Quarter Time National Office Q3/2017

Savills Research Australia Quarter Time National Office CBD Averages A Grade National Office N.F. Rent N.E. Rent Market Yield IRR Cap. Value Sydney CBD 955 (21.7%) 740 (29.8%) 5.15 (-25bps) 6.90 (-35bps) 18,500 (25.9%) Melbourne CBD 545 (3.8%) 395 (3.9%) 5.40 (-35bps) 6.90 (-10bps) 9,500 (1.1%) Brisbane CBD 540 (10.2%) 290 (11.5%) 6.65 (-10bps) 8.00 (-15bps) 9,000 (9.8%) Perth CBD 565 (0.0%) 295 (0.0%) 7.50 (-25bps) 8.00 (-25bps) 7,900 (3.9%) Adelaide CBD 370 (0.0%) 260 (-5.5%) 7.50 (-50bps) 8.25 (-50bps) 5,000 (6.4%) Canberra Civic 370 (2.8%) 290 (5.5%) 6.40 (-35bps) 8.15 (5bps) 6,800 (19.3%) Note: 12 month change shown in brackets Trends Detailed Sales Activity: $16.228bn 163 Sales ($10m+) Leasing Activity 1,425,535sq m 343Leases (1,000sq m+) Employment 12.249m 2.6% growth Please note there have been material changes to this report and some methodologies, please contact Savills should you require explanation. savills.com.au/research

Report Contents National Indicator Summary 3 Office Economic Drivers 5 National Sales Activity 6 National Leasing Activity 7 State Indicators and Major Activity New South Wales 8 Victoria 11 Queensland 14 Western Australia 17 South Australia 20 Australian Capital Territory 23 National Head Capital Strategy & Research Chris Freeman cfreeman@savills.com.au View all our reports online at: savills.com.au/research Key State Contacts 25 National CBD Average Yield and IRR vs 10yr Bond Rate 12% 10yr Bond Rate Average CBD Grade A Yield Average CBD Grade A IRR 10% 8% 6% 4% 2% % Source: RBA, Savills Research National CBD A Grade - Average Yield Spread over 10yr Bond Rate and IRR Multiple 600 Yield Premium over 10yr Bond Rate (bps) IRR Multiple of 10yr Bond Rate (RHS) 500 400 300 200 100 0 4.5-x 4.0-x 3.5-x 3.0-x 2.5-x 2.0-x 1.5-x 1.0-x Source: RBA, Savills Research savills.com.au/research 2

Fringe Market Averages A Grade National Office N.F. Rent N.E. Rent Market Yield IRR Cap. Value North Sydney 785 (10.6%) 570 (15.2%) 5.75 (-50bps) 7.25 (-50bps) 12,000 (7.1%) Macquarie Park 360 (1.4%) 255 (4.1%) 6.25 (-50bps) 7.40 (-60bps) 6,000 (11.1%) Parramatta 460 (2.2%) 370 (4.2%) 6.15 (-50bps) 7.25 (-50bps) 7,500 (13.6%) St Kilda 390 (5.4%) 305 (n/c) 6.25 (-65bps) 7.25 (n/c) 5,900 (13.5%) Brisbane Fringe 445 (n/c) 240 (-2.0%) 6.90 (n/c) 8.15 (n/c) 8,400 (n/c) Sunshine Coast 330 (1.5%) 260 (-5.5%) 8.65 (n/c) 9.75 (n/c) 4,300 (2.4%) Gold Coast 325 (n/c) 235 (n/c) 8.50 (n/c) 9.50 (n/c) 4,300 (n/c) West Perth 325 (n/c) 190 (-7.3%) 8.00 (n/c) 8.40 (-50bps) 4,100 (n/c) Adelaide Fringe 345 (n/c) 260 (-5.5%) 7.75 (n/c) 8.65 (n/c) 4,400 (n/c) Note: 12 month change shown in brackets National Face Rents, Effective Rents and Incentive Comparison A Grade Average Net Face ($/sq m) Net Effective Incentive (Net Basis % RHS) 1,200 1,000 800 600 400 200 Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic 50 45 40 35 30 25 20 15 10 5 0 12 Month Net Effective Rental & Capital Growth A Grade Average 35% 30% 25% 20% 15% 10% 5% % -5% -10% Net Effective Rent Growth Capital Value Growth Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic savills.com.au/research 3

Yield and IRR Spread to Bond Rates A Grade Average 12% 10-yr Bond Market Yield IRR 10% 8% 6% 4% 2% % Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic Typical Capital Value Range ($/sq m) A Grade Average 25,000 20,000 15,000 10,000 5,000 0 Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic Capital Value CAGRs by Period A Grade Average (Historic) Effective Rental CAGRs by Period A Grade Average (Historic) 30% 1yr 3yr CAGR 5yr CAGR 10yr CAGR 25% 20% 15% 10% 5% 0% -5% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% 1yr 3yr CAGR 5yr CAGR 10yr CAGR -10% Note: CAGR = Compound Annual Growth Rate -20% Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic savills.com.au/research 4

Office Sector Economic Drivers Net Absorption vs. Growth in Prof. Job Advertisements Annual Growth in Professional Job Advertisements - % (to Aug-17) 500,000 400,000 300,000 200,000 Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra 50% Prof. Job Ads 40% 30% 20% 10% SA ACT VIC QLD 4.4% 4.4% 4.0% 11.4% 100,000 - (100,000) (200,000) (300,000) 0% (10%) (20%) (30%) (40%) (50%) AUS NSW WA TAS NT -11.5% -1.6% -2.2% 2.1% 0.0% Note: Net Absorption to Jun-17, Job Adverts to Jun-17 Annual Growth in Employment Annual Growth in Employment by State - % (to Aug-17) 400,000 F/T Employed P/T Employed TAS 4.0% 300,000 QLD 3.7% 200,000 VIC WA 2.6% 3.2% 100,000 AUS 2.6% - SA 1.8% (100,000) NSW ACT 1.0% 1.6% (200,000) NT -1.7% Note: CAGR = Compound Annual Growth Rate Summary of State Economic Indicators Key State Indicators (%) Latest NSW VIC QLD WA SA ACT AUS SFD / GDP Growth Jun-17 2.4 (2.7) 4.7 (2.8) 2.8 (1.7) -4.3 (1.7) 4.0 (2.0) 1.3 (3.2) 1.8 (2.5) Population Growth Mar-17 1.6 (1.4) 2.4 (2.1) 1.6 (1.9) 0.7 (2.1) 0.6 (0.9) 1.8 (1.9) 1.6 (1.7) Employment Growth Aug-17 1.6 (1.5) 3.2 (2.0) 3.7 (1.4) 2.6 (2.0) 1.8 (0.8) 1.0 (1.0) 2.6 (1.6) Unemployment Rate Aug-17 5.0 (5.3) 6.0 (5.6) 6.2 (5.6) 6.0 (4.8) 6.6 (6.0) 4.0 (3.8) 5.7 (5.4) CPI (Inflation) Jun-17 2.2 (2.4) 2.2 (2.4) 1.8 (2.5) 0.7 (2.2) 1.6 (2.3) 2.1 (2.2) 1.9 (2.4) Job Adverts (Prof) Aug-17-1.9 (-3.3) 8.0 (-1.9) 0.4 (-4.8) 4.9 (-5.4) 12.0 (-3.8) 4.9 (2.2) 2.2 (-3.2) Job Adverts (Total) Aug-17 0.0 (-2.9) 4.4 (-3.1) 4.0 (-6.5) -1.6 (-5.8) 11.4 (-6.3) 4.4 (1.8) 2.1 (-4.1) Source: ABS / DOE / Savills Note: Annual change shown, 10yr compound average in brackets savills.com.au/research 5

National Sales Activity Reported Transaction Activity Sales $10m+ $20bn NSW VIC QLD WA SA ACT $18bn $16bn $14bn $12bn $10bn $8bn $6bn $4bn $2bn $0bn 100% 80% 60% 40% 20% 0% Purchasers Fund Developer Government Foreign Investor Other Vendors Trust Owner Occupier Syndicate Private Investor Top Recent 15 Sales by Value ($m) 300.00 270.05 216.25 210.00 165.87 158.00 144.40 134.00 119.50 114.50 97.85 95.30 60.00 58.70 58.22 58.00 55.90 54.60 52.67 47.00 447 Collins St, Melbourne, VIC (50.0%) - Jul-17 - $12,245/sq m Swire House, NSW - Sep-17 - $19,447/sq m Westralia Square, WA - Aug-17 - $6,626/sq m 400 George St, Brisbane, QLD (50.0%) - Jul-17 - $9,657/sq m Hudson House, NSW - Sep-17 - $16,801/sq m Sydney Plaza, NSW - Jul-17 - $8,142/sq m 417 St Kilda Rd, Melbourne, VIC - Aug-17 - $7,172/sq m Northpoint, NSW - Jul-17 - $15,854/sq m 160 Ann St, Brisbane, QLD - Jul- 17 - $7,476/sq m 990 La Trobe St, Docklands, VIC - Aug-17 - $8,844/sq m 390 St Kilda Rd, Melbourne, VIC - Aug-17 - $6,000/sq m Macquarie Corporate Park Stg 2, NSW - Aug-17 - $7,942/sq m Enterprise House, NSW - Jul-17 - $18,951/sq m 121 King William St, Adelaide, SA - Jul-17 - $4,643/sq m Hatch Building, WA - Aug-17 - $5,273/sq m 8 West Street, North Sydney, NSW - Jul-17 - $9,034/sq m 165 Walker St, North Sydney, NSW - Aug-17 - $10,750/sq m 226 Adelaide Tce, Perth, WA - Jul-17 - $3,789/sq m 26-32 Waterloo St, Surry Hills, NSW - Sep-17 - $7,466/sq m Waterloo Junction, QLD - Sep- 17 - $7,167/sq m Top Recent 15 Sales by $/sq m 19,447 18,951 16,801 16,692 15,924 15,854 12,245 10,750 10,157 9,657 9,248 9,034 8,877 8,844 8,142 7,942 7,730 7,476 7,466 7,172 Swire House, NSW - Sep-17 - $270.05m Enterprise House, NSW - Jul-17 - $60.00m Hudson House, NSW - Sep-17 - $165.87m Cyclone House, VIC - Sep-17 - $6.71m Concierge House, NSW - Sep-17 - $25.00m Northpoint, NSW - Jul-17 - $134.00m 447 Collins St, Melbourne, VIC (50.0%) - Jul-17 - $300.00m 165 Walker St, North Sydney, NSW - Aug-17 - $55.90m 39-47 Regent St, Chippendale, NSW - Jun-17 - $38.82m 400 George St, Brisbane, QLD (50.0%) - Jul-17 - $210.00m 426 Church St, Parramatta, NSW - Jul-17 - $30.00m 8 West Street, North Sydney, NSW - Jul-17 - $58.00m 124-130 Russell St, Melbourne, VIC - Jul-17 - $23.00m 990 La Trobe St, Docklands, VIC - Aug-17 - $114.50m Sydney Plaza, NSW - Jul-17 - $158.00m Macquarie Corporate Park Stg 2, NSW - Aug-17 - $95.30m Connect Corporate Centre (Building 1), NSW - Jul-17-160 Ann St, Brisbane, QLD - Jul- 17 - $119.50m 26-32 Waterloo St, Surry Hills, NSW - Sep-17 - $52.67m 417 St Kilda Rd, Melbourne, VIC - Aug-17 - $144.40m savills.com.au/research 6

National Leasing Activity Reported Leasing Activity Leases 1,000sq m+ 2,000,000 SYD MEL BRI PER ADL CAN 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 Retail & W'Sale 50,342sqm - 3.6% Mining & Util. 114,241sqm - 8.1% IT & Comm 203,930sqm - 14.5% Business Serv. 265,567sqm - 18.9% Fin & Ins 333,430sqm - 23.8% Govt. 386,190sqm - 27.5% Leasing Composition by Type Leases 1,000sq m+ Leasing Composition by Grade Leases 1,000sq m+ Direct - 786,388sqm - 53.9% P - 253,616sqm - 19.2% Precom - 430,047sqm - 29.5% A - 836,337sqm - 63.3% Renewal - 202,126sqm - 13.8% B - 179,277sqm - 13.6% Sublease - 39,993sqm - 2.7% C - 51,128sqm - 3.9% Assignment - 1,239sqm - 0.1% D - 1,384sqm - 0.1% Top 20 Recent Leases 1,000sq m+ 4,750 4,320 4,000 4,000 3,433 3,149 3,079 2,940 2,888 2,843 Precom Direct & Other 2,652 2,574 2,548 2,179 2,015 2,000 1,954 1,952 1,936 1,903 Aust. Inst. of Comp. Directors, NSW Kone, NSW Trade Secret, NSW Stanwell Corporation, QLD IRESS Market Technology, NSW Jardine Lloyd Thompson, NSW Adobe Systems, NSW Dimenson Data, NSW Treasury Corp, NSW Toll Holdings, VIC CoCo Republic, QLD Optus, QLD NBN Co, QLD Boston Scientific, NSW APT Management Services, NSW APA Group, NSW Spruson & Ferguson, NSW Dermamed Skin Clinic, VIC Euclideon Unlimited, QLD Expedia, QLD savills.com.au/research 7

New South Wales PCA OMR Statistics (Jun-17) Sydney CBD North Sydney Parramatta Macquarie Park AUS CBD Total Stock 5,086,316 822,496 706,332 873,693 18,018,735 Total Vacancy 298,248 52,734 30,027 74,052 1,772,892 Vacancy (%) 5.9 (7.2) 6.4 (9.0) 4.3 (7.7) 8.5 (9.0) 10.5 (8.6) Net Absorption (12m) -7,727 (30,382) 32,883 (2,823) 24,334 (11,800) -20,823 (28,843) 188,097 (199,008) Net Absorption (%) -0.2 (0.7) 4.5 (0.4) 3.7 (1.9) -2.5 (4.6) 1.2 (1.3) Stock Additions 205,794 45,132 26,000 19,300 495,708 Stock Withdrawals 201,480 15,118 2,137 28,974 376,381 Net Additions 8,064 (33,345) 30,014 (1,349) 23,863 (9,831) -9,674 (31,887) 125,453 (325,578) Net Additions (%) 0.2 (0.7) 3.8 (0.2) 3.5 (1.5) -1.1 (4.6) 0.7 (2.0) Source: PCA / Savills Research Note: 10yr Average shown in brackets Sydney CBD Key Indicators Sydney CBD Premium A Grade B Grade Low High Low High Low High Rental Gross Face ($/sq m) 1,150 1,470 1,100 1,170 875 925 Rental Net Face ($/sq m) 940 1,260 920 990 700 750 Incentive Level Gross 18% 21% 17% 21% 16% 21% Rental Net Effective ($/sq m) 715 970 710 770 540 580 Outgoings Operating ($/sq m) 140 155 110 130 120 140 Outgoings Statutory ($/sq m) 45 55 45 50 40 50 Outgoings Total ($/sq m) 185 230 155 202 160 190 Typical Lease Term 8 10 5 10 5 7 Yield Market (% Net Face Rental) 4.75 5.00 5.00 5.25 5.00 5.25 IRR (%) 6.75 7.00 6.75 7.00 6.75 7.00 Cars Permanent Reserved ($/pcm) 990 1,080 900 1,070 720 790 Office Capital Values ($/sq m) 21,500 23,500 17,600 19,400 13,500 15,000 savills.com.au/research 8

North Shore Key Indicators North Shore North Sydney A Grade North Sydney B Grade Macquarie Park A Grade Low High Low High Low High Rental Gross Face ($/sq m) 875 945 725 775 420 505 Rental Net Face ($/sq m) 750 820 610 660 315 400 Incentive Level Net 25% 30% 25% 30% 25% 33% Rental Net Effective ($/sq m) 545 595 440 480 225 285 Outgoings Operating ($/sq m) 90 95 80 85 65 80 Outgoings Statutory ($/sq m) 30 35 30 35 25 40 Outgoings Total ($/sq m) 120 130 110 120 90 120 Typical Lease Term 7 10 3 7 5 8 Yield Market (% Net Face Rental) 5.50 6.00 6.25 6.75 6.00 6.50 IRR (%) 7.00 7.50 7.25 7.75 7.25 7.50 Cars Permanent Reserved ($/pcm) 550 650 475 550 225 275 Cars Permanent ($/pcm) 500 550 400 500 na na Office Capital Values ($/sq m) 10,500 13,500 9,500 11,000 5,000 7,000 Parramatta Key Indicators Parramatta A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 535 615 470 530 Rental Net Face ($/sq m) 420 500 350 410 Incentive Level Net 18% 23% 20% 25% Rental Net Effective ($/sq m) 335 400 270 320 Outgoings Operating ($/sq m) 75 80 80 85 Outgoings Statutory ($/sq m) 30 40 30 40 Outgoings Total ($/sq m) 105 120 110 125 Typical Lease Term 3 7 3 7 Yield Market (% Net Face Rental) 5.75 6.50 6.50 7.00 IRR (%) 7.00 7.50 7.50 8.00 Cars Permanent Reserved ($/pcm) 270 320 225 275 Cars Permanent ($/pcm) 200 250 200 250 Office Capital Values ($/sq m) 7,000 8,000 5,000 7,000 savills.com.au/research 9

Top 15 Recent Sydney Sales (by Sale Price) Property Price ($m) Date NLA (sq m) Yield Type $/sq m 19 Martin Pl (MLC Centre), Sydney (50%) 722.60 Jun-17 77,400 4.50 r 18,672 20 Bridge St, Sydney 335.00 Apr-17 19,592 4.66 e 17,099 100 Harris St, Pyrmont 327.50 Jun-17 26,900 5.30 r 12,175 320 Pitt St (Telstra Plaza), Sydney 275.00 May-17 29,159 5.81 e 9,431 26-32 Waterloo St, Surry Hills 270.05 Sep-17 13,886 4.69 r 19,447 105 Phillip St, Parramatta 229.00 May-17 25,000 5.31 r 9,160 59 Goulburn St, Sydney 158.00 Jul-17 19,406 5.97 e 8,142 116 Miller St (Northpoint), North Sydney 134.00 Jul-17 8,452 5.25 i 15,854 82 Waterloo Rd, Macquarie Park 120.00 Jan-17 10,415 n.a dev 11,522 123 Epping Rd (Avaya House), Macquarie Park 118.00 Dec-16 16,159 6.10 i 7,303 8 Khartoum Rd, Macquarie Park 95.30 Aug-17 12,000 5.25 r 7,942 2 Richardson Rd, North Ryde 85.00 Jan-17 15,200 7.00 i 5,592 275 George St, Sydney 82.75 Jun-17 7,357 n.a dev 11,248 2 Elizabeth Pl, North Sydney 81.00 Mar-17 7,840 6.20 i 10,332 165 Walker St, North Sydney 55.90 Aug-17 5,200 5.30 r 10,750 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * Includes >$30 m in compensation beyond market value. Top 15 Recent Sydney Leases (by Area Leased) Property Tenant Date NLA (sq m) Type Rent Term 201 Sussex St, Sydney IAG Jun-17 34,394 Direct 835 (N) 12 100 Mount St, North Sydney NBN Aug-17 20,000 Direct 750 (N) 10 11-31 York St, Sydney Sydney Startup Hub Aug-17 17,244 Direct 835 (G) 7 27 Argyle St, Parramatta RTA Jul-17 10,924 Renewal 262 (N) 3 100 Barangaroo Av, Sydney Baker McKenzie Jun-17 7,500 Direct 1,400 (G) 10 60 Martin Pace, Sydney Henry Davis York Sep-17 7,258 Direct 1,130 (G) 12 259 George St, Sydney Aust. Inst. of Comp. Directors Sep-17 4,750 Direct 995 (G) n.a. 185-191 O'Riordan Street, Mascot Kone Sep-17 4,320 Direct 365 (n.a) 15 185-191 O'Riordan Street, Mascot Trade Secret Sep-17 4,000 Direct 415 (n.a) 5 10 Shelley St, Sydney IRESS Market Technology Sep-17 3,433 Direct 654 (G) 5 225 George St, Sydney Jardine Lloyd Thompson Sep-17 3,149 Direct 1,215 (n.a) 10 201 Sussex St, Sydney Adobe Systems Sep-17 3,079 Direct 1,010 (N) 5 201 Sussex St, Sydney Dimenson Data Sep-17 2,940 Direct 920 (N) - 126 Phillip St, Sydney Treasury Corp Sep-17 2,888 Direct 910 (N) 7 363 George St, Sydney Atlassian Aug-17 2,538 Direct 925 (N) 4 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 10

Victoria PCA OMR Statistics (Jun-17) Melbourne CBD St Kilda Rd Southbank East Melbourne AUS CBD Total Stock 4,550,598 667,281 401,142 177,461 18,018,735 Total Vacancy 294,562 75,225 13,389 5,863 1,772,892 Vacancy (%) 6.5 (6.6) 11.3 (10.5) 3.3 (6.7) 3.3 (2.9) 10.5 (8.6) Net Absorption (12m) 128,389 (75,914) -27,751 (-10,388) -4 (3,028) 230 (644) 188,097 (199,008) Net Absorption (%) 3.1 (2.0) -4.5 (-1.6) 0.0 (0.8) 0.1 (0.4) 1.2 (1.3) Stock Additions 166,974-22,444 7,000 495,708 Stock Withdrawals 57,334 18,894 29,894 3,500 376,381 Net Additions 109,640 (83,778) -18,894 (-9,434) -7,450 (2,732) 3,500 (276) 125,453 (325,578) Net Additions (%) 2.5 (2.1) -2.8 (-1.3) -1.8 (0.7) 2.0 (0.2) 0.7 (2.0) Source: PCA / Savills Research Note: 10yr Average shown in brackets Melbourne CBD Key Indicators Melbourne CBD (City Core) Premium A Grade B Grade Low High Low High Low High Rental Gross Face ($/sq m) 680 955 655 765 545 585 Rental Net Face ($/sq m) 490 765 490 600 405 445 Incentive Level Gross 24% 28% 25% 30% 22% 26% Rental Net Effective ($/sq m) 365 565 355 435 310 340 Outgoings Operating ($/sq m) 115 135 100 110 85 109 Outgoings Statutory ($/sq m) 60 70 55 60 37 47 Outgoings Total ($/sq m) 175 205 155 170 122 156 Typical Lease Term 6 10 5 8 3 7 Yield Market (% Net Face Rental) 4.75 5.50 5.00 5.75 6.00 7.00 IRR (%) 6.75 7.00 6.75 7.00 7.00 7.50 Cars Permanent Reserved ($/pcm) 550 800 500 700 450 600 Cars Permanent ($/pcm) 450 600 450 600 420 500 Office Capital Values ($/sq m) 8,500 14,000 7,000 12,000 6,000 8,500 savills.com.au/research 11

Melbourne St Kilda Rd Key Indicators Melbourne St Kilda Rd A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 465 540 405 475 Rental Net Face ($/sq m) 350 425 300 370 Incentive Level Gross 19% 24% 15% 20% Rental Net Effective ($/sq m) 275 335 250 310 Outgoings Operating ($/sq m) 60 75 50 65 Outgoings Statutory ($/sq m) 45 50 45 50 Outgoings Total ($/sq m) 105 125 95 115 Typical Lease Term 3 6 3 5 Yield Market (% Net Face Rental) 6.00 6.50 6.75 7.50 IRR (%) 7.00 7.50 7.25 7.75 Cars Permanent Reserved ($/pcm) 300 330 280 320 Office Capital Values ($/sq m) 5,000 6,750 4,500 5,500 Melbourne Suburban Key Indicators Melbourne Suburban A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 455 505 375 420 Rental Net Face ($/sq m) 350 400 275 320 Incentive Level Gross 15% 20% 20% 25% Rental Net Effective ($/sq m) 290 330 215 250 Outgoings Operating ($/sq m) 50 70 50 60 Outgoings Statutory ($/sq m) 30 55 40 45 Outgoings Total ($/sq m) 80 125 90 105 Typical Lease Term 4 8 3 5 Yield Market (% Net Face Rental) 6.25 7.00 6.50 7.50 IRR (%) 7.00 8.00 7.25 8.25 Cars Permanent Reserved ($/pcm) 185 215 150 200 Office Capital Values ($/sq m) 6,100 7,600 4,500 5,500 savills.com.au/research 12

Top 15 Recent Melbourne Sales (by Sale Price) Property Price ($m) Date NLA (sq m) Yield Type $/sq m 839 Collins St, Melbourne 425.00 Jan-17 39,000 5.25 i 10,897 477 Collins St (Older Fleet), Melbourne (50%) 414.17 Jun-17 58,000 4.80 e 14,282 311 Spencer St, Melbourne (50%) 347.80 Jun-17 65,648 4.89 e 10,596 447 Collins St (Collins Arch), Melbourne (50%) 300.00 Jul-17 49,000 n.a n.a 12,245 100 Queen St, Melbourne 274.50 Dec-16 36,605 5.06 e 7,499 18-38 Siddeley St (WTC), Melbourne 267.50 Feb-17 53,301 7.00 i 5,019 120 Spencer St (Esso House), Melbourne 250.00 Jun-17 32,217 n.a n.a 7,791 628 Bourke St (QBE House), Melbourne 180.08 Jun-17 24,705 5.95 e 7,289 12 Riverside Quay, Melbourne 160.00 Dec-16 21,000 n.a n.a 7,619 417 St Kilda Rd, Melbourne 144.40 Aug-17 20,135 6.11 e 7,172 664 Collins St, Docklands (50%) 138.00 Jun-17 26,000 4.97 r 10,615 990 La Trobe St, Docklands 114.50 Aug-17 12,947 5.58 e 8,844 390 St Kilda Rd, Melbourne 97.85 Aug-17 16,307 6.18 e 6,000 495-501 Blackburn Rd, Mt Waverley 76.30 Jun-17 22,000 n.a n.a 3,468 438 Elizabeth St (RMIT Building), Melbourne 75.60 Nov-16 13,778 6.20 e 5,487 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development Top 15 Recent Melbourne Leases (by Area Leased) Property Tenant Date NLA (sq m) Type Rent Term 60 Cremorne St, Cremorne Seek Aug-17 19,300 Precom n.a n.a. 2 Kendall St, Williams Landing Target Australia Jul-17 12,919 Precom n.a 10 161 Collins St, Melbourne Accenture Feb-17 8,000 Direct 500 (N) 10 108 Lonsdale St, Melbourne Cambridge International Feb-17 7,837 Direct 400 (N) 10 360 Elizabeth St, Melbourne Allianz Australia Services Apr-17 7,260 Renewal n.a 5 333 Exhibition St, Melbourne Melbourne University Feb-17 6,528 Direct 380 (N) 6 54 Wellington St, Melbourne Aesop Mar-17 5,828 Precom 430 (N) 12 321 Ferntree Gully Rd, Mt Waverley Monash University Jul-17 4,800 Direct n.a n.a. 109 Burwood Rd, Hawthorn Orora Limited Apr-17 4,358 Direct n.a 8 380 St Kilda Rd, Melbourne WPP Feb-17 3,800 Renewal n.a 5 464 St Kilda Rd, Melbourne Toll Holdings Sep-17 2,843 Direct 270 (N) n.a. 333 Collins St, Melbourne Programmed Group Feb-17 2,800 Direct n.a 5 1 Nicholson St, East Melbourne Ixom Apr-17 2,750 Direct n.a 8 658 Church St, Cremorne Disney Aug-17 2,657 Direct n.a 5 700 Collins St, Docklands Pacific Hydro Feb-17 2,423 Direct 450 (N) 10 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 13

Queensland PCA OMR Statistics (Jun-17) Brisbane CBD Brisbane Fringe Gold Coast Sunshine Coast AUS CBD Total Stock 2,279,725 1,219,642 468,648 148,841 18,018,735 Total Vacancy 357,525 175,385 52,984 10,283 1,772,892 Vacancy (%) 15.7 (10.8) 14.4 (10.4) 11.3 (17.1) 6.9 (11.7) 10.5 (8.6) Net Absorption (12m) 41,749 (18,345) -4,508 (23,815) 10,252 (6,386) 3,448 (13,856) 188,097 (199,008) Net Absorption (%) 2.2 (1.0) -0.4 (2.6) 2.5 (1.7) 2.6 (n.a) 1.2 (1.3) Stock Additions 75,853 23,800 7,289-495,708 Stock Withdrawals 58,006 21,477 11,691-376,381 Net Additions 17,847 (52,080) 2,323 (40,313) -4,402 (9,822) (14,884) 125,453 (325,578) Net Additions (%) 0.8 (2.6) 0.2 (4.1) -0.9 (2.4) 0.0 (n.a) 0.7 (2.0) Source: PCA / Savills Research Note: 10yr Average shown in brackets Brisbane Key Indicators Brisbane CBD Premium A Grade B Grade Low High Low High Low High Rental Gross Face ($/sq m) 795 875 625 750 545 615 Rental Net Face ($/sq m) 635 740 475 600 400 460 Incentive Level Gross 30% 38% 32% 40% 35% 42% Rental Net Effective ($/sq m) 365 435 250 330 190 225 Outgoings Operating ($/sq m) 70 120 70 100 75 90 Outgoings Statutory ($/sq m) 55 75 55 75 50 75 Outgoings Total ($/sq m) 125 195 125 175 125 165 Typical Lease Term 7 10 4 10 3 8 Yield Market (% Net Face Rental) 5.75 6.25 6.00 7.25 7.50 8.25 IRR (%) 7.50 8.00 7.50 8.50 8.25 9.50 Cars Permanent Reserved ($/pcm) 500 850 450 650 350 550 Cars Permanent ($/pcm) 450 650 400 550 300 500 Office Capital Values ($/sq m) 10,750 13,500 7,000 11,000 4,500 7,000 savills.com.au/research 14

Brisbane Fringe Key Indicators Brisbane Fringe A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 640 665 400 495 Rental Net Face ($/sq m) 393 493 273 368 Incentive Level Gross 25% 30% 35% 45% Rental Net Effective ($/sq m) 205 270 115 170 Outgoings Operating ($/sq m) 75 110 75 100 Outgoings Statutory ($/sq m) 30 50 30 50 Outgoings Total ($/sq m) 105 160 105 150 Typical Lease Term 3 10 3 7 Yield Market (% Net Face Rental) 6.50 7.25 7.25 8.75 IRR (%) 7.75 8.50 8.50 9.25 Cars Permanent Reserved ($/pcm) 300 425 180 250 Cars Permanent ($/pcm) 275 385 na na Office Capital Values ($/sq m) 5,750 11,000 3,500 9,000 Gold Coast/Sunshine Coast Key Indicators Gold Coast/Sunshine Coast Gold Coast Sunshine Coast Low High Low High Rental Gross Face ($/sq m) 375 470 330 450 Rental Net Face ($/sq m) 275 370 270 390 Incentive Level Gross 15% 27% 15% 20% Rental Net Effective ($/sq m) 195 270 210 310 Outgoings Operating ($/sq m) 45 65 30 50 Outgoings Statutory ($/sq m) 35 55 10 30 Outgoings Total ($/sq m) 80 120 40 80 Typical Lease Term 3 8 2 5 Yield Market (% Net Face Rental) 8.00 9.00 8.00 9.25 IRR (%) 9.00 10.00 9.50 10.00 Cars Permanent Reserved ($/pcm) 120 180 na na Office Capital Values ($/sq m) 3,000 5,500 3,000 5,500 savills.com.au/research 15

Top 15 Recent Brisbane Sales (by Sale Price) Property Price ($m) Date NLA (sq m) Yield Type $/sq m One One One Eagle St, Brisbane 284.20 Dec-16 63,800 5.50 e 13,364 400 George St (50%), Brisbane 210.00 Jul-17 43,493 6.43 e 9,657 307 Queen St, Brisbane 153.00 Nov-16 19,418 7.14 e 7,879 50 Ann St, Brisbane 144.62 Mar-17 25,519 8.23 e 5,667 120 Edward Street, Brisbane 142.65 Jun-17 15,271 6.15 e 9,341 25 King St, Fortitude Valley 139.13 Jan-17 14,920 6.14 e 9,325 160 Ann St, Brisbane 119.50 Jul-17 15,984 6.03 e 7,476 520 Wickham St (HQ South), Fortitude Valley 119.15 Jun-17 14,673 6.47 e 8,120 1241 Sandgate Rd (Energex Building), Nundah 106.25 Mar-17 12,980 6.75 e 8,186 Bundall Corporate Centre, Bundall 89.00 Apr-17 19,574 7.09 i 4,547 545 Queen St, Brisbane 70.50 May-17 13,581 8.87 e 5,191 147-163 Charlotte St (Health & Forestry House), Brisbane 70.00 Apr-17 26,782 n.a n.a 2,614 40 Tank Street, Brisbane 56.10 Apr-17 6,218 6.16 e 9,022 35 Boundary Street, South Brisbane 51.20 Dec-16 8,050 7.85 e 6,360 12 Commercial Rd, Newstead 47.00 Aug-17 6,558 6.71 e 7,167 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development Top 15 Recent Brisbane Leases (by Area Leased) Property Tenant Date NLA (sq m) Type Rent Term 275 George St, Brisbane Telstra Jan-17 28,464 Renewal 827 (G) 8 172-180 Ann St, Brisbane Origin Energy Mar-17 16,350 Direct 765 (G) 17 69 Ann St, Brisbane Telstra Jan-17 10,665 Renewal n.a 8 100 Wickham St, Fortitude Valley State of Queensland (ehealth) Jan-17 8,695 Renewal 525 (G) 7 260 Queen St, Brisbane Westpac Dec-16 5,668 Renewal n.a 5 180 Ann St, Brisbane Stanwell Corporation Aug-17 4,000 Direct 665 (G) 10 515 St Pauls Tce, Fortitude Valley Cardno Dec-16 4,000 Renewal n.a 5 172-180 Ann St, Brisbane Stanwell Corporation Apr-17 3,500 Direct n.a n.a. 111 Eagle St, Brisbane Allianz Global Jun-17 3,001 Sublease 575 (G) 2 153 Campbell Street, Bowen Hills State of Queensland Aug-17 2,873 Direct 440 (G) 5 111 Eagle St, Brisbane QTC Jun-17 2,832 Sublease 875 (G) 8 153 Campbell Street, Bowen Hills Siemens Aug-17 2,668 Renewal 465 (G) 3 400 Wickham Street, Fortitude Valley CoCo Republic Aug-17 2,652 Renewal 377 (N) 10 34 Corporate Drive, Cannon Hill Optus Aug-17 2,574 Direct 415 (G) 5 19 Corporate Drive, Cannon Hill NBN Co Aug-17 2,548 Direct 450 (G) 4 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 16

Western Australia PCA OMR Statistics (Jun-17) Perth CBD West Perth AUS CBD Total Stock 1,768,957 424,061 18,018,735 Total Vacancy 372,997 63,731 1,772,892 Vacancy (%) 21.1 (10.2) 15.0 (7.6) 10.5 (8.6) Net Absorption (12m) 13,126 (12,357) -3,064 (45) 188,097 (199,008) Net Absorption (%) 0.9 (0.9) -0.8 (0.0) 1.2 (1.3) Stock Additions 5,842 2,506 495,708 Stock Withdrawals 5,022 4,000 376,381 Net Additions 820 (48,769) -1,494 (6,268) 125,453 (325,578) Net Additions (%) 0.0 (3.3) -0.4 (1.6) 0.7 (2.0) Source: PCA / Savills Research Note: 10yr Average shown in brackets Perth CBD Key Indicators Perth CBD Premium A Grade B Grade Low High Low High Low High Rental Gross Face ($/sq m) 775 900 640 815 410 635 Rental Net Face ($/sq m) 600 725 475 650 250 475 Incentive Level Net 45% 50% 45% 50% 45% 55% Rental Net Effective ($/sq m) 315 380 250 340 125 240 Outgoings Operating ($/sq m) 115 125 95 120 95 110 Outgoings Statutory ($/sq m) 50 60 50 60 50 60 Outgoings Total ($/sq m) 165 185 145 180 145 170 Typical Lease Term 7 10 5 7 3 5 Yield Market (% Net Face Rental) 5.75 7.75 6.75 8.25 8.25 10.00 IRR (%) 7.25 8.00 7.50 8.50 7.75 9.00 Cars Permanent Reserved ($/pcm) 675 750 625 725 475 625 Cars Permanent ($/pcm) 675 750 625 725 475 625 Office Capital Values ($/sq m) 8,500 12,500 6,750 9,000 4,750 6,500 savills.com.au/research 17

West Perth Key Indicators West Perth A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 415 565 355 405 Rental Net Face ($/sq m) 250 400 225 275 Incentive Level Gross 38% 48% 38% 48% Rental Net Effective ($/sq m) 145 230 130 160 Outgoings Operating ($/sq m) 80 90 50 55 Outgoings Statutory ($/sq m) 65 90 65 90 Outgoings Total ($/sq m) 145 180 115 145 Typical Lease Term 3 5 3 5 Yield Market (% Net Face Rental) 7.50 8.50 8.25 9.50 IRR (%) 8.00 8.75 8.00 10.00 Cars Permanent Reserved ($/pcm) 300 325 300 350 Cars Permanent ($/pcm) 325 350 300 325 Office Capital Values ($/sq m) 2,950 5,300 2,400 3,300 savills.com.au/research 18

Top 10 Recent Perth Sales ( by Sale Price) Property Price ($m) Date NLA (sq m) Yield Type $/sq m Westralia Square, Perth 216.25 Aug-17 32,635 7.27 e 6,626 Quadrant, Perth 175.00 Aug-17 23,425 6.89 e 7,471 109 St Georges Tce, Perth 71.77 Jun-17 13,890 7.35 e 5,167 Workzone East, Perth 68.25 Jan-17 12,362 7.66 e 5,521 Hatch Building, Perth 58.22 Aug-17 11,042 7.00 e 5,273 226 Adelaide Tce, Perth* 54.60 Jul-17 14,409 n.a n.a 3,789 80 Stirling St (Telstra Building), Perth 35.00 Dec-16 19,775 n.a n.a 1,770 42-46 Colin St, West Perth 33.60 Jul-17 8,439 8.70 i 3,982 22 Parkland Rd, Herdsman 27.50 May-17 4,825 7.20 e 5,699 26 Thomas St ( & 1 West St), West Perth 21.00 Mar-17 3,935 n.a n.a 5,337 66 Kings Park Rd, West Perth 16.10 Feb-17 4,698 7.67 e 3,427 150-152 Adelaide Tce (& 20 Bennett St), East Perth 15.50 Feb-17 2,475 n.a n.a 6,263 18 Civic Blvd, Rockingham 15.00 Jun-17 3,765 8.20 i 3,984 661 Newcastle St, Leederville 14.00 Jun-17 3,105 n.a n.a 4,509 150 Coolamon Blvd, Ellenbrook 8.10 Apr-17 1,532 8.58 i 5,287 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * part of a portfolio sale Top 15 Recent Perth Leases (by Area Leased) Property Tenant Date NLA (sq m) Type Rent Term 2 Newman Crt, Fremantle State Government Nov-16 17,200 Precom 457 (N) 15 100 St Georges Tce, Perth Inpex Nov-16 13,379 Renewal 660 (N) 10 836 Wellington St, West Perth Commonwealth of Australia (Australian Border Force) Nov-16 11,973 Renewal 467 (N) 10 100 St Georges Tce, Perth Quadrant Energy Nov-16 7,081 Renewal 615 (N) 13 42-46 Colin St, West Perth IAG Jul-17 6,967 Renewal n.a 5 235 St Georges Tce, Perth KPMG Dec-16 6,902 Renewal 675 (N) 10 507 Murray St, Perth Titan ICT Jul-17 4,080 Direct 425 (N) 4 619 Murray St, West Perth Commonwealth of Australia Dec-16 3,984 Direct n.a 3 45 Francis St, Northbridge Minister for Works Feb-17 3,413 Direct 515 (N) 15 125 St Georges Tce, Perth Telstra Feb-17 3,316 Direct 630 (N) 10 22 Parkland Rd, Herdsman Decmil Group May-17 3,285 Leaseback 365 (N) 6 250 St Georges Tce, Perth Link Market Services Nov-16 3,166 Direct 685 (N) 11 256 St Georges Tce, Perth Chevron Nov-16 3,029 Direct 425 (N) 2 1100 Hay St, West Perth MSP Engineering Mar-17 2,568 Sublease 340 (G) 2 25 Rowe Ave, Rivervale Honeywell Aug-17 2,500 Direct n.a 5 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 19

South Australia PCA OMR Statistics (Jun-17) Adelaide CBD Adelaide Fringe AUS CBD Total Stock 1,424,433 215,850 18,018,735 Total Vacancy 229,795 21,789 1,772,892 Vacancy (%) 16.1 (10.0) 10.1 (6.9) 10.5 (8.6) Net Absorption (12m) 6,016 (9,454) 2,045 (311) 188,097 (199,008) Net Absorption (%) 0.5 (0.8) 1.1 (0.2) 1.2 (1.3) Stock Additions 24,048 3,770 495,708 Stock Withdrawals 5,280 3,329 376,381 Net Additions 18,768 (23,547) 441 (2,223) 125,453 (325,578) Net Additions (%) 1.3 (1.8) 0.2 (1.1) 0.7 (2.0) Source: PCA / Savills Research Note: 10yr Average shown in brackets Adelaide CBD Key Indicators Adelaide CBD Premium A Grade B Grade Low High Low High Low High Rental Gross Face ($/sq m) 510 575 435 515 355 425 Rental Net Face ($/sq m) 395 460 330 410 265 335 Incentive Level Net 25% 30% 25% 35% 30% 40% Rental Net Effective ($/sq m) 285 335 230 285 170 220 Outgoings Operating ($/sq m) 65 70 55 65 40 50 Outgoings Statutory ($/sq m) 40 50 40 45 40 45 Outgoings Total ($/sq m) 105 120 95 110 80 95 Typical Lease Term 7 10 5 10 3 7 Yield Market (% Net Face Rental) 6.25 7.50 7.00 8.00 8.25 9.50 IRR (%) 7.25 7.75 7.75 8.75 8.50 9.75 Cars Permanent Reserved ($/pcm) 380 450 350 410 300 350 Cars Permanent ($/pcm) 370 450 350 400 300 350 Office Capital Values ($/sq m) 5,250 7,350 4,125 5,850 2,500 4,000 savills.com.au/research 20

Adelaide Fringe Key Indicators Adelaide Fringe A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 400 425 335 365 Rental Net Face ($/sq m) 330 355 270 300 Incentive Level Net 20% 30% 20% 35% Rental Net Effective ($/sq m) 250 265 195 220 Outgoings Operating ($/sq m) 40 45 25 40 Outgoings Statutory ($/sq m) 20 30 25 35 Outgoings Total ($/sq m) 60 75 50 75 Typical Lease Term 5 7 3 5 Yield Market (% Net Face Rental) 7.50 8.00 8.00 9.00 IRR (%) 8.00 9.25 9.25 10.50 Cars Permanent Reserved ($/pcm) 90 120 80 100 Cars Permanent ($/pcm) 90 120 80 100 Office Capital Values ($/sq m) 4,125 4,725 3,000 3,750 savills.com.au/research 21

Top 15 Recent Adelaide Sales (by Sale Price) Property Price ($m) Date NLA (sq m) Yield Type $/sq m ATO Building, Franklin St, Adelaide 266.13 Oct-16 36,802 6.00 e 7,231 25 Grenfell St, Adelaide 125.10 Nov-16 25,221 7.24 e 4,960 45 Pirie St, Adelaide 105.00 Apr-17 19,855 8.40 i 5,288 (50%) Westpac House 88.50 Nov-16 31,395 7.07 e 5,638 121 King William St, Adelaide* 58.70 Jul-17 12,643 n.a n.a 4,643 16 Playford Blvd, Elizabeth 42.00 Nov-16 4,603 5.31 e 9,124 Citi Centre, Rundle Mall 42.00 Aug-17 16,376 n.a n.a 2,565 99 Gawler Pl, Adelaide* 34.60 Jul-17 11,127 n.a n.a 3,110 2 Second Ave, Mawson Lakes 32.10 Apr-17 8,642 7.64 i 3,714 97 King William St, Adelaide 29.00 Oct-16 15,115 10.46 e 1,919 233 North Terrace, Adelaide 21.00 Dec-16 4,102 6.81 e 5,119 195 North Tce, Adelaide 16.65 Dec-16 4,348 7.48 e 3,829 257 Fullarton Rd, Parkside 13.50 Sep-17 2,381 n.a n.a 5,670 7-9 Park Tce, Salisbury 11.40 Nov-16 1,929 6.36 e 5,910 191-192 Fullarton Rd, Dulwich 9.43 Feb-17 2,325 7.61 r 4,054 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * part of a portfolio sale Top Adelaide Leases (by Area Leased) Property Tenant Date NLA (sq m) Type Rent Term 141 King William St (GPO Tower Dev Site), Adelaide Attorney-General's Department of SA Oct-16 12,000 Precom n.a 12 50 Flinders St, Adelaide Department of Transport & Infrastructure Nov-16 7,100 Sublease n.a 6 26 Flinders St, Adelaide Employers Mutual Jun-17 3,500 Direct n.a 3 1 Richmond Rd, Keswick SA Power Networks Aug-17 2,337 Direct 405 (G) 8 108 North Terrace, Adelaide Optus Nov-16 1,901 Direct 485 (G) 5 153 Flinders St, Adelaide Nexia Edwards Marshall Feb-17 1,757 Renewal 420 (G) 5 1 Richmond Rd, Keswick DCNS Australia Oct-16 1,725 Direct 405 (G) 3 115 Grenfell St, Adelaide First Mortgage Services (FMS) Jun-17 1,271 Direct 400 (G) 7 233 North Terrace, Adelaide Southern Rail Aug-17 1,234 Direct 425 (G) 5 105 King William St, Kent Town Food and Beverage Australia Limited (Fabal) Jan-17 1,044 Direct n.a 5 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 22

Australian Capital Territory PCA OMR Statistics (Jun-17) Canberra AUS CBD Total Stock 2,338,050 18,018,735 Total Vacancy 267,276 1,772,892 Vacancy (%) 11.4 (11.2) 10.5 (8.6) Net Absorption (12m) 7,089 (36,282) 188,097 (199,008) Net Absorption (%) 0.3 (1.9) 1.2 (1.3) Stock Additions 14,254 495,708 Stock Withdrawals 47,664 376,381 Net Additions -33,410 (60,686) 125,453 (325,578) Net Additions (%) -1.4 (3.1) 0.7 (2.0) Source: PCA / Savills Research Note: 10yr Average shown in brackets Canberra Civic Key Indicators Canberra Civic A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 425 485 385 420 Rental Net Face ($/sq m) 340 400 290 325 Incentive Level Net 15% 20% 15% 25% Rental Net Effective ($/sq m) 265 315 215 240 Outgoings Operating ($/sq m) 55 60 60 70 Outgoings Statutory ($/sq m) 25 30 25 30 Outgoings Total ($/sq m) 80 90 85 100 Typical Lease Term 5 15 3 10 Yield Market (% Net Face Rental) 5.50 7.25 7.50 10.50 IRR (%) 7.25 9.00 9.25 12.00 Cars Permanent Reserved ($/pcm) 310 375 310 375 Office Capital Values ($/sq m) 5,265 8,350 3,500 5,400 savills.com.au/research 23

Canberra Non-Civic Key Indicators Canberra Non-Civic A Grade B Grade Low High Low High Rental Gross Face ($/sq m) 410 480 350 390 Rental Net Face ($/sq m) 330 400 260 300 Incentive Level Net 15% 20% 15% 25% Rental Net Effective ($/sq m) 270 330 210 240 Outgoings Operating ($/sq m) 55 60 60 70 Outgoings Statutory ($/sq m) 20 25 20 25 Outgoings Total ($/sq m) 75 85 80 95 Typical Lease Term 5 15 3 10 Yield Market (% Net Face Rental) 5.50 8.50 8.00 11.00 IRR (%) 7.50 9.50 9.25 12.00 Cars Permanent Reserved ($/pcm) 165 230 165 230 Office Capital Values ($/sq m) 4,775 7,725 3,100 5,000 Top 15 Recent Canberra Sales (by Sale Price) Property Price Date NLA Yield Type $/sq m 50 Marcus Clarke St, City 321.00 Mar-17 40,201 5.75 e 7,985 Scarborough House 72.33 Nov-16 16,782 7.24 i 4,310 62 Northbourne Ave, City 58.50 Nov-16 10,218 6.50 e 5,725 2-6 Bowes St, Phillip 58.38 Feb-17 12,377 6.45 e 4,717 82 Northbourne Av, Braddon 57.33 Jun-17 6,979 5.85 e 8,214 11 Moore St, Canberra 44.00 Jul-17 8,663 7.20 e 5,079 50 Bunda St, City 9.80 May-17 2,071 6.92 e 4,732 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * Includes $10m in unpaid incentives Top 15 Recent Canberra Leases (by Area Leased) Property Tenant Rent ($/sq m) NLA (sq m) 2-6 Bowes Street, Phillip ACT Government Dec-16 10,931 Direct 355 (G) 15 62 Northbourne Ave, City Department of Infrastructure and Regional Development Nov-16 10,218 Renewal 410 (G) 10 7 London Cct, City Commonwealth Super Jun-17 6,915 Direct 470 (G) 6 2 Constitution Ave, City ACT Government Dec-16 2,799 Direct 404 (G) 12 8 Brisbane Av, Barton Lockheed Martin Jun-17 2,257 Direct 385 (G) 6 7-11 Barry Dr, Turner ANU Jun-17 1,805 Direct 380 (G) 3 121 Marcus Clarke St, City Mills Oakley Lawyers Sep-17 1,050 Direct 385 (N) 10 2 Constitution Av, City National Aboriginal Community Controlled Health Organisation Sep-17 1,000 Direct 450 (G) 3 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 24

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Savills Australian Capital Territory Research Houssam Yakzan +61 (0) 2 8215 8980 hyakzan@savills.com.au Savills New South Wales Research Shrabastee Mallik +61 (0) 2 8215 8880 smallik@savills.com.au Metro & Regional Sales Robert Lowe +61 (0) 2 8215 8841 rlowe@savills.com.au Valuations Phil Harding +61 (0) 2 6221 8293 pharding@savills.com.au Research Houssam Yakzan +61 (0) 2 8215 8980 hyakzan@savills.com.au Office Leasing Rob Dickins +61 (0) 2 8215 8833 rdickins@savills.com.au Industrial Sales & Leasing Theo Dimarhos +61 (0) 2 6221 8275 tdimarhos@savills.com.au Valuations Andrew Pannifex +61 (0) 2 8215 6006 apannifex@savills.com.au Asset Management Phil Pearsall +61 (0) 2 8215 8874 ppearsall@savills.com.au Project Management Mitchell Thomas +61 (0) 2 6221 8294 mthomas@savills.com.au Capital Transactions Ian Hetherington +61 (0) 2 8215 8925 ihetherington@savills.com.au Project Management Gavin Boswarva +61 (0) 2 8215 8935 gboswarva@savills.com.au Savills Queensland Research Shrabastee Mallik +61 (0) 2 8215 8880 smallik@savills.com.au Valuations Brett Schultz +61 (0) 7 3002 8855 bschultz@savills.com.au Capital Transactions Anthony Ott +61 (0) 7 3002 8904 aott@savills.com.au Office Leasing John McDonald +61 (0) 7 3002 8847 jmcdonald@savills.com.au Sunshine Coast Scott Gardiner +61 (0) 7 5313 7514 sgardiner@savills.com.au Gold Coast Kevin Carmody +61 (0) 7 5509 1700 kevin@savillsgc.com.au Asset Management Chris Ainsworth +61 (0) 7 3002 8831 cainsworth@savills.com.au Project Management Ken Ng +61 (0) 7 3018 6705 kng@savills.com.au Savills South Australia Research Katy Dean +61 (0) 2 8215 6011 kdean@savills.com.au Valuations Heath Dowling +61 (0) 8 8237 5039 hdowling@savills.com.au Capital Transactions Peter Isaksson +61 (0) 8 8237 5020 pisaksson@savills.com.au City & Metropolitan Sales Steve Bobridge +61 (0) 8 8237 5015 sbobridge@savills.com.au Office Leasing Adam Hartley +61 (0) 8 8237 5043 ahartley@savills.com.au Asset Management Jeffrey Klaebe +61 (0) 8 8237 5018 jklaebe@savills.com.au Project Management Steve Christodoulou +61 (0) 8 8237 5004 schristodoulou@savills.com.au Savills Victoria Research Monica Mondkar +61 (0) 3 8686 8034 mmondkar@savills.com.au Valuations Trent Preece +61 (0) 3 8686 8097 tpreece@savills.com.au CBD & Metropolitan Sales Clinton Baxter +61 (0) 3 8686 8021 cbaxter@savills.com.au Office Leasing Mark Rasmussen +61 (0) 3 8686 8010 mrasmussen@savills.com.au Asset Management Phillip Mcloughlin +61 (0) 3 8686 8094 pmcloughlin@savills.com.au Project Management David Hayden +61 (0) 3 9445 6806 dhayden@savills.com.au Savills Western Australia Research Katy Dean +61 (0) 2 8215 6011 kdean@savills.com.au Office Leasing Shelley Ritter +61 (0) 8 9488 4187 sritter@savills.com.au Valuations Mark Foster-Key +61 (0) 8 9488 4145 mfosterkey@savills.com.au Asset Management Jason Ridge +61 (0) 8 9488 4118 jridge@savills.com.au Capital Transactions Graham Postma +61 (0) 8 9488 4153 gpostma@savills.com.au Project Management Graham Nash +61 (0) 8 6271 0306 gnash@savills.com.au City & Metropolitan Sales Chas Moore +61 (0) 8 9488 4155 cmoore@savills.com.au savills.com.au/research 26