EFTA01375236.pdf

Rated Infrastructure Notes Ltd. (RIN) Area of expertise: Private markets Theme: Sources of current income/transitional capital — There is a long-term need for infrastructure investment; the total shortfall in U.S. infrastructure funding over the next 10 years is estimated to be $2tn1 (i.e. $200bn per annum) — Estimates project approximately $50bn2 of U.S. private infrastructure loans maturing by 2017 — As U.S. infrastructure needs increase, more private capital, both equity and debt, will be required to replace and augment inadequate public funding — RIN Ltd. (the "Issuer") is a newly formed private debt investment, utilizing CLO structuring, that will seek to originate a diversified portfolio of private infrastructure loans — The Issuer is seeking $75mm of commitments from institutional investors to fund junior interests in the form of preferred shares ("Equity") — The first round closed in November, with a second close planned for December — The risk profile is attractive, as data demonstrates that infrastructure loans have lower default and loss characteristics than non- infrastructure debt — Stable nature of infrastructure operating cash flows and tangible asset coverage — Lender protections provide ability to monitor borrowers and allow lenders to actively address underperformance — Risks: Possibility of loan default, lack of liquidity, increase in raw material prices, loss of principal, loss of share value, and deflation Management team — Provided approximately $14.0bn (E10.7bn) of financing to 18 infrastructure businesses — Pioneers of infrastructure finance involved in marquis transactions in Europe and North America — Over 40 years of collective infrastructure experience — Extensive experience across geographies and infrastructure sub-sectors (1) Source. The American Society of Civil Engineers report. March 2013 (2) Source DeAWM's proprietary database of infrastructure financing details for approximately 500 transactions between January 1. 2005 and August 31. 2013 in Western Europe and North America Deutsche Asset & Wealth Management For U.S. Key Client Partners (KCP) Clients Only 13 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0070515 CONFIDENTIAL SDNY_GM_00216699 EFTA01375236