Deutsche Marketing Material Asset Management Research Report U.S. Real Estate Strategic Outlook: Mid-Year Review September 2016 Please note certain information in this presentation constitutes forward-looking statements Due to venous nsiis. uncertainties and assumptions made in our analysis. actual events or results or the actual performance of the markets covered by this presentation report may differ materially horn those described. The information herein reflect our ctilrent Mews only, are subject to change. end are not intended to be promissory or relied upon by the reader. There can be, no certainty that events will turn out as we have opined herein Certain Deutsche Asaot Management investment strategies may not be available in every region or country for legal or other reasons. end information about these strategies is not directed to those investors residing or located in any such region or country Confidential For (Its*Irked thvestois. (Al. 10 Para $ of the Swiss Federal C,oils-ctive Investment Scheme Act leiSAFFor Professional Clients (Milne, Directly* 20Diti.39tEC AnWii II§ only. For institutional investors only Ftettler distribution of this inateruit is strictly prof` lted. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092287 CONFIDENTIAL SDNY_GM_00238471 EFTA01388626