EFTA01370441.pdf

Key Investment Highlights Strengths of • Preferred position in capital structure with substantial equity cushion Private • Security interest in collateral of critical infrastructure and essential services businesses Infrastructure Debt • Historically low default and high recovery rates — infrastructure debt has generally lower default rates than similarly rated debt of non-financial corporates' • Premium pricing due to scarcity of event driven financing Benefits of Strategy is focused on investing in private USD infrastructure loans: Investment • Financing opportunities structured with lender protections designed to enhance risk-adjusted returns Strategy • Investment guidelines intended to deliver a Portfolio with Ba3/B1 credit profile • Floating rate LIBOR loan investments have historically provided protection from rising interest rates • Low correlation among individual infrastructure assets within the portfolio2 • Potential for significant positive spread between investment margins and the Issuer's lower cost of funding Benefits of • Relationship breadth, high activity levels, and ability to make sizeable investments result in "early-looks", preferred Platform allocations, and better information flow • Private side access to sponsors, management one-on-ones, and borrower projections supports informed investment decisions • Sponsors and arrangers often request team feedback on terms and pricing before launching transactions (1) Sources. 'Infrastructure Defauft and Recovery Rates 1983-2016% Moody's. July 2017. (2) 'Moody's Approach to Rating Collateralized Debt Obligations Backed by Project Finance and Infrastructure Assets.' August 12, 2015. No assurance can be made investment objectives will be achieved. There is no guarantee against a complete loss of invested assets. Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0063244 CONFIDENTIAL SDNY_GM_00209428 EFTA01370441