Data Centres are purpose-built facilities designed to house servers and network equipment. The servers process and store data while the network equipment facilitates access to that data. Data centres require significantly more power and cooling (with on site redundancy) than a traditional industrial asset, making the development cost per square foot and the subsequent expertise to manage them, significant barriers to entry.

Data centre utilization is driven by global macro trends such as big data, e-commerce, cloud computing, the internet of things, social media, gaming/e-sports, streaming and general business or personal computing. As the amount of data being created and stored continues to grow at an exponential rate, the demand for additional data centres continues to grow.

Dennis Mitchell, MBA, CFA, CBV CEO & CIO, Starlight Capital

Michelle Wearing, CA, CPA, CBV, Associate Portfolio Manager, Real Estate

Varun Anand, CFAPortfolio Manager, Infrastructure

REAL ASSET SECTORS

Macro trends drive data centre utilization

INSIGHT SERIES | APRIL 2019

Data Centre 101 - What is a Data Centre?

Source: Digital Realty is a REIT

Google Data Center in Council Bluffs, Iowa Source: Google

| 17DIGITAL REALTY | INVESTOR PRESENTATION | FEBRUARY 2019

The Expanding Digital UniverseInside the Data Growth Explosion

EXPLOSIVE GROWTH IN DATA (1,2,3)

Increase in data rich content and connected devices (‘Internet of Things’)

Emergence of new technologies requiring significant compute power

Growing consumer and business reliance on internet connectivity

1) Source: Cisco, “Global Cloud Index,” “Visual Networking Index,” and “Mobile Visual Networking Index,” 2016-2021.2) Source: Cisco, “Visual Networking Index Predicts Global Annual IP Traffic to Exceed Three ZB by 2021,” June 2017.3) Source: IBM, “10 Key Marketing Trends for 2017,” 2017.4) Source: DOMO, “Data Never Sleeps 6.0,” June 2018.5) Source: Facebook, “Earnings Presentation,” Q3 2018.

DATA CREATED PER MINUTE (4,5)

By 2020, an estimated 1.7 MB of data will becreated for every person on earth per second

4MGoogle searches

160Memails sent

470ktweets

1.5Bdaily active users worldwide

1,400trips

97khours of video streamed

>4Mvideos watched

>1,000packages shipped

VIRTUAL REALITY

ARTIFICIAL INTELLIGENCE

DRIVERLESS CARS

3.0xGrowth in data center traffic

25%Data center traffic CAGR

2016 – 2021E

>90%Of all data was created in the past 2 years

12B82% 3.5

RESEARCH AND ANALYTICS USED BY BUSINESS4.6B

BIGDATA

BUSINESSES AND CONSUMERS CONNECTING

% OF IP TRAFFIC WILL BE VIDEO

CONNECTED DEVICES PER PERSON

MOBILE DEVICES & CONNECTIONS

GLOBALINTERNETUSERS BY 2021

ONLINE & MOBILE

Data centre operators utilize two basic business models -wholesale and retail/colocation. Wholesale models generally serve large and hyperscale clients who lease most or all the facility for longer terms. Clients are usually charged based on their power consumption and capacity utilization and benefit primarily from the scale of the data centre operator. Clients generally utilize data centres to store their data, to run their critical IT infrastructure and to provide digital redundancy and disaster recovery services. Hyperscale users like Facebook, Google, Amazon, eBay and Microsoft may lease all the capacity in a data centre and often build and operate their own dedicated facilities.

Retail or colocation models serve small and medium clients looking to utilize some but not all the data centre’s capacity over a shorter lease term. These firms often utilize software-as-a-service (Salesforce, Office 365, Workday) and infrastructure-as-a-service (Amazon Web Services, Microsoft Azure, Google Cloud, IBM Softlayer) applications and generally rely heavily on interconnections within the data centre to access these and other applications. In many instances the data centre operator may also provide consulting and other technical services to the client to optimize their data centre utilization. These revenues are in addition to the traditional power and capacity charges.

Equinix is a global owner and operator of data centres with 202 locations in 52 metros across North America, Europe and Asia. Equinix focuses on retail colocation with over 341K interconnections across their network. Focusing on smaller clients with greater technical needs results in greater pricing power (2-5% annual pricing escalators) and additional ancillary revenues (consulting, maintenance) to drive cash flow growth. In Q1/19 Equinix beat expectations, reporting 11%/12%/17% revenue/EBITDA/AFFO growth and generating their 65th straight quarter of revenue growth. Bookings were also very strong in Q1/19, representing the second best net bookings quarter in company history. While Americas EBITDA growth has slowed to 5% annually, Europe and Asia comprise over 53% of EBITDA and are growing at 18% and 21% respectively. For 2019 Equinix has raised full year guidance to 9%/10.8%/8% revenue/EBITDA/dividend growth with a 43% payout ratio. Capital expenditures have historically yielded 31% with new builds hitting cash flow breakeven within 6-12 months.

Starlight Capital1400–3280 Bloor Street West,Toronto, Ontario, Canada M8X 2X3info@starlightcapital.com1-833-752-4683starlightcapital.com

Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future perfor-mance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what Starlight Capital and the port-folio manager believe to be reasonable assumptions, neither Starlight Capital nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Starlight, Starlight Investments, Starlight Capital and all other related Starlight logos are trademarks of Starlight Group Property Holdings Inc.

Confidential – © 2019 Equinix Inc. Equinix.com 18

Pressing Our Advantage in All MarketsEquinix global reach expanding across 52 metro areas and 24 countries

ASIA-PACIFIC

Approved Expansions

Continents Countries Metro areas Data centers5 24 52 202

5

16

14

5

20

1

10

213

1

Platform Equinix• Geographic footprint is

unmatched and remains a unique differentiator

• Multi-region deployments outpace single-region deployments

Expansion strategy • Capture first-mover

advantage in future global hubs

• Use unique market intelligence for prudent capital allocation

Approved Expansions Approved Expansions

% of Customers in Multiple Locations

Multi-Metro Customers

86%Multi-Region Customers

72%In All 3 Regions

60%

(1) Derived from Q1 19 recurring revenues

(1)

Previously Announced

OpenedNewly Approved

AMERICAS EMEA

18 Metros87 IBXs

12 Metros41 IBXs

22 Metros74 IBXs

Source: Equinix, Q1 2019 Earnings