Investor Presentaiton

Economic Environment The Global Landscape Economic recovery from the pandemic has been steady, but global activity still falls short of pre-pandemic levels. Multiple headwinds causing sustained drag stem from both long-term issues including the war in Ukraine and more acute issues like central bank monetary policy to combat inflation. As such, global growth is forecast to slow from the 3.5 percent observed in calendar year 2022 to 3.0 percent in CY2023 and 2.9 percent in CY2024, according to the International Monetary Fund (IMF). Domestically, the current higher interest rate environment has created a disincentive for existing homeowners with lower rates to sell. Limited inventory is keeping prices high, resulting in more challenging monthly payments facing would-be borrowers. Exchange Rates World GDP Growth Is Moderating Annual Real GDP Growth, World and Selected Areas 10% 5% 0% -5% -10% -15% China ⚫⚫World Latin America and the Caribbean Canada United Kingdom Euro Area Japan 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Source: International Monetary Fund (IMF) The U.S. dollar strengthened significantly relative to most other major world currencies in CY2022. This trend peaked near year's end, however, and the dollar has been generally been weaker so far in CY2023. Still, over the broader period of August 2022-July 2023, international buyers who purchased Florida residential real estate needed to dig deeper into their pockets much more so than the prior period of August 2021-July 2022. Florida home prices have appreciated considerably, but compared to other global cities are comparatively inexpensive. U.S. real estate remains a safe haven which encourages investment during times of economic concern. Ranges of what the median Florida home would have cost an international buyer using the currency lows and highs during the survey timeframes for each respective 12-month period are presented below. Amount of Local Currency Needed to Purchase a Florida Median-Priced Home Euro Canadian Dollar € 450,000 $550,000 € 400,000 $500,000 € 350,000 $450,000 € 300,000 € 250,000 2022 2023 $400,000 2022 Brazilian Real Colombian Peso Chinese Yuan R$ 2.4M $ 2.2B ¥2.9M ¥2.8M R$ 2.2M $ 2.0B ¥2.7M $ 1.8B ¥2.6M R$ 2.0M ¥2.5M $1.6B ¥2.4M R$ 1.8M $1.4B ¥2.3M R$ 1.6M ¥2.2M $1.2B ¥2.1M R$ 1.4M $ 1.0B ¥2.0M 2023 2022 2023 2022 2023 2022 2023 Florida Realtors®, all rights reserved. 3 2023 Profile of International Residential Transactions in Florida

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