Epstein Secrets

d Seattle. A maturing growth cycle is bringing supply and demand into balance in inland hubs. Rising supply in Atlanta, Dallas, Chicago, Riverside, Denver. and Central Pennsylvania is expected to moderate near-term rent gains, but fundamentals should remain healthy. New supply has been heavily weighted

A and DouttotteMse4 Monagenieet Data as of June 2016 CBRE-EA and Deutsche .0mM ilarageinceil. Data as of Juno 2016. CSRE-EA. Dela as of June 2016. U.S. Real Estate Strategic Outlook I Septiir 2-D1;= 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092297 CONFIDENTIAL SDNY_GM_00238481 EFTA01388633

10.9% (trailing four quarters) in the first quarter 2016 from 12.0% as of late 2015.s, Western metros have been the primary outperformers: Oakland. Denver, Portland, Riverside, San Jose, San Francisco and Orange County all exhibited total returns of 16% or more over the past year. In contrast, several

he near term. Deutsche Assaf Managemern. Data so of Jun., 2016. '=• NCREW Dm as of Apol 2016. Douliv,f r Asset Management Dab an of June 2016. 20 U.S. Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092306 CONFIDENTIAL SDNY_GM_00238490 EFTA01388639

e+ Market Weight (Alice Atlanta Austin Baltimore Boston 4+ 4+ 4+ 4+ 4-+ 4 1 4+ 44 ++ Charlotte 44 Chicago 4+ Dallas 4 4+ 44 Denver 4+ 4+ Fort Lauderdale t t 44 Houston 4 Los Angeles 4+ 44 4+ 4+ Miami 4+ 4+ t 4+ Minneapolis 4 New York 4+ 1 44 Oakland i Eas

side San Diego 4+ San Francisco 4+ San Jose t 4+ Seattle 4-0 4+ Washington DC 4 West Palm Beach 4+ Snece L'atv.vn. 'am? ?.14,thringr: U.S. Real Estate Strategic Outlook I Sept<;rnh•-;r 2-D 23 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092309 CONFIDENTIAL SDNY_GM_00238493 EFTA01388640