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sd-10-EFTA01388613Dept. of JusticeOther

EFTA Document EFTA01388613

18 October 2016 REITs US REIT 3016 Earnings Preview CONE toccata itatamsnt (So Mara eacestfaysaates GAAP Revenue Actusted EBITDA Agusted EBITDA margin FR)/sh rxernshzed Operating Metrics (iaCala Ogled pee shape) GNAT' rent annueleed iSrnm1 MW signed RenV1CW/Month Quarterly churn rate Note consensus estimates are based on Thomson compled date as of 10/14/16 • Expectations are elevated fol owing 3 back-to-back quarters of strong leasing. Update on the size of the leasing pipeline

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18 October 2016 REITs US REIT 3016 Earnings Preview CONE toccata itatamsnt (So Mara eacestfaysaates GAAP Revenue Actusted EBITDA Agusted EBITDA margin FR)/sh rxernshzed Operating Metrics (iaCala Ogled pee shape) GNAT' rent annueleed iSrnm1 MW signed RenV1CW/Month Quarterly churn rate Note consensus estimates are based on Thomson compled date as of 10/14/16 • Expectations are elevated fol owing 3 back-to-back quarters of strong leasing. Update on the size of the leasing pipeline

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18 October 2016 REITs US REIT 3016 Earnings Preview CONE toccata itatamsnt (So Mara eacestfaysaates GAAP Revenue Actusted EBITDA Agusted EBITDA margin FR)/sh rxernshzed Operating Metrics (iaCala Ogled pee shape) GNAT' rent annueleed iSrnm1 MW signed RenV1CW/Month Quarterly churn rate Note consensus estimates are based on Thomson compled date as of 10/14/16 Expectations are elevated fol owing 3 back-to-back quarters of strong leasing. Update on the size of the leasing pipeline Recent changes in conversations with enterprise and public cloud players Pricing, yield and construction cost trends Fundamentals in key markets, specifically in NOVA Houston. Dallas, and Phoenix Construction plans in the Pacific Northwest and NOVA following land purchases. CONE recently acquired 29 acres in the Phoenix metro while highlighting Santa Clara as an area of focus Leasing activity at the CME property in Chicago Expansion plans in 2016 for new markets, and potential for additional acquisitions Impact from weakness in the energy industry on CONE's oil and gas tenants We are updating estimates to reflect our expectation of an earlier exercise of the forward equity sales offering in 2017 and a modest reduction in rent commencements in 2017. Our 2016 estimates are unchanged. For 2017, our core FFO/sh estimate moves to $2.95 from $3.01, NAREIT FFO moves to $2.71 from $2.77, FAD moves to $2.90 from $2.97, and EBITDA moves to $337.7MM from $345.8MM. Please see Figure 98 for a summary of our estimate revisions 3015 Actual 5111 2 569 0 53 1% S057 Actual 51211 2016 Actual $1301 569 4 53 3% $067 Actual 557 19 40 0 48 521083 $119 15 07% 2 7% 3016 rte. $1W 6 571 2 521% $0 64 Actual Cons 5136 I S69 3 51 0% 5062 DM ANS 2 5% 2016 Pra 30 On Post 30 On DR. Con $520. 5530 5525 2 5526 7 5270. 5280 $275 3 52750 524% 522% 52.50- 52 58 $2 56 5256 Po 30 GIS Post 30 Gait DON We are lowering our target price to $59 from $60 as a result of our estimate revisions. Our target multiple are unchanged (17.4x EBITDA and 19.1x FAD). Please see Figure 97 for details on our target price Sara Danci* an comearry dam. Mormon Page 44 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092264 CONFIDENTIAL SDNY_GM_00238448 EFTA01388613

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