Real Estate Investment Strategies

Consumer credit availability remains constrained 130 Many geographies have meaningfully deleveraged ITA SWE Sizeable application for near-prime financing 30% Near Prime Consumer 27% 25% 20% 15% 12% 20% 19% 18% 17% 15% 13% 13% 10% 9% 10% 7% 7% 5% 5% 5% 2% 0% Percent of population 300-499 500-549 550-599 600-649 650-699 700-749 750-799 800-850 FICO scores Pre-2009 Apr '16 Surveys suggest consumers still find credit difficult to access 35 30 15 10 4252525250 Percent 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 Household Debt to Net Disposable 8 8 8 ទ៩៩៦ ៨៩ ៩៩ Income (OECD, Indexed to 2005) 100 115 110 105 125 120 2011-12 2012-13 2013-14 I Just about getting by Finding it quite difficult Finding it very difficult AUS IRL GBR ESP USA 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Bank credit to non-financial sector, % of GDP 2010 2011 2012 2013 2014 2015 Q2 '16 Change Ireland 133 115 111 104 82 54 52 -61% Portugal 151 152 149 140 127 118 115 -24% Spain 165 159 148 135 124 114 115 -30% United Kingdom 107 101 98 == 00 00 94 90 90 91 -15% As of 30 June 2016. SOURCE: DTZ Research (top left), OECD (top right), University of Birmingham Financial Inclusion Report 2015 (bottom left), BIS (bottom right). Refer to Appendix for additional outlook information. PIMCO 18

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