EFTA01388592

18 October 2016 REITs US REIT 3016 Earnings Preview Figure 13: Moody'siRCA CPPI index trends )30.00 250.03 150.00 100 00 50.00 0.00 MCI 0%16 ;11;; Irgilrgi5Agnt —Nihon* —Wipe Market, —Non4/0jor Markets • May marked the 4th consecutive n-ifm increase post Jan and Feb declines, which were the first since early 2010 Sow* Dania On. AI cce(vRCA Figure 14: CRE pricing versus prior peak levels 1000% MA% 1400% 1100% 1000% 000% 000% 400% 200% 00% Data as al 1002 e E C 8 - 8 ; dad ind oncaD •MI Mips •NOMMitt • Suburban Office still below prior peak it Retail now back to prior peak levels Apartment prices continue to rise up 8% since the end of 2015 vs a 4% rise for all properties Source Dan:ha Sint. 04mq/VRCA Unsecured markets remain healthy 'Figure 15: U.S. CMBS issuance sue 1120 s1o0 wo I 7/ 4/414/1:717,74,1/ 4",/ wpm u S CMOS inseam —km San Oats./ Oa* OM Page 10 Figure 16: U.S. REIT Unsecured Issuance $7.0 1110 $50 $40 530 $204 11 0 1 so o • I I I h i lt. I. 1. I, tilt IL 111'1 114,4 04. 04/ 4/1 4,0 0( y."" / 4 4 (4' 1° 004' mos u.8. m05 Unscomea Sun% ke, Son- Dumas Oat Cam Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0092230 SDNY_GM_00238414 EFTA01388592