EFTA01370104

Investment Equity Cushions Support High Recovery Rates Historically • Portfolio Advisor investment selection emphasizes meaningful equity cushion and places significant value in analyzing values of investments • Portfolio Advisor calculates equity cushion at the time of investment and updates underlying investment valuations each quarter — Valuation using complementary methods, including DCFs, public trading comparables, and precedent MIA transactions with consideration of equity contributions (and book values) — Portfolio Advisor valuation work is prepared utilizing a conservative investment case Distribution of Recovery Rates by Equity Cushions' Recovery Rate (%) 100% 80% 60% 40% 20% 0% <10% 10%-20% 20%-30% 30%•40% 40%-50% 50%60% 60%-70% 70%80% 80%-90% Eqtity Cushion (%) (1) Instrument Discounted Recovery from Moody's 'Lessons from a Trillion Dollars in Defaults-April 2017. An equity cushion may not guarantee against a potential rating down-grade Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 30 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0062708 CONFIDENTIAL SDNY_GM_00208892 EFTA01370104