18 October 2016 REITs US REIT 3O16 Earnings Preview Figure 71: CIO 3O16 results preview CIO 3015 3016 9015 Earnings &tug Actual Pam' Dee Cone FFIO'sh SO 17 SO 19 Cote Ff OLP, SO 33 $O 22 SO 26 51) 26 Ogisting Moltke Mad Acbal Acbal Deo SS NOI oovrth v/v .9 3% Ocbtoolcv rcommenced. 949% 882% 92 6% Oro CM 90bp 90bp 439bp wv ch 320b0 690bp .231bp Occupancy {- nod and cornnorbed, 954% 92 8% as ch 2Obp -40bp v ch 230bp .240bp Total rsahng voltrno 'kyle !, ',to convenor; o mato s ars based on Thcenson chntplad doa as of 1W14116 Update on acquisition pipeline following preferred equity capital raise, and timing of other expected acquisitions • Update on investor demand in CIO's target markets 61 7 2016 Pre 30 Guide Post 30 OS% Me Coin SC 5. SI 06 . 5' '0 S: CI 7 Pnb 30 Glade Post 30 Guido DIU 903h. • 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, bunch* Pin. conotny diahr. Inornon Deutsche Bank Securities Inc. Page 39 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092259 CONFIDENTIAL SDNY_GM_00238443 EFTA01388610