Evhdart 12 Household and Retail Invent°is. Growth Forecast % YrNr Growth 6.0% 5.0% 4.0% 3.0% 20% 1.0% 0.0% 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Inventory Growth -- Long-term Average Inventory Growth — HH Formations C.Mir. EA t' rr:e.en,ry AStrod,r ?mama? paste:.:! ; " ::'Le> a i:: a rc.r: ra,,ton vstn arrt. ,';,e n -vs: Or .. move, Strengthening fundamentals continue to support investment returns (see Exhibit 13). Regional and super regional malls returned 12.9% (trailing four quarters) in the second quarter 2016, followed by neighborhood and community centers (12.0%) and power centers (10 00/0). Exhibit 13 Total Returns by Retail Sub.Type Total Returns 4% Regional and Super Regional Malls ■ • Retail Neighborhood and Commtnity Centers •2016 *Average (2006-2015) ::curet teC REIF ,) Oa Is c.I N18 Pair 5-Oenarra r rrer -lacer...! Of u!,, e. B Power Centers From a geographic perspective, the high-growth and tourist markets of Miami, Phoenix and Orlando delivered the highest investment returns over the past 12 months. Other lop performers included Washington. DC. Riverside, and San Diego. Returns in the global gateways of New York. Boston and Los Angeles lagged the sector benchinark NCREW: Da;P:Xle Asool Management. Data as of Maxi: 20:6. NCREIF and Doutsthe Assad Management. Data as of Marth 2016 U S Real Estate Strategic Outlook I September 2016 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092303 CONFIDENTIAL SDNY_GM_00238487 EFTA01388637