18 October 2016 REITs US REIT 3O16 Earnings Preview Figure 71: CIO 3O16 results preview CIO 3015 3016 9016 Earnings Mud Actual Pepsi Dee Cons FFQ'sh SO 17 SO 19 Cote PFOIsh SO 33 $O 22 SO 26 9) 26 CipsoWn9 Make AoIsal Acbal Ablui Des SS NO! growth v/v .9 3% Oectpancy 'Commenced. 949% 882% 92 6% PP CM 90tp 90bp 439bp ch 320b0 .690bp .231bp Occupwcy Ugncd and commorted, 954% 92 8% as ch 20bp -40bp v ch 230bp .240bp Total loahng vokrno itch 61 7 !, °to consanbus a sh mato s aro b.ased on Morison coropfad dad as of 1014116 Update on acquisition pipeline following preferred equity capital raise, and timing of other expected acquisitions • Update on investor demand in CIO's target markets 2016 Pre 30 Guide Post 30 OS% Cleo Coin SC 5. SI 06 . 5" '0 SI bl 7 Pro 313 Goode Post 30 Guide DIU 903% • Market conditions in secondary markets, with JLL noting favorable fundamentals Update on Fairwinds Credit Union's decision to move, which is expected by YE2016. If they do not vacate, their lease renews for a 9 year term We are updating our model to reflect the recently announced preferred equity capital raise, and using proceeds to assume $250MM of acquisitions at a 7% cap rate. Our 2016 core FFO/sh estimate move to $1.01 from $1.08, NAREIT FFO moves to 54c from 63c, and FAD moves to 58c from 65c. In 2017, core FFO/sh moves to $1.35 from $1.27, NAREIT FFO moves to $1.23 from $1.19, and FAD moves to $1.15 from $1.08. Please see Figure 98 for a summary of our estimate revisions • We are increasing our target price to $15.50 from $15 as we model in increased acquisitions. Please see Figure 97 for details on our target price Spier, Punch Ap-A. car PO. Inn*, Deutsche Bank Securities Inc. Page 39 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093290 CONFIDENTIAL SDNY_GM_00239474 EFTA01389066