From: Stewart Oldfield Sent: 11/1/2016 9:29:33 AM To: Darlene Zong CC: Andrew King Subject: PM: DB REIT Researc i I Classification: For Internal use only Any thoughts here? Thanks From: Richard Kahn [mailto: Sent: Monday, October 31, To: Andrew King Cc: Stewart Oldfield Subject: Re: DB REIT Research thanks for views however we would also like investment ideas thanks Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 to fa ce On Oct 31, 2016, at 5:15 PM, Andrew King wrote: Richard, I hope this message finds you well. I thought I'd send a quick note as Stew indicated that you were interested in our views on REITs, and which REIT sub-sectors we favor in the current environment. I've attached two DB publications which should be useful. In the first piece (US REIT 3Q16 Earnings Preview) our colleagues from DB Markets Research provide their outlook for REITs and their views on several REIT sectors. In addition, I've attached the US Mid-Year Real Estate Outlook from Deutsche Asset Management. While this report primarily focuses on private real estate, it provides a good overview of their expectations for real estate investments moving forward, and the rationale behind their current real estate sector weights. We'd be glad to discuss these views with you in greater detail. Please let us know when would work best. Best regards, Andrew King CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0070555 CONFIDENTIAL SDNY_GM_00216739 EFTA01375255