EFTA01388592.pdf

18 October 2016 REITs US REIT 3016 Earnings Preview Figure 13: Moody'siRCA CPPI index trends Figure 14: CRE pricing versus prior peak levels )30.00 1000% 250.03 MA% ; 1400% e E C 150.00 1100% 8 - 8 1000% 100 00 000% 50.00 000% MCI 0%16 400% 0.00 200% ;11;; Irgilrgi5Agnt 00% dad ind oncaD —Nihon* —Wipe Market, —Non4/0jor Markets Data as al 1002 •MI Mips •NOMMitt • May marked the 4th consecutive n-ifm increase • Suburban Office still below prior peak post Jan and Feb declines, which were the first it Retail now back to prior peak levels since early 2010 Apartment prices continue to rise up 8% since the end of 2015 vs a 4% rise for all properties Sow* Dania On. AIcce(vRCA Source Dan:ha Sint. 04mq/VRCA Unsecured markets remain healthy 'Figure 15: U.S. CMBS issuance Figure 16: U.S. REIT Unsecured Issuance sue $7.0 II 1120 1110 s1o0 $50 wo $40 530 h i lt.I 7/ 4/414/1:717,74,1/ 4",/ I $2 04 11 0 1 so o • 114,4 04. 04 / I. 1. I,tilt IL111'1 4/1 4,0 0( y."" / 44 (4'1° 004' wpm u S CMOS inseam —km mos u.8. m05 Unscomea Sun% ke, San Oats./ Oa* OM Son- Dumas Oat Cam Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092230 CONFIDENTIAL SDNY_GM_00238414 EFTA01388592