4 20% upside to market rents drives LFL rental growth 100 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 D