9 Appendix 2: Real Estate Target Markets :Aiff.s. We screened top U.S. metros. which represent 86% of the NCREIF Property Index (NPI), and identified the investment markets for each property sector that we believe have the best prospects for superior performance during the market cycle or a portion of it. This metro selection is based on property market size, liquidity, growth characteristics, income, historical returns and other factors indicative of future performance. The list of these metros remains generally static, although some metros may he added or subtracted over time due to structural market changes Tager Irwestible Metros: These are a subset of the universe of invest We metros and include 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 t 44 Houston 4 Los Angeles 4+ 44 4+ 4+ Miami 4+ 4+ t 4+ Minneapolis 4 New York 4+ 1 44 Oakland i East Bay 44 t 4+ Orange County Philadelphia Phoenix 4+ 4+ Portland 4+ 4+ Riverside 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