EFTA01389069

I6 October 2016 REITs US REIT 3016 Earnings Preview Key Industrial torms;questions for 3(116 • Supply update across markets • Views on industrial fundamentals in the UK and Europe with Brexit trade negotiations likely to start around March • Update on impact of weaker GBP • Commentary on investor appetite for industrial assets • Trajectory of e-commerce driven demand • European asset pricing • U.S. investment market update in light of recent portfolio sales and portfolios on the market Figure 39: PLD 3O16 resuim PLD wrings Owner. Meeks - i, a. i •....,,,,- ,,..r.-0 .-] .- 1 a ma 3016 date POW Pam Mr 714 sole eau On Paud DBe 2016 Pm 30 Guise Post 3D Guide oee Pm SO adds Post 30 Guido Pt Updated FX outlook for 2016 and impact on promote income. Guidance for promote income issued in July factored in stable FX rates • Update on PLD's supply pressured markets in Houston (2.0% of NOD, Columbus (1.0%), and Poland (1.9%) • Update on fund inflows and redemptions in Europe. PLD had 2 sterling investors potentially looking to withdraw €45MM but also had €400MM of inflows queued up for its open-ended PTELF fund in July • Development update with comments on trajectory of margins, starts outlook, and mix of built-to-suit projects • Rental rate/spread trends with portfolio 13-15% below market as of 2O (-15% below market in the U.S.) • Cap rate and vacancy trends in Europe. PLD previously forecasted a 20bps drop in vacancy to 5.8% by year-end (80bps decline vs. 2015). Pre-Brexit cap rate outlook called for 15-30bps of compression this year • Update on disposition plans and buyer interest across different geographies and asset types Saw baths e.+. conceredelo. Therrupan Page 48 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093299 CONFIDENTIAL SDNY_GM_00239483 EFTA01389069