18 October 2016 REITs US REIT 3O16 Earnings Preview Figure 51: TCO 3O16 results preview "to Ewes FFO/sh Proforma FFOilb Opsiefreiliseis. Ending occupancy I lI centers. commence:1i qW ch A ch OpennyClosng Speed 1Ccenbned. 711.11 Tenant Sal•Wsef (TIM) A ch lm reported) SS NO1 growth We Osa-leate semi Note consensus data is based on Thomson compaed dm as el 10/14/16 3015 2011 301116 Paul Sal $0 89 SI Of tees saes $086 $O 79 50 88 ASS ASS Adult 9220% 925% 92 5% 1600p Obp Otc 320bp 1901, 30bp 214% 242% 12 0% quarterly rent spread 5803 $799 19% -10% 2 8% 62% OB• Cade 2016 Ps OS* Not CI la SJ 75. S390 $350 • 5385 Pa SO Odds t38 14 4381 $3 59 Patio ea 91 CO% -93 6% camp 30bp 184% -5% • Update on Beverley Center, updated conversations with existing tenants, any rent relief requests, vacancy etc. • Development update; Leasing and sales trends at Xi'an (at 2O, 90% occupied and expected to be fully occupied by YE); Still on track for March opening at Zhengzhou?; Hanam and Hawaii traffic and sales trends since recent openings; San Juan leasing and sales commentary • Update on future opportunities in South Korea and China with previous commentary of potentially breaking ground on something in 2017. • Update on Country Club Plaza plans and opportunity • Plans for the 3 Sports Authority boxes and Saks space at Short Hills • Update and expectations on the retailer environment in tourism focused markets Swot Dade tent mown thee Manton Deutsche Bank Securities Inc. Page 25 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092245 CONFIDENTIAL SDNY_GM_00238429 EFTA01388599