OUTLOOK NEWSTEAD NEWSTEAD

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1 OUTLOOK NEWSTEAD A CONTEXT ON BUSINESS, CULTURE, LIFESTYLE AND RESIDENTIAL Newstead is a blue chip suburb in close proximity of the Brisbane CBD. Significant infrastructure investment has transformed the precinct into one of Brisbane s foremost entertainment, cultural, commercial and education hubs. MAY 2014 A B C D E STRATEGIC LOCATION Positioned within walking distance to a wealth of lifestyle and retail amenity / pg02 URBAN RENEWAL $2 billion spending on the Newstead Riverpark urban renewal precinct over the next decade / pg02 EMPLOYMENT GROWTH Surrounded by major employment nodes with a projected over 91,000 jobs by 2031 / pg06 SALE PRICE GROWTH Newstead s median apartment sale price has increased by over 15 per cent in the previous year / pg06 NEW PRODUCT PREMIUM New apartments in Newstead are showing rental premiums of over 30 per cent over the postcode median rent / pg HECTARE RIVERFRONT SITE IS SET TO EXPERIENCE MAJOR URBAN RENEWAL AERIAL OF BRISBANE / NEWSTEAD 1 POP INF EMP NEWSTEAD Newstead accommodates all three of the Urbis economics and research fundamentals that make a sustainable suburb Population, Infrastructure and Employment. MODERN RETIAL PRECINCTS ALONGSIDE ACTIVATED PUBLIC SPACES BOND UNIVERSITY GASWORKS RETAIL CENTRE

2 WALKABILITY & ACCESSIBILITY THE NEWSTEAD LIFESTYLE Nestled alongside a commanding stretch of the Brisbane River and only 1 kilometre from the Brisbane Central Business District (CBD), the Newstead Catchment incorporating the prestigious suburbs of New Farm, Teneriffe and Newstead - is widely regarded as one of Brisbane s most blue chip addresses. The New stead Catchment is home to a rich history, transforming from industrial roots into an active and established community. The latest stage in this evolution has positioned the catchment as a premier luxury retail destination in Brisbane, with the Gasworks development, James Street and Emporium creating a lifestyle mecca of designer fashion, food providores, and art house cinema. These elements blend to create a vibrant home for local residents; where shady tree-lined streets and tranquil parklands play host to a wealth of new experiences to discover. This cosmopolitan environment has proven especially popular with Double Income No Kids (DINK) households with high spending power. BRISBANE S NEW EMPLOYMENT DESTINATION The next phase in this evolution will position the Newstead Catchment as a one of the largest white collar employment nodes in Brisbane. Many new generation companies are relocating to Newstead, Fortitude Valley and Bowen Hills, bringing with them a wealth of opportunities in industries as diverse as engineering, finance, health and mining. The next generation of professional workers will continue to drive strong residential demand in the catchment. Meanwhile, limited land for future residential development has meant that new apartment projects are becoming increasingly rare in this boutique and desirable location. With the Newstead Catchment as a high demand and low supply market where many aspire to live, there will be increasing competition from affluent tenants for the privilege to live here. ACCESSIBILITY & TRANSPORT Airportlink $4.8 billion - Complete Airportlink is Australia s largest privately funded transport infrastructure project providing Newstead with increased connectivity. The International and Domestic Airports are now a 15 minute journey from the New Farm Peninsula Clem7 $3.3 billion - Complete The Clem7 tunnel motorway links major Brisbane roads including the Pacific Motorway, Ipswich Road, Inner City Bypass and Airportlink. The Clem7 bypasses 24 existing traffic lights, saving around 15 minutes of travel time and provides an uninterrupted route across the Brisbane River CityCat (River) Regular Services The CityCat terminal in Teneriffe provides direct connectivity from Newstead to key destinations, including the Brisbane CBD and University of Queensland, via the Brisbane River CityCat network. CityGlider (Bus) Regular Services The CityGlider bus network provides regular bus services between Newstead and the Brisbane CBD. 289 RESTAURANTS, CAFES & BARS SPECIALITY SHOPS FASHION BOUTIQUES 58 HAIRDRESSERS 36 GYMS & RELATED SERVICES 11 FRESH FOOD MARKETS 8 PARKS 4 MAJOR SUPERMARKETS LIFESTYLE DESTINATIONS 2 URBIS NEWSTEAD OUTLOOK

3 Newstead is within 10 minutes walk of three of Brisbane s key retail & dining precinct Newstead Catchment Map FORTITUDE VALLEY FORTITUDE VALLEY ENTERTAINMENT & RETAIL PRECINCT MCLACHLAN ST CBD 1KM STORY BRIDGE 18 ANN ST WICKHAM ST 2 EMPORIUM JAMES STREET PRECINCT BRUNSWICK RD GASWORKS RETAIL PRECINCT COMMERCIAL RD 8 MINS 7 JAMES ST 7 MINS SKYRING TCE 2 MINS NEW FARM BRISBANE AIRPORT 8KM (12MINS TUNNEL) NEWSTEAD 15 MINS 20 TENERIFFE PRECINCT VERNON TCE TENERIFFE (0.72 SQKM) MERTHYR RD MERTHYR VILLAGE PRECINCT MACQUARIE ST NEW FARM PARK 15 POWERHOUSE COMMERCIAL PARKLANDS RECREATION RETAIL, ENTERTAINMENT & DINING LEGEND WALKABILITY TRAIN STATION CITY GLIDER BUS BIKEWAY/ RIVER WALK CITYCAT TERMINALS EMPORIUM HOMEMAKER CITY VERNON TERRACE DINING PRECINCT JAMES ST MARKET PALACE CENTRO CINEMA FORTITUDE VALLEY ENTERTAINMENT PRECINCT BRUNSWICK ST RETAIL & DINING PRECINCT MERTHYR VILLAGE SHOPPING CENTRE VALLEY BATHS BRISBANE POWERHOUSE MOONLIGHT CINEMA & JAN POWER S FARMERS MARKETS MERTHYR BOWLS CLUB TENERIFFE PARK POWERHOUSE PARK NEW FARM PARK MERTHYR PARK NEWSTEAD RIVERPARK HQ 12 EDUCATION GREEN SQUARE NEW FARM STATE SCHOOL HOLY SPIRIT PRIMARY SCHOOL 16 URBIS NEWSTEAD OUTLOOK 3

4 POPULATION & DEMOGRAPHICS BRISBANE POPULATION GROWTH The Brisbane LGA is forecast to increase by over 8,515 new residents per annum between 2012 and 2031, equating to approximately 163 new residents per week. The most significant growth is predicted to occur between now and 2021, with a projected increase of around 11,100 new residents per annum, or approximately 212 new residents per week. Looking at actual figures between 2006 and 2011, the increase was just over 16,414 new residents per annum. This equates to, on average, 316 new residents per week over this five year period. If we apply the Brisbane rate of 2.6 persons per household, this equates to approximately 526 dwellings needed per week to accommodate the growth. SHIFTING DEMOGRAPHICS Residential apartment projects are often associated with a demand driven by price-conscious investors, yet the Census reports on the attractive market that exists in catering to the ever-increasing number of white-collar renters and owneroccupiers seeking dwellings. Identifying a clear market for higher income, year old white-collar renters without many kids, the report confirms a higher proportion of professional workers living in medium to high-density urban areas (80.3%) along with a higher rate of renters in these areas (48.7%). For working professionals who choose to rent, location is an obvious key motivator, with proximity to work, and key amenity driving the choice to reside in the inner-city. However, these tenants also seek amenity criteria similar to owner-occupiers, and are prepared to pay higher rents and sign longer-term leases to secure such apartments. THE NEWSTEAD CATCHMENT POPULATION GROWTH The combined catchment of the suburbs of New Farm, Newstead and Teneriffe increased by 4,120 residents between the Census periods 2001 and 2011, or 412 residents per annum. At least 65 per cent of this population growth was within the suburbs of Newstead and Teneriffe, increasing by over 2,700 residents over this period. The Newstead catchment is expected to continue the growth in new residents, with between 5,400 and 5,500 new residents likely to call the area home over the next five years. This population range is based on the combination of current development approvals and average household size and equates to around 1,100 new residents per annum over the period well above that of the Queensland Government Population Projections for the same region. Healthy and sustained population growth usually equates to a healthy and prosperous residential property market. Newstead s prime location and proximity to large employment nodes will contribute to encouraging this long term population growth. NEWSTEAD CATCHMENT ESTIMATED POPULATION GROWTH 412 RESIDENTS PER ANNUM 1,100 RESIDENTS PER ANNUM Prepared by Urbis; Source: ABS Census Data, Estimated Resident Population; Urbis DA Tracker WHO LIVES IN NEWSTEAD, NEW FARM AND TENERIFFE EMPLOYED AS PROFESSIONALS 40% EMPLOYED AS PROFESSIONALS 29% COUPLES NO KIDS 64% COUPLES NO KIDS 38% OCCUPIED DWELLING OWNED OUTRIGHT 57% OCCUPIED DWELLING OWNED OUTRIGHT 36% 4 URBIS NEWSTEAD OUTLOOK

5 1,100 new residents per annum expected over the next five years within the New Farm Peninsula AGE DISTRIBUTION The latest Estimated Resident Population (ERP) data indicates that the largest demographic domiciled within the Newstead Catchment is the 25 to 29 age bracket which make up 16.9 per cent of the total population. Following the 25 to 29 year age bracket are the 30 to 34 year olds who make up 14.1 per cent of the population and 35 to 39 who total 9.6 per cent. These three groups combined account for just over 40 per cent of the total population within the Catchment. The demographic makeup of the Catchment is dominated by couple families without children, known as DINKS (double income no kids) with the suburbs of Newstead, New Farm and Teneriffe recording between 61 and 70 per cent of DINKS at the 2011 Census. This high percentage of young working couples results in the low percentage of children within the Catchment. This highly motivated demographic leads to the higher than average percentage of rented property within the Catchment with a desire a high quality of amenity, low maintenance property and smaller living space. PERSONAL INCOME According to Census 2011 data, the suburbs of Newstead and Teneriffe ranked first and second in income per capita across all Greater Brisbane suburbs at $72,102 and $71,102 per annum. This is well above the majority of inner city suburbs as well as the Greater Brisbane average of just over $45,000 per annum. Age distribution data (based on annualised weekly income) registers that 29 per cent of the residents of the New Farm Peninsula earn over $1,500 per week and a further 17 per cent earn in excess of $2,000 per week. This demographic is 82 per cent higher than the Brisbane LGA indicating a large number of high earning DINKS residing in the area which is confirmed by Census 2011 data which identified a high than average proportion of Newstead, New Farm and Teneriffe residents as being Professionals. This demographic are at a prime position in their life and work cycles, providing them with a greater level of spending power and disposable income. This allows them to pay a premium to rent selected product and generates long term demand for both developers and investors. AGE DISTRIBUTION PERSONAL INCOME PER WEEK PROPORTION OF POPULATION (%) 25% 20% 15% 10% 5% NEWSTEAD CATCHMENT BRISBANE LGA PROPORTION OF RESIDENTS (%) 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 5.4% NEW FARM PENINSULA BRISBANE LGA 3.9% 6.0% 7.7% 9.7% 10.5% 9.1% 10.4% 8.6% 11.5% 17.2% 0% % Neg or nil $1 to $199 $200 to $299 $300 to $399 $400 to $599 $600 to $799 $800 to $999 $1,000 to $1,249 $1,250 to $1,499 $1,500 to $1,999 $2000 or more AGE DISTRIBUTION INCOME BRACKET Prepared by Urbis; Source: Prepared by Urbis; Source: URBIS NEWSTEAD OUTLOOK 5

6 EMPLOYMENT OVERVIEW NEWSTEAD / FORTITUDE VALLEY / NEW FARM 31,612 32, Current 45,183 12, Forecast Growth to 2031 COMMERCIAL EMPLOYMENT MARKET The commercial employment nodes surrounding the Newstead Catchment have continued to grow at a rapid rate as many leading companies see the value of positioning their company in this fringe location. The precinct is supported by strong existing and future infrastructure within close distance, including an abundance of retail amenity and high accessibility, making it a prime area for continued commercial development. As a natural extension of the Brisbane CBD, the ongoing growth in this successful white collar business precinct has seen the establishment of many stateof-the-art campus style buildings with high accessibility, significant public transport and a wealth of retail and recreational amenity. 6 URBIS NEWSTEAD OUTLOOK In addition to the existing Green Square, HQ and Energex commercial developments and over 439,000 sqm of current office space, there is a proposed further 250,000 sqm of office space in the pipeline, including the Bank of Queensland which is expected to generate employment for 1,000 workers within Newstead. As new firms are attracted to this fringe location, they create a significant catalyst for the region and their workforces create a major driver for the local residential markets. This concentration of commercial office space is evident in the demographic breakdown of the Newstead Catchment, with a large proportion of professionals within the region. This demographic will continue to increase as additional commercial office space enters the market, with a substantial pipeline of commercial projects currently under construction or proposed.

7 Over 91,000 jobs - Projected employment growth within the Newstead Catchment between now & BRISBANE CBD 156, , Current 222,178 60, Forecast Growth to 2031 BOWEN HILLS / HERSTON ,184 22, Current 41,338 18, Forecast Growth to KEY COMMERCIAL DEVELOPMENTS Gasometer 1 & Gasworks Retail Plaza The recently completed Gasworks Plaza (Woolworths supermarket and speciality retail 8,000 sqm) and Gasometer 1 (commercial 9,100 sqm) form a key dining, entertainment and lifestyle hub. Energex Headquarters $173 million Stage One of the Gasworks development, the six storey Energex Headquarters, has been recently completed and employs approximately 1,700 workers. It is Queensland s first 6 Star Green Star office building, with a net lettable area of 28,600 sqm and twelve ground floor retail stores. Gasometer 2 Under Construction Stage Three of the Gaswork s development, known as Gasometer 2, will comprise of 23,400 sqm of commercial space, of which 12,500 sqm will be dedicated to the new Bank of Queensland headquarters. 4 Gasometer 3 $100million (800 employees) 5 Green Square $250million (2,600 employees) 6 HQ $186 million (2,700 employees) KEY EMPLOYERS 7 AECOM 8 ARUP 9 ABS (Australian Bureau of Statistics) 10 Bank of Queensland (BOQ) 11 Boeing 12 Brisbane City Council 13 Cardno 14 Coffey 15 Virgin 16 Mac & Ann - Ergon Energy, Macquarie Bank, Laing O Rourke 17 FKP 18 Fosters 19 Fujitsu 20 John Holland 21 Optus 22 Technology One 23 Watpac URBIS NEWSTEAD OUTLOOK 7

8 SALES ANALYSIS NEWSTEAD CATCHMENT APARTMENT MARKET The Newstead Catchment is one of Brisbane s most exclusive residential markets, bordered by Fortitude Valley and the Brisbane River. Houses in the Catchment are priced at a premium with only ten per cent of dwellings being classified as houses leading to a limited number of transactions occurring. Over the last five years there has been an average of 42 sales every six months with the six months ending December 2013 recording a median price of $1,157,500. House prices within the Newstead Catchment are tracking 106 per cent above Brisbane LGA which has a median sale price of $562,500. NEW APARTMENTS Urbis has drilled down further into the apartment market and looked at some specific buildings within the Newstad Catchment which have been completed and are achieving higher than average price points. Four apartment buildings in particularly are attracting some extremely high median price figures. These buildings are; Cutters Landing at New Farm, Mercantile-Dalgety Place at Teneriffe, One Macquarie at Teneriffe and Pier at Waterfront at Newstead. One Macquarie is achieving the highest median price with six sales recording a median of $2.725 million, followed by Pier at Waterfront achieving a median of $2.5 million based on 22 settled transactions. Cutters Landing recorded the highest volume of sales of the four buildings analysed with 43 sales achieving a median price of $1.258 million. Mercantile-Dalgety Place recorded six sales with a median price of $949,500. NEWSTEAD CATCHMENT MEDIAN SALE PRICE $1,157,500 Prepared by Urbis; Source: RPData NEWSTEAD CATCHMENT MEDIAN SALE PRICE $553, YEARS NEWSTEAD CATCHMENT AVERAGE HOLD PERIOD Prepared by Urbis; Source: RPData MEDIAN SALE PRICE $1,258,000 CUTTERS LANDING $2,275,000 ONE MACQUARIE BRISBANE LGA MEDIAN SALE PRICE $562,500 BRISBANE LGA MEDIAN SALE PRICE $408, YEARS BRISBANE LGA AVERAGE HOLD PERIOD $949,500 MERCANTILE-DALGETY PLACE $2,500,000 PIER AT WATERFRONT Prepared by Urbis; Source: RPData 8 URBIS NEWSTEAD OUTLOOK

9 NEWSTEAD CATCHMENT HOUSE SALES CYCLE NUMBER OF SALES NUMBER OF HOUSE SALES MEDIAN SALE PRICE 1984 DEC 1985 DEC 1986 DEC 1987 DEC 1988 DEC 1989 DEC 1990 DEC 1991 DEC 1992 DEC 1993 DEC 1994 DEC 1995 DEC 1996 DEC 1997 DEC 1998 DEC 1999 DEC 2000 DEC 2001 DEC 2002 DEC 2003 DEC 2004 DEC 2005 DEC 2006 DEC 2007 DEC 2008 DEC 2009 DEC 2010 DEC 2011 DEC 2012 DEC 2013 DEC Prepared by Urbis; Source: RPData HALF YEAR PERIOD $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 Population growth and limited supply across Brisbane is expected to drive housing demand and facilitate strong price growth NEWSTEAD CATCHMENT APARTMENT SALES CYCLE NUMBER OF SALES NUMBER OF APARTMENT SALES MEDIAN SALE PRICE 1984 DEC 1985 DEC 1986 DEC 1987 DEC 1988 DEC 1989 DEC 1990 DEC 1991 DEC 1992 DEC 1993 DEC 1994 DEC 1995 DEC 1996 DEC 1997 DEC 1998 DEC 1999 DEC 2000 DEC 2001 DEC 2002 DEC 2003 DEC 2004 DEC 2005 DEC 2006 DEC 2007 DEC 2008 DEC 2009 DEC 2010 DEC 2011 DEC 2012 DEC 2013 DEC Prepared by Urbis; Source: RPData HALF YEAR PERIOD $0 $0 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 MEDIAN SALE PRICE MEDIAN SALE PRICE APARTMENT MARKET The strong median house price sets a benchmark for the precincts apartment market, with prices for apartments within Newstead being 36 per cent higher than the Brisbane LGA median apartment sale price. The Newstead Catchment is capturing the benefits and lifestyle of low maintenance inner city living with 88 per cent of dwellings classified as apartments. During the December 2013 half year period, the Newstead Catchment recorded a median apartment price of $553, 000 based on 213 settlements. Activity has increased over the last two years with a dramatic spike during the six month period to December This increased sales volume was due in part to strong activity at the Aquila project at New Farm. Newstead Catchment apartments have historically shown consistent and confident price growth since the early 2000s, with the median sale price increasing by 6.5 per cent per annum over the previous decade. Short term growth is also strong with a figure of 15.4 per cent recorded between December 2012 and December The strong performance of the median apartment price has in part been driven by new apartment settlements with some apartments attracting price points in excess of $1million. Moving forward, the area is soon to register further transformation, with a number of new developments to enter the market and connect the suburbs of Newstead and Teneriffe, greatly enhancing the urban benefit for existing, new residents and those who visit this vibrant and diverse precinct. Strong long term growth in apartments 6.5% per annum over 10 years. URBIS NEWSTEAD OUTLOOK 9

10 DWELLING DEMAND & SUPPLY LIMITED NEW APARTMENT SUPPLY New Farm, Newstead and Teneriffe have low levels of new apartment supply currently on the market. According to the Urbis Apartment Insights report for the December 2013 quarter, only seven new apartment projects were being actively marketed. Of these seven projects, more sold out during the December quarter leaving a total of 526 in the remaining projects, the majority of which are sold. These figures highlight the critically low level of new apartments on the market. ACTIVE APARTMENT SUPPLY NEW FARM, NEWSTEAD & TENERIFFE INNER SOUTH INNER NORTH 3,210 7,907 8,519 The suburbs of New Farm, Newstead and Teneriffe fall into the Inner North precinct which when analysed has a reasonable level of current supply indicated in the table below. The majority of this supply is located in surrounding suburbs. The area known as the New Farm Peninsula is unique in that it has a rich history which is protected from future redevelopment under the New Farm and Teneriffe Hill Local Plan. This restricts future supply of apartments which is sitting at much lower levels than surrounding suburbs. The restrictions on future supply and lack of current supply of new apartments bodes well for future growth of the residential sales and rental markets. DWELLING DEMAND BRISBANE LGA Increasing confidence in the Brisbane residential market has driven an increase in dwelling approvals over the 2012/13 financial year. Population growth over the financial year, based on Queensland Government population projections, indicate a slight decline yet still show positive growth. Updated actual data is expected to indicate an increase in overseas migration over the period, with an eventual increase in interstate migration expected over the short term. An increase in net interstate migration will likely be spurred on by increasing affordability within the Queensland and Brisbane LGA property markets, and will continue to drive the demand for residential housing within the region. From a supply component, difficult development and finance conditions has driven limited supply in the Brisbane LGA resulting in a relative undersupply of dwellings. This undersupply has driven increasingly tight vacancy rates as more and more residents compete for limited stock. It is expected that this undersupply will potentially continue to drive strong rental premiums and median price growth within the Brisbane LGA. FUTURE APARTMENT SUPPLY NEW FARM, NEWSTEAD & TENERIFFE INNER SOUTH INNER NORTH Prepared by Urbis ; Source: 526 3,162 2,705 POPULATION GROWTH VS. DWELLING APPROVALS DWELLING APPROVALS AND ANNUAL CHANGE IN POPULATION 25,000 20,000 15,000 10,000 5, ANNUAL CHANGE IN POPULATION NEW RESIDENTIAL DWELLING UNIT APPROVALS Prepared by Urbis ; Source: ABS Dwelling Approvals, ERP Population Estimates, Population Projections, Urbis Note: Population data based on Population Projections PERIOD (ANNUAL) The supply of new residential dwellings has lagged behind population growth and dwelling demand URBIS NEWSTEAD OUTLOOK

11 New Apartments within the Newstead Catchment are seeing rental premiums over other Inner Brisbane precincts RENTAL ANALYSIS PREMIUM - NEW PRODUCT VS. TOTAL STOCK MEDIAN WEEKLY RENT ONE BED TWO BED NEW PRODUCT - NEWSTEAD CATCHMENT RTA RENTAL (TOTAL PRODUCT) NEW PRODUCT - NEWSTEAD CATCHMENT $385 RTA RENTAL (TOTAL PRODUCT) $490 Prepared by Urbis; Source: Agent Advice, realestate.com.au Note: All new product is unfurnished NEWSTEAD CATCHMENT RENTAL PREMIUM $515 34% PREMIUM $640 31% PREMIUM The Newstead Catchment is regarded as a premier rental market, encompassing a high proportion of white collar, high income professionals and subsequent family structures that are classified as double income no kids (DINK). Residential Tenancy Authority (RTA) for the post codes of 4005 and 4006 which includes the suburbs of Newstead, Fortitude Valley, Bowen Hills, Herston, New Farm and Teneriffe has been used for the purposes of this analysis, as well as data collated from agents advice and via on the market rentals. New apartment product within the Newstead Catchment is currently indicating premiums of between 34 per cent (one bedroom product) and 31 per cent (two bedroom product) over the total existing stock within the New Farm Peninsula as at the December quarter The weekly premium for apartments within the catchment highlights the value that potential tenants attach to location, lifestyle and quality apartment stock. ONE BED TWO BED NEW PRODUCT - NEWSTEAD CATCHMENT INNER SOUTH $460 INNER NORTH* $450 NEW PRODUCT - NEWSTEAD CATCHMENT $ % RENTAL PREMIUM INNER SOUTH $560 INNER NORTH* $565 Prepared by Urbis; Source: Realestate.com.au and Urbis Rentals Database * Note: Inner North excludes suburbs within the New Farm Peninsula $ % RENTAL PREMIUM New apartments in the New Farm Peninsula show a rental premium over other new Inner City apartments. With a median $515 weekly rent for a new one bedroom apartment in the New Farm Peninsula, this represents between a 12 and 14 per cent rental premium on the Inner South and Inner North precincts. The median weekly rent for a two bedroom apartment in New Farm Peninsula is $640, which represents between a 13 and 14 per cent premium over the Inner South and Inner North precincts. The rental premiums above reinforce the reputation of the New Farm Peninsula as a location of choice in Brisbane. Prospective tenants continue to vote with their wallets in order to secure a position in New Farm Peninsula, working to the benefit of investors. URBIS NEWSTEAD OUTLOOK 11

12 Brisbane Level 7, 123 Albert St Brisbane QLD This publication is prepared on the instruction of Cavcorp and is not suitable for use other than by the party to whom it is addressed. As the publication involves projections and assumptions it can be affected by a number of unforeseen variables. The forecasts and assumptions are a prediction and whilst Urbis has made every effect to ensure that the forecasts and assumptions are based on reasonable information, they may be affected by assumptions that do not necessarily eventuate or by know or unknown risks and uncertainties. It should be noted that past performance is not necessarily a reliable indication of future performance. The information in the publication does not represent financial advice and should not be regarded as such. It has been prepared without taking into account your financial situation or investment objectives. You should consider the appropriateness of the information in regards to your current financial situation or needs. Urbis accepts no responsibility for the accuracy or completeness of any such material. The information is subject to change without notice and Urbis is under no obligation to update the information or correct any assumptions which may change over time. This study has been prepared for the sole use of Cavcorp and is not to be relied upon by any third party without specific approval from Urbis. This publication is subject to copyright. Except as permitted under the Copyright Act 1968, no part of it may, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) be reproduced, stored in a retrievals system or transmitted without prior written permission. Enquiries should be addressed to the publishers.