0.8 0.9333333333333333 1 rg /GS0 gs /GS0 gs 49.5 447.25 m q 0 0 0 rg BT 496.37 577.00 Td (and ) Tj ET Q 0.8 0.9333333333333333 1 rg 0 i BT /F3 8.00 Tf ET /GS0 gs 0 i /GS0 gs 561.5 564.25 m q 0 0 0 rg BT 430.00 428.93 Td ($) Tj ET Q s 0 j 0 J 0 i BT /F3 8.00 Tf ET [] 0 d Tj ET Q BT /F4 8.00 Tf ET s 0 i 0 i [] 0 d 561.5 252.25 l 1.00 w q 0 0 0 rg BT 276.05 693.75 Td (and ) Tj ET Q s q 0 0 0 rg BT 68.77 693.75 Td (\(ST) Tj ET Q 0 i

BT /F1 10.00 Tf ET 509.00 201.65 53.00 -11.00 re f
BT /F3 8.00 Tf ET /GS0 gs q 0 0 0 rg BT 50.00 561.75 Td (ST) Tj ET Q 1.00 w q 0 0 0 rg BT 327.51 273.75 Td (for ) Tj ET Q 3 M 0 J [] 0 d /GS0 gs [] 0 d 492.5 477.25 l q 0 0 0 rg BT 355.76 373.00 Td (the ) Tj ET Q 0.8 0.9333333333333333 1 rg 237 669.65 l 0 J q 0 0 0 rg BT 52.00 269.48 Td (ADJUSTED EBITDA) Tj ET Q 492.5 407.25 l 561.5 202.25 l /GS0 gs We've actually -- one of the surprises, I think to us operationally has been how much demand has been for longer-term leases in a recession. s q 0 0 0 rg BT 387.30 693.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs /GS0 gs 3 M 0 i BT /F4 8.00 Tf ET 0 J q 0 0 0 rg BT 50.00 681.75 Td (of ) Tj ET Q 0 J 1.00 w BT /F2 10.00 Tf ET 0.03529411764705882 0.1843137254901961 0.6 RG /GS0 gs q 0 0 0 rg BT 364.92 265.00 Td (and ) Tj ET Q So that the second derivative of Amazon's demand is certainly [Indecipherable] can't continue to absorb at that level forever. BT /F2 8.00 Tf ET [] 0 d q 0 0 0 rg BT 131.54 169.00 Td (Same ) Tj ET Q [] 0 d 237 680.65 l q 0 0 0 rg BT 140.38 357.75 Td ( ) Tj ET Q 0 j q 0 0 0 rg BT 120.96 601.00 Td (a ) Tj ET Q 3 M q 0 0 0 rg BT 78.19 513.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.25 529.93 Td (�) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.59 633.75 Td (capital ) Tj ET Q 0.8 0.9333333333333333 1 rg

q 0 0 0 rg BT 50.00 717.75 Td (for ) Tj ET Q 1.00 w 0.8 0.9333333333333333 1 rg s

[] 0 d 50.5 388.25 m 1.00 w BT /F3 10.00 Tf ET 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.00 529.93 Td (Non-recurring dead deal costs) Tj ET Q 0.03529411764705882 0.1843137254901961 0.6 RG q 0 0 0 rg BT 404.42 400.75 Td (emen) Tj ET Q BT /F3 8.00 Tf ET Life Storage opened its first self-storage facility in Florida in 1985.
BT /F3 10.00 Tf ET

0 0 0 RG 561.5 389.25 m /GS0 gs s q 0 0 0 rg BT 367.94 73.00 Td (of ) Tj ET Q

[] 0 d 0 0 0 RG /GS0 gs 0 j /GS0 gs 561.5 527.25 m q 0 0 0 rg BT 464.80 621.98 Td (21,947) Tj ET Q 3 M q 0 0 0 rg BT 52.00 168.98 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 257.70 405.75 Td (and ) Tj ET Q /GS0 gs 0 0 0 RG 561.5 573.25 m /GS0 gs s q 0 0 0 rg BT 251.71 693.75 Td (acquisitions, ) Tj ET Q 0 j 0 J BT /F2 8.00 Tf ET 0 J

q 0 0 0 rg BT 63.89 573.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET 0 J [] 0 d q 0 0 0 rg BT 466.60 548.98 Td (\(4,985) Tj ET Q 1 J q 0 0 0 rg BT 143.37 573.75 Td (, ) Tj ET Q 0.8 0.9333333333333333 1 rg q 0 0 0 rg BT 158.12 645.75 Td (Expenditures:) Tj ET Q 49.5 537.25 m 0 J 0 j 0 i q 0 0 0 rg BT 389.00 685.93 Td (�) Tj ET Q 0 i q 0 0 0 rg BT 366.68 501.75 Td (rate ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.37 633.75 Td (a ) Tj ET Q q 0 0 0 rg BT 376.89 369.75 Td (workout, ) Tj ET Q /GS0 gs Paramount Group Inc. owns, operates and manages Class A office properties in New York City, Washington D.C. and San Francisco 0.2 0.30980392156862746 0.6235294117647059 RG 0.8 0.9333333333333333 1 rg q 0 0 0 rg BT 50.00 447.75 Td (�) Tj ET Q 496.50 647.25 65.00 -10.00 re f 0 J 0 j 0 J 1.00 w [] 0 d

1.00 w 560.5 556.25 l q 0 0 0 rg BT 347.83 217.00 Td (and ) Tj ET Q 3 M /GS0 gs BT /F3 8.00 Tf ET 0 i [] 0 d q 0 0 0 rg BT 70.10 321.75 Td (of ) Tj ET Q /GS0 gs q 0 0 0 rg BT 408.81 321.75 Td (included ) Tj ET Q 0 j q 0 0 0 rg BT 311.14 217.00 Td (of ) Tj ET Q 496.5 387.25 m

q 0 0 0 rg BT 529.70 459.75 Td (2020) Tj ET Q 0.03529411764705882 0.1843137254901961 0.6 RG q 0 0 0 rg BT 125.00 465.75 Td (net ) Tj ET Q [] 0 d 0 J BT /F3 8.00 Tf ET q 0 0 0 rg BT 223.66 577.00 Td (industrial ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (lenders' ) Tj ET Q q 0 0 0 rg BT 264.97 685.15 Td (e F) Tj ET Q 3 M

q 0 0 0 rg BT 52.00 643.93 Td (Loss on impairments) Tj ET Q 0 i /GS0 gs [] 0 d s

q 0 0 0 rg BT 125.59 489.75 Td (will ) Tj ET Q s 1.00 w 0.03529411764705882 0.1843137254901961 0.6 RG

BT /F3 10.00 Tf ET 0 J s q 0 0 0 rg BT 544.95 577.98 Td (399) Tj ET Q 0 J q 0 0 0 rg BT 129.83 513.75 Td (The ) Tj ET Q