EFTA Document EFTA01388598

18 October 2016 REITs US REIT 3O16 Earnings Preview • Outlook and opportunity of shadow development/redevelopment pipelines Update on any conversations with Macy's (M: DB Hold rated, USD35.57 by Paul Trussell) or other department stores for the potential to take back space or partner within a JV • Update on Sears (SHLD: DB not rated) JV's and outlook for this retailer given rising concerns about a potential bankruptcy • Update on retailer conditions in tourist heavy markets • Update on the consumer Fagtae 49: SPG 3016 result!' preview SPO fonds°, Da4.44.4:40)SPA44)044tirs. rat P-ri00. Ur** A•C11 , ,,,, 11).5%1002Sir/41.5 TC4,1 (es rt.1 3015 Meal 2016 Aqua Aqui C.E. 0% COL can Sate lava Xto -2it( 5616 $6)' 5% 2 15 'Cl. Anse 060 Can Anal 96 t))% IOW -Mtp • cv env riot Sp!. 41 2016 Pm 30 Gallo Post XI Gide I we cov Pm 30 Guido Post SO Guide 005 9645% 1569 • Commentary, rationale and expectations around ARO deal with GGP and ABG • Observations and traffic trends from Primark (ABF: DB Buy rated, GBP2,641 by Warwick Okines) opening at King of Prussia as well as overall feedback from 155ksf expansion opening at the mall • Update on retailer environment, store closings, releasing activity Update on department store health, vacancies and opportunity to take back space. • Tenant sales trends and trends at tourism driven centers and outlets Update on traffic trends at malls vs outlets Update on Sears JV and plans Pricing on recent non core asset sales, including the press-reported sales of 3 of the The Mills Limited Partnership assets (The Galleria at White Plains, Northpark Mall, and The Esplanade) • Update on the HBC-JV outlook (HBC.TSX DB not rated). • Update on project progress within the 42.18 redevelopment pipeline (at share) at an 8% expected yield • Update on Brickell City Center in Miami and the market overall Scam Dana* en. °Mary altR TheenSOn Deutsche Bank Securities Inc. Page 23 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092243 CONFIDENTIAL SDNY_GM_00238427 EFTA01388598