28 October 2016 REITs Digital Realty Trust Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subject issuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Vin Chao Historical recommendations and target price: Digital Realty Trust (DLR.N) (es of 10/27/2016) 4 000 • Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating •New Recommendation Structure as of September 9,2002 • 'Analyst is no longer at Deutsche Bank Oct 13 Janie Apr 14 Jul 14 Oct 14 Jan 15 %a Jul 15 1. 11/04/2013: KM. Target Price Change USD52.00 Vincent Chao. CFA 2. 07/26/2014: Hold. Target Price Change USD54.00 Vincent Chao CFA 3. 05/07/2014: Hold. Target Price Change USD66.00 Vincent Chao. CFA 4. 07/22/2014: Upgrade to Buy. Target Price Change USD68.00 Vincent Chao, CFA Oct 15 Jan 16 11. 10/19/2015: CFA 12. 01/06/2016: CFA 13. 02/26/7016: CFA 14. 04/19/2016: CFA Apr 16 Jul 16 Buy, Target Price Change USD76.00 Vincent Chao, Buy, Target Price Change USD83.00 Vincent Chao. Buy. Target Price Change USD88.00 Vincent Chao. Buy, Target Price Change USD99.00 Vincent Chao, 5. 07/3012014: Buy, Target Price Change USD69.00 Vincent Chao. 15. 04/292016: Buy, Target Price Change USD102.00 Vincent Chao. CFA CFA 6. 11/26/2014: Buy. Target Price Change USD71.00 Vincent Chao. 16. 07/18/2016: Buy. Target Price Change USDI 14.00 Vincent Chao. CFA CFA 7. 01/26/2015: Buy, Target Price Change US075.00 Vincent Chao. 17. 07/29/2016: Buy, Target Price Change USDI 16.00 Vincent Chao. CFA CM 8. 02/13/2015: Buy, Target Price Change US074.00 Vincent Chao, 18. 08/15/2016: Buy, Target Price Change USDI 12.00 Vincent Chao. CFA CFA 9. 054762015: Buy, Target Price Change USD73.00 Vincent Chao. 19. 10/18/2016: Buy. Target Price Change USDI08.00 Vincent Chao. CFA CFA 10. 07/31/2015: Buy, Target Price Change US074.00 Vincent Chao. CFA Deutsche Bank Securities Inc. Page 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0093178 SDNY_GM_00239362 EFTA01389030