Over the trailing year, investment volumes for income-producing property totaled $79o billion across the U.s., Europe and Asia Pacific, which was a 12% increase relative to the same period last year - a 22% uplift in the U.s., 8% uplift in Europe, and down 1% in Asia Pacific. Volumes have been growing on a year-over-year basis for five quarters. Pricing is below 2o19 levels and has stabilized, marking an attractive entry point. Investment volume (USD B, TTM), 19Q1 - 25Q4 Source: Real Capital Analytics; Nuveen Real Estate Research (Transactions data 25Q4 as 4 February 2026; Global CPPl data 25Q4 preliminary as of 2 February 2026). Note: Transaction volume includes all property types excluding development sites. A previous version of this slide included development sites which resulted in significantly higher transaction totals for Asia Pacific. Excluding non-income producing property provides a bette like-for-like comparison. OPINIONPIECE. PLEASE SEEIMPORTANT DISCLOSURES IN THE ENDNOTES.