Global Inflation Germination, Examination & Protection REITs: Occupancy Rates High 94% 93% 92% 91% 90% 89% 88% 87%1 86% I WM occupancy rates at the highest levels since the 1990's REITs should be we, supported. WS '88 '90 '92 '94 '98 '98 '00 '02 '04 '06 '08 '10 12 14 — Rental Occupancy Rate. Percent - United States — Rental Occupancy Rates, S UnitsOr More. Percent - United States Footnotes. Data is quarterly and as o₹ 3O15. Source FacISet. Bank Wealth Management REITs Pricing Power 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Dec-83 Rental prices. as seen by owners equivalent rent. are moving higher which suggests positive pricing power in real estate. Nov-91 Oct-99 Sep-07 Aug-15 Owners Equivalent Rent nen.. (AVG) Owners Equivalent Rent Footnotes: Data as o₹ November 2015 So. irce. B€oemberg Finance LP. Deutsche Bank Wealth Managern -nt Low Inflation Supportive of REITs REITs and Economic Growth 20.0% Since 197Z when CPI is 150% between 1-3%. RE1Ts rise. on average. 18% (VoY) and are 1O0% positive 87% of the time 5O% 0.0% -5.0% -10.0% -15.0% -20.0% Less than 0 • 0-1% 1-3% 396+ ------ • F TSE NAREIT (VoY %)GNen Level of CPI (YoY %) (LHS) • % of the Time Positive (RHS) Footnotes Time period is December 1972-November 2015 CPI is headline CPI Source: FactSef. I3loomberg Finance LP Deutsche Sd nk Wealth Management. Deutsche Bank Wealth Monlgernent 1 1000% 20% 100% 80.0% 80% 60% 60.0% 40% 20% 40.0% 0% 20.0% -20% -40% 0.0% -60% 4O% -6% Snot? 1972, when GDP (YoY) is between 2-3%, REITs have rallied. on average 17.8% (YoY). They were only negative on one occasion (2O90). • III • • ,,, ••1, • • • ,,,,, • •••• • • • • • • • • m • ar* s •• • e• * • • • • • I- --- -4% -2% 0% 2% 4% 6% 8% 10% (% 1YR) Real GDP YoY - United States • (% 1YR) FTSE NAREIT/ All Equity REITs Footnotes. Time period is 407'F:5015 Quaderly year over year GDP. Source: F actSel. Deutsche Bank Wealth Management. 13 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120062 CONFIDENTIAL SDNY_GM_00266246 EFTA01459566