18 October 2016 REITs US REIT 3016 Earnings Preview CONE toccata itatamsnt (So Mara eacestfaysaates GAAP Revenue Actusted EBITDA Agusted EBITDA margin FR)/sh rxernshzed Operating Metrics (iaCala Ogled pee shape) GNAT' rent annueleed iSrnm1 MW signed RenV1CW/Month Quarterly churn rate Note consensus estimates are based on Thomson compled date as of 10/14/16 • Expectations are elevated fol owing 3 back-to-back quarters of strong leasing. Update on the size of the leasing pipeline • Recent changes in conversations with enterprise and public cloud players • Pricing, yield and construction cost trends • Fundamentals in key markets, specifically in NOVA Houston. Dallas, and Phoenix • Construction plans in the Pacific Northwest and NOVA following land purchases. CONE recently acquired 29 acres in the Phoenix metro while highlighting Santa Clara as an area of focus • Leasing activity at the CME property in Chicago • Expansion plans in 2016 for new markets, and potential for additional acquisitions • Impact from weakness in the energy industry on CONE's oil and gas tenants • We are updating estimates to reflect our expectation of an earlier exercise of the forward equity sales offering in 2017 and a modest reduction in rent commencements in 2017. Our 2016 estimates are unchanged. For 2017, our core FFO/sh estimate moves to $2.95 from $3.01, NAREIT FFO moves to $2.71 from $2.77, FAD moves to $2.90 from $2.97, and EBITDA moves to $337.7MM from $345.8MM. Please see Figure 98 for a summary of our estimate revisions 3015 Actual 5111 2 569 0 53 1% S057 Actual 51211 2016 Actual $1301 569 4 53 3% $067 Actual 557 19 40 0 48 521083 $119 15 07% 2 7% 3016 rte. $1W 6 571 2 521% $0 64 Actual Cons 5136 I S69 3 51 0% 5062 DM ANS 2 5% 2016 Pra 30 On Post 30 On DR. Con $520. 5530 5525 2 5526 7 5270. 5280 $275 3 52750 524% 522% 52.50- 52 58 $2 56 5256 Po 30 GIS Post 30 Gait DON • We are lowering our target price to $59 from $60 as a result of our estimate revisions. Our target multiple are unchanged (17.4x EBITDA and 19.1x FAD). Please see Figure 97 for details on our target price Sara Danci* an comearry dam. Mormon Page 44 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092264 CONFIDENTIAL SDNY_GM_00238448 EFTA01388613