REAL LAND World s First Token with 100% Offer Price Guarantee! Starting from, December 5, 2017 to February 5, 2018 R L D T O K E N 60 B a c k e d b y R e a l E s t a t e 45 30 15 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Contents EXECUTIVE SUMMARY-------------------------------------------------- 3 Introduction-----------------------------------------------------------3 The Industry---------------------------------------------------------- 3 The Problem-----------------------------------------------------------5 The Opportunity------------------------------------------------------- 6 THE BLOCKCHAIN TECHNOLOGY ----------------------------------------- 8 Blockchain Application in Real Estate investing ---------------------------- 10 THE REAL LAND BUSINESS MODEL ---------------------------------------13 The Real Land Mission Statement ---------------------------------------- 14 Real Land Token Legalities ---------------------------------------------- 15 THE REAL LAND PLATFORM ----------------------------------------------16 Technology ----------------------------------------------------------- 17 Core Architecture ----------------------------------------------------- 18 Service Transparency --------------------------------------------------19 THE INITIAL PROPERTY OFFERING (IPO) ------------------------------------20 Creation of Tokens -----------------------------------------------------21 THE Real Land (RLD) TOKEN --------------------------------------------- 21 Real Land Token Distribution -------------------------------------------- 23 Real Land Token Issuance -----------------------------------------------24 Crowdsale Distribution ------------------------------------------------- 25 Real Land Bonus Model ------------------------------------------------- 26 THE ROADMAP --------------------------------------------------------- 27 THE COMPANY --------------------------------------------------------- 28
The success of residential-driven applications demonstrates how much the real estate industry can grow if it leverages technology to open up the market to new customers. The key is leveraging technology in such a way that helps to expose the customer to all the factors involved so they can purchase only properties that actually return a profit. Real Land is a decentralized real estate trading platform powered by the blockchain technology. Our goal is to create a solid property exchange where every real estate unit can be traded without border or government complications. We hope to provide a level playing ground for investors of all levels and create opportunities for real estate players around the globe to make better yield on their investment. This paper highlights the value we create as well as our approach. 1.1 The Industry Since 2015, the global real estate industry has been estimated to be worth well over $217 trillion dollars. This value includes commercial and residential properties as well as forestry and agricultural land. But the most striking aspect is that the value amount to about 2.7 times the world s GDP and makes up roughly 60% of mainstream global assets, representing an important part of national, corporate and individual wealth. Also, of all the sub-sectors of the global property market, residential property recorded roughly 75% of the total value. To put this in context, the value of the residential property market dwarfs the total value of all the gold ever mined, which is approximately $6 trillion. This means that the value of the global real estate industry will be valued at a whopping 3600 percent of the total value of all the gold available today.
To further highlight the worldwide importance of the real estate industry and the role it plays in the economy, the value of global real estate when compared with the total value of all globally traded equities and debt instruments put together was recorded to be 300 percent more. This shows that real estate is the most distinguished asset class with a higher propensity to be affected by global monetary conditions and investment activities, and more likely to have the most impact on national and international economies. Overall, the most important sector of the global real estate industry is the residential property market, which is estimated to be worth over $162 trillion. This market constitutes the largest ownership volume with about 2.5 billion properties, and China accounting for nearly 25% of the total value due to its population. But North America weighs in with a decent 21% of the total value despite accommodating only about 5% of the world population. The other regional markets are Europe with 25%, Asia and Australia with 22%, and 5% for South America, the Middle East and Africa. These values do not include the value of informal neighborhood commercial properties such as shops and work-spaces, which are not considered as high quality commercial real estate in the global property market because they are very difficult to value at a global level. But there is huge potential for investments in these properties in the future as economies mature and lucrative real estate markets develop within them. This growth is highly expected as the agricultural land and forestry market has followed the same precedence and is included in the total world real estate market at an estimated value of $26 trillion of which 30% is corporately and institutionally invested.
1.2 The Problem Despite the immense growth witnessed by the global real estate industry, there have been a couple of challenges plaguing both local and international investors at all levels. With agencies becoming an inherent problem for non-listed real estate investment vehicles, there will always be issues when separation of ownership and control takes place. These agents exist in different forms and make it a point of duty to make exorbitant profits at the expense of investors, thereby reducing the investor s return. Also, there are the problems of higher taxes, transaction costs and management fees owing to stiff government financial regulations and bureaucracy. A case in point is China, where the government is actively clamping down on outbound real estate investments. Sadly, the government of many other Asian countries are already following suit, and if this trend continues, international real estate investors will likely become discouraged and the global real estate market will suffer. On the other hand, the fund managers who take foreign investments from real estate investors do face a host of challenges. From running around the tough and complex regulatory environment, to compliance in disclosing investors information, to managing the cost of hedging foreign currency; these roadblocks makes the whole process of real estate investing very cumbersome and time wasting.
1.3 The Opportunity Despite the challenges facing the global real estate industry, the immense growth potential cannot be over emphasized. With talks over the financial deregulation and integration of global real estate markets ongoing, and investors looking to capitalize on the changing perspective to take on international property investments, there is an opportunity to create supportive systems that will help smooth the global real estate investment process and provide better exposure to market opportunities for investors. More so, when you consider that the global demand for real estate has been on the rise since the global financial crisis, rising up to $500 billion worth of transaction per year in the U.S alone, then you ll see that there is an immense need to create services that will support this growth by dealing away with roadblocks such as exorbitant commission cuts and the complex regulatory environment. What is essentially clear is that investors putting their money into the global real estate market want to clearly understand and navigate the opportunity as well as the regulatory paths needed to make the investment a worthwhile activity. That is why the popular narrative is to employ newer technologies such as the blockchain technology to create a distributed and decentralized system where transactions can be smoothly processed and the required regulations and compliance rules guiding every transaction will be clearly laid out in a smart contract. With the Real Land and our IPO (Initial Property Offering), we are looking to change the game in this space by creating a solid real estate trading platform where investors can securely invest in choice real estate properties around the world using specific Tokens, with special offer value guarantee.
We are launching the Real Land IPO because we understand the current problems inhibiting the global real estate industry, and we ve also seen the trends and the underlying opportunities to add value to the market and help investors harness the financial gains of an industry that has witnessed tremendous growth over the past 8 years. With the Real Land IPO and our decentralized real estate marketplace, we believe we can help improve investors confidence, guarantee speed and safety of transactions, and help emerging markets blossom using the blockchain technology.
2. THE BLOCKCHAIN TECHNOLOGY As the next big thing across industries like finance and retail, the blockchain is the underlying technology behind cryptocurrencies like Bitcoin and Ethereum. Unlike physical currency, digital cash and cryptocurrencies come with a very real problem. There was a risk that the holder could just send copies of the same Bitcoin token in different transactions, leading to the scenario known as Double- Spending. The blockchain technology helps counter issues like double spending. It is likened to a large distributed ledger that stores records of transactions. This ledger is replicated hundreds of times throughout the public network so it is available to everyone. Every time a transaction occurs, it is updated in all of these replicated ledgers, so everyone can see it. Every time a new transaction is initiated, a block is created with the transactions details and broadcast to all the nodes. Every block carries a timestamp and a reference to the previous block in the chain, to help establish a sequence of events. Once the authenticity of the transaction is established, that block is linked to the previous block, which is linked to the previous block, creating a chain called blockchain. This chain of blocks is replicated across the entire network and is cryptographically secured which makes it not only challenging, but almost impossible to hack. In the context of security, both transparency of the system and immutability of the data stored on the blockchain comes into play. Once data has been written to a blockchain, it becomes virtually immutable, which means that it becomes almost impossible to change or manipulate. Blockchain technology can be applied not just to a cryptocurrency like Bitcoin, but also to any asset that can be stored, distributed or transacted in this case, property titles. This technology has great implications for the real estate industry as the public registry will verify the identities of all parties, and transactions would happen almost immediately once the ledger has been updated.
Smart Contracts Smart contracts are self-executing contracts in the blockchain. They are simply computer programs that act as agreements where the terms of the agreement can be preprogrammed with the ability to execute and enforce itself. The main goal of a smart contract is to enable two anonymous parties to trade and do business with each other, usually over the internet, without the need for a middleman. The Smart contracts are developed with codes that define the rules and consequences in the same way that a traditional legal document would, stating the obligations, benefits and penalties which may be due to either party in various different circumstances. This code can then be automatically executed by the distributed ledger system. Once the blockchain has tracked a particular transaction and made its details to become publicly accessible to all, the smart contract will ensure that the payment from that transaction is automatically split according to the set terms and that each party s account reflect the change in revenue, so that the transfer of rights can be completed.
2.1 Blockchain Application in Real Estate Investing It s already proven that the blockchain, through its distributed ledger technology can be useful for many types of real estate transactions. For example, purchasing property without intermediaries using cryptocurrency is already happening. In 2014, residential properties were purchased in Kansas and California in the U.S for over $1.8 million in value using Bitcoin. The information concerning the real estate transaction like the title registration, the conditions of rights transfer, and other property encumbrances are entered into the distributed ledger and are accessible to all members of the network. Each property listed would have its own blockchain I.D with all the features specified among other technical details, to make the property appraisal and each transaction easier and quicker; but no transaction is completed without the smart contracts. The smart contracts will function based on the agreement and terms required to complete a property rights transfer or investment in a property. It will automatically check for the transaction possibility and legitimacy using these terms, and mark the transaction as completed by transferring the funds from the investor to the developer. This ensures that the required guidelines are followed and the transactions are verifiable. Smart contracts also stimulate the development of collective investments as they provide almost infinite opportunities for structuring property and investment project rights in crowdfunding models.
Tokens One of the benefits of the blockchain when applied to real estate investing is the concept of using Tokens. This makes it possible for any property to be valued based on a number of cryptotokens or digital currencies, and for that asset to be exchanged with it on the blockchain. The value of Tokens available on the platform will rise and fall based on the value of the assets they represent, and investors who own any number of these Tokens will have a proportional share of the value of that asset. The Tokens on any platform is unique to that platform and can be branded to fit with the name or objective of the project. In our case, the RLD token is used; and is key to removing the geographical, political and financial hurdles that often hold back investors from making investments in choice real estate. Pros It s a well-known that the adoption of the blockchain and other distributed ledger technologies for real estate investing will no doubt make transactions easier, quicker and cheaper. It is believed that the blockchain would rid the market of unnecessary intermediary costs, and make it safer, more transparent and more liquid. Below are some of the cons explained.
Reduced transaction costs: Since the blockchain will usually make use of its smart contracts to execute real estate transactions, there will be no need for agents and commission costs as is required in the traditional model. This will significantly reduce the transaction costs and help investors make more on property deals. Increased transaction speed: With the blockchain technology, real estate transactions are bound to be processed faster than the usual week-long processing times often experienced in the traditional model. In this system, there will be no need for paper work to close real estate transactions, and making cross-border fund transfers and conversions will be quicker. Guaranteed safety: Since it is almost impossible to manipulate or hack a blockchain powered network, there is increased investors confidence and trust in the system based on the guaranteed safety of funds and transactions. To game the system, one would have to go through extreme measures and expend enormous resources that are worth well over any reasonable profit that can be gotten from such activities. This significantly reduces opportunities for manipulation or other fraudulent motives. Transparency and Liquidity: Through the ledgers available on the blockchain, investors would gain customizable access to all documents relating to particular transactions on the network and be able to check every one of them for authenticity and accuracy. This transparency and liquidity would make real estate more attractive as a more liquid investment vehicle; leading to a stronger capital inflow. Also, the absence of governmental restrictions will make the withdrawal and exchange of funds faster than in normal brick and mortar real estate transactions.
3. THE REAL LAND BUSINESS MODEL Real Land is revolutionizing the global real estate investment landscape by creating a platform where properties are tokenized and exchanged securely in an effective way. The Real Land platform will enjoy the cumulative effort of a group of real estate companies to provide valuable and profitable real estate units to the investors across the globe. Real Land do all the research before choosing the units so that the value of the investment can grow faster than any other investment with the offer value guaranteed to ensure that the hard earned money of investors will not go down. Holders of the Real Land (RLD) Tokens will also get a great chance to buy or convert any units from RLD into a real home, villa, shop or any other property type of their choice. And if you don t want to convert RLD into Real Estate unit you can still get a 15% yield every year in the form of bonus. Investors can get RLD Tokens through the following ways: 1. Participating in our Crowdsale 2. Purchasing RLD from popular exchanges 3. Exchanging RLD with other cryptocurrencies like the Bitcoin 4. Peer-to-peer RLD transfers The RLD is an ERC20 Token created by a smart contract in the Blockchain and will represent the medium of transaction on our platform. Currently, RLD is only available for purchase through our IPO Token Issuance. After the IPO, users will have the option to make purchases and exchange RLD on our IPO platform as well as on major exchanges. Investors willing to join the Real Land platform will have to purchase RLD from one of the available options above, as RLD will be required for most of the activities on the platform. Investors can buy RLD by exchanging their Bitcoin, Litecoin or Ethereum tokens using our exchange rates at any period in time. Direct fiat currency purchases may also be available.
3.1 The Real Land Mission Statement Real Land was created to give unhindered access to the best and most profitable real estate deals around the world. We know what it takes to find a profitable real estate investment and what it means to invest in one. That is why we are building a platform that will provide the needed professional support all through the way to help you make better investment choices and transactions in a seamless way. We hope to become the gate to global real estate units for every single investor, without the border and government complications. We believe that by creating a secure way to take advantage of the crypto revolution as well as the real estate tangibility & growth which was really missing in the crypto market, we can give opportunities to small investors around the world to participate in the Global Real estate Market for better yield on investment. Here are some reasons why you should choose Real Land: Ease of transaction The Real Land platform is built with clarity in mind, using a simple user interface. This makes navigation and property verification easy, and ensures that every transaction process is made as simple as possible. It s secure & fast The Real land client will feature 2-factor authentication to protect user accounts and transactions processed on the platform. Our no-glitch payment system ensures that investors can quickly transact once they ve picked a property of their choice, and that payments are processed even faster. High Value properties We thoroughly understand the dynamics of this industry, and that is why we go all out to find the best real estate property of the highest value to ensure better return of investment for our investors. We have done agreements with some of the best real estate investment groups in Asia for Investments in real estate units, and the best part of our IPO is an offer price guarantee to all our RLD token Investors, which means that even if the value of RLD token gets to 0 we will give you a $1 value back.
3.2 Real Land Token Legalities Although cryptocurrencies have not been made unlawful by enactment in any country, a few countries (for example, Argentina) seriously limit or boycott any other forms of money. Regulators from different countries are finding a way to furnish people and organizations with rules on the most proficient method to coordinate this new innovation with a formal, directed budgetary framework. For instance, the Financial Crimes Enforcement Network (FinCEN), an agency in the United States Treasury Department, issued directions on how it portrays certain exercises involving the use of virtual money. The Real land business model itself can't be changed without the participation of about every one of its users, who have the choice to pick what real estate investment they choose to make. Therefore, the bid to place internal regulatory rules to guide cryptocurrency platforms like ours will be practically impossible. However, the possibility to place external regulations in different jurisdiction is a possibility; the same way other investment vehicles are being regulated. Just like fiat currency, RLD tokens can be used for investment purposes. So, in fact, the RLD token is not much different from other instruments that are being regulated in different countries around the world. But when very crippling measures are put in place in some jurisdiction, Real Land may not be legally available for users in those locations, which may result in the unavailability of our services. We can only hope that regulators will come up with reasonable decisions and efficient regulations that will not limit the exposure of local communities to our lucrative real estate investment opportunities.
4. THE REAL LAND IPO PLATFORM The Real Land crypto asset was created on the Ethereum platform, a business technology solution for issuing customized blockchain tokens. With this, we are able to provide users with the benefits of a secure, fast and efficient platform with low transaction fees.
4.1 Technology The RLD framework uses the latest blockchain technology in combination with secure and robust client-side frontend infrastructure that includes an option to enable two factor authentications in order to gain access to the application core features and services. This ensures that our platform stays safe, consistent and evolving with the demands of the market. The RLD application is based on a decentralized Blockchain, allowing independent transactions without requiring trust or third parties through its smartcontracts. This way, commission costs are completely avoided and the community rules are enforced without bias. Our secure, high-performance NoSQL data fabric storage used also ensures that sensitive transaction information are processed, stored and exchanged securely.
4.2 Core Architecture The RLD platform is composed of these main components: 1. Scrypt: With brute force attacks becoming more frequent and in some cases, more liable to succeed, we are taking measures to tighten the security of the RLD platform to prevent user accounts from being compromised. Using the Scrypt algorithm, we are making such attacks costly by requiring large amount of memory, thereby discouraging them. 2. Interplanetary File System (IPFS): The IPFS is a global versioned peer-to-peer file system. It s a modular protocol that creates its own file system to hold an entirely new kind of web based on cryptography hash addressing and blockchain technology. The IPFS allows distributed storage of files, and because it is too costly to store all the data in the blockchain, the main part of the data is stored in IPFS database. Because we want a great user experience, we plan to make transactions and exchange of documents extremely fast. Querying data on the blockchain may be too slow and expensive, so it s important to save the data in a database that is query-able.
4.3 Service Transparency Once an investor finds a good property deal of their choice and registers their interest in that asset by initiating a purchase, the required value of RLD Tokens for that transaction will be deducted from their wallet and processed for that property purchase. The transaction details will then be added to the distributed ledger so that it can be viewed and reviewed without the need for a third party. The distributed nature of the blockchain keeps the RLD platform transparent and ensures that every transaction is verifiable at anytime. This means that transactions cannot be manipulated, and every incentive or profit associated with each activity can be linked to the right investor.
5. THE INITIAL PROPERTY OFFERING With the introduction of Bitcoin in 2009, we now have the tools and infrastructure to transact primitive digital tokens of value over the open public Internet without trusted intermediaries. However, in order to create new tokens, we would need to deploy and scale a new blockchain network (likely forked from Bitcoin), or issue tokens on top of an existing blockchain network such as Bitcoin (through metadata encoded into raw transactions). The first option would be an uphill struggle due to challenges of scaling and achieving network effects for a new blockchain, and the second option would be challenging due to the complexities of trying to encode sufficient information related to our new tokens into raw Bitcoin transactions. Neither model would have been ideal, but for the availability of decentralized smart contracts. These decentralized smart contracts provide the capability to easily create and autonomously manage other secondary digital tokens of value over the open public Internet without trusted intermediaries. Using this concept of smart contracts, which are effectively applications running atop a decentralized network, the RLD Tokens would be created and allocated to investors, who are able to use it for investing in global real estate opportunities on our platform. This process of hand-picking and offering valuable real estate properties as well as creating RLD Tokens and distributing them to investors in exchange for other network s primitive digital tokens such as Bitcoin, Litecoin and Ethereum is called an Initial Property Offering (IPO). Once the Real Land IPO is launched, interested investors can purchase our Tokens on our platform and other partner exchanges available online.
5.1 Creation of Tokens It is important to keep in mind that secondary tokens like the RLD are not like primitive tokens (cryptocurrencies such as Bitcoin and ether) that are intrinsic to the structural integrity of a blockchain network. The RLD is created on top of the Ethereum platform, and is merely a representation of some property rights that may (or may not) be external to the blockchain in use e.g. access to investment assets. We are simply leveraging the network effects of the underlying blockchain and its cryptocurrency to create and issue (through our IPO process) RLD Tokens, which are considered as secondary tokens to be used for all transactions and financial activities on our platform. Therefore, it is important to note that we are merely using the open public blockchain as an independent data layer. 5.2 The Real Land (RLD) Token We are looking to have Tokens known as RLD, which investors will use in purchasing global real estate properties on our platform as well as exchanges for capital gains. Every transaction and exchange process will be effectively managed using the terms in the smartcontracts. The RLD will be issued during the IPO crowdsale, and will be the base currency for our IPO platforms. After listing of RLD on our platform, we expect the trading volume to run up to billions of USD every month. With every new user trying to buy Real Estate unit, the demand for RLD grows as well as the RLD price. As more and more users join the platform and buy Real Estate units using the RLD, Real Land has to keep on buying RLD at the exchanges to sell real estate units to the new clients. Alternatively, users will buy RLD directly at the exchanges to be used for purchasing residential properties of their choice at any time. The supply for RLD will obviously be limited due to the demand from the billions of potential real estate investors in the market.
Here are some of the features to expect with the RLD Token: Secure and Transparent Special bonuses available for early adopters Exchange with all the crypto & fiat currencies To be available on several exchanges after the IPO crowdsale Use for purchasing High value real estate properties across the globe without restrictions Can be used as a collateral with other investors on the platform RLD holders will receive a 15% yield every year in the form of bonus 100% offer value guaranteed Accessible in all the forms of money
5.3 Real Land Token Distribution Here are the rules guiding the distribution of RLD Tokens: Total RLD available - 70,000,000 (100%) IPO of RLD allocated for Purchasing Assets - 56,000,000 (80%) IPO platform - 7,000,000 (10%) Team 3,500, 000 (5%) Marketing 3, 500, 000 (5%) All collected funds will be received and stored in wallets with multi-signatures Marketing 5% Team 5% Platform 10% Assets 80%
5.4 Real Land Token Issuance Real Land will be issuing the RLD Token to raise funds for buying real estate units in different locations such as Thailand, Indonesia, Cambodia, India, etc. Some of the funds will also be used in developing the RLD platform and marketing the opportunity. The Initial Property Offering runs from December 5, 2017 through February 5, 2018. Here are the details: Token Name: RLD Issuance of RLD Tokens: 70,000,000 Tokens Exchange rate: Presently $ 1 per 100 RLD Minimum transaction amount: $ 1.00 Maximum transaction amount: No Limit Total Sale goal: $56M Minimal Sale goal: $10M Accepted Cryptocurrencies: BTC, BCH, ETH, LTC, DASH, NEO, etc. Accepted Nationalities: All Nationalities Exchanges: We plan to be listed amongst the largest cryptocurrency exchanges.
5.5 Crowdsale Distribution Depending on the success of the crowdsale and other funding tiers, we see the funds able to purchase the required assets and fuel the growth of the platform accordingly. We plan to distribute the funds raised in this order: Marketing 5% Team 5% Platform 10% Crowd-sale 80%
5.6 Real Land Bonus Model The base price of 1 RLD equals 0.1 ETH. The value in other primitive digital tokens like the BTC, LTC and fiat currency will be communicated to investors in each funding tier. The price for each tier is calculated using a bonus model as listed in this section, and is distributed based on a first-come-first-served basis. Simply put, the earlier you purchase the RLD token, the higher the bonus you will get. Here are the details of our Weekly Bonus capping: 9th week 2% 8th week 4% 7th week 6% 6th week 8% 5th week 12% 4th week 14% 1st week 20% 2nd week 18% 3rd week 16%
6. THE ROADMAP This roadmap details our plans for the first phase of development and their respective timelines. We will be updating this roadmap going forward. SEP 2017 The idea of RLD IPO token for real estate tokenized economy to promote international investments in profitable real estate units. OCT 2017 All the research regarding real estate units locations, growth factors and all legal contracts with some of the best real estate developers. NOV 2017 All the required 8:15 token contracts, docs and developments to create IPO platform for real estate unit trading. DEC 2017 RLD IPO Token 9:00 sale start on December 5, 2017 at 12:00 GMT FEB 2018 MAR 2018 IPO Token exchange platform launch and beta testing will be open for public. RLD IPO token sale close 9:10 on February 5, 2018 at 12:00 GMT & the process of the token listing in various exchange will take place.
7. THE TEAM The Real Land project was founded by Alexandra and Ana, who have both taken the time to assemble a team of special individuals with a deep understanding of the global real estate market & investments. Our team member s are experience in various roles ranging from financial markets, real estate, sales and commercial software development. Meet our team members Alexandra Coleman CO-FOUNDER Ana Laguardia CO-FOUNDER Maritza Giron Mauricio Caballero CO-FOUNDER CO-FOUNDER
8. PROJECTS
8 Growth Potential Real estate industry is growing so fast to an estimated $3.5 billion in 2016. By 2025, the real state industry as a whole is anticipated to be valued at more than $300 billion. RLD will solve the problem of international investments in real state units, people from all over the world will benefit from Real Estate profit potential worldwide while performing transactions with ease. We are confident that RLD Token will revolutionize the real state market. The RLD is the base currency for our IPO platforms, after listing of RLD in our platform the trading volume will be billions of EUR every month. With every new user try to buy Real Estate unit the demand for RLD grows. As more and more users join and buy Real Estate units the RLD, Real Land has to keep buying RLD at the exchanges to sell real estate units to the new clients. Alternatively, users will buy RLD directly at the exchanges to buy or Convert RLD in to house or villa- means a growing RLD price! The supply for RLD is limited, and the demand well, there are billions of potential users and hence billions potential RLD buyers out there. 6 4 2 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC