From: Stewart Oldfield I Sent: 11/1/2016 9:29:41 AM To: Darlene Zong I CC: Andrew King [ Subject: FW: DB REIT Research Attachments: OB- US REIT 3Q16 Earnings Preview - October 2016.pdf; Deutsche_AM_-_U.S._M idYear_Real_Estate_0utlook_2016.pdf From: Andrew King Sent: Monday, October 31, 2016 5:15 PM To: Richard Kahn Cc: Stewart Oldfield Subject: DB REIT Research 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 Andrew King, CFA Vice President I Investment Solutions Group Deutsche Bank Securities Inc. Deutsche Bank Wealth Management York. NY 10154 Passithdro- Peeftent CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092220 CONFIDENTIAL SDNY_GM_00238404 EFTA01388584