Global Inflation Germination, Examination & Protection The A, B and Cs of Mall REITs* Under-Owned by Investors 115 1 110 1 105 100 951 90 85 I 80 I 75 70 -.- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec A Average B/C Average Footnotes.Data as of December 31. 2015. 'See A. B, C explanation on final page. Source. FactSet: Deutsche Bank Wealth Management. Selectivity Important 26% difference 4 Category REIT Weighting Mutual Funds Benchmark Mid-Cap Growth 1.2% 1.6% Small Growth 1.9% 2.7% Mid-Cap Blend 4.7% 6.8% Small Blend 5.9% 8.6% Small Value 6.6% 14.6% Large Growth 0.6% 1.4% Mid-Cap Value 5.3% 12.5% Large Value 1.5% 4.1% Large Blend 1.4% 2.8% 50% -I .2 cc cc 2015 Total Return 2 1 a Footnotes: Data as of December 31. 2015 FT.SEiNAREtT Equity Indices. Source: FactSet, Deutsche Bank Wealth Management Deutsche Bank Wealth Mon Bement Estimated Underweight $1 billion $1 billion $5 billion S6 billion $8 billion $10 billion $16 billion $23 billion $25 billion Selectivity is important when investing in REITs. For example, A class mall REITS outperformed B/C class by -26% in 2015. In addition, self storage rose —40% while the broad REIT Index was up only —3% in 2015. The Raymond James REIT team produced the above estimates showing how underweight broader equity mutual fund managers are to REITs relative to their respective benchmarks. The $95 billion estimate equates to over 10% of the REIT Index market capitalization. Footnotes. Time period As of June 30, 2015 Source- Deutsche Bank Wlealth Management Dow jones, R•e,vrnond arrleS, S&P 14 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 120275 CONFIDENTIAL SDNY_GM_00266459 EFTA01459671