DEAL MAKING: REAL ESTATE

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1 Fees HEADLINES November, 1 INVESTMENT BANKING FEES Fees for global investment banking services in the real estate sector, from M&A advisory to capital markets underwriting, total US$. billion so far during 1, marking a 8% increase over the same period last year and the highest yeartodate fee total in the sector since 7. The real estate sector generated.% of total global investment banking fees earned so far this year, the highest share since our records began in. Fees from equity capital markets underwriting drove activity in the sector, totalling US$. billion, up % from the same period last year and accounting for % of yeartodate real estate fees. Fees generated from advisory work on completed M&A transactions total US$7 million, up % from the same period last year. Debt capital markets underwriting fees in the sector increased % to US$78 million, while fees from syndicated lending grew 9% to US$ million. Bank of America Merrill Lynch leads the investment banking fee ranking in the real estate sector so far during 1, with US$. million, or 9.% of overall walletshare. JP Morgan earned second place with US$.9 million, or a.% cut. MERGERS & ACQUISITIONS Announced M&A transactions in the real estate sector total US$7.9 billion so far during 1, up % compared to the same period in (US$17. billion), and marking the highest yeartodate level in the sector since 7. Real estate M&A accounts for 1% of total worldwide announced M&A so far this year making it the second most active sector by value, after energy & power. Nonresidential deals account for % of real estate M&A so far this year, while real estate investment trust (REIT) M&A deals account for %. The United States is the most active nation, with % of all real estate M&A involving a USbased target and % involving a US buyer. Canada and China are the next most popular targets, accounting for 11% and 8% of sector activity, respectively. The largest deal in the sector, and the only mega deal (US$+ billion) so far this year, is American Realty Capital Property s pending acquisition of Cole Real Estate Investments Inc, a Phoenixbased real estate investment trust, for US$. billion. Goldman Sachs leads the real estate M&A financial advisor ranking so far during 1 with US$9. billion from deals. Citi follows in second place with US$9.9 billion. EQUITY CAPITAL MARKETS Equity and equitylinked issuance by companies in the real estate sector accounts for 1% of global equity capital markets activity so far this year, making it the second most active industry globally, after the financial sector. Real estate companies raised US$9. billion, a % increase from the same period in (US$.1 billion) and the highest yeartodate total in the sector since 7 (US$111. billion). Followon offerings account for 7% of activity, while IPOs and convertible offerings account for % and 7%, respectively. With 11 deals worth a combined US$. billion, the US is the most active nation with 7% of the market. The next most active nation is Japan, with deals totalling US$. billion and accounting for 1% of the sector. The US$.1 billion initial public offering from Singaporebased REIT, Mapletree Greater China, is the largest equity offering in the real estate sector so far this year. The deal is one of REIT IPOs so far this year, up from 17 deals during the same period in. The total value of 1 REIT IPOs is US$17. billion, marking the highest yeartodate total of all time. Bank of America Merrill Lynch tops the yeartodate real estate ECM league table, with.8% of the market. Goldman Sachs follows in second place with a 9.9% share. DEBT CAPITAL MARKETS Bond issuance in the real estate sector totals US$91.8 billion so far during 1, % more than the same period last year (US$7. billion), and marking the highest yeartodate total in the sector of all time. Real estate DCM accounts for % of total global debt capital markets activity so far during 1. Issuance from Asia Pacific totals US$8. billion and accounts for % of activity so far this year, while issuance from the United States totals US$8.7 billion (1%). JP Morgan tops the 1 global real estate sector debt ranking, with US$7. billion for a 7.8% share of the market. Bank of America Merrill Lynch takes second place with US$.8 billion. INVESTMENT BANKING FEES Global Real Estate Investment Banking Fees by Product,.9%.%.% 87,.9%.1%.1%.%.%.9%, 9.7% %.% 8, 9.8% , 1.9%,7 19 9, SCORECARD 17 1, ,77 9 1,181 1,8 1, 1,88, , ,77 1, % % % % % % 1% % MA EQUITY BONDS LOANS Sector as % of Global Fee Total Global Investment Banking Fees by Sector, Sector Share of Fees % Chg Wallet Financials.%, % Energy and Power.% 8,8 9% Industrials 9.1%,91 % Real Estate.%, 8% Materials.1%,9 % High Technology.7%,991 17% Healthcare.1%,9 % Telecommunications.%, % Consumer Staples.%,7 % Media and Entertainment.%,98 % Consumer Products and Services.7%,1 1% Government and Agencies.%,8 1% Retail.8% 1,97 1% Grand Total % 9,9 % Global Real Estate Investment Banking Fees: Top Banks by Fees, Rank Bank Share of Fees Wallet 1 Bank of America Merrill Lynch 9.%. JP Morgan.%.9 Morgan Stanley.% 7.9.%. Wells Fargo & Co.%.1 Nomura.%. 7 Citi.1% UBS.7% 9. 9 Deutsche Bank.% 1. Sumitomo Mitsui Finl Grp Inc.1% 1. Total %,. 1

2 Value (US$ bil) Number of Deals November, 1 MERGERS & ACQUISITIONS Worldwide Announced M&A: Most Targeted Sectors, Target Macro Sector Value Mkt. Number % Chg Share (%) of Deals Energy and Power 9,87 1., % Real Estate 7,98 1.,7 % Telecommunications 7, % Financials 19,7 9., % Industrials 179, 8.8,18 7% Healthcare 17, 8. 1,9 % High Technology 11,881 7.,9 8% Materials 17,78.7,188 % Media and Entertainment 1,9.,7 19% Consumer Staples 117,7.8,7 % Retail 8,1.9 1,1 11% Consumer Products and Services,.1,8 8% Industry Total,,1. 1,11 1% Worldwide Announced Real Estate Target M&A: Advisor Ranking, LY Rank Rank Financial Advisor Value Mkt. Share Number (%) of Deals 1 9, Citi 9, Bank of America Merrill Lynch, Deutsche Bank, Barclays 1, Morgan Stanley, JP Morgan 1, UBS 1, Macquarie Group, Wells Fargo & Co, Industry Total 7,98.,7 Worldwide Announced Real Estate Target M&A Volumes Yeartodate Rest of Year Number of Deals, WW Announced Real Estate Target M&A: Most Acquisitive Nations, WW Announced Real Estate Target M&A: Mid Sector Breakdown, $,9 $7,81 $,7 $, $7,99 Non Residential (.%) REITs (.%) Other Real Estate (.%) Residential (9.%) Real Estate Management & Development (.7%) WW Announced Real Estate Target M&A: Most Targeted Nations, America $117,8 America $1,89 Canada $9,79 China $9, China $,81 Japan $,88 Japan $18, Canada $19, Germany $1, Germany $1, Other $9,787 Other $,7 Worldwide Announced Real Estate Target M&A Top Deals, Value Rank Date Status Target Target Nation Target Sector Acquiror Target Advisors Acquiror Advisors, Oct1 Pending Cole Real Estate Investments United States REITs American Rlty Capital Ppty Inc Barclays RCS Capital Corp Citi,77 7Feb1 Pending CommonWealth REIT United States REITs Investor Group Bank of America Merrill Deutsche Bank Lynch, 1Jul1 Pending BRE Properties Inc United States REITs Investor Group,87 Sep1 Intended Brookfield Office Pptys Inc Canada Non Residential Brookfield Ppty Morgan Stanley Partners LP,8 Aug1 Pending GSW Immobilien AG Germany Residential Deutsche Wohnen AG Citi Deutsche Bank UBS Investment Bank Rothschild,8 Sep1 Completed MIP Tower Holdings LLC United States REITs American Tower Corp Deutsche Bank Macquarie Group EA Markets LLC, Jan1 Completed Primaris Retail REIT Canada REITs H&R Real Estate Invest Trust Canaccord Genuity Evercore Partners TD Securities Inc CIBC World Markets Inc, 1Oct1 Completed Penn National GamingRE Assets United States Non Residential Shareholders Wells Fargo Securities LLC Bank of America Merrill Lynch Duff and Phelps

3 November, 1 EQUITY CAPITAL MARKETS Global ECM: Sector Breakdown, Issuer / Borrower Macro Sector Value Mkt. Number % Chg Share (%) of Issues Financials 18,1. % Real Estate 9,9 1.7 % Energy and Power 88, % Industrials 7, % High Technology, % Materials 7, % Healthcare,. 99 % Consumer Products and Services,.9 1% Media and Entertainment 1, % Consumer Staples 1, % Retail,.7 11 % Telecommunications 19,7.9 7 % Industry Total 7,81.,91 % Global Real Estate Sector ECM: Bookrunner Ranking, LY Rank Rank Bookrunner Proceeds Mkt. Number Share (%) of Issues 1 Bank of America Merrill Lynch 9, , Citi, JP Morgan, UBS,. Credit Suisse, Nomura, Morgan Stanley,7.1 9 Deutsche Bank,1.9 Wells Fargo & Co, Industry Total 9,9. Global Real Estate Sector ECM Volumes Yeartodate Rest of Year, 1 Global Real Estate Sector ECM Volumes: by Issue Type CVT FO IPO # Issues Global Real Estate Sector ECM: Regional Breakdown, $ $,9 $1,79 $,89 $1,8 Americas (.%) AsiaPacific (ex Central Asia) (.1%) Europe (1.8%) Japan (1.%) Africa/Middle East/Central Asia (.7%) Global Real Estate Sector ECM: Top Issuing Nations, America (.8%) Japan (1.%) Singapore (7.%) United Kingdom (.8%) Mexico (.1%) Other (.%) $,7 $, $,7 $,9 $1,817 $,1 Global Real Estate Sector ECM: Top Deals, Proceeds Issue Date Issuer Domicile Issue Type Currency Bookrunners, 7Feb1 Mapletree Greater China Singapore IPO Singapore Dollar Citigroup Global Markets, Goldman Sachs Singapore, DBS Bank Ltd, Hongkong and Shanghai Bkg (SG) 1,819 7Feb1 American Capital Agency Corp United States FollowOn U.S. Dollar Bank of America Merrill Lynch, Citigroup, Credit Suisse,, JP Morgan Securities Inc, Morgan Stanley & Co 1,771 11Apr1 Realogy Holdings Corp United States FollowOn U.S. Dollar, JP Morgan Securities Inc, Barclays, Citigroup Global Markets Inc, Credit Suisse Securities (USA) 1,71 Jun1 Nomura Real Estate Japan IPO Japanese Yen Nomura Securities Master Fund 1,91 8May1 Health Care REIT Inc United States FollowOn U.S. Dollar UBS Investment Bank, Deutsche Bank Securities, Wells Fargo Securities LLC, Barclays PLC, Citi, JP Morgan, RBC Capital Markets

4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan1 Feb1 Mar1 Apr1 May1 Jun1 Jul1 Aug1 Sep1 Oct1 Nov November, 1 DEBT CAPITAL MARKETS Global DCM: Sector Breakdown, Issuer / Borrower Macro Sector Value Mkt. Share Number % Chg (%) of Issues Financials,18,.,1 8% Government and Agencies 1,17,.9, % Energy and Power 9, % Industrials, % Telecommunications 17, % Materials 18, % Consumer Staples 111,9. % High Technology 9, % Real Estate 91, % Healthcare 71, % Media and Entertainment 8,1 1. 1% Retail, 1. 1 % Consumer Products and Services, % Industry Total,8,9. 11, 1% Global Real Estate Sector DCM: Bookrunner Ranking, LY Rank Rank Bookrunner Proceeds Mkt. Number Share (%) of Issues 1 1 JP Morgan 7, Bank of America Merrill Lynch,7. 7 Morgan Stanley,81. HSBC Holdings PLC,.9 9 Citi, Deutsche Bank, UBS, RBC Capital Markets,98. 9 Wells Fargo & Co,9. 1 1,8.9 8 Industry Total 91,78. Global Real Estate Sector DCM Volumes: Annually Global Real Estate Sector DCM Volumes: Monthly Yeartodate Rest of Year, Global Real Estate Sector DCM: Regional Breakdown, Global Real Estate Sector DCM: Top Issuing Nations, $,9 $ America (1.%) $8,717 $8, $1,8 $,87 China (.7%) Hong Kong (9.%) Canada (.7%) $, $8,7 $,88 Americas (9.%) Europe (1.%) AsiaPacific (ex Central Asia) (1.8%) Japan (.%) Africa/Middle East/Central Asia (.%) France (.%) Other (.%) $,9 $,7 Global Real Estate Sector DCM: Top Deals, Proceeds Issue Date Issuer Domicile Description Currency Bookrunners, Oct1 GLP Capital Godo Kaisha Singapore.87% Senior Notes due ' U.S. Dollar Bank of America Merrill Lynch, JP Morgan, RBS Securities Inc, Credit Agricole CIB, Fifth Third Securities Inc,, Nomura Secs Intl, UBS Securities Inc, Wells Fargo Securities LLC 1,9 1Aug1 American Tower Corp United States.% Sr Unsecurd Nts due '19 U.S. Dollar Citi Bank of America Merrill Lynch Mizuho Securities Co Ltd Morgan Stanley & Co TD Securities Inc 1,8 8Aug1 Prologis Inc United States.% Sr Secured Nts due ' U.S. Dollar Citi Bank of America Merrill Lynch JP Morgan 1,71 Sep1 Icade SA France.% Fxd/Straight Bd due '19 EURO Credit Agricole CIB HSBC Bank PLC Natixis Societe Generale 1,9 May1 Omers Realty Corp Canada.98% Senior Debs due '18 Canadian Dollar RBC Capital Markets CIBC World Markets Inc

5 November, 1 CONTACTS Thomson Reuters is the world s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than, people in 9 countries. For more information, go to Thomson Reuters Deals Intelligence, a part of Thomson Reuters Banking & Research division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, and our industryleading quarterly reviews highlighting trends in M&A and Capital Markets. For more information, go to: Contact Information: Americas: Matthew Toole I ()7 I matthew.toole@thomsonreuters.com EMEA: Lucille Quilter I + () 77 I lucille.quilter@thomsonreuters.com Asia: Elaine Tan l l elaine.tan@thomsonreuters.com GLOSSARY * Real Estate Includes Residential, Non Residential, Real Estate Management & Development, REITs and Other Real Estate. * Yeartodate. January 1st to November 19th, 1. * LY Yeartodate last year. January 1st to November 19th,. * FEES fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. Industry totals include fees on deals with undisclosed advisors. * M&A The Thomson Reuters Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going business concerns. All deals involving a purchase of at least a % stake, or % with a value of at least US$1 million are tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. * ECM The Thomson Reuters Equity Capital Markets database covers domestic and international placements of equity offerings in addition to domestic and international equityrelated transactions. This includes IPOs, followon offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option. * DCM The Thomson Reuters Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that matures in at least days from settlement. It includes all internationally offered underwritten debt transactions in all currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. 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