Investor Presentaiton

GLOBALISATION - LOCAL ALLOCATIONS TO OFFSHORE HAVE RISEN 25% 20% 15% 10% 5% Offshore Allocation across all Managed Funds in Australia All asset classes Implication for Australia's property markets: Domestic investors looking to diversify offshore • AustSuper acquisition of share in Hawaiian shopping centre ($1.1b) Local investors with mandated hurdle rates are squeezed out of market 0% 1988 Source: ABS CBRE 1991 1994 1997 2000 2003 2006 2009 2012 2015 6 CBRE | AUSTRALIAN COMMERCIAL PROPERTY

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