18 October 2016 REITs US REIT 3O16 Earnings Preview [Figure 17: 10-year new issue MA CMBS spreads !Figure 18: IG and HY spreads to I 0Y Tsy 180 100 9.00 an olSap-15 6.00 I is) 1.00 00 6.00 1 100 600 40 40 3 00 1 40 3.001 20 a Of 10-11-16 40s4'^a -44s 4-e 1.00 1 0 000 • 0 . 9 0 0 0 0 0 4. a 4. 4. 0 0 0 0 0 0 As a 41 4. a a. aa a a a 40 Or 1 # d r 11 # 1 1 1 # 1 of 1 1 1 1 11 1 air 40 —1140 10 10 le MA C10125 5.0004 ..... SIG wing to lAyter 1•11(0 y114 11:04411011240, • After dropping back to the average level since 2014, spreads again blew out in early October Recent tick up in spreads appears to have been driven by portfolio quality Sovc• Oadrich• dank C.444 --A0 1G 000 — A4:120 strew • IG spread of 147bps is down 77bps from the 224bps YTD peak in mid-February • HY spread of 480bps is down 295bps from the 775bps YTD peak in mid-February Savo* Dante Sint laver DB REIT coverage trading at a 7.1% discount to consensus NAV meaningfully below the 5.0% premium seen in July 'Figure ID: to/real premium/discount to NAV -14014 DMA at at 100416 4004 5 5 4 5 5 5 4 5 5 5 5 5 5 S 5 5 5 5 5 5 5 § 1" S 5 5 S. § F. 5 F. § E. 5 F. 5 Cl)Coerivp —Avg —1Avaan .x9041 -2vtglev • DB REIT coverage trading at a 7.1% discount to NAV vs a -1.4% discount historically Source Deatrote419, COMpery a not ?0,10,16 Deutsche Bank Securities Inc. 'Figure 20: Quarterly REIT capital raising 1A01) fix Ox $19.0:0 MOM 'I iIJdlllllllll I . .d S 4 Y Ae4Att EAAey't ee eye ist itite 504,0 00.44404 OM. SAL cotes, y cleats =gel g P vA Page 11 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0092231 SDNY_GM_00238415 EFTA01388593