Epstein Secrets

New York/New Jersey, South Florida, and 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.

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

d the highest total return (16.7%).:c While not without risk, high-tech dominated markets Austin and Seattle also outperformed, and Sun Belt cities Atlanta. Miami and Charlotte showed strong returns and rent growth. Houston continues to drop off due to energy-related contractions eroding absorption. 5.

vestment, and any investment in suburbs without adequate transit connections. NCREIF (total retuins1:O311E-EA (rent growth). Dula as of July 2016. U.S. Real Estate Strategic Outlook I Septiir 2 ,h= 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092301 CONFIDENTIAL SDNY_GM_00238485 EFTA01388636

clude markets expected to outperform or market perform during the next three to five years. t Overweight 4, Underweight 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

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