Investor Presentaiton

IMPACT OF FOREIGN INVESTORS? PRICING GAP BETWEEN NEWLY BUILT RESIDENTIAL AND “RE-SALE” MARKET 12 Pricing Differential between New and "Re-sale" Market - Melbourne Residential 4 Excerpt from recent CBRE Research Viewpoint, Aug 2015 "Foreign investment driving two tiered residential market" Annual value of FIRB approvals ($b.) 10 10 8 00 6 4 2 Differential new versus resale (RHS) FIRB value of residential for development (LHS) 0 2009 2010 2011 2012 CBRE Source: CBRE Research; RP Data City of Melbourne Council, 2014. 21 2013 2 0 2 -4 -6 -8 2014 Price differential (%) CBRE | AUSTRALIAN COMMERCIAL PROPERTY

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