EFTA01389068.pdf

18 October 2016 REITs US REIT 3016 Earnings Preview Data Centers: Measuring growth in years not quarters IFigure 78: 1-month Data Center performance !Figure 79: YTD Data Center performance DOS Cale Ds CONN 4.% SIVA V% 35% aw Le% APR MA% 112% IS% ■ ID% 1% 0% Ca OM 0:a O13 CCIA1 Ott col coy CU%t otA tax eta As of 10/14/16 As of 10/14/16 Source'DIMS* Vent SAE Sane peach 8%%.$41 'Figure 80: Strong fundamentals as seen by net absorption !Figure 81. Leasing trending up 50 Net absorption (MW) 5120 40 5100 30 580 20 $60 10 $40 0 $20 -10 $0 NOVA Silicon WC/NJ Chicago Dallas / Ft. Average alt CONE OTS Total Valley Worth ■4014 ■2015 ■2016 ■2015 a3015 ■4015 t016 •2016 •1015 •4015 Demand outpacing supply in key markets of • CONE continues to benefit from leasing trends NOVA and Chicago Sane passes Art CON Stow Ono** Seat tat • Further M&A opportunities in the space • Integration and synergies from recent consolidation wave • Competitive landscape as more players move towards a flexible product offering • Leasing momentum and pricing trends in key markets like NOVA and Chicago Development cost and yield trends • Impact on leasing from enterprise adoption of the public cloud • Expansion opportunities in new geographies and verticals • Hyperscale cloud demand outlook over the next 12 months • Incremental demand in Houston in light of energy headwinds Deutsche Bank Securities Inc. Page 43 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093294 CONFIDENTIAL SDNY_GM_00239478 EFTA01389068