cb to. ri, cy ft. ,‘ ft, t. .19 V AU' Source: Deutsche Bank esleveles. company data vs Tesco 2431i1 II I 1111 Deutsche Bank Research. European Equity Focus —Januaty 2018 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086790 SDNY_GM_00232974 EFTA01385504

90 80 70 60 50 40 30 20 10 0 OA) 88% 12% Below market rent At market rent Soutco Company data, Deutsche Bank Deutsche Bank Research. European Equity Focus —Janson,' 21:18 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086795 SDNY_GM_00232979 EFTA01385509

stake in Blackstone's vehicle Pre Blackstone deal Souse: Deutsche Bank estimates. company data r Post Blackstone deal Deutsche Bank Research. European Equity Focus —Janutuy 2018 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0086797 CONFIDENTIAL SDNY_GM_00232981 EFTA01385511

/pensions Renault core by Current price Renault share core business difference Source: Renault. Deutsche Bank estimates Deutsche Bank Research' European Equity Focus —January 2018 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL 7S DB-SDNY-0086813 SDNY_GM_00232997 EFTA01385527

dafone is growing MSR at 2% --MSR ex regulation O4 15 O2 16 Source: Deutsche Bank. Vodafone MSR ex regulation/handsets 0rrutsche Bank Research. European Equity Focus —January 21:18 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL 37 DB-SDNY-0086822 SDNY_GM_00233006 EFTA01385536