EFTA01372999.pdf

Portfolio Investment: Waste-to-Energy Company Financing of leading waste-to-energy company Transaction Summary • The company owns and operates 15 facilities with a combined processing capacity of more than 20,000 tons per day of municipal solid waste and an electric generation capacity of 579MW. It also owns four independent power plants that can generate 184MW of electricity and two ash landfills with 900 tons per day of capacity • The company benefits from varied revenue streams with high EBITDA margins • Geographically diversified assets • Multiple facilities, including a revolver, term loan B, term loan C, and 2nd lien term loan Financing Opportunity Investment Rationale • Acquisition financing to provide sponsor with financing visibility to • Largely contracted cash flows — 64% of 2015 revenue contracted via purchase the company and provide an efficient capital structure long term disposal and energy contracts • Diversified revenue streams with no facility representing more than • Strong relative value for first lien term loans and 2nd lien term loan 10% of revenue and a large, diverse waste disposal customer base • Maximum leverage covenants and excess cash flow sweep provided • Strong waste growth fundamentals additional lender protections on top of conservative total leverage profile of 4.7x with substantial equity contribution • Defensible competitive position — new locations are hard to cite and permit • Supportive sponsor with meaningful cash equity investment Source: Deutsche AM_ As of July 21. 2016. The photographs depicted above and on subsequent pages are not intended to be representative of all assets in the portfolio. For more irdormation on all assets. including those not shown herein. please contact us. Past performance is not indicative of future results. Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 51 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0066962 CONFIDENTIAL SDNY_GM_00213146 EFTA01372999