INVESTOR DAY 2015 DAVID COOPER, PRESIDENT, BUILDINGS AND CCO, U.S.

JUNE 10, 2015

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INVESTOR DAY 2015 JUNE 10, 2015

DAVID COOPER, PRESIDENT, BUILDGINS AND CCO, U.S.

(David): Good morning. So I'm going to talk about our buildings

practice. And we’ve come a long way in the last two

years since we’ve been talking to you.

Today, we are 1,035 people across 17 offices. When

I first talked to you back in 2012, we were 650

people across seven offices. So we’ve made some

good progress.

Our buildings business is about 14 percent of the

total U.S. revenue stream, net revenue stream and

growing. We base -- and I’ll come in -- we’re here

in 2012. We’ve talked about our core services and

special services. But our core services still represent

the majority of our business; structures and systems

engineering -- (handful) of electrical plumbing and

structures.

And then we have a numbers of specialty services

where (inaudible) excellence. So you can't have that

expertise everywhere, but the national practices

(going) together with expert resources shared across

certain offices.

(Market central) lighting, commissioning, (filter

colleges) are high performance design practice to

really the leading edge thought leadership in

sustainable buildings and high performance

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buildings.

Our buildings technology is audiovisual, security

and AV.

Commissioning is about testing buildings and

making sure they actually perform and deliver. And

on their performance and comfort and energy.

And then we have a number of services on green

consulting and sustainability, lead consulting.

But those specialty services help us round out our

offering and be part of wholly integrated approach

for a building, you know, engineer service. And that

has been our strategic plan back in 2012, was to

expand our offering from providing just MEP or

providing just structures and have a fully integrated

design. And that’s how we maximize our income

stream for any one particular project.

And you could see with only 13 percent of our

revenue from our specialty services, and I’ll talk

about that later, that’s really an opportunity for us to

grow the business.

We are very diversified practice. We are heavily

weighted in commercial real estate; office buildings,

hotels, residential towers. But we are well

diversified across many market sectors which is a

very strong place to be as market sectors -- strength

of different market sectors shift.

We do have a strategic focus going forward on four

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specific market sectors to grow our business. That’s

aviation, sports and entertainment, healthcare, and

science and technology. And I’ll talk more about

that later.

But clearly, aviation and sports are areas where our

integration with the transportation and infrastructure

business is going to have a lot of synergies and

drive.

On the left side, you can see what our footprint looks

like in terms of market sectors in 2014. Pretty

diversified, but big chunks in commercial real estate.

We did an acquisition, our first acquisition, in 2014,

of a business specializing in healthcare and

laboratory work, but mostly healthcare, which was a

great strategic bid for us. And I’d talked about over

the last few years of strategic ambition to grow the

business to organic growth and acquisition.

This was -- we looked a lot across many companies

and we’ve found the perfect first acquisition for us.

They added about 200 people to the business,

brought us into new geographies, new urban centers,

and it greatly expanded our healthcare (for clients),

which we think is a growing -- an important market

for us to be in.

And you could see on the right side how that

changed our footprint, our market share of our

business in healthcare and helped diversify our

practice -- improved the diversity of our practice.

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(ENR) ranking just came out, and the (WC process)

(inaudible) offering in the U.S. in the pure play

design firms with number four. If you look in a

building sector and you strip out people into

architecture and construction, we’re actually number

two. And we don’t actually -- I mean, we never

talked about scale and size being our premier mark

in the world as opposed to be in the (inaudible). But

we are the best, and we also think we’re right now

number two in scale in our space.

We have a great roster of plans. The buildings

business has about a thousand active clients across

our U.S. business and about 3,000 active projects.

We have a group of clients in the U.S. that are

national and global. And we have global clients that

also work -- that are also coming into the U.S. and

working in the U.S.

So we have a series of global clients that are global

practice is very connected together. And we track

our work activities for these clients and we service

these clients on a national and global basis. And

they're very important to us.

7 out of those 10 firms you see listed there are U.S.-

based firms and key to our success.

Our revenue growth -- net revenue growth has been

exceptional. It’s mostly organic in this part. There’s

a little bit of acquisition or acquisition activities in

2014. It didn’t happen until November, so there’s

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only two months of acquisitive growth in a

significant way in the 2014 figures. So most of our

growth has been organic, 2015. They’ll full impact

to that acquisition will be in play.

Most of our work is private sector as the buildings

business. It varies over the years depending on the

nature of public sector work, where public sector

investment has fallen. Public sector doesn’t have to

pick up. So a couple of years ago, that probably

would’ve been 85-15, maybe 90-10, but today it’s

more closer to 95-5 or 94-6.

And most of our work in buildings (inaudible)

transportation is lump sum. We bid on projects as

fixed fee. And there’s art and science to that

because the projects are not defined more than how

tall the building might be or how many square feet it

might be. But we have fixed fee contracts. We

defined the scope of work. And our variations are

usually the time and material across plus work, that

you see that (inaudible) that 22 percent of our

business.

Our backlog has also grown. So we don’t have

business in net revenue. We’ve also (freed) our

backlog and our pipeline is very strong today going

forward. We’ve got (big growth) between 2013 and

2014. It’s a combination again of our organic

pipeline growth, as well as the acquisitive pipeline

growth.

So the market sector is strong. The market sector is

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outperforming GDP in the U.S. It’s anticipated --

this is really not a good indicator of the future health

of a design business, but the construction market is

expected to grow next year. Of course all of the

major sectors we work in.

But in fact, that’s a lagging indicator for us because

obviously this year, creates construction business

next year.

The architecture building index is something we

track. And again, that’s not necessarily -- it’s a

better indicator for the future of construction and the

future of design because it’s (inaudible) the

architects are today and all (inaudible). We’re not

going to be busy. It’s takes an architect to design a

building with us.

But you can see in the heyday before the crash, you

know, it was very robust design activity. Anything

above 50 is growth on the scale. Anything below 50

is (contraction). Anything above 50 is growth.

In the heyday before the recession who’s up around

57-58. We are recovered from the recession and

we’re in positive territory. But it’s still from an

architectural perspective, it’s modest, modest

strength overall in the industry. And this is a 9 to 12

month lean indicator on construction.

That’s April -- this is a table for March. April, the

numbers just came out. And the actual billing index

shrunk below 50 for the first time in many months --

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just below 50. But it’s still (inaudible) the architects

community, so it’s a very positive (inaudible)

industry.

And more importantly to me than the billing index is

something called the inquiry index. Inquiries, the

line of opportunities we see which is our future

pipeline, is still very strong. Not as strong as it was

in the middle of last year, but still very strong and

we’re seeing that ourselves and the architectural

community is seeing that which is important to us.

Our competition is very varied. Most of our

competition buildings are small private firms,

regional firms. They're very few regional national

players, and even fewer multi-disciplinary players as

we are tend to be in the marketplace. So we’re

creating a niche for ourselves and it’s a bit special.

And it should give us some strategic advantage in

the market in how we approach projects.

But the (inaudible) you see up here are major players

in our industry. And (Mene Comic Clearly) is a big

(inaudible) firm. But firms like (Thomas Eddie and

Lera) (inaudible) of the structural firms or the MEP

firms. They're very few multi-disciplinary structures

MEP specialist services in the market in the U.S.,

especially not with their full national footprint and

with the full global footprint as we do.

So it gives us some strategic advantage in the market

as we leverage our national and global skillsets and

resources, and with local delivery.

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The market is changing -- the market is driving

forward along the lines of what we’ve seen in the

past couple of years. Urbanization is driving a

tremendous amount of development; residential

development, commercial development, the need for

more educational facilities and infrastructure,

healthcare infrastructure. The urban environment is

changing and (justifying). The population is getting

older. And that again, that’s going to drive

healthcare.

Healthcare spending was actually down a bit in 2014

between Obamacare, the health American -- the

Affordable Care Act and healthcare. The market in

this country is in a bit of turmoil. But the population

is ageing. There’s still a tremendous amount of

healthcare work to be done and increased amount of

healthcare work to be done as the market stabilizes.

And that’s been expected growth area for us.

Technology is driving a different marketplace,

whether it be mobile workforce, smart buildings,

how people access information and use facilities is

changing dynamically. And we have our great

technology practice to leverage that.

Sustainability -- it’s projected that about 50 percent

of all non-single family residential construction is

going to have a sustainable orientation to it going

forward.

So having a strong footprint in the sustainability

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marketplace is a key importance to us and we do it

with our (build the college) practice, as well as our

core business.

And alternative delivery is greatly increasing.

Alternative delivery doesn’t necessarily mean (PPP),

Public Private Partnership, but it’s design build. It’s

integrated project delivery which is a single contract

for owner, contractor design firm, so you have a one

contract shared risk and shared responsibility in

some fashion and shared desired outcomes.

But the landscape is changing from traditional

design build, (bid) build to a design build and

alternative delivery model we’re seeing in Seattle, in

where the entire commercial real estate market is

design build. It’s moving into San Francisco.

We’ve done some of the work here in New York on

design build model. So our relationship with

contractors are becoming more important than our

traditional (declining phase) of architecture and

developers.

And the industry does continue to consolidate. And

as we said before, we’re being smart about it,

making sure we have cultural (bid), strategic (bid).

But we are absolutely looking to continue growing

through acquisition and having firms (doing this)

that we have to bring leverage to our business.

There are a tremendous number of revenue

synergies. We are realizing both -- coming together

with Parsons Brinckerhoff and the transportation

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infrastructure, as well as the acquisition we’ve made

with CCRD, and in national global footprint that we

have as a buildings business.

Aviation, transit sports, all of those types of projects

have a very strong infrastructure component to them.

And very often, the planning work type gets in front

the environment planning, the infrastructure

planning that the transportation infrastructure

business brings is a great entrée to us from the

building side to get into those projects to leverage

them.

And we’re actually working our projects together as

it happens (and stands) as independent firms before

we came together. And that is going to continue

going and growing for us into the future.

The Parsons Brinckerhoff business is a very, very

strong buildings practice in Asia. And there’s a

tremendous amount of Asia capital now coming into

the U.S. and in Europe as investment. As the China

market has slowed down, the Chinese developers are

being actively promoted to develop elsewhere

internationally.

So we’re starting to see some of our clients, some of

our financial clients, developer clients in Asia for the

Parsons Brinckerhoff relationships coming into the

U.S. and we’re going to be able to access those

clients and we already are accessing those clients in

terms of project opportunities for us.

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There are great talks about intersection of urban

infrastructure; horizontal urban infrastructure and

vertical infrastructure. And again, we’re starting to

see those synergies develop. And we have a number

of opportunities working on today with that and

previous awards we’ve had in that realm.

And we do have a great global collaboration

amongst our buildings practice. I'm going to be in

Hong Kong, Singapore and Malaysia at the end of

this month with our global buildings leadership

team, both talking about our strategic move forward

-- how we’re moving forward strategically in the

business, as well as meeting key clients.

And so we are very well connected practice. I

showed you some of the architects that are U.S.-

based architects that work globally. But we also

have global architects, international architects have

come to the U.S. at this international money coming

into the U.S. And our relationship globally are

working for us.

In the ultimate delivery space, again, the revenue

synergies we’ve talked about with the airport. But

that’s where our integrated model of one stop

shopping, our fully integrated offering and the

synergies that that generates is really advantageous

as opposed to our contracts or our (PPP) ventures,

special project, (inaudible) vehicle (mentioned)

going out (behind) individual consultants for the

different elements of the project. So we’ll have a

great -- better footprint and better strategic

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advantage in chasing those types of projects.

But this as an example, (Thomas Ben and

Waterfront) is a residential development in San

Francisco. The money comes out of Singapore. The

relationship is brought to us. We have the

opportunity to win that project (inaudible)

relationship in Asia.

West Palm Springs Training Facility was a client of

our acquisition, what was (helped) our acquisition.

They're our biggest architectural client as well as

sports work, and that got us into that project. So that

was a leverage there.

We work, as I’ll talk about that a little bit later, Doha

Airport, we’re doing the phase two expansion of the

Doha Airport. That’s a 75-gate expansion in Doha.

That work is being done in collaboration in the U.K.,

the Middle East, and ourselves here in New York to

deliver that airport project on the building side.

(Back Day Overbuild), that is an opportunity. When

we developed a joint presentation in Boston between

our transportation business and our buildings

business, went to a local developer in Boston about

how we could help them look at developing over

existing highway and (rail) infrastructure of Boston.

And we’ve been commissioned to start doing a study

for them and how that might work.

And (Prop 39), this is a small little project, but it’s a

great opportunity against the infrastructure business,

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had a relationship with a campus in California. And

they brought us in to do a lighting study on all the

campus lighting to prove its energy efficiency.

So there’s just a tremendous amount of synergies

that we’re seeing, that we have the potential to see as

we move forward.

So what does that mean for us? We’re still

continuing to push the growth of the business

organically and acquisitively. We have with our

acquisition of CCRD healthcare business, we entered

the Miami market, the Denver market, the Phoenix

market, the Dallas market. And we have a great

opportunity there. They have a healthcare footprint,

and they don’t have -- and we have the commercial

real estate and other sector strength. And we have a

great opportunity to grow those markets now in

those major urban centers.

So we expect to grow those cities organically from

an small -- increase our presence to capturing those

markets.

We have the opportunity to grow our special

services. We have some very substantial special

services like commissioning where we have about a

60 or 70 people around the country. But we have

some specialty services that are only five or seven

people. And so we have a huge market and a huge

opportunity grow our specialty services organically.

And as I mentioned, we have a market (inaudible).

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Acquisitively, we have the same strategic outlook

we had a couple of years ago. We made a good star

with our first acquisition in last year. But there’s

still geographies we’re not in. We don’t have a

buildings presence in Chicago, or in LA, or in

Philadelphia which are very major urban centers in

the U.S.

We have the opportunity to grow acquisitively in

some of our specialty services. And we absolutely

need to expand our structural footprint. We have a

great structural business, but it has a very limited

footprint in the U.S. So that would be a combination

of organic and acquisitive activity as well.

So some of our key projects, talk about the

intersection of horizontal and vertical infrastructure.

(Sunny Side Yards) is a big rail facility in Queens.

The New York City Economic Development

Corporation hired a combination of our skillsets in

transportation and buildings to study (decking) over

the rail yard to promote future commercial

development. And so it’s a great commission to

bring all of our expertise that we had with structures,

systems, future -- energy, and rail to bear. And

that’s about a $2 million key assignment.

(Trend Space), the tallest business the west side of

the country. It’s -- and I’ll go with another image

later on, but this is part of a large multi-modal

(transport) facility. This is a high rise commercial

tower. It’s the tallest building west of the

Mississippi I guess. And it should be the home of

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Sales Force. And we’re doing all the systems

engineering from the tower and build (ecology). It’s

a high performance building and as well as

technology services.

This is another example of global collaboration.

This is the Atlantis -- phase two of Atlantis

development in Dubai. (Kersner International) is the

developer. That relationship resides in our London

office. But the architect is KPS out of New York

and London. And we’re doing this work in New

York, with the New York architects in concert with

the Middle East and in concert with the U.K.

(inaudible) with the client relationship work.

So again, our global connectivity, our global skillset,

our global architects is delivering a great project in

the Middle East with significant (fees) for structures

and MEP as an integrated service offering.

We work as a new commission. We work is looking

to develop office space nationally and globally to

support startups and small space office needs.

Because of our national footprint and our global

footprint, we won this assignment. And our ability

to deliver that kind of leading edge design of

thinking and technology and sustainability to our

future looking office space, office requirement, and

our national and global relationships and footprint is

-- got us out of work.

Our CCRD acquisition has incredible expertise in

healthcare and science and technology, specifically

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high containment laboratories. They're probably the

top two engineers in the world in high containment

laboratories.

And this is a Proton V therapy unit in the U.K. And

it’s a design-build project with (Wig), because of our

relationship with (Wig) from prior work and our

technical expertise around this type of facility. We

were brought on -- we brought in as engineers, even

though the project is in the U.K. and the architect is

in the U.K. They brought our expertise to their -- on

their project. Great facility. And there will be many

more of these coming, the leading cancer therapy.

432 Park Avenue is a phenomenal project. You can

see it in a distance. It’s that tall skinny building, off

to the right. This is setting all kinds of records at the

moment which will be broken as all records are. But

it should be the tallest building in the western

hemisphere in term of the highest occupied floor.

It’s actually the highest occupied floor in the

Freedom Tower, which is the tallest building in the

western hemisphere. But that’s all structures at the

top.

The view from the top of the building is incredible.

I was there yesterday late afternoon and actually

looking down on everybody else. It’s quite a

penthouse department.

But the slenderness ratio of that tower which is a

train that’s coming is what’s really incredible about

it. It’s you know, 15:1 if you think about a pencil

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versus something that’s very big. Its tendency to

move in the wind is incredible. And our structural

engineering ability to overcome that and make it

comfortable on top of that building is what we’ve

got a set of work. And again, that’s an integrated

offering, systems and structures. Because that

building needed a very integrated design approach to

make it work and be financially viable.

Lots of innovations in that building. But it’s a great

project. And as -- and it will be surpassed in the

next two years with other buildings which we’re

doing as well.

We are key player in the high rise market. This slide

is mostly U.S. projects, and most of them are still

under construction. The only non-U.S. project is the

(Shard), which were instrumental in working on and

helping U.K. win. All these other projects are ours

in one capacity or another. One will face the tallest

building. These two are under construction. This is

the one I just talked about, 432 Park, and you can see

out the window.

This one, (Moment Towers) is under construction --

I'm sorry, (Moment Towers) is here, is under

construction. (3 World Trade Centers) under

construction. But we’re the engineers for all of these

buildings, and these are -- except for the (Sears

Tower), the tallest building in the U.S.

So this is the full (Trans Day) picture. Besides being

impressive tower, at the bottom, this whole -- this

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greenery is the top of the (Trans Day) multi-modal

facility. And we’re the engineers for that as well as

the tower. And that is the northern end of the high

speed rail -- that’s the high speed rail terminus in

San Francisco.

And so we are doing the whole of the engineer for

the multi-modal transportation facility which is

combination of bus, commuter rail and high speed

rail, as well as the tower. It’s a great project.

111 West 57th Street is this building that’s coming.

You wouldn’t probably be (hitting) by some of the

World Trade Center when it does get built. But

that’s in construction. And the other tall building,

our CCRD acquisition, our healthcare acquisition.

So we have some phenomenal healthcare products

including the first (Lead Platinum) hospitals in the

world, the most sustainable hospitals in the world.

And it’s a great, great synergistic pick with us and a

great expertise we brought to bear in our business.

And we also, I mentioned the sports. (Elantra

Dockington) is an example of a job where the

transportation infrastructure business is working on

that project independently from buildings, because

the job started many years ago before we came

together. But we are providing transportation

infrastructure services and we’re doing all the

buildings systems engineering for -- I mean, it’s

under construction. It’s a great project with a very

unique (comfortable) roof.

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So that sums up our buildings business, where we

are, where we’re heading. And the floor is open for

questions.

Male: Hey (David), out of the core services, what would be the

predominant, you know, service that you're known

for? Is it structure? Like, how would that break out

between the 87 percent?

(David): So our structures business is about a third of our total

business, and it’s about the right ratio. But just it

needs to be expanded.

Right now, our structure’s footprint is really in New

York City. We have a small structures operating in

San Francisco now which is new this year, part of

our organic growth. And we are actively looking at

growing it and expanding our structures footprint.

So our post -- there is no optimal (mixed piece).

We’ll take, we’ll work, we’ll pursue buildings either

from structures perspective, the systems perspective,

the specialty service perspective. Everything we do,

we want to compete in the market to be best in class

individually. So we can then bring it together and

have a value proposition, that is not having all to

worry about of getting (subsequent) service from one

thing by this integrated offering.

So we compete separately and we compete together.

But there’s no necessarily right balance. But on a

project, structures is about -- on a typical

commercial project, structures might be 80 percent

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of (NEPP). And I (hold) that project last on a

commercial -- on a residential building more

(inaudible).

Male: What in the specialty services category do you think are

things that potentially move to core services through

acquisitions?

(David): I'm sorry?

Male: What in the specialty services category through acquisition

become a core service over time you think, if that’s

kind of how you're thinking about it or …

(David): Commissioning would probably be the closest one.

Commissioning is the national practice we have a

large footprint across the country. But most of our

specialty services, we’re viewing as centers of

excellence, are not going to have the scale and the

robustness of expertise everywhere in those kinds of

practice. And the practice is much more modal

(inaudible) deliver services.

So what we’re looking at is having hubs of

excellence in those specialty areas that support

national practice.

So I would our specialty services, they can certainly

grow. We want to get it to vertical transportation.

We don’t have that offering today. Our fire and

code practice is nascent. It’s very small and that can

become substantial.

So critical -- I mean, our specialty services could

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become (half the practice) over time.

Male: OK. I just wanted to -- last question. Just in terms of project

lifecycle and I think one of the things that peers

talked about in the past is kind of being there early

stage with the customer kind of at the inception

stage, more control of the process and I guess higher

margins ultimately to that.

Can you just give a sense of where the buildings sit,

or do you have those relationships, are you at the

front with a lot of your clients at the inception stage

on the projects?

(David): So the answer is yes and no. Yes, because this is very much a

relationship business. The private sector market

place is relationship-based. So we are open to our

relationships, advice about projects early, and we

sometimes help conceptualize and help owners

develop our (piece) even for projects.

But for the most part, we like to do the upfront

advisory services as well. But there are examples

we just walk into a project because of relationship,

and the World Trade Center -- rebuilding the World

Trade Center is a prime example of that. Our

relationship with (Substeam) properties, we walk

into the job and we negotiated a fee. That’s our

middle and out for bid.

So there are plenty of examples like that. There are

plenty of examples to our relationship is -- where it’s

fine to an architect, fine to an owner, because they

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want to use us, and our architect recommends us to

an owner because they want to use us. So it’s not

just necessarily competitive at situation, but it’s our

relationships and our upfront work that helps us get

the work.

Yup?

Male: Going to the competition page you mentioned, could you

maybe reiterate what makes your company different

versus the competition? And of course I think

(Acom) like the players, they (grill it here), what’s

their specialty or what do they do that makes them

bigger relative to the market share that they have? Is

that the type of company you want to be, or is it

something within a mix of these competitors?

(David): (Acom) is large and multidimensional. I think their strike is

more on large government (IDI 2-type) contracts and

things of that nature. They have some specialist

skillsets in buildings.

We don’t compete with them all that often in

building engineering services and the actual projects

that we work on. Most of our competition are the

smaller regional firms. There are some national

players that are multi-disciplinary like (Arup) and

(Birohalfhold), both British firms in our origin. But

they don’t have the footprint and they don’t have the

recognition of having the (ship), the equal expertise

across all of the things that they do.

And I would say our reputation in work and develop

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and to deliver complex, large projects is much

stronger.

But most of our competitors are the single discipline

structures or MEP or specialists, and they are

regional, local players. They don’t have a national

footprint.

So that’s what our strategic plan is to give us that

national footprint, multi-disciplinary phase so we

can leverage on national and global clients whether

they’d be architects, corporate, institutions,

developers, and be able to provide and integrated

holistic design that is truly the best value for that

client versus individual consultants, pursuing

individual with best designs.

Male: (David), your practice is just over a thousand employees. Five

years down the road, how big do you think this

business can become?

(David): It’s a huge market. So it’s -- I would think our strategic plan

for 2017 was to be about 1,700 employees. Five

years down the road, 3,000, I don’t know. I don’t

have -- I think we’re going to keep growing and be

as big as the market will let us be, as we can still

deliver our expertise and operate our business in a

way that delivers best value for our clients.

Right now, we’re not in Chicago, we’re not in LA,

we’re not in Philadelphia, we’re very small in

Miami, we’re very small in Dallas for the size of that

city, we’re still small in Houston for the size of that

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city. We have plenty of opportunity for growth, and

there’s a lot of firms that (inaudible) -- small firms

that are in this consolidated market. We’ll look for a

home with a bigger footprint.

So I don’t know if 3,000 people is the right number,

4,000, 5,000. So the world is always there so to

speak.

Male: Obviously a business like yours is quite retention -- (ample),

your retention rather is essential. How did you do

the CCRD?

(David): So far out of 200 people, we’ve lost three.

Male: OK. And normal attrition would be?

(David): Sorry?

Male: Normal attrition would be about?

(David): 10 percent. So we’re doing a very -- that integration, that

acquisition/integration is going exceptionally well.

We have full engagement with the leadership.

We’ve seen revenue synergies from them in the U.S.

We have -- we want to (lay) project in Asia with our

Asia business, the (leads) business out of our

(inaudible) headquarters that they have.

We’re pursuing hospital work in the Middle East.

One of their big clients, healthcare clients is doing

our hospital in the U.K. and we’re in the leading

role, leading opportunity for that.

26

This has a tremendous amount of opportunity with

that acquisition nationally and globally, and it also is

getting us into cities that we’re not even before to

bring our commercial real estate expertise, our tall

building high rise expertise with areas that are even

more low rise, you know, more hospital, more

healthcare expertise. So you know, we see a lot of

good things coming from that and people are really

engaged.

Male: Thank you.