Epstein Secrets

SPLK Staples SPLS Steverd Health Care System Private The Sports Authorky Private Warby Parker Private Watt% Private Scarce Desarechs EWA Deutsche Bank Securities Inc. Page 59 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092279 CONFIDENTIAL SDNY_GM_00238463 EFTA01388625

ce Realty Trust IRT Kennedy-Wilson Holdings KW Kilroy Realty Corp. KRC Kimco Realty Corp. KIM Macerich Co. MAC Mack-Cali Really Corp. CLI Medical Properties Trust MPW Paramount Group PGRE Post Properties PPS Prologis Inc. PLD QTS Realty Trust Inc. QTS Ranwo-Gershenson Property Trust RPT Regency Cent

you'd like to discuss =he basket or funds in greater detail. Best regards, Andrew King Andrew=King, CFA Vice Pr=sidentlnvestm=nt Solutions Group Deutsche Bank Securities Inc. Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. <tel:%2B1%28212%29454-0043> =div style="word-wrap:break-word"> =/div>

Preview") • Digital Realty Trust (DLR) EFTA_R1_01542053 EFTA02445774 CyrusOne (CONE) Health Care (page 5 of "US REI= 3Q16 Earnings Preview") Medical Properties Trust (MPW) Additionally, I've attached information on two REI= managers we recommend for diversified exposure to US REITs:=/p> SMA: Adelante Capital M

SPLK Staples SPLS Steverd Health Care System Private The Sports Authorky Private Warby Parker Private Watt% Private Scarce Desarechs EWA Deutsche Bank Securities Inc. Page 59 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092986 CONFIDENTIAL SDNY_GM_00239170 EFTA01388959

ce Realty Trust IRT Kennedy-Wilson Holdings KW Kilroy Realty Corp. KRC Kimco Realty Corp. KIM Macerich Co. MAC Mack-Cali Really Corp. CLI Medical Properties Trust MPW Paramount Group PGRE Post Properties PPS Prologis Inc. PLD QTS Realty Trust Inc. QTS Ranwo-Gershenson Property Trust RPT Regency Cent

'd like to discuss the basket or funds in greater detail. Best regards, Andrew King Andrew King, CFA Vice President I Investment Solutions Group Deutsche Bank Securities Inc. Deutsche Bank Wealth Management PaiS4Oi,.. It . PC41 air ett. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0093168 CONFIDENTIAL SDN

4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview") • Medical Properties Trust (MPW) Additionally, I've attached information on two REIT managers we recommend for diversified exposure to US REITs: SMA: • Adelante Capital Man

PW acquired CircleBath Hospital, a 28-bed acute care facility in Bath, England. from Circle Health for E28MM through a sale leaseback transaction. Deutsche Bank Securities Inc. Pogo 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093208 CONFIDENTIAL SDNY_GM_00239392 EFTA01389042

22 July 2016 REITs Medical Properties Trust Elevated government reimbursement risk While an updated payor mix has not been provided since August 2014, Medicare (38%) and Medicaid (13%) accou

are Act, including the transition from volume to value-based payment systems and site-neutral reimbursements (see our discussion below). Page I S Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093217 CONFIDENTIAL SDNY GM_00239401 EFTA01389043

22 July 2016 REITs Medical Properties Trust In each of the past 5 years, the final reimbursement rate for inpatient services has been higher than the proposed rate, averaging 80bps higher tha

procedures to that of a physician's office rate. In its report MedPAC provided an example where an echocardiogram performed at a hospital Page 20 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093219 CONFIDENTIAL SDNY GM_00239403 EFTA01389045

22 July 2016 REM Medical Properties Trust Payment model considerations Episode-based payment initiatives In an attempt to coordinate care across different settings and generate cost savin

% 72% ma AN 70% 411% 41% 7460000 0047 90.0 Lin 501 74% 60% 701 4,9% 79% 0% 01.4 , W4 an Pi& San return:he Osok (inn Oa Page 36 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0093235 CONFIDENTIAL SDNY_GM_00239419 EFTA01389048

22 July 2016 RElTs Medical Properties Trust 'Figure 40 Income Stotement (continued) /1141=21111101SYSIIIIIIIII 119•0110•00:1 lear0004weromiatts PP eenretahon Aciltiewn0 wawa naltoira Sir

f like to discuss the basket or funds in greater detail. Best regards, Andrew King Andrew King, CFA Vice President I Investment Solutions Group Deutsche Bank Securities Inc. Deutsche Bank Wealth Maria. ement This communication may contain confidential and/or privileged information. If you are not the intended recipient

4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview") • Medical Properties Trust (MPW) Additionally, I've attached information on two REIT managers we recommend for diversified exposure to US REITs: SMA: • Adelante Capital Man