DLR: No Summer Vacation for DLR, with Acquisition of BX Stake

Research evidence excerpt

DLR: No Summer Vacation for DLR, with Acquisition of BX Stake

in an Equity Strategy report of specific securities is not

intended to provide a fundamental analysis of any individual company described therein. The information provided in Equity Strategy reports is subject to change

without notice, and investors should not expect continuing information or additional reports relating to any security described therein.

Clients of WFS Research are permitted to store, display, analyze, modify, reformat, copy, duplicate and reproduce this report and the information contained

within it for their own internal use and for no other purpose. Without the prior written consent of Wells Fargo Securities, no part of this report may be copied,

duplicated or reproduced in any form by any other means. In addition, this report and its contents may not be redistributed or transmitted to any other party in

whole or in part, directly or indirectly, including by means of any AI Technologies (defined below) through which this report or any portion thereof may be accessible

by any third-party. “AI Technologies” means any deep learning, machine learning, and other artificial intelligence technologies, including without limitation any

and all (a) proprietary algorithms, software, or systems that make use of or employ neural networks, statistical learning algorithms (such as linear and logistic

regression, support vector machines, random forests or k-means clustering) or reinforcement learning, or curated data sets accessible by any of the foregoing or (b)

proprietary embodied artificial intelligence and related hardware or equipment.

In addition, certain text, images, graphics, screenshots and audio or video clips included in this report are protected by copyright law and owned by Wells Fargo