EFTA01417679.pdf

Subject: Rated Infrastructure Notes (RIN) II From: Vahe Stepanian < MM> Date: Thu, 22 Mar 2018 14:30:50 -0400 To: "Paul Barrett Cc: Stewart Oldfield Martin Zeman Bcc: Paul- Hope all is well. I'm reaching out because we have begun raising capital for Rated Infrastructure Notes (RIN). RIN is a CLO that will invest in a diversified portfolio of private infrastructure loans and will be managed by our colleagues in DWS (formerly Deutsche Asset Management). This is the second RIN raise we've worked on with our family office client base and my group is focused on the equity tranche. RIN I has been a success thus far: we raised —$67.50mm of RIN equity, which has delivered a cash on cash net yield since inception of 15.8%. RIN II will target a 12-15% net IRR for the equity tranche. A few additional high level bullets: RIN I has deployed $450mm to date across 35+ primary and secondary loans in the U.S. Infrastructure loans exhibit a lower default rate and higher recovery rate than non-infrastructure broadly syndicated loans: 10-yr cumulative default rates of 8.0% for Ba infrastructure assets vs. 18.4% for Ba non-financial corporates There is a growing long term need for infrastructure investment: total shortfall in U.S. infrastructure funding over the next 10 years is estimated to be $1.4 trillion (i.e. $140 billion per annum) The DWS platform has a 23-year track record of investing and managing infrastructure equity and debt investments Attached you can find a teaser and a longer presentation on the opportunity. EFTA01417679 Let us know if this is of interest and we can tee up a call directly with the RIN Team. Thank you, Vahe Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of evaluating the strategies, characteristics and investment risks of, and exercising independent judgment in evaluating, the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of DBSI or its affiliates prior to execution, and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and related matters discussed herein are provided for discussion purposes only, and strictly on a non-advisory basis. The KCP Americas desk does not provide investment advice. The information set forth herein is confidential and personal to you and is being presented for your information and for discussion purposes only. Any reproduction and/or redistribution thereof (in whole or in part) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DBSI or any of its affiliates. EFTA01417680 EFTA01417681