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Investor Presentaiton

38 -20 50 40 40 30 20 20 10 0 Change in Sydney House Prices (%) -10 1981 1983 Investor Presentation 1985 1987 60 60 House prices - unemployment a key driver Sydney house prices v change in unemployment -3 60 Sydney house prices v change in interest rates 60 1989 1991 1993 1995 Sydney House Prices Change in Unemployment 50 40 40 30 20 20 10 10 0 Change in Sydney House Prices (%) -10 Change in NSW unemployment (inverted scale) -2 O 3 + 5 1997 1999 2001 1981 1983 1985 1987 1989 1991 1993 1995 1997 -20 -Sydney House Prices Change in Mortgage Rate ANZ Change in mortgage rates (inverted scale) -6 + ○ 2 + 1999 2001 6

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