
6 16 31 41 6
2 6 44 38 10 6
2 10 41 37 10 16
0 16 40 40 4 7
2 13 45 33 7 13
0 13 53 30 4 6
0 18 36 36 9 7
2 9 36 45 7 2.3
3 5 24 55 13 7.9
0 0 45 48 6 12
0 9 31 50 9 3
4 12 22 46 16 8
2 14 33 44 7 9
0 11 43 34 11 21
1 6 46 39 9 24
3 9 40 41 7 22.857143
2 5 47 39 6 23.484848
2 7 57 29 6 16
0 10 49 38 3 16.27907
1 4 56 33 7 10.377358
Perceptions on current phase of property cycle
Mid-DowntuBottom Early Upturn Mid-Upturn Peak Average
31 8 15 17 23 3.7
16 18 8 20 24 3.7
22 22 0 18 31 3.9
13 11 7 27 29 4.1
15 21 4 30 23 4
16 9 13 27 29 4.2
6.8 22.7 0.0 31.8 36.4 4.6
5.3 13.2 0.0 28.9 44.7 4.7
3 18 6 12 50 5
6 12 9 15 55 5
4 16 8 6 58 4.74
2 16 12 19 42 5
4 13 13 17 32 4
4 9 13 9 41 4
15.714286 18.571428571 8.571428571 10 24.285714286 3.4
19.69697 14.393939394 10.60606061 11.363636364 20.454545455 3.28030303
16 20 18 11 20 4
13.953488 18.604651163 19.37984496 13.178294574 18.604651163 3.550387597
12.264151 16.037735849 30.18867925 13.20754717 17.924528302 3.773584906
OSI ISI
6 -33
-1 -30
-25 -31
-62 -57
-76 -40
-54 -20
-28 -2
-6 25
28 35
-9 12
23 19
21 5
19 20
7 -3
-2 -20
-5 -18
-7 -7
-7 -13
-20 -15
-48 -4
-22 20
-38 5
-29 32
-12 38
-16 29
-21 31
-27 12
-28 11
-21 20
-21 16
-13 15
-3 10
0 18
-7 4
6 19
4 12
6 25
17 22
17 12
18 22
8 20
8 11
9 5
1 -3
-2 0
-4 -1
-7 2
-5 8

2010 Q4 Austria 11 0 -33 67 33 50
2011 Q1 Austria 19 13 -2 46 25 38
2011 Q2 Austria 26 25 29 25 17 25
2011 Q3 Austria 21 50 -25 38 17 38
2011 Q4 Austria 0 0 -11 10 25 45
2012 Q1 Austria -19 -43 -29 14 38 71
2012 Q2 Austria -8 0 -25 0 21 50
2012 Q3 Austria 4 13 -25 25 8 13
2012 Q4 Austria 20 20 0 40 27 40
2013 Q1 Austria 19 14 0 43 24 57
2013 Q2 Austria 3 18 -36 27 27 50
2013 Q3 Austria 21 25 0 38 4 25
2013 Q4 Austria 17 33 0 17 11 17
2014 Q1 Austria 15 31 0 15 0 -8
2014 Q2 Austria 13 0 0 36 6 0
2014 Q3 Austria -14 -8 -56 20 -9 9
2014 Q4 Austria -24 -9 -45 -18 15 0
2015 Q1 Austria 10 38 -20 13 3 -7
2015 Q2 Austria -1 23 -33 8 21 46
2015 Q3 Austria 16 35 6 6 -4 -24
2015 Q4 Austria 8 13 0 13 8 38
2016 Q1 Austria 22 40 20 5 3 -10
2016 Q2 Austria 11 27 13 -7 -7 0
2016 Q3 Austria 21 38 7 19 13 19
2016 Q4 Austria 0 17 0 -17 12 25
2017 Q1 Austria 31 50 25 17 14 33
2017 Q2 Austria 22 36 10 20 23 33
2017 Q3 Austria 24 57 8 7 18 38
2017 Q4 Austria 35 18 50 36 12 40
2018 Q1 Austria 21 36 9 18 15 27
2018 Q2 Austria 23 25 43 0 23 25
2018 Q3 Austria 27 43 31 8 10 14
2018 Q4 Austria -7 26 16 -63 16 21
2019 Q1 Austria 16 41 35 -29 16 24
2019 Q2 Austria 13 50 38 -50 12 10
2019 Q3 Austria 11 50 17 -33 -2 -6
2019 Q4 Austria 4 41 19 -47 2 13

0 50 22 33 0 33 0 0
7 31 20 48 0 10 5 -7
14 13 17 63 0 -13 10 -14
0 13 -5 29 -14 -29 22 50
10 18 25 27 20 27 7 30
14 29 10 29 0 0 0 -17
-13 25 17 50 0 0 -14 13
-13 25 13 25 0 13 -19 -14
0 40 20 40 0 20 -7 0
0 14 5 29 0 -14 19 43
10 20 6 18 10 -9 0 10
-13 0 13 25 13 0 0 13
0 17 0 0 0 0 11 17
17 -8 8 15 15 -8 -5 8
0 18 9 27 0 0 -38 -50
-36 0 5 27 0 -13 -22 15
27 18 18 27 18 9 10 30
-14 29 17 31 0 20 21 50
0 15 26 46 8 23 -2 29
-6 18 6 18 0 0 -18 -7
0 -13 -4 -13 0 0 13 38
5 15 5 -5 5 14 -4 20
-13 -7 0 -7 0 7 -7 27
0 19 7 7 0 13 17 44
0 10 6 8 -8 17 22 58
8 0 8 8 0 17 9 18
9 27 0 -10 0 11 15 44
0 14 14 7 8 27 2 33
-33 30 6 0 0 18 9 27
0 18 -3 -9 -10 10 30 64
0 44 7 13 -14 22 10 29
-8 23 2 7 -15 15 2 14
0 26 25 21 5 47 -14 0
-6 29 -2 -13 -13 20 8 41
-25 50 15 20 0 25 -13 10
-24 22 14 18 -6 29 -10 39
-22 16 13 -3 -3 45 0 31

-33 33 11 0 0 33 -56 -33
-17 38 21 0 7 54 5 26
0 43 30 0 14 75 65 86
-17 33 25 13 0 63 29 38
-22 11 0 0 -22 20 21 30
0 17 -10 -43 -14 29 19 43
-43 -14 -25 -38 -13 -25 19 43
-29 -14 -4 13 -38 13 4 0
-20 0 33 20 20 60 50 60
0 14 -19 -43 -14 0 35 50
-11 0 -10 -20 -22 10 29 50
-13 0 -19 -43 -14 0 25 38
0 17 7 20 0 0 17 33
-23 0 0 8 -15 8 23 25
-22 -40 -3 0 -10 0 25 45
-40 -42 0 8 -9 0 35 50
-10 10 -15 -18 -9 -18 -17 -10
7 7 0 6 -13 7 52 64
-21 -14 -5 -7 -7 0 22 50
-27 -20 4 18 -6 0 42 67
0 0 -8 0 -13 -13 21 38
-16 -15 20 45 11 5 48 70
0 -47 4 20 7 -14 53 67
0 6 6 19 0 0 46 56
17 -8 0 0 8 -9 44 58
-9 18 0 0 0 0 47 75
13 -13 11 33 0 0 46 50
-18 -8 20 38 0 21 39 62
10 -9 28 18 30 36 49 40
18 9 9 18 18 -9 55 73
0 0 7 0 43 -22 39 33
8 -15 15 14 23 8 46 62
-17 -26 -11 5 21 -58 16 42
12 -29 14 47 29 -35 45 76
-13 -38 -3 33 29 -71 8 44
-18 -50 11 50 17 -33 22 67
6 -39 7 28 19 -25 43 71

-67 -67 50 67 0 67
-17 2 34 40 0 52
33 71 17 13 0 38
-13 63 17 13 -25 63
0 33 7 0 11 11
-14 29 -14 -14 -29 0
-14 29 -4 13 -25 0
-25 38 4 13 -13 13
20 75 7 0 -20 40
20 33 -14 0 -25 -20
13 25 22 33 11 22
13 25 17 13 0 38
0 17 33 50 17 33
-9 50 22 33 8 25 14 14
-10 36 30 45 0 45 6 0
10 45 19 31 0 25 3 4
-30 -10 -37 -33 -56 -22 -13 -30
29 64 26 36 7 36 -9 6
0 15 10 29 -7 7 -4 4
27 33 18 27 13 13 10 21
38 -13 13 25 0 13 2 0
32 42 31 37 22 33 29 53
33 60 27 27 13 40 7 27
27 56 37 47 31 33 18 31
18 55 12 36 -9 9 4 13
33 33 14 17 0 25 15 41
44 44 42 67 25 33 15 32
17 38 23 46 0 21 13 46
56 50 32 36 40 18 16 14
45 45 33 55 45 0 23 35
63 22 37 50 50 11 26 37
42 33 36 46 46 15 25 43
26 -21 19 42 32 -16 18 39
59 0 18 35 41 -24 8 34
29 -50 2 30 25 -50 13 70
17 -17 26 53 19 6 24 39
50 7 25 44 39 -6 17 44
-14 43 33 46 0 54
-20 36 39 64 0 55
0 5 38 50 25 38 22 42
-15 5 -13 -25 -19 6 -15 -22
-39 7 32 25 22 49 60 71
-21 7 5 25 -7 -4 26 57
0 11 41 47 36 39 49 60
-6 13 4 13 13 -13 17 25
16 18 35 53 22 32 33 45
-7 0 17 20 10 20 44 47
11 13 42 63 31 33 32 50
0 0 9 32 0 -5 44 50
5 0 14 25 14 4 25 33
14 0 29 45 11 30 46 60
-5 -1 28 46 12 25 41 62
20 14 41 50 45 27 22 36
40 -5 50 59 59 32 39 45
42 0 56 81 75 11 19 38
38 -8 43 62 58 8 46 62
32 -18 18 32 28 -5 23 47
34 -44 33 53 66 -19 37 47
44 -75 23 61 36 -29 37 56
41 -8 27 47 34 -1 38 69
30 -21 37 57 47 7 48 65
Imp signif
-20 45 -22 8 -40 -33 8 8

-22 0 -10 -10 -10 -10 22 0
36 71 -14 -14 -14 -14 36 7
7 14 -3 23 -15 -15 57 7
33 53 -13 -33 0 -7 20 0
25 0 -21 -25 0 -38 0 0
26 26 -27 -30 -20 -30 11 0
33 53 -29 -7 -33 -47 27 0
13 33 -30 -31 -27 -31 40 0
27 55 -19 -8 -17 -33 0 0
25 17 11 33 0 0 17 8
44 33 7 10 -11 22 10 0
17 46 0 8 -9 0 -14 0
30 0 -11 10 -33 -10 36 9
36 36 -18 -18 -18 -18 27 0
33 -14 9 14 0 13 0 13
42 33 -12 -21 -15 0 14 14
26 -5 20 28 6 28 10 0
47 18 -4 -6 -12 6 18 0
43 13 0 11 0 -13 10 10
25 19 -32 -28 -47 -22 53 5
50 30 -13 0 -35 -3 22 13
25 42 25 0 1.7 4.3 2.3 4.4

33 56 11 0 -1.0 -1.1 0.3 0.9
36 50 7 0 1.9 3.2 1.6 3.2
50 43 0 0 0.5 3.6 1.6 2.9
27 67 7 0 1.1 2.5 1.1 1.8
38 25 38 0 -0.2 2.2 0.6 0.3
26 58 16 0 1.6 2.9 1.5 2.6
33 60 7 0 2 3 2 3
40 60 0 0 2.8 4.3 2.5 4.3
25 50 25 0 0.5 2.3 1.1 1.1
17 67 8 0 0.8 3.5 1.1 4.0
20 70 10 0 1.8 4.8 3.3 4.0
0 86 14 0 1.7 4.4 2.5 2.0
36 45 9 0 2.2 4.5 2.8 4.3
27 73 0 0 2.8 6.1 5.2 3
0 75 13 0 3.4 7.5 6.9 2.8
14 57 14 0 2.8 3.5 4.2 3.3
24 62 14 0 0.9 4.7 4.3 1.8
35 47 18 0 1.1 3.3 3.3 0.6
0 90 0 0 1.2 3.9 3.9 0.4
47 47 0 0 1.4 3.1 3.8 1.6
25 47 16 0 1.7 4.2 4.2 2.7
0.0 -1.0 0.0

-1.9 -1.9 -2.5
0.6 -0.2 2.7
-0.2 -2.3 -2.7
0.5 0.4 0.2
-0.3 -1.3 -2.8
1.6 0.1 0.8
1 0 1
3.5 1.0 1.3
0.7 -1.1 -1.4
-1.0 -0.9 -2.1
1.0 -1.1 -1.0
1.7 -0.6 0.0
0.7 0.5 0.7
2.3 1.8 -1.4
2.2 3.1 -2.2
2.7 2.5 0.8
0.0 -0.9 -4.5 -14.9 21.1 10.5 -5.3 -26.3
1.3 1.9 -3.4 -4.4 25.0 31.3 -20.0 -12.5
1.9 1.4 -4.6 -9.3 55.6 28.6 -14.3 -11.1
1.0 1.4 -2.7 12.9 76.5 31.3 17.6 5.9
0.5 1.4 -3.0 14.5 68.8 45.2 3.3 13.3
0.1 1.7 0.0 2.3 -1.9 -1.0

-1.6 -1.0 0.0 1.0 -2.5 -3.3
0.1 2.5 -0.5 3.2 0.3 -2.5
-1.2 1.1 -0.7 2.9 -2.3 -4.6
0.4 2.1 0.3 1.6 -0.1 0.0
-0.2 2.2 0.3 1.6 -1.6 -1.3
0.8 2.6 0.8 1.8 1.0 -0.8
0 2 1 1 0 -2
0.5 3.1 0.2 2.2 0.3 -0.7
-0.8 1.3 0.8 1.2 -1.9 -1.7
0.4 4.3 1.0 3.2 -0.9 -2.3
0.4 3.6 1.4 1.6 0.7 -2.0
0.0 4.0 0.9 0.5 0.8 -3.9
0.4 2.7 2.5 3.0 -1.1 -2.0
0.6 2.8 2.5 0.3 0.5 0
0.9 4.3 3.7 2.5 -0.3 0.0
1.7 3.2 3.8 3.5 0.7 0.8
-31.6 -57.9 0.3 3.4 3.4 1.2 -0.1 0.0
18.8 -68.8 0.3 3.1 3.8 -0.9 0.2 0.5
-28.6 -85.7 -0.1 5.8 3.4 -4.7 2.3 1.9
-12.5 -41.2 0.9 4.4 3.4 1.0 0.9 0.4
-3.3 -40.0 0.7 2.4 3.2 1.4 0.9 0.6
-0.7
-3.8
-2.5
-3.2
-1.5
-2.2
-0.6
-2
-2.2
-4.6
-3.2
-3.0
-2.1
-2.7
-2.5
-5.0
-1.9
-6.1 -3.6 47.4 36.8 -10.5 -5.6 -26.3 -63.2
-4.7 -0.2 56.3 50.0 -31.3 -20.0 0.0 -56.3
-9.1 -9.2 40.0 37.5 -12.5 -20.0 -25.0 -75.0
-4.4 -1.0 58.8 23.5 -5.9 0.0 -11.8 -70.6
-4.3 0.7 62.5 35.5 -16.1 -9.7 -3.3 -64.5
View on current market valuation levels Perceptions
0.0 13.3 46.7 40.0 0.0

7.1 7.1 57.1 28.6 0.0 21
0.0 13.3 26.7 53.3 6.7 7
12.5 0.0 25.0 62.5 0.0 13
11 11 16 47 16 21
20 20 27 27 7 7
7 20 7 53 13 0
0 25 25 50 0 17
9 9 27 55 0 0
0 11 22 44 22 10
0 7 21 71 0 14
0 9 18 73 0 9
9 0 0 91 0 9
0 25 0 63 13 33
0 14 7 57 21 14.285714
0 10 10 62 19 14.285714
0 12 24 53 12 5.8823529
0 0 10 80 10 20
5 5 26 53 11 11.111111
6 6 16 55 16 9.375
Mid-DowntuBottom Early UpturMid-UpturnPeak Average OSI

0
7
13
17
-8
-13
-17
-4
11
-2
-5
-4
8
3
0
-7
-19
-2
7 21 7 36 7 4 -10
13 20 13 13 33 4 5
25 13 0 13 38 4 1
0 0 0 37 42 5 12
13 7 0 33 40 5 5
7 7 0 47 40 5 7
8 0 8 33 33 4 -2
0 0 25 33 42 5 7
0 10 10 20 50 5 11
0 0 7 43 36 5 10
0 0 0 45 45 5 19
9 0 18 18 45 5 11
0 0 11 11 44 4 8
0 0 7.1428571 14.285714 64.285714 5 13
0 4.7619048 0 19.047619 61.904762 4.952381 -14
0 0 0 17.647059 76.470588 5.5294118 11
0 0 0 30 50 4.7 -2
5.5555556 5.5555556 5.5555556 22.222222 50 4.7222222 3
0 0 0 18.75 71.875 5.34375 0
ISI
-2
0
31
10
-17
-11
5
0
10
3
10
0
13
12
18
25
-15
31
11
24
18
35
36
38
25
17
27
21
30
35
22
31
5
22
3
27
27

2008 Q1 Brazil 67 67 67 67 -100 -100
2008 Q2 Brazil 58 75 75 25 -33 -50
2008 Q3 Brazil 83 83 83 83 -47 -50
2008 Q4 Brazil -17 -50 0 0 -17 25
2009 Q1 Brazil -7 0 -20 0 -20 0
2009 Q2 Brazil 22 33 11 22 0 11
2009 Q3 Brazil 46 50 38 50 8 38
2009 Q4 Brazil 42 55 27 45 -27 -9
2010 Q1 Brazil 70 80 60 70 0 -10
2010 Q2 Brazil 85 89 89 78 -29 -25
2010 Q3 Brazil 46 40 56 44 -18 -10
2010 Q4 Brazil 61 75 58 50 -17 0
2011 Q1 Brazil 38 46 31 38 -39 -42
2011 Q2 Brazil 79 91 64 82 -33 -36
2011 Q3 Brazil 50 50 50 50 13 25
2011 Q4 Brazil 19 14 14 29 5 0
2012 Q1 Brazil 59 62 54 62 50 75
2012 Q2 Brazil 18 18 18 18 21 45
2012 Q3 Brazil 14 13 14 14 59 50
2012 Q4 Brazil -29 -50 -25 -13 71 88
2013 Q1 Brazil -29 -38 -25 -25 83 100
2013 Q2 Brazil -36 -33 -38 -38 64 67
2013 Q3 Brazil -14 -21 -24 -12 36 63
2013 Q4 Brazil -43 -44 -50 -33 75 78
2014 Q1 Brazil -46 -50 -53 -35 50 56
2014 Q2 Brazil -52 -55 -60 -40 35 45
2014 Q3 Brazil -55 -36 -55 -73 30 36
2014 Q4 Brazil -20 -25 -25 -9 35 43
2015 Q1 Brazil -50 -56 -52 -42 34 52
2015 Q2 Brazil -37 -29 -29 -53 34 47
2015 Q3 Brazil -70 -73 -58 -80 45 50
2015 Q4 Brazil -78 -78 -89 -67 41 56
2016 Q1 Brazil -88 -82 -91 -91 27 45
2016 Q2 Brazil -66 -60 -63 -75 76 90
2016 Q3 Brazil -33 -24 -21 -54 44 52
2016 Q4 Brazil -42 -26 -43 -56 16 17
2017 Q1 Brazil -16 -11 -11 -25 -7 -6
2017 Q2 Brazil -37 -33 -26 -51 -10 -18
2017 Q3 Brazil -26 -20 -28 -31 -13 -14
2017 Q4 Brazil 11 21 0 12 -13 -29
2018 Q1 Brazil 4 9 0 3 -21 -30
2018 Q2 Brazil -15 -4 -25 -17 -15 -8
2018 Q3 Brazil 7 28 6 -13 -8 -11
2018 Q4 Brazil 28 33 35 15 5 -5
2019 Q1 Brazil 18 35 18 0 -14 -12
2019 Q2 Brazil 6 38 -6 -13 -19 -38
2019 Q3 Brazil 51 73 53 27 20 27
2019 Q4 Brazil 44 69 28 36 -1 8

-100 -100 0 0 0 0 56 67
-25 -25 -50 -75 -50 -25 92 100
-67 -20 -33 -33 -33 -33 89 100
-25 -50 25 25 25 25 -58 -75
-40 -20 13 0 20 20 -13 20
0 -11 29 38 38 13 -33 -11
13 -25 8 0 25 0 25 50
-36 -36 3 9 0 0 45 55
-10 20 -3 0 0 -10 47 80
-38 -25 -11 -11 -11 -11 56 67
-33 -11 -46 -50 -44 -44 50 60
-33 -17 -11 -17 -8 -8 53 75
-33 -42 0 0 0 0 13 15
-45 -18 -55 -55 -55 -55 61 73
0 13 8 13 0 13 63 75
14 0 -29 -29 -29 -29 29 57
50 25 -14 -8 -8 -25 59 54
9 9 21 36 9 18 39 36
71 57 32 25 33 40 70 75
75 50 29 50 25 13 29 25
88 63 33 63 25 13 42 25
75 50 44 67 38 25 20 0
41 41 27 41 29 38 -6 6
60 89 52 63 44 50 39 33
53 41 39 47 29 41 -31 -31
20 40 60 70 56 56 -23 -18
36 18 12 18 18 0 -63 -70
27 33 23 26 18 24 -22 -14
30 18 41 50 40 33 -38 -52
38 18 39 53 24 41 -58 -44
46 40 37 48 32 32 -69 -72
33 33 30 33 22 33 -74 -67
18 18 28 36 9 40 -85 -73
63 75 27 30 13 38 -55 -60
33 46 40 40 38 43 -36 -32
24 7 7 -2 11 12 -42 -42
-9 -6 7 11 -3 11 -36 -39
-5 -8 10 8 11 11 -38 -41
-10 -14 -31 -33 -28 -31 -35 -36
-5 -5 -2 -5 0 -2 -12 -16
-9 -24 -4 -12 -3 3 -15 -19
-17 -19 -15 -16 -17 -11 -29 -29
-6 -6 -21 -28 -22 -13 -17 -6
10 10 23 29 20 20 8 10
-29 0 -14 -35 -12 6 -16 -6
-20 0 0 -13 7 7 -4 0
13 20 -16 -40 -7 0 22 13
-12 0 -30 -38 -24 -28 50 58

67 33 67 100 33 67 -11 0
100 75 67 75 75 50 58 75
100 67 33 33 33 33 6 -33
-50 -50 0 0 0 0 -91 -100
-20 -40 -20 -20 -20 -20 -27 -20
-33 -56 -7 -11 -22 11 19 11
25 0 8 0 0 25 29 25
18 64 45 36 45 55 61 73
30 30 70 70 70 70 47 60
33 67 74 89 67 67 74 78
56 33 54 50 56 56 54 60
33 50 61 50 67 67 44 50
8 17 54 69 38 54 41 54
45 64 55 64 55 45 47 55
50 63 54 63 63 38 38 50
0 29 33 43 29 29 24 29
62 62 49 46 38 62 49 54
45 36 15 9 18 18 18 18
67 67 26 13 33 40 28 29
38 25 -8 -13 -13 0 -4 -13
50 50 -21 -50 -13 0 50 63
13 50 -36 -56 -25 -25 16 11
-24 -6 -15 -37 -18 -6 -22 -38
30 56 -18 -22 -10 -22 7 0
-38 -23 -40 -39 -41 -41 -16 -12
-30 -20 -56 -60 -44 -63 -47 -45
-60 -60 -30 -45 -18 -27 -30 -22
-32 -21 -20 -38 -5 -16 -28 -20
-30 -32 -53 -64 -52 -42 -38 -35
-63 -69 -67 -71 -59 -71 -58 -56
-70 -67 -57 -60 -44 -67 -12 -14
-78 -78 -59 -67 -44 -67 -22 -22
-91 -91 -64 -64 -55 -73 -9 0
-50 -56 -32 -30 -33 -33 -33 -10
-38 -39 -40 -28 -39 -52 10 33
-43 -43 -14 -4 -13 -25 -12 -10
-36 -33 2 8 0 -3 -3 -6
-34 -38 -12 -13 -15 -8 -15 -11
-44 -26 -3 0 -10 0 -6 0
-11 -8 3 2 0 7 16 22
-13 -13 -2 3 -6 -3 19 25
-31 -26 -17 -6 -23 -23 -2 3
-18 -27 24 44 22 6 8 19
15 0 36 48 30 30 36 43
-12 -29 22 41 24 0 18 24
-7 -7 4 25 -13 0 13 19
33 20 42 53 33 40 60 67
44 48 50 62 36 52 43 65

0 -33
75 25 42 50 50 25
33 17 27 20 40 20
-75 -100 -33 -50 -25 -25
-20 -40 13 20 0 20
22 22 22 33 11 22
25 38 81 86 86 71
45 64 59 73 50 55
40 40 67 90 50 60
78 67 52 56 44 56
44 56 87 90 90 80
50 33 53 50 58 50
42 25 23 23 23 23
36 50 33 27 36 36
13 50 50 50 50 50
14 29 29 29 29 29
31 62 59 69 46 62
18 18 55 55 55 55
33 20 55 25 67 83
-13 13 30 25 38 29
38 50 21 13 25 25
25 13 -29 -44 -25 -14
-31 -19 -26 -39 -35 -29 -58 -75
0 22 12 0 11 29 -21 -33
-29 -6 -30 -25 -40 -27 -21 -28
-44 -50 -54 -50 -56 -56 -45 -55
-33 -33 -60 -60 -60 -60 -56 -68
-32 -32 -9 -5 0 -21 -31 -47
-39 -41 -40 -39 -43 -36 -53 -58
-56 -63 -40 -38 -44 -38 -61 -65
-5 -19 -63 -58 -62 -70 -79 -77
-22 -22 -26 -33 -22 -22 -72 -78
-9 -18 -30 -27 -9 -55 -66 -68
-40 -50 -24 -30 -20 -22 -20 -25
13 -17 -11 -8 -17 -9 -14 -13
-10 -15 -5 -2 -9 -5 -27 -17
0 -3 17 18 12 21 16 19
-11 -25 -8 -7 -7 -10 -11 -7
-11 -7 -6 -4 -12 -4 8 10
14 11 13 24 5 8 12 15
19 13 12 13 10 13 18 21
0 -9 0 14 -6 -9 31 33
6 0 10 18 12 0 29 39
30 35 29 38 25 25 52 64
35 -6 8 6 12 6 44 60
-7 27 19 31 7 20 39 55
60 53 36 33 33 40 59 63
32 32 46 58 44 36 56 69
-50 -50 -75 -75 -75 -75

-20 -11 -25 -33 -20 -22
-29 -6 -33 -31 -40 -27
-40 -40 -19 -27 -20 -11
-55 -45 -48 -50 -50 -45 -54 -38
-28 -20 -13 -15 -8 -16 -26 -30
-54 -47 -21 -20 -22 -20 -21 -17
-56 -62 -26 -25 -25 -28 -46 -50
-79 -83 -73 -71 -71 -77 -5 -5
-72 -67 -50 -50 -50 -50 30 44
-60 -70 -41 -32 -45 -45 24 36
-30 -6 -19 -20 -25 -11 -4 0
-11 -20 3 8 -2 2 24 35
-30 -33 10 15 11 5 2 8
7 21 37 36 34 41 -6 -3
-11 -15 8 10 8 7 -12 -7
0 15 18 18 11 24 -14 -4
1 19 20 22 15 22 1 8
13 20 37 38 34 39 0 3
27 33 25 32 24 19 -16 -6
28 19 63 74 65 50 0 13
53 40 46 50 41 48 17 10
44 29 42 44 47 35 6 12
35 29 49 66 36 46 -11 -13
57 57 57 65 47 59 42 47
46 52 60 61 54 66 25 42
Imp signif
-63 -63 43 40 40 50 -64 0

-21 -26 39 50 33 35 -77 0
-26 -18 24 26 17 27 -96 0
-44 -44 28 44 13 27 -75 0
0 -11 23 21 30 17 -96 0
22 22 59 67 44 67 -89 0
18 18 18 9 9 36 -91 0
0 -13 62 70 50 67 -70 0
23 14 42 42 39 45 -24 0
5 -8 45 50 44 41 -7 2
-6 -9 20 15 12 33 40 3
-18 -11 -1 -3 3 -3 -10 0
-23 -15 -23 -15 -31 -22 0 7
0 -6 6 0 8 9 31 6
0 -3 5 6 6 3 3 3
-19 -23 3 3 6 0 26 3
0 -13 0 -6 6 0 24 0
30 10 23 24 15 30 48 0
0 6 -4 -18 0 6 41 0
-13 -7 2 7 0 0 63 0
40 40 -2 -7 0 0 60 13
20 12 9 4 8 16 85 27
0 36 55 9 -3.8 -3.3 -3.3 -3.3

5 14 68 14 -0.4 0.5 0.1 -0.1
0 4 74 22 -3.5 -2.7 -3.0 -2.4
13 0 38 50 -3.3 -2.5 -2.0 -2.5
0 4 46 50 -7.0 -3.7 -4.6 -6.1
0 11 33 56 -3.0 -1.7 -1.1 -1.1
0 9 27 64 -4.1 -0.7 -2.3 -3.5
0 30 20 50 -2 0 -1 -1
16 44 32 8 0.1 2.5 1.3 1.8
27 36 24 11 0.0 1.0 0.4 1.2
51 31 11 3 0.9 1.2 0.8 2.0
17 57 27 0 0.1 0.9 0.7 0.3
18 50 18 7 0.2 1.3 0.3 0.6
44 31 11 8 1.1 1.1 0.7 2.9
34 28 25 9 2.4 3.3 2.5 2.7
40 40 14 3 2.6 3.7 3.7 2.9
24 76 0 0 2.7 5.3 4.1 3.5
52 43 5 0 3.7 6.4 4.5 3.8
53 35 12 0 2.7 5.0 4.9 2.4
69 25 6 0 4.7 8.1 6.4 7.7
60 13 13 0 4.6 7.8 6.2 6.3
65 0 8 0 6.2 9.6 6.6 7.9
-4.8 -4.3 -4.0

-1.5 -0.8 -0.7
-4.3 -4.1 -4.1
-4.1 -4.2 -4.5
-9.1 -8.6 -10.0
-4.7 -4.7 -4.7
-5.5 -6.0 -6.8
-4 -3 -3
-1.5 -2.3 -1.5
-0.6 -1.4 -0.8
0.5 0.3 0.5
-0.4 -0.4 -0.7
-0.3 -0.6 -0.2
0.7 1.1 0.3
2.3 1.6 2
2.1 1.8 1.5
1.6 1.2 0.3
2.5 2.5 2.4 67 62 65 70 67
2.2 1.9 -0.3 49.0 70.6 64.7 47.1 47.1
3.6 0.8 1.4 44.7 75.0 60.0 57.1 33.3
2.9 1.3 3.3 72.2 86.7 80.0 73.3 66.7
4.1 4.7 4.4 54.2 73.1 56.0 56.0 52.0
-5.9 -6.6 -4.8 -4.3 -7.3 -6.1

-1.7 -1.7 1.1 1.3 -4.2 -2.8
-6.2 -5.2 -4.2 -4.3 -8.1 -8.1
-5.2 -4.1 -3.2 -4.7 -6.2 -5.4
-9.1 -5.0 -5.3 -8.7 -12.4 -10.4
-7.9 -6.4 -5.6 -5.8 -9.7 -10.3
-8.3 -4.3 -5.3 -6.3 -10.5 -9.8
-3 -3 -1 -3 -4 -3
-2.1 0.3 -0.1 -0.9 -4.1 -3.0
-2.7 -0.3 -1.8 -2.3 -3.2 -3.8
0.1 1.1 0.7 1.5 -1.2 -2.0
-1.4 -0.8 -0.1 -1.8 -1.8 -2.0
-0.7 0.3 -0.2 0.3 -1.4 -1.4
-0.7 -0.2 -1.7 0 -0.5 -0.9
0.9 2.5 1.3 1.7 -0.2 -0.4
3.5 3.9 4.2 4.7 2.7 2.3
1.3 3.5 1.9 1.4 0.7 0.6
80 60 3.6 4.8 4.3 3.8 3.7 3.1
41.2 23.5 2.2 6.9 4.3 2.6 1.4 -0.3
21.4 21.4 2.9 5.5 3.4 5.9 2.3 -0.5
66.7 60.0 4.0 7.2 4.7 4.1 3.7 2.2
44.0 44.0 5.8 9.5 7.2 8.3 4.1 2.7
-6.6
-4.1
-7.1
-7.5
-12.8
-9.7
-13.8
-3
-4.7
-4.9
0.3
-1.9
-2.0
-0.6
0.4
3.4
-0.2
2.0 66 86 65 75 60 55 55
-1.5 48.0 88.2 52.9 52.9 41.2 35.3 17.6
0.5 48.2 62.5 53.3 64.3 37.5 28.6 42.9
2.0 69.9 78.6 78.6 69.2 64.3 71.4 57.1
3.1 71.6 92.3 76.0 80.0 65.4 60.0 56.0
View on current market valuation levels Perceptions
9.1 18.2 9.1 50.0 13.6

0.0 18.8 37.5 37.5 6.3 12.5
4.2 33.3 29.2 25.0 8.3 8.3
0.0 55.6 11.1 33.3 0.0 11.1
9 45 18 27 0 0
0 70 10 20 0 0
0 24 52 24 0 0
2 40 31 20 7 4
0 26 43 31 0 3
0 33 37 30 0 0
4 32 36 29 0 10
5 43 27 22 3 0
3 34 41 22 0 0
3 42 28 28 0 6
6 29 24 41 0 0
0 45 45 10 0 0
0 41 41 18 0 0
13 38 25 13 13 0
0 20 60 20 0 0
0 19 50 27 4 0
Mid-DowntuBottom Early Uptur Mid-Upturn Peak Average OSI

44
58
50
-14
-13
-5
15
28
48
57
49
44
31
63
32
27
41
4
3
-22
-28
-39
-19
-38
-42
-56
-32
-21
-48
75.0 12.5 0.0 0.0 0.0 2.0 -48
66.7 12.5 8.3 0.0 4.2 2.4 -55
88.9 0.0 0.0 0.0 0.0 1.9 -56
64 36 0 0 0 2 -60
60 40 0 0 0 2 -42
16 64 20 0 0 3 -38
24 51 18 0 2 3 -21
11 40 43 3 0 3 -7
20 53 23 3 0 3 -20
31 28 31 0 0 3 0
17 19 58 3 3 4 5
6 28 63 0 3 4 2
11 22 50 11 0 4 -6
0 23.529412 70.588235 5.8823529 0 3.8235294 17
5 19 76 0 0 4 14
0 35.294118 58.823529 5.8823529 0 3.7058824 18
18.75 18.75 37.5 25 0 3.6875 3
7.1428571 7.1428571 78.571429 7.1428571 0 3.8571429 36
0 23.076923 50 26.923077 0 4.0384615 41
ISI
-6
33
11
-41
-4
14
63
56
27
54
56
44
18
40
42
29
47
35
45
6
24
-4
-22
6
-25
-49
-44
-25
-34
-42
-33
-36
-19
-40
-15
-21
-2
-7
3
8
9
-2
6
14
10
10
33
27
ALL off ind ret ALL

2014 Q1 Bulgaria 44 58 42 33 14
2014 Q2 Bulgaria 26 50 22 9 -7
2014 Q3 Bulgaria 29 53 24 11 1
2014 Q4 Bulgaria 44 63 29 41 15
2015 Q1 Bulgaria 12 21 7 7 -14
2015 Q2 Bulgaria 56 77 46 46 -36
2015 Q3 Bulgaria 49 80 44 22 -24
2015 Q4 Bulgaria 40 86 43 -7 5
2016 Q1 Bulgaria 24 57 14 0 2
2016 Q2 Bulgaria 37 56 33 22 -30
2016 Q3 Bulgaria 46 80 50 7 7
2016 Q4 Bulgaria 62 85 69 31 21
2017 Q1 Bulgaria 38 50 50 13 4
2017 Q2 Bulgaria 45 61 50 24 -6
2017 Q3 Bulgaria 66 78 67 54 -3
2017 Q4 Bulgaria 51 76 33 43 -21
2018 Q1 Bulgaria 46 62 54 23 13
2018 Q2 Bulgaria 50 50 75 25 13
2018 Q3 Bulgaria 37 33 56 22 44
2018 Q4 Bulgaria 25 27 18 30 -6
2019 Q1 Bulgaria 26 14 50 14 36
2019 Q2 Bulgaria 10 -10 30 10 7
2019 Q3 Bulgaria 15 -11 56 0 26
2019 Q4 Bulgaria 13 20 40 -20 33
ilablility - NB % Inducements - NB %
off ind ret ALL off ind

33 -17 25 9 9 0
-23 -13 13 10 14 -4
-47 0 50 15 12 0
-17 25 38 3 -14 0
-14 -7 -20 -12 -29 -14
-54 -38 -15 8 0 8
-50 -11 -11 -7 0 -11
-21 21 14 -17 -36 -14
-14 14 7 0 -7 -7
-33 -44 -11 11 11 0
-7 7 21 0 -20 -7
31 0 31 -15 -31 -15
13 13 -13 -17 -25 -13
0 -11 -6 0 0 0
5 -5 -9 2 0 5
-19 -19 -24 5 14 0
31 8 0 -3 -8 0
50 -13 0 -4 -13 0
67 56 11 -4 -11 -11
9 -27 0 16 9 0
71 7 29 14 29 0
20 0 0 7 10 0
100 -22 0 22 44 11
80 20 0 20 30 0
Development starts - NB % 3m Rent Expectations - NB %
ret ALL off ind ret ALL off

20 -8 -8 -17 0 0 27
22 12 0 17 17 18 41
33 -4 6 -12 -6 16 35
23 0 -4 12 -7 21 44
7 5 21 0 -7 19 36
15 9 27 9 -9 25 67
-11 10 30 22 -22 9 40
0 19 57 29 -29 29 50
14 14 50 7 -14 38 57
22 47 80 40 20 50 60
29 33 67 33 0 41 87
0 28 58 25 0 39 50
-13 21 63 38 -38 54 63
0 31 71 28 -6 40 50
0 35 58 26 20 46 57
0 37 50 40 20 44 52
0 47 67 50 25 18 23
0 48 86 71 -14 25 25
11 33 56 44 0 31 38
40 15 27 9 10 9 -9
14 29 57 36 -7 33 29
10 3 20 20 -30 7 0
11 4 0 22 -11 22 11
30 17 30 40 -20 0 -10
ations - NB % Investment Enquiries - NB% 3m Capital value expectatio
ind ret ALL off ind ret ALL

9 -36 18 27 18 9 11
13 0 12 9 9 18 -7
24 -12 29 41 29 17 12
22 -3 5 23 -12 4 15
14 7 7 21 -7 7 16
8 0 27 73 9 0 17
0 -13 46 60 33 44 31
29 7 26 79 21 -21 24
29 29 33 57 29 14 43
40 50 50 70 50 30 40
29 7 22 36 31 0 48
42 25 45 67 42 27 33
50 50 21 25 25 13 52
33 35 66 65 56 76 42
43 39 76 89 53 85 69
38 43 66 74 60 65 50
8 23 31 46 38 8 49
25 25 57 71 57 43 52
33 22 27 11 44 25 33
27 10 34 36 36 30 9
50 21 31 29 50 14 26
20 0 10 0 40 -10 20
44 11 18 -22 75 0 4
20 -10 -20 -10 20 -70 7
Capital value expectations - NB % 12m Rent Expectations - NB %
Office Ind Retail ALL off ind ret

25 17 -8 25 41.66666667 41.66666667 -8.333333333
5 -5 -20 37 68 22 22
18 12 6 28 59 29 -6
33 4 8 20 37 15 7
21 14 13 10 32 -4 0
40 20 -10 37 55 35 20
60 22 11 20 50 11 0
36 14 23 40 82 29 11
57 43 29 44 71 32 29
50 30 40 57 80 50 40
64 50 29 50 69 50 32
42 42 17 43 63 42 25
57 57 43 48 75 38 31
53 33 41 52 61 53 41
79 58 70 61 65 64 54
55 45 50 60 64 52 62
69 38 38 47 54 46 42
57 57 43 43 47 31 50
33 44 22 54 50 61 50
0 18 10 30 41 14 35
36 21 21 32 18 50 29
30 20 10 5 -5 25 -5
0 22 -11 -11 -17 22 -39
10 10 0 -25 -29 -7 -38
12m Capital value expectations - NB % Foreign enquiries, NB %
ALL off ind ret ALL Office

16.66666667 33.33333333 33.33333333
40 45 39
27 38 26 17 -17 -12
32 44 27 24 -10 4
7 18 -7 10 -30 -7
35 45 30 30 3 27
56 75 50 44 14 30
50 68 43 39 12 43
48 68 43 32 19 57
51 67 46 41 30 40
58 73 53 47 19 27
39 46 33 38 25 42
55 63 50 53 25 38
54 62 50 50 69 75
58 59 57 57 70 78
69 80 63 65 47 47
62 69 62 54 36 46
7 21 -7 7 52 71
56 56 67 44 -7 -11
12 23 9 5 -6 -9
21 25 29 11 33 36
41 55 57 10 0 10
11 -6 39 0 0 -33
-24 -24 -24 -23 -43 -40
Supply availaibility - for sale, NB %
Ind Retail ALL Office Ind Retail
-18 -22 -4 -18 -12 17

-15 -19 20 15 23 22
-43 -40 9 -7 7 27
-9 -9 -9 -18 -18 9
13 0 -10 -20 0 -11
7 -14 21 36 7 21
0 0 -10 -21 -14 7
30 20 20 20 20 20
23 8 5 -7 14 7
17 17 0 0 -8 8
25 13 13 13 13 13
50 81 35 47 22 35
53 80 23 37 11 21
42 53 25 40 25 10
31 31 28 46 23 15
43 43 48 71 29 43
-11 0 26 44 22 11
0 -10 16 36 -9 20
43 21 21 43 7 14
20 -30 20 40 10 10
56 -22 26 67 -11 22
-30 -60 13 50 -10 0
Credit conditions Capital value expectations -
Deter slight Deter signnif
NB % Imp signif (1) imp slight (2) No chng (3) (4) (5) All-Property
17 0 44 28 22 6 1.7
36 0 48 40 12 0 1.4
40 7 40 47 7 0 1.7
82 0 82 18 0 0 2.6
40 0 50 40 10 0 2.8
86 14 71 14 0 0 3.1
57 7 50 43 0 0 2.7
70 40 30 30 0 0 2.8
93 27 67 7 0 0 2.9
83 17 67 17 0 0 2.2
63 13 50 38 0 0 3.6
78 11 67 22 0 0 3.1
58 21 37 42 0 0 3.2
55 10 45 45 0 0 3.9
54 15 46 31 8 0 3.2
100 29 71 0 0 0 -0.1
0 11 11 56 22 0 2.3
0 0 9 82 9 0 1.0
36 7 36 50 7 0 1.4
20 0 30 60 10 0 1.5
44 22 33 33 11 0 0.4
40 10 40 40 10 0 -0.7
apital value expectations - respondents' 12m average % forecast Capital value expectations -lon
Prime Secondary Secondary Secondary
Prime Office Industrial Prime Retail Office Industrial Retail All-Property
5.0 3.4 3.1 0.1 0.0 -1.1

4.2 2.6 2.4 -0.3 -0.6 0.1
6.6 2.1 2.3 -0.4 -1.1 0.5
5.5 4.5 3.5 1.3 0.5 0.5
6.3 2.8 4.2 2.5 0.8 0.3
6.6 4.1 2.9 2.9 1.3 0.9
6.1 4.1 3.6 1.6 0.5 0.2
5.8 3.5 3.5 2.2 0.8 1.1
6.8 3.2 3.3 2.2 1.5 0.7
4.8 4.2 3.1 0.8 0.0 0.4
4.7 5.3 5.3 2.2 0.9 3.2
5.7 4.2 4.0 1.8 1.1 1.8
4.9 4.6 4.7 2.4 1.2 1.8
6.5 5.6 4.4 2.8 2.0 2.1
5.8 4.2 3.8 2.3 1.9 1.2
0 -0.4 -1.1 1.1 0 0
3.6 3.3 2.8 1.4 1.7 1.1
3.4 1.6 2.8 -0.5 -0.7 -0.5 -31.1
3.8 2.5 2.5 -0.4 0.7 -0.5 -7.1
4.0 3.5 0.8 0.3 1.4 -0.8 23.0
0.6 3.3 1.9 -1.4 -0.3 -1.9 -1.9
2.0 2.0 1.3 -3.3 -3.3 -3.1 -38.7
apital value expectations -longer term expectations net balance % Rent expectations - responde
1.0
1.2
1.4
2.4
2.0
2.6
2.1
3.8
2.8
3.0
2.3
2.5
3.6
3.8
2.1
1.8
1.9
-20.0 0.0 -22.2 -60.0 -40.0 -44.4 1.8
35.7 28.6 -7.1 -21.4 -21.4 -57.1 1.8
70.0 80.0 40.0 0.0 -22.2 -30.0 0.2
11.1 44.4 11.1 -22.2 -11.1 -44.4 -0.9
10.0 0.0 -20.0 -77.8 -66.7 -77.8 -1.4
ent expectations - respondents' 12m average % forecast Rent expectations - longer term
6.0 2.5 1.0 0.7 -1.0 -3.2

4.6 2.5 1.9 -0.3 -0.6 -0.9
6.4 1.1 1.3 0.2 -0.2 -0.3
6.5 3.5 1.5 2.8 0.8 -0.5
5.8 2.8 2.5 1.8 0.0 -0.8
7.5 4.5 1.8 2.7 0.2 -0.9
5.5 2.3 2.3 2.0 0.4 -0.2
7.5 4.8 5.0 3.5 1.8 0.5
5.3 3.2 2.9 3.2 1.1 0.9
7.5 4.2 2.3 3.1 0.4 0.2
5.0 3.8 3.1 1.9 0.0 0.3
4.3 3.2 2.9 2.4 1.4 0.9
5.3 4.5 5.0 2.5 2.3 1.8
5.5 5.0 4.8 3.0 2.1 2.6
3.3 1.3 2.9 2.5 1.3 1.2
0.9 1.3 2.8 2.9 1.6 1.6
2.5 2.8 1.9 1.7 0.8 1.7
4.1 3.4 3.0 0.7 -0.5 0.3 -26.7
3.4 3.4 2.5 0.4 1.3 -0.4 -10.1
0.8 2.5 1.8 -2.0 -0.3 -1.5 -28.3
0.3 1.7 0.0 -3.3 0.0 -4.2 -18.5
1.3 2.8 -1.5 -5.0 -2.8 -3.1 -48.7
ent expectations - longer term expectations net balance %
Prime Office Industrial Prime Retail Office Industrial Retail
-9.1 10.0 -20.0 -45.5 -45.5 -50.0

21.4 42.9 0.0 -46.2 -28.6 -50.0
-10.0 40.0 -30.0 -70.0 -40.0 -60.0
-11.1 66.7 0.0 -44.4 -55.6 -66.7
-20.0 -20.0 -30.0 -88.9 -66.7 -66.7
View on current market valuation levels Perceptions on current phas
Very Cheap Cheap Fair Value Expensive Very Expensive Early DowntMid-Downtu
0 40 53 7 0
9 27 55 9 0 0 9
0 27 73 0 0 0 9
7 36 50 7 0 7 0
7 43 36 14 0 7 0
0 50 30 10 10 0 0
13 27 60 0 0 0 0
0 17 58 25 0 0 0
13 13 63 13 0 0 0
0 22 67 11 0 0 0
0 5 84 11 0 0 0
0 15 60 25 0 0 0
8 23 54 15 0 0 7.692308
0 43 14 43 0 0 0
0 22 56 22 0 0 0
9 9 36 45 0 18.181818 0
7 7 43 36 7 21.428571 0
0 20 50 30 0 0 0
0 33 44 22 0 11.111111 0
0 30 40 30 0 40 10
Bottom Early UpturMid-UpturnPeak Average OSI ISI

12 35
11 39
10 15
21 0
14 5
18 73 0 0 4 25 18
18 45 27 0 4 22 29
21 43 29 0 4 29 10
7 64 21 0 4 21 29
0 60 40 0 4 25 23
0 66.666667 33.333333 0 4.3333333 29 22
8.3333333 33.333333 58.333333 0 4.5 39 26
0 50 50 0 4.5 36 20
0 11.111111 77.777778 11.111111 5 28 24
0 30 55 15 4.85 37 41
0 30 60 10 4.8 30 30
0 7.692308 53.84615 30.76923 5 22 17
0 14.28571 85.71429 0 4.857143 26 20
0 11 56 33 5 24 11
18.181818 9.0909091 9.0909091 45.454545 4.2727273 6 9
0 0 50 28.571429 4.4285714 15 12
0 0 30 70 5.7 3 3
11.111111 0 44.444444 33.333333 4.6666667 5 -2
0 0 10 40 3.5 -2 -9

2008 Q1 Canada -13 -11 -22 -6 -2 -33 22
2008 Q2 Canada -12 0 -24 -13 6 0 12
2008 Q3 Canada -38 -29 -62 -21 26 10 50
2008 Q4 Canada -76 -82 -68 -78 50 32 70
2009 Q1 Canada -82 -74 -84 -88 62 56 72
2009 Q2 Canada -73 -70 -80 -70 73 75 75
2009 Q3 Canada -32 -44 -38 -13 60 65 71
2009 Q4 Canada -5 29 -29 -15 54 64 64
2010 Q1 Canada 11 21 8 4 46 67 50
2010 Q2 Canada 4 6 0 6 10 24 6
2010 Q3 Canada 27 35 24 24 14 47 0
2010 Q4 Canada 42 38 46 42 -3 8 -17
2011 Q1 Canada 37 44 44 22 -7 0 0
2011 Q2 Canada 62 62 62 63 -18 -5 -29
2011 Q3 Canada 34 53 0 50 -5 0 0
2011 Q4 Canada 47 50 44 45 -16 -12 -26
2012 Q1 Canada 49 50 45 52 -11 -14 -18
2012 Q2 Canada 37 50 38 21 -9 -11 -5
2012 Q3 Canada 32 18 24 58 -16 -15 0
2012 Q4 Canada 26 13 33 31 -5 -7 0
2013 Q1 Canada 59 40 67 75 0 20 -22
2013 Q2 Canada 8 -13 13 25 29 38 13
2013 Q3 Canada 26 -17 50 45 18 55 -9
2013 Q4 Canada 6 -31 8 50 19 67 0
2014 Q1 Canada 20 -25 40 47 33 56 13
2014 Q2 Canada 10 7 15 8 25 29 23
2014 Q3 Canada 14 12 25 7 31 47 6
2014 Q4 Canada 18 10 30 16 29 71 -10
2015 Q1 Canada -19 -11 -16 -29 35 42 21
2015 Q2 Canada -8 -32 15 -8 52 61 48
2015 Q3 Canada -8 -17 0 -9 35 54 12
2015 Q4 Canada -19 -31 -12 -16 26 37 30
2016 Q1 Canada -16 -33 9 -25 35 64 21
2016 Q2 Canada 2 0 9 -3 28 43 18
2016 Q3 Canada -17 -26 -10 -17 16 45 3
2016 Q4 Canada -6 -17 3 -4 12 17 14
2017 Q1 Canada -3 7 0 -15 34 48 31
2017 Q2 Canada 24 40 36 -4 23 30 22
2017 Q3 Canada 11 22 28 -18 13 22 6
2017 Q4 Canada 27 35 44 0 6 6 -18
2018 Q1 Canada 30 40 65 -16 21 25 5
2018 Q2 Canada 43 61 66 3 -4 -6 -13
2018 Q3 Canada 19 30 48 -20 15 30 5
2018 Q4 Canada 15 33 42 -29 -4 -4 -13
2019 Q1 Canada 22 36 36 -5 12 11 -9
2019 Q2 Canada 38 45 54 16 13 -13 8
2019 Q3 Canada 28 28 48 10 9 9 -5
2019 Q4 Canada 1 10 30 -38 10 5 -11
ret ALL off ind ret ALL off ind

6 -6 -17 6 -6 4 28 -22
6 -12 -22 -6 -6 -16 6 -27
17 11 16 11 6 -34 -24 -30
48 33 50 13 35 -88 -75 -92
56 63 67 54 69 -74 -74 -74
70 63 79 47 63 -67 -55 -70
44 46 56 50 29 -80 -73 -80
31 37 57 29 23 -71 -77 -77
21 51 68 52 33 -52 -58 -50
0 38 35 41 38 -40 -35 -53
-6 39 47 47 24 -16 -6 -24
0 22 23 25 17 -18 -31 -23
-22 0 0 0 0 -11 -11 -11
-21 -21 -5 -29 -32 15 0 14
-14 -2 7 -7 -7 5 7 0
-9 5 3 9 3 17 21 12
0 -9 -9 -14 -5 40 38 38
-11 -17 -15 -24 -11 35 58 35
-33 -8 -5 -10 -11 29 29 29
-8 -9 -7 -7 -15 40 47 27
0 11 30 0 0 33 30 33
38 -13 0 -25 -13 54 50 75
9 0 25 -9 -18 41 58 27
-9 16 46 0 0 38 38 31
27 0 33 -29 -7 39 50 47
23 25 21 31 23 28 29 15
40 14 29 0 13 36 65 29
26 22 57 10 0 16 29 13
41 27 47 11 24 -4 21 -15
48 21 43 4 15 4 8 8
39 21 38 8 17 12 36 5
12 34 46 27 29 6 12 4
19 28 52 19 13 12 18 11
22 22 26 15 26 21 31 19
0 25 48 17 10 3 17 -6
4 25 45 14 18 1 4 -8
22 18 25 13 14 4 12 11
18 4 4 0 8 4 -5 13
12 21 22 0 41 2 0 18
29 12 12 0 24 6 25 6
32 2 -10 -5 21 11 30 20
6 5 3 -13 26 26 32 42
10 3 5 -10 15 11 20 19
4 -4 -4 -17 8 8 17 25
33 9 9 -5 23 20 22 34
44 17 8 5 38 3 0 24
24 18 19 0 34 7 10 17
36 10 8 -8 31 -4 5 16
3m Rent Expectations - NB % Investment Enquiries - NB%

6 25 39 6 29 -38 -39 -33
-27 37 44 29 38 -46 -41 -47
-47 -3 10 -20 0 -58 -57 -67
-96 -76 -71 -79 -78 -92 -96 -89
-75 -74 -76 -69 -79 -56 -59 -59
-75 -67 -68 -63 -68 -37 -35 -40
-86 -56 -53 -65 -50 4 0 0
-58 -39 -43 -50 -23 51 43 36
-48 -21 -32 -16 -16 31 36 28
-31 -6 6 -18 -6 15 13 13
-18 4 -6 13 6 31 22 33
0 19 15 17 27 74 55 82
-11 11 11 22 0 93 89 89
32 31 29 38 26 33 39 22
7 16 20 7 21 38 43 21
19 47 50 47 44 39 31 44
45 54 55 50 57 60 55 55
11 43 62 45 20 54 53 56
30 43 57 27 45 48 47 40
46 37 27 47 38 44 29 50
38 52 50 56 50 55 25 71
38 50 25 75 50 26 13 25
36 12 -8 18 27 23 10 20
45 3 -38 15 36 22 9 27
20 9 -38 31 33 33 15 46
38 3 0 0 8 14 17 0
13 -4 -12 13 -13 20 27 27
7 -1 -30 16 11 32 27 27
-17 -15 -25 -6 -14 -8 -8 -17
-4 -16 -38 0 -9 10 4 17
-5 -13 -35 4 -10 13 14 22
0 -19 -29 -12 -17 -3 -9 0
7 -10 -41 18 -7 6 -4 15
14 -5 -18 13 -10 16 13 26
0 -17 -32 -6 -13 -3 -10 0
8 -8 -19 7 -12 27 23 35
-12 0 -4 7 -4 30 35 36
5 7 13 13 -4 31 30 33
-13 15 17 33 -6 12 0 35
-13 13 12 33 -6 23 29 33
-16 30 40 50 0 17 32 35
3 43 47 63 19 34 48 50
-5 24 25 43 5 -2 0 14
-17 8 13 29 -17 6 8 29
2 22 36 36 -7 19 23 35
-16 25 32 35 8 32 31 50
-5 21 23 38 2 26 21 48
-32 11 25 32 -24 9 8 38
3m Capital value expectations - NB % 12m Rent Expectations - NB %
ret ALL Office Ind Retail ALL off ind

-41
-50 -21 0 -31 -33
-50 -39 -26 -53 -37
-92 -95 -96 -92 -96
-50 -85 -86 -86 -85
-35 -70 -68 -79 -63
13 -36 -50 -38 -20
77 -21 -15 -38 -8
28 33 43 26 30
20 25 31 19 25
39 43 33 39 56
83 46 23 50 67
100 56 44 67 56
39 38 20 50 44
50 2 13 -13 7
42 46 39 50 50
70 56 52 52 65
53 51 48 55 50
58 40 48 32 40
54 30 19 31 43
71 54 56 50 57
43 21 13 38 13
40 11 8 8 18 29 -25 45
30 0 -27 9 20 3 -46 31
38 11 -13 33 13 17 -31 47
25 11 8 8 18 33 14 46
7 20 19 35 7 9 -6 21
43 20 6 40 14 0 -30 16
0 -14 -13 -13 -17 -25 -29 -12
8 -7 -21 0 0 -14 -47 10
5 -11 -21 0 -14 -14 -40 12
0 -22 -33 -20 -12 -18 -35 -12
8 -11 -18 -4 -12 -6 -35 20
10 10 6 24 0 5 -13 19
0 -11 -23 0 -10 -13 -23 -3
24 11 -4 28 9 13 4 25
19 2 0 11 -4 -6 -12 1
30 10 9 17 5 2 2 14
0 8 6 24 -6 11 14 24
6 15 12 28 6 8 3 22
-16 18 25 40 -11 32 43 53
3 23 33 35 0 50 58 66
-20 29 40 43 5 33 35 45
-21 1 4 17 -17 26 34 60
-2 24 31 36 5 33 46 50
17 24 29 41 3 43 46 58
10 25 30 48 -2 37 44 56
-19 15 24 39 -16 21 33 44
ret ALL off ind ret ALL Office Ind
73 -6 -33 18 0
27 -9 -36 9 0
40 27 -13 47 47
38 36 33 33 42
13 22 19 32 16 9 13 0
14 0 -31 20 11 25 33 20
-34 5 -1 7 8 17 9 25
-4 3 -10 14 6 18 16 16
-14 -7 -17 6 -9 14 18 9
-6 -14 -23 -14 -4 16 17 8
-4 10 -2 22 10 26 42 23
10 25 11 36 27 28 42 19
-12 7 -8 10 19 18 23 6
10 11 3 23 7 19 42 12
-5 2 -8 11 4 34 42 25
-9 13 6 27 7 36 41 39
-6 12 3 26 6 14 13 24
-1 19 18 28 12 4 0 11
0 43 50 58 22 14 21 25
26 39 48 53 15 3 21 7
20 32 45 38 12 0 0 -5
-15 14 27 29 -15 -21 -17 -8
4 25 34 41 1 -9 -14 -2
26 37 39 51 19 -11 -15 0
9 46 54 54 31 11 14 21
-15 28 30 49 4 -6 -6 12
Supply availaibility - for sale, NB % Credit conditions
Imp signif imp slight
Retail ALL Office Ind Retail NB % (1) (2)
13 0 13 -6 -6 41 6 47
21 6 25 0 -7 6 0 19
18 5 -8 7 17 20 7 40
23 -8 -4 -16 -4 12 4 23
14 18 17 8 27 4 0 21
21 14 26 4 13 -12 0 20
12 -5 11 -18 -7 -7 0 14
23 12 22 3 10 0 0 24
23 9 37 -6 -3 -13 0 13
4 5 19 -12 8 0 0 15
35 9 15 15 -4 0 0 18
27 -3 9 -9 -9 -13 0 9
6 6 0 6 13 -18 0 12
0 -14 -19 -18 -6 6 0 17
-5 -7 -22 -17 18 -20 0 20
-17 1 -3 -6 13 -19 0 16
5 5 5 5 5 -14 0 10
-38 0 0 -4 4 -42 0 13
-10 5 -2 0 16 -11 2 16
-17 -4 -5 -14 8 -5 3 22
-2 4 2 -12 21 24 2 40
-24 -6 -3 -11 -3 30 3 41
Capital value expectations - respondents' 12m average % forecast
Deter slight Deter Prime Secondary
No chng (3) (4) signnif (5) All-PropertyPrime Office Industrial Prime Retail Office
35 12 0 0.8 1.3 1.9 0.8 0.0

69 13 0 0 -0.2 1.3 0.9 -2.7
27 20 7 -0.3 0.4 0.5 0.8 -2.1
58 15 0 0.1 0.1 1.5 0.6 -1.0
63 17 0 -1.5 -1.8 0.0 -1.0 -3.4
48 32 0 -1.2 -1.2 -0.3 0.3 -2.4
64 21 0 0.0 0.3 1.2 0.4 -2.2
52 21 3 1.3 1.2 3.0 2.5 -0.6
60 27 0 0.5 0.5 1.2 1.6 -1.1
69 12 4 0.1 0.2 2.4 0.3 -1.5
64 14 4 0.1 0.7 1.5 1.2 -1.4
70 22 0 0.2 0.8 1.7 0.5 -1.4
59 29 0 0.1 0.9 2.1 0.8 -1.3
72 11 0 0.7 1.8 1.7 1.6 0.0
40 40 0 2.1 2.9 3.9 1.9 1.5
50 34 0 2.1 2.8 4.5 1.5 1.2
67 24 0 1.4 2.6 2.9 1.1 1.6
33 54 0 0.7 1.6 3.0 -0.6 1.0
52 27 2 1.6 3.3 3.7 1.3 0.3
46 30 0 1.7 2.8 3.5 1.4 1.1
38 17 2 2.2 3.3 4.6 1.8 1.1
43 14 0 2.2 3.7 4.9 1.8 0.9
2m average % forecast Capital value expectations -longer term expectations net balance %
0.6 0.0
0.3 0
-0.6 -0.8
0.0 -0.5
-1.4 -1.5
-1.6 -1.8
0.3 -0.1
1.0 0.5
0.2 0.7
0.0 -0.9
-1.0 -0.4
0.1 -0.4
-0.4 -1.1
-0.3 -0.4
2.6 -0.6
2.5 0.1
1.0 -1.1
2.0 -2.8 -1.5 8.3 29.2 -4.3 -13.0 12.5
1.9 -0.7 25.6 46.7 45.5 25.6 17.8 22.7
2.4 -0.7 27.1 48.6 48.6 28.6 11.4 28.6
2.3 0.3 26.7 34.1 52.5 20.5 12.2 41.0
2.7 -1.0 23.0 41.7 58.8 11.8 16.7 32.4
et balance % Rent expectations - respondents' 12m average % forecast
0.6 0.6 2.2 1.6 -1.8 0.9 0.0

-0.5 -0.8 2 1.4 -4.3 -0.7 -0.7
-1.9 -1.1 0.2 -1.1 -4.3 -2.7 -2.5
-1.2 -1.8 0.9 0.0 -4.5 -0.8 -1.2
-1.1 -1.6 0.4 -0.1 -3.3 -0.6 -1.3
-1.8 -1.9 -0.2 -0.3 -4.1 -2.5 -1.7
-0.9 -1.7 1.2 0.3 -4.1 0.0 -1.0
0.2 0.7 2.3 2.4 -2.4 -0.7 -1.1
-0.2 0.2 1.0 1.1 -2.6 -0.5 -0.3
-0.1 -0.4 1.8 0.8 -1.5 -0.6 -0.7
-0.6 0.4 0.5 0.4 -2.8 -1.5 -0.8
-0.3 0.8 1.5 0.4 -2.4 -0.4 -1.5
0.1 1.1 1.5 0.1 -0.4 -0.3 -1.3
-0.1 1.0 1.5 1.0 -1.8 -0.7 -1.7
1.3 3.1 3.4 1.1 1 1 -1.6
2.6 4.2 5.1 1.8 2.0 2.6 0.2
1.2 2.9 3.2 0.9 1.1 0.7 -1.4
-41.7 1.3 1.1 4.2 -0.4 1.6 2.8 -1.6
-4.5 2.2 3.5 4.9 1.4 1.7 2.4 -0.6
-2.9 2.8 3.7 4.7 2.6 2.2 2.9 0.5
0.0 3.0 4.3 5.8 2.6 2.3 3.5 -0.3
-23.5 1.9 3.6 5.1 0.1 0.8 3.4 -1.7
All-PropertyPrime Office Industrial Prime Retail Office Industrial Retail
10.4 20.8 54.2 4.2 0.0 20.8 -37.5
17.9 37.8 45.5 11.4 8.9 22.7 -19.0
24.5 32.4 58.3 25.7 5.7 33.3 -8.3
22.2 35.7 51.2 22.5 14.3 22.0 -12.2
12.0 23.1 56.8 10.8 -2.6 24.3 -40.5
0 7 50 36 7
0 11 44 33 11 11 19
0 8 46 33 13 16 16
0 12 42 38 8 15 22
0 14 43 25 18 7 25
0 9 35 24 32 15 6
3 13 41 28 16 19 13
0 15 26 33 26 22 4
0 4 46 39 11 21 4
0 20 40 32 8 13 8
0 17 39 28 17 17 6
0 22 50 22 6 0 6
0 24 24 43 10 10 0
3 16 31 28 22 9 3
0 19 29 33 19 14.285714 0
0 8 33 50 8 41.666667 8.3333333
0 11 22 56 11 22.727273 4.5454545
0 11 42 34 13 10.810811 10.810811
2 9 37 40 12 30.232558 4.6511628
0 8 36 41 15 5.2631579 21.052632

6 -19
12 -22
-17 -32
-62 -62
-73 -47
-68 -36
-45 -18
-27 10
-21 27
-13 17
-3 27
13 46
16 58
38 32
17 17
29 35
37 46
32 44
28 33
24 27
33 44
24 24
12 14
-3 8
9 16
-4 11
-1 13
-2 15
-20 -9
22 4 22 22 4 -15 4
28 0 4 36 4 -14 -5
30 4 0 30 3 -24 -13
18 0 18 32 4 -18 0
18 3 15 44 4 -8 5
13 16 19 22 4 -20 -8
19 19 11 26 4 -13 11
14 18 14 29 4 -7 8
13 13 17 38 4 9 15
6 28 11 33 4 1 4
6 33 22 33 5 9 17
0 19 19 52 5 19 14
6 12 24 45 5 27 19
9.5238095 19.047619 19.047619 38.095238 4.4285714 13 7
0 12.5 8.3333333 29.166667 3.25 9 2
9.0909091 15.909091 13.636364 34.090909 3.9545455 12 13
13.513514 18.918919 16.216216 29.72973 4.0810811 15 20
6.9767442 18.604651 11.627907 27.906977 3.6046512 11 16
13.157895 7.8947368 18.421053 34.210526 4.1578947 0 10

2008 Q1 China 38 42 50 22 14 8 25
2008 Q2 China 41 28 47 50 39 44 36
2008 Q3 China 19 7 23 29 31 57 25
2008 Q4 China -56 -100 -29 -33 0 -22 0
2009 Q1 China -59 -64 -64 -50 58 57 58
2009 Q2 China 16 23 0 23 62 85 36
2009 Q3 China 38 50 20 42 58 67 44
2009 Q4 China 42 27 22 73 61 64 56
2010 Q1 China 47 58 20 58 38 42 30
2010 Q2 China 68 83 50 67 18 8 20
2010 Q3 China 35 50 0 50 15 0 0
2010 Q4 China 57 64 33 70 37 27 22
2011 Q1 China 72 80 33 100 34 30 22
2011 Q2 China 63 83 42 64 -25 -33 0
2011 Q3 China 53 63 43 53 9 6 0
2011 Q4 China 21 30 15 19 7 5 -10
2012 Q1 China 26 30 21 26 2 5 -11
2012 Q2 China 30 36 9 44 20 29 -7
2012 Q3 China 17 24 5 21 22 39 -13
2012 Q4 China 20 6 25 31 33 29 25
2013 Q1 China 43 60 13 54 35 49 8
2013 Q2 China 16 34 -9 19 30 41 13
2013 Q3 China 18 27 11 14 32 45 2
2013 Q4 China 26 33 11 35 35 39 14
2014 Q1 China 4 24 -10 -2 34 45 8
2014 Q2 China -2 -2 -2 -2 31 41 2
2014 Q3 China 9 17 2 8 33 52 6
2014 Q4 China 9 16 7 4 37 56 13
2015 Q1 China 8 33 2 -12 44 62 21
2015 Q2 China 10 4 11 13 45 54 33
2015 Q3 China -30 -13 -27 -49 28 44 10
2015 Q4 China -18 19 -19 -53 39 63 7
2016 Q1 China 6 38 -5 -16 29 37 3
2016 Q2 China -12 -3 -6 -26 46 56 29
2016 Q3 China -26 14 -31 -59 46 61 16
2016 Q4 China -1 14 6 -23 28 49 12
2017 Q1 China 8 29 3 -9 43 55 28
2017 Q2 China 5 9 9 -5 29 45 -9
2017 Q3 China 20 31 13 15 26 47 7
2017 Q4 China 21 41 8 15 35 52 7
2018 Q1 China 29 51 7 30 40 60 15
2018 Q2 China 13 38 -11 11 32 55 -4
2018 Q3 China 13 40 -7 7 26 52 -6
2018 Q4 China -14 0 -16 -24 20 37 0
2019 Q1 China 6 20 -1 -1 32 40 13
2019 Q2 China -7 -3 -5 -13 34 52 11
2019 Q3 China -26 -25 -23 -30 28 42 14
2019 Q4 China -32 -40 -17 -40 40 60 13

11 15 18 14 13 16 0 25
35 16 25 21 0 10 12 0
8 24 20 31 23 17 20 15
22 44 44 43 44 -7 -22 0
57 44 50 46 36 -42 -62 -42
62 57 77 45 46 -2 -8 10
58 31 25 33 36 17 -10 11
64 48 55 56 36 3 -10 -22
42 30 20 38 33 7 9 11
25 18 17 30 8 24 20 33
44 -9 -25 0 0 27 33 25
60 0 0 0 0 13 -9 22
50 -10 -30 0 0 28 20 22
-38 -6 -9 0 -8 3 -9 20
21 -9 -27 -7 7 10 0 8
24 -10 -16 -5 -10 -2 -5 -10
11 18 16 17 22 -14 0 -26
37 2 6 -10 10 31 27 26
39 11 0 5 29 17 21 3
44 22 31 0 33 44 63 21
45 -8 0 -28 3 33 44 8
36 19 11 22 26 28 32 0
47 20 21 17 22 34 56 -7
50 15 24 -6 26 23 33 0
49 17 26 -2 24 18 25 0
49 26 27 14 36 -2 2 -10
40 27 35 18 29 5 15 -12
43 17 27 2 20 -4 0 -11
50 20 14 15 31 10 24 2
49 31 28 38 28 -6 0 -27
31 25 33 17 25 -7 4 -20
46 27 26 22 33 0 18 -17
48 21 26 11 27 6 32 -22
52 39 45 35 38 0 25 -26
61 28 21 14 50 13 40 -12
23 9 11 6 9 23 30 19
45 27 41 16 24 -3 18 -22
50 0 14 -9 -5 -11 -5 -14
25 14 18 2 22 2 11 -10
46 9 17 -3 13 4 16 -13
44 1 4 -1 1 5 22 -13
44 17 14 0 37 7 22 -20
31 10 12 0 19 3 15 -11
24 23 26 18 25 -16 -11 -33
44 18 25 10 19 2 11 -3
39 23 33 13 22 -6 1 -23
27 19 24 16 18 -15 -9 -20
47 40 52 17 50 -8 -4 -9

22 43 50 22 56 10 25 -13
19 35 29 20 56 -2 13 -13
14 5 -7 0 21 -38 -47 -23
0 -52 -89 -43 -22 -56 -78 -29
-23 -50 -75 -50 -25 -35 -57 -25
-8 -38 -54 -45 -15 -14 -38 -18
50 -6 -33 0 17 47 58 11
40 26 9 22 45 58 55 44
0 21 -8 20 50 32 30 13
20 26 8 20 50 18 17 0
22 58 56 25 89 28 33 13
30 67 80 50 67 59 60 33
40 76 80 67 80 59 80 22
0 73 75 50 92 42 45 30
23 65 73 50 71 36 43 14
10 21 25 10 29 25 40 5
-16 48 60 32 53 0 5 -11
41 25 41 -3 38 33 41 6
25 28 44 13 26 14 24 -11
47 32 19 36 43 44 75 19
43 40 50 22 45 45 54 24
50 14 22 -3 23 37 48 -3
47 16 25 13 9 26 33 13
36 15 13 8 23 24 24 9
28 13 19 12 6 13 16 4
0 -7 -2 -7 -11 4 4 0
12 3 6 -2 6 7 15 -6
0 -8 -7 -4 -13 1 2 -5
4 -9 2 2 -30 -9 0 -9
10 2 9 2 -5 -12 -7 -15
-4 -19 -21 -10 -25 -24 -18 -22
0 -17 6 -16 -42 -15 13 -24
7 8 37 2 -15 8 32 -5
0 -15 -6 -19 -19 -16 3 -19
11 -17 11 -12 -51 -2 29 -6
21 -14 -3 -22 -18 -1 6 9
-4 -3 12 -6 -15 10 35 8
-14 -11 -14 9 -27 2 29 5
7 21 29 17 17 27 46 11
9 18 27 16 10 28 44 13
6 24 30 15 25 27 39 14
20 18 28 0 26 33 57 12
6 10 24 2 4 19 31 6
-5 -17 -3 -23 -24 -7 6 -11
-3 5 12 7 -3 5 23 4
3 4 5 6 2 4 14 -3
-17 -13 -11 -15 -15 -10 -4 -12
-10 -25 -35 -9 -31 -12 -11 -11

11
-6 34 42 27 33
-43 20 0 15 46
-56 -36 -56 -43 -11
-21 -31 -40 -50 0
15 -6 -17 0 0
64 35 25 30 50
73 46 50 50 40
50 39 36 22 55
33 38 42 30 42
38 54 67 25 67
80 81 91 70 82
70 79 90 44 100
50 71 82 45 85
50 56 53 50 64
29 15 20 15 10
5 40 40 26 53
52 47 62 15 64
26 28 36 15 32
38 41 50 40 33
57 57 66 46 58
63 45 63 16 53
32 27 34 19 27 28 42 11
39 25 21 20 32 31 25 32
17 27 38 21 21 25 34 20
7 -3 -7 -2 0 -8 -4 -2
12 1 -4 10 -2 29 33 19
4 12 15 18 2 9 18 7
-18 13 18 21 0 11 20 14
-15 2 7 -5 5 19 27 14
-32 -9 -2 -4 -21 -3 3 3
-33 -7 7 -9 -19 1 12 2
-3 22 46 16 5 25 47 19
-31 -16 -3 -13 -31 -6 11 -6
-29 0 31 3 -34 8 40 6
-18 1 16 10 -22 4 9 13
-12 18 32 15 7 10 16 9
-29 8 14 24 -14 7 11 7
24 35 51 31 25 33 49 23
26 43 55 39 37 37 45 30
28 34 44 24 34 37 44 33
31 29 48 12 28 40 53 28
19 25 38 14 23 28 34 26
-15 -11 2 -20 -16 2 19 -6
-11 14 28 15 0 17 23 18
2 14 24 8 9 19 24 13
-15 -3 3 -1 -10 6 13 3
-13 -12 -14 -4 -17 -5 -6 2
31 38 47 34 32
36 34 29 26 47
20 29 34 19 35
-16 -7 -15 5 -9
33 32 30 35 30 -20 -18 -18
1 17 21 23 7 -19 -12 -31
0 27 29 26 26 -9 -4 -9
15 30 37 35 20 -15 -12 -20
-14 7 13 10 -3 -27 -27 -16
-12 5 17 0 -3 -28 -11 -40
9 36 51 34 22 -6 21 -12
-22 4 20 3 -13 -31 -13 -39
-21 20 40 22 -2 -7 11 -12
-10 12 19 15 2 -10 0 -13
3 26 43 18 18 -14 -4 -15
2 25 31 33 11 -29 -10 -19
26 45 55 42 39 18 32 9
35 54 62 50 50 19 31 8
36 45 58 34 42 12 23 2
39 60 71 50 60 8 25 -8
24 27 34 18 28 8 19 -2
-8 5 24 1 -10 -14 -3 -11
10 24 37 20 16 1 11 -1
20 26 35 21 24 -3 4 -8
1 8 15 7 2 -16 -14 -17
-12 6 9 10 -1 -13 -9 -12
-22 34 51 10 41 20 0 45
-14 25 40 2 33 24 0 46
-13 56 67 39 61 60 5 64
-15 21 28 0 36 34 17 39
-39 27 35 16 29 -10 4 24
-34 36 56 2 48 21 7 41
-27 23 44 -12 36 43 21 43
-41 37 59 6 44 -19 10 19
-20 41 60 3 60 -6 11 28
-18 18 24 6 24 -3 9 24
-22 22 31 8 27 -14 4 29
-57 7 25 -20 15 -33 0 19
15 29 51 3 33 7 7 36
19 31 39 11 42 0 6 33
11 26 45 -6 38 6 0 45
8 17 56 -32 28 -14 0 39
8 20 39 0 21 0 4 34
-26 17 27 -5 27 2 2 41
-7 24 39 12 23 57 4 67
-6 32 48 9 40 43 7 58
-18 12 27 -10 19 15 3 46
-17 39 55 22 40 13 2 43
29 20 6 2.2 4.3 2.9 3.8 0.6

33 20 2 1.9 3.8 3.1 2.7 0.9
21 10 0 1.3 3.2 2.1 2.6 0.2
22 22 0 2.0 5.1 3.5 4.4 0.1
34 34 4 -0.2 1.9 1.7 1.1 -1.8
24 22 5 0.1 3.9 1.2 1.8 -0.8
16 21 0 1.7 4.1 2.5 2.5 1.3
23 45 3 -0.5 2.3 0.2 0.7 -1.4
17 42 3 0.9 4.8 2.1 1.4 1.1
30 33 3 0.1 2.8 1.3 0.7 -0.5
21 39 7 2.4 6.0 3.0 3.4 1.6
29 43 10 1.3 4.3 2.6 2.9 -0.6
21 28 7 4.2 7.2 5.1 5.7 3.3
22 33 6 4.2 7.3 5.3 6.9 3
15 35 5 2.5 5.1 2.3 4 1.6
7 39 14 3.4 5.7 3.6 5.2 2.7
24 30 8 1 5 2 4 0
16 30 11 0.8 4.9 2.3 3.2 -0.4
14 14 0 1.8 4.8 3.4 3.4 0.8
13 20 2 1.8 4.7 2.9 3.7 0.3
17 29 5 0.1 2.8 1.7 1.3 -1.2
23 30 2 0.0 1.9 1.9 1.4 -1.1
1.0 0.5
0.8 0
0.2 -0.5
-0.1 -1.2
-1.4 -2.9
-2.4 -2.8
0.4 -0.6
-2.6 -2.1
-0.5 -3.5
-0.9 -2.7
-0.6 0.9
-0.3 -1.3
2.2 1.9
1.6 1.2
0.8 1
1.6 1.6
0 -1
-2.1 -3.1 0.2 50.0 21.3 24.2 -14.5 -34.4
-0.5 -1.1 17.7 62.9 40.6 38.8 3.0 -10.3
-0.3 -0.5 26 65 40 52 4 1
-1.5 -2.6 9.6 44.0 27.4 26.5 -5.0 -14.7
-1.2 -2.8 11.1 45.8 37.8 31.9 -16.7 -2.2
1.9 4.3 3.0 3.9 0.5 0.0 0.1

1.1 3.6 1.9 2.3 0.4 -0.5 -1.1
1.0 3.7 2.4 2.9 -0.4 -0.2 -2.6
1.3 5.6 3.8 5.2 -1.9 -1.7 -3.0
-0.9 1.5 1.4 1.3 -2.7 -2.6 -4.3
0.5 4.5 1.9 2.2 -0.8 -1.7 -3.5
1.1 5.0 2.0 2.5 0.4 -1.3 -2.2
-1.0 1.7 0.2 0.5 -2.3 -3.0 -3.4
0.1 3.7 1.8 1.2 0.6 -1.8 -4.8
-1.1 1.1 1.2 -0.1 -2.0 -2.6 -3.9
1.5 4.4 2.8 2.9 0.8 -0.6 -1.4
0.3 3.6 2.4 2.6 -1.9 -2.0 -2.7
3.8 9.2 4.3 7.2 2.0 0.8 -0.9
3 6.1 4.3 6.5 1.5 0.1 -0.3
2.3 5.7 3.3 4.2 1.2 -0.1 -0.2
2.2 5.3 1.9 4.8 1.1 0.0 -0.1
2 6 3 5 0 1 0
-45.2 -0.4 4.2 1.4 2.0 -1.6 -3.9 -4.4
-28.6 1.1 4.4 2.9 3.4 -0.8 -0.9 -2.2
-6 1.3 4.1 2.9 4.3 -0.8 -1.2 -1.7
-20.4 0.1 2.7 1.5 1.5 -1.6 -1.5 -2.2
-29.8 -0.7 1.6 2.4 1.2 -3.0 -1.9 -4.7
-9.6 41.9 9.8 12.9 -31.1 -37.7 -53.2
9.8 52.9 24.6 17.6 2.9 -14.7 -24.3
18 64 39 42 -7 -15 -13
5.8 42.6 19.8 27.8 -6.9 -21.9 -26.5
0.9 36.0 31.9 14.0 -26.0 -10.6 -40.0
2.3 11.4 40.9 43.2 2.3

2.4 26.8 29.3 39.0 2.4 24 27
0.0 12.2 32.7 51.0 4.1 26 28
1.7 6.8 40.7 45.8 5.1 24 22
0 10 31 46 14 10 30
0 3 23 65 10 34 25
0 11 22 58 8 8 31
0 12 45 36 6 18 30
0 21 32 39 7 24 14
0 29 43 29 0 19 19
1 22 28 40 9 6 27
4 22 31 38 5 20 25
0 23 39 36 2 9 21
0 11 39 46 4 18 18
2 18 31 45 4 10 42
0 13 27 52 8 25.806452 43.548387
1 10 39 49 1 11.267606 35.211268
2 17 39 39 2 28 32
3 22 45 27 3 24.752475 41.584158
0 23 38 33 6 22.44898 42.857143

22 5
20 11
0 -6
-51 -31
-51 -22
-26 -6
0 27
6 22
13 38
25 27
34 26
41 50
53 57
47 45
43 36
18 8
19 13
18 25
11 12
10 39
30 29
4 20
5 12
9 13
0 12
-12 -6
-5 -8
-5 -4
-7 -17
17 7 20 5 3 -6 -10
28 2 4 12 3 -24 -20
29 7 12 5 3 -21 -19
5 15 28 12 4 -3 2
3 0 22 16 3 -22 -23
6 14 31 11 4 -24 -14
6 9 21 15 3 -8 -6
0 17 31 14 4 -7 2
0 24 29 10 4 -2 1
2 21 34 10 4 9 11
4 16 27 7 3 10 13
6 24 33 6 4 17 12
0 18 39 7 4 5 15
2 12 32 2 3 4 8
3.2258065 9.6774194 11.290323 6.4516129 2.5645161 -18 -12
7.0422535 14.084507 28.169014 4.2253521 3.2535211 -2 -2
3 13 18 7 3 -8 -5
5.9405941 7.9207921 9.9009901 9.9009901 2.6633663 -19 -8
10.204082 10.204082 8.1632653 6.122449 2.5714286 -32 -21
ALL off ind ret ALL

2016 Q1 Croatia 41 71 31 21 26
2016 Q2 Croatia 37 54 25 33 0
2016 Q3 Croatia 37 40 20 50 0
2016 Q4 Croatia 43 57 29 43 2
2017 Q1 Croatia 52 73 18 64 -9
2017 Q2 Croatia 46 63 19 56 6
2017 Q3 Croatia 34 47 11 44 0
2017 Q4 Croatia 42 45 36 45 -13
2018 Q1 Croatia 39 62 9 45 -5
2018 Q2 Croatia 50 63 38 50 -29
2018 Q3 Croatia 50 60 50 40 -7
2018 Q4 Croatia 25 50 13 13 4
2019 Q1 Croatia 40 63 43 14 18
2019 Q2 Croatia 51 82 40 30 32
2019 Q3 Croatia 50 56 33 63 4
2019 Q4 Croatia 28 50 17 17 28

43 -8 43 12 7 15
0 -17 17 6 8 0
-10 10 0 0 10 0
7 -7 7 5 14 -7
-27 -9 9 3 0 0
6 -6 19 6 0 6
-11 6 6 -2 -5 0
-20 -10 -10 3 9 -9
-15 0 0 23 23 18
-25 -25 -38 -21 -25 -25
-10 -10 0 -10 -10 -10
0 0 13 -4 0 -13
13 0 43 9 13 0
55 0 40 0 0 0
22 -11 0 -4 -11 -11
50 0 33 6 0 0

14 5 15 0 0 13 31
9 32 42 9 45 12 17
-10 17 30 10 10 3 10
7 14 21 0 21 17 14
9 17 30 10 10 20 40
13 15 15 0 31 31 38
0 6 18 -12 12 20 32
9 39 64 18 36 15 27
27 25 58 -8 25 13 23
-13 54 75 38 50 33 38
-10 27 70 0 10 33 60
0 38 63 14 38 29 50
14 57 86 14 71 13 25
0 51 64 30 60 25 45
11 26 44 0 33 33 33
17 28 50 0 33 17 33

8 0 54 69 46 46 0
0 18 23 25 18 27 15
0 0 33 50 10 40 0
21 14 43 50 21 57 17
0 20 30 40 0 50 33
6 50 43 36 36 57 31
6 22 37 53 12 47 31
9 9 47 55 36 50 30
0 17 42 58 25 42 33
25 38 67 63 63 75 38
20 20 47 70 50 20 33
13 25 33 50 13 38 21
14 0 38 50 38 25 8
20 10 54 73 50 40 32
22 44 48 44 33 67 30
0 17 28 50 0 33 17

8 -8 0 4 23 -15 4
17 9 18 29 42 9 36
10 -10 0 6 24 -15 10
29 7 14 19 25 21 11
40 30 30 30 45 14 32
36 21 36 20 25 3 31
41 18 35 21 29 14 21
27 27 36 44 64 23 45
33 33 33 38 62 8 46
38 38 38 42 56 19 50
40 30 30 42 55 25 45
38 13 13 27 44 0 38
13 13 0 27 50 13 19
36 30 30 41 68 20 35
33 33 22 44 61 33 39
33 0 17 22 50 0 17

25 33 25 17 51 77
40 42 27 50 29 33
-12 -10 -20 -5 30 40
33 43 46 11 46 50
47 55 40 45 40 40
24 32 14 25 48 57
22 29 12 24 27 47
52 59 41 55 42 55
40 54 25 42 36 42
60 69 50 63 67 63
45 50 35 50 40 60
21 31 13 19 38 50
25 38 13 25 38 50
49 68 35 45 74 91
33 44 11 44 33 44
27 40 0 40 17 50

31 46 41 62 31 31
27 27 21 17 18 27
10 40 17 10 20 20
31 57 7 0 7 14
30 50 20 20 20 20
36 50 7 0 14 7
0 35 12 12 6 18
27 45 12 0 9 27
25 42 28 25 25 33
63 75 4 0 13 0
50 10 0 0 0 0
25 38 0 0 14 -14
50 13 8 25 0 0
80 50 44 73 30 30
22 33 4 11 0 0
-17 17 22 50 0 17
38 0 38 62 0 0 0.3
33 0 42 50 8 0 1.4
30 0 30 70 0 0 -0.6
57 14 50 29 7 0 0.8
70 10 60 30 0 0 1.8
71 0 71 29 0 0 0.9
65 6 59 35 0 0 1.5
64 9 55 36 0 0 2.0
75 8 67 25 0 0 1.1
75 13 63 25 0 0 1.8
90 0 90 10 0 0 1.8
75 0 75 25 0 0 1.7
100 0 100 0 0 0 1.0
82 27 55 18 0 0 2.3
78 0 78 22 0 0 1.1
67 0 67 33 0 0 1.0
2.3 1.5 1.3 -0.6 -1.0 -1.7
2.9 1.6 3.4 0.0 -0.2 0.5
1.0 0.3 0.8 -1.5 -2.8 -1.5
2.1 2.0 0.7 0.7 0.7 -1.2
3.5 2.0 3.3 0.8 0.5 0.5
1.4 0.2 2.1 0.5 0.2 0.9
3.4 0.9 3.4 0.7 0.0 0.7
3.4 2.7 3.2 0.9 0.7 0.9
2.1 1.3 2.7 0.6 0 0.2
2.8 1.9 2.8 1.9 0.6 0.9
3.8 2.5 3.8 0.3 0.3 0.3
3.8 2.2 2.5 0.3 0.9 0.3 18.8
3.1 2.2 0.9 0.0 -0.3 0.3 6.0
4.5 3.0 2.8 1.6 0.8 1.0 19.1
1.9 1.7 3.1 0.3 -0.6 0.3 24.1
3.0 0.5 2.5 0.0 -0.5 0.5 20.0
-1.1
0.9
0.3
0.9
1.1
1.0
1.5
2.0
1.2
1.3
1.5
87.5 37.5 75.0 -25.0 -25.0 -37.5 1.5
50.0 37.5 25.0 -14.3 -25.0 -37.5 0.7
50.0 11.1 11.1 20.0 11.1 11.1 2.1
55.6 22.2 44.4 22.2 0.0 0.0 1.7
80.0 0.0 60.0 0.0 -20.0 0.0 0.6
1.7 -0.8 -0.2 -1.7 -3.1 -2.3
2.7 1.1 2.5 0.2 -0.7 -0.7
2.0 0.0 1.8 -0.3 -0.8 -0.8
2.9 1.8 1.6 -0.2 0.0 -0.7
3.2 1.1 2.7 0.0 -0.5 -0.2
1.9 0.8 3.6 0.0 -0.6 0.5
3.9 0.6 3.2 0.9 0.1 0.5
5.2 1.6 4.3 0.7 0.0 0.2
2.7 0.6 2.3 1.5 -0.2 0.4
2.2 1.3 1.6 1.3 0.3 0.9
3.8 2.0 3.0 0.0 -0.3 0.3
4.7 1.3 3.8 0.6 -0.6 -0.6 8.3
1.9 0.6 0.6 0.6 0.0 0.3 6.3
4.1 2.3 2.8 2.0 0.8 1.0 17.4
3.3 1.1 2.8 1.4 1.1 0.3 16.7
3.3 0.4 2.1 0.0 -1.2 -1.2 5.6
62.5 12.5 50.0 -25.0 -25.0 -25.0

37.5 12.5 25.0 0.0 -12.5 -25.0
45.5 10.0 30.0 9.1 0.0 10.0
44.4 22.2 22.2 11.1 0.0 0.0
66.7 0.0 50.0 -16.7 -33.3 -33.3
0 46 31 23 0 0 0
8 8 83 0 0 0 8
10 10 70 10 0 0 0
7 29 50 14 0 0 0
0 20 80 0 0 0 0
0 23 77 0 0 7.1428571 14.285714
0 11 61 28 0 5.8823529 5.8823529
9 18 73 0 0 9.0909091 0
0 17 67 17 0 0 0
0 0 88 13 0 0 0
0 20 50 30 0 0 0
0 13 63 25 0 12.5 0
0 38 50 13 0 0 0
0 9 73 18 0 0 10
0 11 67 22 0 0 0
0 33 33 33 0 0 0

23 77 0 0 4 14 4
8 75 8 0 4 14 6
30 70 0 0 3.7 13 6
14.285714 85.714286 0 0 3.8571429 18 17
0 90 10 0 4.1 23 14
0 71.428571 7.1428571 0 3.5714286 24 22
11.764706 58.823529 17.647059 0 3.7647059 19 19
0 81.818182 9.0909091 0 3.8181818 18 22
16.66667 75 8.333333 0 3.916667 10 16
0 62.5 25 12.5 4.5 35 33
0 40 50 10 4.7 31 27
0 25 37.5 25 4.5 19 18
0 50 25 25 4.75 15 13
0 50 20 20 4.4 25 14
0 33.333333 33.333333 33.333333 5 29 25
0 16.666667 50 33.333333 5.1666667 13 7

2018 Q2 Cyprus 50 75 21 54 10 7
2018 Q3 Cyprus 40 60 0 60 2 13
2018 Q4 Cyprus 49 64 35 48 0 4
2019 Q1 Cyprus 47 63 26 53 19 26
2019 Q2 Cyprus 31 53 0 41 31 35
2019 Q3 Cyprus 37 79 13 21 38 58
2019 Q4 Cyprus 27 41 11 28 22 33

14 7 18 25 7 21 29 60
-13 7 24 47 0 27 54 92
-4 0 27 32 12 38 54 91
5 26 21 32 5 26 49 74
12 47 29 35 12 41 51 76
13 43 8 12 4 8 53 96
9 23 19 24 9 24 50 74

8 20 65 89 46 61 51 80
8 62 57 86 14 71 38 69
17 54 64 76 33 83 46 71
26 47 44 63 16 53 53 84
12 65 51 82 18 53 38 71
8 54 56 67 33 67 46 75
14 61 24 32 9 32 27 49

16 56 51 84 20 48 67 83
0 46 57 77 25 69 64 79
8 58 55 71 35 58 70 84
26 47 42 68 26 32 45 71
-6 50 40 69 0 50 42 66
21 42 39 67 -4 54 55 76
3 29 16 38 -9 18 41 54

44 72 63 83 33 73 41 76
45 68 67 75 55 71 49 85
42 84 62 77 38 73 47 76
26 37 40 69 25 25 39 68
15 45 45 68 19 48 68 81
33 56 52 66 35 56 44 79
22 46 31 41 14 37 20 46
Imp signif
8 40 4 8 4 0 75 13
9 54 18 23 8 23 69 31
12 52 22 32 25 8 75 21
21 28 28 47 16 21 89 21
47 76 53 59 29 71 76 29
8 46 44 58 17 58 67 21
-8 22 50 66 29 56 75 23
Capital value expectations - respondents' 12m average % forec
67 17 4 0 3.5 6.3 2.0 5.1
46 15 8 0 3.3 7.1 2.3 4.6
58 17 4 0 4.1 8.4 2.6 6.7
68 11 0 0 4.6 7.2 2.6 5.8
47 24 0 0 3.2 5.9 1.7 5.9
50 25 4 0 3.2 6.8 2.9 4.8
55 20 3 0 2.3 5.1 2.1 4.5
3.1 0.9 3.3
3.3 0.9 1.5
3.7 0.7 2.4 42.4 83.3 29.2 70.8 41.7
6.5 1.1 4.0 33.3 73.7 21.1 31.6 47.4
3.2 -0.2 2.8 37.2 87.5 37.5 66.7 25.0
2.8 0.7 1.4 17.5 54.2 8.3 37.5 17.4
1.6 -0.4 0.6 8.8 27.0 -5.7 21.6 21.6
5.3 8.1 4.3 6.9 5.7 2.8
3.8 7.1 2.9 5.4 3.9 1.0
0.0 29.2 4.7 7.7 2.5 8.3 4.9 1.7
5.3 21.1 3.9 6.8 2.2 5.0 4.9 2.0
0.0 6.3 3.2 4.7 1.0 6.3 2.8 0.0
-16.7 4.2 3.4 6.1 3.0 5.8 2.9 0.9
-14.3 2.7 3.0 5.1 2.0 6.6 2.9 0.5
4.3
2.3
3.3 54.5 88.0 44.0 80.0 50.0 25.0 40.0
2.6 27.2 73.7 10.5 36.8 36.8 -5.3 10.5
4.4 33.8 82.4 23.5 43.8 35.3 -5.9 23.5
1.6 25.0 54.2 22.7 56.5 12.5 -8.3 12.5
0.6 21.7 45.9 25.0 30.6 25.7 -2.9 5.7
View on current market valuation levels Perceptions on
12 20 48 20 0 0
8 17 42 33 0 0
8 25 29 29 8 4.1666667
16 16 37 21 11 0
18 6 35 24 18 0
4 17 33 42 4 0
0 13 54 31 3 15

0 0 60 36 4 4.44 33
7.6923077 7.6923077 30.769231 46.153846 7.6923077 4.3846154 24
4.1666667 0 25 62.5 4.1666667 4.5 29
0 0 31.578947 36.842105 31.578947 5 23
5.8823529 0 11.764706 41.176471 41.176471 5.1176471 18
0 0 8.3333333 41.666667 50 5.4166667 28
2.5 5 12.5 32.5 32.5 4.425 11
ISI
32
26
26
22
8
13
-2

2008 Q1 Czech Republic 0 -33 0 33 22 67
2008 Q2 Czech Republic 8 0 25 0 8 0
2008 Q3 Czech Republic -20 -20 -20 -20 20 20
2008 Q4 Czech Republic -57 -63 -71 -38 17 50
2009 Q1 Czech Republic -50 -50 -50 -50 -25 -25
2009 Q2 Czech Republic -38 0 -57 -57 57 43
2009 Q3 Czech Republic -22 0 -50 -17 44 33
2009 Q4 Czech Republic 6 8 18 -9 18 17
2010 Q1 Czech Republic -19 -14 -29 -14 24 43
2010 Q2 Czech Republic 7 0 20 0 -33 -20
2010 Q3 Czech Republic 23 25 24 21 -30 -6
2010 Q4 Czech Republic 41 29 63 29 -14 0
2011 Q1 Czech Republic 16 27 30 -10 0 18
2011 Q2 Czech Republic 46 63 56 19 -25 0
2011 Q3 Czech Republic 32 40 29 27 -2 27
2011 Q4 Czech Republic 3 -7 23 -8 0 29
2012 Q1 Czech Republic -19 -22 -25 -11 -8 22
2012 Q2 Czech Republic -3 -18 0 8 3 18
2012 Q3 Czech Republic -12 -8 -9 -18 12 25
2012 Q4 Czech Republic 0 9 -10 0 13 45
2013 Q1 Czech Republic 23 11 44 13 -15 -22
2013 Q2 Czech Republic -18 -14 -20 -20 18 57
2013 Q3 Czech Republic 12 20 -13 25 17 45
2013 Q4 Czech Republic 21 18 29 18 21 48
2014 Q1 Czech Republic 31 17 70 10 25 50
2014 Q2 Czech Republic 30 25 67 0 48 82
2014 Q3 Czech Republic 10 9 11 10 28 64
2014 Q4 Czech Republic 22 13 46 7 23 60
2015 Q1 Czech Republic 30 45 36 9 27 45
2015 Q2 Czech Republic 32 21 44 32 30 63
2015 Q3 Czech Republic 42 30 56 40 41 90
2015 Q4 Czech Republic 40 53 31 36 15 29
2016 Q1 Czech Republic 41 33 70 20 15 25
2016 Q2 Czech Republic 38 47 27 40 -21 -27
2016 Q3 Czech Republic 17 31 20 0 33 15
2016 Q4 Czech Republic 34 33 38 31 -31 -47
2017 Q1 Czech Republic 46 39 60 40 -13 0
2017 Q2 Czech Republic 37 63 33 13 -22 -26
2017 Q3 Czech Republic 63 82 71 36 -2 -6
2017 Q4 Czech Republic 44 52 53 28 -17 -24
2018 Q1 Czech Republic 57 54 67 50 -3 8
2018 Q2 Czech Republic 34 33 40 27 -6 0
2018 Q3 Czech Republic 38 40 50 25 -30 -20
2018 Q4 Czech Republic 27 50 30 0 0 -8
2019 Q1 Czech Republic 13 40 11 -11 -13 -40
2019 Q2 Czech Republic 27 30 50 0 -52 -70
2019 Q3 Czech Republic 8 9 14 0 6 18
2019 Q4 Czech Republic -4 8 0 -20 0 0

0 0 11 33 0 0 22 67
25 0 0 -25 25 0 25 50
40 0 7 -20 40 0 8 25
0 0 43 29 57 43 -83 -75
-25 -25 33 25 50 25 -92 -75
57 71 100 100 100 100 -100 -100
67 33 83 100 83 67 -94 -100
18 20 48 50 45 50 -80 -67
14 14 52 71 43 43 -24 -29
-60 -20 53 60 60 40 -40 -20
-63 -20 19 27 13 15 -11 13
-13 -29 -5 0 -13 0 18 43
-10 -10 6 9 0 10 35 64
-50 -25 -13 0 -38 0 2 6
-29 -7 5 7 7 0 -7 -7
0 -31 10 36 0 -8 -13 0
-38 -11 12 33 0 0 -4 22
-18 8 -6 0 -9 -8 -18 -27
9 0 26 27 10 40 -15 -17
-10 0 19 36 0 20 6 27
-22 0 4 22 -22 13 0 0
-20 0 24 43 0 20 0 0
0 0 27 40 25 13 27 30
-5 15 20 38 7 12 29 36
-10 30 14 36 -11 11 31 42
45 18 16 40 -20 27 27 50
0 20 12 36 10 -9 19 27
8 0 13 60 -8 -14 12 36
45 -9 9 18 0 8 7 10
33 -5 25 58 0 16 4 6
33 0 20 50 11 0 1 -10
17 0 0 7 0 -7 -17 -47
20 0 -6 -17 20 -20 4 -8
-27 -9 -22 -40 -9 -18 14 14
60 22 -2 -8 -10 11 15 36
-23 -23 -19 -27 -15 -15 -6 13
-20 -20 -9 -6 -7 -13 5 8
-27 -13 -20 -26 -20 -13 13 41
15 -15 -27 -59 -7 -14 3 17
-5 -22 -24 -26 -22 -24 4 11
0 -17 -19 -15 -17 -25 11 33
-10 -9 -11 -33 -10 9 -6 9
-43 -29 -18 -10 -29 -14 -31 -22
0 9 -12 -25 -10 0 -15 8
-22 22 -21 -40 -22 0 -7 -11
-63 -22 -37 -56 -43 -13 -19 0
0 0 -8 -9 -14 0 -65 -36
0 0 -16 -8 -18 -20 -16 -18

0 0 22 67 0 0 -22 -67
25 0 25 50 25 0 0 0
0 0 7 40 -20 0 -40 -20
-88 -88 -35 -50 -29 -25 -100 -100
-100 -100 -33 0 -75 -25 -33 25
-100 -100 -81 -71 -86 -86 0 29
-83 -100 -33 0 -67 -33 -17 17
-91 -82 -39 -58 -27 -30 32 67
-14 -29 -33 -43 -14 -43 19 29
-60 -40 -7 -20 0 0 20 20
-25 -21 -24 -13 -13 -50 22 33
13 0 32 29 38 29 32 29
50 -10 -3 0 10 -20 57 70
13 -13 13 6 27 7 64 73
0 -13 -7 -13 7 -13 33 36
-15 -23 -3 -7 8 -8 -13 0
-25 -11 8 0 25 0 -8 0
-36 8 0 9 0 -8 0 18
-18 -9 0 0 9 -9 -23 -40
0 -10 -36 -40 -11 -56 -10 0
11 -13 12 11 33 -13 32 29
20 -20 -29 -43 0 -40 0 20
38 13 3 -9 11 11 30 44
39 11 8 -13 31 11 35 44
40 10 13 -17 50 10 41 44
42 -8 -24 -50 0 -23 54 50
40 -9 7 -18 30 9 41 40
15 -14 -13 -33 0 -7 55 53
30 -18 6 0 18 0 51 30
24 -17 8 -26 39 11 68 67
44 -30 21 10 33 20 41 40
23 -27 13 0 31 8 49 33
30 -10 14 0 20 22 23 33
18 9 8 14 0 10 43 38
18 -9 16 21 27 0 34 46
-8 -23 15 7 15 23 56 60
17 -8 20 11 20 29 49 46
19 -20 60 53 73 53 52 53
27 -36 51 53 43 57 50 58
25 -25 47 55 33 53 45 61
17 -17 24 23 33 17 19 17
10 -36 39 50 50 18 13 18
-14 -57 50 50 43 57 42 25
0 -55 21 33 40 -9 9 18
22 -33 28 50 44 -11 44 56
-13 -44 34 60 29 13 41 44
-71 -88 25 45 29 0 27 40
-9 -20 32 50 27 20 30 64

0 0
-25 25 17 50 0 0
-20 -80 -89 -83 -83 -100
-100 -100 -48 -38 -57 -50
-75 -50 -58 -50 -75 -50
-14 -14 -76 -57 -86 -86
-17 -50 -22 0 -33 -33
18 9 0 17 -27 8
14 14 5 14 -14 14
20 20 40 40 40 40
6 27 33 50 7 43
38 29 50 71 38 43
50 50 50 60 50 40
60 60 71 80 60 73
21 40 19 7 21 27
-38 0 5 8 0 8
-25 0 -12 -25 -13 0
9 -25 -6 9 -9 -17
-40 10 -15 -18 -9 -18
-30 0 -30 -30 -20 -40
25 43 13 13 13 13
-25 0 8 20 25 -25
22 22 50 63 38 50
33 28 40 46 39
44 33 30 30 40 20 9.375 -16.66667
75 38 38 18 64 33 0 -50
44 40 32 18 50 27 -32 -68
54 57 34 14 38 50 -26 -61
50 73 35 36 27 42 -22 -41
76 61 34 24 38 41 -21 -47
44 40 55 50 56 60 -5 -30
62 53 54 47 62 53 25 7
18 18 38 33 40 40 12 21
45 45 54 62 42 58 22 39
36 18 57 62 55 55 14 18
46 62 32 33 38 23 3 17
50 50 53 42 64 55 26 19
53 50 54 59 47 56 42 63
36 55 33 25 36 36 53 59
44 31 56 56 53 59 49 58
33 8 22 8 42 17 45 51
30 -9 41 36 50 36 32 37
43 57 60 50 57 71 56 60
10 0 -9 8 10 -45 32 51
67 11 37 44 67 0 52 65
56 22 39 56 50 11 39 75
29 13 -6 10 -14 -13 68 82
27 0 53 55 55 50 47 60
50 0 63.333333 40 80 70
33 15 53 36 64 58
0 -27 -5 -27 0 14 36 30
-12 -4 5 -14 4 25 43 40
-9 -17 24 18 14 42 61 40
-8 -8 36 24 41 44 70 65
0 15 28 25 28 30 41 40
23 47 56 47 58 63 54 40
5 10 45 50 35 50 28 33
5 23 35 42 25 38 54 62
5 18 31 34 27 31 16 31
0 -8 20 30 12 19 47 50
23 37 49 46 50 50 33 23
32 32 50 44 53 53 40 35
50 50 22 21 23 23 32 33
37 50 58 61 56 59 37 33
50 33 44 50 38 46 17 17
35 23 39 41 40 36 0 0
64 43 50 44 64 43 29 0
31 13 23 35 41 -6 1 9
76 15 50 76 69 4 26 44
43 -2 55 67 75 23 27 44
79 44 27 35 29 17 15 30
56 25 36 65 45 -2 12 36
Imp signif
44 33 25 45 10 18 75 8
38 50 44 54 33 46 73 20
70 73 0 10 -20 9 50 8
81 65 5 17 -6 6 94 11
44 40 7 40 0 -20 64 0
69 53 0 13 -8 -7 81 13
20 30 7 9 -11 22 58 0
45 55 -4 15 -9 -18 69 8
9 9 -26 -15 -27 -36 54 8
46 46 -58 -36 -77 -62 13 7
33 42 -35 -23 -42 -42 23 0
33 50 -30 -21 -38 -31 29 6
36 27 -65 -50 -73 -73 8 0
53 25 -18 -17 0 -38 -5 0
33 0 -36 -33 -25 -50 -8 0
10 -9 -40 -45 -30 -45 -9 0
43 43 -59 -63 -57 -57 -25 0
20 -27 -54 -50 -45 -67 -42 0
44 -11 -37 -33 -56 -22 -44 0
38 0 -50 -56 -63 -33 11 0
14 0 1 -10 0 13 60 0
18 -20 -3 0 0 -10 17 0
75 8 0 8 -0.7 0.2 1 3.4

53 27 0 0 -0.7 1.6 2.3 3.4
42 50 0 0 1.9 3.4 3.0 5.0
83 6 0 0 1.9 2.9 2.8 3.4
73 18 9 0 2.2 2.8 4.4 5.0
69 19 0 0 2.8 3.2 3.8 4.3
58 42 0 0 1.5 2.7 1.0 2.8
62 31 0 0 1.5 3.1 2.5 2.7
46 46 0 0 2.2 3.8 3.4 4.5
13 73 7 0 0.6 1.2 0.4 1.0
31 62 8 0 2.3 3.1 4.0 4.6
35 47 12 0 1.5 2.4 1.8 2.8
8 92 0 0 1.6 2.3 2.5 3.0
16 63 21 0 2.5 2.8 3.2 3.7
17 58 25 0 2.6 3.5 5.2 3.3
27 36 36 0 1.6 2.3 2.8 2.7
13 50 38 0 2.4 2.8 4.3 3.2
8 42 50 0 0.5 2.1 2.5 0.2
0 56 44 0 2.6 3.3 3.9 0.3
33 44 22 0 3.1 4.1 5.4 2.1
60 40 0 0 1.4 2.8 1.4 1.4
17 83 0 0 1.3 3.4 3.8 0.8
-3.9 -4 -0.9
-4.1 -3.7 -3.6
-0.2 0.0 0.4
0.0 1.1 1.2
0.5 0.8 -0.6
1.2 2.5 1.8
1.0 0.8 0.8
0.6 0.0 0.0
0.6 0.3 0.3
0.7 0.2 0.0
0.8 0.6 0.8
0.7 0.5 0.8
0.4 0.9 0.5
1.9 1.5 1.9
1 0.4 2.3
0.2 0.3 1.4
1.3 1.8 1.1
0.0 1.1 -3.0 -24.5 -8.3 10.0 -36.4 -30.0
4.1 4.4 -0.6 -5.6 0.0 22.2 -22.2 -11.1
3.2 3.3 0.4 -0.8 22.2 28.6 0.0 -12.5
0.5 1.4 0.6 14.5 50.0 28.6 25.0 10.0
0.8 0.0 -0.8 19.6 50.0 60.0 0.0 20.0
-2.8 -1.6 -0.3 -0.2 -5.9 -4.3

-1.9 -1.8 1.2 0.5 -5.7 -2.5
-0.8 -0.7 1.6 0.4 -2.3 -1.6
-1.1 -0.7 0.6 1.2 -3.8 -1.8
-0.3 -0.3 1.7 2.5 -3.3 -1.1
1.0 1.3 1.9 3.0 -1.0 0.4
0.0 1.0 0.3 1.0 0.4 -0.5
1.2 2.9 1.8 2.7 0.5 -0.2
1.3 2.7 2.5 3.0 0.4 -0.5
0.2 1.5 1.2 1.2 -0.3 -0.8
0.9 1.1 1.7 3.2 -0.1 -0.2
1.7 4.1 2.9 3.9 0.7 -0.2
3.0 5.1 5.0 5.0 1.3 1.1
2.1 3.9 1.7 4.7 1.1 0.7
2.9 5 5 4.4 1.5 0.8
1.6 4.0 2.0 2.7 0.8 -0.3
3.8 5.0 5.7 6.1 2.0 2.5
-22.2 -60.0 1.5 3.5 2.8 3.2 1.1 0.3
22.2 -44.4 2.6 4.8 3.9 2.8 3.5 2.8
0.0 -42.9 1.4 4.8 3.2 1.9 2.5 0.4
-14.3 -12.5 2.5 3.9 2.1 3.1 3.0 2.5
10.0 -22.2 1.5 3.3 3.0 1.8 0.9 0.8
-4.8
-2.9
-2.1
-2.4
-1.3
0.3
-2.0
-0.2
-0.2
-1.5
0.0
-1.3
0.7
0.6
0.6
0.2
1.8
-1.8 -10.8 33.3 0.0 -10.0 -27.3 -11.1 -50.0
-2.2 22.6 60.0 44.4 33.3 20.0 22.2 -44.4
-4.3 17.5 30.0 28.6 -12.5 44.4 42.9 -28.6
0.3 6.0 18.2 14.3 12.5 -9.1 0.0 0.0
-0.6 19.5 58.3 54.5 20.0 9.1 0.0 -25.0
0.0 8.3 83.3 8.3 0.0

10.5 21.1 57.9 10.5 0.0 0
9.1 18.2 63.6 9.1 0.0 0
0.0 18.8 68.8 12.5 0.0 0
0 33 50 8 8 8
0 23 62 15 0 0
0 25 42 33 0 0
0 27 60 13 0 7
8 8 62 15 8 7
6 6 53 35 0 6
0 17 58 8 17 0
0 11 68 21 0 0
0 8 42 33 17 0
9 9 45 9 27 0
0 13 38 25 25 0
0 8 31 62 0 23.076923
0 11 22 44 22 20
0 0 78 22 0 10
20 10 30 30 10 18.181818
0 17 42 25 17 0

4
11
-7
-45
-39
-73
-46
-27
-35
-18
-6
26
2
24
7
-3
-8
1
-13
-18
10
-24
-4
3
10
-4
2
-1
9
5 21 26 37 11 4 5
18 27 18 27 9 4 14
13 13 25 38 13 4 18
8 0 33 17 33 4 20
7 0 14 50 29 5 23
7 7 14 36 36 5 12
7 7 7 20 53 5 23
0 0 0 43 50 5 25
0 0 0 44 50 5 39
0 0 0 15 85 6 47
11 0 5 16 68 5 38
8 0 0 8 83 6 33
0 0 0 8 92 6 28
0 0 0 11.111111 88.888889 5.8888889 35
0 0 0 0 76.923077 4.8461538 20
0 0 0 0 80 5 21
0 0 0 20 70 5.3 32
0 0 0 18.181818 63.636364 4.9090909 13
0 0 0 15.384615 84.615385 5.8461538 15
ISI
-11
6
-43
-49
-31
-25
-19
-1
5
16
12
22
30
41
12
-4
-13
-5
-24
-20
9
0
27
0
22
32
16
15
29
32
30
35
18
34
39
49
46
45
49
40
26
31
53
18
40
43
7
29
ALL off ind ret ALL

2008 Q1 Euro area -18 -27 -12 -14 -17
2008 Q2 Euro area -21 -32 -9 -23 13
2008 Q3 Euro area -25 -32 -39 -3 5
2008 Q4 Euro area -68 -94 -68 -41 31
2009 Q1 Euro area -70 -79 -73 -56 58
2009 Q2 Euro area -63 -57 -63 -70 55
2009 Q3 Euro area -36 -32 -52 -24 60
2009 Q4 Euro area -13 -15 -20 -6 47
2010 Q1 Euro area -14 -28 -26 11 51
2010 Q2 Euro area 5 12 -5 7 26
2010 Q3 Euro area 12 36 3 -9 27
2010 Q4 Euro area 16 19 5 23 22
2011 Q1 Euro area 23 36 8 24 2
2011 Q2 Euro area 25 33 10 30 19
2011 Q3 Euro area 0 -3 -8 10 21
2011 Q4 Euro area -9 -10 -20 4 22
2012 Q1 Euro area -5 -5 -12 1 13
2012 Q2 Euro area -20 -27 -26 -8 18
2012 Q3 Euro area -28 -34 -36 -14 22
2012 Q4 Euro area -17 -21 -32 -1 16
2013 Q1 Euro area -9 -13 -15 1 23
2013 Q2 Euro area -14 -19 -24 3 25
2013 Q3 Euro area 0 5 -13 6 27
2013 Q4 Euro area 10 12 -4 21 17
2014 Q1 Euro area 10 9 1 20 21
2014 Q2 Euro area 20 25 7 29 8
2014 Q3 Euro area 8 12 7 7 10
2014 Q4 Euro area 14 20 3 16 6
2015 Q1 Euro area 25 32 16 27 14
2015 Q2 Euro area 21 25 14 24 7
2015 Q3 Euro area 18 23 21 9 12
2015 Q4 Euro area 27 36 23 22 6
2016 Q1 Euro area 30 37 34 18 2
2016 Q2 Euro area 32 44 33 20 -2
2016 Q3 Euro area 33 57 26 15 -6
2016 Q4 Euro area 33 55 26 17 -13
2017 Q1 Euro area 34 56 32 14 -8
2017 Q2 Euro area 36 60 33 17 -12
2017 Q3 Euro area 33 57 35 9 -8
2017 Q4 Euro area 44 71 52 9 -12
2018 Q1 Euro area 42 65 54 6 -10
2018 Q2 Euro area 36 65 42 0 -10
2018 Q3 Euro area 33 62 45 -7 -16
2018 Q4 Euro area 33 63 48 -14 -15
2019 Q1 Euro area 28 54 45 -16 -14
2019 Q2 Euro area 25 54 39 -19 -4
2019 Q3 Euro area 17 45 33 -27 -6
2019 Q4 Euro area 25 54 47 -27 -6
Availablility - NB % Inducements - NB % Development starts - NB %
off ind ret ALL off ind ret ALL off

-36 1 -15 -11 -15 -15 -2 -27 -22
25 21 -4 -4 -10 0 1 -26 -36
19 7 -12 12 17 23 -4 -26 -26
52 30 3 35 46 32 24 -61 -65
67 56 52 61 91 56 30 -61 -54
66 53 46 60 81 48 48 -89 -97
80 59 40 68 80 65 58 -72 -78
65 46 32 55 64 54 49 -70 -81
68 56 31 44 63 47 22 -47 -51
21 31 26 19 22 20 13 -25 -21
42 16 17 13 20 7 8 -7 -4
23 32 10 3 -6 15 1 -14 -5
-7 13 2 -16 -24 -12 -12 7 25
30 15 11 1 2 3 -2 0 4
34 14 16 13 14 14 10 -20 -25
28 20 18 15 19 15 10 -14 -13
23 8 9 14 18 14 9 -8 5
26 10 16 22 32 17 17 -19 -17
29 16 19 20 30 20 9 -19 -23
25 11 13 24 35 19 18 -24 -24
26 20 23 22 25 34 8 -19 -13
30 22 22 27 37 23 21 -12 -13
41 12 25 18 34 9 9 -4 1
25 13 14 25 33 26 17 3 9
32 17 13 18 22 17 13 -2 4
15 6 4 16 17 13 17 4 9
7 4 18 8 12 3 9 -2 2
10 -5 13 16 26 11 11 -3 -1
21 8 13 13 14 9 16 -2 13
16 -1 7 7 11 3 6 9 25
22 -2 15 14 21 12 10 6 21
7 -1 11 4 -3 6 9 16 23
4 -7 10 -2 1 -8 1 9 19
-3 -7 5 4 0 0 10 11 24
-8 -13 2 -8 -12 -8 -2 9 24
-21 -19 0 -2 -6 -6 5 9 23
-18 -15 9 -2 -16 0 8 17 37
-21 -15 1 -12 -23 -15 2 15 30
-17 -12 4 -13 -26 -14 1 18 30
-26 -18 10 -8 -26 -11 13 14 34
-22 -20 12 -8 -19 -16 11 16 31
-23 -14 5 -8 -26 -13 15 17 35
-36 -23 11 -12 -31 -18 12 6 24
-31 -26 11 -6 -27 -15 24 12 30
-29 -23 11 -10 -29 -19 19 8 26
-13 -13 13 0 -16 -15 31 7 29
-27 -17 25 -5 -19 -15 18 5 29
-19 -20 21 -3 -28 -15 35 5 30
ent starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%
ind ret ALL off ind ret ALL off ind

-37 -22 22 34 11 24 -53 -54 -56
-17 -25 2 15 -16 6 -53 -67 -57
-20 -32 10 4 -11 38 -57 -53 -76
-64 -53 -43 -60 -43 -24 -69 -66 -82
-68 -61 -63 -93 -49 -45 -58 -61 -62
-88 -82 -70 -84 -66 -56 -16 4 -34
-77 -61 -64 -72 -69 -49 4 18 -25
-76 -54 -52 -65 -52 -40 26 30 2
-54 -35 -45 -63 -50 -23 10 24 -26
-36 -18 -31 -34 -37 -21 28 37 7
-9 -8 -14 -18 -15 -8 25 34 -2
-13 -26 -2 0 -9 3 27 35 0
-3 1 16 10 8 30 30 52 5
-9 5 7 16 -9 13 22 22 9
-27 -10 -9 -10 -15 -2 8 8 -16
-23 -8 -19 -24 -34 0 -9 -12 -23
-20 -9 -12 -14 -27 3 15 20 -6
-24 -16 -24 -33 -24 -15 -12 -16 -25
-23 -12 -20 -28 -23 -10 -5 -4 -14
-31 -17 -14 -23 -18 -3 0 2 -22
-34 -10 -23 -30 -29 -9 18 13 10
-14 -8 -16 -22 -18 -8 11 21 -8
-18 0 -15 -17 -30 -1 32 39 17
-10 8 -8 -14 -14 4 37 42 21
-10 1 -4 -6 -9 2 35 39 25
-3 5 8 16 -3 10 43 49 32
-10 1 -2 2 0 -8 55 67 41
-8 1 1 5 0 -2 56 67 39
-11 -9 15 20 11 13 62 76 48
0 3 16 20 10 19 55 65 43
1 -4 13 13 12 14 57 66 50
17 8 18 25 12 16 60 69 54
6 2 20 29 19 11 55 67 46
7 2 21 34 21 7 54 60 50
4 -2 27 43 21 16 54 64 49
8 -5 24 40 20 13 58 67 54
13 0 27 50 22 10 53 66 46
8 6 33 55 32 12 52 70 45
15 8 33 61 29 9 52 65 47
15 -8 31 64 33 -4 46 62 49
21 -5 33 56 40 4 45 63 54
27 -12 28 56 36 -7 35 54 49
9 -15 28 58 38 -11 37 54 47
24 -17 26 59 36 -15 37 61 56
17 -19 29 57 45 -15 35 60 49
18 -26 23 51 40 -23 25 46 46
11 -26 18 48 34 -28 25 47 41
14 -28 23 55 41 -27 33 64 49
ret ALL Office Ind Retail ALL off ind ret

-50 0 0 0 0 0 0 0 0
-37 -27 -28 -33 -21 0 0 0 0
-39 -52 -66 -55 -35 0 0 0 0
-58 -79 -83 -82 -71 0 0 0 0
-51 -57 -64 -62 -44 0 0 0 0
-18 -46 -55 -44 -39 0 0 0 0
18 -42 -37 -58 -33 0 0 0 0
43 -27 -27 -32 -23 0 0 0 0
33 -8 -3 -24 4 0 0 0 0
38 9 23 3 -1 0 0 0 0
40 6 8 -6 14 0 0 0 0
45 14 17 9 14 0 0 0 0
32 28 41 4 39 0 0 0 0
35 2 0 -4 10 0 0 0 0
30 -5 -11 -15 9 0 0 0 0
7 -20 -22 -32 -7 0 0 0 0
29 -6 -10 -15 7 0 0 0 0
3 -22 -28 -29 -10 0 0 0 0
4 -24 -26 -33 -14 0 0 0 0
17 -10 -18 -19 5 0 0 0 0
31 -8 -11 -22 10 0 0 0 0
21 -2 -5 -5 4 0 0 0 0
37 0 -5 -6 12 16 20 4 19
48 11 11 5 16 4 6 0 7
42 18 18 16 21 5 10 -2 7
48 26 33 22 24 20 32 4 21
57 18 27 11 16 4 6 -3 9
61 32 38 25 31 6 13 -2 8
63 43 51 32 45 18 25 12 17
58 43 50 40 38 18 26 13 16
56 36 42 34 33 18 27 13 15
56 45 52 37 46 20 31 14 14
52 42 47 44 35 27 37 22 21
51 41 52 33 36 29 42 28 17
49 44 52 40 39 39 59 30 27
52 38 43 39 32 33 48 30 21
47 34 48 33 22 29 48 24 16
39 38 54 41 20 39 61 37 20
46 40 53 38 29 35 58 31 17
27 45 63 50 22 35 63 36 8
19 38 54 47 13 38 64 47 3
2 33 53 43 3 35 63 42 1
10 25 44 34 -3 35 61 40 4
-5 25 45 40 -10 33 61 46 -7
-4 29 54 45 -13 39 69 52 -3
-15 24 47 42 -17 35 65 51 -9
-15 21 47 36 -20 25 57 41 -24
-14 27 53 45 -18 30 64 47 -19
12m Capital value expectations - NB % Foreign enquiries, NB % Supply availaibility - for sal
ALL off ind ret ALL Office Ind Retail ALL

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
24 24 13 36
15 18 7 21
28 28 23 33
37 41 33 36
17 23 12 17 47 62 33 45 3
26 34 20 25 56 65 48 56 -11
46 53 39 46 64 79 50 65 1
36 40 32 35 59 67 51 58 -3
38 45 34 36 49 54 45 49 -9
49 56 43 47 55 66 44 55 -12
44 50 42 39 51 57 47 49 -17
47 55 46 40 46 55 40 44 -18
51 61 48 43 42 49 41 35 -21
39 44 40 34 54 61 48 51 -33
36 46 33 30 40 53 34 34 -12
42 54 42 29 40 52 38 31 -25
40 54 41 25 45 53 43 40 -22
41 54 43 26 44 59 47 27 -19
46 62 55 23 42 56 45 26 -20
37 57 43 12 33 51 35 14 -11
32 50 39 8 35 52 41 11 -14
31 50 47 -6 37 56 48 6 -19
35 58 48 0 31 52 40 1 -14
30 48 50 -8 24 46 37 -11 -12
24 51 40 -19 28 49 39 -3 -9
31 58 47 -12 28 53 40 -9 -10
Imp signif imp slight No chng Deter Deter
Office Ind Retail NB % (1) (2) (3) slight (4) signnif (5)
3 2 2 47 12 50 23 13 2
-8 -14 -9 58 16 49 27 8 0
2 0 1 65 21 50 23 4 2
0 -1 -8 42 13 43 29 14 1
-5 -10 -11 38 6 40 45 8 0
-13 -10 -13 41 7 41 44 6 1
-21 -16 -15 49 13 48 28 9 2
-15 -21 -19 36 7 42 39 13 0
-23 -19 -22 36 7 39 43 9 1
-36 -29 -33 21 5 30 50 14 0
-18 -10 -9 18 5 30 49 15 1
-27 -23 -24 35 9 32 51 7 0
-24 -22 -20 31 8 32 51 9 0
-24 -21 -10 30 9 30 51 9 0
-26 -23 -10 15 6 27 50 17 1
-17 -13 -2 11 4 26 51 18 0
-16 -19 -8 11 5 21 60 14 1
-26 -27 -5 4 3 21 55 18 2
-23 -18 -1 15 4 28 52 15 2
-21 -18 3 28 7 31 52 8 2
-15 -16 4 44 12 40 41 7 1
-20 -21 10 23 7 27 54 10 1
Capital value expectations - respondents' 12m average % forecast Capital value expectations -longer ter
Prime Prime Prime Secondary Secondary Secondary Prime
All-Propert Office Industrial Retail Office Industrial Retail All-Propert Office
0.6 2.4 1.8 2.6 -0.6 -1.1 -1.4

1.4 3.4 2.5 3.3 0.2 -0.6 -0.2
2.5 4.7 3.4 4.2 1.7 0.6 0.7
2.1 4.3 3.3 3.9 0.7 0.3 0.3
1.9 3.9 3.2 3.7 0.6 0.0 -0.1
2.4 4.5 3.4 3.9 1.6 0.4 0.5
2.5 4.8 4.0 4.3 1.2 0.7 0.0
2.7 5.1 3.4 4.1 1.9 1.4 0.4
2.6 4.5 3.4 4.0 1.9 1.2 0.9
2.2 4.2 3.3 3.4 1.3 0.8 0.4
1.3 3.4 2.1 2.1 0.8 -0.4 -0.2
1.9 3.8 2.9 2.5 1.4 0.9 -0.2
1.8 4.5 3.2 2.6 1.2 0.1 -0.9
2.4 4.6 3.9 2.8 2.0 1.3 -0.3
2.3 4.8 4.1 2.4 1.9 1.5 -0.8
1.9 4.3 3.4 1.6 1.9 1.2 -1.0
1.9 4.1 3.4 1.9 1.8 1.3 -1.0
1.9 4.6 4.1 1.2 2.0 1.5 -2.3 6.4 39.0
2.1 4.7 4.4 1.6 2.6 1.5 -2.3 8.2 48.5
1.7 4.4 4.4 0.5 1.8 1.9 -2.9 7.7 44.4
1.5 4.6 3.8 0.4 2.1 1.1 -2.9 0.7 39.7
1.8 4.9 4.2 0.9 2.2 1.4 -3.1 14.1 54.4
lue expectations -longer term expectations net balance % Rent expectations - respondents' 12m average % forecast
-0.3 1.8 1.2 2.4

0.2 2.8 1.5 3.4
0.6 3.1 1.4 2.7
1.0 3.1 2.4 2.9
0.9 3.3 2.2 2.8
0.7 3.3 1.3 2.4
1.3 3.7 2.7 3.0
1.4 4.4 2.5 2.8
1.7 4.1 2.1 2.6
1.8 4.5 2.7 3.0
1.4 4.2 1.9 2.5
1.8 4.5 2.2 2.3
1.5 4.8 2.3 1.7
1.8 5.2 2.7 2.2
2.1 5.4 3.7 2.0
2.1 5.4 3.5 1.4
2.2 5.2 3.4 2.0
39.5 -3.1 8.8 5.5 -51.1 2.0 5.8 4.0 1.6
40.6 -2.3 7.9 5.2 -50.8 2.1 5.1 4.0 1.7
38.7 -13.6 12.7 13.9 -49.6 1.9 5.0 4.2 0.5
30.7 -16.5 4.3 -0.1 -53.8 1.3 4.7 3.7 -0.2
47.2 4.8 17.9 8.3 -47.8 1.6 4.9 3.7 0.3
nts' 12m average % forecast Rent expectations - longer term expectations net balance %
-2.2 -2.3 -2.7

-1.6 -2.4 -2.4
-0.6 -1.2 -1.8
-0.1 -0.8 -1.6
-0.2 -1.0 -1.6
0.0 -1.1 -1.8
0.4 -0.6 -1.8
0.7 -0.2 -1.6
1.6 0.1 -0.5
1.3 0.2 -1.0
1.5 -0.4 -1.2
1.8 0.8 -0.8
1.8 -0.2 -1.4
2.2 0.5 -2.0
2.4 1.2 -1.7
2.7 1.3 -2.0
2.5 1.2 -1.4
2.7 1.3 -3.2 6.5 39.6 33.6 -2.8 10.0 5.7
3.2 1.7 -2.9 8.5 50.2 42.4 -3.2 11.4 3.6
3.1 1.9 -3.2 5.2 41.5 36.7 -17.6 14.3 7.0
2.3 0.8 -3.6 0.5 38.1 33.2 -14.1 2.9 -2.2
2.7 1.2 -3.6 9.4 48.2 43.3 -9.4 15.3 8.7
Secondary
Retail Very CheapCheap Fair Value Expensive Very Expensive Early Down
4 15 38 34 9
2 11 39 31 16 4
3 12 29 40 16 6
3 8 28 45 17 4
5 9 30 36 20 2
6 14 29 35 16 4
2 12 29 46 11 5
3 8 25 48 17 3
1 9 32 43 15 2
0 7 27 45 20 4
0 6 25 44 24 3
2 9 27 40 23 5
2 5 28 44 22 7
1 6 31 37 24 4
1 4 27 41 27 7
-47.3 1 5 23 44 27 15
-53.6 1 4 20 51 24 11
-50.9 2 5 21 49 23 9
-55.3 2 7 20 48 24 13
-49.8 1 6 24 45 24 11
Mid-DowntBottom Early Uptu Mid-UpturnPeak Average OSI ISI

5 -26
-5 -27
-9 -36
-49 -49
-65 -39
-64 -21
-56 -25
-40 -11
-34 -10
-15 5
-5 9
4 5
18 10
10 -1
-7 -9
-14 -25
-10 -9
-22 -24
-23 -22
-19 -16
-18 -11
-19 -7
-11 -2
-8 9
-4 9
4 14
-1 24
-1 33
9 35
4 20 25 26 21 4 10 34
7 20 24 21 22 4 5 34
5 20 20 26 26 4 14 39
4 10 23 29 33 5 17 38
4 5 20 36 31 5 16 37
3 5 21 35 32 5 22 40
4 7 14 32 39 5 20 43
4 4 14 34 43 5 21 33
1 3 14 35 42 5 27 38
2 3 11 38 44 5 26 38
2 5 11 32 46 5 28 37
2 3 7 29 52 5 28 34
3 6 7 32 49 5 24 26
3 3 6 28 54 5 25 25
1 3 5 18 57 5 22 27
3 6 4 16 60 5 22 26
3 6 5 14 63 5 16 20
8 3 4 12 61 5 13 18
4 4 3 13 66 5 17 23

2008 Q1 France -48 -78 -29 -29 -14 -22 14
2008 Q2 France -60 -100 -33 -50 30 67 33
2008 Q3 France -57 -75 -71 -17 24 71 29
2008 Q4 France -81 -100 -86 -57 74 100 100
2009 Q1 France -71 -80 -80 -50 100 100 100
2009 Q2 France -68 -57 -67 -83 84 86 83
2009 Q3 France -75 -75 -100 -50 80 100 83
2009 Q4 France -24 -29 -33 -13 43 57 50
2010 Q1 France -26 -50 -40 9 61 70 80
2010 Q2 France 19 43 0 14 19 14 29
2010 Q3 France 12 56 -13 -11 19 22 25
2010 Q4 France 4 0 -29 43 17 11 57
2011 Q1 France 16 33 0 14 5 -17 33
2011 Q2 France 22 35 -5 35 20 30 30
2011 Q3 France -30 -41 -40 -13 33 48 36
2011 Q4 France -28 -27 -56 -3 32 29 41
2012 Q1 France -20 -28 -21 -11 18 33 21
2012 Q2 France -45 -59 -49 -28 35 45 33
2012 Q3 France -68 -81 -86 -36 34 53 28
2012 Q4 France -56 -61 -88 -21 36 50 38
2013 Q1 France -34 -55 -40 -9 45 55 55
2013 Q2 France -51 -77 -61 -10 45 39 48
2013 Q3 France -47 -53 -57 -31 36 59 36
2013 Q4 France -25 -25 -50 0 37 47 38
2014 Q1 France -24 -44 -24 0 43 68 36
2014 Q2 France -1 11 -22 8 26 45 25
2014 Q3 France 2 15 -14 3 19 24 9
2014 Q4 France -4 4 -11 -4 24 31 11
2015 Q1 France 4 19 -9 2 25 36 20
2015 Q2 France -7 -12 -16 6 28 37 22
2015 Q3 France -2 -12 13 -6 23 41 0
2015 Q4 France 10 18 13 0 20 29 9
2016 Q1 France 21 22 23 17 19 28 3
2016 Q2 France 20 31 24 3 8 6 7
2016 Q3 France 20 57 13 -9 -5 -11 -10
2016 Q4 France 16 44 8 -3 -3 -16 -5
2017 Q1 France 24 50 23 0 -3 -17 -8
2017 Q2 France 27 53 20 9 -2 -6 -7
2017 Q3 France 20 39 31 -10 8 0 11
2017 Q4 France 46 76 70 -9 3 -24 3
2018 Q1 France 38 61 63 -12 0 -7 -16
2018 Q2 France 26 63 30 -13 -9 -23 -6
2018 Q3 France 23 56 44 -29 -11 -45 -12
2018 Q4 France 27 56 48 -23 -15 -35 -18
2019 Q1 France 27 46 63 -27 -16 -32 -28
2019 Q2 France 16 43 28 -22 -1 -7 -5
2019 Q3 France 9 28 33 -34 -6 -33 -11
2019 Q4 France 26 49 57 -29 -7 -18 -20

-33 5 11 0 0 -69 -78 -71
0 20 33 33 0 -53 -100 -33
-29 40 43 71 0 -21 -14 -14
0 74 71 86 60 -89 -100 -100
100 79 100 100 25 -92 -100 -100
83 79 86 83 67 -100 -100 -100
50 85 100 83 67 -96 -88 -100
25 52 71 67 25 -77 -86 -83
36 45 60 60 18 -52 -70 -60
14 10 14 14 0 -14 0 -29
11 0 -11 13 0 -25 -13 -25
-14 -13 -22 14 -29 -9 11 0
0 -11 -33 0 0 26 67 17
0 -11 -5 -14 -14 -5 0 -19
17 20 22 20 17 -48 -63 -52
27 25 34 25 14 -21 -6 -38
0 32 46 35 16 -1 25 -26
26 47 64 38 40 -41 -36 -45
21 39 58 41 17 -59 -63 -59
21 48 65 47 33 -49 -50 -57
27 39 50 67 0 -50 -44 -67
48 55 77 50 38 -48 -52 -55
13 28 53 29 0 -45 -41 -71
27 47 61 46 32 -18 -19 -38
23 48 62 44 38 -36 -42 -39
8 38 48 40 26 -11 -14 -22
25 29 46 19 21 -14 -8 -26
30 58 73 52 48 -18 -17 -24
18 35 41 26 38 -21 0 -33
24 31 50 23 19 7 31 -10
29 40 56 39 25 6 21 -7
23 29 18 32 36 27 30 36
24 9 23 -4 8 7 26 0
9 25 22 25 28 6 24 -6
6 5 -6 10 12 12 39 4
13 11 13 5 15 13 33 11
15 18 0 23 31 10 40 5
6 0 -3 -3 6 23 44 11
14 -5 -23 -7 14 23 36 23
29 -1 -19 -6 23 18 38 31
22 0 -5 -8 12 16 33 29
2 -7 -25 -11 16 16 37 33
25 -8 -25 -14 17 0 20 7
9 -1 -20 -5 21 9 29 26
13 -4 -20 -19 26 6 23 28
8 7 -5 -8 33 1 21 6
27 -10 -14 -25 10 12 35 21
18 4 -20 -9 41 11 36 21

-57 0 -11 0 17 -71 -78 -71
-25 -50 -33 -67 -50 -70 -100 -67
-33 -5 -14 -43 50 -72 -67 -100
-67 -50 -71 -57 -17 -80 -86 -86
-75 -75 -100 -75 -50 -67 -80 -80
-100 -89 -100 -83 -83 10 43 -14
-100 -85 -100 -100 -50 5 25 -33
-63 -57 -71 -67 -38 48 57 0
-27 -48 -70 -50 -27 10 40 -40
-14 -14 14 -29 -29 62 86 43
-38 -19 -11 -25 -22 38 56 0
-43 4 11 -14 13 25 22 -14
0 11 17 0 14 32 67 -17
5 12 43 -22 13 26 27 9
-30 -21 -19 -28 -17 -13 -8 -40
-23 -43 -41 -66 -24 -24 -24 -43
-4 -30 -33 -48 -12 10 23 -23
-43 -55 -70 -51 -42 -33 -38 -49
-55 -39 -52 -43 -23 -21 -20 -37
-41 -52 -71 -60 -28 -27 -31 -69
-38 -68 -90 -78 -33 11 -10 0
-35 -46 -58 -42 -36 -3 14 -43
-25 -57 -71 -71 -31 22 25 7
3 -42 -70 -38 -19 30 27 10
-27 -34 -50 -29 -23 32 27 24
3 -27 -30 -34 -17 45 57 28
-6 -26 -29 -17 -32 68 76 56
-13 -34 -38 -28 -36 57 71 28
-29 -8 -10 -9 -5 64 77 55
0 -8 -11 -10 -3 44 55 23
3 -2 -18 6 6 56 68 40
14 -13 -11 -14 -14 62 74 55
-4 -2 9 0 -14 64 81 54
0 -2 0 7 -13 50 53 42
-7 13 29 6 3 65 73 62
-5 6 18 0 0 62 70 56
-14 14 33 12 -4 58 73 43
14 27 50 23 9 59 81 54
11 23 48 21 0 57 71 58
-16 18 54 26 -26 39 56 59
-13 26 44 41 -6 46 67 65
-22 22 54 30 -17 22 46 50
-26 16 48 30 -29 27 48 43
-29 17 53 27 -27 36 63 62
-33 22 50 40 -26 37 62 63
-24 17 49 35 -33 27 50 54
-19 13 40 38 -39 23 38 48
-24 20 47 44 -32 44 79 61

-63
-50 -70 -67 -67 -75
-40 -86 -100 -100 -57
-67 -85 -86 -86 -83
-40 -100 -100 -100 -100
0 -43 -57 -43 -29
17 -65 -63 -83 -50
75 0 0 -17 13
27 32 50 -10 55
57 57 86 43 43
56 8 11 -13 22
63 8 11 -13 22
43 39 67 0 50
41 -6 -5 -18 5
7 -12 -22 -28 10
-6 -34 -35 -55 -12
29 -19 -22 -32 -4
-12 -48 -56 -59 -29
-7 -51 -53 -67 -33
13 -30 -44 -43 -6
44 -29 -27 -60 0
20 -28 -26 -32 -25
31 -26 -35 -29 -13 -21 -29 -21
52 -9 -16 -16 6 -39 -53 -39
46 -4 -9 0 -3 -29 -29 -35
48 9 9 4 15 -9 0 -26
73 4 8 0 3 -31 -34 -41
71 10 12 4 13 -35 -34 -42
60 36 40 24 44 -17 -16 -22
56 26 31 19 28 -15 -11 -20
61 29 38 25 26 0 2 -8
57 31 33 23 36 -21 -11 -25
59 30 34 32 24 4 14 -7
55 38 50 23 41 8 14 7
59 45 50 43 42 22 46 5
59 12 13 17 5 17 29 10
57 19 31 22 4 9 30 0
41 40 53 50 17 33 47 29
41 28 38 29 16 13 30 11
3 38 55 57 3 16 47 10
5 34 45 51 5 29 52 39
-31 25 41 46 -10 22 44 30
-9 12 30 26 -22 17 41 17
-17 16 35 40 -27 25 48 36
-13 26 53 49 -24 44 68 52
-24 20 42 43 -26 31 56 39
-17 21 47 39 -23 16 39 36
-8 29 57 49 -18 28 55 43
-13 -6 -12 -14 6

-26 -5 -16 -13 13
-23 11 3 9 23
-3 22 19 18 30
-17 -4 -3 -16 7 55 69 37
-30 -6 -2 -15 -2 49 58 44
-13 31 37 22 35 63 74 52
-14 9 13 2 13 52 59 44
6 24 31 19 23 37 42 33
-27 35 41 26 38 37 52 23
6 21 25 18 19 41 45 43
2 34 46 29 27 29 41 19
16 47 59 45 35 30 32 33
11 10 9 12 10 48 61 37
-4 8 16 5 2 27 46 17
22 33 42 35 21 39 48 43
-3 12 30 19 -12 44 50 52
-8 17 29 21 1 41 62 59
-5 40 56 55 10 39 49 48
-7 33 51 39 8 22 45 29
-7 14 31 18 -8 26 50 40
-8 22 39 42 -15 32 54 49
11 31 53 39 2 33 58 49
-4 18 33 39 -18 25 47 42
-28 15 35 32 -24 38 55 52
-13 34 56 48 0 38 69 56
59 5 0 14 0 60 23 50
46 -5 -8 -12 4 50 21 38
63 16 18 15 16 70 19 57
55 14 12 19 9 49 11 49
36 -10 -6 -17 -6 27 0 36
36 -6 -15 5 -9 30 0 44
34 -10 -16 -4 -10 33 18 33
28 -4 9 -16 -6 28 8 36
23 -4 -3 -7 -3 41 9 41
47 -31 -35 -25 -32 7 2 20
17 -2 -12 4 0 22 4 37
25 -14 -13 -15 -14 41 16 25
30 -12 -7 -19 -11 38 17 31
3 -9 -29 -3 6 33 19 22
21 -20 -30 -34 2 19 9 28
-9 -4 -16 -9 14 12 3 22
-11 -7 -4 -13 -4 0 6 14
-7 -23 -35 -35 -1 -5 2 19
-7 -19 -29 -24 -4 37 8 41
-16 -11 -26 -12 6 33 11 33
6 -9 -17 -20 10 51 20 38
-9 -6 -16 -24 22 32 14 27
15 10 3 -0.7 0.4 0.0 2.0 -2.0

33 8 0 -0.9 1.5 0.4 1.5 -2.6
17 2 4 1.8 3.6 2.4 3.9 0.7
29 9 2.9 0.2 3.0 1.8 2.5 -1.9
55 9 0 1.4 4.0 3.3 4.0 -0.7
41 11 4 0.8 3.2 2.7 2.9 -0.6
30 12 6 0.8 4.5 3.7 3.3 -1.7
39 17 0 1.3 4.1 2.0 3.9 -0.2
41 6 3 2.6 4.5 4.0 4.6 1.1
63 15 0 0.6 2.4 2.2 2.4 -1.1
41 15 4 -1.1 1.1 -0.2 -0.1 -1.9
59 0 0 1.6 3.8 3.1 2.5 -0.1
41 10 0 -0.3 3.4 2.0 0.7 -1.2
50 8 0 1.2 3.3 3.5 2.2 0.3
47 17 0 1.9 4 4.2 2.2 1.4
60 14 0 1.2 3.7 3.0 1.1 1.1
60 18 2 0.6 1.8 2.2 0.6 0.3
53 23 2 1.7 4.3 3.9 1.2 1.6
39 12 0 2.0 4.7 4.2 1.4 2.7
44 9 2 0.9 3.5 3.4 -0.2 0.5
35 4 4 1.1 3.5 3.6 -0.1 1.1
49 9 1 2.3 5.4 4.2 1.9 2.2
-2.8 -2.0
-3.4 -2.8
0.2 0.0
-2.2 -1.7
-1.1 -1.1
-1.9 -1.6
-1.9 -2.9
-0.2 -2.0
0.9 0.2
-1.1 -1.4
-3.3 -2.3
0.6 -0.2
-2.6 -4.1
-0.3 -1.9
1.4 -2
0.4 -1.8
0.2 -1.7
1.4 -2.0 4.0 29.1 39.0 -4.0 2.6 14.1
1.5 -2.9 11.4 46.8 40.0 2.3 8.9 13.6
1.1 -3.0 4.8 22.0 35.3 -11.4 5.4 17.6
0.8 -2.2 1.9 36.5 31.3 -20.8 -2.0 6.3
1.7 -1.7 20.5 52.9 51.2 21.6 18.4 12.0
-2.3 -0.4 -0.9 1.1 -4.6 -4.9 -4.0

-2.0 1.0 0.0 2.2 -4.6 -5.7 -5.1
-1.4 1.2 -0.4 1.4 -2.9 -3.5 -4.3
-0.9 2.0 1.4 1.9 -2.9 -3.7 -4.2
0.0 2.1 1.0 2.3 -1.1 -2.0 -2.3
-2.2 0.8 -1.5 -0.5 -3.3 -4.1 -4.8
-0.3 2.7 1.8 2.2 -1.8 -2.9 -3.7
0.1 3.0 1.2 2.1 -1.5 -1.2 -3.3
0.9 4.1 1.3 1.8 0.5 -0.9 -1.3
0.8 3.2 1.9 2.9 -0.3 -1.1 -1.9
-0.2 2.6 0.8 0.8 -0.2 -1.9 -3.2
1.6 4.3 1.7 3 0.7 0.3 -0.4
-0.4 2.8 1.0 -0.1 -0.6 -2.8 -2.7
0.5 3.9 1.2 2 0.7 -1 -3.8
1.5 4.4 3.2 1.5 1.3 1 -2.1
0.9 3.7 2.2 0.6 1.0 0.5 -2.9
0.8 2.8 2.2 1.5 0.9 -0.1 -2.5
-56.6 1.8 5.4 3.7 2.4 1.8 0.6 -2.9
-43.2 2.2 4.8 3.3 2.6 3.6 1.9 -3.0
-40.0 1.5 3.4 2.9 0.8 1.8 1.1 -1.1
-39.6 0.7 3.1 3.2 -1.0 0.9 0.4 -2.4
-33.3 1.8 4.6 3.7 0.6 2.4 1.5 -2.2
2.4 28.6 22.8 1.3 2.5 2.5 -43.0
11.4 51.0 40.4 15.2 4.1 8.9 -51.1
4.5 28.9 34.2 -23.7 14.0 15.8 -42.1
4.3 30.4 48.1 -11.8 -9.3 9.6 -41.2
14.4 44.3 41.7 12.5 12.6 12.2 -36.8
4.2 10.4 37.5 39.6 8.3

0.0 2.9 42.9 40.0 14.3 6 3
0.0 3.0 27.3 54.5 15.2 6 9
0.0 0.0 14.8 55.6 29.6 4 4
3 6 24 41 26 3 6
3 3 28 44 22 11 3
0 9 21 62 9 6 6
0 7 17 61 15 7 7
0 7 22 56 15 0 7
0 6 21 52 21 3 0
0 7 17 52 24 7 3
0.000 8.333 19.444 52.778 19.444 14 0
2 2 22 57 16 10 6
0 5 41 38 17 5 5
0 2 26 47 25 13.72549 1.9607843
1 2 17 53 27 28.571429 1.0989011
0 2 17 52 29 15.384615 3.8461538
0 2 20 57 22 8.5106383 2.1276596
0 5 18 47 30 10.344828 10.344828
0 2 24 47 27 8.1632653 4.0816327

-18 -35
-43 -47
-34 -53
-68 -55
-75 -56
-79 -11
-82 -26
-44 11
-40 9
-2 40
-3 10
7 12
12 18
15 -1
-24 -22
-32 -39
-27 -15
-49 -44
-49 -38
-52 -37
-47 -22
-51 -24
-44 -12
-38 1
-35 -7
-22 7
-18 22
-32 24
-13 28
26 44 12 9 4 -15 19
32 26 15 12 4 -14 32
43 21 4 25 4 -10 33
15 21 27 27 4 3 35
3 25 31 28 4 -2 31
3 30 30 24 4 9 38
10 17 17 41 5 4 35
0 15 30 48 5 7 26
3 15 33 45 5 18 38
0 10 31 48 5 16 32
8 11 33 33 5 22 29
2 4 20 58 5 21 33
10 10 37 35 5 18 17
0 3.9215686 23.529412 56.862745 4.9215686 16 15
2.1978022 3.2967033 16.483516 48.351648 4.2307692 15 25
5.7692308 1.9230769 13.461538 59.615385 4.7307692 18 27
8.5106383 8.5106383 10.638298 61.702128 4.9574468 9 19
1.7241379 3.4482759 12.068966 62.068966 4.8275862 11 18
3.0612245 1.0204082 14.285714 69.387755 5.1734694 14 27

2008 Q1 Germany 0 0 0 0 -38 -78
2008 Q2 Germany 17 25 20 7 -13 -13
2008 Q3 Germany 11 7 -8 33 -25 -36
2008 Q4 Germany -56 -100 -50 -15 -10 14
2009 Q1 Germany -65 -86 -67 -43 20 29
2009 Q2 Germany -64 -67 -63 -63 28 44
2009 Q3 Germany -18 -20 -27 -7 44 64
2009 Q4 Germany -14 -20 -22 0 48 70
2010 Q1 Germany -17 -36 -21 7 38 64
2010 Q2 Germany -4 -11 0 0 22 11
2010 Q3 Germany 29 50 29 0 13 40
2010 Q4 Germany 42 56 44 25 4 0
2011 Q1 Germany 55 69 36 57 -20 -33
2011 Q2 Germany 45 55 30 49 6 15
2011 Q3 Germany 35 33 24 49 3 17
2011 Q4 Germany 21 20 16 28 4 11
2012 Q1 Germany 21 32 8 23 -1 3
2012 Q2 Germany 7 2 0 20 -6 2
2012 Q3 Germany 6 0 -3 21 -2 0
2012 Q4 Germany 14 15 5 21 -9 -5
2013 Q1 Germany 20 26 6 28 1 -3
2013 Q2 Germany 19 26 3 26 5 17
2013 Q3 Germany 35 46 10 45 12 23
2013 Q4 Germany 38 44 22 48 -4 3
2014 Q1 Germany 36 40 21 48 -1 7
2014 Q2 Germany 36 36 21 52 -11 -8
2014 Q3 Germany 10 3 16 9 1 -13
2014 Q4 Germany 27 26 16 38 -14 -15
2015 Q1 Germany 34 36 22 44 8 15
2015 Q2 Germany 37 51 27 33 -8 -1
2015 Q3 Germany 28 39 28 18 7 18
2015 Q4 Germany 35 41 31 33 -4 -4
2016 Q1 Germany 36 42 40 25 -12 -8
2016 Q2 Germany 39 51 39 28 -8 -6
2016 Q3 Germany 41 62 33 29 -15 -10
2016 Q4 Germany 35 58 29 20 -24 -29
2017 Q1 Germany 34 59 30 11 -9 -17
2017 Q2 Germany 37 67 37 7 -17 -31
2017 Q3 Germany 34 64 33 6 -17 -24
2017 Q4 Germany 42 75 45 6 -22 -29
2018 Q1 Germany 38 66 47 2 -11 -21
2018 Q2 Germany 35 69 42 -7 -14 -29
2018 Q3 Germany 32 71 39 -13 -20 -38
2018 Q4 Germany 32 66 48 -19 -15 -27
2019 Q1 Germany 26 62 34 -18 -23 -39
2019 Q2 Germany 26 60 43 -24 -7 -15
2019 Q3 Germany 21 51 36 -24 -11 -26
2019 Q4 Germany 25 58 44 -28 -8 -19

-22 -13 -19 -33 -22 0 -4 11
0 -27 -28 -50 -20 -13 0 19
-23 -15 -23 -29 -15 -23 -18 -7
-31 -17 0 7 -8 0 -25 -21
17 14 44 83 20 20 -22 0
25 13 48 89 25 25 -79 -100
43 23 56 67 47 54 -50 -67
56 20 45 50 33 50 -59 -78
36 14 38 64 36 14 -33 -29
22 33 12 11 13 11 -22 -22
-14 0 13 30 0 0 31 30
0 13 4 -11 11 13 4 11
-8 -15 -41 -44 -43 -36 18 25
-8 10 -13 -18 -8 -13 18 26
-12 5 -2 -5 0 -3 12 16
0 0 -4 -4 -2 -5 2 -2
-6 0 -5 -6 -3 -6 11 24
-15 -5 -4 -5 0 -8 9 12
-6 0 -1 3 3 -9 15 14
-16 -5 4 10 0 0 5 10
-6 13 -2 -10 7 -3 2 12
3 -6 0 0 0 0 24 28
-10 18 11 20 0 11 24 38
-12 -5 6 8 12 -3 22 37
-5 -5 -3 -3 2 -9 25 41
-12 -14 -5 -6 -3 -6 19 36
0 15 -7 -9 -9 -3 9 15
-21 -5 -5 9 -12 -12 13 18
4 5 -1 -2 -2 0 8 23
-14 -7 -6 -12 -5 -3 14 28
-2 5 -1 2 -2 -3 10 28
-9 2 -11 -13 -12 -7 15 30
-15 -11 -16 -14 -15 -19 12 22
-17 -2 -9 -11 -14 -3 16 30
-25 -11 -19 -20 -21 -17 6 17
-28 -15 -10 -16 -11 -4 3 13
-21 10 -16 -31 -13 -3 19 39
-20 0 -21 -39 -23 0 8 22
-25 -3 -20 -33 -21 -6 14 31
-34 -2 -14 -34 -15 8 6 30
-21 8 -12 -27 -22 14 12 29
-22 9 -7 -29 -12 21 15 35
-29 7 -15 -43 -19 17 1 27
-33 14 -10 -36 -22 26 9 30
-32 1 -18 -39 -22 7 4 24
-18 13 -3 -25 -20 35 7 31
-27 19 -7 -30 -13 22 -3 28
-23 18 -9 -40 -20 32 2 31

-22 0 50 78 22 50 -38 -33
0 -20 46 63 13 60 -37 -47
-15 -31 40 43 15 62 -45 -36
-25 -27 -28 -43 -31 -8 -50 -43
-33 -33 -55 -100 -33 -29 -50 -50
-75 -63 -56 -78 -50 -38 -41 -33
-53 -29 -48 -60 -47 -36 -7 0
-67 -33 -41 -60 -33 -30 20 20
-43 -29 -36 -60 -40 -7 10 7
-33 -11 -33 -56 -33 -11 15 11
29 33 -4 -20 0 14 8 13
0 0 8 11 11 0 50 57
7 21 52 44 43 71 60 80
5 22 36 35 25 49 36 38
-2 22 19 20 7 29 41 40
-5 14 19 11 -2 48 24 23
0 8 23 30 3 36 36 46
0 15 16 13 13 23 18 16
3 29 10 6 -6 29 27 30
-5 11 29 30 21 37 22 28
-19 13 24 27 16 30 36 39
23 21 26 31 9 38 29 36
11 18 23 25 0 40 37 45
10 17 29 37 7 42 46 52
11 24 32 37 18 42 40 48
12 9 41 57 15 49 45 50
-3 15 16 21 13 15 56 70
0 22 25 28 19 29 61 69
-2 2 30 38 24 28 68 81
2 11 36 43 25 39 71 81
7 -3 27 34 20 28 65 72
2 14 37 45 32 33 64 72
8 7 37 40 34 37 57 62
15 4 39 57 38 23 65 71
-2 3 39 54 34 30 57 64
0 -5 34 51 31 21 60 67
14 4 34 60 28 15 49 62
2 0 37 60 41 10 48 68
2 8 38 73 37 4 55 65
-1 -9 39 76 41 1 50 70
11 -5 36 64 42 1 46 65
18 -7 30 60 40 -9 37 57
-4 -20 31 68 41 -15 46 64
15 -17 30 64 43 -17 38 61
-1 -12 37 66 58 -12 34 64
20 -30 26 55 46 -23 23 41
-2 -34 25 56 39 -21 28 53
8 -34 28 64 43 -24 30 61

-44 -38
-43 -21 24 25 9 36
-69 -31 -26 -46 -23 -8
-77 -31 -69 -77 -75 -55
-50 -50 -12 -33 -17 20
-56 -33 -41 -56 -33 -33
-33 14 -16 -7 -33 -7
0 40 -37 -40 -30 -40
-21 43 -20 -21 -21 -15
0 33 -9 0 0 -29
-13 25 19 29 0 29
25 71 45 57 50 29
40 60 36 43 21 43
21 49 23 28 13 28
17 66 19 20 5 33
5 42 9 11 -5 19
14 49 29 31 11 44
5 32 19 21 11 27
16 33 10 6 0 24
11 28 31 35 12 47
31 39 27 27 17 38
21 30 38 36 32 44
22 40 30 30 10 50 53 69
30 57 36 43 25 40 46 58
23 47 47 52 35 55 40 45
33 52 47 61 38 44 44 65
38 61 25 32 14 28 33 36
48 65 51 55 45 51 40 49
46 75 55 64 42 60 43 48
62 71 66 73 64 63 43 56
64 59 52 55 49 52 37 46
57 64 60 65 52 63 44 56
48 60 57 60 57 54 47 55
63 61 50 62 44 43 47 64
50 56 50 60 43 48 56 76
55 58 59 62 58 56 43 56
45 41 43 59 42 29 43 64
43 33 37 55 38 19 46 77
47 54 52 68 49 38 50 80
43 37 54 72 53 37 49 82
52 21 41 59 48 15 46 80
43 12 35 60 37 6 41 76
53 21 34 57 41 4 41 78
54 -2 27 50 37 -5 39 74
40 -1 33 59 46 -5 46 83
41 -13 28 52 44 -13 40 76
41 -10 27 53 43 -13 35 74
47 -19 30 55 49 -15 37 77
20 64 58 64 30 80
30 48 41 49 32 43
29 45 51 54 39 59
18 47 55 68 45 52
26 36 32 38 31 27 43 58
29 42 56 67 49 51 60 68
37 43 68 74 60 70 67 82
36 38 60 65 57 58 70 76
33 30 58 64 53 56 57 62
38 38 64 71 60 63 66 75
48 39 67 71 66 64 65 71
46 31 64 68 66 57 62 69
51 41 61 70 56 56 51 56
45 26 63 67 62 59 59 62
38 26 56 68 53 48 41 55
48 11 49 65 48 34 36 51
45 26 59 73 58 45 48 55
54 12 59 74 62 41 50 64
59 -1 53 71 64 25 44 63
50 -4 39 65 44 6 36 52
52 -6 43 67 53 8 40 56
61 -17 37 64 55 -8 39 58
64 -10 44 71 64 -2 29 48
61 -18 37 59 59 -6 22 43
55 -24 36 68 54 -13 27 46
56 -24 35 68 54 -17 24 46
Imp signif
32 38 -20 -15 -19 -25 40 9

52 61 -33 -28 -30 -40 67 13
45 73 -21 -18 -18 -28 62 26
63 72 -28 -24 -27 -33 20 12
50 59 -20 -20 -13 -26 30 4
55 70 -26 -22 -30 -27 31 9
59 65 -42 -42 -44 -39 52 8
56 62 -39 -42 -34 -42 28 6
48 48 -48 -50 -39 -55 21 6
54 60 -53 -54 -48 -56 9 3
33 36 -26 -32 -25 -22 -7 1
31 25 -42 -45 -37 -43 12 4
41 49 -42 -51 -37 -39 11 3
45 40 -32 -28 -39 -28 9 2
45 25 -24 -29 -20 -22 -12 2
34 21 -20 -25 -23 -12 -19 0
42 21 -27 -35 -30 -18 1 2
48 10 -28 -30 -34 -19 6 2
33 7 -22 -29 -29 -7 7 0
33 -11 -22 -28 -29 -7 32 6
36 -1 -14 -18 -19 -4 49 8
32 -6 -22 -30 -28 -7 20 4
49 26 17 0 1.7 3.1 2.9 3.3

59 23 5 0 3 4.2 3.5 4.3
40 31 2 2 3.3 5.0 3.4 4.5
31 34 23 0 4.0 5.3 4.5 5.2
36 49 10 0 2.7 3.8 3.2 3.8
28 56 6 0 3.3 4.8 3.7 4.3
53 29 10 0 3.9 5.0 4.4 5.2
37 43 14 0 4.1 5.9 4.6 4.7
29 52 14 0 2.7 4.0 2.6 3.4
24 55 17 1 3.6 5.2 4.1 4.3
14 63 22 0 2.5 4.4 3.1 2.5
23 60 14 0 2.0 3.7 2.5 2.1
20 65 12 0 3.0 5.1 3.8 3.1
20 64 14 0 3.6 5.6 4.3 3
12 60 24 2 2.7 5 4.1 1.8
11 59 29 1 2.1 4.6 3.2 1.0
13 70 15 0 2.7 5.5 3.9 1.7
15 71 11 1 2.0 4.8 4.1 0.6
18 71 10 1 2.8 5.1 5.2 1.3
29 63 1 1 2.3 5.0 5.0 0.2
44 44 3 0 2.3 5.2 4.2 0.5
25 62 9 0 1.9 5.0 4.4 0.5
0.5 0.6 -0.2

2.6 1.6 1.9
3.0 1.4 2.7
3.1 2.8 2.8
2.1 1.5 1.5
3.1 2.0 2.0
3.4 2.8 2.7
3.8 3.1 2.7
2.8 1.8 1.7
3.1 2.6 2.1
2.6 1.3 0.9
2.5 1.4 -0.2
3.2 1.9 1.0
4.3 3.1 1.1
3.1 2.5 -0.1
3.0 1.7 -0.8
3.5 2.4 -1.0
3.1 2.1 -2.5 8.6 40.6 38.0 -10.7 24.8
4.0 2.6 -1.4 12.3 53.5 45.7 -7.0 19.7
3.2 3.2 -3.1 10.7 58.2 39.1 -25.8 26.9
3.7 2.4 -2.6 6.1 42.4 35.7 -11.6 20.2
3.2 1.9 -3.5 15.9 56.5 45.1 -4.2 32.0
1.4 2.8 2.7 3.9 -0.2 0.2

1.9 3.8 2.6 4.5 0.3 -0.1
1.9 3.8 2.3 3.5 0.8 0.4
2.4 3.6 2.6 3.7 2.3 1.4
2.0 3.6 2.9 3.2 1.2 0.5
2.0 3.7 2.3 3.0 1.9 0.7
2.4 4.0 3.2 3.5 2.2 1.2
2.5 4.9 3.4 3.4 2.5 1.0
2.2 4.0 2.3 2.5 2.8 1.1
2.4 4.7 3.0 3.0 2.4 1.5
2.1 4.6 2.0 2.5 3.2 0.5
1.8 4.5 2.4 0.9 2.9 1.7
2.5 6.0 2.7 1.9 3.8 1.3
2.9 6.1 3.4 2 4.3 2.2
2.9 6.1 4.3 1.8 4.4 2.3
2.5 6.1 3.7 0.9 4.5 1.8
2.9 7.0 4.1 1.5 4.1 2.1
8.3 -49.6 2.2 6.3 4.3 0.4 4.0 2.5
14.3 -52.1 2.7 5.6 4.8 1.1 4.2 2.8
20.3 -54.5 2.2 5.8 5.2 -0.7 4.6 3.0
8.4 -58.3 2.0 5.7 4.3 0.1 4.1 2.1
16.0 -50.0 1.9 5.5 4.0 0.2 3.9 1.7
-0.9
0.3
0.5
0.6
0.4
0.0
0.3
0.0
0.7
-0.1
-0.2
-1.4
-0.7
-0.7
-1.4
-1.9
-1.6
-4.0 7.0 42.6 35.0 -20.2 23.1 12.0 -50.4
-2.5 12.5 51.4 48.6 -18.9 31.5 12.5 -50.0
-5.0 8.9 52.9 36.4 -22.1 28.2 10.4 -52.2
-4.0 1.5 41.4 26.1 -18.9 20.0 0.0 -59.6
-3.9 11.7 51.3 46.7 -24.3 33.1 16.8 -53.3
View on current market valuation levels Perception
7 10 24 43 16
3 8 23 38 28 5
6 13 15 40 25 8
6 3 19 55 17 5
7 7 12 46 28 2
11 16 10 43 20 1
3 14 11 53 20 6
4 3 12 53 27 2
0 3 22 51 24 3
0 2 14 53 32 7
0 0 12 49 38 3
2.326 5.814 10.465 43.023 38.372 0
2 4 16 43 36 8
1 3 10 42 43 4
1 2 12 41 43 4.6511628
1 5 9 43 41 8.8235294
3 1 8 58 31 6.4102564
3 3 9 51 34 6.8493151
1 4 8 56 31 14.141414
1 6 9 51 34 10.38961
Mid-DowntuBottom Early Upturn Mid-Upturn Peak Average OSI

23
30
24
-28
-55
-56
-41
-33
-30
-16
4
15
49
31
19
15
16
9
5
13
16
15
16
21
24
27
11
19
22
5 6 2 40 43 5 26
6 6 6 31 43 5 19
3 5 0 46 42 5 28
1 1 0 40 55 5 30
5 0 1 42 51 5 29
0 2 2 36 55 5 33
2 1 3 37 55 5 27
0 1 3 28 65 5 28
2 0 0 32 60 5 32
0 2 0 32 64 5 31
2 0 1 22 75 6 32
0 2 1 24 65 5 29
2 2 0 17 75 6 24
2.3255814 1.1627907 0 20.93023256 70.93023256 5.43023256 26
0 2.94117647 0.73529412 9.558823529 77.94117647 5.36029412 24
0 5.12820513 2.56410256 8.974358974 76.92307692 5.38461538 27
1.369863 2.73972603 0 10.95890411 78.08219178 5.4109589 19
3.030303 0 0 8.080808081 74.74747475 5.09090909 17
1.2987013 1.94805195 0 6.493506494 79.87012987 5.30519481 21
ISI
-19
-5
-24
-40
-21
-27
-19
-17
-14
-10
17
17
24
15
18
1
15
7
6
14
15
22
13
27
30
25
33
48
48
55
46
50
52
51
52
57
40
42
50
45
37
31
36
31
30
24
23
27
ALL off ind ret ALL

2016 Q1 Greece -7 -3 -30 13 28
2016 Q2 Greece -21 -16 -21 -26 11
2016 Q3 Greece -2 9 -29 14 28
2016 Q4 Greece 8 5 -10 29 -8
2017 Q1 Greece 6 23 -14 9 -3
2017 Q2 Greece 16 24 -6 29 -10
2017 Q3 Greece 53 75 25 58 -17
2017 Q4 Greece 50 60 30 60 -27
2018 Q1 Greece 52 70 30 55 -19
2018 Q2 Greece 33 59 4 37 -14
2018 Q3 Greece 29 43 -21 64 -18
2018 Q4 Greece 51 63 27 63 7
2019 Q1 Greece 43 79 7 43 3
2019 Q2 Greece 49 73 7 67 -9
2019 Q3 Greece 60 81 31 69 -15
2019 Q4 Greece 56 74 31 63 -17

30 33 20 18 20 13
5 11 16 -7 -11 -11
22 27 36 13 13 14
-5 -5 -14 -2 5 -10
-9 5 -5 9 18 -9
-24 0 -6 12 12 6
-17 -17 -17 8 25 -8
-40 -10 -30 19 33 0
-40 10 -27 -6 -10 0
-26 0 -15 5 7 4
-23 15 -46 -7 -7 -7
10 7 3 7 3 10
-7 15 0 17 21 7
-20 0 -7 4 13 -20
-31 0 -13 13 6 6
-29 -6 -17 11 17 0

20 -23 -17 -27 -27 -34 -30
0 -40 -42 -42 -37 -39 -26
14 -37 -39 -41 -32 -15 -13
0 -18 -10 -35 -10 -2 0
18 -22 -18 -24 -23 12 27
18 -10 -6 -18 -6 16 18
8 9 18 0 9 34 67
22 11 22 0 11 43 60
-9 11 11 11 10 35 50
4 7 19 -9 12 32 50
-7 -12 -14 -29 7 38 46
7 12 23 -3 17 59 77
21 17 43 -7 14 52 64
20 24 40 -7 40 47 67
25 38 73 7 33 52 69
17 35 60 17 29 62 86

-53 -20 -8 0 -28 3 -6
-47 -42 -19 -11 -26 -21 -39
-27 -5 6 13 0 5 -15
-10 5 12 26 -16 26 -17
0 9 27 29 0 52 -5
0 29 22 35 -6 35 10
8 27 52 82 0 73 24
10 60 50 70 20 60 22
10 45 50 56 33 60 39
9 38 53 76 18 64 28
-8 77 43 64 7 57 33
20 80 59 76 31 69 49
43 50 50 79 21 50 45
13 60 44 73 0 60 50
19 69 52 69 25 63 48
31 69 74 94 41 85 57

0 -24 7 -37 -30 -53 -27
-32 -47 -37 -29 -22 -39 -25
-9 -14 -23 -5 8 -19 -5
-20 -25 -5 -4 11 -29 8
0 -14 0 4 9 -3 7
18 0 12 15 29 -3 18
36 9 27 36 54 8 46
44 -11 33 42 55 15 55
44 22 50 42 50 25 50
50 0 35 38 57 6 50
43 -7 64 36 50 -12 69
60 27 60 48 53 28 63
64 36 36 44 54 32 46
64 14 71 54 77 27 60
63 13 69 64 78 43 72
77 32 63 59 79 31 69

-13 -9 -26 -3 0 7
-12 -8 -18 -11 -21 -21
-12 -3 -27 -7 -6 4
-12 -10 -25 0 14 26
8 14 -3 12 12 18
29 38 15 35 35 53
26 32 9 36 45 73
33 40 15 45 43 60
46 44 33 60 39 56
37 58 9 44 48 63
39 46 11 61 43 50
52 62 25 68 43 53
46 64 25 50 49 69
53 70 27 63 49 73
67 84 45 72 58 75
66 77 49 74 64 86

-17 10 49 57 50 40
-21 -21 49 47 53 47
-18 -5 31 26 32 36
-16 32 29 37 30 20
-5 23 19 19 25 14
6 47 37 29 35 47
0 64 3 0 9 0
30 40 -10 -20 10 -20
22 40 11 11 33 -10
18 63 19 19 17 19
21 57 -5 0 7 -21
17 60 25 34 13 27
29 50 0 7 -7 0
20 53 11 7 13 13
31 69 2 0 6 0
37 69 5 0 11 3
-24 0 14 48 31 7 -0.9
-11 0 21 47 26 5 -1.3
-26 0 4 65 30 0 -0.9
-5 0 15 65 20 0 -0.8
-41 0 9 41 36 14 -1.0
-6 0 12 71 12 6 1.8
55 0 55 45 0 0 1.3
50 0 60 30 10 0 1.7
20 0 30 60 10 0 2.3
42 0 46 50 4 0 1.4
79 7 71 21 0 0 2.8
40 0 50 40 7 3 3.3
36 0 36 64 0 0 2.9
80 20 60 20 0 0 4.1
88 19 69 13 0 0 5.0
80 11 74 9 3 3 4.7
1.7 -0.4 2.2 -2.3 -4.0 -2.7
0.0 -0.4 -0.1 -2.0 -2.6 -2.8
1.3 -0.2 1.3 -2.4 -2.5 -2.7
0.6 0.3 1.4 -2.4 -2.5 -2.1
2.6 -0.4 1.8 -3.3 -3.8 -2.9
3.7 2.2 4.3 0.3 -0.3 0.8
3.0 0.9 3.2 0.5 -0.5 0.5
4.5 1.0 5.0 0.5 -1.8 1.3
5 2.2 4.3 1.1 0.6 0.8
4.0 0.6 3.1 0.9 -0.4 0.3
5.2 2.1 6.6 1.1 -0.2 1.8
6.3 2.4 7.2 1.9 0.2 2.1 47.8
7.1 2.5 5.4 1.8 -0.5 1.1 51.2
8.8 3.5 7.3 2.3 0.2 2.5 45.6
9.5 4.2 8.0 4.7 1.9 1.9 63.5
8.0 4.9 6.9 3.7 1.6 3.1 54.3
-1.9
-2.7
-0.8
-1.2
-0.6
1.6
3.1
2.0
2.3
1.8
2.5
80.0 56.7 80.0 30.0 13.3 26.7 3.0
85.7 71.4 92.9 35.7 -14.3 35.7 2.5
80.0 40.0 86.7 33.3 6.7 26.7 3.7
93.8 62.5 100.0 62.5 12.5 50.0 4.2
94.3 68.6 85.3 40.0 14.3 23.5 4.9
1.2 -1.1 1.4 -3.5 -5.8 -3.9
0.0 -1.0 -0.8 -3.6 -5.7 -4.9
1.7 0.2 1.5 -1.8 -2.9 -3.5
2.0 -0.1 2.1 -3.3 -4.7 -3.0
2.3 0.5 2.4 -2.7 -3.2 -3.0
3.8 2.4 4.1 0.0 -1.0 0.3
6.0 1.7 6.9 2.1 -0.4 2.1
4.8 0.8 6.8 1.0 -2.0 1.0
5.3 1.3 5 0.8 0.5 1.1
5.6 0.4 5.3 0.8 -1.6 0.4
6.7 0.4 7.9 0.8 -2.5 1.7
5.6 2.4 7.7 0.9 -0.8 2.2 42.2
4.8 3.6 5.7 0.7 -0.6 0.9 47.6
7.3 3.3 7.5 2.2 0.0 2.2 46.7
8.0 3.4 7.5 4.1 1.3 1.1 65.6
8.9 3.9 8.6 3.7 0.7 3.3 56.2
83.3 46.7 86.7 20.0 -13.3 30.0

92.9 64.3 85.7 28.6 -14.3 28.6
80.0 46.7 73.3 40.0 0.0 40.0
93.8 62.5 100.0 68.8 18.8 50.0
91.4 57.1 85.7 51.4 8.6 42.9
View on current market valuation levels Perceptions on current pha
14 34 45 7 0 3 17
5 37 53 5 0 0 26
13 57 30 0 0 4 13
25 30 40 5 0 0 5
5 59 27 9 0 0 14
12 59 29 0 0 0 24
0 45 45 9 0 0 0
0 70 30 0 0 0 0
0 30 60 10 0 0 0
8 38 50 4 0 0 0
0 43 36 21 0 0 7.1428571
7 43 33 17 0 6.6666667 3.3333333
7 36 36 21 0 0 0
7 53 40 0 0 0 0
0 25 56 19 0 0 0
3 37 46 14 0 0 5.7142857
Bottom Early UpturMid-Upturn Peak Average OSI ISI

72 7 0 0 3 -20 -21
74 0 0 0 3 -18 -36
74 9 0 0 3 -10 -14
80 15 0 0 3 3 -11
82 5 0 0 3 3 1
47 29 0 0 3 7 -2
45 45 9 0 4 26 24
40 60 0 0 4 25 27
30 70 0 0 4 31 26
16 80 4 0 4 20 21
14.285714 78.571429 0 0 3.7142857 25 27
10 80 0 0 3.6333333 34 28
7.1428571 92.857143 0 0 3.9285714 26 32
13.333333 80 6.6666667 0 3.9333333 30 28
6.25 68.75 25 0 4.1875 33 33
2.8571429 77.142857 14.285714 0 4 36 42

2008 Q1 Hong Kong 29 35 25 25 -22 -18
2008 Q2 Hong Kong 0 0 25 50 33 0
2008 Q3 Hong Kong -44 -44 -44 -44 30 44
2008 Q4 Hong Kong -95 -100 -100 -85 39 46
2009 Q1 Hong Kong -37 -44 -44 -22 50 56
2009 Q2 Hong Kong -14 -14 -29 0 62 71
2009 Q3 Hong Kong 30 45 -9 55 27 45
2009 Q4 Hong Kong 48 63 0 71 -13 -38
2010 Q1 Hong Kong 45 64 22 45 -13 -18
2010 Q2 Hong Kong 66 82 30 82 -13 -27
2010 Q3 Hong Kong 67 89 33 78 -44 -67
2010 Q4 Hong Kong 66 73 50 73 -31 -36
2011 Q1 Hong Kong 67 78 44 78 -56 -67
2011 Q2 Hong Kong 70 74 44 90 -15 -3
2011 Q3 Hong Kong 29 32 -3 59 11 16
2011 Q4 Hong Kong 3 -23 -21 51 -9 19
2012 Q1 Hong Kong 14 -6 -15 62 9 30
2012 Q2 Hong Kong 21 -5 10 57 6 27
2012 Q3 Hong Kong 25 0 13 64 8 16
2012 Q4 Hong Kong 32 33 22 40 10 33
2013 Q1 Hong Kong 6 6 -18 29 25 41
2013 Q2 Hong Kong 21 29 14 17 -6 4
2013 Q3 Hong Kong -39 -50 -25 -42 17 27
2013 Q4 Hong Kong -2 5 0 -10 32 48
2014 Q1 Hong Kong -11 3 -19 -18 15 21
2014 Q2 Hong Kong -14 0 0 -40 35 46
2014 Q3 Hong Kong 12 25 18 -5 29 35
2014 Q4 Hong Kong 5 30 15 -30 20 15
2015 Q1 Hong Kong 9 44 35 -52 32 31
2015 Q2 Hong Kong 0 54 13 -68 27 26
2015 Q3 Hong Kong -25 18 0 -93 18 7
2015 Q4 Hong Kong -20 32 -7 -85 22 8
2016 Q1 Hong Kong -25 22 -8 -89 21 20
2016 Q2 Hong Kong -32 0 -12 -84 29 7
2016 Q3 Hong Kong -13 37 -14 -61 28 15
2016 Q4 Hong Kong -4 45 5 -62 24 25
2017 Q1 Hong Kong 2 47 -4 -37 20 21
2017 Q2 Hong Kong 15 60 16 -32 20 19
2017 Q3 Hong Kong 22 55 22 -11 17 11
2017 Q4 Hong Kong 22 53 27 -14 11 22
2018 Q1 Hong Kong 27 56 26 0 17 19
2018 Q2 Hong Kong 40 71 31 17 16 20
2018 Q3 Hong Kong 11 35 -4 3 12 22
2018 Q4 Hong Kong -19 -3 -19 -37 11 16
2019 Q1 Hong Kong 1 21 -4 -16 15 25
2019 Q2 Hong Kong -8 9 -11 -23 16 25
2019 Q3 Hong Kong -67 -63 -53 -83 26 33
2019 Q4 Hong Kong -66 -64 -49 -87 33 39

-29 -20 -9 -13 -8 -7 -26 -6
-38 -25 17 0 0 0 -14 -13
22 22 16 33 0 13 -19 -22
25 46 50 54 50 46 -67 -69
25 67 74 75 71 75 -50 -50
57 57 57 86 57 29 -48 -43
9 27 25 27 20 27 -15 9
14 -13 -4 25 -14 -25 -31 -25
-22 0 -39 -55 -22 -36 -10 -27
-10 0 -22 -27 -20 -18 3 0
-22 -44 -15 -22 0 -22 -22 -22
-40 -18 0 0 -10 9 -6 -18
-33 -67 -30 -44 0 -44 19 22
-11 -32 -16 -23 -7 -17 20 30
-3 20 3 10 -4 3 15 35
-17 -30 10 32 -3 0 -5 8
0 -3 -1 13 -6 -9 7 15
-10 0 16 43 -5 10 -8 -5
-13 22 10 20 0 9 8 24
-33 20 26 58 0 10 17 36
12 24 24 47 6 20 10 29
-24 0 12 25 -5 14 6 21
8 15 2 13 -8 0 -5 -14
14 33 27 38 29 14 11 19
3 19 24 37 3 29 12 21
12 47 16 18 9 21 17 33
6 44 12 25 -6 16 27 33
5 40 17 15 0 37 12 11
2 61 25 20 19 37 17 34
9 47 11 7 -2 28 11 27
-4 51 18 4 13 38 6 23
-1 60 20 10 14 37 0 22
4 39 14 5 1 37 4 23
11 70 17 8 4 40 8 25
9 59 19 13 12 33 11 31
-3 51 24 22 10 39 4 31
2 37 13 10 -2 32 16 49
0 40 18 6 11 37 13 49
3 38 20 8 16 37 4 26
-16 28 19 12 5 40 10 35
3 29 11 3 2 29 6 22
6 23 10 3 4 24 16 31
-4 19 10 15 2 12 2 22
-5 23 9 17 -1 9 -16 -2
-4 22 9 18 0 10 4 23
0 22 4 12 -3 2 -9 7
9 37 4 9 -5 9 -42 -37
15 43 17 22 6 22 -35 -24

-57 -14 59 59 64 53 -23 -25
-14 -14 0 45 50 22 67 -50
-25 -11 -56 -56 -56 -56 -100 -100
-64 -67 -95 -100 -92 -92 -95 -100
-50 -50 -96 -100 -100 -88 -38 -25
-57 -43 -67 -71 -86 -43 52 71
-36 -18 16 27 -20 36 66 73
-43 -25 43 63 0 63 26 50
-11 9 55 80 22 60 3 27
0 9 56 73 20 73 34 40
-22 -22 70 89 44 78 26 33
-20 18 88 100 60 100 38 55
11 22 81 89 67 89 58 75
4 25 75 78 54 91 63 69
-25 31 41 44 7 73 27 15
-29 5 3 -36 -8 54 -9 -19
-15 21 23 -3 0 71 30 23
-20 0 19 -33 19 71 20 0
-26 26 29 -4 22 74 28 19
-22 30 29 0 56 40 52 44
-24 24 31 29 18 47 -10 0
-29 22 17 24 9 17 -3 5
0 0 3 -7 8 8 -29 -44
5 10 -17 -24 -19 -10 -15 -6
0 15 -12 -8 -21 -6 -13 -6
0 18 -22 -9 -6 -51 -3 9
19 28 10 29 24 -21 17 39
0 24 2 33 11 -38 11 28
-2 19 -4 20 27 -60 6 16
-5 12 4 41 25 -55 3 30
-4 0 -23 16 4 -88 -10 31
-10 -13 -29 13 -7 -92 -11 26
-13 3 -31 12 -18 -88 -24 13
2 -2 -44 -10 -28 -93 -23 14
-2 4 -15 24 -9 -61 -2 45
-12 -7 -6 40 3 -62 18 53
-4 4 9 60 5 -39 21 58
-5 -4 21 62 28 -29 21 74
-15 0 20 62 28 -30 22 58
-10 6 28 59 33 -7 26 51
-3 0 27 61 21 -2 31 59
3 13 40 63 37 18 41 64
-18 3 -1 19 -13 -9 9 24
-24 -21 -25 -3 -25 -47 -20 -4
-16 6 4 22 0 -9 6 18
-24 -10 0 11 -1 -10 -11 3
-43 -45 -70 -72 -56 -82 -67 -62
-35 -47 -68 -67 -53 -85 -67 -62

-23 -21
0 -14 -32 -26 -26 -31
-100 -100 -73 -78 -88 -56
-92 -92 -95 -92 -92 -100
-63 -25 -85 -100 -75 -75
14 71 24 29 14 29
40 82 43 47 36 47
-29 50 22 25 0 38
-22 0 77 91 56 82
22 40 24 40 22 10
11 33 78 89 67 78
0 55 72 91 30 91
50 50 81 89 67 89
42 76 76 83 59 86
19 46 23 11 18 39
-28 19 -3 -21 -19 32
13 55 18 3 3 47
12 50 22 -5 21 50
10 55 49 39 39 70
56 56 52 44 56 56
-19 -13 -14 -12 -24 -6
-22 5 20 30 0 30
-20 -22 -10 -10 -9 -10 -16 -29
-39 0 -15 -25 -10 -10 -14 -14
-20 -13 -17 -21 -13 -18 -13 -6
-3 -16 -15 3 -6 -42 -19 0
12 0 11 28 6 0 31 53
0 6 4 17 6 -11 24 42
27 -24 21 45 48 -29 15 51
18 -38 17 47 33 -28 14 56
0 -61 -11 25 14 -73 -10 29
1 -62 -28 14 -10 -87 -12 37
-16 -68 -27 11 -13 -79 -23 24
-16 -66 -30 2 -14 -76 -37 -14
-2 -48 1 43 5 -45 -4 36
7 -7 5 49 16 -50 6 48
13 -7 30 71 30 -11 13 65
14 -24 24 70 32 -28 28 68
17 -9 26 50 34 -6 32 64
23 4 30 51 28 12 43 72
36 -2 47 73 51 19 45 82
37 21 45 68 40 28 63 80
-3 5 4 24 -7 -4 19 40
-25 -29 -19 -1 -24 -32 -8 12
3 -2 12 31 5 -1 24 43
-13 -22 -5 7 -10 -12 19 34
-62 -78 -66 -63 -58 -76 -61 -53
-54 -84 -65 -61 -51 -84 -58 -50
-8 -8 -34 -40 -30 -33

-19 -10 -22 -29 -24 -14
-15 -20 -17 -20 -12 -18
-3 -54 -16 3 -9 -41
38 3 50 63 50 36 6 29
39 -8 22 28 33 6 0 6
37 -44 19 45 37 -26 -6 5
31 -46 24 58 38 -25 -13 9
12 -69 -10 28 7 -66 -23 -12
4 -77 -19 25 -6 -75 -22 12
-10 -84 -25 14 -7 -81 -30 6
-20 -78 -35 -11 -20 -74 -38 -15
7 -54 9 39 10 -22 10 48
14 -46 18 56 24 -26 1 36
12 -38 32 62 28 5 19 56
34 -19 36 76 42 -9 -1 48
40 -8 30 62 38 -11 6 40
54 4 60 83 63 36 14 40
49 3 50 77 49 23 12 37
59 49 65 81 63 51 19 41
9 7 20 37 11 12 -2 13
-8 -27 -14 2 -17 -27 -25 -11
17 12 29 49 24 12 -2 17
16 6 16 28 14 7 -23 -14
-51 -79 -58 -52 -49 -73 -73 -71
-41 -83 -59 -53 -45 -80 -75 -70
Imp signif
-6 -6 30 33 18 39 28 6
0 -6 23 17 11 41 28 0
-2 -20 30 39 17 36 -15 2
-12 -38 17 26 6 20 7 1
-18 -40 19 15 6 35 -15 0
-18 -60 24 23 18 31 -15 1
-31 -65 21 3 10 51 -23 0
-35 -65 31 30 18 45 -18 0
0 -18 14 20 0 20 14 0
-14 -18 23 24 11 35 5 2
8 -5 24 28 6 38 14 2
-14 -37 21 33 7 22 9 2
-6 -15 11 21 -3 15 -6 0
0 4 16 21 2 25 11 0
14 -14 22 22 10 34 10 2
13 3 16 25 7 16 0 1
-14 -5 6 15 -10 13 -2 3
-31 -33 0 9 -10 -1 -16 2
-12 -11 8 18 -5 11 25 5
-28 -27 -3 5 -11 -1 5 5
-69 -77 2 4 -9 10 -53 0
-67 -89 6 11 -3 9 -44 3
44 28 17 6 4.0 5.1 4.9 4.9

39 50 11 0 2.0 3.9 3.5 0.0
20 41 34 2 1.6 4.2 3.1 -1.1
24 57 18 0 1.5 4.5 2.8 -1.2
17 51 30 2 -1.8 1.6 0.0 -7.2
18 45 34 1 -2.4 2.6 0.1 -9.5
13 52 34 1 -3.6 0.8 -1.7 -9.6
18 46 36 0 -4.0 0.0 -1.4 -9.0
30 55 16 0 0.0 2.7 0.5 -2.0
28 47 22 2 2.3 6.3 3.2 -1.8
30 50 18 0 2.5 6.5 2.7 0.1
30 43 22 2 2.6 6.7 3.0 -0.5
19 56 25 0 1.8 5.4 2.5 -1.3
26 58 15 0 3.3 6 3.9 1.8
31 46 22 0 3.5 7.4 3.8 1.9
18 61 18 1 4.2 7.2 4.1 3.3
24 45 27 1 2.1 4.7 2.2 2.2
20 40 35 3 -1.0 1.4 -0.3 -1.6
35 45 14 1 2.2 5.2 2.5 2.0
27 41 25 2 1.2 3.2 1.9 1.1
7 32 50 11 -5.9 -3.5 -3.5 -8.8
9 33 45 10 -5.9 -3.6 -2.7 -10.1
3.1 3.2 3.1

2.5 2.1 0.0
2.4 2.7 -1.9
3.0 1.5 -1.6
1.4 -0.6 -6.1
0.9 -1.2 -7.3
-0.7 -2.6 -7.8
-2.3 -3.0 -8.2
0.9 -0.3 -1.7
4.5 2.3 -1.0
3.5 1.7 0.1
4.4 2.0 0.0
3.2 1.9 -1.1
4 2.6 1.2
4.3 2.2 1.5
4.7 3.3 2.8
2.5 0.6 0.7
-0.5 -2.1 -3.0 -9.0 17.6 -7.7 -18.2 4.4
2.3 1.2 0.0 16.1 49.5 13.1 11.0 24.2
1.3 0.3 -0.9 4 26 6 1 7
-5.2 -4.9 -9.3 -38.7 -24.4 -32.6 -45.9 -37.5
-4.7 -4.2 -10.3 -31.8 -20.8 -17.5 -55.3 -21.7
2.8 5.3 3.5 3.7 3.4 1.6

1.0 3.6 3.1 -1.8 1.8 1.1
1.1 3.7 2.3 -1.5 3.1 2.1
0.1 4.6 2.3 -5.6 2.7 0.9
-2.5 2.6 0.8 -10.1 0.5 -0.4
-2.3 3.7 1.2 -11.5 1.7 -0.8
-3.6 2.5 0.0 -12.3 -0.4 -3.0
-4.2 -0.1 -1.1 -11.0 -2.9 -2.1
-1.0 3.2 0.2 -4.9 1.0 -0.9
0.0 5.5 2.2 -6.4 2.4 0.4
0.8 5.6 1.5 -3.6 3.5 0.2
1.3 5.7 2.0 -3.4 3.5 1.1
1.5 5.6 2.3 -1.5 3.3 1.2
2.6 6.2 3.5 0.1 3.4 1.8
2.5 6.3 2.9 0 4.1 1.6
4.4 7.3 4.4 4.1 4.7 3.1
1.6 4.3 1.7 1.6 2.2 -0.2
-25.0 -25.0 -0.8 1.7 -0.2 -2.0 0.7 -1.6
-1.0 -0.5 1.6 4.4 1.9 1.6 2.1 0.1
-7 -8 1.1 3.3 1.6 1.3 1.4 0.0
-40.6 -50.9 -6.6 -3.9 -3.5 -11.0 -5.3 -5.1
-25.9 -49.7 -6.8 -4.3 -3.3 -12.7 -4.5 -3.8
-0.7
-1.7
-3.3
-4.1
-8.1
-8.3
-8.7
-8.1
-4.4
-4.1
-2.5
-1.3
-1.8
0.4
0.5
2.8
-0.2
-3.5 -14.1 15.4 -16.0 -22.7 0.6 -33.1 -28.7
-0.3 7.6 38.6 3.5 5.0 22.6 -13.4 -10.9
-0.9 1 23 0 -2 10 -12 -11
-11.1 -42.9 -32.5 -37.1 -50.9 -36.6 -43.0 -57.6
-12.2 -34.6 -23.0 -22.6 -59.2 -26.5 -25.7 -50.3
View on current market valuation levels Perceptions on c
2.4 2.4 39.0 36.6 19.5

1.4 9.7 27.8 27.8 33.3 14.1
0.0 9.6 21.2 40.4 28.8 26.4
1.4 4.2 39.4 36.6 18.3 60.6
0 4 44 33 18 51
0 7 38 41 14 49
0 11 29 36 24 20
2 2 29 32 36 31
0 4 30 36 30 11
0 0 22 50 28 11
0 3 31 33 33 19
0 1.923 34.615 32.692 30.769 12
2 7 25 36 31 0
0 3 31 25 41 4
1 3 28 31 37 22.651934
1 5 32 36 25 52.747253
1 5 36 33 24 20.29703
1 7 34 32 26 26
1 7 34 38 20 57.522124
2 9 36 36 17 54.054054
Mid-DowntuBottom Early UpturMid-UpturnPeak Average OSI ISI

32 -12
-6 12
-39 -58
-80 -63
-69 -41
-46 25
7 47
32 24
46 44
48 25
51 52
51 41
59 51
54 52
22 18
-1 -2
13 23
8 22
15 29
12 41
4 -12
8 8
-13 -16
-15 -13
-15 -10
-17 -10
4 -1
-3 -3
-7 -1
2.8 18.3 2.8 16.9 45.1 4.4 -3 1
7.5 11.3 0.0 17.0 37.7 3.9 -22 -13
14.1 12.7 0.0 1.4 11.3 2.0 -23 -21
25 10 1 6 7 2 -24 -24
28 7 4 5 7 2 -31 -28
16 7 13 22 22 4 -16 -5
3 10 5 19 32 4 -11 0
9 4 4 27 46 5 -1 9
4 0 7 26 52 5 6 8
3 0 6 33 39 4 7 12
2 0 12 29 46 5 10 13
3 0 3 32 61 5 14 19
6 1 3 28 58 5 23 23
9.3922652 5.5248619 5.5248619 10.497238 46.40884 4.1104972 0 2
16.483516 4.9450549 6.5934066 5.4945055 13.736264 2.3681319 -18 -13
14.851485 6.9306931 16.831683 20.792079 20.29703 3.6386139 -1 3
16 5 8 15 31 4 -4 -4
16.814159 6.1946903 6.1946903 1.3274336 11.946903 2.1283186 -47 -45
26.351351 12.162162 1.3513514 2.027027 4.0540541 1.8310811 -50 -46

2008 Q1 Hungary 24 0 29 43 43 71 29
2008 Q2 Hungary 11 17 33 -17 47 67 60
2008 Q3 Hungary 12 17 17 0 24 33 33
2008 Q4 Hungary -67 -67 -50 -83 0 17 0
2009 Q1 Hungary -67 -50 -75 -75 20 67 -33
2009 Q2 Hungary -63 -50 -63 -75 58 63 63
2009 Q3 Hungary -14 -43 0 0 67 86 43
2009 Q4 Hungary -44 -60 -47 -27 63 81 50
2010 Q1 Hungary -14 -14 14 -43 38 100 14
2010 Q2 Hungary -22 -17 -17 -33 50 83 33
2010 Q3 Hungary -6 8 10 -36 9 25 0
2010 Q4 Hungary 3 0 8 0 8 17 -33
2011 Q1 Hungary 23 36 25 7 -10 -38 -17
2011 Q2 Hungary 28 14 60 17 0 0 0
2011 Q3 Hungary 14 38 9 -8 -3 -15 -9
2011 Q4 Hungary 18 33 -20 33 12 0 0
2012 Q1 Hungary 4 33 14 -38 -4 -33 0
2012 Q2 Hungary -19 -25 -17 -14 10 13 0
2012 Q3 Hungary 6 25 -10 0 -3 0 10
2012 Q4 Hungary -10 14 -29 -14 28 33 17
2013 Q1 Hungary 0 17 22 -44 37 42 22
2013 Q2 Hungary 6 27 0 -9 16 45 0
2013 Q3 Hungary 15 24 6 11 16 24 6
2013 Q4 Hungary 38 56 25 33 8 22 -13
2014 Q1 Hungary 22 38 17 8 13 8 33
2014 Q2 Hungary 43 60 15 50 14 13 29
2014 Q3 Hungary 55 71 54 38 -13 -14 -15
2014 Q4 Hungary 26 63 29 -14 20 38 14
2015 Q1 Hungary 16 64 0 -14 4 -18 17
2015 Q2 Hungary 65 79 65 50 -4 5 -12
2015 Q3 Hungary 68 88 77 38 -10 -6 -23
2015 Q4 Hungary 75 100 65 59 -13 -22 -6
2016 Q1 Hungary 78 95 60 77 -16 -5 -16
2016 Q2 Hungary 74 92 65 64 -26 -28 -26
2016 Q3 Hungary 73 70 81 67 -14 -10 -10
2016 Q4 Hungary 68 79 67 58 34 77 33
2017 Q1 Hungary 72 73 78 65 -22 -10 -41
2017 Q2 Hungary 60 60 61 59 -21 -16 -24
2017 Q3 Hungary 65 68 65 61 -12 16 -29
2017 Q4 Hungary 62 72 61 52 -9 4 -9
2018 Q1 Hungary 65 65 74 56 0 16 0
2018 Q2 Hungary 60 70 55 57 13 33 9
2018 Q3 Hungary 43 63 43 23 8 31 -7
2018 Q4 Hungary 43 53 41 35 -2 6 6
2019 Q1 Hungary 44 45 50 38 9 27 0
2019 Q2 Hungary 51 55 52 48 11 23 14
2019 Q3 Hungary 42 53 47 27 -11 6 -19
2019 Q4 Hungary 29 27 44 16 -22 -12 -29

29 17 17 33 0 -6 0 0
17 13 33 0 0 1 -17 20
0 8 20 0 0 20 40 40
-17 28 50 17 17 -100 -100 -100
25 63 100 50 50 -100 -100 -100
50 33 43 29 29 -100 -100 -100
71 62 71 57 57 -81 -86 -86
56 62 73 64 46 -78 -80 -77
0 62 86 43 57 -71 -71 -71
33 41 50 40 33 -56 -50 -67
0 9 17 0 10 -50 -55 -50
42 31 33 25 33 -54 -58 -50
21 -3 -7 8 -7 -23 -29 -25
0 6 14 0 0 11 29 0
17 6 17 -10 9 6 8 11
33 13 33 0 0 -18 -33 -20
25 46 56 14 63 5 38 0
14 29 38 17 29 5 13 0
-18 6 17 0 0 12 25 -10
33 24 33 0 33 10 29 0
44 37 42 33 33 -3 -8 11
0 38 45 20 45 3 27 0
17 33 28 38 33 2 5 6
11 12 11 13 11 -38 -44 -25
0 11 8 18 8 -3 8 0
0 -7 -13 7 -13 18 38 14
-8 0 0 0 0 18 38 15
7 0 -6 7 0 -1 27 0
14 -11 -18 0 -14 16 36 0
-6 -23 -33 -13 -24 31 61 25
0 -33 -38 -31 -31 39 59 36
-11 -34 -56 -12 -35 41 75 27
-29 -34 -55 -20 -27 32 50 21
-25 -36 -52 -26 -30 57 100 63
-21 -20 -30 -14 -16 62 84 68
-8 -35 -31 -33 -42 68 92 58
-17 -46 -52 -48 -37 52 86 55
-25 -20 -15 -31 -13 61 84 56
-22 -44 -42 -35 -56 38 81 33
-23 -26 -28 -27 -23 32 64 32
-17 -20 -19 -22 -20 50 67 56
-5 -23 -13 -23 -33 68 91 75
0 -21 -25 -21 -15 43 56 50
-18 -14 -24 -12 -6 53 65 65
0 -18 -36 -30 13 29 55 20
-5 -14 -23 -14 -5 25 33 29
-20 -10 -6 -24 0 19 35 28
-25 -32 -40 -43 -13 24 36 35

-17 -5 -14 -14 14 -62 -57 -71
0 -31 -33 -20 -40 -31 -17 -40
-20 6 0 17 0 12 17 20
-100 -72 -83 -33 -100 -67 -67 -67
-100 -91 -100 -75 -100 -50 -50 -50
-100 -58 -63 -38 -75 -48 -57 -43
-71 -81 -86 -57 -100 24 29 43
-77 -49 -53 -43 -50 -8 7 -23
-71 -67 -86 -43 -71 5 43 -29
-50 -22 -33 -17 -17 22 50 -17
-45 -3 -8 9 -8 20 17 18
-55 -8 -8 -8 -8 19 33 -8
-15 8 21 8 -7 5 8 -17
0 11 14 0 17 50 80 25
0 -11 -8 -9 -17 29 50 0
0 -6 0 0 -17 -6 33 -20
-29 -29 -33 0 -50 -21 -22 0
0 -29 -50 -33 0 -14 -13 -17
18 -12 -8 -20 -9 3 0 11
0 -14 -14 -14 -14 24 43 14
-11 -28 -25 -22 -36 0 20 0
-18 -6 0 0 -18 3 18 -10
-6 -9 -19 -6 0 16 24 0
-44 -8 0 0 -22 15 0 38
-15 -9 0 -18 -8 11 23 0
0 11 13 7 13 43 44 40
0 8 7 8 8 67 86 69
-29 9 25 14 -13 51 67 71
13 18 36 17 0 55 64 50
6 26 28 31 18 54 72 44
23 36 35 31 42 76 88 79
20 52 63 63 31 70 75 71
24 61 68 42 71 89 91 80
10 63 84 61 43 79 96 70
33 64 65 65 63 81 95 79
55 57 57 64 50 85 100 83
17 59 73 64 40 77 90 80
41 49 60 39 47 71 89 56
0 48 42 59 44 72 81 67
0 42 48 50 27 58 73 58
26 55 54 59 52 69 80 69
37 61 58 59 67 59 74 62
23 44 44 57 31 52 69 57
29 49 59 47 41 59 71 59
11 64 73 56 63 52 64 56
14 54 55 55 52 24 24 29
-7 52 53 56 47 47 53 56
0 50 60 57 33 47 58 52

-57
-40 -70 -75 -67 -67
0 -67 -67 -67 -67
-67 -89 -100 -83 -83
-50 -90 -100 -100 -75
-43 -46 -38 -50 -50
0 -50 -50 -50 -50
-8 -21 -21 -25 -17
0 -22 -33 -17 -17
33 11 17 0 17
25 41 55 27 42
33 33 42 25 33
21 10 15 0 14
40 29 40 25 20
33 -18 -18 -18 -18
-33 -60 -60 -60 -60
-38 -29 -22 -29 -38
-14 -48 -75 -67 0
0 -22 -30 -25 -11
14 -24 -29 -29 -14
-25 -37 -42 -33 -33
0 -3 9 -11 -10
22 -12 -10 -20 -6 2 14 -13
11 -8 -11 -13 0 40 44 25
8 0 8 0 -8 32 31 33
44 11 13 13 6 36 38 21
46 37 46 23 42 22 32 19
14 16 47 38 -36 6 37 4
50 23 36 33 0 21 47 0
47 23 28 25 18 30 42 25
62 49 71 50 25 79 85 77
64 67 75 67 60 67 78 66
95 59 71 47 57 61 68 50
71 69 83 68 57 70 81 56
68 57 53 58 61 86 85 84
73 71 83 67 64 66 58 71
61 70 86 70 56 59 74 57
69 76 78 75 75 59 58 67
69 74 88 73 63 58 48 54
44 62 76 50 59 50 66 44
58 59 61 63 55 66 70 65
40 82 74 86 86 73 71 70
31 61 56 71 54 60 63 56
47 53 59 59 41 75 81 80
38 73 91 60 67 86 95 89
19 52 52 57 48 72 80 71
33 44 53 61 19 65 76 62
32 33 50 38 12 54 73 61
0 8 16 0 6
50 23 11 25 33
31 21 31 17 15
47 23 31 13 25
15 51 53 45 54 60 71 62
-23 14 49 23 -29 31 44 36
16 34 47 25 31 41 64 33
22 37 40 38 33 37 59 20
73 71 75 68 69 73 88 71
56 62 65 64 57 77 81 79
64 84 77 82 92 74 81 68
72 71 81 63 70 76 92 70
89 77 74 78 81 83 95 74
71 69 71 62 73 77 83 83
47 61 69 61 52 78 86 75
53 70 72 69 69 72 79 75
74 79 83 80 75 56 63 47
41 64 68 59 66 63 77 63
64 72 77 75 63 71 80 69
80 77 74 76 80 49 65 43
63 57 56 60 54 43 56 43
63 58 69 64 40 61 71 59
72 81 82 78 83 41 60 38
65 48 55 48 41 32 38 33
57 69 74 71 63 45 47 61
28 44 57 51 24 49 67 52
46 31 46 31 17 64 14 57
13 28 47 31 7 69 13 63
25 19 27 17 13 73 9 64
31 35 44 25 35 74 5 74
58 37 53 36 23 59 18 47
71 25 38 25 13 56 6 50
71 32 50 21 24 73 18 55
67 20 33 9 19 83 22 61
79 31 45 26 21 75 25 50
64 21 55 18 -10 77 31 46
72 8 19 0 6 78 22 57
63 2 32 -6 -19 63 16 47
60 9 33 0 -7 76 29 47
50 5 14 5 -6 73 18 55
63 17 35 13 5 80 12 68
40 10 30 0 0 40 20 32
31 -17 -6 -14 -31 33 11 22
53 -8 -6 -6 -12 47 5 47
25 23 36 0 33 50 8 50
24 -22 -24 -29 -14 35 0 35
27 -10 0 -17 -13 11 5 11
28 0 12 -9 -4 44 0 48
21 0 7 2.5 4.8 3.7 4.4 0.9

19 6 0 0.0 3.3 0.6 -1.6 1.5
27 0 0 2.5 6.1 2.2 4.1 0.9
16 5 0 2.2 4.3 3.3 3.5 0.8
29 6 0 6.0 8.5 7.7 7.7 4.2
44 0 0 4.4 6.0 6.6 5.0 3.4
27 0 0 5.8 8.5 6.2 7.8 4.5
17 0 0 5.9 8.6 6.9 7.9 4.3
25 0 0 7.4 8.8 9.3 10.1 4.9
23 0 0 4.4 7.3 6.0 6.8 2.1
22 0 0 4.4 7.6 5.5 5.7 3.0
37 0 0 4.6 6.3 6.5 6.1 2.6
24 0 0 5.7 7.2 7.0 7.7 4.7
27 0 0 2.8 4.0 3.2 3.5 2.0
20 0 0 4.8 5.9 6.2 6.2 3.9
36 12 0 4.1 5.1 5.8 5.7 2.5
67 0 0 2.6 2.7 3.5 3.3 2.0
42 5 0 3.8 6.6 6.4 4.0 2.8
33 8 0 5.5 8.2 6.3 8.3 3.6
65 0 0 3.2 4.8 4.8 4.3 2.0
79 5 0 3.5 5.4 5.8 3.4 2.9
48 4 0 2.3 3.4 3.3 1.7 2.5
0.2 0.8
-0.2 -3.4
0.9 0.7
0.8 0.8
3.6 4.2
3.4 2.1
3.8 4.2
3.8 3.9
5.3 5.8
2.1 2.3
2.4 2.4
3.0 3.0
4.0 3.6
1.5 2.4
3.3 3
2.4 3.1
2.3 2.1
1.8 1.0 10.4 18.8 25.0 12.5 6.3 -6.3
2.8 3.6 66.7 90.9 70.0 88.9 72.7 44.4
2.2 1.3 14.1 30.0 30.0 30.0 0.0 0.0
2.2 1.3 25.3 52.9 50.0 37.5 5.9 11.8
2.3 0.3 19.5 32.0 45.5 13.0 34.8 19.0
0.9 2.9 2.7 1.5 -0.2 -0.6 -1.2

0.1 2.7 -0.2 0.5 0.6 -0.8 -2.1
0.3 3.4 0.6 1.4 0.3 -1.3 -2.5
1.0 3.3 3.1 1.6 0.1 -0.9 -1.3
4.1 7.2 5.7 5.2 2.4 2.9 1.5
3.1 5.3 4.8 4.2 2.0 1.6 0.8
4.5 7.3 4.1 6.6 3.4 2.1 3.2
4.4 6.8 4.5 6.7 3.1 2.5 3.1
5.8 8.3 7.4 8.9 3.5 2.9 3.7
3.2 5.2 4.4 5.0 1.2 1.7 1.9
3.6 6.4 4.2 4.6 3.2 2.0 1.4
3.5 5.4 5.1 5.9 2.0 1.3 1.2
3.4 5.0 5.0 6.0 1.1 0.9 2.2
2.7 4.5 3.3 3.1 2.2 1.9 1.5
4.7 6.1 6.2 6.3 4 2.7 2.8
4.2 6.3 4.9 5.3 3.1 2.4 3.0
3.1 3.6 5.2 4.2 1.7 2.3 1.9
6.3 3.7 4.5 4.8 4.7 3.6 3.0 1.8
33.3 6.0 8.2 7.3 7.2 5.2 4.4 3.6
-5.3 4.3 5.1 5.0 5.8 2.6 4.2 3.0
-6.3 2.9 5.0 3.1 3.5 2.4 2.1 1.3
-27.3 3.3 4.6 5.5 2.8 4.8 2.4 -0.1
27.8 56.3 35.3 25.0 37.5 12.5 0.0
54.2 81.8 66.7 66.7 45.5 44.4 20.0
37.7 57.1 38.1 61.9 23.8 20.0 25.0
6.8 35.3 16.7 20.0 -11.8 -5.9 -13.3
13.0 36.0 17.4 -8.7 29.2 17.4 -13.0
0.0 45.5 45.5 0.0 9.1

5.3 26.3 57.9 5.3 5.3 0.0 0.0
11.8 35.3 47.1 0.0 5.9 0.0 0.0
6.3 31.3 50.0 6.3 6.3 0 0
5 55 32 9 0 0 0
0 36 56 8 0 0 0
0 35 55 10 0 0 0
7 29 57 7 0 0 0
0 33 63 4 0 0 0
0 32 63 5 0 0 0
6 18 65 12 0 0 6
0 14 71 14 0 0 4
0 8 76 16 0 0 0
4 8 64 20 4 4 4
11 0 67 17 6 5.5555556 0
5 5 58 21 11 5.2631579 0
0 8 50 33 8 8.3333333 0
9 9 43 30 9 8.6956522 0
5 26 47 16 5 10.526316 0
4 11 52 33 0 7.4074074 3.7037037

1 -31
-11 -34
3 -18
-56 -52
-73 -47
-51 -31
-52 -17
-52 -24
-48 -24
-29 11
-6 10
-12 -2
11 -11
11 5
-1 -11
0 -36
-24 -31
-25 -38
-4 -25
-16 -22
-22 -25
-13 -18
-9 -13
6 1
1 -5
20 6
21 24
11 13
15 20
26.3 68.4 5.3 0.0 3.8 38 14
17.6 70.6 11.8 0.0 3.9 46 29
13 75 13 0 4 54 37
9 68 23 0 4 57 39
8 56 36 0 4 58 43
5 35 60 0 5 52 36
7 50 36 7 4 53 45
0 17 71 13 5 59 46
0 21 53 26 5 43 48
0 6 53 35 5 53 46
0 9 65 22 5 43 38
4 12 48 36 5 47 37
4 12 28 48 5 48 43
5.5555556 11.111111 27.777778 50 5.0555556 36 43
5.2631579 0 26.315789 63.157895 5.3157895 35 40
0 16.666667 33.333333 41.666667 4.9166667 42 34
4.3478261 4.3478261 21.73913 60.869565 5.1304348 40 33
0 5.2631579 31.578947 52.631579 5.0526316 35 34
3.7037037 7.4074074 22.222222 55.555556 5 37 27

2008 Q1 India -17 -25 -25 0 67 100 50
2008 Q2 India -6 -55 0 36 34 64 10
2008 Q3 India -45 -82 -9 -45 55 64 27
2008 Q4 India -65 -94 -44 -56 67 94 13
2009 Q1 India -52 -50 -38 -67 70 80 50
2009 Q2 India 8 48 5 -30 40 55 32
2009 Q3 India 23 43 8 14 33 43 8
2009 Q4 India 52 73 44 33 41 64 11
2010 Q1 India 27 50 31 0 40 56 27
2010 Q2 India 30 55 9 27 21 27 27
2010 Q3 India 35 67 13 22 62 60 56
2010 Q4 India 51 75 33 44 29 40 29
2011 Q1 India 39 58 17 42 36 67 17
2011 Q2 India 8 0 -38 56 16 18 -13
2011 Q3 India -10 -5 -20 -6 44 53 27
2011 Q4 India -13 -22 -17 0 33 56 12
2012 Q1 India 16 6 0 40 40 67 18
2012 Q2 India -26 -43 -14 -21 31 36 14
2012 Q3 India 2 6 0 0 33 38 31
2012 Q4 India 17 0 -10 60 33 60 10
2013 Q1 India 8 17 -10 17 17 34 7
2013 Q2 India -3 -6 -12 9 30 43 12
2013 Q3 India -31 -27 -40 -27 24 27 0
2013 Q4 India -8 18 -31 -13 31 59 0
2014 Q1 India 20 50 -10 20 13 20 10
2014 Q2 India 32 62 4 28 40 56 27
2014 Q3 India 23 50 0 18 29 40 13
2014 Q4 India 23 68 -13 13 13 12 0
2015 Q1 India 14 56 0 -13 24 33 13
2015 Q2 India 18 47 2 7 14 20 18
2015 Q3 India 13 39 12 -13 8 17 1
2015 Q4 India 22 58 12 -4 20 19 10
2016 Q1 India 28 58 17 8 1 -6 -8
2016 Q2 India 27 56 24 2 5 3 -8
2016 Q3 India 27 51 7 24 17 27 10
2016 Q4 India 2 26 -4 -16 7 4 9
2017 Q1 India 11 36 0 -3 6 4 2
2017 Q2 India 13 34 0 4 2 -1 0
2017 Q3 India 7 31 -19 9 1 -1 -4
2017 Q4 India 25 43 8 23 3 3 2
2018 Q1 India 37 57 23 31 6 13 -4
2018 Q2 India 22 40 3 24 18 33 4
2018 Q3 India 27 40 12 31 17 17 12
2018 Q4 India 41 61 19 42 33 46 18
2019 Q1 India 48 66 29 48 39 50 23
2019 Q2 India 30 44 13 32 31 43 17
2019 Q3 India 7 21 -6 6 31 38 16
2019 Q4 India 22 41 3 21 33 44 14

50 8 0 0 25 83 100 75
27 27 45 9 27 17 30 0
73 33 55 9 36 -33 -73 -9
94 65 100 38 56 -84 -100 -53
78 78 90 50 89 -51 -50 -38
32 38 45 26 42 -69 -74 -56
43 30 29 33 29 -52 -57 -42
44 24 45 0 22 -12 -36 0
38 38 44 25 44 10 25 6
9 22 22 22 22 -26 -20 -30
70 24 20 22 30 34 50 33
19 19 38 -6 25 17 25 6
25 14 17 -8 33 31 50 17
39 45 50 29 53 2 -6 -6
50 19 32 -7 28 8 18 7
32 51 76 13 61 -17 -6 -31
29 13 14 0 23 16 15 8
43 18 31 0 23 -7 -14 0
31 36 53 13 40 -6 0 -19
30 52 90 0 60 0 -20 0
10 33 39 26 32 -1 7 -12
34 21 29 6 27 13 17 2
47 40 33 27 60 -16 -20 -20
35 39 59 12 47 4 13 -25
10 17 20 0 30 -3 30 -20
37 29 42 20 24 6 19 -4
35 17 16 12 24 38 58 28
26 22 27 5 35 5 21 -9
25 30 28 31 31 28 58 16
5 18 28 11 15 22 36 18
7 14 11 6 24 -1 11 -9
32 20 23 11 26 13 22 7
17 21 9 21 32 27 40 29
19 6 -3 5 15 22 34 23
14 12 24 4 8 17 30 6
7 6 6 -1 14 -9 6 -13
11 10 10 5 16 -6 11 -17
7 10 6 6 18 2 16 -5
7 7 8 1 12 -11 8 -21
3 14 13 12 17 2 18 -9
8 18 15 14 26 25 41 14
17 10 13 5 13 25 47 10
22 10 19 -7 19 8 23 0
35 18 22 8 23 32 44 14
45 24 31 13 27 40 53 33
33 17 21 8 21 26 38 13
38 26 27 19 31 9 19 -1
42 16 21 5 22 26 45 8

75 17 -25 50 25 -25 -25 -25
20 -3 -36 18 9 0 -10 0
-18 -56 -82 -18 -70 -70 -90 -50
-100 -98 -100 -94 -100 -100 -100 -100
-67 -78 -70 -75 -89 -86 -90 -67
-78 -44 -29 -40 -65 -36 -10 -37
-57 -15 0 -17 -31 -10 7 -17
0 -3 -9 11 -11 18 36 22
0 -8 -6 6 -25 23 50 6
-27 27 45 18 18 22 36 10
20 25 44 11 20 57 80 60
19 19 25 6 25 19 31 13
25 39 45 36 36 28 42 25
17 18 53 0 0 -22 -35 -38
0 -14 -5 -33 -6 -12 -5 -33
-17 -42 -50 -31 -42 -22 -12 -44
25 22 21 20 23 28 44 8
-7 -24 -29 -29 -14 -31 -36 -21
0 4 -6 6 13 0 13 -7
20 23 20 10 40 14 30 -13
0 8 21 -18 21 16 19 4
19 22 23 12 32 1 6 -8
-7 4 7 7 0 -33 -33 -47
25 10 12 6 12 22 59 0
-20 17 30 10 10 0 40 -20
4 28 38 13 32 21 48 -4
29 26 37 18 24 24 32 11
4 17 33 5 14 18 46 0
11 22 47 -6 24 25 47 16
12 22 48 14 4 23 51 12
-4 6 30 0 -12 10 32 11
8 12 38 2 -5 21 51 12
13 14 49 -2 -5 29 57 16
9 21 49 4 10 28 53 21
15 18 35 3 17 28 57 8
-21 -4 20 -14 -17 -18 -1 -24
-12 17 47 -2 7 12 42 -2
-5 19 36 5 16 6 21 -5
-21 13 32 -6 12 7 36 -12
-2 21 40 1 23 31 50 15
19 34 53 23 26 31 55 15
17 27 42 9 31 20 40 1
0 27 42 12 29 25 39 6
37 46 57 30 51 41 49 24
36 41 58 23 42 40 55 24
27 28 39 19 26 30 47 13
8 22 32 14 19 4 14 -10
24 26 32 13 32 25 36 17

-25
10 -7 -30 -10 20
-70 -58 -73 -27 -73
-100 -83 -100 -50 -100
-100 -50 -50 -33 -67
-63 -16 -11 -42 5
-23 24 43 23 7
-13 11 30 33 -33
13 24 50 7 13
18 33 45 27 27
30 28 40 22 20
13 9 7 0 20
17 40 30 30 60
6 27 35 19 28
0 -13 -21 -13 -6
-12 -15 -24 -12 -11
29 13 13 14 13
-36 -14 -14 -21 -7
-6 10 25 6 0
20 36 20 25 60
26 6 15 -8 11
5 26 34 17 27
-20 5 0 7 7 24 21 21
6 -4 6 -6 -12 33 47 24
-20 13 40 0 0 50 80 20
20 25 24 22 28 56 70 32
29 29 58 6 24 45 48 39
9 21 38 9 17 62 70 50
11 26 50 11 17 48 66 31
8 23 49 4 14 45 57 39
-13 9 27 8 -8 43 62 37
1 13 38 2 -1 41 69 33
14 16 39 10 0 42 66 36
9 23 44 13 12 48 69 40
21 25 49 5 19 52 67 40
-29 -7 20 -22 -19 20 44 11
-3 11 33 0 -1 51 72 36
3 14 31 6 5 44 59 33
-3 16 38 1 9 46 64 29
27 28 43 11 31 47 63 30
23 37 53 26 33 57 74 43
18 32 47 17 33 60 72 45
31 22 37 9 21 58 69 42
48 37 50 22 39 71 84 58
41 46 61 32 44 64 79 54
30 40 51 26 43 55 68 45
7 15 24 10 11 45 55 33
23 35 50 20 35 52 58 41
29 7 0 13 7
29 29 47 24 18
50 43 80 20 25
65 49 62 28 58
47 68 81 61 62 27 53 11
67 83 89 79 82 22 57 -9
47 66 75 56 67 12 32 0
39 51 67 42 45 16 38 9
29 56 70 53 46 11 39 8
23 49 69 40 39 21 47 12
24 46 65 44 31 24 42 19
36 59 72 54 52 28 53 22
49 68 78 60 66 20 45 5
4 30 47 22 23 -5 19 -14
45 53 69 42 49 14 39 3
40 50 59 43 48 7 24 -1
46 51 64 38 51 7 32 -12
46 54 63 46 54 27 44 13
55 65 78 52 64 27 44 19
62 61 67 54 63 19 40 7
62 48 61 40 43 22 41 0
71 63 72 54 62 21 37 14
60 66 76 62 60 45 59 35
52 63 71 55 62 25 33 22
47 39 47 31 41 10 21 6
57 57 64 49 57 14 23 11
18 39 53 12 53 20 5 35
18 21 29 4 30 43 4 52
6 31 26 21 44 50 0 61
0 29 35 16 37 23 9 38
-14 16 18 5 24 22 5 38
3 15 19 6 21 40 8 47
12 12 3 10 24 16 6 33
8 8 7 9 9 18 4 32
10 13 18 10 11 28 6 39
-19 7 15 3 4 11 11 34
1 -5 -6 -8 -1 41 11 44
-3 1 5 -4 3 39 12 44
2 5 10 -1 7 34 10 43
23 -5 -3 -9 -2 43 17 41
19 11 22 5 7 30 11 44
11 27 42 17 21 38 6 50
25 6 11 -3 9 36 11 44
14 9 13 3 11 11 9 38
42 28 41 12 32 39 14 40
21 27 35 12 34 37 17 43
2 17 26 3 22 3 3 36
9 29 42 9 35 22 5 47
40 15 5 5.3 6.7 6.2 5.4 4.9

30 13 0 6.4 9.6 4.3 6.3 7.2
28 11 0 5.6 7.6 4.4 6.0 5.6
28 25 0 4.4 7.5 3.3 3.7 5.5
36 19 2 4.5 6.5 4.3 3.5 5.2
32 14 0 3.0 5.8 2.9 2.6 4.0
39 19 3 2.9 5.9 2.7 2.7 3.7
47 15 2 3.9 7.0 3.4 3.2 5.0
39 15 1 4.5 6.9 3.7 4.8 5.0
21 28 6 2.0 5.0 1.2 1.7 3.1
29 14 1 3.8 6.6 3.2 4.4 3.8
29 14 2 3.5 5.7 3.2 4.4 3.3
29 15 3 3.0 5.5 2.7 4.1 2.9
28 13 1 3.7 6.4 3.1 5.1 3.2
20 20 4 3.9 6.4 3.5 4.8 3.8
26 17 2 3.9 5.8 3.2 4.9 3.9
25 14 6 3.2 5.5 3.7 3.5 3.0
17 20 17 5.1 7.5 4.9 6.4 5.4
30 10 5 4.7 7.1 5.2 5.8 4.7
16 18 6 5.7 8.2 5.8 6.6 5.0
24 28 9 2.8 4.6 3.0 3.6 2.4
19 23 6 3.3 6.2 3.7 5.4 2.0
4.0 4.7
3.8 7.2
4.0 6.3
3.4 3.2
4.3 2.9
1.3 1.4
1.4 1.2
2.4 2.4
2.8 3.8
0.4 0.5
1.8 2.7
1.8 2.5
0.9 2.0
1.5 2.9
2 2.6
2.2 3.5
1.7 1.8
2.7 3.7 57.1 80.0 54.5 66.2 55.4 37.9
2.4 2.8 57.1 83.3 61.1 62.9 55.6 33.3
3.9 4.6 51 74 51 57 52 29
1.2 1.9 37.9 57.7 35.5 46.7 37.7 22.3
1.0 1.6 47.4 76.9 53.8 58.5 38.5 24.6
3.5 5.6 2.9 4.9 2.6 1.8 3.1

4.0 7.8 2.3 6.1 4.3 0.9 2.7
4.1 6.7 3.6 3.3 5.8 2.4 3.0
3.5 6.3 2.5 3.5 4.4 2.3 1.9
3.1 5.5 3.1 2.5 4.0 2.1 1.5
2.7 6.0 2.4 2.4 3.8 1.0 0.3
2.6 6.2 2.6 2.0 4.0 1.1 0.0
3.3 6.6 3.3 2.7 4.5 1.4 1.2
3.7 6.3 2.7 4.0 4.2 2.0 2.8
1.1 4.5 1.1 0.7 2.0 -0.2 -1.3
3.5 7.1 3.2 4.8 3.7 0.9 1.6
3.3 6.3 3.1 4.8 3.4 0.7 1.6
2.6 5.4 2.0 4.0 2.5 0.2 1.4
3.6 7.0 2.6 5.2 4.1 0.4 2.1
3.8 6.7 3.4 5 3.7 1.4 2.4
3.6 6.0 2.8 5.0 3.6 1.3 2.9
4.1 7.0 3.4 5.2 4.2 1.9 3.0
48.4 5.8 7.3 5.2 8.7 6.3 2.7 4.9
46.1 5.1 7.2 4.5 7.4 5.2 3.0 3.6
40 5.1 7.9 4.8 6.1 4.8 2.9 3.9
27.3 3.3 5.7 3.2 4.9 3.1 1.0 2.1
32.3 3.7 5.5 3.7 6.5 2.9 1.1 2.3
50.3 69.2 62.1 55.4 47.7 27.3 40.0
47.5 82.4 38.5 56.7 50.0 21.7 35.6
43 72 40 53 43 22 30
35.9 57.9 34.4 45.5 38.2 19.7 19.4
36.4 65.2 36.4 51.5 36.4 9.1 19.7
0.0 22.2 44.4 27.8 5.6

1.8 5.3 50.9 40.4 1.8 0.0 14.3
1.2 6.2 45.7 43.2 3.7 2.5 24.7
0.0 13.1 49.5 36.4 0.9 2.8 17.0
0 9 68 19 4 5 18
1 8 54 35 1 4 15
1 4 64 25 4 6 13
0 9 54 35 1 11 22
1 12 52 32 3 4 18
1 4 60 32 3 8 17
0 11 60 25 3 1 19
0 13 49 36 1 3 4
1 10 54 32 3 1 11
0 8 49 39 4 4 14
6 3 53 39 0 0 8.5714286
0 12 48 35 5 7.5757576 13.636364
0 4 55 37 3 3.2258065 11.827957
3 12 40 38 6 4 24
0 6 49 39 5 16.40625 25.78125
0 8 52 35 5 10.769231 24.615385

-3 -13
-12 -2
-45 -43
-76 -61
-69 -45
-25 -17
-8 7
8 22
-6 25
12 21
12 31
17 8
21 13
-6 -11
-14 -18
-35 -21
8 3
-23 -23
-10 -4
-4 14
-5 -7
-1 4
-22 -23
-13 -1
7 -8
10 11
11 5
6 6
2 7
50.0 25.0 10.7 0.0 3.3 8 6
38.3 27.2 6.2 1.2 3.1 2 1
46.2 25.5 6.6 1.9 3.2 4 6
20 41 15 2 3 7 11
23 37 21 0 4 14 14
19 43 16 1 4 11 13
29 23 14 1 3 -3 -11
21 35 16 6 4 6 9
23 31 18 4 3 7 6
28 38 11 3 3 4 6
23 39 25 6 4 11 21
23 38 25 3 4 18 19
20 39 20 3 4 13 8
22.857143 37.142857 25.714286 5.7142857 3.9714286 15 14
15.151515 43.939394 16.666667 3.030303 3.5757576 23 23
7.5268817 37.634409 36.55914 3.2258065 4.0215054 22 19
19 30 19 4 3 14 14
23.4375 17.1875 14.0625 3.125 2.9609375 1 1
16.923077 27.692308 15.384615 4.6153846 3.2615385 10 11

2008 Q1 Italy -33 0 -20 -80 33 40 20
2008 Q2 Italy -52 -43 -43 -71 62 57 71
2008 Q3 Italy -58 -50 -63 -63 17 -13 38
2008 Q4 Italy -67 -63 -63 -75 27 38 0
2009 Q1 Italy -69 -83 -50 -75 44 67 17
2009 Q2 Italy -80 -100 -60 -80 20 60 0
2009 Q3 Italy -22 -29 -25 -13 50 88 13
2009 Q4 Italy -47 -40 -60 -40 47 60 20
2010 Q1 Italy -3 -5 -25 21 40 58 35
2010 Q2 Italy 22 33 -17 50 39 50 50
2010 Q3 Italy 15 11 11 22 22 33 33
2010 Q4 Italy 23 43 0 29 14 29 25
2011 Q1 Italy -8 0 -20 0 -8 25 -40
2011 Q2 Italy -5 14 -14 -17 20 43 14
2011 Q3 Italy -11 0 -33 0 15 33 33
2011 Q4 Italy -42 -40 -75 -13 31 50 25
2012 Q1 Italy -8 -15 -25 17 19 31 8
2012 Q2 Italy -44 -56 -44 -33 30 33 22
2012 Q3 Italy -55 -81 -25 -60 49 75 31
2012 Q4 Italy -41 -41 -63 -19 29 41 31
2013 Q1 Italy -34 -44 -56 0 15 32 0
2013 Q2 Italy -59 -69 -77 -31 43 50 31
2013 Q3 Italy -23 -18 -50 0 48 45 60
2013 Q4 Italy -4 -11 -22 22 37 56 44
2014 Q1 Italy -10 -14 -43 29 52 57 57
2014 Q2 Italy -15 -23 -46 23 23 23 31
2014 Q3 Italy -28 -20 -55 -9 23 32 24
2014 Q4 Italy -1 -2 -34 33 29 41 26
2015 Q1 Italy 14 13 -8 36 18 25 16
2015 Q2 Italy 14 23 -10 31 18 26 16
2015 Q3 Italy 16 24 5 21 12 24 -2
2015 Q4 Italy 17 23 -17 44 16 23 15
2016 Q1 Italy 20 28 0 33 13 25 -2
2016 Q2 Italy 26 38 -8 47 14 19 8
2016 Q3 Italy 15 26 -13 31 20 25 23
2016 Q4 Italy 28 32 10 43 23 39 11
2017 Q1 Italy 25 31 2 42 16 19 10
2017 Q2 Italy 24 30 0 41 19 21 12
2017 Q3 Italy 34 42 12 50 13 15 6
2017 Q4 Italy 27 29 10 42 14 21 2
2018 Q1 Italy 30 37 13 41 12 13 -3
2018 Q2 Italy 18 20 18 16 12 21 7
2018 Q3 Italy 24 34 16 22 6 11 -3
2018 Q4 Italy 20 35 7 18 11 14 6
2019 Q1 Italy 13 36 -9 10 12 30 -6
2019 Q2 Italy 24 46 24 3 24 37 17
2019 Q3 Italy 20 42 6 12 21 29 14
2019 Q4 Italy 19 39 16 3 23 27 22

40 7 0 0 20 13 20 20
57 19 14 14 29 -43 -43 -29
25 42 50 38 38 -50 -50 -63
43 32 50 14 29 -100 -100 -100
50 60 83 40 50 -71 -67 -67
0 40 60 0 60 -78 -75 -80
50 67 88 50 63 -50 -50 -50
60 80 80 80 80 -40 -40 -40
26 52 71 41 44 -18 -16 -37
17 11 17 17 0 -28 -33 -33
0 11 22 0 11 -26 -22 -22
-14 18 29 13 14 -18 -14 -25
0 38 50 60 0 15 25 0
0 50 43 57 50 -45 -57 -29
-22 14 29 43 -29 -24 -25 -38
13 31 30 25 38 -46 -50 -50
17 35 46 25 33 -43 -36 -46
33 19 22 11 22 -59 -56 -67
40 32 38 25 33 -30 -38 -25
13 36 47 33 27 -36 -35 -47
12 36 50 31 21 -41 -47 -50
46 16 31 8 8 -35 -31 -42
40 6 18 0 0 -23 -27 -20
11 38 56 33 25 -15 -11 -22
43 0 0 0 0 -22 -17 -33
15 38 46 31 38 -23 -31 -31
11 26 40 12 26 -22 -18 -41
20 20 30 12 18 -18 -23 -28
13 20 25 15 22 7 13 -11
12 12 12 16 8 -7 4 -20
15 17 26 20 5 -5 2 -19
12 12 14 17 5 -3 2 -13
16 17 19 17 16 1 3 -12
16 9 8 12 8 -3 2 -19
12 14 15 16 12 5 13 -8
18 9 11 7 7 11 14 -3
18 8 11 8 7 11 20 -11
25 15 20 -3 26 1 7 -18
18 9 4 11 12 12 15 -3
21 6 3 0 14 11 22 -5
28 11 15 -5 23 13 20 -2
7 10 15 0 16 -3 -2 -8
9 6 11 -3 9 9 18 -3
15 13 9 10 19 11 18 4
13 19 15 13 28 11 27 -2
17 -3 9 -23 6 15 37 11
22 12 13 2 20 5 22 -4
20 11 17 2 16 0 11 -6

0 -20 20 0 -80 -47 -40 -40
-57 -19 0 -29 -29 -29 -29 -29
-38 -42 -38 -38 -50 -88 -88 -88
-100 -63 -75 -25 -88 -75 -63 -75
-80 -43 -60 -20 -50 -67 -60 -60
-80 -93 -100 -80 -100 -53 -40 -60
-50 -79 -75 -75 -88 0 0 0
-40 -60 -60 -60 -60 -53 -40 -60
0 -46 -47 -53 -37 -7 11 -30
-17 -22 -33 -33 0 -28 -33 -33
-33 19 11 0 44 38 50 25
-14 14 29 -13 29 -23 -14 -38
25 0 0 -25 33 8 25 -20
-50 -30 0 -43 -50 -15 -29 -14
-11 -19 -38 -22 0 11 13 -33
-38 -42 -50 -63 -13 -59 -67 -78
-46 -57 -62 -75 -33 -15 -14 -23
-56 -44 -33 -67 -33 -52 -44 -78
-27 -47 -63 -31 -47 -48 -44 -69
-27 -57 -76 -67 -27 -22 -13 -53
-25 -47 -63 -67 -7 -33 -39 -53
-33 -55 -50 -62 -54 -28 -23 -54
-20 -65 -73 -80 -40 19 27 10
-11 -22 -33 -33 0 0 11 -22
-17 -48 -43 -71 -29 17 17 0
-8 -15 -23 -38 15 13 0 -15
-6 -21 -20 -32 -11 2 15 -36
-2 -10 -7 -27 5 13 15 -15
19 9 9 -15 33 33 45 -2
-4 -3 0 -25 15 25 34 -2
0 4 7 -8 13 39 50 20
3 19 19 0 39 37 37 21
11 14 19 0 23 32 47 8
8 9 24 -24 26 30 33 14
10 5 21 -21 15 23 29 6
22 -2 0 -24 18 16 21 3
23 16 27 -13 34 29 37 8
15 22 31 3 32 29 36 -1
23 28 38 0 45 33 44 12
16 22 31 3 31 30 40 5
20 17 28 2 22 34 36 24
0 11 12 7 14 14 11 12
13 18 24 3 26 12 14 15
11 9 21 -8 13 18 30 11
9 13 36 -4 8 18 36 6
-3 20 37 14 9 21 31 29
-2 12 38 -12 8 22 41 18
-5 21 42 13 8 23 42 16

-60
-29 -67 -86 -57 -57
-88 -57 -63 -63 -43
-88 -92 -75 -100 -100
-80 -78 -67 -100 -67
-60 -73 -80 -60 -80
0 -50 -38 -75 -38
-60 -53 -60 -60 -40
0 -12 -5 -35 5
-17 11 17 -17 33
38 0 11 -33 22
-14 0 14 -13 0
25 0 25 -40 25
0 -5 -17 0 0
50 -22 -38 -33 0
-33 -70 -78 -78 -56
-8 -53 -50 -64 -45
-33 -74 -67 -78 -78
-29 -38 -38 -31 -47
0 -51 -59 -67 -27
-7 -54 -56 -71 -36
-8 -33 -29 -50 -21
20 -45 -45 -50 -40 -35 -45 -40
11 0 -11 -11 22 0 0 -11
33 -43 -43 -57 -29 -24 -29 -29
58 -15 -18 -27 0 0 -15 -23
26 2 18 -21 9 -31 -29 -44
40 4 8 -15 20 -19 -14 -41
56 9 13 -17 31 10 20 -15
42 4 9 -13 17 1 11 -16
47 11 23 -8 19 2 15 -21
53 12 18 -13 31 17 30 -17
41 13 17 -2 25 12 21 -6
42 14 24 -2 20 12 23 -12
35 15 27 2 16 21 35 1
25 8 14 -10 21 -1 7 -24
44 19 26 -4 36 12 21 -12
51 15 24 -4 24 16 23 -6
42 28 36 9 40 21 35 -7
46 20 29 4 28 25 35 4
41 16 25 -2 24 19 29 -1
19 11 11 11 12 20 26 12
6 10 17 9 3 20 27 11
13 20 25 13 20 18 28 -7
12 18 31 11 13 14 28 1
3 19 40 17 0 28 47 25
6 9 31 0 -4 13 39 -5
10 13 39 2 -3 13 30 2
-20 -3 -9 -10 10
11 0 11 -44 33
-14 -5 0 -29 14
38 15 8 -15 54
-19 -10 -8 -26 3 16 30 -21
-2 22 25 8 33 34 30 18
26 25 28 6 42 44 54 17
9 19 25 0 31 36 44 18
13 20 31 1 28 45 51 33
36 18 21 -2 35 54 63 42
21 20 28 1 31 40 49 22
26 24 30 10 32 33 43 16
27 25 35 7 31 33 38 17
15 18 22 3 27 34 38 24
27 12 16 -8 28 39 48 18
32 22 28 7 32 38 53 10
34 26 34 10 36 36 42 16
35 32 40 15 42 45 53 25
28 21 29 5 29 30 38 18
20 20 20 17 23 11 17 6
21 17 17 13 21 6 9 6
33 18 25 9 19 22 39 7
13 9 20 4 4 15 31 2
12 34 44 26 32 27 43 23
5 13 29 1 8 22 41 10
8 11 33 2 0 10 35 3
38 41 53 45 26 22 0 44
55 40 45 38 37 41 5 51
61 20 26 17 19 56 9 55
46 27 37 18 26 67 6 65
51 6 12 -5 10 73 5 68
58 41 39 41 43 64 0 67
48 20 22 14 25 55 10 48
39 12 16 6 14 46 4 54
43 21 27 17 18 40 8 44
39 27 31 24 25 23 7 43
50 16 19 14 15 39 10 40
51 12 18 6 12 37 7 41
49 12 16 3 16 47 3 47
58 12 16 4 16 40 9 40
35 6 7 -8 17 47 9 42
11 9 12 8 8 33 6 41
3 13 26 3 12 17 0 31
20 19 25 6 25 5 2 34
12 11 24 8 2 24 4 29
14 15 26 3 17 43 5 41
14 3 12 -8 4 22 12 29
-8 25 30 27 16 25 3 33
33 22 0 -0.9 1.4 -1.4 1.4 -1.7

29 12 2 1 1.9 0.6 2.8 0.3
29 4 4 1.7 3.7 1.5 3.9 0.9
24 4 0 1.1 3.0 0.9 3.6 0.4
27 0 0 0.8 3.1 0.5 2.9 0.3
31 2 0 1.2 3.1 1.2 4.3 -0.2
39 2 2 0.6 2.2 0.1 2.8 -0.2
30 12 0 1.1 2.8 0.9 2.5 1.0
36 8 4 1.4 3.6 1.3 2.9 1.0
23 27 0 0.5 2.2 0.8 2.6 -0.8
39 10 1 0.2 2.2 0.4 3.4 -1.4
42 8 3 0.8 2.6 1.0 2.8 -0.4
47 2 1 1.2 3.0 1.5 3.3 -0.1
43 5 3 1.5 3 1.6 3.7 0.5
45 4 0 1 2.8 1.4 3.2 0
41 13 0 1.6 2.4 2.5 3.3 0.2
54 14 0 0.8 2.4 1.9 2.9 -0.9
34 30 0 1.0 3.3 2.0 3.7 -0.5
57 10 0 0.2 3.3 1.6 2.3 -1.3
51 3 0 2.1 4.6 4.4 3.5 0.8
39 20 0 1.1 5.0 2.4 3.0 0.2
53 9 2 0.4 3.5 1.4 1.5 -0.2
-3.9 -1.4
-0.4 0.8
-1.0 1.2
-1.2 0.0
-1.7 0.0
-1.7 0.6
-1.2 -0.3
-0.7 0.5
-0.6 0.0
-1.8 0.0
-2.5 -0.9
-1.5 0.1
-0.7 -0.1
-0.6 0.6
-1.3 -0.2
0.4 0.4
-1.1 -0.7
-1.9 -0.6 7.2 55.4 27.8 42.6 -14.5 -35.2
-2.8 -2.2 -1.8 44.9 19.1 29.8 -24.5 -34.0
-0.6 -0.3 7.1 37.1 17.1 45.7 0.0 -22.9
-1.4 -2.5 2.0 41.2 18.0 26.5 -8.0 -30.0
-1.7 -2.1 2.4 50.8 27.1 27.1 -21.3 -28.8
-2.5 0.2 -2.5 0.5 -3.8 -5.9 -3.5

-1.3 1.5 -0.6 2.1 -3 -4.7 -2.9
0.8 3.3 0.2 3.9 -0.5 -2.5 0.3
0.6 2.7 0.8 3.2 -0.4 -2.3 -0.7
-0.2 2.1 -0.4 3.1 -0.6 -4.1 -1.6
1.3 3.2 0.7 5.3 0.5 -2.2 0.1
0.8 3.5 0.7 3.3 -0.6 -1.8 -0.4
1.1 4.5 -0.1 3.9 0.5 -2.8 0.6
0.5 3.0 1.1 2.9 -0.7 -2.0 -1.2
0.1 2.1 -0.3 3.5 -0.7 -2.8 -0.9
0.5 3.0 0.4 3.8 -0.9 -2.6 -0.9
0.8 2.8 0.5 3.5 -0.2 -1.9 0.2
0.9 2.9 0.9 3.7 0.0 -1.8 -0.2
1.3 3.2 1.4 4.2 0.1 -1.6 0.7
1.1 3.5 1.3 3.8 -0.2 -1.8 -0.2
1.8 3.6 2.7 3.7 0.6 0.2 0.0
1.0 2.8 1.0 3.1 -0.1 -0.5 -0.3
-32.7 1.3 4.0 1.4 4.8 0.1 -2.1 -0.4
-45.8 0.2 3.5 1.1 2.4 -0.7 -2.9 -2.1
-34.3 1.2 4.6 2.6 1.8 1.0 -0.8 -2.1
-36.0 0.9 5.3 1.9 3.0 -0.1 -2.3 -2.3
-40.7 0.4 2.9 2.0 1.9 -0.3 -2.0 -2.2
-1.1 37.0 17.3 36.5 -22.6 -42.3 -32.7
2.6 53.1 25.5 37.5 -22.4 -34.0 -43.7
0.0 22.9 11.4 22.9 -8.8 -17.1 -31.4
-1.4 42.3 7.8 19.6 -11.5 -31.4 -35.3
1.6 46.2 20.6 22.2 -15.9 -28.6 -34.9
3.6 29.1 41.8 25.5 0.0

6.1 30.6 51.0 12.2 0.0 4.1 12.2
0.0 33.3 42.9 23.8 0.0 7 14
4.9 31.7 51.2 12.2 0.0 5 17
3 21 63 13 0 2 6
2 25 57 12 4 2 8
8 12 70 10 0 0 16
10 30 40 20 0 3 10
2 22 47 27 1 3 14
4 21 54 21 0 4 9
0 22 61 14 3 0 3
7.018 22.807 59.649 10.526 0 4 11
2 19 59 19 2 4 7
7 17 54 20 2 0 19
3 24 47 26 0 2.8571429 11.428571
2 14 57 25 2 3.6363636 9.0909091
4 14 54 26 2 5.8823529 23.529412
3 22 43 30 3 21.621622 10.810811
4 25 47 22 2 4 16
3 18 58 18 2 4.6153846 12.307692
Bottom Early Uptur Mid-Upturn Peak Average OSI ISI

-20 -23
-30 -32
-47 -48
-54 -56
-57 -48
-71 -42
-56 -29
-62 -47
-34 -20
-4 -9
7 3
6 -18
-15 -13
-28 -29
-15 -25
-38 -64
-33 -47
-36 -60
-45 -51
-45 -41
-39 -50
-43 -41
-31 -34
-21 -26
-19 -26
-23 -16
-25 -12
-10 -8
1 7
46.9 32.7 4.1 0.0 3.2 0 1
29 48 2 0 3 1 15
34 37 7 0 3 8 2
31 52 8 2 4 6 8
33 43 14 0 4 8 11
20 52 10 2 4 2 6
37 30 17 3 4 6 -1
24 45 11 4 4 11 11
17 51 14 4 4 10 11
24 49 21 2 4 18 16
25 35 23 4 4 14 13
16 48 20 5 4 12 15
19 37 20 6 4 6 5
20 31.428571 25.714286 8.5714286 3.9142857 12 3
12.727273 36.363636 25.454545 12.727273 4.0909091 6 6
15.686275 21.568627 25.490196 7.8431373 3.6078431 2 8
16.216216 27.027027 16.216216 8.1081081 3.2972973 16 8
22 32 22 4 3.64 7 9
23.076923 27.692308 27.692308 4.6153846 3.7538462 10 4

2008 Q1 Japan -25 -38 -25 -13 50 88 25
2008 Q2 Japan -21 -13 -38 -13 39 86 25
2008 Q3 Japan -37 -67 -33 -14 63 83 50
2008 Q4 Japan -60 -78 -50 -50 48 78 13
2009 Q1 Japan -57 -57 -57 -57 81 100 71
2009 Q2 Japan -44 -33 -44 -56 63 78 33
2009 Q3 Japan 0 0 0 0 54 63 50
2009 Q4 Japan -33 -43 -29 -29 57 71 57
2010 Q1 Japan -17 -8 -8 -33 33 50 17
2010 Q2 Japan 29 43 43 0 52 57 29
2010 Q3 Japan 15 22 0 22 44 67 22
2010 Q4 Japan -29 -27 -29 -33 19 36 0
2011 Q1 Japan -3 -8 0 0 38 50 11
2011 Q2 Japan -9 -12 18 -45 27 35 6
2011 Q3 Japan 30 33 30 25 23 25 30
2011 Q4 Japan 23 30 30 10 13 40 0
2012 Q1 Japan 30 44 44 0 11 44 -11
2012 Q2 Japan 37 30 50 30 30 70 0
2012 Q3 Japan 23 30 30 10 10 30 -10
2012 Q4 Japan 9 0 29 0 5 0 0
2013 Q1 Japan 51 63 59 29 20 28 31
2013 Q2 Japan 51 40 67 47 0 14 -14
2013 Q3 Japan 70 80 70 60 21 9 27
2013 Q4 Japan 47 40 50 50 7 -20 20
2014 Q1 Japan 67 82 64 55 -3 0 0
2014 Q2 Japan 76 78 70 78 6 0 10
2014 Q3 Japan 46 60 48 29 -23 -45 0
2014 Q4 Japan 65 81 55 58 -5 -14 3
2015 Q1 Japan 49 58 40 49 -30 -47 -15
2015 Q2 Japan 68 84 54 66 -24 -40 -14
2015 Q3 Japan 53 56 35 68 -49 -74 -25
2015 Q4 Japan 57 61 41 68 -30 -42 -25
2016 Q1 Japan 35 39 20 45 -30 -44 -17
2016 Q2 Japan 27 33 20 27 -24 -60 13
2016 Q3 Japan 18 16 13 24 -2 -16 13
2016 Q4 Japan 9 33 0 -6 5 -5 16
2017 Q1 Japan 24 40 8 24 -10 -24 17
2017 Q2 Japan 27 41 18 24 4 -6 6
2017 Q3 Japan 22 32 24 11 -25 -35 -16
2017 Q4 Japan 24 43 25 4 -13 -26 4
2018 Q1 Japan 21 41 14 9 -14 -41 9
2018 Q2 Japan 22 33 24 10 -25 -57 -5
2018 Q3 Japan 21 36 22 5 -21 -50 -9
2018 Q4 Japan 33 40 40 20 -30 -50 -30
2019 Q1 Japan 28 39 28 17 -26 -39 -17
2019 Q2 Japan 39 56 47 15 -16 -23 -25
2019 Q3 Japan 16 13 29 6 -17 -38 0
2019 Q4 Japan 26 41 44 -6 -15 -19 -25

38 21 50 0 13 8 0 13
13 33 75 13 13 4 13 0
57 37 83 17 14 -16 0 -33
50 52 89 22 44 -22 0 -56
71 79 100 67 67 -25 0 -43
78 30 44 22 22 0 11 -22
50 63 88 50 50 -17 0 -25
43 57 100 29 43 -29 -43 -14
33 36 58 17 33 -28 -17 -17
71 33 33 17 50 -44 -14 -50
44 19 33 11 11 -44 -44 -44
13 42 45 33 40 -8 -9 0
45 38 58 0 42 -32 -25 -40
45 23 29 6 38 -11 -6 -6
13 17 17 18 14 10 17 9
0 7 33 -11 0 19 11 44
0 4 11 0 0 11 11 22
20 7 20 0 0 3 -20 40
10 -7 -20 0 0 13 0 30
14 0 0 0 0 27 25 57
0 2 0 7 0 14 6 31
0 14 14 7 21 27 27 40
27 24 9 27 36 45 36 64
20 0 -30 10 20 23 20 20
-9 -9 -18 0 -9 18 18 18
9 -9 -22 -10 4 32 32 33
-23 -22 -43 -8 -16 12 14 15
-5 -6 -25 0 8 16 24 15
-28 -14 -22 -11 -10 23 27 20
-19 -9 -19 -3 -7 26 33 28
-48 -25 -26 -22 -28 19 19 24
-24 -28 -50 -13 -21 25 28 19
-29 -3 -13 0 3 19 20 25
-27 -11 -27 7 -13 5 8 8
-4 -7 -8 -4 -8 13 17 10
5 7 17 6 0 30 42 26
-24 -8 -16 4 -12 13 24 9
12 8 0 18 6 26 31 31
-24 -9 -17 0 -11 22 21 24
-17 -13 -22 -4 -13 31 26 38
-9 2 0 5 0 11 24 14
-14 3 0 5 5 21 24 29
-5 -8 -24 0 0 1 10 14
-10 0 -10 10 0 13 20 30
-22 -13 -17 -11 -11 -8 0 -6
0 -17 -26 -18 -6 23 29 29
-13 -6 -19 0 0 16 19 24
0 2 -6 13 0 7 13 20

13 -21 -38 -13 -13 -58 -63 -50
0 -17 -38 0 -13 -25 -13 -50
-14 -21 -67 -17 14 -47 -67 -67
-11 -78 -89 -78 -67 -85 -89 -89
-33 -76 -71 -71 -86 -55 -57 -50
11 -63 -67 -67 -56 -26 0 -44
-25 -67 -75 -50 -75 17 25 13
-29 -71 -86 -71 -57 33 43 0
-50 -61 -67 -42 -75 17 50 8
-67 -43 -43 -14 -71 48 71 43
-44 -52 -56 -44 -56 26 56 11
-11 -48 -55 -40 -43 9 9 0
-33 -26 -42 -10 -25 32 33 20
-25 -32 -29 -6 -73 -9 -12 6
0 7 17 11 -14 39 33 44
0 11 0 30 0 27 20 30
0 -7 -22 0 0 48 56 56
-10 -7 -30 20 -10 40 10 70
10 17 30 20 0 43 50 44
0 14 13 43 -14 68 75 71
6 47 42 56 44 78 84 75
13 40 40 53 27 52 67 40
36 45 64 45 27 73 82 73
30 54 80 30 50 77 80 70
18 55 82 45 36 76 73 82
32 57 74 48 48 75 77 76
7 59 87 41 48 58 69 50
10 51 70 33 49 63 74 54
22 51 64 35 55 58 63 49
15 61 84 47 51 62 69 62
15 64 79 38 75 47 59 28
28 54 79 32 52 30 41 17
13 27 38 13 31 10 17 7
0 24 47 0 27 3 0 8
13 23 28 18 24 5 5 0
21 7 32 -11 0 11 16 12
5 20 40 -4 24 25 20 24
15 12 19 12 6 22 40 7
21 12 21 5 11 16 17 15
30 21 43 0 18 22 30 13
-5 20 41 0 18 22 38 19
10 21 43 14 5 12 18 9
-19 14 41 0 0 21 20 38
-10 30 60 20 10 7 10 20
-18 39 72 28 17 20 33 22
12 49 74 50 24 20 31 29
6 8 25 6 -6 -4 0 0
-13 28 65 19 0 15 31 27

-63
-13 -38 -38 -38 -38
-14 -52 -67 -33 -50
-78 -85 -100 -78 -78
-57 -95 -86 -100 -100
-33 -72 -63 -67 -88
13 -63 -63 -63 -63
57 -86 -86 -86 -86
-8 -39 -33 -33 -50
29 -33 -33 -17 -50
11 -30 -33 -33 -22
17 -44 -55 -38 -38
42 -12 -33 0 0
-25 -27 -29 -13 -45
43 12 18 11 0
30 7 10 10 0
33 33 44 33 22
40 20 10 40 10
33 21 30 22 11
57 5 0 14 0
75 75 84 75 65
50 67 67 67 67
64 85 91 82 82 61 82 45
80 57 70 40 60 57 80 40
73 61 64 64 55 70 91 45
73 65 71 65 57 65 74 62
54 70 79 61 71 59 77 45
61 78 85 71 79 59 73 47
63 67 73 54 73 49 61 38
54 77 86 69 74 49 68 35
54 64 69 48 75 53 68 36
31 72 74 67 74 55 74 37
7 44 50 30 53 44 55 31
0 5 7 0 7 31 63 0
10 27 26 24 30 25 34 20
5 23 32 11 26 7 26 -13
30 35 45 24 36 8 13 0
20 31 53 13 27 12 19 10
17 34 32 33 37 14 26 8
22 30 30 33 26 23 39 20
9 33 43 29 27 26 45 11
9 29 38 24 24 12 25 14
5 34 36 52 14 21 34 23
-10 50 60 60 30 30 45 35
6 44 56 44 33 36 60 28
0 33 40 37 21 44 65 47
-13 6 19 6 -6 34 53 38
-13 22 38 33 -6 27 38 60
55 88 91 82 91
50 83 90 70 90
73 70 82 64 64
59 66 68 67 64
56 80 90 72 76 52 63 48
58 77 80 73 77 75 83 71
50 60 64 56 60 52 58 40
42 71 73 67 72 59 72 48
56 70 78 58 73 38 48 22
55 67 75 61 65 34 48 20
47 47 53 43 45 10 10 7
30 7 11 4 7 -3 0 -8
22 23 24 23 24 16 24 5
8 12 28 0 8 35 41 35
9 28 29 23 34 26 37 15
6 35 43 30 30 31 47 20
8 37 39 37 34 20 19 18
11 41 45 43 34 44 59 32
20 28 50 21 14 22 38 15
-2 19 25 23 9 14 24 5
7 27 34 34 13 23 29 27
10 25 30 35 10 10 20 10
21 45 61 42 33 20 33 22
21 45 57 50 29 22 31 35
9 16 29 15 3 -4 -6 0
-18 18 37 39 -23 15 19 27
46 -32 -31 -41 -25 62 14 48

71 -1 2 -3 -3 76 7 69
59 -10 -8 -9 -12 57 11 49
56 -4 -3 -8 -3 59 10 51
43 -2 -7 0 0 37 0 37
34 -17 -14 -23 -14 36 3 36
13 -13 -23 -10 -6 27 3 27
0 -49 -54 -46 -46 38 0 38
19 -10 -17 0 -14 8 8 13
29 -20 -21 -22 -16 20 0 25
26 -28 -28 -22 -33 22 0 26
27 5 8 0 8 7 7 13
25 -10 -11 -19 0 10 0 15
41 -17 -13 -21 -17 29 4 33
14 -5 -5 -5 -5 4 4 17
14 -33 -45 -23 -32 13 0 26
14 -17 -14 -18 -19 0 0 18
0 -20 -30 -10 -20 0 0 20
6 -20 -17 -28 -17 6 0 17
0 4 12 6 -6 -6 0 11
-6 -6 -19 6 -6 -12 0 6
0 2 13 0 -6 13 0 20
38 0 0 5.6 8.8 5.6 7.4 5.3

24 0 0 5.1 7.7 5.4 6.9 4.1
38 2 0 4.3 6.6 4.6 5.7 3.8
37 2 0 4.8 7.1 5.4 6.2 3.8
63 0 0 4.4 6.3 4.0 6.3 4.4
58 3 0 4.7 7.2 4.7 6.0 3.8
67 3 0 3.0 4.9 3.1 3.9 2.6
62 0 0 0.3 2.0 0.5 1.1 -0.4
67 13 0 1.3 2.9 2.3 2.3 0.2
70 5 0 0.5 1.8 0.8 1.1 0.1
70 4 0 1.5 2.4 0.9 3.3 1.2
67 13 0 1.3 2.3 0.7 1.2 2.2
80 5 0 1.6 2.4 2.0 2.5 1.2
54 8 0 2.8 3.5 3.2 3.2 2.8
61 17 0 1 3 1 1.3 1.2
61 9 4 0.5 1.8 0.9 1.4 0.1
64 18 0 1.0 1.6 1.6 0.7 1.3
60 20 0 0.6 1.0 1.5 0.8 0.5
72 11 0 1.6 3.3 2.4 1.8 1.1
72 17 0 2.3 4.5 3.6 2.3 2.2
76 18 0 1.2 2.5 2.2 2.7 1.3
73 7 0 0.9 2.5 3.2 0.5 1.0
2.7 4
2.9 3.4
2.3 3.1
2.7 3.4
2.1 3.2
2.9 3.5
1.7 2.0
-0.7 -0.7
0.1 0.0
-0.3 -0.4
0.5 0.5
0.2 1.1
0.8 1.0
2.3 1.9
0.1 -0.6
0.0 -0.9
0.5 0.2
0.3 -0.3 -18.3 -10.0 10.0 -10.0 -40.0 -20.0
0.6 0.1 -7.4 27.8 27.8 11.1 -27.8 -33.3
1.4 -0.2 -6 12 24 -6 -19 -9
-0.8 -0.5 -35.0 -20.0 -12.5 -33.3 -46.7 -37.5
0.9 -2.7 -13.2 0.0 21.4 -20.0 -20.0 -7.1
3.1 6.7 2.9 5.3 2.5 0.5 1

3.3 6.6 3.1 5.5 2.5 1.0 1.2
2.9 5.1 2.6 4.8 2.3 0.8 1.5
2.8 6.2 2.7 4.4 2.2 0.3 0.8
2.9 5.5 2.7 4.9 2.4 0.7 1.3
2.6 5.4 2.0 3.6 2.2 0.5 1.5
2.3 4.0 1.9 3.5 1.9 0.9 1.7
1.3 4.2 0.5 2.7 0.7 -0.2 0.2
1.0 2.1 1.3 1.3 0.8 0.2 0.4
0.2 1.8 0.4 -0.1 0.3 -1.1 -0.3
0.4 1.3 0.0 1.4 0.5 -0.2 -0.2
0.2 0.8 0.3 0.3 0.5 -0.4 -0.3
0.7 1.8 0.9 1.7 0.5 -0.2 -0.3
1.7 2.3 1.1 1.8 2.7 1 1.1
1.2 3.1 0.8 2.2 1.9 -0.2 -0.2
0.5 1.1 0.9 1.3 1.3 -0.7 -0.7
0.9 1.8 1.3 1.0 1.0 0.3 -0.2
-40.0 1.0 1.8 1.5 1.0 2.0 0.3 -0.5
-50.0 1.4 2.9 1.9 1.9 2.4 -0.6 -0.3
-38 2.2 3.8 3.1 1.9 3.4 1.2 0.1
-60.0 1.7 2.7 2.2 2.0 2.5 0.6 0.3
-53.3 0.9 1.8 3.0 0.6 0.7 1.0 -1.8
-20.0 -10.0 10.0 0.0 -50.0 -30.0 -40.0
0.0 27.8 27.8 5.6 -5.6 -16.7 -38.9
4 24 30 0 3 0 -30
-9.4 -12.5 5.9 -12.5 -6.3 -5.9 -25.0
6.4 29.4 43.8 -11.8 0.0 12.5 -35.3
2.0 7.8 37.3 47.1 5.9

0.0 2.4 21.4 57.1 19.0 2.5 2.5
3.4 3.4 20.7 72.4 0.0 0.0 3.6
0.0 2.9 17.6 61.8 17.6 0 3
0 6 24 52 18 0 3
0 8 8 69 15 8 0
0 4 17 63 17 9 9
0 0 10 65 25 0 5
0 4 8 54 33 8 0
0 7 27 33 33 0 6
0 0 14 62 24 0 0
4 4 30 30 30 4 4
0 9 22 43 26 13 0
0 0 17 35 48 8.6956522 8.6956522
0 0 18 55 27 0 4.3478261
0 10 10 50 30 10 10
0 6 18 59 18 5.5555556 0
0 6 14 53 28 9 0
0 0 18 41 41 17.647059 5.8823529
0 6 13 56 25 6.25 6.25

-22 -29
-24 -21
-32 -33
-63 -57
-71 -50
-46 -33
-43 -20
-54 -44
-38 -21
-16 1
-19 1
-40 -12
-22 7
-21 -12
7 15
9 9
6 30
8 22
16 18
8 22
32 59
26 44
30 62
33 59
43 57
47 54
42 53
40 47
38 45
2.5 12.5 52.5 27.5 4.9 46 47
3.6 3.6 57.1 32.1 5.1 47 38
9 6 48 33 5 46 39
0 3 33 61 5 22 23
0 0 23 69 5 21 19
0 0 23 59 5 16 14
0 0 32 63 5 3 18
4 4 17 67 5 17 29
6 6 19 63 5 11 16
5 5 14 76 6 14 20
9 4 13 65 5 19 23
4 0 22 61 5 13 20
0 0 8.6956522 73.913043 5.1304348 13 25
0 0 8.6956522 86.956522 5.7391304 14 24
0 0 10 70 5 21 26
0 5.5555556 16.666667 72.222222 5.4444444 27 28
0 3 17 71 5 35 16
5.8823529 0 0 70.588235 4.7058824 10 3
0 0 6.25 81.25 5.375 17 12
Rent exp Demand
-1.5 -25
-2.2 -38
-1.9 -33
-2.9 -50
-3.3 -57
-2.6 -44
0.0 0
-1.7 -29
-0.5 -8
2.5 43
0.0 0
-1.7 -29
0.0 0
1.0 18
1.7 30
1.7 30
2.6 44
2.9 50
1.7 30
1.7 29
3.4 59
3.9 67
4.1 70
2.9 50
3.7 64
4.1 70
2.8 2.9 48 SUMMARY OUTPUT
3.2 3.1 55
2.3 2.6 40 Regression Statistics
3.1 2.7 54 Multiple R
2.0 2.7 35 R Square
2.4 2.0 41 Adjusted R
1.2 1.9 20 Standard Er
1.2 0.5 20 Observatio
0.8 1.3 13
0.0 0.4 0 ANOVA
0.5 0.0 8
1.0 0.3 18 Regression
1.4 0.9 24 Residual
1.5 1.1 25 Total
0.8 0.8 14
1.4 0.9 24 Coefficients
1.3 1.3 22 Intercept
2.3 1.5 40 X Variable
1.6 1.9 28
2.7 3.1 47
1.7 2.2 29
2.5 3.0 44
SUMMARY OUTPUT
Regression Statistics
0.8757296
0.7669023
0.7552474
0.4936394
22
df SS MS F Significance F
1 16.034363 16.034363 65.800943 9.401E-08
20 4.8735966 0.2436798
21 20.907959
Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
-0.024631 0.2353225 -0.10467 0.91768 -0.515505 0.4662428 -0.515505 0.4662428
0.0580076 0.007151 8.111778 9.401E-08 0.0430908 0.0729244 0.0430908 0.0729244
ALL off ind ret ALL

2016 Q1 Malaysia -40 -37 -32 -53 42
2016 Q2 Malaysia -47 -50 -40 -50 43
2016 Q3 Malaysia -81 -78 -89 -78 44
2016 Q4 Malaysia -39 -17 -27 -73 41
2017 Q1 Malaysia -45 -45 -30 -60 -3.333333333
2017 Q2 Malaysia -35 -31 -25 -50 23
2017 Q3 Malaysia -22 -25 -17 -25 42
2017 Q4 Malaysia -27 -31 -6 -44 21
2018 Q1 Malaysia -24 -36 7 -43 29
2018 Q2 Malaysia -36 -40 -3 -65 15
2018 Q3 Malaysia -22 -26 3 -43 24
2018 Q4 Malaysia -36 -40 -18 -49 36
2019 Q1 Malaysia -33 -44 -6 -50 35
2019 Q2 Malaysia -26 -30 -14 -33 36
2019 Q3 Malaysia -24 -24 -6 -41 24
2019 Q4 Malaysia -31 -29 -16 -49 27

47 26 53 32 44 29
35 35 60 40 55 25
33 56 44 37 33 33
33 36 55 23 25 9
15 -20 -5 17.543859649 31.578947368 5.2631578947
38 19 13 48 50 44
42 50 33 22 25 17
19 6 38 25 38 13
29 36 21 31 29 21
20 3 23 13 18 15
32 13 27 26 37 9
40 25 43 24 28 12
45 21 40 32 40 16
43 27 38 22 28 9
25 16 31 31 37 18
28 20 33 3 3 0

24 -28 -33 -22 -28 -25 -32
40 -6 -12 0 -6 -37 -37
44 -27 -30 -20 -30 -40 -40
36 -20 -10 -30 -20 -23 -20
15.78947368 -47.0588235 -47.05882353 -47.0588235 -47.0588235 -35.0877193 -31.57894737
50 -22 -13 -20 -33 -38 -31
25 -6 0 8 -25 -28 -8
25 -21 -29 -7 -29 -35 -38
43 -7 -29 7 0 -13 -23
8 -40 -42 -30 -48 -39 -44
33 -20 -24 -15 -22 -23 -23
31 -21 -24 -15 -24 -37 -46
39 -21 -25 -19 -21 -40 -47
30 -2 -5 0 -2 -13 -14
38 -17 -23 -1 -27 -26 -31
6 -10 -14 -7 -9 -25 -32

-6 -39 -41 -39 -33 -50 -35
-16 -58 -45 -41 -35 -59 -8
-30 -50 -57 -50 -60 -60 -27
-10 -40 -70 -60 -70 -80 -28
-21.05263158 -52.6315789 -27.45098039 -23.52941176 -29.4117647 -29.4117647 -49.01960784
-25 -56 -40 -40 -40 -40 -16
-33 -42 0 8 0 -8 0
-6 -63 -7 -21 7 -7 -24
8 -23 7 7 21 -7 -7
-21 -54 -36 -39 -15 -55 -25
-9 -38 -36 -34 -22 -51 -23
-20 -44 -31 -35 -19 -40 -22
-20 -51 -32 -42 -12 -41 -18
-3 -21 -11 -19 0 -14 -4
-10 -38 -26 -30 -9 -39 -16
-18 -25 -25 -28 -18 -29 -21

-24 -29 -53 -26 -28 -9 -41
-6 0 -18 -22 -18 -5 -42
-30 -30 -22 -34 -37 -28 -39
-20 -20 -44 -18 -20 0 -35
-52.94117647 -41.17647059 -52.94117647 -39.47368421 -34.21052632 -31.57894737 -52.63157895
0 -13 -33 -29 -25 -19 -44
8 0 -8 -14 -17 -8 -17
-21 0 -50 -36 -50 -6 -53
-14 14 -21 10 11 18 0
-30 -3 -42 -27 -35 -18 -29
-25 -10 -34 -28 -31 -13 -40
-23 -12 -33 -20 -23 -11 -24
-22 -1 -29 -13 -20 2 -20
-11 6 -7 3 0 12 -4
-22 1 -26 -3 -5 10 -15
-19 -15 -29 -11 -9 -5 -20

-43 -44 -29 -56 -35 -39
-12 -15 3 -25 -35 -29
-37 -35 -35 -40 -37 -40
-43 -45 -45 -40 -50 -50
-35.55555556 -40 -23.33333333 -43.33333333 -39.21568627 -41.17647059
-19 -10 -10 -37 -43 -40
21 17 33 12 0 8
-19 -21 7 -43 -23 -31
12 15 23 -4 -28 -31
-11 -15 0 -17 -35 -45
-13 -15 0 -25 -40 -42
-8 -6 -1 -18 -37 -38
-10 -10 2 -21 -34 -35
10 4 22 6 -12 -19
-4 -13 11 -9 -34 -43
-5 -4 -3 -8 -21 -24

-28 -39 46 56 28 56
-35 -41 39 35 29 53
-40 -30 17 10 20 20
-50 -50 60 60 50 70
-29.41176471 -47.05882353 -11.7647059 5.8823529412 -23.52941176 -17.64705882
-40 -50 -16 -21 -13 -13
0 -8 33 27 45 27
-8 -31 36 29 43 36
-15 -38 18 15 8 31
-9 -52 -5 -6 6 -15
-22 -54 17 22 9 21
-25 -48 20 26 11 24
-19 -47 29 31 18 38
0 -19 27 27 26 29
-12 -47 18 20 17 18
-12 -28 10 10 10 9
-53 0 6 35 41 18 -3.8
-71 0 12 6 53 29 -1.7
-80 0 0 20 70 10 -3.5
-60 0 10 20 50 20 -3.3
-41.17647059 0 5.882352941 47.05882353 47.0588235 0 -3
-40 7 0 47 40 7 -2.8
-17 0 25 33 33 8 1.1
-43 0 0 57 36 7 -1.3
-14 0 14 57 29 0 0.2
-27 0 12 48 36 3 -0.7
0 2 20 56 22 0 -1.1
-27 1 16 38 40 5 -1.0
-37 3 8 41 44 4 -1.1
8 5 31 35 24 4 0.5
-9 3 25 36 28 9 0.2
0 3 26 41 25 4 -1.9
-2.5 -2.4 -3.4 -4.7 -4.4 -5.6
0.0 0.4 -0.9 -3.1 -2.4 -4.1
-1.8 -2.8 -3.5 -4.0 -5.0 -4.0
-2.5 -2.3 -3.0 -3.8 -3.5 -4.5
-2.5 -1.5 -3 -3.83333333 -3 -4.16666667
-0.5 -1.8 -3.0 -3.7 -3.0 -4.5
1.5 1.9 1.3 0.6 0.6 0.6
-1.1 1.8 -1.1 -2.9 -0.4 -3.9
0.4 1.3 0.6 -0.4 -0.2 -0.8
-0.2 0.7 -0.5 -1.3 -0.7 -2.3
0.3 0.8 -1.0 -2.2 -1.3 -3.4
0.9 0.9 -0.3 -2.0 -1.8 -3.4 -1.9
0.2 0.7 -0.9 -1.8 -1.3 -3.5 1.9
1.8 2.5 1.3 -1.1 -0.3 -1.3 16
1.4 2.3 1.1 -1.4 0.0 -1.9 1.4
0.3 0.5 -0.6 -3.4 -3.4 -5.0 1.6
-0.1
-3.2
-5.1
-2.1
-2.56578947
-3.6
-1.1
-2.8
0.4
-1.8
-2.7
8.3 14.1 4.7 -11.8 -4.7 -22.0 -2.2
16.5 29.9 12.4 -17.3 -3.1 -27.1 -1.4
25 37 23 4 15 -6 0.0
19.4 31.8 7.5 -24.6 1.5 -27.3 -0.3
22.1 29.9 16.4 -19.4 -10.6 -28.8 -2.7
0.4 2.4 0.1 -1.5 -0.1 -1.9
-1.7 -0.1 -2.8 -3.7 -3.8 -7.0
-4.5 -4.4 -5.6 -5.8 -4.2 -6.4
-1.8 -1.5 -2.5 -1.8 -2.0 -3.3
-1.18421053 -0.52631579 -3.28947368 -2.89473684 -2.10526316 -5.39473684
-0.8 -0.8 -3.9 -4.5 -3.9 -8.0
-0.2 0.2 -0.2 -1.9 -1.9 -2.7
-2.2 1.3 -2.2 -5.0 -1.6 -7.3
0.5 2.3 1.4 -0.7 0.4 -1.8
-1.5 0.1 -0.6 -2.6 -2.0 -4.2
-1.9 0.4 -2.7 -4.2 -2.4 -5.8
-0.5 0.2 -1.4 -3.3 -2.9 -5.1 -17.3
-0.5 1.3 -0.1 -2.9 -1.7 -4.4 -9.8
0.9 2.0 0.9 -1.3 -0.8 -1.6 2
1.6 1.8 0.6 -1.7 -0.7 -3.2 -3.7
-0.5 0.1 -1.6 -4.4 -3.4 -6.1 -16.2
-5.9 7.1 -2.4 -37.6 -22.6 -42.4

4.1 23.7 -5.2 -24.5 -13.5 -43.3
9 24 8 -11 1 -19
11.8 26.9 4.4 -24.2 -7.5 -33.8
1.4 13.4 -3.0 -40.9 -24.2 -43.9
6 22 28 39 6 41 41
0 0 47 35 18 53 35
0 30 50 10 10 40 50
0 20 60 20 0 20 50
0 29.411765 41.176471 29.411765 0 29 47
0 13 47 33 7 27 40
0 25 42 33 0 25 50
0 21 43 36 0 29 43
0 14 43 43 0 0 50
0 9 52 36 3 21 36
0 15 47 31 7 13.559322 38.983051
1 7 54 34 4 27.058824 42.352941
2 8 45 39 6 25.510204 37.755102
1 15 42 34 8 11 40
0 16 47 34 3 17.391304 42.028986
6 15 46 29 4 17.647059 26.470588

6 6 0 6 2 -33 -41
0 6 6 0 2 -41 -31
0 10 0 0 2 -53 -34
10 20 0 0 2 -29 -53
18 6 0 0 2 -33 -22
20 13 0 0 2 -40 -13
8 8 8 0 2 -24 -11
7 14 0 7 2 -29 -22
21 29 0 0 3 -23 -6
24 9 3 6 3 -29 -19
27.118644 15.254237 1.6949153 3.3898305 2.6271186 -24 -25
15.294118 10.588235 3.5294118 1.1764706 2.2470588 -32 -25
20.408163 10.204082 3.0612245 3.0612245 2.3673469 -35 -26
20 19 8 3 3 -20 -14
27.536232 11.594203 0 1.4492754 2.3913043 -27 -20
41.176471 11.764706 1.4705882 1.4705882 2.5735294 -20 -19

2008 Q1 Netherlands 14 0 25 20 -7 0
2008 Q2 Netherlands -5 -29 14 0 19 29
2008 Q3 Netherlands -17 -17 -17 -17 22 50
2008 Q4 Netherlands -65 -71 -75 -50 43 43
2009 Q1 Netherlands -92 -75 -100 -100 67 100
2009 Q2 Netherlands -42 -25 -50 -50 67 75
2009 Q3 Netherlands -20 20 -60 -20 60 80
2009 Q4 Netherlands 17 17 33 0 38 57
2010 Q1 Netherlands 20 20 0 40 87 100
2010 Q2 Netherlands -7 0 -20 0 33 40
2010 Q3 Netherlands -42 -50 -25 -50 75 100
2010 Q4 Netherlands -25 -50 -25 0 75 100
2011 Q1 Netherlands -27 -20 -20 -40 53 60
2011 Q2 Netherlands -15 -23 0 -23 51 69
2011 Q3 Netherlands -9 0 0 -27 49 53
2011 Q4 Netherlands -37 -52 -20 -40 51 64
2012 Q1 Netherlands -29 -35 -18 -35 40 56
2012 Q2 Netherlands -34 -20 -33 -50 45 45
2012 Q3 Netherlands -17 0 -17 -33 33 31
2012 Q4 Netherlands -3 -8 8 -8 28 38
2013 Q1 Netherlands -33 -30 -16 -53 36 47
2013 Q2 Netherlands -18 -15 -5 -35 37 45
2013 Q3 Netherlands -19 0 14 -71 57 71
2013 Q4 Netherlands -2 7 21 -36 34 29
2014 Q1 Netherlands 8 44 19 -38 35 38
2014 Q2 Netherlands 8 19 25 -18 26 20
2014 Q3 Netherlands 16 19 45 -15 25 33
2014 Q4 Netherlands -5 25 0 -41 22 31
2015 Q1 Netherlands 28 43 50 -9 24 29
2015 Q2 Netherlands 6 0 32 -14 15 29
2015 Q3 Netherlands 9 34 17 -25 15 11
2015 Q4 Netherlands 27 52 29 0 17 9
2016 Q1 Netherlands 19 49 44 -37 19 -11
2016 Q2 Netherlands 31 53 51 -10 -1 -14
2016 Q3 Netherlands 36 63 50 -3 16 6
2016 Q4 Netherlands 55 81 64 21 -8 -31
2017 Q1 Netherlands 41 61 59 3 -15 -35
2017 Q2 Netherlands 50 68 54 29 -30 -50
2017 Q3 Netherlands 49 79 54 13 -25 -50
2017 Q4 Netherlands 51 77 48 27 -28 -47
2018 Q1 Netherlands 59 85 74 17 -31 -73
2018 Q2 Netherlands 60 80 77 23 -21 -38
2018 Q3 Netherlands 61 71 75 38 -26 -35
2018 Q4 Netherlands 43 82 66 -20 -30 -65
2019 Q1 Netherlands 34 62 61 -22 -7 -46
2019 Q2 Netherlands 35 69 55 -18 -15 -46
2019 Q3 Netherlands 19 69 49 -60 -10 -51
2019 Q4 Netherlands 23 59 59 -51 -11 -47

0 -20 -36 -40 -50 -20 -15 0
14 14 -24 -29 -57 14 -14 -29
17 0 17 50 0 0 -33 -80
57 29 43 86 43 0 -90 -100
75 25 67 100 75 25 -100 -100
75 50 50 50 50 50 -100 -100
60 40 53 60 80 20 -87 -100
14 43 67 67 67 67 -95 -100
80 80 40 60 40 20 -80 -80
40 20 47 60 40 40 -50 -50
50 75 25 50 0 25 -67 -75
75 50 25 25 25 25 -83 -100
40 60 0 0 0 0 -60 -60
46 38 33 46 38 15 -23 -23
33 60 31 33 20 40 -53 -53
32 56 32 44 28 24 -40 -48
13 53 12 12 12 12 -51 -53
35 55 43 75 25 30 -42 -47
23 46 0 17 -8 -8 -35 -42
8 38 26 31 8 38 -54 -62
22 39 30 37 22 32 -13 -5
20 45 47 63 28 50 -19 -20
0 100 24 57 -14 29 10 0
21 54 33 33 17 50 5 8
19 50 29 25 19 44 6 13
7 50 16 6 -6 47 2 0
-10 52 -3 -19 -19 30 -8 -5
-6 41 -6 -19 -6 6 -14 -6
-5 48 -5 -10 -14 9 -5 0
-8 25 7 8 -17 29 5 9
-3 36 7 0 -4 26 -11 4
4 39 -3 -17 4 4 4 0
3 66 11 -6 -9 47 3 3
-16 25 -1 -18 -10 25 14 27
0 42 -6 -16 -19 16 13 27
-25 31 -8 -26 -22 25 7 30
-25 16 -3 -13 -3 6 14 26
-35 -4 -24 -46 -26 0 12 33
-35 9 -22 -38 -25 -4 16 25
-37 0 -14 -39 -16 13 20 45
-31 11 -21 -42 -23 4 17 38
-28 4 -24 -44 -32 4 21 42
-38 -6 -30 -41 -38 -13 26 21
-50 24 -22 -57 -41 31 19 33
-14 38 -17 -57 -33 41 14 37
-33 32 -8 -33 -20 30 15 41
-31 52 -6 -28 -20 29 6 24
-38 52 -7 -39 -32 52 -3 19

-25 -20 14 0 25 20 -54 -60
0 -14 14 14 29 0 -67 -71
0 -20 6 -17 17 17 -61 -67
-86 -86 -43 -57 -43 -29 -86 -86
-100 -100 -58 -75 -50 -50 -50 -50
-100 -100 -33 -50 -50 0 25 50
-100 -60 -42 -25 -50 -50 67 100
-100 -86 -48 -43 -57 -43 38 29
-80 -80 -60 -60 -80 -40 20 40
-50 -50 -53 -80 -60 -20 27 40
-75 -50 -42 -50 -25 -50 50 50
-75 -75 -17 -25 -25 0 8 50
-60 -60 -47 -80 -20 -40 -27 -20
-23 -23 -46 -62 -46 -31 -8 -15
-47 -60 -33 -40 -27 -33 -24 -33
-40 -32 -62 -72 -48 -67 -36 -56
-47 -53 -43 -65 -35 -29 -8 -18
-37 -42 -60 -80 -45 -55 -27 -26
-25 -38 -41 -42 -17 -62 -49 -67
-54 -46 -44 -62 -15 -54 6 8
-17 -16 -46 -53 -28 -58 -21 -17
-21 -17 -48 -70 -11 -63 -9 -16
14 14 -10 14 0 -43 19 29
8 0 -31 -29 0 -64 28 42
6 0 -31 -25 -6 -63 10 19
13 -6 -13 7 20 -63 26 29
20 -40 -8 14 10 -48 47 65
6 -41 -9 19 6 -53 47 75
10 -25 -2 11 17 -33 45 74
21 -14 4 0 22 -9 45 52
8 -44 -11 4 -4 -33 38 42
35 -22 1 17 0 -13 49 61
16 -12 7 35 24 -39 48 75
20 -6 7 36 16 -31 46 63
27 -13 17 43 27 -19 49 77
23 -33 36 69 46 -7 69 94
26 -11 20 52 30 -21 61 79
23 -19 27 60 30 -8 54 70
43 -19 35 63 38 4 44 67
32 -17 29 65 35 -13 65 81
27 -14 44 74 44 14 52 69
50 -30 34 68 42 -8 62 85
50 8 51 71 63 19 44 60
42 -19 28 68 43 -25 41 70
40 -34 22 59 39 -32 33 56
37 -33 19 52 41 -36 25 50
35 -40 16 60 42 -53 21 55
21 -48 15 56 54 -64 27 54

-50 -50
-86 -43 -44 -50 -50 -33
-67 -50 -50 -50 -50 -50
-86 -86 -81 -86 -86 -71
-50 -50 -100 -100 -100 -100
0 25 -33 -25 -50 -25
25 75 -39 -33 -50 -33
43 43 -19 -14 -29 -14
-20 40 -60 -80 -60 -40
-20 60 -20 -20 -40 0
25 75 -17 -50 25 -25
0 -25 -25 -50 -25 0
0 -60 7 0 0 20
-15 8 -38 -69 -23 -23
-33 -7 -42 -53 -33 -40
-25 -28 -54 -67 -46 -50
-6 0 -38 -65 -18 -31
-25 -30 -51 -74 -42 -37
-33 -46 -46 -42 -42 -54
8 0 -57 -83 -17 -73
-18 -28 -56 -74 -50 -44
-6 -6 -40 -55 -26 -37
14 14 -14 -29 14 -29 10 29
33 8 -24 -23 -7 -43 -24 -21
19 -6 -13 -20 13 -33 -32 -13
43 7 8 19 38 -29 0 20
65 10 27 50 45 -15 -9 -5
44 24 24 47 20 6 -17 -3
47 14 26 47 40 -10 0 20
50 32 15 32 30 -18 1 2
42 30 15 22 28 -4 -11 7
57 30 36 55 50 5 15 30
47 23 41 53 65 6 4 27
60 16 27 43 38 0 14 38
53 17 31 43 43 7 20 45
85 29 49 70 62 15 40 71
71 32 33 54 43 4 16 28
52 41 45 71 48 15 35 56
48 19 29 43 33 10 31 54
74 40 48 84 55 6 28 52
65 21 51 85 62 7 38 59
76 24 55 85 71 10 39 74
53 20 27 47 33 0 56 68
63 -9 36 67 65 -25 28 59
56 -11 27 63 54 -36 25 55
43 -20 22 47 44 -26 33 63
47 -40 15 52 37 -44 22 68
60 -31 27 58 65 -40 26 65
43 -43 -14 -29 29 -43

7 -57 -31 -23 -8 -62
-13 -69 -9 -7 13 -33
27 -44 4 13 44 -41
4 -28 7 24 18 -21 47 72
-16 -32 -17 -7 -13 -31 62 88
6 -26 6 21 17 -21 58 89
19 -17 11 13 28 -7 48 70
-3 -37 8 13 17 -6 53 54
24 -9 34 52 41 10 61 78
11 -25 27 44 37 2 49 61
28 -24 27 43 34 4 57 73
30 -14 38 49 47 16 53 80
48 0 43 64 56 7 63 80
31 -11 30 44 39 7 68 71
39 11 42 57 52 17 57 64
40 -2 43 58 48 23 40 60
45 -13 38 55 47 13 47 61
52 4 48 64 54 26 51 62
45 -2 40 58 53 10 57 75
63 37 43 54 46 29 53 73
44 -20 23 39 44 -12 47 67
54 -35 26 54 41 -16 32 57
59 -22 30 51 57 -17 24 50
43 -43 20 55 44 -39 26 60
61 -48 26 56 65 -43 29 54
Imp signif
50 18 33 30 10 60 30 0
50 47 16 31 0 18 35 18
55 30 21 17 5 40 45 5
54 22 16 22 4 22 52 8
62 44 21 43 4 15 47 13
61 43 6 4 0 13 70 13
44 44 27 19 29 32 65 12
62 35 7 6 0 14 62 8
60 20 9 3 3 20 50 6
73 37 -4 -16 -4 7 63 13
79 54 7 7 0 14 54 14
55 52 -21 -27 -27 -10 61 9
40 19 -8 -5 -10 -10 55 0
55 26 -22 -27 -30 -10 65 6
62 29 -33 -46 -35 -18 57 11
62 33 -10 -11 -10 -10 59 14
53 33 -20 -20 -27 -13 40 13
60 14 -12 -33 -19 17 -5 5
49 -11 -10 -31 -12 14 -25 3
39 -16 -10 -24 -24 17 -12 2
49 -30 1 -12 -10 24 34 7
52 -18 -11 -30 -31 28 13 1
45 40 10 5 -0.6 3.7 3.6 -0.5

35 29 18 0 -0.3 3.5 2.8 2.2
59 18 18 0 -0.5 3.6 4.3 1.4
52 32 8 0 0.1 3.0 3.3 1.5
43 33 7 3 0.1 3.6 3.6 1.6
57 30 0 0 1.6 3.9 3.2 2.1
59 24 6 0 1.7 5.1 4.5 3.1
58 31 4 0 1.5 5.3 3.4 2.1
53 31 9 0 2.3 5.7 4.6 3.8
53 31 3 0 2.2 5.9 4.6 2.2
43 39 4 0 1.4 3.9 2.8 1.8
57 30 4 0 1.9 4 3.2 2.5
59 36 5 0 2.6 5.8 4.9 3.8
61 29 3 0 2.0 6.0 5.0 2.7
50 36 4 0 2.5 7 5.4 3.8
55 23 9 0 2.0 5.0 4.8 1.8
33 47 7 0 2.7 5.2 4.3 3.8
28 29 31 7 1.3 4.9 3.8 0.8
19 31 39 8 1.2 4.4 4.5 1.5
20 43 29 6 1.5 4.6 4.6 0.5
36 48 9 0 0.8 5.5 4.1 -0.5
29 52 16 1 1.1 4.8 5.7 -1.1
-2.0 -1.9 -6.3

-3.5 -2.8 -3.8
-2.8 -2.5 -6.7
-2.1 -1.2 -3.9
-2.4 -1.6 -4.3
0.8 0.5 -0.9
0.3 0.0 -3.0
0.4 0.3 -2.3
0.6 0.3 -1.2
1.7 0.3 -1.7
0.7 0.5 -1.1
2.1 0.8 -1.2
1.6 0.8 -1.1
-0.3 0.7 -1.9
0.2 0.3 -1.6
0.9 1.3 -1.5
1.8 1.6 -0.2
0.8 1.4 -3.8 -5.1 43.4 40.7 -17.3 -18.9
1.1 0.0 -4.3 -10.4 40.0 37.1 -27.8 -11.4
1.6 1.4 -3.6 4.4 53.3 51.1 -23.9 0.0
1.3 0.4 -5.9 -10.3 50.0 29.3 -45.2 -5.0
1.4 2.1 -6.3 7.7 65.6 67.7 -22.6 4.9
-1.2 3.9 2.6 0.5 -3.6 -3.3

-0.9 2.8 1.1 1.6 -2.0 -2.5
-1.6 1.5 1.5 -0.7 -2.5 -2.0
-0.4 1.7 3.4 0.7 -2.5 -1.0
-1.4 4.1 2.8 0.2 -4.4 -3.2
0.3 4.5 2.1 1.6 -1.0 -1.1
-0.2 4.1 3.0 1.0 -1.2 -1.0
0.3 5.0 3.1 0.7 -0.6 -1.0
1.2 4.8 3.4 2.7 0.3 -0.6
1.9 7.1 4.4 1.3 2.1 0.2
1.0 4.9 2.9 1.6 -0.3 -0.2
1.6 4.3 2.2 2.6 1.4 0.5
1.8 6.0 3.6 2.0 1.3 1.0
1 6 4.1 0.5 0 0.1
1.7 6.8 4.4 1.6 0.3 0.2
2.4 7.9 4.8 1.5 1.8 1.3
3.1 6.8 4.2 3.2 3.1 1.7
-11.1 -67.3 1.5 6.1 4.1 0.7 2.0 1.2
-20.0 -80.6 1.0 5.9 4.9 -0.6 1.1 0.8
8.9 -63.0 1.7 6.1 4.1 0.4 2.5 1.5
-12.2 -78.6 0.7 5.8 3.7 -1.8 2.6 0.5
11.3 -80.6 0.5 4.8 4.4 -1.9 2.0 1.4
-7.4
-6.2
-7.5
-4.6
-8.0
-4.2
-7.1
-5.3
-3.2
-3.4
-2.8
-1.6
-3.1
-4.7
-2.9
-2.8
0.0
-5.0 5.5 48.1 49.1 3.8 -5.6 7.3 -69.8
-6.3 -6.1 54.1 38.9 -27.0 -2.8 -16.2 -83.8
-4.6 -6.3 45.7 46.7 -27.7 -8.9 -10.9 -83.0
-6.7 -4.2 53.7 42.9 -23.8 -2.4 -14.3 -81.0
-7.7 2.0 59.7 63.5 -39.7 -4.8 11.1 -77.8
0.0 22.7 68.2 9.1 0.0

4.0 16.0 68.0 12.0 0.0 0.0
0.0 13.3 63.3 23.3 0.0 0.0
0.0 20.8 62.5 16.7 0.0 0.0
0 14 71 14 0 0
0 21 67 12 0 2
0 18 70 12 0 0
3 6 53 31 6 0
0 29 61 7 4 0
0 22 57 22 0 0
0 19 52 29 0 0
0 13 61 23 3 0
0 4 54 32 11 0
5 14 48 33 0 0
0 0 53 40 7 0
0 7 47 41 5 12.068966
0 8 31 50 11 19.444444
2 8 42 40 8 10.416667
5 11 39 43 2 11.363636
0 7 44 43 6 11.764706

21
11
-9
-50
-72
-42
-38
-33
-27
-36
-36
-22
-24
-32
-24
-44
-28
-46
-19
-24
-37
-38
-17
-22
-17
-7
4
-3
10
4.0 36.0 48.0 8.0 4.0 3.7 1
3.3 40.0 43.3 13.3 0.0 3.7 -3
8.7 13.0 52.2 21.7 4.3 4.0 10
6 14 67 8 6 4 5
0 8 44 40 6 4 13
3 12 39 39 6 4 20
3 3 28 47 19 5 33
4 11 21 61 4 5 22
0 4 26 52 17 5 34
5 0 14 77 5 5 35
3 0 13 63 20 5 31
0 0 4 61 36 5 41
0 0 5 59 36 5 39
0 6.6666667 6.6666667 53.333333 33.333333 5.1333333 47
0 0 3.4482759 29.310345 55.172414 5.0344828 31
0 0 2.7777778 27.777778 50 4.6944444 24
2.0833333 2.0833333 0 25 60.416667 5.0833333 21
6.8181818 0 2.2727273 15.909091 63.636364 4.9545455 14
2.9411765 1.4705882 1.4705882 14.705882 67.647059 5.0735294 15
ISI
-27
-37
-37
-56
-50
-3
-13
-11
-36
-2
8
-14
-16
-26
-37
-48
-36
-44
-49
-39
-51
-33
-13
-12
-16
-2
14
18
17
14
11
27
21
22
24
41
29
40
27
45
45
42
30
30
23
19
12
22

2008 Q1 New Zealand -43 -57 -43 -29 -11 -50
2008 Q2 New Zealand -42 0 -50 -75 0 -25
2008 Q3 New Zealand -81 -78 -88 -78 48 44
2008 Q4 New Zealand -93 -80 -100 -100 73 60
2009 Q1 New Zealand -58 -57 -40 -71 90 86
2009 Q2 New Zealand -19 -29 -14 -14 90 100
2009 Q3 New Zealand -5 0 0 -14 52 57
2009 Q4 New Zealand 10 0 8 21 56 71
2010 Q1 New Zealand -33 -44 -22 -33 67 78
2010 Q2 New Zealand 23 0 40 30 23 50
2010 Q3 New Zealand 6 9 18 -9 36 27
2010 Q4 New Zealand 20 13 33 13 20 38
2011 Q1 New Zealand 20 57 33 -29 40 57
2011 Q2 New Zealand 27 40 60 -20 -13 -40
2011 Q3 New Zealand -11 0 -11 -22 33 22
2011 Q4 New Zealand -8 -23 -18 15 9 8
2012 Q1 New Zealand 21 40 11 11 21 0
2012 Q2 New Zealand 5 38 -17 -14 27 25
2012 Q3 New Zealand 13 10 30 0 17 30
2012 Q4 New Zealand -21 29 -50 -50 22 -14
2013 Q1 New Zealand 7 40 -20 0 -13 -40
2013 Q2 New Zealand 32 40 22 33 -7 -20
2013 Q3 New Zealand 46 65 50 22 1 -3
2013 Q4 New Zealand 56 61 52 54 15 19
2014 Q1 New Zealand 52 67 57 31 1 -7
2014 Q2 New Zealand 40 30 50 40 -3 30
2014 Q3 New Zealand 44 58 42 33 -31 -42
2014 Q4 New Zealand 46 38 46 54 -18 -23
2015 Q1 New Zealand 61 73 67 44 -40 -55
2015 Q2 New Zealand 40 53 53 13 2 20
2015 Q3 New Zealand 50 55 53 42 2 0
2015 Q4 New Zealand 43 54 33 42 16 23
2016 Q1 New Zealand 53 57 58 45 33 50
2016 Q2 New Zealand 40 48 39 33 -8 -5
2016 Q3 New Zealand 55 63 63 39 -7 -16
2016 Q4 New Zealand 54 63 46 53 34 31
2017 Q1 New Zealand 51 60 56 39 -11 -5
2017 Q2 New Zealand 39 33 59 24 6 6
2017 Q3 New Zealand 22 18 47 0 20 31
2017 Q4 New Zealand 25 32 45 -3 11 12
2018 Q1 New Zealand 21 28 34 0 17 19
2018 Q2 New Zealand 24 31 45 -4 9 14
2018 Q3 New Zealand 17 21 38 -7 8 11
2018 Q4 New Zealand 14 24 35 -16 10 11
2019 Q1 New Zealand 11 24 20 -10 5 -14
2019 Q2 New Zealand 19 31 49 -22 16 5
2019 Q3 New Zealand 17 20 41 -10 25 18
2019 Q4 New Zealand 25 37 45 -6 9 0

0 17 5 -29 0 43 -81 -71
0 25 33 25 0 75 -75 -50
33 67 73 78 50 89 -88 -78
80 80 86 100 50 100 -78 -80
83 100 85 86 83 86 -86 -86
86 86 86 100 71 86 -57 -57
57 43 90 100 71 100 -43 -43
38 57 49 54 46 46 -31 -46
67 56 43 70 20 40 -26 -22
10 10 13 20 0 20 -27 -30
36 45 24 45 9 18 -24 -45
0 25 44 63 33 38 -16 -25
17 43 22 17 17 33 -28 -33
-20 20 -13 -20 -40 20 7 0
33 44 22 11 22 33 -4 -11
-10 25 0 0 0 0 -3 -8
22 44 0 -10 0 11 -4 10
29 29 23 13 29 29 5 0
-10 30 -14 -20 0 -22 7 0
33 60 19 -17 40 40 -5 0
-20 20 -33 -60 -20 -20 7 0
11 -11 -25 -30 -22 -22 0 0
0 6 1 0 -3 6 35 28
-5 29 0 0 0 0 39 45
-7 20 -15 -26 -22 4 28 41
-30 -10 7 20 10 -10 20 20
-50 0 -33 -50 -42 -8 35 33
-23 -8 -38 -31 -38 -46 44 42
-33 -33 -69 -73 -67 -67 53 60
-27 13 -13 -7 -27 -7 24 43
-11 16 -9 -15 -11 0 21 30
0 25 -19 -23 -17 -17 43 62
10 38 -7 0 -25 5 41 42
-18 0 -19 -18 -14 -24 32 52
-6 0 -20 -5 -38 -17 22 47
38 33 2 6 -8 7 17 31
-22 -6 -36 -37 -44 -28 21 21
-6 18 -8 -6 -12 -6 27 33
-10 39 -5 3 -22 3 8 3
-13 34 -3 0 -15 8 16 13
2 30 16 18 7 21 -4 -6
-15 29 14 18 0 23 6 11
-6 19 9 9 -10 28 12 6
-9 30 9 13 -7 20 22 24
0 29 11 4 0 30 -1 6
8 36 19 16 3 39 10 4
14 43 16 12 -3 38 3 0
-12 39 15 18 -4 30 18 17

-86 -86 0 71 -29 -43 -81 -71
-75 -100 17 50 25 -25 -67 -50
-88 -100 -44 -33 -22 -78 -73 -89
-75 -80 -57 -40 -25 -100 -64 -60
-86 -86 -75 -71 -57 -100 10 14
-57 -57 -81 -86 -71 -86 33 43
-43 -43 -57 -57 -57 -57 48 43
-38 -8 -36 -46 -46 -15 8 8
-22 -33 -63 -80 -60 -50 -7 -30
-20 -30 -20 -50 0 -10 -4 -22
0 -27 -18 -36 -9 -9 3 0
0 -25 -32 -63 -11 -25 32 14
0 -50 -18 -17 0 -40 21 -20
20 0 -27 -20 -20 -40 25 0
0 0 -4 0 11 -22 -6 -17
-20 18 -22 -31 0 -33 12 0
-11 -11 0 0 11 -11 17 13
0 14 8 33 25 -38 22 0
10 10 -10 10 0 -40 27 20
0 -14 -16 14 -33 -33 37 43
20 0 20 40 20 0 33 40
13 -13 21 20 33 11 29 13
41 37 39 41 42 33 48 48
36 35 38 39 41 35 33 26
21 23 33 40 38 21 62 65
10 30 47 30 60 50 43 30
45 27 47 50 58 33 55 75
50 42 50 58 50 42 44 58
67 33 65 70 75 50 71 80
15 14 24 43 36 -7 52 57
17 16 36 40 47 21 44 50
25 42 24 31 17 25 70 77
41 39 53 60 47 53 67 78
22 23 48 65 43 36 65 73
20 0 45 47 53 33 50 59
7 13 42 35 43 47 27 27
35 6 43 45 61 22 32 32
29 18 40 39 63 18 40 39
29 -8 32 31 50 15 15 11
17 19 28 32 45 8 24 28
9 -16 14 18 28 -4 18 11
9 -2 27 35 49 -2 18 26
22 8 21 31 39 -7 26 30
28 15 26 36 40 2 16 27
-4 -6 35 45 55 4 12 18
32 -5 27 32 48 3 21 21
16 -5 21 36 34 -8 24 29
22 14 37 50 60 2 38 49

-86 -86
-75 -75 -58 -25 -50 -100
-63 -67 -88 -89 -88 -89
-75 -60 -80 -80 -80 -80
29 -14 -75 -80 -67 -80
29 29 -67 -71 -43 -86
43 57 -71 -86 -57 -71
17 0 -33 -38 -23 -38
10 0 -59 -78 -44 -56
0 11 -36 -63 -22 -25
18 -9 -18 -36 -9 -9
25 57 -33 -44 -22 -33
40 50 -18 -33 17 -40
50 25 7 0 40 -20
0 0 -10 -43 14 0
9 27 -6 -20 10 -9
25 13 -7 0 -11 -11
50 17 0 0 0 0
50 10 3 0 10 0
17 50 -21 0 -17 -50
40 20 33 40 40 20
25 50 17 13 25 13
50 47 37 39 43 29 58 65
33 40 45 41 48 48 48 48
64 57 38 48 44 20 59 64
50 50 23 40 20 10 57 60
55 36 41 50 45 27 50 58
50 25 42 58 33 33 57 63
89 44 71 70 78 67 45 58
64 36 45 50 57 29 43 50
47 35 33 35 39 26 53 61
58 75 54 69 42 50 49 69
65 59 69 74 76 56 51 65
59 62 46 48 48 41 51 59
60 31 54 59 53 50 57 65
29 27 36 33 36 40 59 55
35 29 45 47 53 35 65 73
59 24 35 35 44 25 43 47
38 -4 23 21 35 12 27 24
42 3 25 26 37 11 36 41
40 5 14 19 20 2 26 35
39 -11 20 25 35 0 35 43
41 8 19 22 41 -5 37 42
22 0 15 19 33 -7 34 44
29 -10 25 32 37 6 39 53
52 -11 35 38 54 14 36 47
42 0 35 46 47 13 43 55
46 18 46 57 65 17 40 48
65 45 52 61 53 42
55 42 59 55 67 57
64 48 64 67 73 50
60 50 30 30 40 20
55 36 61 67 64 52 41 58
58 50 65 67 67 63 47 58
50 28 46 50 44 44 50 60
54 25 59 68 68 43 40 57
66 33 52 53 55 46 47 61
46 33 63 65 54 71 20 50
47 39 63 68 68 53 45 56
54 39 62 65 67 52 39 45
60 45 66 65 77 56 28 44
62 61 39 37 43 37 14 14
69 52 54 61 59 41 13 17
59 24 54 58 65 38 15 11
47 9 25 30 38 8 1 0
50 16 28 33 38 14 -12 -5
47 -4 18 19 30 7 -14 -11
53 10 36 40 49 18 -10 -7
58 10 28 31 45 6 1 8
53 4 35 40 53 13 13 28
56 7 25 37 38 1 -26 -20
58 3 41 46 62 14 -5 -4
61 14 40 47 54 18 3 12
70 0 48 55 71 19 19 25
Imp signif
27 36 -8 -25 -9 10 58 0
42 42 11 8 8 17 75 0
44 44 -28 -40 -44 0 80 10
43 21 -29 -29 -29 -29 60 0
44 35 -11 -5 -17 -11 75 5
0 9 0 0 0 0 58 25
41 39 -5 -16 -6 6 28 6
27 43 -41 -39 -48 -36 9 5
20 20 -27 -18 -33 -31 -18 6
14 14 2 0 14 -7 -44 6
6 18 -9 -21 -6 0 -58 0
24 12 8 11 -6 18 -67 0
13 -8 -21 -21 -30 -12 -38 0
-14 -17 -12 -18 -14 -6 -30 3
-16 -16 4 0 9 2 11 4
-2 -21 3 -2 -2 13 -10 2
3 -8 -1 -5 -3 6 -11 5
15 -2 -4 -2 -18 7 22 7
-26 -33 6 6 -4 16 -12 2
9 -20 10 1 14 14 12 6
9 -10 15 10 10 24 34 5
24 8 -4 -14 -14 16 -15 2
67 25 8 0 3.0 4.8 3.4 2.3

75 25 0 0 2.9 4.6 3.1 2.7
70 20 0 0 2.9 3.0 3.1 3.6
67 27 7 0 3.6 7.3 6.9 3.9
75 15 5 0 2.2 4.0 3.8 2.5
42 25 8 0 3.5 5.2 4.2 4.2
39 39 17 0 3.3 5.1 4.6 4.4
27 45 23 0 3.3 3.9 4.1 4.0
18 35 41 0 5.1 6.3 8.2 6.4
0 44 38 13 2.7 3.3 3.4 3.0
11 21 53 16 2.7 3.5 4.2 3.3
6 22 61 11 2.6 3.5 4.4 2.9
7 48 38 7 1.2 2.9 3.2 1.2
13 40 45 0 1.3 2.9 2.8 1.4
32 38 26 0 0.7 2.1 3.1 1.0
22 41 35 0 2.5 4.4 4.9 2.3
19 41 30 5 1.2 2.6 3.7 1.1
36 38 20 0 2.0 3.5 4.2 1.7
24 35 37 2 1.5 3.9 3.9 1.0
35 29 29 1 2.9 4.6 6.0 2.5
49 26 18 2 2.3 3.8 4.5 1.4
25 31 38 4 2.5 3.5 4.6 2.5
3.1 2.5 1.8

2.5 2.7 1.7
3.5 2.5 1.9
0.7 2.1 0.7
0.7 1.6 0.7
3.1 3.1 1.5
2.5 1.8 1.5
2.8 2.7 2.0
3.1 4.0 2.7
1.6 2.7 2.0
1.8 2.2 1.3
1.4 2.1 1.0
0.3 0.3 -0.8
0.1 0.7 -0.4
-1.0 0.2 -1.0
1.4 2.0 -0.2
0.0 1.0 -1.4
1.0 2.5 -0.7 28.6 47.6 58.1 31.0 18.6
0.3 1.5 -1.7 14.0 44.9 33.3 16.3 2.0
1.8 2.6 -0.1 30 52 64 17 26
1.7 2.5 -0.3 30.2 60.0 61.0 23.7 25.9
1.8 3.7 -1.0 42.6 66.0 73.9 48.9 27.7
2.3 5.4 2.5 1.8 2.5 1.1

2.1 4.6 2.3 2.1 1.9 1
2.8 3.5 2.8 2.2 3.6 3.1
2.7 8.8 5.2 4.3 -0.6 0.0
3.4 6.5 4.2 3.2 2.1 3.0
2.6 3.7 2.1 4.0 2.5 2.7
2.4 5.3 2.9 3.4 1.8 0.8
1.9 3.6 2.7 3.3 0.7 0.9
4.2 6.3 5.7 4.4 3.1 3.3
4.3 4.4 5.5 5.6 2.9 3.5
3.4 4.6 5.0 3.7 2.3 2.9
2.3 3.8 4.3 2.2 1.1 2.2
1.4 3.1 3.7 1.7 -0.5 1.0
1.7 4.0 4.0 1.2 1.0 1.6
0.8 3.1 3.6 0.5 -0.8 0.8
2.7 5.0 6.5 2.3 1.4 1.9
1.7 3.3 4.3 1.3 0.8 1.7
35.7 -19.5 1.9 3.5 4.4 1.9 0.7 2.1
16.7 -29.2 2.3 4.1 4.4 1.9 2.0 2.4
39 -17 2.6 4.6 5.5 2.1 1.3 3.1
28.8 -18.3 2.2 3.7 4.4 1.7 1.4 2.7
50.0 -10.9 2.1 3.4 4.9 1.1 1.7 3.2
0.5
0.8
1.6
-1.6
1.2
0.6
0.4
0.2
2.7
3.8
1.8
0.4
-0.8
-1.6
-2.3
-0.7
-1.4
-1.0 17.0 45.2 51.2 16.7 0.0 22.5 -33.3
-0.9 23.9 52.9 48.0 9.8 12.0 40.8 -20.0
-0.8 23 52 60 14 11 27 -28
-0.6 24.3 57.4 55.0 15.0 15.0 23.3 -19.7
-1.8 30.1 54.0 69.4 22.9 12.0 49.0 -26.5
0.0 10.0 50.0 40.0 0.0

6.7 26.7 33.3 33.3 0.0 7
10.0 5.0 40.0 40.0 5.0 5
0.0 23.1 30.8 38.5 7.7 8
6 17 28 50 0 0
0 9 39 43 9 9
6 6 24 41 24 0
0 0 20 73 7 6
5 5 32 42 16 0
0 6 33 44 17 6
0 4 39 43 14 23
3 3 45 33 18 23
2 2 44 42 10 20
0 2 44 46 8 35
0 6 44 42 8 21.875
0 7 49 42 2 18.181818
0 2 46 36 16 44.897959
1 5 45 42 6 27
0 7 43 45 5 27.118644
0 6 44 38 12 13.207547

-16
-19
-66
-79
-73
-62
-51
-25
-47
-3
-12
-19
-7
4
-12
-10
7
-3
6
-19
20
26
28
31
33
27
42
45
65
0 0 40 27 27 4.6 26
0 10 10 35 40 4.9 32
0 8 8 31 46 4.9 29
5 0 5 58 32 5.1 38
4 4 4 30 48 4.9 36
0 0 6 24 71 5.6 40
0 0 0 25 69 5.4 31
0 0 0 21 79 5.8 44
0 0 0 17 78 5.6 29
0 3 3 7 63 4.6 20
0 3 5 13 56 4.5 18
10 6 2 20 41 4.1 7
6 4 4 12 39 4 13
3.125 3.125 3.125 10.9375 57.8125 4.515625 10
15.909091 2.2727273 6.8181818 18.181818 38.636364 4.0681818 10
0 6.122449 2.0408163 16.326531 30.612245 3.3673469 12
13 14 5 13 29 4 9
16.949153 8.4745763 5.0847458 11.864407 30.508475 3.4915254 7
9.4339623 5.6603774 3.7735849 20.754717 47.169811 4.509434 16
ISI
-40
-42
-54
-48
-22
-11
-22
-22
-40
-15
-13
-11
-1
13
-15
-3
-3
4
6
2
25
20
25
37
34
21
35
25
57
42
29
41
47
50
44
20
29
22
20
20
9
12
15
12
10
16
15
29

2018 Q4 Oman -23 -50 -19 0 33 31 19
2019 Q1 Oman -65 -77 -42 -77 12 31 -25
2019 Q2 Oman -44 -50 -23 -60 -9 -13 -21
2019 Q3 Oman -50 -50 -38 -63 19 21 17
2019 Q4 Oman -44 -31 -46 -54 25 33 8

50 4 13 -6 6 15 13 19 13
31 0 8 -17 8 -42 -38 -42 -46
7 18 15 15 23 -15 -36 -8 0
21 7 13 0 8 -15 -33 0 -13
33 10 15 8 8 8 17 8 0

-40 -44 -44 -31 17 6 19 25 4
-87 -92 -75 -92 -67 -67 -50 -83 -74
-30 -33 -15 -40 13 8 15 17 3
-47 -50 -33 -57 -35 -33 -25 -46 -24
-49 -54 -31 -62 -21 -15 -8 -38 -36

0 0 13 -20 -22 -19 -19 34 40
-77 -67 -77 -56 -62 -46 -62 -66 -69
-8 8 8 -1 -4 8 -8 23 15
-21 -17 -33 -38 -38 -25 -51 -18 -13
-42 -25 -42 -48 -56 -41 -48 -25 -29

27 37 13 6 0 31 27 31 13
-58 -69 -53 -67 -25 -67 -3 8 -17
38 15 -6 -25 0 8 24 21 15
-8 -32 -26 -29 -25 -25 -1 9 -12
-17 -29 -18 -31 0 -23 15 15 8
38 31 0 44 44 13 0 0 0
0 -75 0 8 8 67 17 -5.3 -4.4
36 0 0 33 33 20 13 2.0 2.5
0 0 8 25 33 25 8 -1.9 -1.0
23 -42 8 8 25 50 8 -1.7 -0.6
1 2 1 -3 -2 27.8 26.7 26.7 26.7
-2.7 -5.6 -7.1 -4.4 -7.9 -35.4 -23.1 -25.0 -46.2
2.9 1.5 1.3 2.3 1.5 -0.7 7.7 33.3 -30.8
0.8 -3.1 -2.3 -2.1 -3.8 8.0 17.4 34.8 4.3
-0.2 -1.9 -3.3 -1.0 -2.9 -6.9 0.0 16.7 0.0
26.7 33.3 26.7 -3 -3 -2 -2 -4 -3
-38.5 -33.3 -46.2 -4.8 -4.6 -1.9 -6.2 -6.2 -2.1
0.0 8.3 -23.1 0.1 -0.6 1.9 -0.4 -0.8 1.0
4.3 4.3 -17.4 -3.8 -2.1 -2.5 -5.3 -4.2 -2.9
-16.7 -8.3 -33.3 -2.6 -2.1 -0.6 -1.0 -4.4 -3.1
-4 15.6 0.0 20.0 13.3 20.0 26.7 13.3
-7.7 -48.4 -38.5 -41.7 -61.5 -46.2 -33.3 -69.2
-0.8 6.8 7.1 38.5 -28.6 7.1 30.8 -14.3
-5.8 6.4 8.3 26.1 0.0 4.2 16.7 -16.7
-4.4 -38.1 -33.3 -16.7 -41.7 -41.7 -45.5 -50.0

0 6 81 13 0 13 25 25
0 15 54 31 0 7.692308 38.46154 30.76923
0 13 40 47 0 6.666667 46.66667 6.666667
0 17 63 21 0 16.66667 41.66667 20.83333
0 15 54 31 0 8.333333 41.66667 33.33333

38 0 0 3 -22 -2
23.07692 0 0 2.692308 -50 -46
33.33333 6.666667 0 2.866667 -31 -3
20.83333 0 0 2.458333 -35 -19
16.66667 0 0 2.583333 -34 -24

2008 Q1 Poland 36 25 43 43 -18 -50 14
2008 Q2 Poland 33 44 22 33 -15 -22 11
2008 Q3 Poland 5 13 -14 14 -26 -50 -13
2008 Q4 Poland -40 -56 -57 -11 13 33 0
2009 Q1 Poland -100 -100 -100 -100 19 50 0
2009 Q2 Poland -61 -63 -29 -88 17 38 0
2009 Q3 Poland -33 0 -50 -50 28 33 33
2009 Q4 Poland -5 -8 8 -17 49 50 46
2010 Q1 Poland -6 0 -20 0 -25 0 -60
2010 Q2 Poland 17 33 17 0 0 0 0
2010 Q3 Poland 59 67 64 45 -15 -25 -9
2010 Q4 Poland 40 60 0 60 -17 -30 10
2011 Q1 Poland 53 70 30 60 -23 -30 -20
2011 Q2 Poland 68 92 36 73 15 17 0
2011 Q3 Poland 24 45 -9 36 -3 -18 18
2011 Q4 Poland 40 50 20 50 -17 -20 0
2012 Q1 Poland 40 57 38 23 8 21 0
2012 Q2 Poland -4 -6 0 -7 9 31 -7
2012 Q3 Poland -10 -8 -15 -8 14 36 0
2012 Q4 Poland 0 0 0 0 25 50 25
2013 Q1 Poland -18 -17 -50 20 41 83 17
2013 Q2 Poland -9 -13 -14 0 38 67 13
2013 Q3 Poland 32 25 33 38 38 83 25
2013 Q4 Poland 19 17 25 17 39 83 8
2014 Q1 Poland 24 21 31 21 41 79 23
2014 Q2 Poland 24 36 30 8 24 50 18
2014 Q3 Poland 17 8 36 8 66 77 36
2014 Q4 Poland 18 13 40 0 44 94 13
2015 Q1 Poland 31 23 31 38 44 77 23
2015 Q2 Poland 15 14 38 -7 41 86 23
2015 Q3 Poland 10 -9 43 -5 61 95 50
2015 Q4 Poland 35 54 25 25 50 100 25
2016 Q1 Poland 26 32 41 6 29 68 0
2016 Q2 Poland 30 33 42 15 43 76 37
2016 Q3 Poland 19 30 33 -6 45 80 39
2016 Q4 Poland 14 23 30 -10 30 64 20
2017 Q1 Poland 32 47 36 14 44 67 29
2017 Q2 Poland 34 45 45 11 31 45 32
2017 Q3 Poland 32 47 50 0 30 33 19
2017 Q4 Poland 43 59 47 23 26 30 16
2018 Q1 Poland 45 63 65 9 43 47 48
2018 Q2 Poland 39 62 44 12 28 32 40
2018 Q3 Poland 46 58 62 17 3 -8 0
2018 Q4 Poland 44 47 60 24 22 41 25
2019 Q1 Poland 38 55 63 -5 41 50 42
2019 Q2 Poland 29 52 39 -3 49 61 55
2019 Q3 Poland 26 39 46 -8 28 42 26
2019 Q4 Poland 21 47 45 -30 34 29 52

-14 -23 -38 -14 -14 40 63 57
-33 -15 -22 -11 -11 34 44 44
-14 -18 -38 0 -14 -32 -38 -29
0 23 50 17 0 -81 -89 -89
0 100 100 100 100 -100 -100 -100
13 83 88 75 88 -96 -100 -88
17 83 100 83 67 -89 -83 -100
50 57 58 62 50 -67 -58 -85
-20 38 50 40 20 -31 -33 -40
0 -28 -33 -33 -17 -33 -17 -50
-9 -3 0 9 -20 12 17 9
-30 3 -20 20 10 -3 40 -40
-20 -21 -55 0 -9 10 30 -10
27 -12 -17 -18 0 35 58 9
-9 -9 -27 0 0 -3 9 -9
-30 10 10 10 10 7 30 -20
0 11 8 8 17 28 50 0
0 7 7 7 7 13 31 -14
7 18 21 8 23 7 21 0
0 25 25 25 25 -17 0 -25
20 35 50 17 40 29 33 33
33 17 25 0 25 8 44 -13
8 43 58 33 38 42 75 17
25 33 67 8 25 11 42 0
21 27 71 0 7 41 79 8
0 34 60 8 29 29 71 18
83 29 79 -8 17 35 54 33
25 27 63 7 13 33 64 27
31 37 69 0 42 39 83 25
13 38 80 14 20 28 42 27
38 47 74 35 32 45 71 39
25 43 69 25 33 41 69 45
19 34 53 18 31 23 44 13
15 36 62 21 25 42 61 41
17 33 50 22 28 24 42 35
5 37 64 24 25 27 71 11
36 25 47 7 21 44 67 50
16 31 45 26 21 45 59 56
38 15 44 0 0 27 54 50
32 25 30 16 28 35 53 44
33 15 20 15 9 17 36 28
12 9 14 4 8 44 61 60
17 16 8 31 8 18 33 38
0 3 6 -21 24 40 59 69
30 17 25 0 25 32 45 42
31 17 17 16 19 14 45 35
14 12 8 3 26 10 33 42
20 23 12 19 38 13 30 37

0 59 63 71 43 -45 -50 -43
13 11 0 11 22 -54 -38 -50
-29 26 25 13 43 -71 -50 -75
-67 -42 -67 -43 -13 -96 -100 -100
-100 -60 -75 -33 -67 -100 -100 -100
-100 -75 -63 -63 -100 -33 -13 -38
-83 -56 -50 -33 -83 0 0 0
-58 -35 -33 -38 -33 11 25 0
-20 -13 -17 -20 0 44 50 20
-33 11 17 0 17 39 67 33
9 15 25 0 18 59 50 50
-10 34 64 0 36 66 91 60
10 39 73 9 36 55 73 27
36 50 83 27 36 67 91 36
-9 18 27 9 18 42 55 18
10 -7 10 -30 0 27 40 10
31 13 29 8 0 10 8 8
20 -9 -20 -7 0 -5 -7 -14
0 -26 -29 -29 -21 2 7 -14
-25 -42 -50 -25 -50 8 25 0
20 -29 -50 -17 -20 18 33 0
-11 -19 -33 0 -22 17 13 29
33 -22 -50 -8 -8 41 36 36
-8 -36 -73 -27 -9 53 58 58
31 -17 -43 0 -7 38 45 36
-8 -18 -50 0 0 61 67 67
17 -16 -57 8 0 51 46 58
9 -22 -53 7 -19 64 43 79
8 -21 -62 8 -8 61 67 58
15 -36 -86 -14 -7 32 31 31
26 -22 -52 -12 0 39 38 42
9 -20 -25 -18 -18 62 58 55
13 -18 -28 0 -27 59 56 65
22 -22 -61 0 -6 28 28 29
-6 -3 -21 6 5 22 32 29
0 -15 -33 5 -17 -11 5 -16
14 -11 -40 7 0 41 38 38
19 -19 -25 -26 -5 37 35 38
-21 0 -6 6 0 26 38 27
7 -6 -12 0 -6 37 34 39
-12 11 11 26 -6 40 44 56
10 19 25 24 8 45 45 55
-17 20 36 42 -18 35 67 54
-6 15 0 50 -6 56 68 78
10 9 15 33 -20 36 42 61
-37 8 13 22 -11 39 53 48
-45 15 24 36 -17 32 59 56
-27 5 25 25 -35 33 62 56

-43
-75 -28 -33 -33 -17
-88 -46 -38 -50 -50
-89 -50 -67 -50 -33
-100 -75 -75 -75 -75
-50 -58 -63 -50 -63
0 33 50 33 17
8 -15 0 -25 -18
60 40 60 0 60
17 50 67 33 50
80 76 82 64 82
45 57 70 40 60
64 73 100 30 90
73 64 73 45 73
55 48 64 27 55
30 13 30 -10 20
15 10 21 7 0
7 -17 -29 -21 0
14 -8 -8 0 -15
0 -25 -25 -25 -25
20 -18 -33 -17 0
13 0 -13 14 0
50 16 25 8 15 -11 -42 8
42 33 42 50 8 -6 -50 8
33 14 8 8 23 -10 -36 0
50 18 14 36 8 -12 -40 8
50 30 8 55 27 -37 -74 -8
69 18 0 38 15 -34 -68 -18
58 8 0 17 8 -42 -54 -35
36 10 -25 33 23 -33 -71 -11
36 21 9 32 23 -39 -57 -35
73 41 42 40 40 -43 -67 -51
56 8 11 6 7 -30 -35 -17
26 10 6 13 11 -27 -58 -20
6 11 11 24 0 -19 -36 -3
-21 0 -5 5 0 -30 -52 -18
46 36 29 36 43 -12 -33 0
38 -4 -6 -7 0 -33 -53 -32
13 6 0 13 6 -16 -39 -6
38 25 30 25 21 -11 -26 5
21 31 35 50 8 2 2 19
35 21 20 28 17 12 14 28
-17 24 33 38 0 18 38 35
22 23 32 33 6 11 19 37
5 27 40 42 0 14 8 44
15 25 41 35 0 11 21 26
-21 18 42 38 -26 11 33 24
-18 20 41 43 -23 2 19 21
0 46 58 33 46
25 40 50 33 36
7 19 8 8 38
0 29 14 36 38
-29 11 -4 18 20 49 46 58
-17 14 0 15 27 62 50 71
-38 4 -8 4 17 56 58 50
-17 -14 -33 5 -15 44 50 33
-26 -12 -20 -8 -7 33 39 23
-13 19 25 6 25 44 42 45
-39 -9 -14 0 -13 39 44 29
-2 8 0 3 21 23 29 19
-18 -7 -9 -3 -8 13 32 18
-21 -14 -23 -8 -11 -19 -14 -21
-4 20 0 38 20 48 64 31
-15 -6 -19 -8 9 28 24 38
-3 5 -11 13 13 33 50 29
-12 9 5 16 5 43 34 50
-15 20 14 36 9 43 46 50
-6 21 25 33 5 32 32 50
-17 24 33 31 8 32 50 54
-23 33 47 50 1 58 68 78
-10 35 43 55 8 47 53 78
-15 16 35 32 -18 41 57 62
-25 20 30 38 -9 26 53 47
-35 14 33 34 -26 35 57 53
42 29 46 0 42 31 0 46
64 17 29 21 0 27 0 36
58 6 8 8 0 50 17 42
50 22 67 -17 15 23 0 31
38 30 46 13 32 52 13 43
45 -9 8 -27 -9 15 0 31
44 21 39 24 0 -22 0 22
22 24 56 12 5 33 0 39
-11 37 37 41 33 -5 5 19
-21 1 10 0 -6 -19 0 5
50 19 29 14 14 7 0 29
24 35 47 14 43 -6 0 12
21 -4 15 -14 -14 12 0 29
45 13 20 11 7 6 0 19
33 15 33 13 0 38 12 27
15 11 14 20 0 17 0 29
-8 8 17 8 0 8 0 31
28 28 35 44 6 0 0 12
10 21 20 21 21 14 0 24
4 25 45 30 0 10 0 14
-21 21 26 29 6 0 0 21
-7 13 26 17 -5 -11 2 9
38 8 8 0.7 0.8 2.3 2.0 -0.6

55 9 0 0.4 1.2 1.3 1.5 -1.5
33 8 0 0.5 1.7 1.9 2.3 -2.1
62 8 0 -1.4 -1.7 1.1 0.4 -4.6
39 4 0 -1 0 0 1 -4
54 15 0 1.1 2.7 1.8 3.8 0.2
33 39 6 -1.0 0.1 0.6 -0.3 -2.5
56 6 0 0.0 0.6 0.9 2.4 -2.4
48 24 5 -0.2 0.7 1.3 0.6 -1.4
71 24 0 -0.8 0.0 1.3 0.8 -3.9
50 14 7 1.3 3.2 5.0 5.4 -3.2
71 12 6 -0.6 1.0 1.7 2.5 -3.8
53 18 0 0.2 0.9 1.5 1.5 -1.8
68 10 3 -0.1 1.6 1.8 1.4 -1.9
62 0 0 0.9 3.4 3.4 1.3 -0.9
58 13 0 1.0 2.7 2.8 1.4 -0.1
46 15 8 1.1 2.3 3.8 2.1 0.2
76 12 0 2.1 4.5 5.0 0.9 0.9
67 10 0 2.6 5.0 6.6 2.2 1.4
83 3 0 0.7 3.4 3.2 1.3 -0.2
59 21 0 1.2 3.3 4.0 1.3 0.7
68 21 0 0.5 3.2 2.9 -0.2 0.0
0.0 0.0
-0.6 0.2
-0.4 -0.6
-1.3 -2.5
-2 -2
-0.9 -0.9
-1.9 -2.0
-0.8 -0.8
-0.6 -1.5
-1.4 -1.8
-1.1 -1.6
-2.9 -2.1
-0.2 -0.8
-1.8 -1.7
-0.7 -1.3
0.6 -1.1
0.4 -2.1
1.8 -0.9 21.7 81.3 66.7 25.0 -18.8 20.0
1.9 -1.8 10.7 50.0 52.9 0.0 -5.6 0.0
-0.4 -3.2 -4.6 34.5 33.3 -20.0 -6.9 -16.7
1.1 -3.2 8.0 60.6 54.5 -6.3 -9.1 -3.1
0.2 -3.1 5.4 45.7 50.0 2.3 -6.7 0.0
-1.8 -3.1 1.1 -0.2 -6.1 0.2 -2.9

-2.3 -2.5 1.1 1.3 -7 -2.3 -4.2
-2.5 -1.9 0.0 -0.2 -6.2 -2.9 -4.0
-2.7 -4.1 -0.9 -0.9 -6.3 -1.4 -2.8
-3 -4 -2 0 -7 -3 -2
-2.4 -1.5 -1.5 1.0 -6.0 -4.3 -2.0
-1.9 -1.5 -0.3 -1.6 -3.5 -2.2 -2.1
-2.0 -1.0 0.6 1.6 -6.9 -3.7 -2.5
-0.8 -0.5 1.6 0.0 -3.2 -1.2 -1.4
-2.1 -1.7 0.5 1.0 -6.9 -2.5 -2.8
-1.3 -0.7 1.8 1.8 -6.3 -2.5 -2.0
-2.9 -2.1 -1.0 0.7 -6.6 -5.1 -3.0
-1.0 0.7 0.8 1.2 -4.5 -2.0 -2.5
-0.5 0.4 1.9 1.3 -4.1 -0.4 -2
0.4 2.3 3.1 1.3 -1.7 -0.9 -1.9
1.1 2.9 3.5 1.5 -0.9 0.7 -1.0
1.1 3.5 3.5 0.8 0.8 0.6 -2.5
-43.8 1.1 3.8 4.8 0.9 0.0 0.3 -3.2
-33.3 0.6 1.7 3.7 0.0 -0.3 0.9 -2.3
-52.0 0.3 3.5 3.1 0.5 -1.3 -0.4 -3.4
-48.5 0.8 4.0 3.1 1.1 -0.1 -0.1 -3.1
-59.1 -0.1 3.0 2.6 -0.7 -0.8 -0.6 -4.1
4.0 43.8 46.7 -6.3 -25.0 0.0 -35.3
1.1 27.8 47.1 -10.5 -21.1 0.0 -36.8
-6.9 26.7 22.2 -18.5 -10.0 -15.4 -46.4
-5.7 23.5 45.5 -15.6 -26.5 -6.3 -54.5
-2.2 30.4 50.0 -7.0 -17.8 -9.5 -59.1
8.3 16.7 66.7 8.3 0.0

14.3 14.3 57.1 14.3 0.0 21.4 7.1
0.0 16.7 37.5 41.7 4.2 12.0 16.0
0.0 14.3 71.4 14.3 0.0 14.3 7.1
6 22 50 17 6 16.666667 11.111111
6 11 50 28 6 10.526316 10.526316
0 20 50 25 5 4.7619048 9.5238095
10 29 52 10 0 28.571429 14.285714
7 14 57 21 0 14.285714 14.285714
6 38 50 6 0 5.8823529 0
6 17 44 33 0 17.647059 11.764706
6 10 52 26 6 6.451613 3.225806
0 12 48 40 0 8 4
0 4 50 38 8 0 0
15 8 62 8 8 0 15.384615
0 6 28 61 6 15.789474 0
0 10 38 52 0 9.5238095 4.7619048
3 13 50 31 3 9.6774194 3.2258065
3 10 51 36 0 7.6923077 5.1282051
2 8 63 23 4 25 2.0833333

39 -23
20 -27
16 -39
-35 -49
-87 -58
-73 -31
-57 11
-32 -3
-19 39
19 41
26 52
24 51
38 52
43 46
17 29
8 13
14 3
-7 -7
-18 -9
-22 -14
-27 -20
-15 -2
-11 6
-17 25
-7 17
-9 34
-9 17
-10 22
-9 21
14.3 21.4 28.6 7.1 3.5 -19 7
20.0 20.0 28.0 4.0 3.5 -19 10
7.1 28.6 28.6 14.3 3.9 -9 37
11.111111 27.777778 22.222222 11.111111 3.6111111 -9 15
5.2631579 15.789474 42.105263 15.789474 4.1578947 -9 4
14.285714 23.809524 38.095238 9.5238095 4.0952381 -6 -1
19.047619 14.285714 0 23.809524 3.1428571 -13 -4
7.1428571 28.571429 28.571429 7.1428571 3.6428571 -1 19
11.764706 23.529412 29.411765 29.411765 4.5882353 -5 -1
11.764706 11.764706 29.411765 17.647059 3.7647059 6 12
0 29.03226 29.03226 32.25806 4.677419 4 16
8 12 32 36 4.64 14 19
8 24 28 40 5 16 18
15.384615 0 23.076923 46.153846 4.6923077 17 17
5.2631579 0 21.052632 57.894737 4.8421053 18 17
0 0 19.047619 66.666667 5.1428571 10 14
16.129032 0 25.806452 45.16129 4.6451613 7 13
12.820513 2.5641026 33.333333 38.461538 4.6410256 9 10
8.3333333 2.0833333 29.166667 33.333333 4.0833333 1 14

2013 Q4 Portugal 21 38 0 23 13 0 8
2014 Q1 Portugal 30 60 0 30 17 20 20
2014 Q2 Portugal 47 92 0 50 3 17 0
2014 Q3 Portugal 42 73 -9 64 -21 -45 -18
2014 Q4 Portugal 39 56 11 50 0 -20 0
2015 Q1 Portugal 53 65 31 63 -12 -24 13
2015 Q2 Portugal 53 73 20 64 -38 -60 -13
2015 Q3 Portugal 46 54 23 62 -33 -62 -15
2015 Q4 Portugal 30 33 0 57 -25 -53 0
2016 Q1 Portugal 49 69 15 63 -12 -27 4
2016 Q2 Portugal 44 74 5 53 -11 -16 5
2016 Q3 Portugal 45 86 -5 55 -11 -32 5
2016 Q4 Portugal 46 75 13 50 -23 -38 -13
2017 Q1 Portugal 38 60 13 40 -29 -40 -27
2017 Q2 Portugal 43 71 12 47 -10 -19 -13
2017 Q3 Portugal 53 77 29 54 -13 -23 3
2017 Q4 Portugal 44 56 25 50 -17 -19 -13
2018 Q1 Portugal 58 67 42 67 -39 -42 -25
2018 Q2 Portugal 43 62 20 48 -16 -38 -10
2018 Q3 Portugal 57 71 41 59 -22 -29 -24
2018 Q4 Portugal 52 77 35 42 1 13 -3
2019 Q1 Portugal 60 76 40 65 -21 -44 -8
2019 Q2 Portugal 50 60 30 60 -1.666667 -5 0
2019 Q3 Portugal 39 67 21 30 -8 -21 -21
2019 Q4 Portugal 53 77 33 48 -2 -5 -5

31 44 46 46 38 -37 -45 -42 -25
10 17 20 20 10 -23 -30 -10 -30
-9 0 0 8 -9 -11 -17 -8 -9
0 -9 -18 9 -18 -24 -30 -20 -22
20 -3 -20 10 0 -15 -11 -11 -22
-25 -18 -35 0 -19 -10 -12 -19 0
-40 -27 -40 0 -40 14 14 13 13
-23 -34 -54 -8 -38 -5 0 -15 0
-21 -30 -40 -21 -29 -12 -7 -14 -14
-12 -21 -35 -8 -19 13 21 -4 21
-21 -25 -42 -16 -16 0 11 -11 0
-5 -23 -41 0 -27 6 14 -14 18
-19 -23 -44 6 -31 9 20 0 7
-20 -17 -25 -6 -19 7 14 -7 14
0 -6 -25 6 0 36 53 20 33
-20 -17 -23 -9 -20 28 52 -3 35
-19 -13 -25 -6 -6 38 63 13 38
-50 -25 -33 -13 -29 29 38 10 38
0 -24 -43 -15 -14 31 43 10 40
-12 -39 -47 -35 -35 46 75 38 25
-6 -19 -25 -11 -21 41 65 13 45
-12 -17 -36 -4 -12 46 72 36 31
0 3.3333333 -5 0 15 45 75 15 45
17 -14 -17 -11 -14 27 50 10 20
5 -19 -32 -14 -10 40 68 14 36
3m Rent Expectations - NB % Investment Enquiries - NB% 3m Capital value expec

-28 -31 -38 -15 53 83 8 67 18
-3 10 -30 10 79 100 44 90 20
11 27 -8 25 78 100 42 92 53
6 18 -18 18 67 82 27 91 48
15 33 0 11 74 78 67 78 47
27 41 12 29 73 76 65 76 51
37 47 13 50 84 100 67 87 53
46 54 31 54 61 75 42 67 64
42 40 29 57 58 73 43 57 37
42 58 8 58 68 83 50 71 38
39 68 -5 53 41 56 11 56 30
31 64 -5 33 36 64 9 36 26
33 67 7 27 40 60 20 40 40
46 69 19 50 38 60 7 47 36
41 65 12 47 51 63 38 53 44
59 80 29 68 49 70 20 57 45
50 75 25 50 58 69 50 56 44
44 75 21 38 54 57 48 57 54
48 57 40 48 56 57 50 62 56
45 59 35 41 63 81 44 63 58
48 71 29 45 52 77 39 39 43
45 68 28 38 45 76 32 27 40
56.666667 75 40 55 41.666667 60 30 35 41.666667
30 53 23 13 19 47 7 3 41
56 77 43 48 39 64 18 36 52
3m Capital value expectations - NB % 12m Rent Expectations - NB % 12m Capital value expectations -

31 -8 33 -10 0 -31 0 46 69
50 -20 30 13 40 -30 30 53 80
67 25 67 44 64 18 50 69 75
73 9 64 11 23 -14 23 33 45
56 22 63 26 33 6 39 59 61
59 47 47 37 56 15 41 60 72
60 33 67 50 73 27 50 41 44
85 38 69 37 58 12 43 55 73
40 21 50 51 67 25 61 50 53
48 17 48 69 85 44 77 69 82
50 11 28 42 68 16 42 42 61
55 -9 32 37 68 5 39 37 64
60 27 33 46 77 20 40 38 57
53 13 40 53 81 28 50 52 69
50 19 63 51 65 32 56 41 57
61 16 58 64 86 34 73 66 79
69 19 44 56 78 31 59 54 75
76 29 57 55 75 37 54 53 64
76 30 62 69 81 50 76 65 86
75 50 50 54 74 35 53 56 72
61 29 39 56 68 45 55 55 66
56 32 31 55 74 50 40 38 63
70 20 35 45.570175 76.578947 22.368421 37.763158 36.535088 48.026316
60 30 33 42 72 24 30 43 68
77 32 45 53 80 45 36 51 77

0 69
0 80
50 83
14 41 70 100 18 91 21 18 18
44 72 89 89 89 89 30 33 22
41 69 78 82 71 82 2 -18 18
41 37 67 73 53 73 -13 -33 13
35 58 69 77 46 85 -18 -38 0
29 68 51 73 29 50 14 7 14
48 77 59 75 42 61 -21 -33 -4
14 50 48 61 28 56 -30 -39 -11
9 39 42 68 5 52 -3 -9 9
20 37 24 40 13 20 -18 -27 -7
22 66 40 50 13 56 -13 -19 -13
23 43 52 63 38 56 6 -13 6
41 77 60 71 39 71 -1 3 0
25 63 60 73 40 67 -4 -6 0
38 57 59 71 43 62 -10 -10 -14
43 67 61 57 55 71 -22 -38 -15
41 56 60 75 38 69 0 0 -13
47 52 52 71 32 52 8 6 -3
41 11 59 76 56 46 9 8 12
26.315789 35.263158 46.666667 55 40 45 -0.087719 -5 -5.263158
29 30 34 57 27 20 -9 -7 -20
44 33 57 82 41 48 1 -5 -5
for sale, NB % Credit conditions Capital value expectations - respo
27 45 9 45 36 9 0 1.3 4.5
33 78 11 67 22 0 0 3.0 5.6
6 82 6 82 6 0 6 4.0 7.2
-20 100 13 87 0 0 0 3 6.3
-15 100 23 77 0 0 0 3.4 6.9
21 93 27 67 7 0 0 3.1 4.8
-25 87 17 70 13 0 0 3.4 5.9
-39 78 17 67 11 6 0 2.0 4.0
-9 64 9 64 18 9 0 1.8 5.0
-20 40 7 47 33 13 0 2.7 6.8
-6 81 25 56 19 0 0 2.4 5.0
25 94 13 81 6 0 0 1.8 3.8
-7 90 29 65 3 3 0 4.0 6.8
-6 94 25 69 6 0 0 2.2 4.8
-5 90 24 67 10 0 0 2.3 4.4
-14 80 30 50 20 0 0 3.5 6.1
13 69 31 38 31 0 0 3.2 7.7
19 52 16 45 29 6 3 3.7 6.8
8 69 12 65 15 8 0 3.3 8.6
10 65 20 50 25 5 0 2.5559211 6.375
0 60 17 43 40 0 0 3.9 9.3
14 68 14 59 23 5 0 3.6 7.0
lue expectations - respondents' 12m average % forecast Capital value expectations -longer term expectations n
1.6 5.0 0.5 -2.7 -1.1

3.1 5.8 1.9 0.3 1.1
3.4 7.5 2.7 0.5 2.8
3.5 6.7 2.3 0.5 1.0
3.1 6.3 1.7 0.6 1.5
2.7 5.2 1.8 1.6 2.5
2.5 5.1 3.0 1.3 2.6
1.4 4.2 1.5 -0.4 1.1
1.4 3.6 1.6 -1.1 0.3
1.8 4.3 2.3 -0.2 0.8
1.6 5.0 1.6 -0.2 1.4
1.5 3.5 1.3 0.0 0.7
2.8 6.9 3.3 0.9 3.3
1.4 4.1 1.7 0.2 0.9
2.4 4.5 1.2 0.2 1
2.9 6.1 2.3 1.0 2.5
3.0 4.2 2.8 0.3 1.4
4.1 6.4 2.8 1.1 1.0 23.7 48.4 35.5 45.2
4.2 3.3 3.2 0.8 -0.4 4.0 56.0 32.0 23.1
2.3684211 4.75 1.5789474 -0.263158 0.5263158 16.666667 45 5 45
3.8 4.3 5.1 0.3 0.6 8.2 43.3 23.3 13.3
3.9 3.5 4.9 2.1 0.4 28.3 59.1 45.5 31.8
ger term expectations net balance % Rent expectations - respondents' 12m average % forecast
0.8 4.1 0.2 5.7 0.2 -2.3

1.1 2.8 0.6 3.6 1.1 -0.3
2.6 6.3 1.9 7.8 1.5 -1.2
2.9 6.8 3.8 5.3 1.5 -0.8
3.3 6.5 2.9 6.7 2.5 0.8
3.5 6.7 3.2 7.1 2.0 0.2
3.7 6.3 3.0 5.8 3.4 1.0
2.6 5.8 2.2 5.1 2.4 -0.1
2.3 7.2 1.1 3.6 2.8 -1.4
3.5 9.7 2.2 5.0 3.8 -1.2
2.8 6.3 1.9 5.8 2.2 0.2
2.0 3.8 1.8 4.4 1.2 -0.1
4.1 6.9 2.9 7.4 3.1 0.9
2.2 5 2 3.8 1.7 -0.2
2.7 7 2.7 3.5 2.4 0.2
3.8 5.7 3.8 6.7 2.6 1.0
3.1 7.4 2.2 4.1 2.8 0.4
16.1 -3.2 0.0 3.7 6.5 3.9 6.7 2.8 0.8
-12.0 -25.0 -50.0 3.8 8.9 3.5 4.5 4.0 1.0
15 -10 0 3.3717105 7.5 2.75 5.375 3.6842105 -0.394737
13.3 -24.1 -20.0 3.4 8.3 3.0 4.0 5.5 0.4
38.1 14.3 -19.0 3.5 6.5 3.5 3.8 4.8 1.9
-3.2
-1.1
-0.4
0.5
0.4
2.0
2.4
0.1
0.6
1.3
0.8
0.7
3.3
0.8
0.2
3.3
1.5
1.5 16.7 51.6 38.7 38.7 9.7 -16.1 -22.6
1.1 8.5 52.0 20.0 23.1 16.0 -20.0 -40.0
1.3157895 15 50 10 45 5 -10 -10
-0.7 9.0 53.3 23.3 17.2 10.0 -23.3 -26.7
0.6 18.3 57.1 38.1 19.0 28.6 -4.8 -28.6
View on current market valuation levels Perceptions on current phase o
Very CheapCheap Fair Value Expensive Very Expensive Early DownMid-DowntuBottom
11.8 41.2 47.1 0.0 0.0

6.7 40.0 33.3 20.0 0.0 0.0 0.0 6.7
38.5 23.1 30.8 7.7 0.0 0 0 8
26.7 20.0 33.3 20.0 0.0 0 0 33
26 13 43 17 0 0 0 9
17 44 17 22 0 0 0 6
23 36 36 0 5 14 0 0
33 20 33 13 0 0 7 20
31 6 44 13 6 6 0 0
6 31 38 25 0 6 0 6
10 13 48 23 6 0 0 3
25 6 38 25 6 0 6 0
19 5 38 29 10 5 10 0
19 10 24 33 14 5 0 5
6 13 44 19 19 0 0 0
6 10 42 29 13 16.129032 0 6.4516129
4 4 46 25 21 15.384615 3.8461538 7.6923077
0 5 50 35 10 10 5 5
0 17 37 40 7 23.333333 3.3333333 6.6666667
14 23 36 23 5 18.181818 4.5454545 4.5454545
ptions on current phase of property cycle
Early UpturMid-UpturnPeak Average OSI ISI

-17 8
3 23
19 35
19 31
19 30
33 40
53.3 40.0 0.0 4.3 39 50
38 46 8 5 42 48
27 40 0 4 34 27
30 48 13 5 37 42
33 50 11 5 36 33
27 36 23 4 33 22
20 47 7 4 34 33
25 50 19 5 33 29
13 50 25 5 30 30
19 65 13 5 43 32
6 50 38 5 36 35
0 52 33 5 42 39
0 43 48 5 38 45
12.5 37.5 50 5.375 47 40
0 32.258065 45.16129 4.6774194 40 29
7.6923077 38.461538 26.923077 4.3076923 41 25
0 50 30 5 34 28
0 16.666667 50 4.3333333 28 23
0 40.909091 31.818182 4.3636364 42 30
ALL off ind ret ALL

2018 Q4 Qatar -21 -40 4 -26 43
2019 Q1 Qatar -38 -62 -15 -36 46
2019 Q2 Qatar -23 -38 -7 -24 37
2019 Q3 Qatar -23 -43 -8 -19 51
2019 Q4 Qatar -54 -63 -42 -58 34

44 34 52 9 10 0
41 39 57 10 16 5
42 31 38 3 6 -4
51 45 56 13 14 8
37 22 42 47 58 42

17 -4 -16 14 -10 -39 -54
9 -10 -21 4 -13 -52 -57
7 1 -2 7 -2 -42 -52
18 -6 -14 -1 -3 -43 -53
42 -19 -17 -6 -33 -47 -47
tions - NB % Investment Enquiries - NB% 3m Capital value expectati

-20 -42 -12 -35 12 -14 -14
-38 -60 -33 -47 -17 -34 -18
-30 -45 -10 -29 5 -7 -6
-34 -42 -13 -20 -10 -10 -15
-47 -47 -26 -33 -11 -33 -26
Office Ind Retail ALL off ind

-27 -2 -14 3 -2 8
-30 -11 -15 -30 -39 -13
-7 0 -11 -20 -29 -7
-24 -6 -14 -25 -37 -15
-22 -28 -28 -20 -26 -8
ret ALL off ind ret ALL

2 10 2 19 10 -11
-38 -12 -22 -1 -13 -19
-23 6 0 18 2 -2
-24 -8 -14 -1 -7 -14
-25 14 8 31 3 -35
eign enquiries, NB % Supply availaibility - for sale, NB %
Office Ind Retail ALL Office Ind

-22 8 -18 19 18 20
-15 -11 -32 8 4 6
-11 6 0 30 29 27
-23 -9 -12 26 23 26
-39 -39 -28 24 22 22
Credit conditions
Retail NB % Imp signif (1) imp slight (2) No chng (3) (4) (5)
18 16 4 36 36 16 8
13 -13 4 17 43 30 4
34 -11 2 24 38 33 4
29 -3 4 24 41 28 3
28 -17 0 28 28 33 11
All-Property Prime Office Industrial Prime Retail Office Industrial Retail
1.0 1.3 2.8 2.0 -0.1 0.6 -0.4
-1.1 -1.7 -0.4 -1.9 -1.8 -0.4 -0.6
0.3 1.3 1.7 0.6 -1.3 0.2 -0.5
0.1 0.3 1.0 0.2 -0.7 -0.2 -0.1
-0.9 0.4 2.2 0.4 -2.8 -2.4 -3.6
Capital value expectations -longer term expectations net balance %
10.1 8.0 30.0 18.4 -6.0 18.0 -8.0
5.0 2.1 21.3 6.5 -10.6 10.6 0.0
12.8 10.9 25.5 12.7 9.1 9.3 9.1
-0.2 -5.1 10.5 3.8 -7.7 0.0 -2.6
24.1 33.3 44.4 27.8 5.6 22.2 11.1
Rent expectations - respondents' 12m average % forecast
-0.1 1.1 2.3 1.3 -1.9 -1.2 -2.0
-1.8 -2.1 -0.3 -1.5 -3.2 -0.7 -3.3
-2.4 -2.1 0.2 -1.4 -4.1 -3.1 -4.0
-1.6 -1.4 0.6 -0.6 -3.5 -2.3 -2.6
-2.7 -2.8 -0.4 -2.5 -4.9 -3.1 -2.4
20.6 24.0 44.9 20.8 4.2 20.0 10.0
-7.4 -12.8 8.7 -13.0 -21.3 4.3 -10.6
8.9 1.8 23.2 10.7 -3.6 14.3 7.1
-17.2 -22.5 -6.3 -7.5 -23.1 -20.3 -23.8
28.8 33.3 38.9 27.8 11.8 33.3 27.8
0 12 34 50 4 12
0 4 38 53 4 8.5106383
0 11 39 46 4 9.0909091
1 12 31 51 5 14.102564
0 6 39 50 6 11.111111

44 20 16 4 4 2.68 -23
38.297872 21.276596 23.404255 4.2553191 4.2553191 2.893617 -33
36.363636 25.454545 16.363636 9.0909091 3.6363636 2.9090909 -23
39.74359 14.102564 20.512821 7.6923077 3.8461538 2.7948718 -26
27.777778 27.777778 33.333333 0 0 2.8333333 -50
ISI
-15
-20
-15
-18
-25

2008 Q1 Rep. Ireland -38 -14 -43 -57 14 29
2008 Q2 Rep. Ireland -95 -100 -86 -100 38 43
2008 Q3 Rep. Ireland -84 -86 -83 -83 42 57
2008 Q4 Rep. Ireland -100 -100 -100 -100 94 100
2009 Q1 Rep. Ireland -92 -88 -88 -100 78 88
2009 Q2 Rep. Ireland -17 10 -10 -50 89 100
2009 Q3 Rep. Ireland -12 9 0 -42 79 82
2009 Q4 Rep. Ireland -17 0 -30 -20 61 82
2010 Q1 Rep. Ireland -8 25 -38 -11 68 50
2010 Q2 Rep. Ireland 31 60 20 17 81 80
2010 Q3 Rep. Ireland 13 50 -25 13 38 50
2010 Q4 Rep. Ireland 29 75 25 -13 46 50
2011 Q1 Rep. Ireland 14 33 14 0 18 -29
2011 Q2 Rep. Ireland -6 2 -17 -2 31 20
2011 Q3 Rep. Ireland -1 28 -28 -3 26 11
2011 Q4 Rep. Ireland 6 21 -11 7 19 1
2012 Q1 Rep. Ireland 1 25 -16 -5 25 0
2012 Q2 Rep. Ireland -4 8 -14 -7 33 21
2012 Q3 Rep. Ireland 4 10 -22 0 15 -2
2012 Q4 Rep. Ireland 12 45 -12 4 17 -8
2013 Q1 Rep. Ireland 32 58 15 23 6 -19
2013 Q2 Rep. Ireland 22 32 5 28 13 -14
2013 Q3 Rep. Ireland 45 69 22 44 -2 -29
2013 Q4 Rep. Ireland 42 61 34 31 -10 -29
2014 Q1 Rep. Ireland 59 74 46 58 -5 -29
2014 Q2 Rep. Ireland 41 52 22 50 -3 -18
2014 Q3 Rep. Ireland 47 66 33 44 -11 -28
2014 Q4 Rep. Ireland 56 72 38 57 -19 -34
2015 Q1 Rep. Ireland 63 73 45 70 -25 -41
2015 Q2 Rep. Ireland 60 69 44 66 -24 -32
2015 Q3 Rep. Ireland 65 74 53 67 -30 -45
2015 Q4 Rep. Ireland 56 66 44 57 -20 -23
2016 Q1 Rep. Ireland 59 56 59 63 -32 -38
2016 Q2 Rep. Ireland 53 59 51 48 -18 -20
2016 Q3 Rep. Ireland 44 50 38 45 -13 -13
2016 Q4 Rep. Ireland 39 42 31 44 -12 -2
2017 Q1 Rep. Ireland 50 56 48 45 -12 -1
2017 Q2 Rep. Ireland 39 39 45 33 1 11
2017 Q3 Rep. Ireland 40 53 48 19 -8 10
2017 Q4 Rep. Ireland 46 54 55 30 -1 6
2018 Q1 Rep. Ireland 34 48 43 11 -2 -1
2018 Q2 Rep. Ireland 35 49 49 7 4 6
2018 Q3 Rep. Ireland 29 43 39 3 3 1
2018 Q4 Rep. Ireland 28 45 41 -1 12 16
2019 Q1 Rep. Ireland 26 38 40 -1 8 11
2019 Q2 Rep. Ireland 17 32 33 -16 11 13
2019 Q3 Rep. Ireland 9 22 28 -22 11 15
2019 Q4 Rep. Ireland 5 26 30 -40 13 11

0 14 24 14 0 57 -33 -29
14 57 86 100 71 86 -52 -57
33 33 100 100 100 100 -85 -71
91 92 83 92 67 92 -100 -100
57 88 100 100 100 100 -100 -100
67 100 96 100 89 100 -80 -80
73 83 97 100 91 100 -82 -82
55 45 61 64 55 64 -80 -80
63 89 72 75 75 67 -32 -38
80 83 38 40 40 33 -76 -80
38 25 17 25 13 13 -71 -71
50 38 17 0 25 25 -67 -63
29 50 50 43 57 50 -41 -43
36 36 51 47 49 58 -36 -38
29 39 40 33 39 47 -23 -21
22 33 40 31 44 44 -22 -21
33 41 28 10 33 41 -17 -19
32 47 39 33 41 42 -19 -17
25 22 28 19 33 32 -14 -10
16 42 14 -8 29 22 -2 9
19 19 6 -12 12 20 -1 0
21 32 11 -20 33 21 2 5
16 8 -11 -30 -2 0 11 21
-9 9 -7 -24 0 3 13 24
6 10 -22 -51 -7 -7 16 46
5 4 -4 -22 4 7 6 20
-2 -4 -13 -37 0 -3 6 29
-3 -19 -12 -26 -2 -9 10 39
-13 -21 -29 -52 -9 -25 23 56
-13 -27 -21 -42 -10 -10 16 46
-26 -20 -42 -58 -37 -33 19 53
-16 -20 -26 -45 -17 -15 25 62
-30 -29 -38 -41 -37 -37 22 43
-13 -22 -20 -25 -15 -20 26 57
-14 -11 -22 -28 -12 -26 17 38
-15 -20 -20 -26 -17 -18 19 38
-22 -14 -13 -15 -14 -9 20 44
-10 1 -3 -3 -10 6 10 23
-21 -13 -17 -23 -18 -9 20 40
-9 2 -6 -10 -12 3 15 31
-7 1 -5 -13 -12 9 22 40
-7 13 5 2 -3 17 24 41
-3 13 1 -7 -4 13 21 42
4 16 2 -3 -9 16 17 37
-4 16 2 -2 -9 16 19 36
0 20 7 5 -1 17 11 28
-4 22 7 9 -8 20 4 20
-1 28 5 -1 -8 23 9 35

-29 -43 -11 0 0 -33 -86 -86
-43 -57 -29 -43 0 -43 -86 -86
-83 -100 -47 -71 -33 -33 -68 -71
-100 -100 -92 -92 -83 -100 -67 -67
-100 -100 -95 -100 -86 -100 -4 0
-80 -80 -97 -100 -90 -100 0 0
-82 -83 -88 -91 -82 -92 18 27
-80 -80 -55 -36 -55 -73 42 45
-25 -33 -59 -57 -57 -63 12 0
-80 -67 -75 -80 -80 -67 56 60
-71 -71 -58 -38 -63 -75 38 25
-75 -63 -54 -38 -63 -63 -17 -13
-43 -38 -64 -43 -71 -75 -82 -86
-37 -32 -62 -55 -66 -64 -12 -9
-26 -23 -49 -40 -60 -47 -19 -17
-23 -22 -43 -28 -53 -47 -1 1
-15 -18 -34 -12 -41 -50 16 25
-19 -20 -35 -20 -38 -46 11 20
-17 -16 -26 -8 -42 -28 32 42
-10 -5 -37 11 -59 -64 25 50
-4 0 5 35 -8 -12 50 54
0 0 -11 35 -42 -25 37 53
2 9 27 61 4 17 56 70
3 13 26 58 14 6 47 52
1 1 46 68 36 33 61 67
-4 2 33 43 24 33 57 58
-7 -3 47 68 30 43 53 61
-6 -2 55 73 34 60 59 64
4 10 58 74 37 62 46 46
-2 4 57 70 45 57 54 52
1 3 60 75 52 52 51 56
7 5 57 69 44 58 34 36
19 5 64 67 61 65 41 31
14 8 45 51 44 41 30 28
15 -1 39 39 36 43 31 26
13 7 44 48 43 42 23 25
15 2 51 54 53 47 33 33
7 0 33 36 37 25 34 37
23 -1 47 51 59 32 29 34
18 -4 43 47 58 25 25 32
31 -4 39 43 54 21 24 25
27 3 32 32 54 9 22 30
27 -5 31 35 49 10 23 37
21 -8 25 34 44 -2 12 24
23 -3 23 33 38 -1 17 26
22 -17 15 24 37 -17 7 22
17 -24 7 14 34 -27 1 13
21 -29 9 23 35 -33 6 24

-86 -86
-86 -86 -92 -100 -75 -100
-67 -67 -100 -100 -100 -100
-67 -67 -100 -100 -100 -100
-13 0 -89 -83 -83 -100
-20 20 -57 -60 -50 -60
9 18 -64 -64 -55 -73
27 55 -52 -45 -45 -64
0 33 -62 -56 -63 -67
60 50 -73 -80 -80 -60
38 50 -54 -50 -63 -50
-25 -13 -46 -38 -50 -50
-86 -75 -64 -57 -71 -63
-16 -9 -78 -75 -82 -77
-31 -8 -66 -57 -77 -64
-9 5 -39 -27 -49 -42
-2 25 -34 -18 -46 -39
-1 14 -36 -31 -38 -39
14 41 -19 -7 -36 -13
-9 35 1 24 -16 -4
33 63 12 32 4 0
12 47 23 42 6 21
33 64 37 60 11 39
28 63 42 61 28 38 38 61
49 68 65 76 51 68 66 78
45 67 40 45 30 44 49 53
50 47 51 66 32 53 58 75
47 67 53 69 31 60 68 78
32 61 68 78 57 69 69 78
52 59 62 68 57 61 71 81
38 59 67 72 66 63 74 84
24 40 61 65 58 60 69 80
44 48 65 60 70 65 79 84
26 35 45 49 45 41 67 73
29 40 43 43 39 47 64 67
16 28 45 44 47 45 56 60
33 33 50 51 54 45 63 69
37 29 37 38 41 31 51 56
32 20 48 53 56 34 61 67
32 12 51 55 57 40 60 69
36 10 45 51 59 25 55 63
33 5 34 39 48 15 52 62
33 -2 33 49 51 -1 46 63
23 -11 27 40 46 -5 33 48
28 -3 28 42 39 3 40 53
23 -25 17 28 41 -16 28 40
16 -27 6 17 29 -29 20 38
21 -28 14 35 42 -36 17 39
25 29 57 63 53 53
54 67 76 78 69 81
38 56 63 65 47 77
45 54 66 75 59 64 37 52
58 68 74 80 64 77 44 49
57 70 74 80 62 79 25 26
67 65 85 86 83 85 37 38
69 68 80 87 77 78 34 38
60 67 78 82 74 79 26 26
75 79 84 84 84 84 19 20
64 64 65 69 64 62 9 9
64 62 73 74 71 73 7 9
51 56 63 62 63 65 1 7
60 59 66 70 64 64 11 15
51 47 56 62 54 53 13 16
69 48 66 69 72 58 17 25
64 45 66 73 71 54 13 23
65 38 63 71 72 47 13 16
62 31 58 66 68 42 21 32
59 16 46 61 58 20 13 32
47 4 34 47 45 10 9 23
53 14 38 50 51 12 14 25
50 -7 27 41 48 -9 9 26
40 -19 16 31 36 -19 2 19
41 -29 20 41 45 -24 6 25
Imp signif
19 39 23 35 6 29 69 5
28 55 19 -14 35 36 61 5
12 36 -4 -24 7 6 69 6
32 42 -4 -10 -2 0 72 6
19 44 -6 -18 -7 7 64 10
22 31 -14 -22 -9 -12 49 3
14 23 -22 -27 -22 -19 53 0
4 14 -14 -26 -11 -4 44 6
0 12 -7 -10 -11 -1 35 1
-5 1 -17 -14 -19 -17 43 3
5 14 -13 -12 -16 -12 58 4
16 7 -9 -9 -9 -11 60 7
16 9 -10 -6 -13 -11 60 4
14 2 -25 -21 -25 -30 60 7
16 6 -16 -17 -19 -14 56 4
25 7 -4 1 -7 -4 53 2
21 -14 -6 -3 -16 2 48 4
14 -10 3 3 -3 8 38 3
22 -7 6 7 0 11 44 4
17 -14 6 10 -9 17 20 3
10 -24 5 14 -9 12 13 1
18 -24 -1 5 -4 -4 27 2
66 27 2 0 4.8 9.6 4.9 5.9

59 34 2 0 6.6 10.7 6.1 8.8
68 22 3 1 7 10 7 10
68 25 0 1 7.8 10.0 8.1 8.7
59 27 3 1 6.7 8.3 7.4 8.1
53 38 4 3 7.4 9.5 8.4 9.3
54 44 1 0 6.3 6.9 7.6 7.6
48 38 8 1 5.0 6.4 5.5 5.7
46 40 12 0 4.9 6.1 6.1 6.1
49 38 9 1 3.9 4.6 4.9 5.3
56 37 2 0 4.0 5.1 5.2 4.6
54 38 1 0 3.3 4.2 4.6 4
60 32 4 0 3.9 5.0 5.6 4.1
57 31 5 0 3.8 4.9 5.4 3.8
55 38 3 0 3.2 3.9 4.6 3
57 34 7 0 2.7 3.4 4.3 2.7
52 36 7 1 3.1 4.9 5.0 2.3
47 37 10 2 2.3 4.1 4.3 1.9
50 37 8 1 1.8 3.7 3.5 1.5
35 44 16 2 1.3 3.1 3.7 0.3
33 46 20 1 0.7 2.4 3.1 -0.2
37 49 12 0 0.8 2.6 3.3 -0.3
3.7 1.8 2.7

5.8 3.5 4.8
7 4 4
7.7 6.1 6.1
7.1 4.6 4.9
6.7 5.1 5.3
5.5 5.3 4.7
4.5 4.1 3.9
3.9 3.6 3.7
3.0 2.9 2.9
3.5 3.3 2.6
2.4 2.8 2
3.0 3.4 2.0
3.2 3.3 1.9
2.9 3.1 1.5
2.7 2.6 0.5
2.9 2.9 0.5
2.0 2.0 -0.4 22.6 51.4 53.6 9.9 19.6
1.7 1.4 -0.7 25.6 46.8 56.8 15.2 20.7
1.1 1.5 -2.0 7.5 28.6 48.5 -10.1 7.0
0.8 1.1 -3.0 2.5 32.4 40.4 -22.4 1.1
1.2 1.3 -2.9 3.1 32.1 42.7 -24.3 1.3
4.1 10.0 4.5 4.6 4.0 0.3

5.9 10.9 4.6 7.8 6.2 2.3
6 10 5 8 6 2
6.7 10.5 6.5 8.1 7.4 3.9
5.9 8.7 5.6 7.1 6.6 3.7
6.7 10.4 7.3 8.2 7.3 3.3
6.8 8.3 8.0 8.8 6.3 4.7
5.1 7.0 5.1 6.2 5.7 4.1
5.1 6.3 5.7 6.8 5.0 3.2
3.6 4.8 4.3 5.3 3.2 2.2
4.0 5.0 5.3 5.2 3.6 2.9
3 3.9 4.4 4.2 2.3 2.1
3.8 4.5 5.4 4.0 3.4 3.3
3.6 4.8 5.1 3.6 3.4 3.3
3 3.8 4.8 2.8 3.3 2.4
2.6 3.2 4.4 2.7 2.7 2.1
3.0 4.7 5.1 2.3 3.1 2.6
21.6 -20.7 2.3 4.1 4.1 2.1 2.1 2.0
28.1 -13.9 2.2 3.8 4.0 1.9 2.1 1.8
13.0 -41.9 1.3 3.1 3.6 0.3 1.5 1.6
8.7 -45.2 0.7 2.8 3.4 -0.7 1.0 1.2
13.2 -46.2 0.8 2.7 3.1 -0.5 1.6 1.3
1.0
3.4
3
4.0
3.8
3.8
4.7
2.9
3.3
2.0
2.3
1.2
1.9
1.5
0.8
0.2
0.0
-0.8 16.5 38.2 49.6 10.4 14.4 14.8 -28.6
-0.6 20.3 43.6 53.7 9.9 14.2 20.7 -20.3
-2.2 6.1 23.8 47.3 -11.9 8.4 14.0 -45.2
-3.3 3.5 29.9 44.1 -19.1 5.2 10.0 -49.0
-3.4 -1.8 18.3 41.6 -24.4 6.1 7.8 -60.0
2 16 67 14 1
4 19 53 24 0 0
0 20 61 17 3 1
1 17 66 16 0 0
3 18 58 21 0 1
1 15 63 20 2 3
4 21 60 15 1 4
3 17 59 21 1 3
2 13 63 22 1 3
1 22 61 16 0 2
1 13 60 25 1 3
2.73 13.64 54.55 27.27 1.82 1
2 9 55 31 1 4
0 10 47 38 5 5
2 7 43 41 5 9.7560976
1 11 50 35 3 11.038961
2 11 48 37 3 13.389121
2 9 50 37 2 14.883721
1 12 48 34 4 30.348259
1 2 46 45 6 27.058824

-24
-70
-77
-92
-95
-70
-66
-44
-46
-27
-21
-14
-33
-40
-30
-26
-20
-26
-17
-13
10
0
28
25
42
26
36
41
50
0 18 39 43 0 4 46
1 18 42 32 4 4 56
1 22 29 48 0 4 46
3 13 33 42 8 4 54
1 25 33 30 8 4 39
1 5 40 37 12 4 35
1 18 33 45 1 4 34
0 2 33 53 10 5 38
1 5 38 48 6 4 25
0 2 25 54 16 5 35
1 3 20 63 13 5 32
1 4 20 54 17 5 26
2 2 17 51 22 5 20
1.2195122 3.6585366 14.634146 47.560976 23.170732 4.5853659 20
1.2987013 1.9480519 14.935065 44.155844 26.623377 4.5974026 17
4.1841004 1.6736402 20.920502 31.799163 28.033473 4.376569 16
3.255814 2.3255814 13.488372 26.511628 39.534884 4.5209302 8
5.9701493 4.9751244 10.945274 18.40796 29.353234 3.6915423 3
4.7058824 2.3529412 5.8823529 21.176471 38.823529 4.0588235 3
ISI
-43
-59
-56
-56
-31
-19
-36
-27
-50
-31
-39
-44
-82
-61
-54
-42
-35
-34
-22
-10
-7
-6
10
6
22
14
27
31
39
40
41
36
43
29
27
29
32
27
29
34
28
20
21
12
13
6
0
7

2012 Q1 Romania -19 -11 -11 -33 -7 0
2012 Q2 Romania 4 0 25 -13 4 0
2012 Q3 Romania 9 27 -8 9 0 10
2012 Q4 Romania 13 40 20 -20 33 40
2013 Q2 Romania 17 50 0 0 17 30
2013 Q3 Romania 67 86 57 57 24 43
2013 Q4 Romania 33 43 29 29 24 14
2014 Q1 Romania 31 53 18 24 10 18
2014 Q2 Romania 37 50 36 27 33 50
2014 Q3 Romania 11 42 9 -18 37 67
2014 Q4 Romania 47 59 38 44 29 50
2015 Q1 Romania 38 35 29 50 46 71
2015 Q2 Romania 27 48 33 0 31 48
2015 Q3 Romania 47 53 53 37 42 74
2015 Q4 Romania 50 54 62 33 43 54
2016 Q1 Romania 39 47 41 29 49 71
2016 Q2 Romania 35 48 38 19 21 38
2016 Q3 Romania 42 56 29 41 54 72
2016 Q4 Romania 40 62 42 18 48 69
2017 Q1 Romania 31 47 22 22 48 50
2017 Q2 Romania 51 71 65 19 24 29
2017 Q3 Romania 77 95 76 61 32 53
2017 Q4 Romania 44 50 58 25 26 39
2018 Q1 Romania 36 53 18 38 33 41
2018 Q2 Romania 42 53 33 40 11 20
2018 Q3 Romania 33 50 40 10 17 30
2018 Q4 Romania 49 37 58 53 33 42
2019 Q1 Romania 46 53 68 16 42 58
2019 Q2 Romania 62 67 67 53 44 47
2019 Q3 Romania 59 67 72 39 39 56
2019 Q4 Romania 38 59 31 24 29 45

-11 -11 37 44 22 44 -7 -11
-13 25 8 13 13 0 21 25
9 -20 13 -10 27 18 -3 0
0 60 0 20 -20 0 13 20
10 10 20 20 30 10 28 40
0 29 38 38 38 38 33 50
29 29 5 14 0 0 0 29
6 6 17 25 19 6 38 59
21 29 7 7 7 7 35 50
9 36 17 33 0 18 31 58
6 31 8 25 0 0 44 69
18 50 0 -6 6 0 54 71
10 37 17 20 15 15 51 74
-11 63 4 21 -5 -5 56 83
15 58 13 23 -8 25 50 77
29 47 18 12 18 24 66 75
5 19 2 15 -10 0 57 81
38 52 8 16 0 9 46 54
25 50 16 38 0 9 60 85
53 41 14 32 6 6 59 71
18 25 14 18 12 13 40 47
39 5 9 11 6 11 29 28
30 9 6 9 0 9 42 65
29 29 8 18 0 6 41 65
20 -7 -7 -7 -21 7 13 15
20 0 13 20 10 10 47 70
42 16 0 11 0 -11 23 42
53 16 11 17 0 17 54 63
47 40 18 20 7 27 47 60
33 28 18 6 24 24 57 83
28 14 28 38 21 25 46 62

0 -11 -30 -33 -11 -44 -7 -11
38 0 -4 -13 25 -25 0 -13
-18 9 -25 -30 -18 -27 3 0
20 0 -20 0 -20 -40 20 20
10 33 3 10 -10 10 27 27
13 38 -4 0 0 -13 58 88
-14 -14 -14 -14 -14 -14 38 43
0 56 14 24 6 12 29 29
14 40 -16 -21 -21 -7 42 43
17 17 -3 0 18 -27 31 58
25 38 2 19 -6 -6 44 63
36 54 20 14 21 23 39 43
37 42 2 21 -5 -11 43 63
28 56 9 6 17 6 62 65
38 33 -3 0 8 -17 63 62
69 53 -2 -6 12 -12 55 65
38 52 -6 -5 -5 -10 52 70
58 25 17 12 24 17 53 54
42 55 12 8 0 27 35 54
59 47 11 5 17 11 49 59
53 19 8 12 12 0 62 53
47 12 28 28 29 28 59 67
52 9 17 25 8 17 49 71
47 12 27 35 12 35 31 53
23 0 33 33 33 33 49 62
40 30 7 10 10 0 50 60
42 -16 19 21 26 11 35 53
74 26 21 11 26 26 46 53
53 27 18 27 13 13 60 60
72 17 11 17 11 6 52 67
52 25 6 4 0 15 46 62

0 -11 -11 -22 0 -11
25 -13 -17 -25 0 -29
8 0 -3 -9 0 0
20 20 -27 -20 -20 -40
18 36 3 18 -9 0
25 63 -8 0 -13 -13 -4 0
14 57 -5 -14 14 -14 19 14
29 29 2 6 -6 6 20 18
21 60 0 0 0 0 -7 -14
25 8 11 33 9 -8 21 46
31 38 13 19 13 6 12 16
21 54 25 21 29 25 39 36
37 28 19 37 16 5 17 37
71 50 33 39 33 28 28 39
69 58 21 23 15 25 14 27
53 47 10 13 6 13 11 -3
45 40 8 19 0 5 17 19
42 64 31 40 24 29 18 21
33 18 13 23 0 17 14 15
59 29 33 35 41 24 26 21
71 63 34 44 44 13 29 38
71 39 48 44 53 47 44 53
48 27 43 57 39 35 29 29
29 12 49 59 47 41 41 47
38 46 46 46 62 31 48 50
50 40 13 20 20 0 30 20
37 16 26 33 33 11 25 32
53 32 28 26 37 21 26 37
80 40 56 60 67 40 37 40
61 28 45 65 47 24 17 17
41 36 53 66 59 36 9 19
25 -38 -4 13 0 -25
14 29 24 14 29 29
18 24 39 41 35 41
-7 0 16 29 7 13
17 0 46 63 53 22 33 42
13 9 18 22 9 22 35 38
43 38 55 57 54 54 44 43
18 -5 37 50 47 14 32 47
22 22 36 47 41 21 46 67
7 7 46 50 39 47 68 77
26 9 29 28 28 31 55 65
21 12 32 40 24 31 28 50
21 12 50 58 44 48 48 38
4 23 31 38 21 33 44 38
31 28 45 42 47 47 37 41
26 22 50 53 53 43 50 59
47 32 52 53 52 50 52 67
29 27 49 59 46 41 43 54
26 50 52 59 45 53 33 41
50 43 53 58 58 42 34 38
45 25 53 55 60 45 20 20
29 16 25 30 25 21 16 37
26 16 25 34 26 13 43 58
50 20 36 33 47 27 47 60
25 8 29 35 38 13 39 50
10 -2 40 53 46 20 48 61
Imp signif
25 33 36 33 33 42 25 8
38 31 29 44 19 25 0 0
43 46 37 43 29 38 36 0
32 18 21 37 26 0 30 0
50 22 28 56 6 22 44 6
62 67 34 38 23 42 46 0
47 53 31 47 24 24 6 0
20 15 18 25 5 25 -5 0
50 56 13 19 12 8 20 8
67 27 16 46 -8 9 46 0
35 35 45 47 47 41 35 0
53 38 46 56 44 38 19 13
56 33 30 44 24 22 -6 12
43 32 31 46 21 26 9 0
35 24 27 35 24 24 -18 0
42 23 10 15 8 8 -54 0
10 30 13 20 10 10 -60 0
16 -5 25 47 5 21 -32 5
50 21 49 74 37 37 -21 5
60 20 42 60 40 27 -7 13
44 22 41 44 50 28 -65 0
46 36 14 28 0 14 31 0
33 42 8 8 1.8 4.8 2.3 2.7

13 75 13 0 1.2 2.8 1.9 3
50 36 14 0 3.4 4.1 3.9 4.2
50 30 20 0 1.8 4.5 3.4 1.3
56 22 11 6 2.0 3.8 3.1 1.8
69 8 15 8 2.2 3.5 2.5 3.1
41 24 18 18 1.5 2.2 2.3 1.9
38 19 38 5 1.5 3.1 1.9 2.3
36 32 20 4 3.1 5.3 3.5 4.9
62 23 8 8 1.0 1.7 0.8 1.7
47 41 12 0 2.2 1.9 2.6 2.5
31 31 25 0 3.3 4.4 4.4 3.5
12 47 18 12 4.3 4.6 5.2 5.4
35 39 22 4 2.8 4.3 3.5 3.3
29 24 41 6 3 4.9 3.4 4.1
8 31 38 23 2.7 4.2 3.5 3.5
0 40 60 0 2.2 3.3 3.3 3.3
16 26 32 21 2.5 4.4 4.6 3.1
21 26 37 11 1.7 4.1 3.7 2.0
7 53 27 0 2.2 4.5 5.2 2.3
0 35 65 0 2.1 4.6 3.7 2.7
48 34 14 3 1.7 4.7 3.6 1.6
2.1 0.0 -1.0

-0.2 -0.5 0
3.0 2.7 2.7
1.7 1.1 -0.8
1.5 1.0 0.7
1.7 1.0 1.3
0.8 1.3 0.6
0.8 0.2 0.5
2.0 1.1 1.9
0.6 0.6 0.4
2.1 1.9 1.8
3.0 2.7 2.0
3.7 3.2 3.8
1.8 2.1 1.8
2.5 1.9 1.5
2.1 1.7 1.3
1.0 1.3 1.0
1.6 0.8 0.6 13.9 44.4 50.0 38.9 -22.2
1.3 0.3 -1.1 4.4 36.8 47.4 10.5 -5.3
0.2 1.5 -0.7 16.7 46.7 53.3 26.7 -6.7
1.0 0.6 -0.1 18.6 29.4 47.1 29.4 5.9
0.8 0.3 -0.6 12.0 53.6 35.7 11.1 -7.1
0.5 4.2 0.8 0.4 0.6 -1.2

0.8 2 1.4 2.5 0 -0.2
2.9 3.2 3.6 3.7 2.1 2.5
0.5 2.9 2.1 0.3 0.0 -0.1
1.3 2.6 1.8 2.4 1.0 0.1
0.2 2.3 0.8 1.3 0.6 -0.4
0.1 0.7 1.2 0.7 -1.2 -0.1
0.5 1.7 1.4 1.5 -1.0 -0.1
0.6 1.6 1.9 0.8 -0.4 0.3
0.4 1.5 0.2 1.4 -0.8 -0.4
1.3 1.7 2.2 1.8 0.7 0.4
2.3 3.5 3.7 2.7 1.0 2.1
3.9 4.7 5.0 4.1 3.2 3.2
1.7 3.4 1.9 2.4 0.7 0.6
3.2 4.6 3.1 4.6 3.1 0.9
3.0 3.7 2.5 4.3 1.8 2.7
0.7 1.3 1.8 1.5 -0.8 0.5
-11.1 -16.7 2.2 5.5 4.1 2.4 0.6 0.3
-15.8 -47.4 1.6 3.0 2.8 3.2 0.7 -0.1
0.0 -20.0 1.9 2.2 2.3 2.2 1.5 2.2
5.9 -5.9 1.1 3.3 1.7 1.4 1.1 0.4
-7.1 -14.3 0.2 2.9 1.2 0.6 -0.4 -1.0
-2.1
-0.8
2.1
-2.1
-0.1
-3.1
-0.6
-0.5
-0.4
0.2
1.0
0.6
3.0
1.1
3.2
3.2
-0.3
0.3 -2.6 21.1 21.1 5.3 -5.3 -21.1 -36.8
0.0 0.0 15.8 36.8 5.3 -26.3 0.0 -31.6
0.8 -1.1 20.0 33.3 -6.7 -13.3 -13.3 -26.7
-1.5 -15.1 11.1 -5.6 -5.6 -29.4 -22.2 -38.9
-1.9 -10.9 13.8 0.0 0.0 -17.2 -25.0 -37.0
21.4 35.7 28.6 14.3 0.0

15.0 45.0 30.0 10.0 0.0 5.0
5.6 22.2 61.1 11.1 0.0 0
0.0 38.5 53.8 7.7 0.0 15
25 25 31 19 0 6
5 24 33 38 0 0
16 36 32 16 0 0
0 54 31 15 0 0
12 35 29 24 0 0
18 29 35 18 0 6
12 35 18 24 12 6
8 38 33 21 0 0
6 35 18 35 6 0
8 23 31 38 0 0
0 40 50 10 0 0
5 26 32 37 0 21.052632
22 17 50 11 0 26.315789
7 13 47 33 0 13.333333
12 29 24 35 0 17.647059
7 21 54 18 0 13.793103

-28
-3
-10
-2
0
8
5
9
5
-3
14
19
10.0 45.0 35.0 5.0 0.0 3.3 4
6 28 67 0 0 4 18
0 23 46 15 0 3 11
13 6 44 31 0 4 7
25 0 45 30 0 4 9
16 8 36 40 0 4 17
15 0 31 54 0 4 12
0 22 44 28 6 4 9
6 13 19 50 6 4 15
6 0 17 56 17 5 32
4 13 8 71 4 5 18
6 6 29 47 12 5 18
23 0 8 54 15 4 28
40 0 0 50 10 3.9 9
21.052632 0 0 31.578947 26.315789 3.7894737 23
21.052632 0 15.789474 15.789474 21.052632 3.3684211 19
6.6666667 0 6.6666667 20 53.333333 4.7333333 21
11.764706 11.764706 17.647059 11.764706 29.411765 3.8235294 18
13.793103 6.8965517 13.793103 34.482759 17.241379 3.9310345 5
ISI
-16
-10
-12
-11
-3
-6
-3
-1
0
2
9
9
14
22
17
11
14
24
11
12
17
26
20
18
28
17
12
8
24
19
29

2008 Q1 Russia 63 75 50 63 8 0 13
2008 Q2 Russia 10 0 14 14 24 43 29
2008 Q3 Russia -57 -57 -57 -57 5 43 14
2008 Q4 Russia -93 -100 -90 -90 79 90 67
2009 Q1 Russia -78 -83 -67 -83 69 83 42
2009 Q2 Russia -38 -38 -38 -38 58 63 63
2009 Q3 Russia 8 25 0 0 67 78 75
2009 Q4 Russia 10 14 17 0 30 43 17
2010 Q1 Russia 39 57 20 33 16 14 17
2010 Q2 Russia 36 38 14 57 9 25 0
2010 Q3 Russia 70 77 67 67 -8 0 -25
2010 Q4 Russia 73 91 45 82 9 9 -9
2011 Q1 Russia 71 80 67 67 7 10 0
2011 Q2 Russia 69 62 69 77 -21 -8 -15
2011 Q3 Russia 35 40 45 20 -34 -40 -30
2011 Q4 Russia 23 0 31 38 -36 -23 -46
2012 Q1 Russia 63 67 67 56 -52 -44 -67
2012 Q2 Russia 32 14 33 50 16 29 0
2012 Q3 Russia 44 44 50 38 -24 -22 -25
2012 Q4 Russia 43 29 57 43 -48 -43 -43
2013 Q1 Russia 38 0 57 57 14 0 14
2013 Q2 Russia 28 -5 40 51 13 20 -4
2013 Q3 Russia 18 -10 22 44 11 40 -22
2013 Q4 Russia 13 -38 38 38 5 46 -42
2014 Q1 Russia -31 -36 -20 -36 22 45 0
2014 Q2 Russia -42 -69 0 -58 55 71 43
2014 Q3 Russia -70 -69 -63 -80 53 63 56
2014 Q4 Russia -79 -100 -62 -77 82 92 62
2015 Q1 Russia -70 -67 -64 -78 66 70 59
2015 Q2 Russia -51 -58 -32 -63 66 61 53
2015 Q3 Russia -38 -46 -21 -46 56 77 21
2015 Q4 Russia -52 -37 -47 -72 61 53 63
2016 Q1 Russia -43 -52 -32 -44 51 48 44
2016 Q2 Russia -16 -21 5 -32 0 5 -5
2016 Q3 Russia -13 -12 -16 -12 25 32 24
2016 Q4 Russia -3 8 8 -23 -10 -15 -31
2017 Q1 Russia 16 33 13 0 12 7 0
2017 Q2 Russia 14 24 10 10 -2 -10 -10
2017 Q3 Russia 29 38 31 19 7 20 -7
2017 Q4 Russia 16 7 27 14 7 21 -13
2018 Q1 Russia 4 14 13 -14 9 -14 13
2018 Q2 Russia 3 10 0 0 21 20 10
2018 Q3 Russia -4 0 0 -13 -8 -13 -13
2018 Q4 Russia 25 33 33 8 -8 -25 0
2019 Q1 Russia 27 40 50 -10 -27 -30 -50
2019 Q2 Russia 27 60 33 -11 12 -20 11
2019 Q3 Russia 32 44 30 22 40 56 30
2019 Q4 Russia 19 25 17 17 6 0 0

13 0 0 0 0 17 13 25
0 11 0 0 33 -33 -14 -29
-43 18 17 0 33 -75 -71 -83
78 59 78 44 56 -87 -90 -80
83 75 83 67 75 -100 -100 -100
50 75 75 75 75 -96 -100 -100
50 81 78 75 90 -89 -89 -88
29 55 57 67 43 -79 -86 -80
17 16 43 0 0 -37 -29 -50
0 27 25 29 29 1 -13 -14
0 -32 -50 -27 -18 -19 -23 -17
27 -3 0 0 -9 6 0 -9
11 -21 -20 -22 -22 11 0 11
-38 -9 -9 -9 -9 44 46 31
-33 -24 -30 -10 -33 17 20 30
-38 -17 -8 -17 -25 -15 -23 -15
-44 -19 -11 -33 -11 11 0 22
17 0 14 0 -17 5 -14 17
-25 -8 0 -38 13 8 -11 38
-57 -26 -14 -33 -33 26 -14 50
29 -14 -14 -14 -14 19 29 14
20 -7 3 -13 -13 20 20 20
11 0 20 -11 -11 20 11 25
8 11 8 25 0 16 8 25
18 28 40 11 30 -19 -27 -10
50 36 64 18 27 -13 -23 0
40 17 19 19 13 -18 -27 -14
92 64 77 54 62 -21 -23 -31
71 31 26 27 39 -52 -55 -45
84 44 42 32 58 -53 -63 -53
69 58 62 50 62 -68 -69 -64
67 11 17 6 12 -59 -60 -63
60 20 28 12 20 -58 -71 -50
0 18 21 10 22 -57 -63 -50
20 20 22 25 13 -25 -28 -24
15 0 -8 8 0 -12 -18 -9
31 12 7 7 23 -13 -14 -8
14 0 -5 5 0 -9 -5 -16
7 6 6 6 6 -12 0 -14
14 7 7 7 7 -20 -27 -7
29 9 14 13 0 -9 0 -13
33 17 10 20 20 -4 0 0
0 -4 0 0 -13 -38 -38 -38
0 14 17 8 17 -8 -8 0
0 7 10 -10 20 3 20 0
44 3 10 11 -11 0 -10 10
33 10 0 20 11 7 22 0
17 -6 -8 0 -8 15 18 27

13 78 100 50 86 -71 -71 -71
-57 52 57 43 57 16 50 17
-71 -15 -14 -33 0 -79 -83 -71
-90 -90 -100 -80 -90 -89 -89 -89
-100 -82 -100 -63 -86 -58 -64 -45
-88 -79 -75 -75 -88 -8 0 -13
-90 -52 -56 -50 -50 -11 0 -13
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29 18 25 14 14 32 50 0
-17 38 62 25 25 22 46 -8
27 64 82 45 64 24 36 0
22 71 80 67 67 36 40 44
54 64 62 77 54 53 75 25
0 45 40 30 67 41 40 40
-8 31 31 31 31 25 33 17
11 56 33 78 56 33 44 11
17 26 14 33 33 -32 -14 -50
0 32 44 38 13 32 33 13
50 42 29 50 50 39 33 33
14 48 43 29 71 39 17 50
20 33 21 25 52 43 25 50
25 18 0 22 33 48 33 50
17 32 0 42 58 24 0 42
-18 -13 -27 -10 0 -23 -9 -30
-15 -26 -43 -7 -29 -26 -33 -8
-13 -58 -81 -25 -69 -50 -69 -50
-8 -92 -100 -77 -100 -74 -85 -62
-55 -65 -68 -59 -68 -82 -95 -65
-42 -37 -42 -21 -47 -25 -22 -32
-69 -30 -38 -21 -31 -36 -36 -21
-53 -48 -39 -39 -67 -36 -29 -38
-54 -39 -42 -33 -42 -24 -17 -29
-58 -2 -5 20 -21 -11 -5 0
-24 -7 -8 -12 0 -15 -16 -12
-9 3 18 -9 0 18 18 18
-17 11 19 13 0 -2 -15 0
-6 -3 5 -10 -5 2 0 0
-21 0 0 0 0 -5 -7 -14
-27 5 8 14 -8 4 -7 33
-14 -1 14 13 -29 -1 0 13
-13 27 40 20 20 20 40 10
-38 0 0 0 0 -17 -25 -13
-17 17 25 17 8 -14 -17 8
-10 47 80 50 10 3 10 0
0 7 20 11 -11 7 10 20
0 4 11 0 0 26 22 10
0 25 42 33 0 11 17 0

-71
-14 52 57 43 57
-83 -78 -83 -67 -83
-89 -78 -78 -78 -78
-64 -94 -100 -83 -100
-13 -61 -63 -57 -63
-20 -22 -22 -25 -20
14 -35 -43 -50 -14
17 26 29 33 17
43 25 33 20 20
25 41 54 25 42
36 73 91 45 82
22 50 40 44 67
58 54 69 31 62
44 45 50 30 56
25 23 8 31 31
44 15 11 22 11
-33 -5 -14 0 0
50 60 56 63 63
50 56 50 50 67
50 33 17 33 50
56 27 13 28 42
63 21 10 22 33 32 20 22
33 32 8 33 58 35 0 45
-30 -39 -36 -30 -50 -34 -45 -20
-36 -24 -38 0 -31 -48 -71 -29
-31 -29 -31 -25 -31 -52 -68 -33
-77 -79 -85 -77 -77 -91 -96 -81
-85 -67 -74 -58 -68 -58 -62 -50
-22 -34 -37 -21 -44 -38 -41 -29
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-43 -35 -36 -33 -36 -52 -44 -44
-25 -22 -25 -21 -21 -26 -37 -17
-26 -4 -5 0 -5 -17 -13 -4
-16 -15 -12 -20 -12 0 2 -2
18 -3 0 -9 0 18 27 5
8 3 0 0 8 25 26 25
6 2 0 0 6 43 53 30
7 14 21 14 7 42 48 31
-14 4 7 13 -7 10 7 11
-14 0 0 0 0 4 21 -2
10 7 0 10 10 54 56 44
-13 -13 -13 -25 0 19 50 0
-33 9 18 8 0 53 55 45
0 13 20 20 0 57 75 50
-10 10 20 10 0 52 65 65
44 -7 -11 0 -11 58 67 51
17 3 9 0 0 41 64 42
56 46 40 44 56
64 19 -15 25 55
-36 -32 -45 -20 -30
-43 -33 -54 -31 -15
-55 -14 -25 -6 -10 -80 -87 -80
-96 -100 -100 -100 -100 -90 -92 -85
-61 -51 -61 -47 -44 -83 -85 -80
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-68 -37 -41 -20 -50 -44 -43 -40
-23 -19 -28 -9 -20 -65 -63 -63
-33 7 6 16 0 -43 -42 -40
0 4 7 4 2 -40 -38 -42
23 -7 0 -20 0 -21 -27 -18
23 12 25 7 4 8 0 8
48 45 50 31 56 -5 0 -11
47 5 11 -5 11 -31 -29 -29
11 3 -4 7 6 -17 -21 -7
-8 -20 -18 -29 -15 -27 -33 -14
61 54 50 50 63 -11 -11 -11
7 57 50 57 64 -33 -38 -38
59 39 55 23 41 -47 -42 -42
45 37 33 50 28 -13 0 -10
25 28 35 35 15 -27 -30 -10
56 34 31 27 44 -10 -11 -20
17 32 45 40 10 -14 -17 -8
-73 52 63 44 50 -100 0 0
-92 81 92 58 92 -92 0 0
-85 38 40 35 40 -86 5 0
-58 30 26 26 37 16 0 42
-50 40 38 36 46 -50 0 7
-50 47 50 47 43 -53 0 0
-71 56 62 42 62 -21 0 4
-47 59 68 50 58 0 0 20
-42 36 40 28 40 36 4 36
-18 15 0 27 18 36 0 36
17 15 21 0 25 50 0 50
-5 6 6 12 0 47 11 37
-36 10 7 14 7 50 7 43
-21 7 7 14 0 47 0 53
-33 23 29 25 14 38 0 50
-11 44 44 44 44 56 0 56
-25 -13 -13 -13 -13 0 0 25
-58 8 -17 17 25 -8 0 25
-30 30 50 10 30 0 0 10
-40 23 10 30 30 10 0 20
0 11 22 10 0 40 0 40
-17 25 25 17 33 33 0 33
0 67 33 -3.0 -3.0 -1.6 -3.2 -3.0

8 23 69 -12.9 -12.9 -10.6 -11.3 -14.6
5 5 86 -7.2 -9.2 -6.1 -5.1 -8.6
32 16 11 -2.4 -1.8 -2.1 -1.6 -3.8
36 36 21 -4.7 -5.8 -2.3 -4.8 -5.8
47 27 27 -2.5 -2.7 0.4 -3.3 -3.9
71 17 8 -2.5 -2.5 -1.8 -2.3 -3.7
60 20 0 -0.5 0.4 1.2 0.1 -1.5
56 4 0 -0.9 -0.5 -0.2 -0.4 -1.3
64 0 0 -0.1 1.3 0.3 1.8 -1.3
50 0 0 0.5 1.3 1.4 0.4 0.4
53 0 0 1.3 2.4 1.1 2.4 0.7
50 0 0 0.9 2.3 2.3 2.1 -0.2
40 7 0 0.5 0.9 1.8 1.6 -0.4
38 13 0 0 1.8 0.4 1.5 -1.3
44 0 0 2.6 3.4 3.1 3.4 1.6
50 25 0 1.8 2.1 1.4 3.6 1.1
42 17 17 1.7 3.9 2.5 3.0 1.1
80 0 10 2.4 3.6 3.9 2.8 0.8
70 10 0 1.2 3.8 4.0 1.5 1.0
60 0 0 0.7 1.6 2.2 1.9 0.0
67 0 0 0.9 2.8 1.5 0.5 0.0
-2.2 -5.0
-14 -13.8
-6.2 -7.6
-2.6 -2.5
-4.3 -5.4
-1.5 -4.2
-2.5 -2.4
-1.5 -1.5
-1.1 -1.7
-1.8 -0.8
-0.4 -0.2
0.4 0.7
-1.0 0.0
-0.4 -0.6
-1.1 -1.3
1.9 2.2
1.4 1.1
-0.5 0.5 25.0 58.3 50.0 41.7 8.3 8.3
2.5 0.8 30.0 50.0 60.0 30.0 20.0 20.0
-1.3 -1.8 20.4 50.0 40.0 20.0 0.0 22.2
-0.9 -0.3 4.6 33.3 50.0 0.0 -22.2 -11.1
0.5 0.0 25.8 63.6 54.5 36.4 0.0 9.1
-5.0 -6.6 -1.9 -4.7 -5.8 -4.0 -6.8

-13.3 -15.2 -9.6 -12.1 -15.8 -12.1 -14.8
-9.0 -10.4 -5.8 -8.4 -9.4 -7.6 -12.6
-5.7 -5.4 -2.4 -8.1 -5.8 -5.4 -7.2
-4.3 -6.0 -1.6 -4.8 -6.2 -2.7 -4.4
-3.4 -4.4 -1.6 -3.4 -3.4 -2.5 -5.0
-2.7 -2.1 -0.9 -2.0 -4.0 -3.4 -3.5
-1.1 -0.5 1.4 -1.0 -2.0 -1.9 -2.4
-0.3 -0.1 0.4 0.2 -0.8 -0.5 -1.3
0.9 2.5 0.7 2.0 0.7 -0.5 0.0
1.4 1.7 2.7 2.1 1.3 0.7 0.2
1.6 2.9 1.5 3.4 1.0 0.5 0.3
2.1 3.4 2.9 4.0 0.8 0.2 1.5
0.8 1.3 2.1 2.1 0.2 -0.2 -0.5
1.1 3.9 2.9 2.9 0 -1.7 -1.7
1.9 3.1 2.8 3.1 0.8 0.6 1.1
0.7 1.8 0.0 1.1 1.4 0.0 0.0
-16.7 2.5 3.2 3.0 5.5 1.4 1.1 0.7
0.0 3.3 4.3 4.5 3.3 4.0 2.0 1.5
-10.0 2.0 4.5 2.5 2.0 1.8 2.3 -0.8
-22.2 2.4 3.1 3.0 4.2 1.9 1.1 1.4
-9.1 1.3 3.4 1.7 1.5 1.6 0.5 -0.6
38.0 58.3 50.0 58.3 36.4 25.0 0.0
34.3 50.0 60.0 33.3 30.0 22.2 10.0
10.0 50.0 20.0 0.0 10.0 0.0 -20.0
-6.4 22.2 20.0 -11.1 -22.2 -22.2 -25.0
26.4 58.3 54.5 18.2 18.2 18.2 -9.1
9.5 23.8 47.6 19.0 0.0

5.3 42.1 31.6 15.8 5.3 15.8 52.6
7.1 35.7 28.6 28.6 0.0 14.3 64.3
0.0 53.3 13.3 26.7 6.7 13.3 66.7
8 38 29 25 0 4.1666667 54.166667
5 40 40 15 0 0 15
4 36 48 12 0 0 28
0 36 55 9 0 18.181818 9.0909091
0 44 56 0 0 0 0
5 26 63 5 0 0 5.2631579
7 36 43 14 0 0 7.1428571
7 27 53 13 0 0 13.333333
0 13 63 13 13 12.5 0
0 20 80 0 0 0 10
0 13 63 25 0 12.5 12.5
0 17 58 25 0 0 25
0 40 30 30 0 0 50
0 50 30 10 10 0 10
10 40 40 10 0 20 0
0 17 75 8 0 0 8.3333333

47 -36
17 23
-30 -52
-81 -56
-78 -51
-64 -23
-42 -34
-28 -26
9 22
9 21
47 35
46 47
55 45
47 45
35 37
24 27
46 28
19 -7
28 45
37 43
33 27
23 29
12 30
11 14
-24 -36
-35 -20
-48 -44
-78 -78
-55 -62
21.1 5.3 5.3 0.0 2.3 -44 -30
14.3 7.1 0.0 0.0 2.1 -42 -45
20.0 0.0 0.0 0.0 2.1 -37 -39
41.666667 0 0 0 2.375 -34 -34
70 15 0 0 3 -12 -24
64 8 0 0 2.8 -13 -22
45.454545 27.272727 0 0 2.8181818 0 0
62.5 37.5 0 0 3.375 5 -5
57.894737 36.842105 0 0 3.3157895 4 -1
57.142857 35.714286 0 0 3.2857143 8 0
40 46.666667 0 0 3.3333333 5 0
37.5 37.5 12.5 0 3.375 -2 -8
60 30 0 0 3.2 4 -6
37.5 37.5 0 0 3 0 -6
33.333333 41.666667 0 0 3.1666667 9 -4
10 40 0 0 2.9 22 -4
30 60 0 0 3.5 10 -2
40 30 0 10 3.2 9 2
25 50 16.666667 0 3.75 17 -4

2018 Q4 Saudi Arab -22 -13 -33 -20 38 47 20
2019 Q1 Saudi Arab -39 -38 -25 -55 26 33 10
2019 Q2 Saudi Arab -11 6 -19 -19 14 29 -13
2019 Q3 Saudi Arab -11 3 -11 -25 15 32 0
2019 Q4 Saudi Arab 5 7 21 -14 40 43 43

47 2 0 0 7 -16 -7 -14 -27
35 8 10 0 15 24 38 19 14
25 4 0 0 13 13 25 -7 20
11 -3 -6 0 -3 13 14 8 16
36 31 29 29 36 40 36 43 43

-60 -73 -33 -73 -24 -27 -7 -40 -9
-34 -43 -30 -30 -6 5 -5 -19 16
-37 -35 -38 -38 -11 6 -13 -25 -8
-21 -22 -19 -22 -18 -14 -22 -17 6
-5 7 -7 -14 19 7 21 29 57

-20 7 -13 -54 -60 -43 -58 -22 -23
29 14 5 -28 -26 -14 -43 6 14
0 -6 -19 -1 3 -6 0 39 53
11 -3 11 13 18 6 16 27 38
64 57 50 19 25 29 4 53 58

-17 -27 -36 -21 -29 -57 22 27 7
10 -5 -13 -10 -10 -19 19 38 0
29 34 12 29 0 6 10 24 0
26 18 -12 -14 -6 -17 16 22 8
54 46 7 14 7 0 31 29 29
33 -20 0 20 40 40 0 -2 0
19 14 5 38 29 24 5 0.5 3.2
6 35 0 47 41 12 0 1.3 3.8
17 17 3 39 33 25 0 1.2 3.2
36 46 8 54 23 15 0 3.2 5.0
1 -2 -2 -2 -4 11.1 33.3 26.7 6.7
1.7 0.6 -0.1 -0.7 -1.8 22.6 40.0 35.0 20.0
2.2 1.4 0.9 -0.1 -0.3 36.3 52.9 47.1 41.2
2.1 1.8 0.4 0.3 -0.8 26.2 45.7 31.4 42.9
5.0 5.2 1.7 1.2 1.3 38.5 53.8 69.2 38.5
-13.3 20.0 -6.7 -5 -4 -3 -4 -7 -5
15.8 20.0 5.0 -2.5 -1.9 0.2 -3.1 -2.7 -2.6
35.3 23.5 17.6 -0.6 0.0 -0.4 -0.3 -0.7 -0.1
17.1 14.3 5.9 0.8 2.8 0.6 2.8 0.0 -0.3
7.7 30.8 30.8 1.3 2.7 3.6 2.3 -0.7 1.1
-9 -31.1 -26.7 13.3 -20.0 -53.3 -33.3 -66.7
-5.0 25.4 38.1 28.6 33.3 14.3 23.8 14.3
-1.8 30.8 52.9 47.1 37.5 23.5 11.8 11.8
-1.0 8.0 22.2 34.3 5.6 0.0 2.8 -16.7
-1.1 21.4 42.9 64.3 21.4 0.0 7.1 -7.1

0 33 40 27 0 13 27 7
0 19 48 29 5 14.28571 28.57143 23.80952
0 18 41 41 0 5.882353 29.41176 11.76471
0 11 67 22 0 11.11111 30.55556 5.555556
0 0 86 7 7 0 21.42857 7.142857

47 7 0 3 -28 -19
14.28571 19.04762 0 2.952381 -27 -3
47.05882 5.882353 0 3.176471 -17 -10
44.44444 8.333333 0 3.083333 -10 -9
35.71429 35.71429 0 3.857143 -10 15

2008 Q1 Singapore -44 -67 -33 -33 -50 -50
2008 Q2 Singapore -29 -60 0 -25 27 25
2008 Q3 Singapore -29 -57 -20 0 29 29
2008 Q4 Singapore -95 -100 -86 -100 29 33
2009 Q1 Singapore -100 -100 -100 -100 40 50
2009 Q2 Singapore 0 0 0 0 85 80
2009 Q3 Singapore 6 0 17 0 76 83
2009 Q4 Singapore 46 63 25 50 54 63
2010 Q1 Singapore 52 88 38 29 62 78
2010 Q2 Singapore 52 78 56 22 29 38
2010 Q3 Singapore 63 78 78 33 -4 0
2010 Q4 Singapore 52 75 57 17 5 0
2011 Q1 Singapore 19 29 29 0 14 38
2011 Q2 Singapore 68 57 83 67 21 57
2011 Q3 Singapore -13 -50 -14 25 38 38
2011 Q4 Singapore -32 -67 -27 0 38 75
2012 Q1 Singapore -40 -64 -38 -18 43 55
2012 Q2 Singapore -44 -67 -56 -11 37 56
2012 Q3 Singapore -10 -70 20 20 30 40
2012 Q4 Singapore -38 -86 -50 13 36 43
2013 Q1 Singapore -7 0 -13 -10 19 11
2013 Q2 Singapore 10 -14 17 29 16 0
2013 Q3 Singapore 14 25 8 9 21 17
2013 Q4 Singapore 36 50 33 25 18 27
2014 Q1 Singapore 34 45 40 18 22 9
2014 Q2 Singapore -3 36 -27 -18 6 -9
2014 Q3 Singapore 16 67 0 -20 21 0
2014 Q4 Singapore -3 27 0 -36 15 -18
2015 Q1 Singapore 9 36 -9 0 36 27
2015 Q2 Singapore -8 25 -25 -25 19 11
2015 Q3 Singapore -44 -42 -50 -42 56 75
2015 Q4 Singapore -47 -50 -45 -45 43 67
2016 Q1 Singapore -61 -65 -56 -63 43 53
2016 Q2 Singapore -77 -56 -88 -88 35 56
2016 Q3 Singapore -63 -62 -50 -77 76 100
2016 Q4 Singapore -67 -58 -67 -75 64 83
2017 Q1 Singapore -48 -29 -43 -71 29 38
2017 Q2 Singapore -24 0 -19 -53 25 50
2017 Q3 Singapore -32 0 -30 -67 20 -10
2017 Q4 Singapore -5 40 0 -54 28 20
2018 Q1 Singapore -5 50 -27 -36 17 33
2018 Q2 Singapore 4 47 0 -37 15 33
2018 Q3 Singapore -2 53 -12 -46 18 40
2018 Q4 Singapore 3 37 3 -30 16 20
2019 Q1 Singapore 2 26 -3 -17 13 -3
2019 Q2 Singapore -3 16 -2 -25 13 15
2019 Q3 Singapore -16 15 -25 -38 12 -6
2019 Q4 Singapore -15 14 -5 -55 5 10

-50 -50 -11 -33 0 0 100 100
25 33 7 20 0 0 13 0
60 0 7 17 0 0 19 25
17 40 60 71 57 50 -60 -57
33 33 100 100 100 100 -39 -50
75 100 83 100 67 75 -64 -60
67 80 67 80 60 60 -36 -33
38 63 54 63 50 50 -50 -50
56 50 19 22 11 25 -19 -22
13 38 -33 -56 -33 -11 -33 -25
11 -22 -7 -22 0 0 11 11
0 17 -29 -38 -29 -17 5 0
14 -14 0 0 0 0 5 13
-17 17 0 -14 17 0 21 29
38 38 9 25 0 0 21 38
18 18 45 55 40 40 6 0
50 27 40 64 25 27 7 0
33 22 37 67 22 22 7 0
20 30 29 80 0 0 24 11
43 25 32 71 20 0 44 43
25 20 15 22 13 11 0 0
20 29 12 17 0 17 6 0
27 18 16 27 20 0 29 8
27 0 6 8 0 8 24 18
30 27 9 18 0 9 9 9
18 9 -24 -36 -18 -18 -17 -20
33 30 13 0 38 0 13 13
36 27 -12 -36 0 0 6 18
45 36 6 0 9 9 39 55
22 22 28 11 22 50 48 43
42 50 42 58 33 33 6 25
27 36 47 58 45 36 10 20
56 19 48 53 38 53 7 20
25 25 51 67 38 50 33 63
58 69 34 46 33 23 10 14
58 50 28 33 33 17 0 17
42 8 33 29 31 38 -24 0
13 13 4 6 0 7 -3 14
33 38 25 0 30 44 -50 -33
25 38 14 -7 17 31 -34 -25
0 18 6 0 0 18 11 25
-6 17 4 -16 5 21 -7 14
6 7 28 14 38 31 2 21
13 13 15 17 10 17 2 27
13 28 8 0 10 14 18 23
13 12 11 3 8 22 -4 10
17 26 15 3 16 25 -7 9
11 -5 20 10 21 30 7 20

100 100 78 100 67 67 -78 -33
40 0 43 20 60 50 -73 -100
0 33 -33 -67 -25 0 -87 -100
-57 -67 -100 -100 -100 -100 -100 -100
-33 -33 -100 -100 -100 -100 -100 -100
-67 -67 -100 -100 -100 -100 30 50
-33 -40 -71 -83 -67 -60 7 20
-50 -50 -30 -50 -43 0 21 25
-11 -25 -8 0 -22 0 50 63
-38 -38 41 78 22 22 22 44
-11 33 73 89 88 44 89 100
14 0 62 100 57 17 78 83
14 -14 55 100 71 -14 59 75
33 0 58 71 50 50 56 50
13 13 -8 -38 0 13 -4 -13
9 9 -47 -83 -36 -18 -24 -42
38 -9 -43 -91 -25 -9 -32 -50
22 0 -52 -78 -56 -22 30 33
50 10 -30 -50 -10 -30 30 20
60 33 -45 -100 -33 0 22 14
0 0 -27 -11 -63 -11 15 29
20 0 6 0 0 17 17 0
55 27 12 42 -18 9 12 25
27 27 47 67 42 33 17 17
20 0 56 64 40 64 13 27
-10 -20 12 64 -18 -9 7 20
13 13 36 78 11 20 13 50
0 0 12 73 -9 -27 -33 -9
27 36 3 36 -27 0 3 45
57 43 -11 22 -33 -22 33 57
0 -8 -50 -58 -58 -33 -33 -18
0 10 -41 -67 -27 -30 -7 -20
0 0 -64 -63 -56 -73 -20 -27
25 13 -75 -89 -75 -63 -13 38
15 0 -63 -79 -54 -57 -29 -8
-8 -8 -61 -58 -58 -67 -22 17
-36 -36 -50 -43 -46 -62 -57 -20
0 -23 -20 0 -19 -40 -35 -14
-56 -63 -25 10 -30 -56 -7 20
-40 -36 -4 33 -8 -38 -5 42
0 9 -10 42 -18 -55 5 33
-14 -21 11 47 5 -21 18 53
0 -15 -6 40 -29 -29 0 43
-7 -13 -6 30 -13 -33 2 43
17 14 9 42 -7 -7 19 39
-5 -17 3 33 -5 -18 1 26
-10 -19 -6 35 -19 -34 3 33
17 -16 -10 19 -5 -45 12 37

-100 -100
-40 -80 -7 -60 40 0
-75 -80 -38 -80 -25 0
-100 -100 -100 -100 -100 -100
-100 -100 -100 -100 -100 -100
0 33 -73 -80 -67 -67
0 0 -13 -20 0 -20
13 25 17 13 0 38
63 25 42 63 38 25
33 -11 44 78 22 33
89 78 78 89 78 67
83 67 79 100 67 67
57 43 60 75 67 33
67 50 50 50 50 50
0 0 -17 -25 -13 -13
-18 -9 -35 -50 -36 -18
-25 -20 -28 -64 -25 10
33 22 -48 -67 -56 -22
40 30 30 10 40 40
20 33 17 -14 20 50
-17 29 30 25 14 50
40 17 39 14 60 50
0 9 6 17 -9 9 33 67
-8 42 12 9 9 18 69 83
0 9 26 45 0 30 44 64
0 0 11 33 -8 9 15 55
-25 14 7 44 -22 0 23 78
-55 -36 -15 18 -27 -36 17 64
-27 -10 15 36 0 9 3 18
14 29 14 29 0 14 11 17
-55 -27 -33 -27 -55 -18 -69 -71
0 0 -10 -20 -20 10 -60 -59
-7 -27 -59 -60 -47 -71 -65 -66
-50 -25 -63 -50 -63 -75 -60 -60
-42 -38 -47 -38 -50 -54 -64 -74
-42 -42 -67 -67 -67 -67 -72 -67
-70 -80 -30 -9 -36 -45 -38 -25
-36 -54 -3 14 -7 -15 -16 -6
-20 -22 -35 -22 -33 -50 -7 17
-20 -36 2 33 -10 -18 -4 47
0 -18 25 75 -9 9 4 29
7 -7 11 47 7 -20 15 50
-13 -31 5 36 -6 -15 18 53
-13 -23 9 43 7 -23 12 51
10 7 15 45 -3 3 17 51
-9 -14 1 27 -10 -13 26 52
-13 -10 -8 24 -21 -27 6 36
28 -28 6 30 21 -32 8 40
9 20 15 25 0 18
58 67 42 50 25 50
40 27 38 50 22 40
-9 0 6 42 -25 0
11 -20 23 56 0 13 25 38
-5 -9 -23 20 -55 -35 -50 -30
-14 5 -2 18 -18 -5 -16 9
6 11 24 29 21 21 -10 14
-71 -67 -53 -55 -64 -41 -39 -36
-57 -65 -22 -15 -20 -30 -37 -50
-63 -68 -53 -53 -53 -53 -20 -27
-60 -60 -74 -67 -78 -78 -4 38
-58 -59 -40 -36 -33 -52 -32 0
-75 -75 -50 -46 -50 -54 -31 0
-32 -57 -38 -20 -45 -50 -30 -9
-10 -30 -29 -14 -38 -35 -40 -23
-6 -31 -16 11 -22 -38 -11 20
-15 -43 15 58 -5 -9 -13 8
5 -23 48 59 40 45 23 33
19 -25 33 63 33 3 22 47
16 -14 23 43 23 4 -12 21
3 -18 23 62 8 -2 6 34
-2 2 23 51 7 11 16 45
16 9 22 46 10 10 4 28
6 -22 9 44 -6 -11 10 39
20 -38 17 48 29 -26 12 42
Imp signif
13 25 26 11 33 33 11 11
-80 -40 -3 -9 9 -9 0 0
-36 -22 45 55 55 27 -9 0
-29 -14 5 -14 29 0 14 0
-45 -36 12 8 8 18 18 0
-30 -30 10 20 0 10 -20 10
-13 -20 30 47 13 29 -47 7
-25 -25 29 63 25 0 33 0
-50 -46 48 64 57 23 -43 0
-42 -50 36 25 33 50 -33 0
-45 -36 10 10 40 -20 -8 0
-42 -54 24 36 21 15 14 0
-20 -33 15 0 33 13 22 0
-30 -18 3 17 0 -9 8 0
9 27 35 33 27 45 18 0
20 0 31 43 14 36 33 0
-27 -31 -10 14 -13 -31 6 13
-7 -10 12 23 10 3 10 3
7 -3 32 37 31 30 19 6
-12 -5 8 22 8 -5 23 7
-10 0 6 16 6 -3 20 3
17 -22 19 20 22 16 30 5
11 67 11 0 1.1 4.7 0.6 1.6

18 64 18 0 -0.8 2.3 -2.3 -1.3
27 36 27 9 0.3 2.5 0.5 1.1
43 29 29 0 1.7 3.2 3.6 2.9
36 45 18 0 -1.4 -1.1 -0.9 -0.9
10 40 40 0 -1.6 -0.8 -1.0 -0.5
7 27 47 13 -2.7 -3.0 -2.3 -2.7
33 67 0 0 -2.5 -1.4 -2.5 -1.9
7 43 43 7 -4.4 -3.5 -3.5 -4.6
8 50 25 17 -4.6 -2.7 -3.5 -4.2
25 42 25 8 -2.3 -0.5 -2.0 -3.3
29 57 14 0 -2.1 -0.4 -2.1 -1.9
44 33 11 11 -2.6 1.4 -1.7 -2.8
25 58 17 0 -0.2 3.5 -0.8 -1.4
36 45 18 0 2.4 2.5 0.5 2
40 53 7 0 0.9 4.0 0.8 -0.2
19 44 25 0 0.4 3.2 1.2 -0.4
33 37 23 3 1.8 4.5 2.4 1.6
34 38 22 0 1.8 4.3 1.7 0.9
37 37 20 0 1.3 3.5 1.3 1.4
37 40 17 3 0.5 3.3 0.2 -0.2
40 40 15 0 1.5 3.6 3.3 -0.8
1.9 -1.1 -0.8

1.8 -3.5 -1.5
0.7 -2.3 -0.5
0.4 -0.4 0.4
-2.0 -2.3 -1.1
-2.5 -2.5 -2.5
-2.7 -2.7 -2.7
-2.5 -4.2 -2.5
-4.4 -4.8 -5.6
-5.8 -5.2 -6.0
-1.5 -2.8 -3.8
-1.8 -3.3 -3.3
-2.5 -3.9 -5.9
1.5 -2.0 -1.8
3.2 3 3.3
1.2 -0.2 -0.3
0.7 -0.3 -2.1
2.4 0.0 0.2 11.1 53.3 16.7 3.3 23.3
2.2 0.2 1.3 24.6 48.4 23.3 20.7 34.5
2.0 0.0 -0.4 15 48 17 -2 30
1.5 -0.3 -1.2 13.2 45.5 18.8 3.1 24.2
2.0 2.1 -1.1 40.5 85.0 68.4 5.3 57.9
0.7 6.9 -1.1 1 1.9 -1.1

2.2 7.5 0.5 1.1 4.8 -0.7
1.4 4.1 1.4 2.3 2.3 -1.6
1.7 4.4 3.6 1.9 0.8 -0.6
-5.1 -5.8 -4.6 -4.6 -5.6 -5.6
-4.4 -4.3 -1.9 -3.5 -6.4 -5.0
-5.8 -5.8 -3.6 -5.5 -7.5 -6.7
-3.2 -1.8 -2.8 -2.3 -4.3 -5.3
-5.1 -4.8 -4.2 -4.2 -6.3 -5.2
-6.7 -4.8 -5.6 -6.5 -7.7 -7.7
-2.7 -1.6 -1.8 -2.9 -2.1 -3.0
-1.9 -0.2 -1.1 -2.5 -1.7 -2.5
-2.7 0.8 -0.8 -2.5 -1.7 -4.4
-0.7 4.2 -0.6 -2.0 1.2 -2.1
0.1 3.1 0.2 -0.7 0 -0.9
0.0 4.0 0.4 -1.0 0.4 -1.4
0.0 3.0 0.2 -1.3 0.7 -0.3
-13.3 -16.7 1.4 4.7 1.9 1.1 1.7 0.1
3.4 17.2 1.8 4.7 1.2 1.6 2.9 -0.7
3 -5 1.6 3.8 1.5 1.6 2.3 0.4
3.1 -15.6 0.0 3.6 0.4 -2.0 1.0 -0.4
42.1 -15.8 1.5 3.8 3.1 -0.6 2.7 2.4
-3.5
-0.2
0.2
-0.3
-4.6
-5.3
-6.0
-3.3
-5.7
-7.7
-4.6
-3.7
-7.8
-4.8
-1.4
-2.5
-2.3
-0.8 9.6 40.0 24.1 -3.3 30.0 -10.0 -23.3
0.9 11.4 41.9 3.3 10.3 40.0 -16.7 -10.3
-0.2 -1 26 7 -11 13 -16 -21
-2.7 2.9 30.3 12.5 -12.5 21.2 -12.5 -21.9
-2.3 12.4 57.1 40.0 -31.6 28.6 25.0 -45.0
0.0 18.2 45.5 36.4 0.0

14.3 0.0 14.3 71.4 0.0 28.6
0.0 0.0 33.3 41.7 25.0 58.3
0.0 10.0 70.0 20.0 0.0 30
0 7 33 40 20 20
11 11 56 22 0 0
21 7 36 36 0 7
0 8 25 50 17 25
0 8 33 58 0 8
0 7 64 29 0 14
0 11 22 67 0 0
0 0 67 33 0 0
0 0 64 36 0 0
0 7 53 33 7 0
0 19 38 31 13 6.25
3 7 60 23 7 10.344828
3 9 50 34 3 21.875
0 5 49 39 7 20
3 9 50 26 12 39.393939
0 5 30 50 15 5

15
2
-23
-85
-100
-61
-44
-13
8
42
48
48
25
42
-10
-42
-41
-44
-23
-38
-17
1
3
26
27
11
13
7
2
14.3 28.6 0.0 28.6 0.0 2.9 -16
0.0 25.0 0.0 0.0 16.7 2.3 -45
40 30 0 0 0 2 -45
40 33 0 7 0 2 -58
78 22 0 0 0 2 -68
57 21 14 0 0 2 -53
33 25 17 0 0 2 -52
33 50 0 8 0 3 -43
36 14 29 0 7 3 -16
40 20 30 10 0 3 -27
25 8 42 8 17 4 -8
8 17 58 17 0 4 -7
20 13 47 20 0 4 4
12.5 6.25 25 12.5 37.5 4.375 -12
31.034483 13.793103 20.689655 17.241379 6.8965517 3.2413793 -6
15.625 15.625 25 18.75 3.125 3.125 1
34 12 14 10 10 3 -4
15.151515 9.0909091 18.181818 9.0909091 9.0909091 2.6969697 -12
10 10 20 15 40 4.5 -15
ISI
-39
-27
-42
-67
-67
-14
-2
25
44
37
67
68
53
41
-7
-14
-21
-7
23
11
23
14
11
11
18
4
-2
-15
-9
14
-26
-9
-36
-35
-42
-42
-32
-21
-19
-2
-2
-1
5
0
0
-2
-4
0

2008 Q1 South Africa 8 25 25 -25 56 67
2008 Q2 South Africa -50 -38 -38 -75 17 25
2008 Q3 South Africa -29 -21 -18 -46 14 18
2008 Q4 South Africa -59 -46 -62 -69 28 46
2009 Q1 South Africa -60 -50 -63 -69 59 69
2009 Q2 South Africa -72 -62 -62 -92 58 57
2009 Q3 South Africa -67 -62 -54 -85 69 69
2009 Q4 South Africa -22 -30 0 -33 48 45
2010 Q1 South Africa 8 11 11 0 54 56
2010 Q2 South Africa 8 0 11 13 50 67
2010 Q3 South Africa -4 0 -25 13 21 25
2010 Q4 South Africa 16 67 -14 0 15 0
2011 Q1 South Africa -22 -38 -13 -14 48 63
2011 Q2 South Africa -32 -15 -31 -50 16 15
2011 Q3 South Africa 6 -8 8 18 32 42
2011 Q4 South Africa -2 -11 -6 11 31 28
2012 Q1 South Africa 38 38 25 50 54 63
2012 Q2 South Africa 26 39 39 0 16 24
2012 Q3 South Africa 24 15 38 17 42 69
2012 Q4 South Africa 39 27 47 43 39 47
2013 Q1 South Africa 31 33 39 20 10 33
2013 Q2 South Africa 13 19 -5 24 34 50
2013 Q3 South Africa 17 21 9 21 22 32
2013 Q4 South Africa 35 44 38 25 40 40
2014 Q1 South Africa 18 22 14 19 4 4
2014 Q2 South Africa 19 15 31 9 54 77
2014 Q3 South Africa 2 0 12 -6 42 82
2014 Q4 South Africa -22 -30 -27 -10 49 60
2015 Q1 South Africa 5 0 5 10 34 48
2015 Q2 South Africa -15 -31 -7 -7 45 79
2015 Q3 South Africa -29 -42 -16 -28 25 37
2015 Q4 South Africa -28 -54 -14 -15 28 54
2016 Q1 South Africa -24 -21 -21 -29 26 46
2016 Q2 South Africa -40 -47 -21 -53 26 32
2016 Q3 South Africa -4 -18 6 0 42 65
2016 Q4 South Africa -4 0 0 -11 33 58
2017 Q1 South Africa -2 -10 5 0 40 67
2017 Q2 South Africa -20 -18 -24 -19 34 44
2017 Q3 South Africa -28 -46 0 -38 13 38
2017 Q4 South Africa -16 -36 15 -29 29 43
2018 Q1 South Africa -4 11 17 -41 17 29
2018 Q2 South Africa -27 -40 -7 -36 36 53
2018 Q3 South Africa -61 -83 -33 -67 28 25
2018 Q4 South Africa -22 -33 0 -33 37 50
2019 Q1 South Africa -35 -44 -23 -39 51 58
2019 Q2 South Africa -26 -35 -8 -35 35 44
2019 Q3 South Africa -35 -49 -23 -34 35 41
2019 Q4 South Africa -38 -49 -20 -45 49 62

67 33 0 0 0 0 -8 0
13 13 38 43 14 57 -75 -75
0 25 27 35 19 27 -26 -29
8 31 43 46 31 55 -64 -69
50 58 32 46 17 33 -65 -63
54 62 42 43 38 45 -90 -86
62 77 81 92 67 83 -87 -85
30 70 47 73 40 22 -37 -27
56 50 42 44 33 50 -45 -56
44 38 15 22 11 13 -27 -22
25 13 46 50 50 38 -25 -38
-14 67 58 86 14 80 -15 0
25 57 83 88 63 100 -57 -63
8 25 13 23 8 8 -27 -36
17 40 19 18 0 40 9 -8
28 39 31 53 6 35 -6 0
50 50 58 75 38 63 0 -25
12 13 36 47 27 36 16 35
15 42 45 69 38 25 5 31
27 43 18 27 7 21 32 40
11 -19 25 33 17 27 12 11
16 37 50 67 47 35 22 25
9 26 27 47 15 19 21 25
33 47 23 33 13 21 33 40
5 5 21 30 23 9 22 30
31 55 32 42 25 30 22 23
12 31 22 41 12 13 18 29
36 50 26 40 9 30 7 0
24 30 39 43 33 40 32 35
14 43 37 57 20 33 -4 -13
21 18 41 53 28 41 0 11
14 15 25 46 7 23 -12 -9
10 21 35 32 34 37 -17 -14
11 37 28 26 26 32 -30 -22
29 31 25 38 13 25 14 18
16 26 27 42 11 28 2 19
10 45 37 57 19 35 14 15
19 40 32 31 25 40 -21 -19
-8 8 23 23 15 31 -36 -33
8 36 46 64 15 57 -36 -43
-6 27 30 44 17 29 -2 0
20 33 29 40 20 27 -29 -21
25 33 61 75 50 58 -52 -75
23 37 41 52 31 41 -16 -20
36 59 35 40 27 36 -24 -36
14 47 44 50 31 50 -15 -14
26 39 25 28 18 29 -11 -7
33 51 44 44 35 52 -27 -24

0 -25 25 25 0 50 25 50
-75 -75 19 29 43 -14 -71 -75
-29 -21 6 21 11 -14 -53 -60
-62 -62 -28 -31 -8 -46 -53 -67
-69 -64 -8 -8 7 -33 -47 -36
-92 -92 -38 -14 -31 -69 -18 -17
-77 -100 -79 -62 -77 -100 -28 -23
-40 -44 -23 -18 -20 -30 0 9
-56 -25 -19 -22 -22 -13 0 0
-33 -25 -4 0 -11 0 0 -11
-50 13 -29 -38 -38 -13 13 13
-29 -17 0 14 0 -17 25 43
-38 -71 -30 -25 -25 -43 -17 -13
-36 -8 -39 -43 -29 -46 -10 -23
8 27 -43 -50 -25 -55 6 -9
-12 -6 -8 -6 -12 -6 0 0
13 13 -8 -13 -13 0 21 13
6 7 2 6 11 -12 19 18
-8 -8 -5 -15 8 -8 6 8
27 29 12 0 29 8 45 43
17 6 2 6 6 -7 35 29
5 35 11 5 10 19 27 24
6 32 13 16 9 16 20 23
14 43 39 44 47 27 52 56
23 14 30 43 23 23 13 22
31 9 8 -8 31 0 27 27
18 6 2 0 6 0 31 35
10 11 -11 -22 0 -11 18 11
30 32 -2 -5 -5 5 29 35
13 -13 -13 -20 0 -19 13 7
-5 -6 -17 -21 -11 -18 5 5
0 -27 -24 -18 -25 -30 -1 -9
-10 -25 -24 -14 -27 -31 -29 -38
-44 -22 -20 -17 -28 -17 -28 -33
6 18 -6 -11 0 -6 17 6
-6 -7 23 25 31 13 22 27
15 11 3 -5 5 10 0 -10
-25 -20 4 6 0 6 -17 -31
-42 -33 -8 0 0 -23 -31 -50
-31 -36 -2 0 0 -7 -14 -29
-6 0 9 11 33 -18 15 24
-43 -21 -16 -33 13 -27 -21 -21
-25 -55 -42 -42 -33 -50 -54 -67
7 -33 5 -3 21 -3 -13 -18
-18 -20 -13 -20 2 -20 -26 -38
-11 -22 -10 -14 5 -22 -21 -35
-9 -16 -19 -19 -17 -21 -17 -25
-24 -34 -9 -15 0 -12 -19 -25

50 -25
-63 -75 -60 -60 -40 -80
-52 -46 -10 -8 0 -23
-42 -50 -21 -23 -15 -25
-50 -60 -21 -11 -25 -29
-9 -30 -59 -57 -50 -69
-23 -38 -44 -31 -38 -62
-10 0 25 18 27 30
0 0 -8 -11 -11 0
11 0 19 11 11 38
0 25 4 0 13 0
29 0 5 29 -14 0
-13 -29 4 0 25 -14
0 -8 -10 -14 -7 -8
9 18 -44 -55 -36 -40
0 0 -11 -13 -13 -7
13 38 25 25 25 25
19 20 -6 0 -6 -12
0 8 8 -8 23 8
50 43 30 20 40 29
41 33 13 11 22 6
24 35 28 15 30 40
13 26 29 31 18 38 30 34
44 56 51 50 53 50 56 69
9 9 34 36 33 33 41 61
45 9 11 -15 31 18 38 23
24 33 36 29 47 31 43 39
20 22 7 0 10 11 30 22
30 21 17 10 25 16 53 43
33 0 13 7 25 6 19 3
11 0 20 11 28 22 -6 -8
25 -18 3 -18 9 18 14 -5
-13 -34 -14 -7 -17 -17 9 16
-22 -28 -9 -11 -6 -11 2 0
25 19 8 6 11 6 42 29
20 20 21 19 25 19 38 38
10 0 2 -5 10 0 35 30
-13 -7 2 0 0 7 40 38
-17 -25 0 0 0 0 22 23
0 -14 -10 -21 0 -7 38 32
35 -13 8 11 6 6 32 36
-29 -14 14 0 21 21 3 10
-42 -55 -17 -17 -8 -25 -17 -14
4 -25 8 -7 20 10 39 29
-18 -22 -13 -20 -2 -16 31 34
-3 -24 -4 -11 11 -11 19 10
-7 -20 2 0 8 -1 23 28
-7 -24 -15 -12 -18 -16 22 23
21 34 45 47 38 50
47 50 67 80 56 67
33 27 55 61 55 48
54 36 22 8 38 18
65 25 56 54 59 56 4 6
40 28 53 50 60 50 10 29
61 54 47 45 50 45 -16 -5
41 13 30 20 46 25 -48 -50
8 -17 31 29 32 31 -28 -35
42 5 25 18 29 27 -27 -27
7 3 18 22 18 12 -49 -56
3 3 25 31 20 25 -50 -63
50 47 46 44 44 50 -40 -38
41 35 46 47 50 41 -5 0
40 34 37 30 46 37 -54 -63
41 43 49 47 50 50 -43 -44
19 23 26 29 21 29 -53 -58
50 32 0 4 -8 4 -51 -57
44 15 58 59 68 46 -28 -29
10 -10 31 32 25 36 -67 -62
-18 -18 14 18 18 5 -66 -67
47 41 51 48 67 38 -21 -26
38 22 22 22 26 18 -48 -52
42 7 25 20 38 18 -35 -31
24 16 31 27 41 24 -47 -50
30 14 28 27 34 24 -31 -34
Imp signif
0 7 20 41 12 6 -22 6
-13 14 40 67 10 44 -40 0
-21 -22 -7 20 -20 -21 10 0
-53 -40 21 36 20 7 -25 6
-24 -25 22 39 11 17 -53 0
-25 -30 24 45 17 9 -75 0
-43 -48 17 28 13 10 -57 0
-44 -44 17 22 17 11 -72 0
-50 -31 25 39 11 24 -53 0
-7 -7 19 25 13 19 -7 0
-47 -50 27 45 10 26 -25 0
-44 -40 34 44 38 20 -56 0
-50 -50 22 33 8 25 -25 0
-38 -57 36 57 23 29 -50 0
-18 -38 13 22 17 0 56 0
-69 -69 33 43 29 29 -14 0
-67 -64 54 58 50 55 -83 0
-7 -30 50 57 59 34 -3 0
-45 -45 39 48 32 37 -31 0
-32 -42 35 43 32 31 -31 0
-44 -47 19 26 11 19 -19 5
-27 -32 46 53 40 46 -23 2
17 33 28 17 3.7 5.9 5.1 6.3

20 20 50 10 4.9 5.6 6.3 5.6
29 52 14 5 4.2 5.9 5.8 5.7
19 25 50 0 2.1 2.5 4.7 3.6
5 37 47 11 2.7 4.1 4.3 3.5
0 25 33 42 0.3 0.0 2.3 1.4
7 30 37 27 0.7 1.5 1.2 1.3
0 28 44 28 1.0 1.9 1.7 1.7
12 24 53 12 3.1 3.8 3.5 4.6
20 53 20 7 2.4 2.8 4.1 2.2
20 35 30 15 2.9 3.6 4.3 4.5
13 19 56 13 3 3.8 3.8 3.8
17 42 33 8 1.4 2.1 2.1 2.7
7 36 50 7 0.1 1.9 0.8 1.3
61 33 6 0 2.5 3.7 4.3 3.5
14 57 21 7 1.0 1.8 2.0 2.0
0 17 42 42 -0.1 0.9 0.7 -0.3
33 30 30 7 2.8 3.9 5.2 3.8
18 33 38 11 0.9 1.5 1.6 2.0
19 31 44 6 1.9 1.1 4.4 3.3
28 15 36 16 2.2 3.3 4.0 3.0
20 34 31 13 1.5 2.1 2.2 2.6
1.6 1.9 1.6

3.1 4.8 4.2
2.1 3.3 2.4
0.2 1.4 0.2
1.7 1.0 1.5
-1.8 0.0 0.0
0.2 0.0 0.0
0.1 0.1 0.7
2.2 1.9 2.4
1.4 1.9 2.0
1.6 1.8 1.8
1.8 2.7 2
0.2 0.6 0.4
-2.5 -0.4 -0.8
1 1.8 0.8
0.2 -0.4 0.2
-1.4 -0.7 0.0
0.4 2.4 1.2 44.6 60.7 82.1 53.6 14.3
0.2 0.2 -0.1 25.6 44.2 44.2 39.5 4.7
0.7 1.6 0.2 19.7 51.4 45.7 38.2 -2.9
1.5 1.2 0.4 14.6 31.0 37.7 15.7 1.5
0.3 1.0 1.1 30.9 49.2 53.4 33.9 13.8
2.4 4.6 4.9 3.3 0.3 1.3

1.3 2.2 4.8 3.3 -2.2 0.3
3.1 3.6 5.9 5.7 1.1 2.2
0.7 1.0 3.8 2.2 -2.5 0.5
-1.2 0.9 2.4 -1.0 -4.2 -2.0
0.1 0.0 2.5 0.9 -2.5 1.2
-0.2 1.3 0.8 0.9 -1.2 -1.3
0.5 2.4 0.9 1.6 -0.9 -0.7
3.0 3.2 4.0 4.6 0.9 2.9
2.1 2.3 3.3 1.4 2.0 1.3
2.3 4.0 4.6 4.5 -0.3 0.4
2.2 3.8 3.6 3.5 0.6 0.3
1.0 2.5 1.9 2.1 -0.2 -0.2
1.0 2.3 3.1 2.3 -1.8 0.2
0.9 2.6 2.6 1.2 -0.6 0.1
-0.4 1.0 2.3 1.3 -2.8 -2.2
-1.0 0.7 0.5 -0.5 -2.3 -1.8
50.0 7.1 2.2 2.8 4.7 5.4 -1.3 1.0
16.3 4.8 1.4 2.7 2.3 3.8 -0.3 0.1
2.9 -17.1 2.3 3.0 5.1 3.2 0.1 2.1
8.8 -7.2 1.7 2.7 2.6 2.4 1.5 0.9
20.3 15.0 1.0 2.3 3.2 1.7 -0.4 -0.3
-0.2
-0.3
0.4
-1.0
-3.5
-1.6
-2.0
0.0
2.2
2.0
0.7
1.7
-0.2
0.0
-0.7
-2.2
-2.7
0.4 32.2 55.2 82.8 34.5 -3.4 24.1 0.0
-0.1 25.1 40.9 43.2 31.8 9.1 18.6 6.8
0.4 17.9 34.3 37.1 33.3 -8.6 8.6 2.9
0.1 2.7 23.0 15.5 -4.2 -1.4 -1.4 -15.5
-0.7 15.7 28.3 35.6 13.6 -1.7 13.3 5.0
0.0 0.0 52.4 47.6 0.0

0.0 0.0 37.5 56.3 6.3 25.0
0.0 10.5 36.8 52.6 0.0 27.8
0.0 0.0 50.0 50.0 0.0 0
3 3 53 37 3 10
0 17 50 33 0 11
0 12 71 18 0 6
0 13 63 25 0 6
0 5 65 30 0 15
0 6 63 31 0 31
0 8 67 25 0 0
0 36 29 36 0 0
0 11 61 28 0 0
7 7 57 29 0 0
0 17 50 33 0 0
3 13 47 27 10 10
0 16 38 42 4 6.6666667
0 17 53 25 6 11.111111
0 13 48 36 3 7.7922078
2 10 47 37 5 8.1967213

11
-23
-17
-43
-34
-50
-76
-30
-18
-4
-26
-14
-45
-28
-19
-14
-10
-3
-9
11
3
-9
1
17
9
-2
-6
-20
-12
31.3 18.8 25.0 0.0 0.0 2.4 -21
33.3 27.8 5.6 5.6 0.0 2.3 -29
58 33 8 0 0 3 -26
63 23 3 0 0 2 -27
44 22 22 0 0 3 -30
29 29 35 0 0 3 -12
13 38 31 13 0 3 -2
15 40 15 15 0 3 -12
25 25 6 13 0 2 -16
33 58 8 0 0 3 -20
36 50 14 0 0 3 -21
0 33 50 17 0 4 -8
43 36 21 0 0 3 -24
50 50 0 0 0 2.5 -55
13.333333 46.666667 13.333333 13.333333 3.3333333 3.1666667 -20
48.888889 26.666667 11.111111 6.6666667 0 2.6222222 -28
44.444444 25 16.666667 2.7777778 0 2.5555556 -27
25.974026 41.558442 19.480519 2.5974026 2.5974026 2.9090909 -26
21.311475 44.262295 19.672131 4.9180328 1.6393443 2.9672131 -30
ISI
13
-44
-21
-25
-23
-26
-44
5
-3
8
18
15
5
-20
-26
-3
8
2
1
20
13
15
8
27
13
6
16
-5
18
2
1
-7
-20
-18
0
8
-8
-16
-18
-20
3
-13
-42
-18
-26
-20
-11
-27

2008 Q1 Spain -36 -29 -57 -25 27 14 57
2008 Q2 Spain -64 -54 -69 -69 36 23 54
2008 Q3 Spain -77 -80 -80 -70 47 70 40
2008 Q4 Spain -86 -90 -90 -78 59 80 50
2009 Q1 Spain -53 -40 -50 -70 93 89 89
2009 Q2 Spain -56 -25 -73 -73 91 92 82
2009 Q3 Spain -9 0 0 -27 78 73 80
2009 Q4 Spain 11 33 0 0 73 86 43
2010 Q1 Spain -12 15 -35 -15 37 45 40
2010 Q2 Spain -6 8 -18 -9 53 50 55
2010 Q3 Spain -3 30 -30 -10 60 50 70
2010 Q4 Spain -24 -14 -14 -43 57 71 43
2011 Q1 Spain -16 -10 -40 0 32 44 33
2011 Q2 Spain 13 10 0 30 33 40 30
2011 Q3 Spain -42 -50 -43 -33 34 40 21
2011 Q4 Spain -18 -17 -23 -15 29 42 23
2012 Q1 Spain -47 -55 -64 -25 24 27 18
2012 Q2 Spain -24 -36 -45 8 21 36 9
2012 Q3 Spain -42 -33 -53 -40 55 50 60
2012 Q4 Spain -33 -50 -33 -17 39 50 33
2013 Q1 Spain -12 -11 0 -22 38 33 38
2013 Q2 Spain 3 8 -9 9 18 25 18
2013 Q3 Spain 45 43 29 63 5 14 14
2013 Q4 Spain 32 22 22 50 11 22 11
2014 Q1 Spain 23 25 0 38 3 0 18
2014 Q2 Spain 65 69 58 67 3 0 8
2014 Q3 Spain 46 53 29 56 -14 -13 7
2014 Q4 Spain 51 68 29 56 -1 4 -4
2015 Q1 Spain 66 62 52 83 -15 -21 -9
2015 Q2 Spain 77 75 63 92 -16 -8 -21
2015 Q3 Spain 57 67 34 69 -14 -13 -8
2015 Q4 Spain 60 68 46 65 -22 -28 -12
2016 Q1 Spain 54 58 47 58 -26 -24 -27
2016 Q2 Spain 52 48 41 66 -15 -23 -7
2016 Q3 Spain 47 46 37 58 -18 -28 -16
2016 Q4 Spain 52 60 41 54 -36 -29 -39
2017 Q1 Spain 75 77 65 84 -32 -30 -23
2017 Q2 Spain 61 61 58 63 -19 -24 -16
2017 Q3 Spain 58 65 49 61 -19 -24 -15
2017 Q4 Spain 53 56 53 51 -10 -23 -8
2018 Q1 Spain 59 61 61 54 -25 -34 -24
2018 Q2 Spain 59 68 63 46 0 1 0
2018 Q3 Spain 43 44 55 29 -17 -24 -27
2018 Q4 Spain 52 62 59 35 -15 -18 -15
2019 Q1 Spain 40 50 47 22 15 9 24
2019 Q2 Spain 40 53 57 9 -6 -11 -9
2019 Q3 Spain 22 41 20 5 2 -11 7
2019 Q4 Spain 28 53 27 2 -9 -17 -14

13 -5 0 0 -13 -33 -43 -43
31 42 33 50 42 -62 -77 -62
30 57 80 50 40 -60 -70 -60
44 52 80 30 44 -65 -80 -70
100 79 90 56 90 -76 -80 -70
100 74 83 55 82 -88 -83 -91
82 91 91 80 100 -91 -91 -90
88 82 86 71 88 -86 -86 -86
25 65 71 65 59 -67 -72 -67
55 53 58 55 45 -44 -50 -55
60 45 40 40 56 -30 -30 -30
57 19 14 29 14 -22 0 -33
20 32 30 30 36 -32 -20 -50
30 30 30 30 30 -7 -11 -11
40 35 36 36 33 -30 -47 -21
23 39 38 43 36 -14 -17 -15
25 24 18 18 33 -41 -64 -36
17 32 45 18 33 -15 -18 -18
53 72 79 64 73 -11 -14 -13
33 28 50 17 17 -22 -33 -17
44 62 67 63 56 -4 -11 0
9 34 33 36 33 -26 -42 -18
-13 14 14 14 13 0 0 0
0 21 33 22 10 -7 -11 -22
-8 0 8 0 -8 0 0 -9
0 15 0 8 33 3 0 -8
-35 7 13 27 -18 8 0 0
-4 -7 -4 -4 -12 3 -8 4
-17 16 13 22 13 15 32 0
-20 -23 -22 -17 -30 15 20 15
-21 0 5 -5 0 15 24 3
-27 -12 -20 -8 -8 11 13 13
-26 -8 -8 -10 -6 13 11 21
-14 -11 -7 -15 -12 12 10 18
-11 -15 -16 -16 -14 8 11 14
-39 -13 -17 -5 -17 25 32 24
-43 -20 -20 -20 -19 39 41 41
-18 -18 -21 -13 -18 30 33 27
-18 -11 -11 -8 -13 23 18 25
0 -9 -10 -11 -5 29 29 30
-17 -14 -18 -17 -7 35 37 50
0 -11 -21 -12 1 33 44 45
0 -2 -2 -12 8 23 30 35
-11 6 6 -3 15 32 37 48
11 -1 -4 -9 11 29 30 49
2 5 -4 -4 23 15 24 35
11 5 0 2 13 12 20 23
4 2 -8 -5 18 16 30 25

-13 9 43 -14 0 -67 -71 -71
-46 -26 -23 -31 -23 -69 -69 -69
-50 -43 -60 -40 -30 -27 -40 -20
-44 -83 -100 -70 -78 -90 -80 -90
-78 -77 -86 -50 -100 -70 -60 -70
-91 -97 -92 -100 -100 -21 8 -36
-91 -84 -91 -80 -82 -31 -27 -40
-88 -86 -100 -71 -88 14 29 0
-61 -60 -65 -55 -60 17 33 0
-27 -53 -42 -55 -64 0 25 -27
-30 -33 -10 -50 -40 7 30 -20
-33 -61 -83 -67 -33 -27 -20 -40
-27 -48 -50 -70 -27 -37 -30 -70
0 -57 -60 -50 -60 7 10 0
-20 -59 -73 -50 -53 -39 -38 -50
-8 -41 -50 -31 -43 -44 -46 -50
-25 -47 -55 -45 -42 -26 -45 -36
-8 -44 -55 -45 -33 -35 -55 -45
-7 -52 -64 -40 -53 -5 0 -7
-17 -17 -17 -17 -17 -6 0 -33
0 -42 -33 -50 -44 42 56 25
-17 -38 -55 -40 -18 34 55 10
0 -18 -29 -29 0 73 86 43
10 -18 -22 -33 0 61 78 33
8 -6 0 -27 8 75 83 64
13 25 31 25 20 73 77 62
24 19 27 7 24 52 60 27
13 35 46 22 38 68 63 65
12 55 72 29 64 77 80 64
9 46 65 24 48 51 62 43
19 36 43 23 41 61 70 46
8 61 79 35 68 62 74 57
8 38 48 28 39 35 34 32
7 43 51 27 52 36 40 28
0 47 58 37 47 27 35 22
18 50 59 41 50 47 51 41
34 65 74 48 71 59 57 57
30 49 54 43 49 56 68 44
26 48 59 33 53 48 50 31
28 48 59 42 44 35 33 32
18 44 54 46 33 39 46 28
11 48 57 55 31 48 53 60
5 37 55 39 18 34 43 46
13 53 69 52 36 46 57 62
7 39 46 47 24 42 50 62
-12 33 47 43 9 36 56 55
-7 8 21 18 -14 23 51 24
-7 20 41 16 4 21 43 26

-57
-69 -70 -80 -70 -60
-20 -52 -56 -44 -56
-100 -90 -100 -80 -89
-80 -47 -20 -60 -60
-36 -84 -73 -82 -100
-27 -91 -100 -80 -91
13 -73 -57 -86 -75
17 -23 -5 -37 -28
0 -53 -42 -64 -55
10 -37 -30 -40 -40
-20 -61 -67 -50 -67
-10 -9 0 -36 9
10 -7 -10 -10 0
-31 -36 -40 -29 -40
-36 -32 -38 -29 -29
0 -55 -70 -50 -45
-8 -56 -73 -64 -33
-7 -53 -57 -57 -47
17 -50 -67 -50 -33
44 4 -11 0 22
36 -31 -50 -33 -10
88 5 0 0 13 14 0 0
70 18 22 11 20 7 11 -11
77 50 50 45 54 39 45 10
80 41 38 31 53 53 46 42
71 38 43 14 56 38 53 13
75 48 54 43 46 46 54 39
88 55 60 40 65 62 80 46
48 53 60 45 55 58 68 38
68 33 41 26 32 53 65 39
56 62 77 41 67 65 67 54
39 35 38 30 37 52 64 40
41 43 43 40 45 56 57 50
26 44 50 35 47 55 65 46
49 44 50 39 44 63 73 50
63 62 67 50 70 74 84 59
56 45 55 42 39 57 67 43
63 51 56 44 51 64 76 50
41 42 47 38 40 59 67 53
43 38 36 46 31 48 60 44
31 42 54 45 27 63 74 63
13 36 42 42 24 53 62 57
18 37 45 42 22 54 65 55
13 27 38 39 5 31 47 30
-2 29 49 42 -5 42 55 51
-7 2 15 13 -21 21 38 25
-5 14 35 15 -8 27 50 24
38 50 57 29 63
20 43 56 22 50
58 53 58 45 54
67 66 62 54 80
47 63 75 43 72 57 60 33
44 68 67 66 72 66 63 57
61 65 77 58 60 83 88 76
68 61 70 48 67 57 70 42
55 52 59 42 54 53 62 46
73 65 71 55 69 60 61 52
53 57 68 48 56 32 34 28
62 62 67 56 63 26 26 23
54 59 65 55 55 30 35 24
64 44 49 35 49 45 43 43
78 74 81 62 79 48 43 50
61 54 62 47 53 48 50 47
65 59 67 49 60 49 50 41
57 52 58 46 53 24 23 18
39 52 59 47 50 36 46 26
52 59 65 58 55 48 54 49
40 48 57 51 35 35 40 47
42 49 57 58 32 41 52 50
16 34 42 39 22 37 55 50
21 37 50 50 10 30 49 47
0 11 31 20 -19 7 27 15
8 18 36 15 3 21 40 31
76 38 33 27 53 71 12 71
79 6 -4 0 21 88 24 64
84 13 4 22 12 96 35 62
59 13 19 29 -9 96 35 61
51 0 0 3 -3 82 28 56
68 -25 -30 -13 -32 79 21 58
35 -13 -28 -2 -8 70 18 58
29 -24 -24 -21 -28 70 9 60
30 -26 -41 -19 -19 68 10 57
49 -25 -26 -21 -26 73 13 65
50 -27 -31 -25 -25 68 13 55
47 -15 -25 -3 -16 86 17 69
57 -1 -15 11 0 58 17 44
32 -5 -13 -5 3 66 10 59
38 4 5 8 0 58 10 53
40 -5 -6 3 -12 76 11 66
20 13 11 9 20 57 6 57
21 3 3 5 0 41 9 44
7 24 17 33 22 30 4 43
-7 13 9 11 19 37 4 44
-22 -7 -15 -2 -4 16 7 33
-10 8 -5 7 22 23 7 34
6 6 6 4 5.9 3.0 6.7 2.1

12 0 0 5.5 7.8 6.6 7.8 4.3
4 0 0 6.5 10.2 7.1 8.2 5.7
4 0 0 4.0 6.8 5.0 6.9 2.8
13 3 0 3.0 5.1 3.8 5.1 2.2
21 0 0 5.9 9.3 7.0 8.0 4.8
18 4 2 4.1 6.1 4.9 5.9 3.2
30 0 0 4.3 6.8 4.9 6.3 3.1
33 0 0 3.8 5.5 4.1 5.4 3.0
18 5 0 3.2 5.1 3.9 4.7 1.9
32 0 0 5.3 7.1 6.4 7.9 3.9
14 0 0 2.9 4.9 4.6 4.1 1.8
36 3 0 2.8 4.5 3.2 5.1 1.4
29 2 0 2.1 3.8 2.9 3.9 1.0
33 5 0 2.6 4.6 3.8 3.6 1.7
21 0 1 3.4 5.4 4.8 4.4 2.4
30 6 0 2.7 4.9 4.8 3.7 1.3
34 11 2 2.8 5.5 6.6 3.1 1.8
36 17 0 1.8 4.1 3.6 3.6 0.0
42 11 0 2.0 4.7 5.7 2.7 0.4
36 24 0 0.3 3.4 2.7 0.7 0.0
41 15 3 0.9 4.2 2.8 1.5 0.3
0.9 2.2
2.9 3.8
4.0 3.5
0.4 2.1
0.8 1.3
3.1 3.3
2.1 2.4
1.9 2.6
2.4 2.5
1.7 1.9
2.8 3.7
1.1 1.1
1.1 1.5
0.3 0.6
0.8 1.1
2.1 1.3
1.2 0.1
1.2 -1.2 21.2 50.8 56.7 26.7 8.3 11.7
1.5 -2.0 8.6 44.4 37.2 18.2 -4.8 -9.3
1.1 -2.5 9.5 53.7 48.1 12.5 -3.7 0.0
-1.4 -3.8 -16.9 21.6 14.0 -13.7 -30.6 -30.0
-1.2 -2.4 -2.1 35.7 26.5 9.4 -9.6 -23.8
1.7 3.8 1.7 4.4 0.2 -1.0 0.9

3.1 6.0 4.0 6.6 1.5 0.3 0.2
4.9 9.2 4.9 7.5 3.8 1.8 2.5
3.6 6.8 4.4 6.1 1.9 0.8 1.8
3.3 6.6 3.8 5.9 2.3 0.3 0.9
5.8 9.6 6.1 9.9 4.2 2.1 3.0
3.9 6.4 4.4 6.4 3.0 1.0 1.9
3.1 5.5 3.7 5.2 2.3 0.5 1.2
3.2 5.0 3.6 5.2 2.6 1.3 1.6
3.6 7.0 4.4 5.7 2.3 1.1 1.1
5.6 8.4 6.1 8.8 4.1 2.6 3.3
3.6 6.5 4.4 5.6 2.6 0.9 1.5
3.6 5.8 4.1 5.3 3.1 1.6 1.7
2.7 5.5 3.8 4.8 1.8 0.3 0.1
2.2 4.6 3.9 3.7 1 0.4 -0.4
4.1 6.3 5.9 5.2 3.3 2.6 1.2
3.2 5.1 5.6 4.5 2.1 1.5 0.4
-26.7 2.9 5.3 5.2 3.9 2.1 1.1 0.0
-34.1 2.2 4.1 4.1 3.6 1.8 0.7 -1.2
-53.6 3.1 5.4 5.8 4.2 2.3 1.7 -0.5
-62.7 0.7 3.4 3.6 1.2 -0.4 -1.3 -2.3
-50.6 1.4 4.5 2.9 2.1 1.5 -0.4 -1.8
27.0 57.4 59.3 32.8 18.6 18.6 -25.0
1.7 32.6 35.6 11.1 -18.2 -6.7 -44.4
9.0 40.0 52.7 14.3 -5.5 -1.8 -45.6
-12.3 25.5 15.1 -9.1 -18.9 -20.8 -65.5
-6.1 31.8 18.8 3.5 -14.5 -23.5 -52.9
0 35 62 4 0
4 39 52 4 0 0 4
3 28 51 15 3 0 3
4 25 54 17 0 4 0
6 20 62 12 0 0 6
2 30 53 12 2 0 0
0 10 69 18 3 3 3
0 20 68 13 0 0 0
6 9 66 19 0 3 6
0 6 60 29 6 0 0
0 8 57 32 3 0 3
2 12 64 21 0 0 3
0 8 54 36 3 0 0
1 10 61 27 0 3 1
0 9 51 34 6 2.173913 10.869565
3 8 56 29 3 6.3492063 6.3492063
0 7 50 35 9 6.25 8.3333333
0 9 46 41 4 15.789474 5.2631579
4 7 44 36 9 29.62963 16.666667
1 14 52 30 3 25 7.9545455

-8 -33
-44 -46
-59 -26
-74 -60
-70 -39
-75 -35
-61 -62
-53 -39
-45 -16
-37 -33
-27 -26
-35 -39
-32 -35
-24 -23
-45 -47
-33 -47
-39 -40
-33 -48
-56 -39
-26 -33
-38 -10
-23 -21
5 5
-2 7
6 32
25 28
19 17
31 37
35 40
17 30 48 0 4 48 30
8 62 23 5 4 31 31
8 63 25 0 4 44 50
10 58 24 2 4 34 28
9 51 37 2 4 35 34
5 33 55 3 4 37 33
8 30 63 0 5 38 39
3 29 58 0 4 53 49
0 42 53 6 5 42 39
8 32 46 11 5 39 33
5 38 43 13 5 37 27
0 28 55 18 5 39 24
11 17 55 13 5 39 32
8.6956522 21.73913 41.304348 15.217391 4.3478261 27 19
9.5238095 19.047619 42.857143 15.873016 4.3333333 33 27
16.666667 10.416667 33.333333 25 4.3125 26 15
7.0175439 14.035088 29.824561 28.070175 4.2105263 22 17
9.2592593 7.4074074 18.518519 18.518519 3.2407407 9 11
12.5 5.6818182 27.272727 21.590909 3.6704545 15 9

2015 Q1 Switzerland -33 -43 -30 -27 46 85
2015 Q2 Switzerland -29 -39 -18 -29 38 78
2015 Q3 Switzerland -34 -58 -20 -24 30 70
2015 Q4 Switzerland -27 -18 -12 -53 28 83
2016 Q1 Switzerland -40 -45 -33 -41 42 71
2016 Q2 Switzerland -30 -32 -13 -46 39 56
2016 Q3 Switzerland -27 -24 -14 -43 45 52
2016 Q4 Switzerland -33 -30 -16 -53 31 35
2017 Q1 Switzerland -36 -46 -13 -50 32 55
2017 Q2 Switzerland -30 -28 -17 -46 36 58
2017 Q3 Switzerland -19 -13 0 -45 26 38
2017 Q4 Switzerland 0 19 -5 -15 26 43
2018 Q1 Switzerland -18 3 -3 -55 28 38
2018 Q2 Switzerland -23 -6 4 -68 41 59
2018 Q3 Switzerland -8 17 19 -59 40 56
2018 Q4 Switzerland -17 8 9 -67 36 43
2019 Q1 Switzerland -10 12 6 -47 39 53
2019 Q2 Switzerland -3 27 7 -43 41 50
2019 Q3 Switzerland -7 22 15 -57 36 48
2019 Q4 Switzerland -13 22 12 -73 26 33

10 41 40 67 28 26 -15 -3
12 24 22 41 0 25 -10 0
7 13 44 70 19 43 -16 -14
0 0 33 67 0 31 -25 -35
17 38 49 73 27 46 3 22
18 44 44 66 23 44 -5 3
28 57 37 52 17 43 -16 -7
16 42 33 45 11 42 -8 0
18 23 44 63 21 50 -2 19
25 26 43 68 16 44 2 -8
22 18 26 42 4 32 -10 -15
5 30 20 29 5 25 -22 0
3 44 25 29 13 33 -6 -4
12 51 43 54 19 55 12 35
13 53 29 28 0 59 37 67
14 52 35 38 13 54 -10 13
6 59 33 47 6 47 -8 31
24 50 29 37 10 40 3 28
10 50 45 57 15 64 -9 13
8 38 35 48 5 51 3 37
starts - NB % 3m Rent Expectations - NB % Investment Enquiries - NB%

-16 -27 -35 -60 -15 -28 2 3
-21 -7 -16 -27 -7 -13 0 0
-12 -23 -33 -52 -19 -27 17 21
-13 -29 -37 -47 -19 -44 6 29
0 -14 -34 -47 -19 -35 -10 11
-3 -16 -35 -40 -22 -42 0 10
-11 -30 -36 -43 -18 -46 0 11
-13 -13 -36 -32 -6 -71 -29 -11
-5 -20 -36 -54 0 -54 1 9
8 5 -35 -36 -24 -46 6 13
-11 -5 -26 -32 -5 -43 -15 -20
-29 -35 -17 -10 5 -45 -2 5
-4 -12 -26 -24 -3 -52 -12 0
15 -13 -29 -30 -2 -56 3 13
29 14 -11 -16 24 -41 14 21
-9 -33 -29 -25 0 -63 6 17
-13 -44 -22 -6 6 -65 0 20
0 -17 -11 3 7 -43 5 27
5 -45 -32 -22 -5 -68 7 26
3 -30 -18 5 10 -68 16 46

5 -3 -27 -32 -18 -32 -49 -67
7 -7 -18 -33 -7 -13 -40 -53
20 10 -7 -15 5 -10 -37 -50
6 -19 -18 -24 -6 -25 -51 -71
-15 -25 -22 -19 -19 -27 -56 -60
-3 -8 -18 -5 -14 -35 -43 -46
0 -11 -15 -7 -7 -30 -51 -57
-18 -59 -25 -17 -6 -53 -61 -59
17 -22 -29 -29 -5 -55 -44 -58
13 -9 -18 -17 -8 -29 -40 -59
0 -26 -10 -10 0 -21 -37 -52
0 -11 -21 -17 -6 -41 -30 -26
9 -44 -30 -22 -16 -52 -34 -27
23 -26 -16 -10 0 -37 -34 -34
36 -14 -7 -13 13 -21 -30 -24
23 -22 -25 -22 -18 -35 -32 -27
40 -60 -13 13 13 -63 -17 -6
29 -39 -2 21 7 -34 -23 -11
29 -33 -8 13 23 -61 -26 -10
22 -20 11 38 12 -17 -15 6
ind ret ALL off ind ret ALL Office Ind

-31 -51 -33 -39 -28 -32 -10 -17 -9
-23 -43 -4 -11 7 -8 -17 -7 -21
-33 -29 -12 -11 -14 -11 4 3 8
-25 -56 -23 -32 -9 -28 -6 12 -25
-47 -61 -33 -35 -28 -35 -20 -3 -25
-31 -51 -28 -29 -20 -34 3 5 -3
-33 -62 -38 -29 -31 -56 2 7 4
-45 -80 -44 -29 -39 -63 -18 -18 -18
-23 -52 -38 -46 -17 -52 -6 5 0
-28 -34 -34 -35 -31 -35 4 0 13
-11 -48 -31 -35 -19 -39 -21 -25 -11
-20 -45 -28 -32 -22 -32 -2 6 -6
-19 -57 -43 -43 -26 -58 -8 -4 -5
-13 -56 -28 -24 -14 -47 -2 0 5
-6 -62 -21 -10 4 -57 2 0 21
-14 -55 -30 -29 -17 -45 -19 -13 -9
17 -60 -8 3 17 -43 21 44 38
2 -61 -5 2 22 -39 20 37 17
0 -69 1 18 24 -39 9 27 14
8 -59 -3 12 18 -38 18 38 13
Imp signif imp slight No chng
Retail ALL Office Ind Retail NB % (1) (2) (3)
-6 10 25 -3 8 11 11 31 28
-21 29 43 21 21 -47 0 7 40
3 19 34 10 12 -23 3 13 48
-6 23 38 0 31 -53 0 0 47
-31 15 43 -3 5 0 3 22 51
8 22 20 18 26 3 0 23 56
-4 14 21 14 7 -25 0 11 54
-19 17 22 6 24 -11 6 6 67
-23 16 35 -4 17 -13 0 9 70
0 12 22 0 13 -4 0 17 63
-26 17 20 11 21 -10 0 0 90
-6 -9 -5 -11 -11 -16 0 5 74
-17 27 28 17 35 -19 0 11 59
-11 25 30 20 24 -19 0 5 71
-14 16 33 0 14 -7 0 14 64
-35 1 8 4 -8 -8 0 8 75
-19 2 13 -13 6 18 6 18 71
7 17 25 7 18 21 3 28 59
-14 5 0 0 14 9 4 26 48
3 4 -8 3 16 8 3 30 43
Deter Deter Prime Prime Prime Secondary Secondary Secondary
slight (4) signnif (5) All-Propert Office Industrial Retail Office Industrial Retail
25 6 -2.7 -1.2 -0.5 -0.5 -4.8 -4.4 -4.7
47 7 -0.9 0.0 0.4 0.8 -2.7 -1.8 -1.9
35 3 -0.7 0.9 0.8 0.7 -2.9 -1.5 -2.2
53 0 -0.7 0.6 2.0 0.8 -3.4 -1.4 -2.5
22 3 -2.7 -0.9 -0.9 -1.1 -4.6 -3.5 -5.2
21 0 -2.2 -0.4 -0.3 -1.3 -3.4 -3.1 -4.7
36 0 -2.6 0.1 -0.9 -2.0 -3.7 -3.3 -6.0
17 6 -3.8 -1.0 -1.7 -2.3 -5.4 -4.4 -7.9
22 0 -2.5 -1.3 -0.3 -2.5 -3.8 -2.3 -4.7
21 0 -3 -0.9 -0.9 -1.7 -5.2 -3.5 -5.5
10 0 -2.7 -1.1 0.0 -2.1 -4.9 -2.2 -5.7
21 0 -0.9 0.8 0.3 -0.3 -1.3 -2.2 -2.9
30 0 -3 -0.5 -0.5 -2.4 -4.5 -3.7 -6.6
24 0 -2.1 -0.2 0.6 -1.8 -3.6 -2.2 -5.5
21 0 -1.1 0.7 1.6 -2.3 -1.5 -0.4 -4.5
17 0 -1.4 0.0 0.0 -1.6 -2.1 -1.9 -2.9
6 0 -0.6 2.0 2.3 -1.4 -1.5 0.8 -6.1
10 0 -1 3 3 -1.1 -1.9 -0.8 -5.4
13 9 -0.1 2.2 3.1 -1.1 -0.3 0.5 -5.1
23 3 -0.7 2.8 2.3 -0.4 -1.9 -0.9 -6.4
Capital value expectations -longer term expectations net balance % Rent expectations - respondents'
Prime Prime Prime Secondary Secondary Secondary Prime
All-Propert Office Industrial Retail Office Industrial Retail All-Propert Office
-4.0 -2.7
-3.6 -2.7
-2.8 -1.9
-2.7 -0.9
-4.4 -2.9
-3.3 -1.1
-3.5 -1.3
-3.5 -1.6
-3.1 -1.8
-3.3 -2
-2.6 -1.6
-2.5 0.5
-2.5 0.2
-2.9 -0.9
-2.6 0.3
-23.0 9.1 0.0 -18.2 -40.9 -33.3 -54.5 -3.2 0.5
-20.1 6.3 18.8 -33.3 -31.3 -18.8 -62.5 -1.5 2.8
-20.2 13.8 10.7 -31.0 -34.5 -17.9 -62.1 -2.2 1.9
-19.2 35.0 30.0 -55.0 -25.0 -25.0 -75.0 -1.9 2.0
-3.3 52.5 42.5 -12.8 -20.0 -7.5 -74.4 -1.9 2.9
ctations - respondents' 12m average % forecast Rent expectations - longer term expectations net balan
-0.6 -1.2 -7.9 -4.9 -7.0
-0.8 -0.7 -7.3 -4.3 -5.7
-0.7 -0.7 -6.0 -3.0 -4.6
0.8 0.0 -5.9 -3.3 -7.2
-1.2 -2.6 -6.8 -5.2 -7.4
-0.3 -1.6 -6.0 -3.9 -7.2
-0.6 -2.8 -6.3 -3.5 -6.6
-1.4 -2.1 -6.6 -2.6 -6.4
0.3 -2.4 -5.9 -2.7 -6.0
-0.5 -1.8 -6.4 -2.8 -6.5
0.3 -2.0 -4.7 -1.5 -5.8
-0.1 -2.6 -3.9 -2.1 -6.4
0.9 -2 -4.2 -2.5 -7.3
1.3 -2.4 -4.5 -2.8 -8.1
2.2 -2.8 -3.8 -1.9 -9.7
0.8 -3.7 -4.4 -3.7 -9.0 -22.5 8.3 0.0 -37.5
3.2 -2.2 -2.8 0.0 -9.8 -15.6 31.3 0.0 -43.8
1.1 -3.2 -3.0 -2.1 -7.7 -17.2 24.1 28.6 -27.6
1.1 -3.0 -2.6 -1.8 -7.4 -43.5 9.1 -14.3 -77.3
2.1 -2.3 -2.6 -2.9 -8.7 -20.2 29.3 35.0 -41.0
m expectations net balance % View on current market valuation levels
Secondary Secondary Secondary
Office Industrial Retail Very CheapCheap Fair Value Expensive Very Expensive
0.0 11.1 16.7 50.0 22.2
0.0 6.7 26.7 40.0 26.7
2.5 10.0 15.0 45.0 27.5
0.0 0.0 29.4 52.9 17.6
3 0 11 53 34
0 3 8 64 26
0 4 7 54 36
0 0 6 50 44
0 0 17 57 26
0 4 25 42 29
0 0 21 37 42
0 5 11 68 16
0 7 11 41 41
0 0 14 69 17
0 0 19 50 31
-30.4 -8.7 -66.7 0 0 13 63 25
-18.8 -6.3 -56.3 0 0 6 59 35
-34.5 -21.4 -72.4 0.0 3.3 3 57 37
-59.1 -33.3 -86.4 0 0 26 30 43
-43.9 -17.5 -82.9 0 3 18 48 33
Very Expensive Early DownMid-DowntuBottom Early UpturMid-UpturnPeak Average
40 20 13 0 0 27 3
28 13 23 5 8 25 3
12 24 18 0 12 35 4
32 19 8 0 11 30 3
30 23 8 8 0 33 3
32 14 11 0 18 25 3
33 22 6 0 6 33 3
52 13 13 4 4 13 2
46 17 13 4 4 17 3
5 25 15 15 10 30 4
5 0 16 11 11 58 5
30 19 7 15 0 30 3
20 18 7 16 0 39 4
37.5 12.5 0 25 0 25 3.125
29.166667 4.1666667 12.5 0 12.5 41.666667 3.875
35.294118 0 0 17.647059 5.8823529 41.176471 3.8235294
27 7 10 3 10 43 4
30.434783 4.3478261 13.043478 0 13.043478 39.130435 3.7826087
7.3170732 7.3170732 9.7560976 7.3170732 17.073171 51.219512 4.7317073
OSI ISI
-36 -12
-22 -15
-37 -3
-32 -12
-41 -16
-36 -13
-33 -10
-34 -24
-39 -15
-36 -8
-24 -14
-12 -5
-23 -23
-32 -12
-16 -3
-27 -7
-22 -5
-14 -5
-28 -2
-22 8

2018 Q4 Thailand 4 13 7 -7 36 40 7
2019 Q1 Thailand 29 29 43 14 31 29 29
2019 Q2 Thailand 4 19 19 -25 17 31 13
2019 Q3 Thailand 0 20 20 -40 13 10 0
2019 Q4 Thailand -11 8 -8 -33 19 33 17

60 4 0 0 13 27 40 13 27
36 5 -8 8 15 29 43 29 14
6 21 19 13 31 17 25 19 6
30 17 10 20 20 23 40 20 10
8 36 42 33 33 22 33 17 17

2 20 -7 -7 7 27 13 -20 13
10 29 7 -7 24 29 29 15 26
6 31 13 -25 4 19 19 -27 8
13 30 20 -10 30 30 40 20 23
14 33 17 -8 8 17 8 0 14

33 13 -7 37 57 33 20 36 47
36 29 14 31 43 18 32 42 39
19 19 -13 25 44 47 -16 23 34
40 30 0 45 75 55 5 25 40
33 8 0 24 71 12 -13 39 63

33 27 2 13 0 -7 29 33 27
43 43 26 21 43 14 24 21 21
38 -3 -8 -6 13 -31 13 13 25
40 -5 0 0 10 -10 3 30 -10
38 17 3 17 8 -17 17 25 27
27 -13 0 20 47 33 0 2 4
29 -14 0 14 57 29 0 2.4 4.6
0 -19 0 19 44 38 0 1.8 4.1
-10 -10 0 10 70 10 10 2.6 4.3
0 -42 0 17 25 42 17 2.2 5.6
3 3 3 1 1 11.1 26.7 26.7 13.3
3.4 2.7 1.3 0.5 1.6 32.1 57.1 46.2 53.8
3.8 2.3 1.1 1.6 -2.2 4 56 38 6
3.3 3.0 3.8 1.3 0.3 30.0 50.0 50.0 40.0
2.9 2.7 1.7 0.2 -0.2 0.4 50.0 27.3 16.7
26.7 -13.3 -13.3 2 3 2 3 3 1
7.1 7.1 21.4 1.4 3.4 1.4 2.1 1.3 -0.5
-19 0 -56 1.9 4.7 4.4 1.7 1.3 2.3
30.0 10.0 0.0 1.7 4.5 2.8 1.5 2.3 1.0
-8.3 -41.7 -41.7 1.0 4.0 1.9 1.5 1.7 -0.4
-1 -4.4 33.3 26.7 6.7 -13.3 -33.3 -46.7
0.5 13.1 35.7 28.6 21.4 -7.1 0.0 0.0
-2.8 5 50 25 -13 0 6 -38
-1.8 29.8 80.0 70.0 10.0 44.4 30.0 -55.6
-2.5 -1.4 41.7 8.3 -8.3 0.0 -16.7 -33.3

0 13 60 27 0 20 13 0
0 0 64 36 0 21.42857 0 14.28571
0 19 31 25 25 31 13 6
11 11 44 33 0 30 30 0
0 17 50 33 0 8.333333 33.33333 0

7 33 27 4 1 -3
0 42.85714 21.42857 4.071429 11 9
19 19 13 3 -3 0
0 30 10 3 -1 17
16.66667 8.333333 33.33333 3.833333 -11 2

2018 Q4 Turkey -75 -75 -79 -70 40 47 26
2019 Q1 Turkey -45 -45 -55 -36 6 18 0
2019 Q2 Turkey -38 -29 -55 -30 10 25 -9
2019 Q3 Turkey -47 -45 -58 -38 19 23 19
2019 Q4 Turkey -14 -21 -25 4 33 42 25

45 23 25 20 25 -75 -85 -65 -75
0 21 27 18 18 -52 -45 -55 -55
13 4 4 -5 13 -66 -70 -64 -65
15 8 10 0 15 -49 -43 -57 -48
33 25 33 12 29 -32 -26 -39 -30

-52 -55 -55 -45 -63 -55 -65 -70 -60
-33 -45 -27 -27 -33 -27 -36 -36 -27
-29 -33 -27 -26 -45 -46 -48 -42 -65
-20 -18 -29 -14 -58 -50 -70 -55 -25
6 0 4 13 -12 -4 -22 -9 -2

-60 -65 -55 -28 -36 -28 -21 -36 -28
-27 -27 -27 -25 -32 -9 -33 -21 -23
-63 -70 -63 16 17 9 22 -20 -18
-19 -29 -29 -2 9 -17 0 5 12
0 0 -5 29 21 20 46 45 43

-43 -38 -45 -50 -45 -40 13 25 5
-18 -23 -15 -18 -18 -9 58 64 45
-25 -18 -40 -43 -50 -26 31 38 26
-9 11 -25 -30 -25 -20 10 14 0
48 45 -18 -14 -23 -18 9 9 4
10 -90 0 0 10 25 65 -3 -4
64 -45 18 9 0 27 45 -3.4 -1.6
29 -43 9 9 22 30 30 -0.9 -1.0
14 0 10 38 5 33 14 -0.4 2.8
14 48 30 39 9 13 9 2.5 2.3
-3 -3 -2 -3 -2 -11.7 -5.0 -15.0 -5.0
-0.9 -3.4 -4.1 -4.1 -6.4 -12.1 -18.2 -9.1 0.0
-2.4 0.0 -0.8 -1.3 -0.2 -7.7 0.0 -9.1 4.3
0.8 0.9 -2.0 -3.5 -1.7 32.5 60.0 35.0 20.0
3.0 3.3 2.5 1.6 2.5 55.1 69.6 65.2 60.9
-15.0 -20.0 -10.0 -2 -4 0 -2 -3 -3
-18.2 -18.2 -9.1 -1.2 -1.4 1.1 -1.3 -1.1 -1.1
-18.2 -14.3 -9.1 4.0 4.6 4.1 7.1 2.3 2.9
35.0 25.0 20.0 -0.4 1.9 -1.1 -0.5 -0.4 -1.4
47.8 43.5 43.5 3.0 2.6 2.4 5.7 2.1 1.9
-2 4.3 -5.0 5.0 10.0 10.5 10.0 -5.0
-3.2 -13.6 -9.1 0.0 -9.1 -27.3 -18.2 -18.2
3.4 -3.7 12.0 -8.3 8.0 -12.5 -13.0 -8.3
-1.2 7.9 38.1 9.5 9.5 -10.0 -5.0 5.0
3.6 40.3 45.8 33.3 62.5 37.5 25.0 37.5

10 25 35 20 10 10 45 25
18 36 9 36 0 0 45.45455 36.36364
9 30 35 22 4 8.695652 47.82609 30.43478
0 38 29 24 10 4.761905 33.33333 33.33333
9 27 50 9 5 13.04348 21.73913 39.13043

15 5 0 3 -50 -46
9.090909 9.090909 0 2.818182 -33 -39
4.347826 8.695652 0 2.565217 -24 -47
23.80952 4.761905 0 2.904762 -25 -31
26.08696 0 0 2.782609 -11 -7

2008 Q1 UAE 76 87 54 86 0 -7 8
2008 Q2 UAE 77 94 64 71 18 25 14
2008 Q3 UAE 45 50 42 41 18 26 3
2009 Q4 UAE -56 -43 -73 -57 31 43 18
2009 Q1 UAE -89 -83 -91 -92 49 69 36
2009 Q2 UAE -52 -53 -50 -53 50 59 44
2009 Q3 UAE -30 -26 -21 -42 68 84 47
2009 Q4 UAE -21 -21 -21 -21 62 79 43
2010 Q1 UAE -33 -33 -17 -50 67 67 67
2010 Q2 UAE -41 -54 -15 -54 64 85 38
2010 Q3 UAE -24 -27 -27 -18 66 86 43
2010 Q4 UAE 22 17 25 25 53 75 25
2011 Q1 UAE 18 17 9 27 56 69 36
2011 Q2 UAE 2 -12 0 20 56 78 41
2011 Q3 UAE -13 -13 -13 -13 88 89 75
2011 Q4 UAE -4 10 -11 -11 57 86 37
2012 Q1 UAE 28 17 28 41 58 79 44
2012 Q2 UAE 17 15 0 35 34 70 0
2012 Q3 UAE 48 50 30 64 57 91 33
2012 Q4 UAE 79 60 88 90 52 55 45
2013 Q1 UAE 48 50 22 70 66 90 33
2013 Q2 UAE 73 79 69 71 44 64 31
2013 Q3 UAE 65 75 50 69 58 75 50
2013 Q4 UAE 69 67 67 75 33 46 31
2014 Q1 UAE 69 72 61 74 35 44 17
2014 Q2 UAE 64 79 43 71 38 64 14
2014 Q3 UAE 49 46 28 72 30 31 32
2014 Q4 UAE 43 63 22 45 33 44 13
2015 Q1 UAE 20 5 14 43 32 45 23
2015 Q2 UAE 13 14 9 15 44 49 31
2015 Q3 UAE 9 0 -6 33 58 75 29
2015 Q4 UAE -20 -18 -24 -19 20 35 12
2016 Q1 UAE -6 -3 -9 -6 23 44 3
2016 Q2 UAE -23 -25 -29 -15 36 41 21
2016 Q3 UAE -20 -35 -9 -17 41 48 23
2016 Q4 UAE -35 -31 -47 -27 11 25 -7
2017 Q1 UAE -45 -44 -33 -58 44 61 22
2017 Q2 UAE -31 -24 -47 -24 47 53 29
2017 Q3 UAE -43 -27 -33 -68 32 40 21
2017 Q4 UAE -23 -10 -25 -35 30 35 15
2018 Q1 UAE -39 -33 -30 -55 63 75 40
2018 Q2 UAE -34 -27 -31 -45 35 49 19
2018 Q3 UAE -32 -30 -17 -48 47 61 29
2018 Q4 UAE -44 -42 -38 -52 33 41 20
2019 Q1 UAE -51 -51 -40 -63 51 61 35
2019 Q2 UAE -39 -32 -38 -48 44 55 25
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3.2 16.1 45.2 35.5 0.0 16.1 16.1
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0.0 12.5 18.8 68.8 0.0 25.0 37.5
7 13 37 37 7 33 37
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6 13 44 38 0 6 50
21 7 36 36 0 7 57
15 5 25 55 0 15 30
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56 36
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2008 Q1 USA -40 -39 -28 -52 40.5 50 28
2008 Q2 USA -38 -41 -22 -50 46.9 56 47
2008 Q3 USA -66 -78 -59 -61 47.0 49 44
2008 Q4 USA -88 -88 -83 -95 65.0 69 51
2009 Q1 USA -65 -68 -53 -73 78.2 83 68
2009 Q2 USA -53 -57 -51 -51 57.5 67 45
2009 Q3 USA -24 -19 -25 -28 69.7 78 69
2009 Q4 USA -22 -27 -24 -14 76.6 82 76
2010 Q1 USA -8 -4 0 -21 55.9 56 55
2010 Q2 USA 21 27 23 12 28.9 36 18
2010 Q3 USA 3 11 -3 0 18 14 24
2010 Q4 USA 25 28 25 21 14 16 8
2011 Q1 USA 25 22 30 24 10 8 -6
2011 Q2 USA 31 44 32 17 5 8 -4
2011 Q3 USA 19 16 32 9 2 -8 -4
2011 Q4 USA 28 22 36 27 3 7 0
2012 Q1 USA 49 56 60 30 -3 -4 -9
2012 Q2 USA 30 36 38 13 0 0 -2
2012 Q3 USA 34 33 43 28 -6 -8 -4
2012 Q4 USA 42 39 53 33 -4 4 -13
2013 Q1 USA 52 49 61 45 -17 -20 -13
2013 Q2 USA 47 44 46 51 -9 -12 -10
2013 Q3 USA 38 31 52 32 1 -8 -8
2013 Q4 USA 52 46 53 57 -8 5 -20
2014 Q1 USA 44 32 54 46 -22 -26 -29
2014 Q2 USA 59 60 64 52 5 0 0
2014 Q3 USA 44 39 62 33 5 9 0
2014 Q4 USA 55 52 62 50 -7 5 -10
2015 Q1 USA 59 62 65 51 5 6 5
2015 Q2 USA 55 57 74 35 14 17 5
2015 Q3 USA 65 74 76 44 22 26 16
2015 Q4 USA 41 50 45 29 12 26 -6
2016 Q1 USA 29 26 47 13 24 38 19
2016 Q2 USA 18 28 31 -4 26 33 13
2016 Q3 USA 22 28 33 5 12 26 -3
2016 Q4 USA 22 35 27 3 21 19 10
2017 Q1 USA 18 20 62 -29 10 13 -28
2017 Q2 USA 16 28 45 -24 22 27 0
2017 Q3 USA 12 29 45 -37 11 8 -3
2017 Q4 USA 25 29 65 -18 17 15 -9
2018 Q1 USA 23 21 54 -8 12 14 5
2018 Q2 USA 11 19 71 -59 18 41 -23
2018 Q3 USA 8 5 5 8 21 35 -4
2018 Q4 USA 28 33 50 0 27 41 14
2019 Q1 USA 25 38 48 -11 28 41 -12
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2019 Q3 USA 12 23 32 -19 15 16 5
2019 Q4 USA 26 45 58 -24 28 32 5

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37 9 2 2.5 3.3 3.4 3.5 1.8

38 3 3 3.5 3.7 4.4 3.5 3.0
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47 9 0 0.9 2.3 4.1 -0.2 0.2
45 42 0 0.2 0.7 2.6 -0.2 -0.9
52 19 0 0.9 1.3 4.7 -0.9 -0.2
35 30 0 1.1 1.4 3.8 0.3 0.6
46 28 0 1.3 2.8 4.2 -0.2 0.2
39 7 0 -0.5 0.9 2.8 -1.4 -1.6
57 17 0 1.4 2.6 5.3 0.0 1.3
35 16 2 0.5 2.7 2.5 0.2 0.3
38 15 0 1.8 4.4 5.3 0.1 1.5
1.8 1.1
3.4 3.1
1.9 2.4
2.3 2.1
3.0 1.4
2.3 2.1
3.3 1.5
1.0 -1.0
0.1 -1.3
3.3 -0.1
1.6 -2.9
1.6 -2.5
0.8 -2.6
2.1 -3.3
1.6 -2.4
3.2 -2.9
1.9 -1.4
2.4 -1.6 -2.4 15.4 52.8 -25.0 -17.1 11.1
0.7 -4.4 8.3 39.3 44.0 -3.7 -11.1 16.0
2.2 -3.2 7.4 36.8 54.3 -24.2 -5.3 40.0
0.8 -3.4 8.2 25.6 50.0 -10.5 0.0 21.1
2.3 -2.8 21.5 54.7 67.8 5.0 8.1 30.5
2.1 2.9 2.5 3.0 1.6 1.5 0.7

3.4 4.5 4.5 4.6 2.6 2.3 2.1
2.7 3.3 2.9 3.8 2.0 1.8 2.1
3.2 4.8 4.6 4.8 1.3 2.1 1.7
4.6 6.2 6.7 5.9 3.7 3.3 1.8
2.7 4.4 4.5 2.6 1.8 2.3 0.2
1.0 1.3 2.8 2.0 0.0 1.0 -1.0
0.8 2.1 2.3 1.3 -0.3 0.9 -1.6
0.7 1.4 2.2 1.4 -0.1 0.6 -1.0
0.8 2.8 1.9 0.1 -0.2 1.0 -0.5
0.5 1.6 4.9 -1.4 -0.3 2.3 -4.0
0.1 1.8 3.1 -1.6 0.0 1.5 -4.1
0.2 1.9 3.8 -1.2 0 1.3 -4.4
0.1 1.4 3.7 -1.4 -0.7 1.4 -3.7
0 0.5 3.3 -0.6 -1.1 1.3 -3.2
0.3 1.6 5.2 -1.9 -0.8 2.0 -4.6
1.0 1.7 4.4 -0.2 0.8 2.8 -3.4
-51.4 0.9 2.3 4.2 -0.9 0.0 2.0 -2.1
-34.6 0.3 2.7 3.5 -0.6 -0.1 0.2 -4.1
-57.1 0.8 2.8 4.7 -0.5 0.5 1.3 -3.9
-36.8 1.1 2.5 3.7 0.8 1.1 1.5 -3.1
-37.3 1.2 3.8 5.2 -0.8 1.2 2.6 -4.7
5.0 12.8 52.8 -2.7 -21.6 37.1 -48.6
7.8 41.4 40.0 -3.7 -21.4 25.0 -34.6
6.2 35.0 48.6 -18.4 -2.5 16.7 -42.1
1.8 14.3 40.0 -26.8 2.4 20.0 -39.0
12.5 50.8 61.0 -10.0 -6.3 22.0 -42.4
1.5 4.6 41.5 40.0 12.3

0.0 4.3 32.6 47.8 15.2 2.2 2.2
0.0 3.6 25.0 60.7 10.7 3.6 3.6
0.0 12.1 27.3 45.5 15.2 0 0
0 16 30 34 20 26 7
0 2 36 47 15 21 6
3 8 30 43 18 28 3
3 3 24 41 28 29 4
5 2 37 46 10 18 0
0 5 33 48 13 26 8
0 5 35 49 11 19 8
0 6 41 41 12 26 0
0 5 44 31 21 28 13
0 0 39 43 18 19 11
0 5 50 30 15 35 0
3 8 51 31 8 28 3
0 7 38 48 7 17 10
2 7 43 40 7 24 2
0 5 30 44 21 26.190476 2.3809524
0 2 35 55 9 12.307692 3.0769231

-25 -26
-34 -34
-56 -42
-84 -58
-74 -44
-70 -40
-56 -48
-56 -54
-41 -31
-14 -22
-15 -12
5 6
5 8
1 -3
0 -1
6 8
24 16
15 15
19 26
17 16
28 35
22 30
24 38
32 39
28 35
41 39
29 25
39 36
39 31
13.0 10.9 47.8 23.9 4.7 35 29
0.0 10.7 46.4 35.7 5.0 44 30
15 9 42 33 5 32 26
2 10 21 33 4 13 14
2 6 30 34 4 6 11
0 10 23 38 4 8 16
0 14 21 32 4 6 13
3 5 43 33 5 5 5
0 5 25 36 4 3 5
3 8 27 35 4 -1 11
3 9 26 35 4 4 6
0 8 18 33 4 12 9
0 7 19 44 4 -3 14
0 0 35 30 3.9 2 10
3 5 23 38 4 7 9
3 3 24 41 4 8 7
0 5 20 49 4 8 12
4.7619048 2.3809524 11.904762 52.380952 4.2857143 0 2
1.5384615 4.6153846 16.923077 61.538462 4.9538462 10 13

Rics GCPM External q4 2019

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Occupier demand - NB % Availablility - NB %

ALL off ind ret ALL off ind

ret ALL off ind ret ALL off ind ret

ALL off ind ret ALL off ind ret ALL

Office Ind Retail ALL off ind ret ALL off

ind ret ALL Office Ind Retail ALL Office Ind

3.2 3.7 2.0 1.4 1.4

1.3 4.2 1.9 2.6 0.8 0.0

Very CheapCheap Fair Value Expensive Very Expensive Early DownMid-DowntBottom

2.6 11.1 38.8 40.8 6.8 47.5

Early Uptu Mid-UpturnPeak Average OSI ISI

ALL off ind ret ALL off

ind ret ALL off ind ret ALL off

ind ret ALL off ind ret ALL off

ind ret ALL Office Ind Retail ALL off

ind ret ALL off ind ret ALL Office

46 32 14 0 1.0 0.0 2.0 1.0

-1.0 1.0 0.0

-2.0 -2.0 1.0 -1.0 -4.0 -1.0

Mid-DowntuBottom Early Upturn Mid-Upturn Peak Average

ALL off ind ret ALL off

ind ret ALL off ind ret ALL off

ind ret ALL off ind ret ALL off

ind ret ALL Office Ind Retail ALL off

ind ret ALL off ind ret ALL Office

-20 45 -22 8 -40 -33 8 8

25 42 25 0 1.7 4.3 2.3 4.4

0.0 -1.0 0.0

0.1 1.7 0.0 2.3 -1.9 -1.0

0.0 13.3 46.7 40.0 0.0

Mid-DowntuBottom Early UpturMid-UpturnPeak Average OSI

ALL off ind ret ALL off

ind ret ALL off ind ret ALL off

ind ret ALL off ind ret ALL off

ind ret ALL Office Ind Retail ALL off

ind ret ALL off ind ret ALL Office

-50 -50 -75 -75 -75 -75

-63 -63 43 40 40 50 -64 0

0 36 55 9 -3.8 -3.3 -3.3 -3.3

-4.8 -4.3 -4.0

-5.9 -6.6 -4.8 -4.3 -7.3 -6.1

9.1 18.2 9.1 50.0 13.6

Mid-DowntuBottom Early Uptur Mid-Upturn Peak Average OSI

ALL off ind ret ALL

off ind ret ALL off ind

ret ALL off ind ret ALL off

ind ret ALL off ind ret ALL

Office Ind Retail ALL off ind ret

ALL off ind ret ALL Office

Ind Retail ALL Office Ind Retail

-18 -22 -4 -18 -12 17

5.0 3.4 3.1 0.1 0.0 -1.1

6.0 2.5 1.0 0.7 -1.0 -3.2

-9.1 10.0 -20.0 -45.5 -45.5 -50.0

Bottom Early UpturMid-UpturnPeak Average OSI ISI

ALL off ind ret ALL off ind

ret ALL off ind ret ALL off ind

ret ALL off ind ret ALL off ind

ret ALL Office Ind Retail ALL off ind

ret ALL off ind ret ALL Office Ind

35 12 0 0.8 1.3 1.9 0.8 0.0

0.6 0.6 2.2 1.6 -1.8 0.9 0.0

Bottom Early UpturMid-UpturnPeak Average OSI ISI