Turner Building Cost Index

2010 2011600

900

850

800

750

700

650

Quarter1st Quarter 2014 4th Quarter 20133rd Quarter 20132nd Quarter 2013

Index885 878868859

%0.80 1.151.051.18

Year2013201220112010200920082007200620052004200320022001

Average Index864830812799832908854793717655621619613

%4.12.11.6

-4.0-8.46.37.7

10.69.55.40.31.03.0

The Turner Building Cost Index is determined by the following factors considered on a nationwide basis: labor rates and productivity, material prices and the competitive condition of the marketplace.

2014 First Quarter Forecast

2012 2013

The increase in construction costs

is the reflection of various market

factors including constrained

availability of labor, stability in

commodity prices and competition in

the market. Large projects in urban

centers have witnessed an increased

level of cost escalation while

competition for small and medium-

sized projects is working to restrain

increase in construction costs.

San Diego International Airport Terminal 2 Expansion The first LEED Platinum commercial airport terminal in the world.

2014