et us know if like us to send reports on any of the other names listed in the basket. Data Centers (page 4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview") • Medical Properties Trust (MPW) Additionally, I've attached in

y O3011111111611.1 AVB Boston Properties BXP &barer BRX Camden Property Trust CPT City Office REIT CIO CyrusOne Inc. CONE DOR Corp. DDR Digital Realty Trust DLR Equity One, Inc. EOY Equity Residential FOR Federal Realty Investment Trust FRT General Growth Properties GGP Independence Realty Trust

y O3011111111611.1 AVB Boston Properties BXP &barer BRX Camden Property Trust CPT City Office REIT CIO CyrusOne Inc. CONE DOR Corp. DDR Digital Realty Trust DLR Equity One, Inc. EOY Equity Residential FOR Federal Realty Investment Trust FRT General Growth Properties GGP Independence Realty Trust

28 October 2016 REITs Digital Realty Trust Notable from 3Q16 Investing in the land bank. DLR announced land acquisitions totaling $19MM in Ashburn, VA for 30 acres; $17MM in Garland, TX for

Deutsche Bank Markets Research Rating Buy North America United States Financial REITs Corn pig ly Digital Realty Trust DLR.N DLR US ENaiengo NYS DLR Nice rebound in bookings; no change in positive data center thesis the filosi inteiesting thing about Dt.i1 s 3

28 October 2016 REITs Digital Realty Trust Earnings highlight Figure 11 3016 earnings recap OSA Income StaIsitterd FFOAll Cots FFOlan Opliniting IWO° Strad S leasing Volume (MWS) Rene

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 subjec

28 October 2016 REITs Digital Realty Trust / issue a British Pound denominated bond offering "over the next several months' as part of its FX hedging strategy Page 4 Deutsche Bank Securit

know if you'd like us to send reports on any of the other names listed in the basket. Data Centers (page 4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) • CyrusOne (CONE) Health Care (page 5 of "US REIT 3Q16 Earnings Preview") • Medical Properties Trust (MPW) Additionally, I've attached in

28 October 2016 REITs Digital Realty Trust Appendix 1 Important Disclosures Additional information available upon request Disclosure checklist Company Ticker Recent price" Disclosure

28 October 2016 REITs Digital Realty Trust Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deuts

ou'd like us to send reports on any of the other names list=d in the basket. <=u> Data Centers <=b>(page 4 of "US REIT 3Q16 Earnings Preview") • Digital Realty Trust (DLR) EFTA_R1_01542053 EFTA02445774 CyrusOne (CONE) Health Care (page 5 of "US REI= 3Q16 Earnings Preview") Medical Properties Trust (MPW) Add