EFTA01388955

18 October 2016 REITs US REIT 3016 Earnings Preview F inure id r . VNO Brings FfOrsh FFCIsn ad,usted for comparabtly Operating Mitts NYC occupancy iprerata, signed' q/g ch NYC office rent spread (cash, pro-rata. signed) NYC dice SS EBITDA leash. pro-rata) DC occupancy rpro-rata. signed) oh, ch DC once rent spread (cash. pro-rate. sgnedi DC office 55 EBITDA )cash, DIC:03131 Note: consensus estimates are based on Thomson compiled data as of I 0/14/16 • VNO, along with 2 partners, won the bid fo he Farley building redevelopment. Update on RFP process for the Penn Station redevelopment • Sales update at 220 Central Park South, with management noting during the 2Q call increased activity following a period of slowdown • Update on the potential spin off of the Washington business Update on the Skyline properties, with VNO in negotiation with special services per the 20 call Update on leasing pipeline, which stood at over I msf per the 20 call • We are updating estimates to reflect recently announced financing activity. Our 2016 FFO/sh estimate moves to $4.88 from $4.84, while FAD moves to $2.70 from $2.66. For 2017, our FFO estimate moves to $5.55 from $5.43 while FAD moves to $3.79 from $3 67 Please see Figure 98 for a summary of our estimate revisions 3016 Actual Si 25 SI 24 Actual 96 20% -30bp 24.7% -0.3% 84 70% -10bp -46% -94% 2018 Actual SI 21 SI 23 Actual 9600% -20bp 21.7% 59% 84 00% 430top -67% -2 5% 3016 AMA' 08s Cons SI 25 SI 27 St 77 Actual DEN 96 00% obp 15.0% cornmerced 85.00% 100bp -5.0% commenced 2018 Pre 30 Guido Post 30 Guido DEN Cons 54 68 S4.8: 5.4 94 Pro 30 Guido Post 30 Guide DEN 96 00% -404 , yty 20 0% commenced 8600% 4 8% commenced Sown, anitict• Bank canonises Theruon iFigure 77: Kid's 3016 results • Management's plans to bridge the value gap • Impact from Brexit on assets in the UK, specifically, and more broadly in Europe • Management expectations for the pace of investment activity through 2016 Update on the acquisition pipeline in the US and Europe, and the disposition pipeline in the US. KW announced -$400MM of acquisitions and $207MM of dispositions in the multifamily portfolio in 30 Update on multi-family demand and fundamentals in West Coast markets Update on the company's leasing efforts of its SoCal commercial portfolio • Development pipeline progress and impact on NOI Update on the KW and KWE (KWE.LON: DB Hold rated, 1002GBp by Oliver Reiff) share repurchase programs 504000 Dandy Bent convey aids Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092969 CONFIDENTIAL SDNY_GM_00239153 EFTA01388955