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WHERE IS THE CAPITAL ? FUNDING SOURCES FROM ASIA AND THE MIDDLE EAST ARE GROWING Excerpt from CBRE Research " In and Out – Middle East" August 2015 - FIGURE 3: GLOBALISATION OF INVESTMENT MARKET NORTH AMERICA 66 US$ BILLION Source: CBRE Research, Real Capital Analytics CBRE Cross-regional capital flows into global commercial real estate increased to $125 billion in 2014, up 39% year-on-year. The Middle East was the third largest source of capital in 2014, with $14 billion invested outside the region. ASIA 28 US$ BILLION MIDDLE EAST 14 US$ BILLION 24 CBRE | AUSTRALIAN COMMERCIAL PROPERTY

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