EFTA01389060.pdf

18 October 2016 REITs US REIT 3O16 Earnings Preview • Outlook and opportunity of shadow development/redevelopment pipelines Update on any conversations with Macy's (M: DB Hold rated, USD35.57 by Paul Trussell) or other department stores for the potential to take back space or partner within a JV • Update on Sears (SHLD: DB not rated) JV's and outlook for this retailer given rising concerns about a potential bankruptcy • Update on retailer conditions in tourist heavy markets • Update on the consumer Fagtae 9: SPG 3016 result!' preview SPO 3015 2016 'Cl. 2016 fonds°, Meal Anse 060 Can Pm 30 Gallo Post XI Gide I we cov Aqua Aqui Anal Pm 30Guido PostSO Guide 005 Da4.44.4:40)SPA44)044tirs. rat P-ri00. Ur** C.E. 0% COL 96 t))% 9645% can Xto IOW A•C11 Sate -2it( -Mtp , ,,,, 11).5%1002Sir/41.5 TC4,1(es rt.1 lava • cv env riot Sp!. 41 1569 5616 $6)' 5% 2 15 • Commentary, rationale and expectations around ARO deal with GGP and ABG • Observations and traffic trends from Primark (ABF: DB Buy rated, GBP2,641 by Warwick Okines) opening at King of Prussia as well as overall feedback from 155ksf expansion opening at the mall • Update on retailer environment, store closings, releasing activity Update on department store health, vacancies and opportunity to take back space. • Tenant sales trends and trends at tourism driven centers and outlets Update on traffic trends at malls vs outlets Update on Sears JV and plans Pricing on recent non core asset sales, including the press-reported sales of 3 of the The Mills Limited Partnership assets (The Galleria at White Plains, Northpark Mall, and The Esplanade) • Update on the HBC-JV outlook (HBC.TSX DB not rated). • Update on project progress within the 42.16 redevelopment pipeline (at share) at an 8% expected yield • Update on Brickell City Center in Miami and the market overall Scam Dana* en. °Mary altR TheenSOn Deutsche Bank Securities Inc. Page 23 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093274 CONFIDENTIAL SDNY_GM_00239458 EFTA01389060