Epstein Secrets

FFO/sh estimate moves to $4.42 from $4.33, which reflect the new $700MM debt investment in 1Q17 and additional debt financing activity in 2H 17. Deutsche Bank Securities Inc. Page 55 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092275 CONFIDENTIAL SDNY_GM_00238459 EFTA01388622

financing activity. Our 2016 NAREIT FFO/sh estimate moves to 87c from 86c, core FFO moves to 85c from 83c, and FAD moves to 38c from 36c. Our 2017 NAREIT and core FFO estimates move to 96c from 89c, and FAD moves to 52c from 46c. • VNO: We are updating estimates to reflect recently announced financ

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financing activity. Our 2016 NAREIT FFO/sh estimate moves to 87c from 86c, core FFO moves to 85c from 83c, and FAD moves to 37c from 35c. Our 2017 NAREIT and core FFO estimates move to 96c from 89c, and FAD moves to 54c from 48c. Please see Figure 98 for a summary of our estimate revisions Scum. 0-

FFO/sh estimate moves to $4.42 from $4.33, which reflect the new $700MM debt investment in 1Q17 and additional debt financing activity in 2H 17. Deutsche Bank Securities Inc. Page 55 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092982 CONFIDENTIAL SDNY_GM_00239166 EFTA01388958

financing activity. Our 2016 NAREIT FFO/sh estimate moves to 87c from 86c, core FFO moves to 85c from 83c, and FAD moves to 38c from 36c. Our 2017 NAREIT and core FFO estimates move to 96c from 89c, and FAD moves to 52c from 46c. • VNO: We are updating estimates to reflect recently announced financ