EFTA01370107.pdf

Investment Process: Origination What we look for in infrastructure assets' Investing and Portfolio Origination Due Diligence Process Monitoring Target Investment Characteristics Area of Focus Long-life Assets • Mature infrastructure assets with long-term usage • USD financing to OECD domiciled businesses, Providing Essential primarily US • History of generating stable, predictable Service cash flows with high levels of visibility • Emphasis on brownfield assets Stable Cash Flows • Predictable cash flow from regulation, contracted payment Historically streams, or superior market position Sectors • Power and utilities Barriers to Entry, Low • Leading market positions, essential services backed by Substitution Risk regulatory framework, concessions or long term contracts • Waste management and water • Electricity and gas transmission and distribution High • Low operational costs • Renewables EBITDA Margins • Midstream • Higher margins support leverage • Pipelines/District Heating • Toll roads Portfolio • Low correlation to equity markets with lower volatility Construction and • Ports, rail and airports • Complementary fit to broader credit portfolio Diversification • Other utility / services (1) For illustrative purposes only. No assurance can be made that portfolio objectives win be achieved. Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 33 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0062711 CONFIDENTIAL S0NY_GM_00208895 EFTA01370107