Important notice: This document has been prepared solely to provide some background information about Satterley Property Group Pty Ltd’s (Satterley) current view of the property markets in Perth, Melbourne and Brisbane. It is not intended, and must not to be relied on or used for any other purpose. All statistical, economic and financial data (Data) in this document is sourced or compiled external sources including the Australian Bureau of Statistics, Research4, Urban Development Institute, Real Institute of Australia. Any opinions expressed in this document are based on Satterley’s own knowledge or interpretation of any Data at the date that opinion was formed. It may have ceased or may, in future, cease to be appropriate in the light of subsequent knowledge or attitudes. Investors should not rely on the views expressed in this document to make investment decisions. To the maximum extent permitted by law, Satterley and its officers, employees and agents do not: a. warrant or represent that the information contained in this document is complete or accurate or that it has been independently verified; and b. accept any responsibility for any errors or omissions in this document or any inference, interpretation, opinion or conclusion that an investor may draw or form from that information. Investors must carry out their own investigations, enquiries and analysis (Analysis) about any information, statement or opinion in this document. They must rely only on that Analysis and not on Satterley’s opinions and obtain professional advice before making any investment decision. Recipients of this document agree that, except as and to the extent required by law, Satterley and its officers, employees and agents are not liable for any loss or damage (however it arises and whether or not it was foreseeable, including, without limitation, negligence or any misrepresentation on the part of Satterley, or any other cause) arising from or in connection with the recipient: a. using or purporting to rely on any information or Data in this document; or b. making or not making any investment decision for any reason.