2Q 2012 i the knowledge

research & forecast report

JAKARTA OFFICE MARKET

Property Sector Overview

office sector
In the last six months, average asking base rental rates of CBD office buildings with US Dollar tariffs rose
substantially by 25% to US$26.60 / sq m / month. In contrast the average asking rental rates for buildings
quoted in Rupiah rose by only 13% to IDR143,807 / sq m / month during the same period. This continued
upward trend occurred because the amount of available good-quality office space in the CBD is becoming
scarce, leaving around 4.1% of office space vacant at the end of the quarter.

Supply
JAKARTA SUPPLY: 1.7 million sq m of office space to enter Jakarta market

jakarta OFFICE CUMULATIVE SUPPLY

10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
sq m

5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2011
2008

2012F

2014F
2009
2007

2010

2Q 2012

2013F

2015F
1Q 2012
2000

2002

2004

2006
2001

2005
2003

Existing Supply Annual Supply

Colliers International Indonesia - Research

The total office space in Jakarta area in 2Q 2012 was 6.48 million sq m of which around 70% is
located in the CBD. In this quarter alone, 210,179 sq m of new office space flowed into Jakarta.
This figure is the highest over the last two years, much higher than in the previous year. With the
first half of 2012 gone, the amount of new office space projected to enter the market in the
remainder of the year will be around 350,000 sq m, both in the CBD and outside the CBD.

In the next two years, we expect to witness a significant amount of new office space, particularly
during 2014. During 2013 - 2014 it is projected that not less than 1.4 million sq m of new office
space will be supplied to the market. The annual supply in 2014 is expected to be the largest in
history, despite construction being started on only a few of the projected buildings.

cbd
After securing AXA insurance as the anchor tenant. AXA Tower was officially launched. This
office tower is part of an integrated development called Kuningan City located in Jalan Satrio and
is offered both as strata-title office space and office space for lease. Another office tower officially
going into operation during the second quarter is a strata-title office building called Office 8,
located in the Senopati area. Thus, the operation of these two buildings contributed another
122,073 sq m of office space during the quarter. Apart from those buildings, two smaller office
buildings were also officially launched during the quarter. 18 Office Park located in the Sudirman
CBD (SCBD) consisting of five small-scale towers has recently begun leasing space in one of the

www.colliers.co.id

buildings (Tower D). Another building operating
in 2Q 2012 is Indosurya Plaza (previously
known as Exim Melati) in the Thamrin Nine
complex. This is an old building being
rejuvenated where operations were halted for
CBD annual OFFICE SUPPLY BASED ON MARKETING SCHEME
500,000
400,000
300,000
sq m 200,000
100,000
2000
2002
2004
2006
2001
2005
2003
For Lease
With four additional buildings in the CBD, the
cumulative supply of office space is registered
at 4.50 million sq m. This number will increase
to 4.74 million sq m by the end of 2012. It is
anticipated that in the three years ahead (2013
- 2015) there will be around 1.23 million sq m
of office space of which 60% will be available
in 2014.
Our supply projections are supported by the
construction activities in the field. Office
projects scheduled for the remainder of 2012
are expected to be completed as scheduled.
This is also the case with office projects
scheduled to begin operations in 2013 - 2015 of
which some have shown commitment to deliver
projects as planned. Menara Prima 2, located in
the Mega Kuningan area, is an office tower
scheduled to open in 2013 and is 50% complete.
A high commitment to deliver projects on time
was also shown by three projects scheduled for
2014 at which initial works such as land
preparation up to the ground-breaking stage
have been started. For example, The Noble
House Office Tower project in Mega Kuningan
and Wisma Mulia 2 in Gatot Subroto have
entered the land preparation stage. The other
project is Sahid Sudirman Center which will be
one of the biggest office towers along Sudirman
providing more than 100,000 sq m of office
space. Another project is Life Tower in Jalan
HR Rasuna Said. This building is in the process
of completing the basement works. Meanwhile,
Rasuna Tower which also located in Jalan HR
Rasuna Said, due to have redesign, it seems
that building will reschedule its completion.
Apart from the projects under construction,
several projects have been officially announced,
jakarta | 2q 2012 | OFFICE
almost two years. With a new façade and
modern look and given its strategic location,
this building is trying to compete with other
buildings.
2011
2008
2012F
2014F
2009
2007
2010
2Q 2012
2013F
2015F
1Q 2012
For Strata-title
Colliers International Indonesia - Research
including District 8 and the development of
more office towers in the Sampoerna Strategic
Square complex in Jalan Sudirman. Meanwhile,
the future St. Regis Hotel planned to be built in
Jalan Jenderal Jenderal Sudirman was
cancelled but the plan for the St. Regis Hotel
continues with a new landlord. Together with
this hotel development is an office tower next to
the future hotel and located in Jalan Jenderal
Gatot Subroto.
The Mega Kuningan area is a business district
with quite a few vacant plots of land compared
to other business districts. Besides the plan for
The Noble House Office Tower project, one
future office project will be developed by
Farpoint in Mega Kuningan. There will be more
commercial development built in this area given
the availability of vacant land.
Another potential area where office development
could be built is the Rasuna Epicentrum area.
Two office towers called Gran Rubina are
planned to be built.
With all of the under-construction office projects
and the planned office towers in the pipeline,
the CBD area is anticipating a huge office space
supply particularly in 2014. It is very challenging
to search for plots of land along Jalan Jenderal
Sudirman or Jalan Thamrin, however the
potential for new development in the CBD
would appear along Jalan Jenderal Gatot
Subroto and in the superblock locations like the
SCBD, Rasuna Epicentrum and Mega Kuningan.
Likewise, secondary roads with quick access to
the main thoroughfare in the CBD would
potentially become a location for commercial
development.
Colliers International | p. 2
jakarta | 2q 2012 | OFFICE
outside cbd
The distribution of office development does not
only focus on the CBD area. With the current
road infrastructure, inadequate public transport
and continued escalation of private car use,
traffic is the major obstacle to companies opting
for a CBD location. Nevertheless, traffic is
Jakarta problem but being located in the outside
of CBD would at least alleviate the travelling
time to the office. Furthermore, several
companies do not require the profile and
prestige of CBD location, particularly for those
in non-service industries like oil and gas, mining
or consumer goods. The other factor is
outside CBD annual OFFICE SUPPLY BASED ON MARKETING SCHEME
300,000
250,000
200,000
150,000
sq m
100,000
50,000
2000
2002
2004
2006
2001
2005
2003
For Lease
The office market in the outside the CBD area is
also anticipating more development in the years
to come. During 2Q 2012, two new office
towers, i.e. Grand Slipi Tower, known previously
as Grand Soho in West Jakarta and Wisma
Pondok Indah 3 in South Jakarta, were the
newest to contribute a total of 88,106 sq m. The
addition of these two office towers brought the
cumulative supply in the outside the CBD area
to 1.97 million sq m as of 2Q 2012.
By the end of 2012, the office market in this
area will see further supply of another 120,520
sq m and should this officially open on time, the
cumulative supply will reach two million square
metres. The remaining office towers projected
to be finished this year are all in the final
construction stages.
p. 3 | Colliers International
accessibility. Companies in the industrial or
manufacturing sector with workshops or
factories in the surrounding cities like
Tangerang, Serpong, Bekasi and Bogor will
most probably find office locations in the outside
of the CBD for easier accessibility. Likewise, the
plan to entirely connect Jakarta Outer Ring
Road (JORR 1) in the middle of 2013 will
promote more office development particularly
in the western part of Jakarta and most
importantly, will shorten the travel time to the
airport.
2011
2008
2012F
2014F
2009
2007
2010
2Q 2012
2013F
2015F
1Q 2012
For Strata-title
Colliers International Indonesia - Research
In response to growing inquiries for office
space in the outside the CBD area, supply is
anticipated to significantly grow to almost
700,000 sq m in 2013 - 2015. Of these, around
45% will be offered as office space for strata-
title sale. It is interesting to note that Jalan TB
Simatupang will provide the most office
development of 444,830 sq m while the
remaining supply will be spread out in West
Jakarta including GP Plaza, DIPO Business
Center, Gallery West and Wisma 77 (Tower 2).
In North Jakarta, there will be De Suites and
Graha Kirana 2. Meanwhile, South Jakarta will
also provide several office towers including
Menara Sentraya, Eighty8 Tower B and a newly
launched office tower, L’avenue, located in
South Jakarta.
 jakarta | 2q 2012 | OFFICE

tb simatupang
As part of the area in South Jakarta, TB
Simatupang appears to be enjoying the fastest
growth in the outside the CBD area. With
continued inquiries for office space mainly
derived from oil and gas industries, consumer
goods, telecommunications, contractors etc.,
the TB Simatupang location has lured quite a
few developers to build office towers. Currently,
from the launch of Ventura Tower in 1990 to the
launch of Plaza Alstom in 2011, there has been
284,948 sq m of office space along TB
Simatupang corridor representing around 14%
of the total office space in the outside Jakarta
area.

tb simatupang OFFICE SUPPLY

900,000
800,000
700,000
600,000
500,000
sq m

400,000
300,000
200,000
100,000
0

2011
2008

2012F

2014F
2009
2007

2010

2Q 2012

2013F

2015F
1Q 2012
2000

2002

2004

2006
2001

2005
2003

Existing Supply Annual Supply

Colliers International Indonesia - Research

Despite no new office space being added during
2Q 2012, 44,020 sq m of office space will
commence operations in the remainder of 2012.
Nevertheless, the TB Simatupang office market
is anticipating a surge in supply in 2013 - 2014
with a total new office space of 339,390 sq m.
Several future office towers are concentrated
around the Arcadia office complex including
Green Kosmo Mansion, 18 Office Park and PHE
Tower. PHE is the abbreviation for Pertamina
Hulu Energi, the anchor tenant of this building
which was previously known as Chitatex Tower.
Not far from Arcadia is the planned Oleos
Tower.
In the area surrounding the existing Talavera
Office Park are Talavera Suite (the extension of
Talavera Office Park) and Alamanda Tower.
Further west, an integrated commercial complex
next to FIF building called South Quarter is now
being constructed.
Should the projected buildings finish in 2014,
the TB Simatupang corridor will register
668,358 sq m of the cumulative office space
which will more than double the current total
office supply in 2013 - 2014. Traffic congestion
will potentially become a drawback for this
location.

Colliers International | p. 4
jakarta | 2q 2012 | OFFICE

FUTURE office buildings

projected
SGA
completion building name location marketing scheme status*
(SQ M)
time
CBD AREA
4Q 2012 DBS Tower Satrio 64,000 For Lease and For Strata-title Under Construction
4Q 2012 18 PARK Tower A Sudirman 4,814 For Lease Under Construction
4Q 2012 World Trade Centre 2 Sudirman 57,000 For Lease Under Construction
4Q 2012 Tower 1 at The City Center KH Mas Mansyur 84,000 For Lease and For Strata-title Under Construction
4Q 2012 18 PARK Tower B Sudirman 4,570 For Lease Under Construction
4Q 2012 Perkantoran Setiabudi Setiabudi 11,000 For Lease and For Strata-title Under Construction
4Q 2012 18 PARK Tower C Sudirman 4,441 For Lease Under Construction
4Q 2012 18 PARK Tower E Sudirman 4,233 For Lease Under Construction
1Q 2013 Menara Prima 2 Mega Kuningan 40,000 For Lease Under Construction
1Q 2014 Life Tower HR Rasuna Said 30,500 For Lease Under Construction
2Q 2014 Gran Rubina Tower 1 HR Rasuna Said 40,000 For Strata-title In Planning
2Q 2014 The Noble House Office Tower Mega Kuningan 45,000 For Lease Under Construction
2Q 2014 The City Center (phase 2) KH Mas Mansyur 34,000 For Strata-title In Planning
4Q 2014 Menara Pertiwi Mega Kuningan 40,000 For Lease In Planning
4Q 2014 Graha Surya Internusa 2 HR Rasuna Said 40,000 For Lease In Planning
4Q 2014 Mangkuluhur Tower B Gatot Subroto 39,356 For Lease In Planning
4Q 2014 Menara Selaras Sudirman 36,596 For Lease In Planning
4Q 2014 Sahid Sudirman Center Sudirman 126,600 For Strata-title Under Construction
4Q 2014 The City Center (phase 3) KH Mas Mansyur 34,000 For Strata-title In Planning
4Q 2014 Rifa 2 Satrio 30,000 For Strata-title In Planning
4Q 2014 Wisma Mulia 2 Gatot Subroto 70,000 For Lease Under Construction
4Q 2014 Chase Tower Sudirman 83,000 For Lease In Planning
4Q 2014 Gran Rubina Tower 2 HR Rasuna Said 70,000 For Lease In Planning
1Q 2015 Office Tower @St Regis Gatot Subroto 90,000 For Lease In Planning
1Q 2015 Menara Palma 2 HR Rasuna Said 50,000 For Lease In Planning
2Q 2015 Ciputra World Jakarta 2 Satrio 60,000 For Lease and For Strata-title In Planning
2Q 2015 International Financial Center 2 Sudirman 40,000 For Lease In Planning
4Q 2015 District 8 Sudirman 71,545 For Strata-title In Planning
2Q 2015 Tower 1 at Sampoerna Strategic Square Sudirman 43,000 For Strata-title In Planning
4Q 2015 Tower 2 at Sampoerna Strategic Square Sudirman 118,000 For Lease In Planning

OUTSIDE CBD AREA (exclude TB SIMATUPANG)

4Q 2012 Blue Green Office Boutique Meruya 20,000 For Lease Under Construction
4Q 2012 Eighty8 Tower A Kasablanka 56,500 For Lease and For Strata-title Under Construction
2Q 2013 Eighty8 Tower B Kasablanka 31,000 For Lease Under Construction
4Q 2013 DIPO Business Park Slipi 19,600 For Strata-title Under Construction
1Q 2014 De Suites Pantai Indah Kapuk 8,000 For Lease In Planning
2Q 2014 Wisma 77 Tower 2 Letjen S. Parman 24,200 For Strata-title In Planning
2Q 2014 L’Venue Pasar Minggu 41,597 For Strata-title In Planning
2Q 2014 Graha Kirana 2 Yos Sudarso 25,000 For Lease In Planning
2Q 2014 GP Plaza Slipi 12,204 For Strata-title Under Construction
2Q 2014 Menara Sentraya Iskandarsyah 52,072 For Lease and For Strata-title In Planning
2Q 2014 Gallery West Kebon Jeruk 22,800 For Strata-title In Planning

p. 5 | Colliers International
 jakarta | 2q 2012 | OFFICE

projected
SGA
completion building name marketing scheme status*
(SQ M)
time
TB SIMATUPANG
3Q 2012 Sovereign Plaza 16,020 For Lease and For Strata-title Under Construction
4Q 2012 PHE Tower (Chitatex Tower) 28,000 For Lease Under Construction
2Q 2013 Alamanda Tower 33,000 For Lease and For Strata-title Under Construction
4Q 2013 Talavera Suite 17,172 For Lease Under Construction
4Q 2013 Green Kosmo Mansion (GKM) 23,000 For Strata-title Under Construction
4Q 2013 Oleos 2 4,181 For Lease Under Construction
1Q 2014 The Manhattan Square 37,699 For Lease and For Strata-title Under Construction
1Q 2014 Beltway Office Park Tower B 9,600 For Lease Under Construction
1Q 2014 Gedung Aneka Tambang Tower 2 16,000 For Lease Under Construction
1Q 2014 South Quarter Tower 1 40,778 For Strata-title In Planning
2Q 2014 18 Office Park (Cityland Tower) 36,627 For Strata-title In Planning
2Q 2014 South Quarter Tower 2 40,778 For Lease In Planning
4Q 2014 South Quarter Tower 3 40,778 For Lease In Planning
4Q 2014 Plaza Oleos 39,778 For Lease and For Strata-title In Planning
1Q 2015 The Manhattan Square Tower 2 33,440 For Lease and For Strata-title In Planning
2Q 2015 Signum North Tower 18,000 For Lease In Planning
4Q 2015 Signum South Tower 54,000 For Lease In Planning

*) Under Construction: where construction activity is in progress, including either foundation or superstructure. Colliers International Indonesia - Research
Under Planning: no contruction activities on site but all permits have been approved by the Government.

Demand
EXISTING DEMAND
CBD
The activity of tenant expansions has again of office space being absorbed by these
lifted the overall occupancy performance during buildings ranged from 1,000 to 6,000 sq m.
the quarter which was recorded at 95.9%, a Leasing activities were mostly dominated by
Y-o-Y increase of 3.4%. During the quarter mining, oil and gas, IT, shipping and cargo,
alone, several operating buildings have recorded insurance and finance-related industries.
an increase in the occupancy level. The amount

cumulative supply, demand and occupancy of office space in the cbd

4,500,000 100%

3,600,000 80%

2,700,000 60%
sq m

1,800,000 40%

900,000 20%

0 0%
2001

2005

2009
2003

2007

2010
2000

2011
2002

2004

2006

2008

1Q 2012

2Q 2012

Cumulative Supply Cumulative Demand Occupancy (%)

Colliers International Indonesia - Research

Colliers International | p. 6
jakarta | 2q 2012 | OFFICE
The better performance of occupancy rates
during the quarter was also fuelled by the
performance of newly operating office buildings
with high pre-commitment levels before they
OUTSIDE THE CBD
The overall occupancy for outside the CBD area
registered a slight increase compared to the
previous quarter, moving upward to 92.4%.
Some buildings scattered in East, North and
South Jakarta registered higher occupancy
cumulative supply, demand and occupancy of office space
in outside the cbd
2,000,000
1,600,000
1,200,000
sq m
800,000
400,000
0 0%
2001
2003
2000
2002
2004
Cumulative Supply
tb simatupang
Some old buildings (built during the 90s)
experienced a slowdown in occupancy.
PRE-COMMITTED DEMAND
During 2012 there will be 378,131 sq m of new
office space of which around 80% has been
absorbed. The remaining six months ahead will
be a lot easier for buildings scheduled in 2012
to continue their peak performance. The next
year will be a tough year to find new office
space as only limited space will be available,
however, the period of 2014 - 2015 will be quite
challenging for the office market given the huge
projected supply. None of these office projects
expected during that period has confirmed pre-
committed demand.
What is available during 2012 in the outside the
CBD area of 227,396 sq m has been 55%
secured. In the remaining six months, the
p. 7 | Colliers International
are in operation. AXA Tower, 18 Park (Tower D)
and Indosurya Plaza operate with high
occupancy and this helped to maintain the
overall occupancy level during the quarter.
which helped to lift the overall modest
occupancy level. The limited supply of office
space in East and North Jakarta was the reason
for the occupancy rate increase.
100%
80%
60%
40%
20%
2005
2009
2007
2010
2011
2006
2008
1Q 2012
2Q 2012
Cumulative Demand Occupancy (%)
Colliers International Indonesia - Research
Compared to the previous quarter, occupancy
slowed by around 3.7% to reach 92%.
search for tenants will continue. Most absorption
in 2012 occurred in buildings located along
Jalan TB Simatupang. In 2013, the total
projected office supply of 127,953 sq m has
been 26% absorbed and most absorption was
experienced by strata-title office buildings. The
big challenge will occur in 2014 when a
significant 447,911 sq m of office space is
projected to be finished. Of the total supply, less
than 2,000 sq m has been committed so far.
Office buildings projected to be finished in 2014
will be facing a very challenging situation,
particularly those located in Simatupang
because more than half of the office space will
be in this location.
 jakarta | 2q 2012 | OFFICE

space available and committed in 2011 - 2014

cbd outside cbd

Space Absorbed Annual Supply Space Absorbed Annual Supply

2014F 2014F

2013F 2013F

2012F 2012F

2011 2011

0 250,000 500,000 750,000 0 250,000 500,000 750,000

sq m sq m
Colliers International Indonesia - Research

Rental Rates, Service Charge and Prices

RENTAL RATES: US$27.43/sq m/month
Around 22 buildings quoting rents in Rupiah
adjusted their base rents upward in the range
of IDR10,000 to 50,000 per sq m per month.
During the quarter. This brought the average
rental rates for buildings quoting Rupiah rent to
climb by 7.2% to IDR143,807 for all class of
buildings in the CBD. Similarly, with 18 buildings
announcing new rental rates ranging from
US$1.00 to 12.00 , the average US dollar rent
also moved upward Q-o-Q by 13.8% to an
average of US$26.60 per sq m per month. In
recent times, landlords are generally aware that
the office market is peaking due to limited
supply and this psychologically led quite a few
landlords to test the market by adjusting base
rental rates close to the market rate.
Albeit moderately, a similar trend was also
shown by offices in the outside the CBD area.
An increase of 5.1% brought the average rental
rates for Rupiah denominated buildings to
IDR99,610 per sq m per month. The increase
was triggered by some office buildings asking
for higher rates of between IDR15,000 and
20,000. On a regional scale, South Jakarta
fetched the highest average rental rates of
IDR121,872 per sq m per month given the higher
quality of most buildings in this area, particularly
buildings in the TB Simatupang area.

average asking rental rates in jakarta

Rp276,000 $30.00

Rp230,000 $25.00

Rp184,000 $20.00

Rp138,000 $15.00

Rp92,000 $10.00

Rp46,000 $5.00

Rp- $0.00
Premium Grade A Grade B Grade C

Rp US$
Colliers International Indonesia - Research

Colliers International | p. 8
jakarta | 2q 2012 | OFFICE
service charge
Though several buildings did renovation work,
service charges remained stable during the
quarter. The average service charge was only
raised by IDR545 to 55,631 per sq m per month
strata-title office space for sale
CBD
The absorption level of strata-title office space
in the CBD reached 96.9% as of 2Q 2012.
Consequently, with limited strata-title office
space being available, the price continues to
move upward. Compared to last year, the price
of strata-title office space has gone up 21.5%
outside CBD
The overall take-up rates of offices outside the
CBD area dropped substantially from 94.6% to
only 83.8% in 2Q 2012. The operation of new
and sizeable office buildings during 2Q 2012
with relatively low take-up rates changed the
overall absorption performance. In term of
strata-title office space price per square metre,
p. 9 | Colliers International
in the CBD. Meanwhile the service charges in
the outside the CBD was IDR42,593 per sq m
per month and only climbed by IDR1,145 over
last quarter.
while the price under Q-o-Q review went up by
7.8%. The average price of strata-title office
space sold at the US Dollar rate was US$2,867
per sq m while that in Rupiah were offered at
an average of IDR25.8 million per sq m.
a significant jump was recorded Q-o-Q to
IDR2.76 million which put the average price at
IDR20.9 million per sq m. Most of operating
strata-title buildings adjusted the price in the
range of IDR1 to 4 million while some others
have confidently raised the price between IDR7
and 11.5 million.
jakarta | 2q 2012 | industrial estate
Outlook
The absorption rates of office space is projected
to mildly increase at least until 2013 because
new supply in the CBD is very limited during
that year. The types of industry which drive this
sector will remain, i.e. banking, insurance, oil
and gas and the mining and natural resources
business. However, a challenging situation will
occur both in the CBD and in the non-CBD
areas because a significant number of new
office space is projected to come on stream.
Again, the rents showed an upward trend
Q-o-Q with buildings quoting US Dollar rates
experiencing a significant climb. To date, the
www.colliers.co.id
market is very confident because quite a few 512 offices in
developers are trying to adjust rental tariffs to
rival the average market. Buildings with very 61 countries on
high occupancy rates are even arbitrarily
setting their new prices with the confidence
6 continents
that the market will absorb the office space. United States: 125
Canada: 38
The continuing adjustment in the office rents Latin America: 18
Asia Pacific: 214
would open more opportunity for the sales of
EMEA: 117
strata-title office space. In the long term,
owning office space will be very attractive and • $1.5 billion in annual revenue
this is shown by the good performance of • 979 billion square feet under management
strata-title office space sales. • Over 12,500 professionals
COLLIERS INTERNATIONAL INDONESIA:
World Trade Centre 10th & 14th floor
Jalan Jenderal Sudirman Kav. 29 - 31
Jakarta 12920
Indonesia
tel 62 21 521 1400
FAX 62 21 521 1411
Michael Broomell
Managing Director
World Trade Centre 10th & 14th floor
Jalan Jenderal Sudirman Kav. 29 - 31
Jakarta 12920
Indonesia
tel 62 21 521 1400 ext 131
FAX 62 21 521 1411
Ferry Salanto
Associate Director, Research
World Trade Centre 10th & 14th floor
Jalan Jenderal Sudirman Kav. 29 - 31
Jakarta 12920
Indonesia
tel 62 21 521 1400 ext 134
FAX 62 21 521 1411
Copyright 2012 Colliers International
The information contained herein has been obtained
from sources deemed reliable. While every reasonable
effort has bee made to ensure its accuracy, we cannot
guarantee it. No responsibility is assumed for any inac-
curacies. Readers are encouraged to consult their pro-
fessional advisors prior to acting on any of the material
contained in this report.
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