Research & Strategy — Alternatives Office Locations: Chicago 222 South Riverside Plaza 26th Floor Chicago IL 60606.1901 United States Tel +1 312 537 7000 Frankfurt Taunusanlage 12 60325 Frankfurt am Main Germany Tel: +49 69 71909 0 London Winchester House 1 Great Winchester Street London EC2A 2DB United Kingdom Tel +44 20 754 53000 New York 345 Park Avenue 24th Floor New York NY 10154.0102 United States Tel +1 212 454 6260 San Francisco 101 California Street 24th Floor San Francisco CA94111 United States Tel +1 415 781 3300 Singapore Floor 20 One Raffles Quay South Tower Singapore 048583 Tel +65 6536 7011 Tokyo Floor 18 Senn° Park Tower 2-11-1 Nagata-cho Chiyoda-Ku Tokyo Japan Tel: +81 3 5156 6000 Team: Global Mark Roberts Head of Research S Strategy rnarkl.roberts@db com Gianluca Minella Infrastructure Research [email protected] Jessica Elengical Head of ESG Strategy [email protected] Americas Kevin While Head of Strategy. Americas Kevin [email protected] Ross Adams Industrial Research ross adams4jrib tom Bradley Doremus Apartment Research bradley.dommusadb.com Ana Leon Retail Research ana.leon@db corn Jaimala Patel Quantitative Strategy [email protected] Aaron Heffernan Liquid Real Assets Research aaron.heffernamgdb.corn Brooks Wells Head of Research, Americas b000ks wells@db com Erin Patterson Office Research enn parterson@db corn Silvedo Vasquez Quantitative Research silverio.vasquezedb.corn Europe Simon Wallace Head of Research. Europe simon wallace@db corn Torn Francis Property Markel Research [email protected] Farhaz Miah Property Market Research [email protected] Asia Pacific Koichiro Obu Head of Research & Strategy. Asia Pacific koichiro-a obuCdb.corn Seng-Hong Teng Property Market Research [email protected] Matthias Naumann Head of Strategy, Europe matthias naunvann@db corn Martin Lipprnann Property Markel Research martin [email protected] Julien Scarpa Property Market Research [email protected] Natasha Lee Property Markel Research natashalleee,db corn CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00238495 U.S. Real Estate Strategic Outlook I Septiir 2-D 25 DB-SDNY-0092311 EFTA01388642