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Investor Presentaiton

RISING RESIDENTIAL VALUE RELATIVE TO COMMERCIAL APPEARS TO BE DRIVING DEVELOPMENT AND CHANGE OF USE IN SOME MARKETS Residential Prices versus Commercial Capital Value Sydney 170 150 130 110 90 10 70 50 2004 2004 2005 2006 2006 2007 2008 2008 2009 2010 2010 2011 2012 2012 2013 2014 2014 2015 Sydney Residential Source: CBRE Research, ABS CBRE Sydney Office Sydney Industrial 18 CBRE | AUSTRALIAN COMMERCIAL PROPERTY
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