Ann: Fully Underwritten Capital Raising-RNT.AX, page-32

Large and Fast Growing Rental Market
› 7 million Australians (>30% ) are renters, primarily key 18-35 demographic;
› Cultural shift has driven rapidly increasing renter population but much growth yet to come before we reach overseas levels – e.g. 68% of New Yorkers rent;
› Significant and growing % of real estate agency revenue is derived from property management;

Diverse Future Revenue Streams
› Unlike other sites that target just agents, RNT is aiming to generate approximately one third of its revenues from each of the core groups in the marketplace;
› RNT has a first mover advantage in creating the complete rental marketplace;
› Typically, online classifieds style businesses generate EBITDA margins of ~50% when they’re well into commercialisation