Windows 32 bit perl 5.16.3.1604 install doesn't contain "site/lib" in @INC

I've just installed ActivePerl 5.16.3.1604 and when I run perl -V, I see that @INC doesn't include the "site/lib" directory? This is the end of the perl -V output:

Characteristics of this binary (from libperl):
  Compile-time options: HAS_TIMES HAVE_INTERP_INTERN MULTIPLICITY
                        PERLIO_LAYERS PERL_DONT_CREATE_GVSV
                        PERL_IMPLICIT_CONTEXT PERL_IMPLICIT_SYS
                        PERL_MALLOC_WRAP PERL_PRESERVE_IVUV PL_OP_SLAB_ALLOC
                        USE_ITHREADS USE_LARGE_FILES USE_LOCALE
                        USE_LOCALE_COLLATE USE_LOCALE_CTYPE
                        USE_LOCALE_NUMERIC USE_PERLIO USE_PERL_ATOF
                        USE_SITECUSTOMIZE
  Locally applied patches:
        ActivePerl Build 1604 [298023]
  Built under MSWin32
  Compiled at Apr 14 2014 14:32:20
  @INC:
    c:/Perl32/5.16.3/lib
    .

Is this intended? Seems like c:/Perl32/5.16.3/site/lib should also be in @INC. The 5.10.1 build that we are attempting to upgrade from contained both the lib and site/lib directories.

Thanks,

Steve