t overvalued housing markets, based on the long-term average of the price to rents ratio: 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% Global Housing - Level of Overvaluation 30% Under/O%er Valued —4— YoY (RHS) 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% co e e " dee ss 0 ece el. ,ca• or e t ic. # eja ce #e 4