EFTA01370442.pdf

Current Infrastructure Debt Market Dynamics Opportunity to capitalize on supply/demand imbalance for infrastructure debt Infrastructure Funding Gap Over the Next 10 Years' Record Infra Private Equity Dry Powder2 Stn Sbn 3.5 53.3 billion 80 3.0 - 70 2.5 • 60 2.0 50 1.5 - 40 1.0 - 30 0.5 - 20 0.0 10 Total Needs Available Funding 0 ■ Surface Transportation 2009 2010 2011 2012 2013 2014 2015 2016 Nov-17 ;:Airports ▪ Inland Waterways & Marine Ports Significant Private Infra Debt Demands • Long-term need for private infrastructure investment to Sty replace and complement insufficient traditional funding 70 sources 60 50 • Private investors are increasingly allocating capital to 40 infrastructure 30 • There is over $70 billion2 of infrastructure equity dry powder 20 with the potential to be deployed in North America 10 0 • Significant loan maturities provide an additional source of 2018 2019 2020 2021 2022 investment opportunities ■Expected Refinancing ■ Expected Acquisition Financing (1) Source: 'Failure to MC by the American Society of Civil Engineers report 2017. (2) Source: Preqin North American private infrastructure equity fundraising data as of November 1 2017. (3) Source: Deutsche AM's estimates of expected acquisition and refinancing activity over the next 5 years. Expected acquisition fi nancing amounts based on analysis of funds allocated to the infrastructure sector and expected acquisition capital structure of 2:1 debt to equity based on Prequin's private infrastructure fundraising data as of November 1. 2017. Expected refinancing amounts based on proprietary Deutsche AM database as of November 1. 2017. No assurance can be given that any forecast or target will be achieved. Deutsche Asset Management Infrastructure Debt Presentation: MN II Equity March 2018 27 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0063245 CONFIDENTIAL SDNY_GM_00209429 EFTA01370442