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50An ERI Scientific Beta Publication — The Dimensions of Quality Investing: High Profitability and Low Investment Smart Factor Indices — July 2015Copyright © 2015 ERI Scientific Beta. All rights reserved. Please refer to the disclaimer at the end of this document.Appendix• Insurance Division Revenues• Gain (Loss) on Sale Of Assets, Total (Revenue Category)• Gain (Loss) on Sale Of Investments, Total (Revenue Category)• Interest And Investment Income (Revenue Category)• Other RevenuesCost of Goods Sold Components. This item represents the cost incurred on all raw materials and workin process, manufacturing expenses and costs incurred which can be directly attributable to generatethe main revenues of the company. This item includes:For the Banking and Thrift Industry:1. Interest expenses on Deposits/Borrowings2. Provision for loan losses/credit losses3. Employee salaries, compensation and other benefitsFor the Insurance Industry:1. Amortisation of Deferred Policy Acquisition Costs2. Write off of policy acquisition costs3. Underwriting expenses4. Commissions to agents5. Non-insurance activity expenses6. Dividends/Distributions/Profit sharing/ any other benefits to Life insurance/Property & Casualtyinsurance policyholders7. Medical & Health benefits, Accident and dental benefits etc.8. The periodical Transfers made to Life Reserve fund by a life insurance company to meet the futurelife insurance policyholders' benefits.9. Provision for loan losses/credit losses10. Employee salaries, compensation and other benefitsFor the Utility Industry:1. Cost of fuel, electricity, natural gas2. Plant maintenance & operating expenses3. Provision for loan losses/credit losses4. Employee salaries, compensation and other benefits5. Rent and Lease expensesFor the REIT Industry:1. Ground rent, Property Insurance, Repairs and maintenance, Asset management fee and otherProperty operating expenses2. Provision for loan losses/credit losses3. Employee salaries, compensation and other benefits4. Rent and Lease expenses