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all in 3O and VTR's recent acquisitions in the life sciences and hospital segments also suggesting fewer opportunities in traditional Sr. Housing. Deutsche Bank Securities Inc. Page CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092225 CONFIDENTIAL SDNY_GM_00238409 EFTA01388589
hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptcy a much smaller impact on the space. Slowing trends expected in the Apartments, Malls, and Office sectors .. We are looking for modera
IS Changes Company Target Price CIO.N 15.00 to I 5.50IUSD1 CONE.00 60.00 to 59.00IUSD) 01R.N 112.00 to 108.00IUSD1 San - &OA Rating Deutsche Bank Securities Inc. Distributed on: 18/10/2016 05:00:00 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors
hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptcy a much smaller impact on the space. With still substantial relative value discounts in the space, we remain constructive on Buy-rated
Outlook and thoughts on Staples/Office Depot (SPLS: DB Hold rated, USD7.561ODP: DB Hold rated, USD3.34, both by Mike Baker) New watchlist tenants Deutsche Bank Securities Inc. Page 27 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092247 CONFIDENTIAL SDNY_GM_00238431 EFTA01388601
d redevelopment outlook • Anchor and small shop retailer health • Sports Authority releasing, downtime arid capex update • Logans Roadhouse and Golfsmith exposure and store closures • Outlook and thoughts on Staples/Office Depot (SPLS: DB Hold rated, USD7.561ODP: DB Hold rated, USD3.34, both by Mike
all in 3O and VTR's recent acquisitions in the life sciences and hospital segments also suggesting fewer opportunities in traditional Sr. Housing. Deutsche Bank Securities Inc. Page 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092932 CONFIDENTIAL SDNY_GM_00239116 EFTA01388941
hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptcy a much smaller impact on the space. Slowing trends expected in the Apartments, Malls, and Office sectors .. We are looking for modera
Outlook and thoughts on Staples/Office Depot (SPLS: DB Hold rated, USD7.561ODP: DB Hold rated, USD3.34, both by Mike Baker) New watchlist tenants Deutsche Bank Securities Inc. Poet. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092954 CONFIDENTIAL SDNY_GM_00239138 EFTA01388949
d redevelopment outlook • Anchor and small shop retailer health • Sports Authority releasing, downtime arid capex update • Logans Roadhouse and Golfsmith exposure and store closures • Outlook and thoughts on Staples/Office Depot (SPLS: DB Hold rated, USD7.561ODP: DB Hold rated, USD3.34, both by Mike
all in 3O and VTR's recent acquisitions in the life sciences and hospital segments also suggesting fewer opportunities in traditional Sr. Housing. Deutsche Bank Securities Inc. Page CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093256 CONFIDENTIAL SDNY_GM_00239440 EFTA01389053
hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptcy a much smaller impact on the space. Slowing trends expected in the Apartments, Malls, and Office sectors .. We are looking for modera
Outlook and thoughts on Staples/Office Depot (SPLS: DB Hold rated, USD7.561ODP: DB Hold rated, USD3.34, both by Mike Baker) New watchlist tenants Deutsche Bank Securities Inc. Page 27 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093278 CONFIDENTIAL SDNY_GM_00239462 EFTA01389062
d redevelopment outlook • Anchor and small shop retailer health • Sports Authority releasing, downtime arid capex update • Logans Roadhouse and Golfsmith exposure and store closures • Outlook and thoughts on Staples/Office Depot (SPLS: DB Hold rated, USD7.561ODP: DB Hold rated, USD3.34, both by Mike
Entities connected to both Deutsche Bank Securities Inc. and Golfsmith

Deutsche Bank
ORGANIZATION
North America
LOCATIONSports Authority
ORGANIZATIONSS NOI
ORGANIZATION
James Baker
PERSONStrips
ORGANIZATIONthe Apartments and Office
ORGANIZATIONMike Baker
PERSONStaples/Office Depot
ORGANIZATIONStrip REIT
ORGANIZATIONLod Rs
ORGANIZATIONSarea 0
ORGANIZATION