EFTA01388641.pdf

Important Information U' sury-he Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiares. Clients mil be provided Deutsche Asset Management products or services by one or male legal warders that wall be airmailed to clients pursuant to the contracts. agreements. ofkarrag materials or other documentation relevant €o such products or services in ine U.S., Deutsche Asset Maairge.ment relates to the asset management atthiftles or RREEF America L.L C . In Germany RREEF Investnient GmbH. Deutsche Asset & Wealth Management GmbH. RREEF Management GmbH. and RREEF Spezial invest GmbH. in AtiViefia7 Deutsche Atstra€ia Limited (ABN 37 JEU 335 593) an Atstralian financial services license holder. In Japan: Deutsche Securities Inc. (For DS', financial advisory (pot investment advisory) and distribution services only). in Hong Kong. Dsutsche Bank Akbengese€ischah, Hong Kong Branch direct real estate business), and Deutsche Asset Management (Hong Kong) Lkwited (for real estate securiles business): in Singapore. Deutsche Asset Management (Asia) Limited (Company Reg. No. 190701435N): in the United Kingdom. Deutsche Atternatree Asset Management (UK) Urrated. Deutsche Akernatme Asset Management rialobaa Linated and Deutsche Asset Managemere (UK) Limited. and in Denmark. Finland, Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management /Groben Limited. in addition to other regional entities in the Deutsche Bona Group. The views c> pressed in this document have been approved by the retry:melba: portkft management team and Rea€ Estate invesbmen committee and may not necessanly be the veers of any other drcision within Deutsche Asset Management. Key Deutsche Asset Management research personnel are voting members of VeriOln investmeN committees Members of the investment committees vote y4:i respect to mace:tiro investments anchor transactions arid certain other matters subleasted to a vote of such evikanient cominitte-e. Addatrarly. research personnel MeeiVe. and may In the future receive incentive compensation based on the performance of a certain sevestment accounts and in vehicles managed by Deutsche Asset Management and its affiliates This material vas prepared wanotit regard to the specific oblectives. :Immoral situation or needs of any paricular person who may receive 4 his intended for informational purposes only. It does not constitute investment advice. a reoneendation• an offer, solicitation, the basis for any contract to purchase or sell any security or other instrument. or for Deutsche Bank AG or its affiliates to enter into or arrange any type of transaction as a consequ+nee of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates gives any warranty as to the accuracy. reliability or completeness of astound:an which ie contained in tles documeril Except insofar as liability under any stattae cannot be es cded. no member of the ()either° Bar& Group. the issuer of any officer, employee or associate of thorn accepts any liability /whether arising in contract. m tort or negligence or °thymic/Helfer any error or onassion in this document or for any resulting loss or damage whether direct. indirect, consequential or ethanol:se suffered by the recipient of this document or any ocher person: The views expressed in thrs doctrnmtchsertitute Deutsche Bar* AG ef its affiliates judgment at the time of last and are subject to change is document is only for professional investors. This document was prepared without regard to the specific objectives. financial situation or needs of any particular person who May reCerve it. No hotter distribution H Mimed :441100 Mer written consent Mare issuer An ervestment in real estate ffarrIces a high degree of risk. including possible lots of principal amount invested, and is statabre day for 1OpFASUCated investors who can bear such losses. The value of shares/ units and their derived income may fall or Me Ally forecasts provided herein are based upon Deutsche Asset Management's warms of the market at this date arid are subject to change doponcient on the market Past yak/mane or any prediction. projection or forecast on the economy or markets is not indicative of haze performance The hi/recants provided are based upon our opinion of the market as at this date and are subject to change. dependent on tenure changes in the market Any prediction. promotion or forecast on the economy, stock market. bond market or the economy. trends of the markets is not necessarily Meaty° of the future or likely performance. For Investors in Switzerland: This presentation document has been prepared upon you: request exclusively on a beet ellen best and intends to respond to WU' irryeStMent Objeamy.Vrbtegy 55 a sophIstroated. and qvaahed mnvestor watan the meaning of the Sawn Caliective Investment Schemes Act of Juno 23.'-2906 ("USA'). This document has not been approved by the Swiss Financial Market Supervisory Authority f•FINMAS under the Seise Cog:soave Invmdment Schemes Act of Am 2W6("CISA") The products contained at this pcosertalnin may not be registered with the Sits Flithnn. al Market Supervisory Authority ('FINMA5, arid therefore, not supervised by the FINIAA. As a resus, you cannot maim any protection for unregisteied products under the CISA. For Investors in the United Kingdom, Denmark, Finland. Norway and Sweden This document is issued and approved the United Knadorn by Deutathe Alternate% Asset Management (UK) Limited ('DEAAM UK) of 1 Great Winchester Street, London EC2N 2DB. Authorised and regulated by the Financial Conduct Authority it 46000). 'this material is intended for information purposes only and dues not constitute investment advice or a maeracinal recommendation This document should not be construed as an offer to seil any investment or service. Furthermore. this document does not constitute the Wit/Talton of an offer to purchase or subscribe for army atcestmitrit or service In any jurisdicdon where. or hum any person in respect of whom. such a solicit-anon of an offer is unlawful. This document is confidential and personal to you and is being presented for informational and discussion purposes only. Any reproduction and/or redistribution thereof, in whole em in part, and any disclosure of its content without our consent is strictly forbidden" 2016 Deutsche Bank AC; All Mists reserved. (03,164 P.:47670.1 24 U.S Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092310 CONFIDENTIAL SDNY_GM_00238494 EFTA01388641