EFTA01417682

For Key Client Partner Clients or U.S. Institutional Investors. Not for Retail Distribution Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 CONFIDENTIAL-FOR DISCUSSION PURPOSES ONLY The information herein is confidential and subject to change. By accepting this information, the recipient agrees to use the information only to evaluate its potential interest in the proposed vehicle described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is prohibited. The information contained herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy If any offer is made, it shall be pursuant to a final offering document that would contain material information not contained herein. Any decision to invest in the proposed vehicle described herein should be made solely in reliance upon such final offering circular and not upon the terms set forth in this preliminary presentation. EFTA01417682 Important Information CONFIDENTIAL A decision to invest should only be made after reading the final fund documentation ifany and conducting in-depth and independent due diligence. Important Information 0 2018. All rights reserved. No further distribution is allowed without prior written consent of the Issuer. I-053494_2 Deutsche Asset Management's infrastructure investment business (formerly RREEF Infrastructure) is part of the alternative investments business of Deutsche Asset Management ("Deutsche AM") part of the Alternatives and Real Assets platform. In the United States this relates to the asset management activities of RREEF America L.L.C., and Deutsche Investment Management Americas Inc.; in Germany: RREEF Investment GmbH, RREEF Management GmbH and RREEF Spezial Invest GmbH; in Australia: Deutsche Asset Management (Australia) Limited (ABN 63 116 232 154) an Australian financial services license holder; in Japan: Deutsche Securities Inc. (For DSI, financial advisory (not investment advisory) and distribution services only); in Hong Kong: Deutsche Bank Aktiengesellschaft, Hong Kong Branch, and Deutsche Asset Management (Hong Kong) Limited; in Singapore: Deutsche Asset Management (Asia) Limited (Company Reg. No. 198701485N); in the United Kingdom: Deutsche Alternative Asset Management (UK) Limited, Deutsche Alternative Asset Management (Global) Limited and Deutsche Asset Management (UK) Limited; in Italy: RREEF Fondimmobiliari SGR S.p.A.; and in Denmark, Finland, Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management (Global) Limited; in addition to other regional entities in the Deutsche Bank Group. For purposes of ERISA and the Department of Labor's fiduciary rule, we are relying on the sophisticated fiduciary exception in marketing our services and products, and nothing herein is intended as fiduciary or impartial investment advice unless it is provided under an existing mandate. This material was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. It is intended for informational purposes only. It does not constitute investment advice, a recommendation, an offer, solicitation, the basis for any contract to purchase or sell any security or other instrument, or for Deutsche Bank AG or its affiliates to enter into or arrange any type of transaction as a consequence of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates gives any warranty as to the accuracy, reliability or completeness of information which is contained in this document. Except insofar as liability under any statute cannot be excluded, no member of the Deutsche Bank Group, the Issuer or any officer, employee or associate of them accepts any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this document or for any resulting loss or damage whether direct, indirect, consequential or otherwise suffered by the recipient of this document or any other person. Deutsche Bank is not providing accounting, tax or legal advice to any prospective investor. No assurance can be given that the investment EFTA01417683 objective will be achieved or that any investor will receive a return of all or part of his or her investment, and investment results may vary substantially over any given period of time. An investment is not a deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency or by Deutsche Bank AG, its affiliates or its subsidiaries. The views expressed in this document constitute the Issuer's, Deutsche Bank AG or its affiliates' judgment at the time of issue and are subject to change. This document is only for accredited investors. This document was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. THE PREFERRED SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND THE PREFERRED SHARES HAVE NOT BEEN AND ARE NOT EXPECTED TO BE REGISTERED UNDER THE SECURITIES LAWS OF ANY U.S. STATE OR ANY OTHER JURISDICTION. THE PREFERRED SHARES WILL BE OFFERED AND SOLD BY THE ISSUER IN THE UNITED STATES FOR INVESTMENT PURPOSES ONLY TO (I) "QUALIFIED INSTITUTIONAL BUYERS" WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT OR (II) "ACCREDITED INVESTORS" (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (OR, SOLELY IN CONNECTION WITH THE INITIAL PLACEMENT OF THE PREFERRED SHARES, OTHER "ACCREDITED INVESTORS" (AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT) APPROVED BY THE ISSUER), IN EACH CASE THAT ARE ALSO "QUALIFIED PURCHASERS" WITHIN THE MEANING OF SECTION 3(C)(7) OF THE INVESTMENT COMPANY ACT. THE PREFERRED SHARES WILL BE OFFERED AND SOLD BY THE ISSUER OUTSIDE OF THE UNITED STATES UNDER THE EXEMPTION PROVIDED BY REGULATION S UNDER THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, THE PREFERRED SHARES WILL ONLY BE OFFERED AND SOLD BY THE ISSUER TO PERSONS THAT "U.S. PERSONS" FOR U.S. FEDERAL INCOME TAX PURPOSES. IT IS NOT EXPECTED THAT THE PREFERRED SHARES WILL BE REGISTERED UNDER SECTION 12(G) OR ANY OTHER PROVISION OF THE EXCHANGE ACT AND THE RULES PROMULGATED THEREUNDER. NEITHER THE ISSUER NOR THE CO-ISSUER WILL BE REGISTERED AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT. The Preferred Shares may not be sold or transferred except (i) pursuant to an exemption from registration under the Securities Act, exemption from registration under the Investment Company Act and registration or exemption under any other applicable securities laws, (ii) to persons that are "U.S. Persons" for U.S. federal income tax purposes, and (iii) as otherwise permitted under the Issuer's Articles, the PS Issuing and Paying Agency Agreement and the PS Purchase Agreement. The Preferred Shares have not been recommended by any U.S. federal or state or non-U.S. securities commission or regulatory authority and none of the foregoing authorities has confirmed the accuracy or determined the adequacy of this Memorandum. Any representation to the contrary is a unlawful. Any investment in Preferred Shares would be speculative, and may not suitable for all investors and would be intended for experienced and EFTA01417684 sophisticated investors who are willing to bear the high economic risk of the investment, which may include, among other risks: loss of all or a substantial portion of the investment due to leveraging or other speculative investment practices; lack of liquidity in that there may be no secondary market; volatility of returns; restrictions on transferring interests; potential lack of diversification and resulting higher risk due to concentration within a single industry; absence of information regarding valuations and pricing; and less regulation and higher fees than mutual funds. There are numerous additional risks. See the Risk Factors herein and other information that will be set out in the final Issuer documentation, if any. No offer to sell or solicitation of offer to purchase any Preferred Shares may be made except pursuant to the definitive Private Placement Memorandum of the Issuer. Past performance is not a guarantee of future results. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 1 EFTA01417685 Table of Contents Section 01 02 03 04 05 06 Executive Summary Deutsche Asset Management Infrastructure Platform RIN I Overview RIN II Investment Opportunity Investment Process Scenario Analysis Appendix 01 02 04 03 Team Biographies and Track Record Structured Infrastructure Product Features Case Studies Risk Factors EFTA01417686 01 Executive Summary EFTA01417687 Deutsche Asset Management Infrastructure Debt Opportunity through RIN II The Opportunity H Total shortfall in U.S. infrastructure funding over the next 10 years is estimated to be $1.44 trillionl (i.e. $144 billion per annum) H Banks face financing constraints and costs due to greater regulation resulting in the need for private debt capital to finance infrastructure I RIN II Ltd. (the "Issuer," "RIN II") is a structured private debt fund that will invest primarily in a diversified portfolio of private infrastructure loans Deutsche AM's Infrastructure Debt Platform I RREEF America LLC, part of Deutsche Asset Management's Alternatives business ("Deutsche AM"), will act as Portfolio Advisor to RIN II I Deutsche AM's $22.3 billion global infrastructure platform employs 38 professionals globally with 7 dedicated infrastructure debt professionals2 H The team has deployed —$1.1 billion across 53 investments since November 20143 and has $1.7bn of committed capital I Powerful combination of infrastructure and credit investment expertise RIN Program I The Portfolio Advisor intends to construct a portfolio with a view towards providing investors a number of benefits, including: — Privately sourced financing opportunities with enhanced risk-adjusted returns — Private infrastructure debt's historically low default and high recovery rates I RIN I closed on October 25th 2017 and is funded with a (i) $273.33 million of Class A Notes; (ii) $51.80 million of Class B Notes; (iii) $57.38 million of Class C Notes; and (iv) $67.50 million in preferred shares ("Equity")4 — Deutsche Bank retained a 5% vertical slice I RIN II's portfolio will be funded with up to $75 million in preferred shares ("Equity")4 and a warehouse facility (the "Initial Facility") with an advance rate of up to 80% during the Ramp-up Period — Deutsche Bank expects to retain a 5% vertical slice throughout the life of the transaction I RIN II has a Target Equity return of [12-15%]5 EFTA01417688 (1) Source: "Failure to Act" by the American Society of Civil Engineers report, 2017. (2) As of September 30, 2017. (3) As of December 31, 2017. Based on Team investment activity since 2014. (4) No assurance can be made that the target raised will be achieved. (5) We believe that, in view of anticipated market conditions, RIN should be expected to create a portfolio of investments with income yields and repayment of capital generating a return equal to the target return. The investment portfolio will be selected based on certain guidelines as outlined in the Private Placement memorandum. Target return reflects floating base rate, interest margin, upfront fee and Libor floor and capital structure expectations. The target return is net of management fees, expenses, performance fees, portfolio company taxes, fund taxes, investor taxes and related withholding taxes from portfolio investments. There can be no assurance that the assumptions underlying the target returns will prove to be accurate, nor that the target return will be met or significant losses avoided. Projections are subject to a number of assumptions and uncertainties and may or may not be realized. Please refer to slide 39 for further detail. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 4 EFTA01417689 02 Deutsche Asset Management Infrastructure Platform EFTA01417690 Deutsche AM's Leading Infrastructure Platform Platform overview Deutsche Bank Overviewl I One of the world's leading international financial institutions with total assets of -$1.5 trillion I Active in 62 countries I Over 99,000 employees Deutsche Bank Alternatives (AUM: $91bn)3 Private, Wealth and Commercial Clients Corporate & Investment Banking Asset Management Global Markets Direct Infrastructure Equity, $10.5bn Infrastructure (AUM: —$23bn)3 Active Alternatives Passive I Platform currently employs 38 professionals globally with 7 dedicated investment professionals3 Real Estate Infrastructure Commodities Private Equity Sustainable Investments Hedge Funds Infrastructure Debt (AUM: —$885m)2 I The team has been investing since November 2014 and has deployed capital into 53 investments2 —$23bn Listed Infrastructure EFTA01417691 Securities, $11.6 Asset Management (AUM: $840bn)3 Deutsche AM's Infrastructure Platform3 I Deutsche AM's global infrastructure platform (the "Platform") has —$23 billion in assets under management with —$1.1 billion deployed2 and $1.7 billion2 dedicated to infrastructure debt Direct Infrastructure Debt, —$0.9bn (1) Deutsche Bank AG as of September 30 2017. (2) As of December 31 2017. Based on Team investment activity since 2014. Please note numbers may not sum due to rounding. All breakdowns are by primary use. Excludes financial services. Allocations are subject to change without notice (3) As of September 30 2017. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 6 EFTA01417692 Deutsche AM's Leading Infrastructure Platform Platform detail Established Asset Manager I Deutsche AM is a leading global asset manager with $840 billion under management across all asset classesl I —$23 billion of infrastructure focused AUM; more than $1.7 billion of infrastructure debt dedicated capital2 and $1.1bn deployed3 I The Infrastructure Platform has a 23-year track record of delivering attractive, stable returns for investors6 Track Record of Infrastructure and Credit Expertise I Seasoned team with extensive infrastructure debt investment and portfolio management expertise I Portfolio Advisor team with complementary skill sets and collective infrastructure experience of 78 years that has provided c. $37.0 billion of financing to 99 infrastructure businesses historically4 and 53 businesses since the end of 20143 I Attractive performance for RIN I, with average cash-on-cash returns of 15.8% since inception5 Proven Investment jrocess Infrastructure and credit expertise drives better investment and portfolio management decisions I Rigorous investment process results in very deliberate investment selection I Focus on leveraging relationships to originate debt investment opportunities and obtain desired allocations Proprietary Deal Pipeline I Access to infrastructure debt investments through strong relationships with: — Infrastructure equity sponsors — Senior management of infrastructure companies — Investment banks — Financial advisers (1) As of September 30, 2017 (2) As of December 31, 2017. Includes $450 million of investable capital for RIN, $750 million Separately Managed Account, and $500 million Separately Managed Account. (3) As of December 31, 2017. Based on Team investment activity since 2014. EFTA01417693 (4) As of December 31, 2017. Based on Team members' professional activities, including experience at prior employers. Transaction numbers are based on the collective team's experience, this includes acting in varying capacities such as a lead arranger and or a financial counterparty. (5) As of 03'17 payment date. Please note that returns shown are net of fees, including the performance fee. No assurance can be made that future investments will have similar characteristics to current investments or will generate similar returns. Past performance is not indicative of future results. (6) Platform's performance includes the performance of the European Private Infrastructure Business, Listed Infrastructure Securities Business, Infrastructure Debt Business, and Australian Separate Account Business. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 7 EFTA01417694 Deutsche AM's Infrastructure Debt Team The team benefits from investment expertise of leading asset management professionals Infrastructure Debt Teaml Portfolio Manager 20 years experience Prior affiliation: Aladdin Capital, Dresdner Kleinwort, BNP Paribas Jorge Rodriguez* Director 10 years experience Prior affiliation: Deutsche Bank IB, Carlyle, Deloitte Matt Woods Associate 2 years experience Prior affiliation: J.P. Morgan Joshua Kim Operations, Legal and Compliance Freddy Taggart COO Nick Bloss COO Office Tom Rice Legal Michelle Goveia-Pine Compliance * Investment committee member (1) Defined as the "Team" throughout this presentation. Members subject to change (2) The Infrastructure Debt Team has access to members of these teams in connection with the investment process Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 8 Jessica Hamill Operations Portfolio Manager 18 years experience Prior affiliation: Aladdin Capital, Dresdner Kleinwort, Moody's Jonathan Newman* Assistant Vice President 7 years experience Prior affiliation: Intesa SanPaolo, Morgan Sindall Benjamin Schmitt Managing Director 15 years experience EFTA01417695 Prior affiliation: Citigroup, S&P, EXIM Bank India Sundeep Vyas* Assistant Vice President 6 years experience Cameron Berns Investment Committee Members2 Head of Alternatives 19 years experience Prior affiliation: Banker's Trust Pierre Cherki* Head of Strategy and Research 30 years experience Prior affiliation: Invesco Mark Roberts* Managing Director , Real Estate Debt 17 years experience Prior affiliation: J.P. Morgan Andrea Vanni* Research Team Simon Wallace Director Gianluca Minella Vice President Head of Infrastructure 19 years experience Prior affiliation: Deutsche Bank IB, HSBC Hamish Mackenzie* Director, Real Estate Debt 31 years experience Prior affiliation: CWCapital, Nissho Iwai American Corp, Wachovia Joe Rado* Head of Asset Management for Infrastructure Europe 21 years experience Prior affiliation: Bechtel Jane Seto* EFTA01417696 Infrastructure Debt Track Recordl Team with complimentary skill sets and extensive experience — see Appendix 1 for more detail Origination and Execution I Completed $37.0 billion financing transactions across 99 infrastructure businesses with only one recorded payment defaultl — Pioneers of infrastructure finance involved in marquee transactions throughout North America and Europe — 78 years of collective infrastructure experience — Extensive experience throughout geographies and infrastructure sub-sectors Team Transaction Funnel Originated Initial due diligence Detailed due diligence 399 18% 47% 248 179 Transacted 99 Water UK France USA Spain Netherlands Other Germany Austria Utilities Ports Power Generation Renewable Power Motorway Services Toll Roads Communications Towers Gas T&D Other 24% 18% Transaction by Geography 5% 3% 1% 0% 3% 10% 7% 19% EFTA01417697 10% Transaction by Sector 4%2%4% 5% 21% (1) As of December 31, 2017. Based on Team members' professional activities, including experience from prior employers. Transaction numbers and enterprise values are based on the collective team's experience, this includes acting in varying capacities such as a lead arranger and or a financial counterparty. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 9 EFTA01417698 Experienced Team Supported by Operational, Reporting and Governance Structure Thorough Investment Procedures H 7 dedicated investment professionals with complimentary skill sets allow for thorough analysis of each investment and ongoing monitoring I Analysis focused on industry dynamics, competitive position, predictability of cash flow, debt service coverage and leverage ratios, and equity cushion I All investments and dispositions must be approved on a unanimous basis by 9 member Investment Committee I A lead and back-up analyst are responsible for the ongoing each credit Enhanced Controls and Compliance I Hypothetical trade tests are performed by the investment team Information Agent (US Bank middle office), prior to any investments or dispositions I Indenture covenant compliance is tracked by investment team, Information Agent, and Trustee (US Bank) H Trade, payment and monthly reports are produced by the Trustee and reviewed by the investment team and FAO I Ernst & Young serves as the Recalculation covenant ratios are calculated accurately Robust Operational Structure H Daily and ongoing communication between investment team, FAO, Information Agent and Trustee H Investment team, FAO, and US Bank have multiple redundancies working knowledge of RIN I Daily reconciliation of positions and cash balances between team, Loan Information Agent and Trustee I Quarterly payment waterfall tie-out between investment team, Information Agent and Trustee Integrated Technology monitoring of and Loan FA01, Loan Agent to ensure that all Loan with strong investment FAO, Loan EFTA01417699 Suite I Loan Information Agent utilizes CDO Suite to track RIN portfolio I Integrated data feeds from Bloomberg, Markit, rating agencies, and third party pricing providers I Well established trading platform and settlement process in line with LSTA standards I 24/7 technology support professionals mitigate business disruption risk IITested business continuity plan in place whereby employees have remote access to necessary systems 1) Fund Administration Oversight. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 10 EFTA01417700 Independent and Transparent Reporting Procedures — US Bank will serve as the transaction's Trustee — The Trustee will monitor the deal's compliance with all of the transaction covenants — Covenant compliance is also tracked by investment team, FAO, and the Loan Information Agent — US Bank will independently maintain a website portal, PIVOT, for equity and facility holders to access on demand — The Trustee will provide investors with monthly and payment date reports • Reports will be reviewed by FAO, investment team, and E&Y — The information made available by the Trustee includes but is not limited to the following: Overcollateralization Tests Interest Coverage Tests Detail of Assets Concentration Limitations Cash Summary Caa and Defaulted Collateral Weighted Average Recovery Rate Tests Weighted Average Rating Factor Tests Weighted Average Life Weighted Average Spread / Coupon Tests Purchases and Sales Cov-Lite Loans Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 11 EFTA01417701 03 RIN I Overview The information shown is based on RIN I past investments and is not necessarily representative of RIN II. RIN I is closed to new investors and no representation is made that investments in RIN II will have the same characteristics or returns similar to RIN I. EFTA01417702 RIN I ("RIN LTD") CLO First CLO Primarily Secured by Loans to Economic Infrastructure Assets I Deutsche AM's inaugural infrastructure CLO, RIN I closed on October 25th 2017 IIFirst Infrastructure CLO rated by Moody's under its Project Finance & Infrastructure CDO Rating Methodology2 II100% ramped (91% ramped at closing) IICurrent Weighted Average Rating Factor of 19023 IIVehicle leverage of 6.67x; 15% par subordination through Baa3 rated Notes I Notes priced at WACD of 191 bps; 21bps wider than BSL CL04 IINote and Equity tranches purchased by 23 unique investors I60bps of Par Creation vs 36bps for 2015 vintage BSL CLO4 I Current Equity NAV of 104.2%5 IIWeighted Average Spread of 370bps vs 357 bps for 2015 vintage BSL CLO4 IIEquity achieved cash on cash yield of 15.81% during warehouse period6 Note Tranche Summaryl Class Moody's Rating Class A Class B Class C Equity Aaa Aa3 Baa3 NR Size ($mm) Par Sub. $273.330 39.26% $51.795 27.75% $57.375 15.00% $67.500 N/A Structure Termsl Reinvestment Period: Non Call Period: EFTA01417703 Stated Maturity: First Payment: Risk Retention: Wtd. Avg. Life 5.2 6.9 7.8 N/A Coupon (L+bps) 150bps 185bps 390bps N/A Price 100.0 100.0 100.0 100.0 4 years 2 years 11 years April 20, 2018 Dual Compliant (Deutsche Bank retained 5% vertical slice) (1) As of closing on October 25th 2017. (2) "Moody's Approach to Rating Collateralized Debt Obligations Backed by Project Finance and Infrastructure Assets," August 12, 2015. (3) As of January 17th 2018. (4) Source. Morgan Stanley Research. As of December 31st 2017. (5) Calculated as (i)Equity contributed plus the sum of (a) the market value of the Principal Collateral plus (b) Principal Collection Account plus (c)Ramp Up Account minus (d) total deal capitalization divided by (ii) Equity contributed. Calculation as of October 25th 2017. (6) Calculated as the average of each quarter's cash on cash yield since the warehouse period's first payment in April 2015. Please note that returns shown are net of fees, including the performance fee.. Please see notes included at end of presentation for the effect of fees on performance. Past performance is not indicative of future results. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 13 EFTA01417704 RIN I Portfolio Attributes 60bps of par has been created Weighted Average Spread and Cumulative Portfolio Par Creation over Time Cumulative Par Created (%)1 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% Q1'15 Q2 115 Q3 115 Q4 115 RIN Cumulative Par Created (%) (lhs) Q1'16 Q2'16 Q3'16 BSL Cumulative Par Created (%) (lhs) 3 Q4'16 Q1'17 RIN WAS (%) (rhs) Q2'17 Q3'17 4 BSL WAS (%) (rhs) (1) Cumulative Par created inclusive of realized and unrealized gains. As of December 31st 2017. There is no assurance that investment objectives will be met Past performance is not indicative of future results. Please note that the future cumulative par created could be adversely affected by the performance of the CLO's assets. A default or loss of principal in an underlying CLO asset would reduce the cumulative amount of par created. (2) Weighted Average Spread inclusive of applicable Libor Floors. As of December 31st 2017. (3) Median Cumulative Par created of outstanding 2015 vintage BSL CLOS per Morgan Stanley Research. As of December 31st 2017. (4) Median Weighted Average Spread of outstanding 2015 vintage BSL CLOS per Morgan Stanley Research. As of December 31st 2017. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 14 Q4'17 Weighted Average EFTA01417705 Spread2 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% Issuance Costs EFTA01417706 RIN I Compared to 2015 BSL CLO I RIN's Equity investors benefit from lower leverage, lower WARF, and a higher spread relative to a comparably rated BSL CLO1 I RIN I WARF2 of 1941 vs. BSL CLO WARF1 of 2809 I RIN I WAS2 of 3.77% vs. BSL CLO WAS1 of 3.58% WAS vs. WARF 3.80% More Favorable 3.75% 3.70% 3.65% 3.60% 3.55% Less Favorable 3.50% 0 500 1000 1500 2000 2500 3000 3.50% 0 5,000 10,000 15,000 20,000 25,000 30,000 (1) Source: Median Weighted Average Spread and Median of outstanding 2015 vintage BSL CLOS per Morgan Stanley Research. As of October 25th 2017. RIN is being compared to a 2015 BSL CLO because RIN's first payment period occurred at the end of Q1115. (2) RIN WAS and WARF as of closing on October 25th 2017. (3) Calculated as the product of Leverage and WARF. There is no guarantee that this rating factor will be achieved. An investment in infrastructure involves a high degree of risk, including possible loss of principal amount invested, and is suitable only for sophisticated investor who can bear such losses. Rating factor does not remove market risk and is subject to change. There is no guarantee that investment objectives will be achieved. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 15 EFTA01417707 2015 Median BSL CLO RIN I 3.75% 3.70% 3.65% 3.60% 3.55% Less Favorable 2015 Median BSL CLO WAS vs. Combined WARF and Leverage3 3.80% More Favorable RIN I EFTA01417708 Annualized RIN I Equity Current Yield (Inception — Present) Average cash yield of 15.8% since inception Historical RIN Equity Current Yields Current Yield % 1 25% Leverage: 6.67x Leverage 20% 19.2% 18.2% 17.5% 15% 18.2% 17.1% 15.3% 14.5% 10% 11.1% 20.4% 19.4% 5% 3.2% 0% Q1'15 Q2 115 Current Yield (%) LH Q3 115 Q4 115 Q1'16 Portfolio Leverage (x) RH (1) Represents cash-on-cash returns to equity investors after fees (including performance fee). No assurance can be made that current yields can be maintained due to changes in financial conditions and market uncertainties. Past performance is not indicative of future returns. Source: Deutsche Asset Management as of 03'17 payment date, October 17, 2017. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 0.OOx 1.OOx 2.OOx 3.OOx EFTA01417709 4.00x 5.00x 6.00x 7.00x EFTA01417710 RIN I Historical Portfolio Metrics RIN I has been managed since November 2014 with US Bank as Trustee and Ernst & Young as Calculation Agent Portfolio Par Amount ($mm) $mm 100 150 200 250 300 350 400 450 50 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Portfolio Par ($mm) Weighted Average Spreadl 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 EFTA01417711 WAS Q4 Q1 Q2 Q3 Q4 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Capital Invested as % of Portfolio Par 98.40% 98.60% 98.80% 99.00% 99.20% 99.40% 99.60% 99.80% 100.00% Q1 Q2 Q3 Q4 Ql Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 Capital Invested as % of Portfolio Par Weighted Average Rating Factor2 1,000 1,500 2,000 2,500 3,000 500 Q1 Q2 Q3 Q4 EFTA01417712 Q1 Q2 Q3 WARF (1) Weighted Average Spread inclusive of applicable Libor Floors per RIN I's Warehouse Indenture definition. Past performance is not indicative of future returns. (2) Weighted Average Rating Factor calculated using RIN I's Warehouse Indenture definition prior to Notes Issuance. Past performance is not indicative of future returns. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 17 Q4 Q1 Q2 Q3 Q4 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 EFTA01417713 RIN Portfolio Liquidity RIN's Markit Liquidity Score is comparable to the average BSL Markit Liquidity Score Markit Liquidity Scores: RIN, Broadly Syndicated Loan (BSL), and Middle Market (MM) Percentage of Portfolio (%) 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 0.0% RIN 1 Liquidity Score: 3.15 2.14 BSL 2 4.18 Note: Markit Liquidity Scores are on a scale of 1 (Most Liquid) to 5 (Least Liquid). (1) Represents RIN Liquidity Score of Target Portfolio. Liquidity Scores as provided by Markit as of January 17, 2018. Loans in the Target Portfolio that are not listed by Markit are assumed to have a Liquidity Score of 5. (2) Source: Morgan Stanley Research. Represents the average Liquidity Score of all BSL CLOs currently outstanding as of December 31, 2017. (3) Source: Morgan Stanley Research. Represents the average Liquidity Score of all MM CLOs currently outstanding as of December 31, 2017. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 18 4.5% 21.4% 13.4% 15.8% 14.4% 23.8% 38.0% 27.6% 10.8% 15.5% EFTA01417714 4.8% 2.5% MM 3 42.6% 14.9% Liquidity Score 5 Liquidity Score 4 Liquidity Score 3 Liquidity Score 2 Liquidity Score 1 50.1% EFTA01417715 RIN I Portfolio Holdingsl Sector Electricity (Coal/Gas) Contracted: NYISO Wholesale Electricity (Coal/Gas) Merchant: NYISO Other non-regulated gas or electricity infrastructure asset Other non-regulated gas or electricity infrastructure asset LNG Terminal LNG Terminal Toll road networks, tunnels, bridges, car parks Electricity (Coal/Gas) Contracted: PJM Regulated Electricity distribution and transmission Electricity (Coal/Gas) Merchant: PJM Electricity (Coal/Gas) Merchant: NYISO Electricity (Coal/Gas) Merchant: ERCOT LNG Terminal Power - Renewables: Solar Chemical Facility Rail PPP/PFI Prisons Environmental Industries Electricity (Coal/Gas) Merchant: PJM Electricity (Coal/Gas) Merchant: PJM Electricity (Coal/Gas) Merchant: PJM Wholesale Electricity (Coal/Gas) Merchant: NYISO Other non-regulated gas or electricity infrastructure asset Other non-regulated gas or electricity infrastructure asset Regulated Telecom Regulated Telecom Construction & Building Electricity (Coal/Gas) Merchant: ISO-NE Other non-regulated gas or electricity infrastructure asset Regulated Telecom Regulated Telecom Electricity (Coal/Gas) Merchant: Southeast Electricity (Coal/Gas) Contracted: PJM Power - Renewables: Wind Power - Renewables: Wind Power - Renewables: Wind Other non-regulated gas or electricity infrastructure asset Construction & Building Other non-regulated gas or electricity infrastructure asset Environmental Industries Moody's Adjusted Rating 61 B3 61 61 EFTA01417716 Ba2 Bal Bal Ba3 Ba3 Baa3 B1 Ba3 B2 Ba2 Ba2 Ba2 Ba2 B1 B2 B2 B2 B2 B3 Ba2 Ba3 B2 B2 B2 B2 B1 Ba3 B1 B1 B1 Ba3 B1 Ba3 Bal B1 Ba2 Ba3 B3 Recovery Rate 45% 40% 75% 45% 45% 65% 65% 65% 75% 65% 75% EFTA01417717 75% 75% 65% 65% 30% 45% 40% 60% 15% 45% 45% 40% 75% 65% 45% 45% 45% 45% 75% 65% 45% 45% 75% 75% 65% 65% 65% 45% 45% 45% 60% Amount ($mm) 12.86 10.90 18.28 9.00 10.92 1.50 14.89 19.51 30.00 12.38 10.66 5.17 13.07 20.00 20.00 8.89 1.12 4.96 EFTA01417718 6.91 7.42 0.06 4.77 11.23 21.26 19.85 1.00 4.04 3.96 2.99 11.31 22.00 1.94 1.77 11.35 20.12 6.86 17.05 5.00 10.00 14.49 8.69 4.00 Portfolio % 2.91% 2.47% 4.13% 2.04% 2.47% 0.34% 3.37% 4.41% 6.78% 2.80% 2.41% 1.17% 2.96% 4.52% 4.52% 2.01% 0.25% 1.12% 1.56% 1.68% 0.01% 1.08% 2.54% 4.81% 4.49% 0.23% EFTA01417719 0.91% 0.90% 0.68% 2.56% 4.98% 0.44% 0.40% 2.57% 4.55% 1.55% 3.86% 1.13% 2.26% 3.28% 1.97% 0.90% (1) Holdings are subject to change. Past performance is not indicative of future results. Source: Deutsche Asset Management. As of January 17, 2018. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 19 Avg. Market Price 101.38 94.00 100.75 101.75 101.63 100.00 100.00 100.00 101.25 100.63 101.44 101.25 98.50 100.00 101.50 101.69 100.38 100.50 100.75 101.63 101.50 101.50 90.00 100.81 100.63 100.75 EFTA01417720 101.06 101.06 101.56 100.25 101.25 100.63 100.63 97.50 100.00 91.00 100.75 101.44 101.75 101.63 101.25 100.88 Stated Spread (L+bps) 4.50% 5.25% 4.00% 4.00% 4.00% 2.25% 2.25% 3.75% 3.75% 3.25% 3.75% 3.25% 3.25% 2.50% 3.00% 2.50% 1.50% 2.25% 2.75% 7.25% 3.50% 3.50% 5.25% 3.75% 4.00% 3.25% 3.25% 3.25% 3.50% 4.75% 4.25% 2.25% 2.25% EFTA01417721 3.50% 3.25% 4.25% 4.25% 2.75% 4.00% 3.50% 3.00% 3.00% EFTA01417722 RIN I Portfolio Holdings (cont'd) RIN I Portfolio by Sub-Sector 3% 4% 2% 1% 3% 0% 2% 3% 5% 5% 3% 8% 11% 4% Weighted Average Purchase Price Weighted Average Market Price Electricity (Coal/Gas) Contracted: NYISO Wholesale Electricity (Coal/Gas) Merchant: NYISO Other non-regulated gas or electricity infrastructure asset LNG Terminal Toll road networks, tunnels, bridges, car parks Electricity (Coal/Gas) Contracted: PJM Regulated Electricity distribution and transmission Electricity (Coal/Gas) Merchant: PJM Electricity (Coal/Gas) Merchant: ERCOT Power - Renewables: Solar Chemical Facility Rail PPP/PFI Prisons Environmental Industries Regulated Telecom Construction & Building Electricity (Coal/Gas) Merchant: ISO-NE Electricity (Coal/Gas) Merchant: Southeast Power - Renewables: Wind PF Infra: Weighted Average Rating Factor Corp Infra: Weighted Average Rating Factor PF Infra: Weighted Average Recovery Rate Corp Infra: Weighted Average Recovery Rate Weighted Average Life Past performance is not indicative of future results. Source: Deutsche Asset Management. As of January 17, 2018. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 20 99.33 EFTA01417723 100.15 1694 2383 68.6% 43.5% 5.03 18% Weighted Average Spread 368 Bps Traded Par + Cash $450.73 mm 3% 7% 3% 5% 10% Number of Obligors 38 RIN I Portfolio Statistics Metric Present EFTA01417724 RIN I Current Portfolio Investment Attributesl Distribution of Moody's Adjusted Ratings4 by Investment 4% 3% 11% 5% 22% 27% 30% 0% Baa3 Bal Ba2 Ba3 B1 B2 B3 Distribution of Equity Cushions2 10% 20% 30% 40% 0% <25% 25-35% 35-50% >50% Equity Cushion (1) Based on RIN's portfolio as of November 21 2017. (2) Calculated by deal team using DCF, precedent transactions, and comparable trading levels. (3) Investments shown either have financial covenant at facility or pari passu revolver. (4) Adjusted for outlook and/or watch. An equity cushion or a lender protection may not guarantee against a potential rating downgrade. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 21 <1.50x 1.50x-1.99x 2.00x-2.49x 2.50x-2.99x Distribution of Lender Protections3 100% 20% 40% 60% 80% 0% Financial Covenants Project Finance Features >3.00x Coverage Ratio Distribution of Investment DSCRs EFTA01417725 10% 20% 30% 40% EFTA01417726 Disciplined Investment Process Drives Performance Selectivity Drives Performance I Extensive relationships with financial sponsors, advisors and banks lead to a robust pipeline of investment opportunities I Market position and specialized expertise results in greater investment discipline and selectivity I Active and specialized investing style provides early access to deals, ability to influence terms, and facilitate desired allocations Deals Reviewed vs. Investments Made — Infrastructure Debt Team # of Deals 12 18 24 30 0 6 3014 4014 1Q15 2015 3Q15 4Q15 Investments 1016 2016 3016 Deals Reviewed 4Q16 % Invested For illustrative purposes only. No inference can be made that completed deals would be more or less profitable to a potential investor. Past performance is not indicative of future results. Source: Deutsche Asset Management as of December 31, 2017. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 22 1017 2Q17 3Q17 4Q17 Deals Invested/ Deals Reviewed (%) 0% 10% 20% 30% EFTA01417727 40% 50% 60% 70% 80% 90% 100% EFTA01417728 04 RIN II Investment Opportunity EFTA01417729 Ramp-up Period Summary of Termsl Issuer Co-Issuer Portfolio Advisor Initial Facility Lenders Initial Facility Commitment Amount Preferred Shares Commitment Amount Ramp-up Period Target Equity IRR Base Advisory Fee Subordinated Advisory Fee Incentive Fee Hurdle Incentive Advisory Fee I RIN II Ltd., a Cayman Islands exempted company, as issuer of the Preferred Shares and co-issuer of the Senior Notes I RIN II LLC, a Delaware limited liability company, as co-issuer of the Senior Notes I RREEF America LLC I Barclays Bank PLC ("Barclays") and Deutsche Bank AG, New York Branch ("Deutsche Bank"), as sole initial lenders under the Initial Facility. Barclays is expected to hold 95% of the Initial Facility, and Deutsche Bank is expected to hold 5% of the Initial Facility H $168.4 million which may be increased up to $463.2 (subject to terms set forth in the PPM)2 Up to $75 million2 Up to 18 months (subject to extension)2 Net target equity IRR of 12%-15%3 [35] bps per annum of the Fee Basis Amount [0] bps per annum of the Fee Basis Amount. 11% Equity IRR 20% after exceeding the Incentive Fee Hurdle 1) Prior to any Refinancing. For summary purposes only, and qualified in its entirety by the definitive Private Placement Memorandum of the Issuer. 2) Please see the Private Placement memorandum for further detail. 3) The target return of the Preferred Shares (as stated in the Private Placement memorandum and available upon request) is net of the Issuer's advisory fees, expenses, performance fees, portfolio company taxes, taxes payable by the Issuer and related withholding taxes EFTA01417730 from portfolio investments. There can be no assurance that the assumptions underlying the target returns of the Preferred Shares will prove to be accurate. There can be no assurance that the target return of the Preferred Shares will be met or that significant losses on the Preferred Shares will be avoided. Please refer to the "Risk Factors" pages at the end of the presentation for details on many of the risks that may have an impact on IRR. The target return of the Preferred Shares may be affected by a number of different assumptions including but not limited to, issuance costs, warehouse period length, weighted average spread, weighted average cost of debt, effective purchase price, equity in structure, annual default rate, and recovery rate. For further detail, please refer to slide 39 for an analysis of how the target return is affected by changes in these assumptions, data upon which the targeted IRR is based. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 24 EFTA01417731 Illustrative RIN II Capital Structure — Post Refinancing Portfolio Advisor Rating Agencies (RREEF America LLC) Advising, and monitoring US Bank (Portfolio Administrator and Trustee) Trustee + portfolio administration RIN II Ltd. (Issuer) RIN II LLC (Co-Issuer) Illustrative RIN II Post Refinancing Summary of Termsl,2 Issuer i llustrative Refinancing Capital Structurel,2 Co-Issuer Portfolio Advisor Final Redemption Date Reinvestment Period Target Equity IRR Base Advisory Fee Subordinated Advisory Fee Incentive Fee Hurdle i ncentive Advisory Fee RIN II Ltd. RIN II LLC I RREEF America LLC i 2 years Up to 5 years Net target equity IRR of 1296-15%2 Class B EFTA01417732 [15] bps per annum of the Fee Basis Amount [30] bps per annum of the Fee Basis Amount. 11% Equity IRR 20% after exceeding the Incentive Fee Hurdle Class C Equity [Aa] [Baa] [NR] [12]% [12]% [15]% $[60] $[60] $[75] [135-155] [240-275] Class Class A Rating [Aaa] % of Capital Structure [61]% Size ($ millions) $[305] Pricing3 (L+bps) [110-125] (1) Preliminary and subject to material change. Actual capital structure, transaction size, class sizes, rating levels and coupons of a Refinancing will be established at the time of a Refinancing and may differ materially from those presented herein. (2) Indicative based upon current market conditions that may change. There is no guarantee that the objective will be achieved. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 25 EFTA01417733 Key Investment Highlights Strengths of Private Infrastructure Debt I Preferred position in capital structure with substantial equity cushion I Security interest in collateral of critical infrastructure and essential services businesses H Historically low default and high recovery rates — infrastructure debt has generally lower default rates than similarly rated debt of non-financial corporates) I Premium pricing due to scarcity of event driven financing Benefits of Investment Strategy Strategy is focused on investing in private USD infrastructure loans: I Financing opportunities structured with lender protections designed to enhance risk-adjusted returns I Investment guidelines intended to deliver a Portfolio with Ba3/B1 credit profile I Floating rate LIBOR loan investments have historically provided protection from rising interest rates I Low correlation among individual infrastructure assets within the fI ortfolio2 Potential for significant positive spread between investment margins and the Issuer's lower cost of funding Benefits of Platform I Relationship breadth, high activity levels, and ability to make sizeable investments result in "early-looks", preferred allocations, and better information flow I Private side access to sponsors, management one-on-ones, and borrower projections supports informed investment decisions H Sponsors and arrangers often request team feedback on terms and pricing before launching transactions (1) Sources: 'Infrastructure Default and Recovery Rates 1983-2016', Moody's, July 2017. (2) "Moody's Approach to Rating Collateralized Debt Obligations Backed by Project Finance and Infrastructure Assets," August 12, 2015. EFTA01417734 No assurance can be made investment objectives will be achieved. There is no guarantee against a complete loss of invested assets. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 26 EFTA01417735 Current Infrastructure Debt Market Dynamics Opportunity to capitalize on supply/demand imbalance for infrastructure debt $tn 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Infrastructure Funding Gap Over the Next 10 Yearsl $3.3 trillion $1.4 trillion funding gap over 10 years $1.9 trillion Record Infra Private Equity Dry Powder2 $bn 10 20 30 40 50 60 70 80 Total Needs Surface Transportation Airports Inland Waterways & Marine Ports Significant Private Infra Debt Demand3 $bn 10 20 30 40 50 60 70 0 2018 2019 Expected Refinancing 2020 2021 Expected Acquisition Financing (1) Source: "Failure to Act" by the American Society of Civil Engineers report, 2017. (2) Source: Preqin North American private infrastructure equity fundraising data as of November 1 2017. EFTA01417736 (3) Source: Deutsche AM's estimates of expected acquisition and refinancing activity over the next 5 years. Expected acquisition financing 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 Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 27 2022 I Long-term need for private infrastructure investment to replace and complement insufficient traditional funding sources I Private investors are increasingly allocating capital to infrastructure I There is over $70 billion2 of infrastructure equity dry powder with the potential to be deployed in North America I Significant loan maturities provide an additional source of investment opportunities Available Funding Electricity Water/Waste Water Infrastructure 0 2009 2010 2011 2012 2013 2014 2015 2016 Nov-17 EFTA01417737 Private Infrastructure Financing Pipeline I We expect that 2018 infrastructure loan issuance will be in line with its historical 4 year average of —$37 billion per annuml I Currently tracking greater than 85 opportunities that could require private financing within the next two years I These potential transactions are driven by various factors including: H Take-out financing for assets nearing construction completion; H Recently announced M&A transactions that will likely require financing in the loan market; and I Existing financings that are nearing maturity I Over the past 3 years, 31 states have passed legislation to expand infrastructure which has led to an increased number of Public Private Partnership (P3) transactions I 20 P3 transactions were launched in 20172 I Potential for further asset privatization could augment RIN's opportunity set I Toll Road, Airports, and Seaport subsectors would likely be the biggest beneficiaries if the pace of privatization were to increase3 Investment Pipeline by Sectorl 5%3% 21% 19% 8% 3% 4% 6% 27% 2% 2% Renewables Waste Management Utilities Battery Storage Conventional Power Transport Telecom and Networks Infra Services Midstream LNG Chemicals P3 Transaction Launches by Year2 10 EFTA01417738 15 20 25 7 0 5 2015 2016 2017 (1) Source: Deutsche AM proprietary pipeline database. As of January 10, 2018. (2) Source: InfraNews. As of January 10, 2018. (3) Source: Goldman Sachs Research. As of July 12, 2017. Note: No assurance can be made that after further due diligence, current pipeline deals being considered will come to fruition. Opinions and estimates, including forecasts of conditions, involve a number of assumptions that may not prove valid. No representation or warranty is made that any portfolio or investment described herein would yield favorable investment results. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 28 6 20 EFTA01417739 Infra Debt Historical Default and Recovery Rates Loans to infrastructure obligors can provide attractive spreads and low default / high recovery rates Default Rates for Ba and B Rated Debtl I Infrastructure debt has generally lower default rates than similarly rated debt of non-financial corporatesl I 10 year cumulative default rate for Ba and B infrastructure debt is 8.1% and 22.2%, respectively, while Ba and B nonfinancial corporates experience 10 year cumulative default rates of 18.3% and 39.4%, respectivelyl 10% 12% 14% 16% 18% 20% 0% 2% 4% 6% 8% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Ba Corp Infra and Project Finance Debt Securities Ba Non-Financial Corporate Issuers Ultimate Credit Loss Rates for Ba Rated Debtl I Credit loss rates for Ba infrastructure debts over a 10 year period are significantly lower than for Ba non-financial corporates (c.3.9% vs. c.11.5%)1 I RIN's portfolio is comprised of senior secured infrastructure loans 10% 12% 14% 0% 2% 4% 6% 8% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Ba Corp Infra and Project Finance Debt Securities Ba Non-Financial Corporate Issuers (1) Sources: 'Infrastructure Default and Recovery Rates 1983-2016', Moody's, July 2017. Past performance is not a guarantee of future results. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity EFTA01417740 March 2018 29 EFTA01417741 Investment Equity Cushions Support High Recovery Rates Historically I Portfolio Advisor investment selection emphasizes meaningful equity cushion and places significant value in analyzing values of investments IIPortfolio 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 M&A 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 Cushionsl Recovery Rate (%) 0% 20% 40% 60% 80% 100% <10% 10%-20% 20%-30% 3096-40% 40%-50% 50%-60% Equity 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 Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 30 60%-70% 70%-80% 80%-90% >90% EFTA01417742 06 Investment Process EFTA01417743 Investment Process: Origination Long-standing relationships with equity sponsors, banks, and advisors are key to sourcing attractive investmentsl Origination Equity Sponsors Arclight Alinda Basalt Infrastructure Partners Blackrock Blackstone Borealis Infrastructure Brookfield Carlyle Dutch Infrastructure Fund ECP EQT Global Infrastructure Partners Goldman Sachs IFM J.P. Morgan KKR LS Power Macquarie Morgan Stanley Oaktree Riverstone Starwood Banks H Bank of America EFTA01417744 Barclays BNP Paribas Citigroup Credit Suisse Deutsche Bank Goldman Sachs ING Jefferies J.P. Morgan Macquarie Mitsubishi UFJ Morgan Stanley Natixis RBC SocGen Wells Fargo Due Diligence Process Investing and Portfolio Monitoring Debt Advisors Evercore Lazard Marathon Moelis Perella Weinberg Partners Rothschild (1) For illustrative purposes only. List of companies is representative list of third party institutions with which Deutsche Asset Management has a preexisting relationship. It does not constitute any endorsement for any investment product offered by Deutsche Asset Management nor does it infer any contractual relationship with any entity mentioned. No EFTA01417745 assurance can be made that investment objectives will be achieved. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 32 EFTA01417746 Investment Process: Origination What we look for in infrastructure assetsl Origination Due Diligence Process Target Investment Characteristics Long-life Assets Providing Essential Service Stable Cash Flows Historically Barriers to Entry, Low Substitution Risk High EBITDA Margins Portfolio Construction and Diversification I Mature infrastructure assets with long-term usage I History of generating stable, predictable cash flows with high levels of visibility I Predictable cash flow from regulation, contracted payment streams, or superior market position I Leading market positions, essential services backed by regulatory framework, concessions or long term contracts II II II Low operational costs Higher margins support leverage Low correlation to equity markets with lower volatility I Complementary fit to broader credit portfolio Area of Focus I USD financing to OECD domiciled businesses, primarily US I Emphasis on brownfield assets Sectors I Power and utilities I Waste management and water I Electricity and gas transmission and distribution I Renewables EFTA01417747 I I I I Midstream Pipelines/District Heating Toll roads Ports, rail and airports I Other utility / services Investing and Portfolio Monitoring (1) For illustrative purposes only. No assurance can be made that portfolio objectives will be achieved. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 33 EFTA01417748 Investment Process: Due Diligence The Portfolio Advisor has a process for the identification, due diligence and mitigation of risk factors in potential investments that it will seek to employ for the Issuerl Origination Due Diligence Process Investing and Portfolio Monitoring Formal approval to invest sought from IC Initial Review Detailed Due Diligence I Screen and diligence to decide whether to initially pursue or decline a transaction I Assess investment merits including infra sub-sector trends, transaction risks, quality of sponsor / management, and potential risk-adjusted return I Analyze industry trends and competitive positioning I Build and stress financial model I Scrutinize structure and covenants I Meet with sponsor and / or management Structuring I Focus on key structuring terms that most directly reduce risk and improve recovery scenarios in a default I Review legal documentation for terms addressing key credit issues EFTA01417749 Investment Committee and Closing I Deal team presents investment analysis and recommendation to Investment Committee I Discuss merits and considerations of potential investment I Consider portfolio construction I Unanimous IC approval required IIMake and close investment (1) Process shown is indicative and subject to adaptation and change in any particular context. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 34 EFTA01417750 Investment Process: Investing and Portfolio Monitoring Investment review triggers upon signs of potential credit deterioration) Origination Due Diligence Process Investing and Portfolio Monitoring Analysts establish review thresholds beyond conventional financial metrics that may signal credit deterioration. This reflects rigorous ongoing analysis of key credit quality drivers. If a threshold is breached, the investment is reviewed at Investment Committee to test the original credit thesis. Thresholds bring further discipline to the investment monitoring process. External Drivers: (i.e. commodity prices, competitive position, regulation, economic indicators) Credit Review Trigger Internal Drivers: (i.e. management changes, change in strategy, brand reputation) Forward-looking Indicators: (i.e. Key ratios, margins, capital expenditures, liquidity (if relevant)) (1) Strategy shown is indicative and subject to adaptation and change in any particular context. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 35 EFTA01417751 Investment Process: Investing and Portfolio Monitoring The Portfolio Advisor will primarily pursue a hold-to-maturity strategyl Origination Due Diligence Process Minimize Risk I Review investment performance quarterly, update investment outlook, communicate with borrower management I Monitor wider market themes and sector trends, assess impact on the Issuer's Portfolio Investing and Portfolio Monitoring Maximize Value Optimize Invested Tenor I Seek to optimize value from investments through OID and other fee events during the life of the investment RIN Portfolio I Structure and purchase investments within tenor beyond the Reinvestment Period of the Issuer I Negotiate prepayment protection where possible Manage within Investment Guidelines I Monitor Portfolio and assess new investments for pro forma compliance with the Issuer's Investment Guidelines (1) Strategy is indicative and subject to adaptation and change in particular contexts. For illustrative purposes only. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 36 EFTA01417752 Investment Process: Investing and Portfolio Monitoring Active Portfolio Management: PM's seek to minimize risk to RIN Note holders through asset and portfolio level metrics Origination Due Diligence Process Investing and Portfolio Monitoring Constant communication across Investment Team, FAO, and Loan Information Agent At Least Weekly I Forward calendar I Investment team meetings I Reconciliation with trustee I Analysis of all watch list credits I Review news stories on borrowers/industries via multiple news wires & email alerts I Assess potential covenant defaults Monthly II II Review fund performance Review monthly financials I Input monthly financials into credit monitoring system I Compare financials to prior year and budget I Conduct calls with agent, sponsor and borrower as appropriate I Conduct analysis of company results, industry trends, loan to value, key ratios and liquidity Quarterly I Watch list review EFTA01417753 I Compliance certificate review I Review quarterly financials I Input quarterly financials into credit monitoring system I Compare financials to prior year and budget I Email to entire team on performance and liquidity as well as a buy/sell recommendation Ongoing I Fund compliance I Review fund performance I Amendments and waivers I Assets reviewed upon downgrades and sudden price movements (if price information is available) IIMonitor secondary trading levels to assess interest in buying or selling I Rating agency actions Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 37 EFTA01417754 Investment Process: Investing and Portfolio Monitoring Trade Flow Process: facilitating best execution while mitigating risks Origination Due Diligence Process Investing and Portfolio Monitoring Execution PIVOT Trade Hypo I Prospective trades are independently tested by investment team and Loan Information Agent (US Bank) for proforma covenant compliance with the various indenture tests (CQTs, Concentration limitations, etc.) in PIVOT and Excel Source: Deutsche Asset Management. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 38 Bloomberg Trade Execution Monthly I At trade test compliance conformation, Portfolio Advisor enters trade into Bloomberg PIVOT Trade Confirmation & Ticket I Post-trade, the trader logs the trade ticket in PIVOT and Excel Settlement ClearPar EFTA01417755 Ongoing Settlement I Prior to ClearPar trade settlement, investment team, and Loan Information Agent reconcile any discrepancies I Trades are settled in ClearPar EFTA01417756 07 Scenario Analysis EFTA01417757 Hypothetical BSL CLO Modeling Assumptions) I Illustrative sensitivities designed to show how potential BSL CLO Equity returns are affected by a range of variables, including but not limited to the drivers shown in the chart below I All scenarios assume 45bps of Management Fees, 5bps of Ongoing Expenses, 2% monthly prepayment rate, a 11% Hurdle Rate, and a 20% Incentive Fee Sensitivities2 Scenarios Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Scenario 6 Scenario 7 Scenario 8 Scenario 9 Scenario 10 Scenario 11 Issuance Costs (%) 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 2.0% 2.0% 2.0% 2.0% Warehouse Period (Months) 18 18 18 18 18 18 18 6 6 6 6 3.80% 3.80% EFTA01417758 3.30% 3.80% 3.80% 3.80% 3.80% 3.80% 4.30% 3.30% 3.30% 1.85% 1.90% 1.85% 1.85% 1.85% 1.90% 1.90% 1.75% 1.75% 1.75% 1.75% Assumptions WAS WACD Effective WAPP 99% 99% 99% 100% 99% 100% 99% 100% 100% 100% 100% Equity in Structure (%) 15.00% 15.00% 15.00% 15.00% 15.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Annual Default Rate EFTA01417759 (%) 0.5% 0.5% 0.5% 0.5% 2.0% 0.5% 2.0% 2.0% 2.0% 2.0% 2.0% Recovery Rate (%) 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 50.0% Potential Outcomes Net Cash Yield2 (%) 13.60% 13.42% 10.49% 13.19% 12.90% 16.13% 15.65% 15.80% 20.27% 11.33% 11.05% Equity Net IRR2,3 (%) 14.17% 13.99% 11.37% 12.32% 12.06% 14.81% 14.46% EFTA01417760 8.58% 13.91% 2.90% -4.09% Issuance NAV2 (%) 103.3% 103.3% 103.3% 96.7% 103.3% 95.0% 105.0% 80.0% 80.0% 80.0% 80.0% (1) For illustrative purposes only and does not represent performance of any Deutsche AM strategy. Subject to change based on market conditions. Note: This model portfolio and percentage allocations are shown for illustrative purposes only and reflect hypothetical performance results. Please note there are many inherent limitations in the use of hypothetical performance results, such as they are generally prepared with the benefit of hindsight, they do not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. A client's return will be reduced by advisory fees and any other expenses that may be incurred in the management of its investment advisory account. Please see beginning of presentation for the effect of fees on performance. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. (2) The return sensitivities illustrated above of the CLO Equity is net of the issuer's advisory fees, expenses, performance fees, portfolio company taxes, taxes payable by the issuer and related withholding taxes from portfolio investments. There can be no assurance that the assumptions underlying the sensitivities of the CLO Equity will prove to be accurate. There can be no assurance that the sensitivities of the CLO Equity will be met or that significant losses of capital on CLO Equity will be avoided. The sensitivities contained herein are subject to a number of assumptions and uncertainties and may or may not be realized. Please refer to "Important Information" at the beginning of this presentation. (3) Please see the "Risk Factors" pages at the end of the presentation for details on all the risks that may have an impact on IRR. Deutsche EFTA01417761 Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 40 EFTA01417762 01 Appendix 1: Team Biographies and Track Record This information reflects the experience of select Infrastructure Debt Team members - Jorge Rodriguez, Jonathan Newman, Nitesh Mistry, and Matt Woods (together, the "Select Team Members") - prior to joining Deutsche Asset Management Infrastructure Debt. As such, the experience of the Select Team Members presented herein is not representative of the entire Infrastructure Debt Team's investment experience as a whole. The transactions that have been included herein are those transactions where one or more of the Select Team Members (directly or indirectly) were substantively involved, however, the Select Team Members were not the only professionals who were involved in each particular transaction. In addition, this information does not necessarily reflect a complete description of and of the Team members historical investment performance records or individual contributions. Not every transaction contained herein would be suitable for an infrastructure debt strategy. Further, the information herein contains only information that was publicly available, and has not been independently verified by Deutsche Bank. For all of these reasons, the information is not necessarily representative of transactions that may be available in the current market or that could constitute a future investment strategy in infrastructure debt. EFTA01417763 Team Biographies Portfolio Management and Investment Team Jorge Rodriguez, Managing Director, Portfolio Manager, Global Head of Infrastructure Debt Mr. Rodriguez is responsible for the management and strategic direction of the Global Infrastructure Debt business. Prior to joining Deutsche Asset Management in 2011, Mr. Rodriguez spent two years as a Managing Director within Aladdin Capital Management's Infrastructure Debt Business. Prior to that, Mr. Rodriguez was Managing Director and Head of Infrastructure Finance at Dresdner Kleinwort in New York. He focused on the origination, structuring and execution of financings of infrastructure assets, sourcing transactions across diverse sectors including utilities, ports, airports, toll roads, stock exchanges and railroads. Mr. Rodriguez joined Dresdner Kleinwort in 2001 as a Vice President in the Loans Syndications group where he focused on the structuring and distribution of project finance transactions. In 2004, Mr. Rodriguez joined Dresdner's Global Loans team in London. During this time, he was instrumental in establishing the firm's Infrastructure Finance practice and led the extension of this effort into North America in 2006. Previously, Mr. Rodriguez was a Vice President at BNP Paribas in the Loan Syndications group with a focus on structured and leveraged syndications in North and Latin America. Mr. Rodriguez received a BA in Economics from Trinity College and an MBA from Kellogg Graduate School of Management at Northwestern University. Jonathan Newman, Director, Portfolio Manager Mr. Newman is responsible for debt investment origination, execution, and portfolio management. Prior to joining Deutsche Asset Management in 2011, Mr. Newman spent two years as a Managing Director within Aladdin Capital Management's Infrastructure Debt Business. Prior to that, Mr. Newman was a Director in Dresdner Kleinwort's Infrastructure Finance group in New York. He was responsible for originating, structuring, and executing debt underwritings of infrastructure assets. Mr. Newman's transaction experience spans diverse infrastructure sectors, including utilities, ports, airports, toll roads and rail. Previously, Mr. Newman was a Vice President in Dresdner Kleinwort's Utilities Investment Banking Group, focused on M&A, financing, recapitalization and restructurings. He joined Dresdner Kleinwort in 2001 from Moody's Utilities Team, where as a Senior Associate he analyzed and assigned ratings to a portfolio of corporate and project finance issuers. Mr. Newman received a BA in Economics from the University of Wisconsin, Madison. Sundeep Vyas, Managing Director Mr. Vyas is responsible for identifying and implementing investment opportunities. Mr. Vyas has also been an active member of the PEIF I acquisitions team, having participated in PEIF I's investments in Peel Ports, BAA Toggle, A5 Ostregion Motorway, EFTA01417764 Tank & Rast and the Port of Lubeck. Prior to joining Deutsche Asset Management in 2005, he worked for Citigroup Investment Banking's Infrastructure advisory team (London), advising on a range of infrastructure projects across Europe (including Hochtief Airport Capital, Germany and Allenby & Connaught accommodation PFI, UK). Prior to joining Citigroup, Mr. Vyas worked with Standard & Poor's credit rating and advisory services division (New Delhi) and with EXIM Bank India (Mumbai). Mr. Vyas has an MBA from INSEAD (France), has completed a post graduate program in Management and Finance at the Indian Institute of Management in Bangalore and holds a Bachelor in Civil Engineering from the University of Delhi. Matt Woods, Director Mr. Woods is responsible for sourcing, structuring, executing, and monitoring infrastructure debt investment opportunities. Prior to joining Deutsche Asset Management in 2014, Mr. Woods spent five years working in investment banking in Deutsche Bank's Leveraged Finance Group. During his time in investment banking, Mr. Woods worked on numerous leveraged loan and high yield bond financings for acquisitions, leveraged buyouts, recapitalizations, and refinancings across a variety of industries with a specialization on energy and power businesses. Mr. Woods also has prior private equity experience from his time at The Carlyle Group and accounting experience from his time at Deloitte & Touche. Mr. Woods has an MBA from Georgetown University. He also graduated magna cum laude from Georgetown University with a BSBA in accounting. Mr. Woods obtained a Certified Public Accountant designation from the Virginia Board of Accountancy. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 42 EFTA01417765 Team Biographies Portfolio Management and Investment Team (Cont'd) Cameron Berns, Assistant Vice President Mr. Berns is responsible for sourcing, screening, structuring, executing and monitoring infrastructure debt investments across multiple sub-sectors, including conventional and renewable power generation, utilities, rail, airports, roads, ports, car parks, waste management and other specialist sub-sectors. Mr. Berns also assists with portfolio management strategy development, fund structuring, and marketing. Mr. Berns graduated magna cum laude from the Wharton School of the University of Pennsylvania receiving a BS in Economics. Benjamin Schmitt, Assistant Vice President Mr. Schmitt has over 7 year experience in infrastructure finance and is responsible for structuring, analyzing and executing debt transactions in the infrastructure sector, including sub-sectors such as transportation, utilities, power generation and social infrastructure. Mr. Schmitt joined Deutsche AM Infrastructure in 2014, having previously spent four years within the International Structured Finance team of Intesa SanPaolo in London where he successfully closed a number of limited recourse transactions across transportation and telecom in the EMEA region. Prior to that, Mr. Schmitt was responsible for analyzing and executing investment opportunities in the UK social infrastructure sector for Morgan Sindall Investments Limited. Mr. Schmitt graduated with a Master in Management from EDHEC Business School, in France. Joshua Kim, Associate Mr. Kim is responsible for sourcing, structuring, executing, and monitoring infrastructure debt investment opportunities. Prior to joining Deutsche Asset Management in 2017, Mr. Kim spent two years working in the investment banking division at J.P. Morgan where he executed advisory and debt financing assignments for the firm's public infrastructure clients across the water, wastewater, power, transportation, and communications sectors. Mr. Kim holds a bachelor's degree in Environmental Economics and Policy from University of California, Berkeley. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 43 EFTA01417766 Infrastructure Debt Experience: USD Denominated Deal Name Aquarion Hawaii Gas Macquarie District Energy Duquesne Light Holdings Puget Energy Targa Resources Partners El Paso Pipeline Partners Kinder Morgan - El Paso Genesis Energy FREIF North American Power I NRG Energy Sabine Pass Targa Resources Partners Intergen N.V. Summit Midstream Sapphire Power Alinta Energy Raven Power Terra-Gen Alamo Portfolio Empire Generating Energy Future Intermediate Holdings Wheelabrator (1st and 2nd Lien) Atlantic Aviation Tall Grass Astoria Bronco Channelview Southeast PPT Aria Energy Veresen Midstream Stonewall Gathering Chelsea Petroleum Terra Form Private Waste Industries Exgen Renewables Sub-Sector Water Utilities District Energy Utilities Utilities Gas T&D Gas T&D Gas T&D Gas T&D Power Generation EFTA01417767 Power Generation LNG Gas T&D Power Generation Gas T&D Power Generation Power Generation Power Generation Power Generation Power Generation Power Generation Utilities Waste Management Airport Navigation and Other Gas T&D Power Generation Gas T&D Power Generation Power Generation Infrastructure Storage Waste Management Gas T&D Gas T&D Infrastructure Storage Renewable Power Waste Management Renewable Power Country USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA EFTA01417768 USA USA USA USA USA USA USA USA USA USA USA USA USA USA Date 2006 2006 2007 2007 2009 2011 2011 2011 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 EFTA01417769 2015 Amount committed $ (millions) $225 $180 $189 $823 $1,788 $81 $88 $1,209 $45 $61 $88 $139 $69 $230 $40 $190 $373 $291 $18 $283 $192 $1,300 $23 $9 $8 $17 $14 $14 $12 $16 $18 $14 $5 $20 $30 $2 $9 Note: Based, in part, on Team members' professional activities at prior employers. Please see the disclaimer at the beginning of this section entitled "Team Credentials, Track Record, and Biographies" for further information. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 44 EFTA01417770 Infrastructure Debt Execution Experience: USD Denominated (cont'd) Deal Name Linden Geo Group RISEC Cameron LNG Bear Swamp Leighton Services Linden Refi SBA Genessee & Wyoming Grand Renewable Solar Steelriver Transmission Gulf DP&L Corpus Christi GFL Marcus Hook ORNI 47 Cheniere Freeport LNG Citizens Limetree Pike Geo Group Refi Helix Associated Asphalt Elba TPF II - Eastern Gen Equinix Gemini Medallion Lumos Utopia Spruce Terra Form Power Traverse Wrangler Total Sub-Sector Power Generation Social Power Generation LNG Power Generation Infrastructure and Facility Management Power Generation Towers Rail Renewable Power EFTA01417771 Utilities Infrastructure Storage Utilities LNG Waste Management Power Generation Renewable Power LNG LNG Car Parks Infrastructure Storage Infrastructure and Facility Management Social Power Generation Infrastructure Storage LNG Power Generation Communications Towers Chemical Facility Gas T&D Fiber Gas T&D Power Generation Renewable Power Gas T&D Waste Management Country USA USA USA USA USA Australia USA USA USA Canada USA USA USA USA USA USA USA USA USA USA USA USA USA USA EFTA01417772 USA USA USA USA USA USA USA USA USA USA USA USA Date 2015 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 Amount committed $ (millions) EFTA01417773 $16 $5 $18 $80 $115 $18 $7 $4 $8 $33 $50 $22 $13 $13 $9 $15 $93 $20 $70 $20 $20 $2 $10 $10 $10 $10 $5 $2 $6 $5 $8 $25 $22 $5 $10 $10 $8,851 Note: Based, in part, on Team members' professional activities at prior Infrastructure and Facility Management employers. Please see the disclaimer at the beginning of this section entitled "Team Credentials, Track Record, and Biographies" for further information. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 45 EFTA01417774 Infrastructure Debt Execution Experience: Non-USD Denominated Deal Name Wales & West NTL Broadcast Towers RWE Obragas NV APRR Midland Expressway (M6) Moto Hospitality Peel Ports Thames Water Viridian Southern Water Services Cory Environmental National Grid Wireless Tank and Rast A5 Techem Pisto Kelda AdC Arenales PGE Peel Ports BBG Tank and Rast Total Sub-Sector Utilities Communications Towers Utilities Toll Roads Toll Roads Motorway Services Ports Water Utilities Water Waste Management Communications Towers Motorway Services Toll Roads Utilities Infrastructure Storage Water Toll Roads Renewable Power Renewable Power Ports Infrastructure Storage Motorway Services EFTA01417775 Country UK UK Netherlands France UK UK UK UK UK UK UK UK Germany Austria Germany France UK Spain Spain Spain UK Spain Germany Date 2004 2005 2006 2006 2006 2006 2006 2007 2007 2007 2007 2007 2007 2007 2008 2008 2010 2010 2011 2011 2012 2013 2013 Amount committed (millions)1 €586 EFTA01417776 €627 €169 €1,530 €376 €868 €1,453 €1,377 €686 €204 €361 €1,224 €2,250 €775 €288 €84 €4,369 €319 €288 €220 €1,400 €130 €2,625 €21,339 C Amount committed $ (millions)1 $724 $826 $217 $1,808 $480 $1,053 $1,816 $1,746 $932 $295 $482 $1,649 $2,813 $969 $451 $118 $5,461 $399 $360 $275 $1,750 $163 $3,281 $28,068 Note: Based, in part, on Team members' professional activities at prior EFTA01417777 employers. Please see the disclaimer at the beginning of this section entitled "Team Credentials, Track Record, and Biographies" for further information. (1) Based on foreign exchange rate at time of deal execution. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 46 EFTA01417778 02 Appendix 2: Structured Infrastructure Product Features EFTA01417779 Infrastructure Loans Characteristics Facility Size Company Size (Debt, $mm) Lender Group Size Pricing Deal Sourcing Liquidity Selectivity Ability to Obtain Desired Allocations Risks Credit Profile Out-performance Drivers Industry Expertise Portfolio Management Covenant and Reporting Packages Risk Mitigation Broadly Syndicated Large $150m+ Large Market Market High Limited Low Systemic B Sector rotation Low Active Minimal Research Infrastructure Medium-Large $150m+ Medium Market and Negotiated Market and Origination Medium High High Idiosyncratic Ba/B Individual deal performance High Hold-to-maturity & active management High Diligence, negotiated lender protections and active engagement with EFTA01417780 management and sponsors Middle Market Small $5m-$75m Small Negotiated Origination None High High Idiosyncratic B/CCC (mostly unrated) Individual deal performance Low Hold-to-maturity High Diligence, negotiated lender protections and active engagement with management and sponsors Note: The comments, opinions and estimates contained herein are based on or derived from publicly available Information from sources that we believe to be reliable. We do not guarantee their accuracy. This material is for informational purposes only and sets forth our views as of this date. The underlying assumptions and these views are subject to change without notice. Source: Deutsche AM's proprietary database. Based on the representative deals that are reviewed by the RIN transaction team and not inclusive of all the transactions available in the marketplace. As of December 31, 2017. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 48 EFTA01417781 03 Appendix 3: Case Studies EFTA01417782 Portfolio Investment: Wind Portfolio Utility scale, contracted wind power portfolio financing Transaction Summary I The 521 MW wind portfolio is comprised of 5 different wind generation projects (one of which holds 11 separate projects) in Idaho and Oklahoma I The Portfolio benefits from varied turbine technology with contracted off-takers IIThe Portfolio sells power under long-term contracts with credit worthy offtakers with a weighted average credit rating of BBB+ that provides fixed, stable cash flows I Cash flows are generated from six different offtakers, dramatically reducing counterparty risk Financing Opportunity Investment Rationale I Acquisition financing to provide sponsor certain funds to purchase the assets and help crystallize a return. Due to the deal team's strong relationship with the sponsor and expertise, the deal team received an outsized allocation I Attractive lender protections including a) first lien security over borrower's assets and shares; b) 100% excess cash flow sweep; and c) project finance enhancements such as a debt service reserve account I The borrower is capitalized —61% debt / 39% equity I 100% of revenue is contracted through 2030, providing stable current and future cash flows I The Portfolio's PPAs have a weighted average remaining life of over 18 years on a MW basis I All projects have been operating for at least three years with very high availability factors I The projects use multiple proven turbine platforms developed by established wind turbine manufacturers including GE, Vestas, Senvion, and Mitsubishi 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 information on all assets, including those not shown herein, please contact us. Past performance is not indicative of future results. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity EFTA01417783 March 2018 50 EFTA01417784 Portfolio Investment: Waste-to-Energy Company Financing of leading waste-to-energy company Transaction Summary H 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 I The company benefits from varied revenue streams with high EBITDA margins I Geographically diversified assets I Multiple facilities, including a revolver, term loan B, term loan C, and 2nd lien term loan Financing Opportunity Investment Rationale I Acquisition financing to provide sponsor with financing visibility to purchase the company and provide an efficient capital structure I Strong relative value for first lien term loans and 2nd lien term loan I Maximum leverage covenants and excess cash flow sweep provided additional lender protections on top of conservative total leverage profile of 4.7x with substantial equity contribution I Largely contracted cash flows — 64% of 2015 revenue contracted via long term disposal and energy contracts I Diversified revenue streams with no facility representing more than 10% of revenue and a large, diverse waste disposal customer base H Strong waste growth fundamentals I Defensible competitive position — new locations are hard to cite and permit H 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 information on all assets, including those not shown herein, please contact us. Past performance is not indicative of future results. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 51 EFTA01417785 Restructuring: Waste Management Company Financing Team led restructuring of a portfolio investment's financing terms, achieving an accretive result Company Summary I The company owns, operates and develops energy projects that deliver stable long-term cash flows Ill Portfolio comprised of more than 20 landfill gas-to-energy ("LFG") projects across 10+ states that generate baseload electricity or deliver pipeline quality renewable natural gas ("RNG") or medium Btu gas to customers I Significant majority of owned projects operate under long-term off-take agreements I Portfolio is contracted long-term with IG counterparties (A2 / A) for a remaining MWe weighted average life of 18 years Situation Overview Restructuring Outcome I Operational and financial underperformance, combined with credit agreement breaches I The company suffered from lower merchant power prices, lower gas production volumes, higher G&A expenses, higher maintenance expenses, and one time issues such as start-up delays at various facilities I There were also credit agreement breaches, including 1) failure to deliver audited financials as scheduled in the credit agreement; and 2) unauthorized equity distributions I Team led successful negotiations with the agent, sponsor, and the lending group achieving a credit accretive outcome: II II II Received a $25m loan pay-down Reduction in parri passu revolver capacity Higher excess cash flow sweep thresholds Increase in loan margin by 50bps IIMore detailed quarterly and annual reporting 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 information on all assets, including those not shown herein, please contact us. Past performance is not indicative of future results. Deutsche EFTA01417786 Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 52 EFTA01417787 04 Appendix 4: Risk Factors EFTA01417788 Risk Factorsl CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY GENERAL RISKS Risks of General Economic Conditions The extreme downturn in the credit markets and other financial markets that began in 2007 resulted in dramatic deterioration in the financial condition of many companies and businesses. Although adverse economic data continue to be generated, there are indications that credit markets and other financial markets are continuing to emerge from such downturn. There is no assurance that any recovery will continue and any worsening of economic conditions may adversely impact the financial condition and operations of infrastructure debt obligors and their ability to make payments on investments owned by the Issuer, which could adversely affect the ability of the Issuer to make distributions on the Preferred Shares. Legislative and Regulatory Changes; Bank Holding Company Act and Volcker Rule Recent changes in legislation, together with uncertainty about the nature and timing of regulations to be promulgated to implement such legislation, have created uncertainties in the financial markets and may create unknown risks. RISKS RELATING TO THE Preferred Shares Limited Liquidity and Restrictions on Transfer There is no established secondary market for the Preferred Shares, and it is not expected that any secondary market for any of the Preferred Shares will develop, or if a secondary market does develop, that it will provide the holders of the Preferred Shares with liquidity of investment or will continue for the life of the Preferred Shares. Limited Recourse There can be no assurance that the distributions on the Issuer's assets will be sufficient to make distributions to holders of the Preferred Shares after making payments on the Senior Notes and on other obligations that rank senior to the Preferred Shares. Issuer to make such distributions. Subordination of Preferred Shares The Preferred Shares will be subordinate and junior to the Senior Notes. To the extent that any losses are suffered by the Issuer, such losses will be borne in the first instance by holders of the Preferred Shares, then by the holders of the Senior Notes. Leveraged Investment The Preferred Shares will be subject to greater volatility and will be significantly affected by the performance of the Issuer's assets, including any non-payment or other defaults, recoveries and gains and losses on asset sales, as well as by prepayments and the availability, prices and interest rates on the Issuer's assets. Uncertain Redemption Timing of Preferred Shares The average life of the Preferred Shares is expected to be shorter than the number of years until the scheduled redemption date of the Preferred Shares. Auction Call Redemption and Clean-Up Call Redemption Risk After a certain specified date, the Issuer will be obligated to conduct, on a periodic basis, procedures that, subject to certain conditions, are EFTA01417789 designed to redeem the Senior Notes in full and return all invested capital, and an aggregate return equal to the Target Equity IRR, on the Preferred Shares. The timing of an auction call redemption or a clean-up call redemption could materially affect returns to the holders of the Preferred Shares. Refinancing Risks The Issuer may redeem the Senior Notes in full in connection with an optional redemption or a Refinancing. There can be no assurance that, upon any such redemption, the sale proceeds realized and other available funds would permit any distribution on the Preferred Shares after all required payments are made on the Senior Notes. Additional Senior Indebtedness At any time during the Issuer's reinvestment period, subject to certain conditions, including an increase in the funded amount of Preferred Shares, the Issuer may issue (i) additional Senior Notes on terms identical to existing Senior Notes or (ii) with the consent of a majority of the Senior Notes, additional other senior indebtedness, provided that, in each case, the Issuer issues Preferred Shares in a proportionate amount. Depending upon the price of issuance at the time, an issuance of additional Preferred Shares could have a dilutive effect upon the existing Preferred Shares. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 54 If distributions on the Issuer's assets are insufficient to make distributions on the Preferred Shares, no other assets will be available to the EFTA01417790 Risk Factorsl (continued) CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY Step-Up Interest Rate on the Senior Notes The Interest Rate on the Senior Notes will increase on the earlier of (i) the date that is twelve months following the Issuance Date and (ii) the date a Non-Refinancing Event occurs (the "Initial Step-Up Date"). Following the Initial Step-Up Date, and again if later a Non- Refinancing Event occurs, higher amounts of interest payments will be made on the Senior Notes and amounts that would otherwise be available to make distributions on the Preferred Shares will be reduced, which would adversely affect returns on the Preferred Shares. Uncertainties Concerning LIBOR The Interest Rate on the Senior Notes is based upon LIBOR and therefore may fluctuate from one Interest Accrual Period to another due to changes in LIBOR. Changes in LIBOR will affect the amount of interest payable on the Senior Notes, and will have corresponding effects on amounts available for distributions on the Preferred Shares. Interest Rate Risks There may be a timing or basis mismatch between the Senior Notes and the assets of the Issuer that are floating rate obligations. As a result of such mismatches, changes in the level of LIBOR or any other applicable floating rate index could adversely affect the ability of the Co-Issuers to make payments on the Senior Notes and the Preferred Shares. Hedge Counterparty Risks The Issuer is authorized to enter into hedge agreements at any time or from time to time in order to manage interest rate mismatches, timing mismatches and other risks. or other default by a hedge counterparty, the Issuer will be exposed to the credit risk of each related hedge counterparty. Risks of Hedge Agreements The Issuer's obligations to make payments pursuant to any hedge agreement will rank senior to the Issuer's obligations to make payments on the Preferred Shares. Issuer Expenses Through their investment in the Preferred Shares, investors bear the cost of the Issuer's advisory fees and other ongoing expenses of the Issuer, which, in the aggregate, may be greater than if an investor were to directly make investments in the Issuer's assets. Risks of Amendments The consent of holders of Preferred Shares is generally not required or is only required from less than 100% of the Preferred Shares that would be materially and adversely affected by any amendment to the Issuer's transaction documents. U.S. Federal Income Tax Treatment as Equity The Issuer intends to treat the Senior Notes as debt, and the Preferred Shares as equity, for U.S. federal income tax purposes. However, no ruling has been sought as to the proper classification of the Senior Notes and the Preferred Shares for U.S. federal income tax purposes. Risks of Withholding Tax or Changes in Tax Law There can be no assurance that, as a result of any change in any applicable law, treaty, rule or regulation or interpretation thereof, payments on the EFTA01417791 Issuer's assets that were not subject to withholding tax when purchased might not in the future become subject to withholding tax or that the amount or rate of withholding tax to which a payment on an asset is subject might not increase. Risk of U.S. Entity-Level Taxation The Issuer will have in effect an election to be treated as a partnership for U.S. federal income tax purposes and U.S. Holders of Preferred Shares in the Issuer will be treated as holding equity for U.S. federal income tax purposes. The Issuer may be engaged in a trade or business within the United States for U.S. federal Income tax purposes. U.S. Withholding Tax and Compliance Risks under FATCA The Issuer may be subject to a 30% U.S. withholding tax pursuant to FATCA on certain U.S.-source payments received by the Issuer beginning July 1, 2014 and the proceeds of certain sales received by the Issuer beginning January 1, 2017 with respect to an obligation that is issued or materially modified on or after July 1, 2014 unless it has in effect an agreement with the IRS or otherwise complies with the provisions of an intergovernmental agreement, if any, between the United States and the Cayman Islands. Risks to Issuer of Non-Permitted Holder of Preferred Shares If the Issuer were to be engaged in a trade or business within the United States for U.S. federal Income tax purposes, it would be required to pay over to the Internal Revenue Service amounts approximating the U.S. federal income tax owed by any non-U.S. holder of a Preferred Shares as a result of income earned from such activities. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 55 In the event of an insolvency EFTA01417792 Risk Factorsl (continued) CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY Future Tax Legislation Future legislation, regulations, rulings or other authority could affect the federal income tax treatment of the Issuer and holders of Preferred Shares. U.S. State and Local and Other Taxes Holders of Preferred Shares may be liable for foreign, state and local taxes in the country, state, or locality in which they are resident or doing business. Certain ERISA Considerations The Issuer intends, through the use of written representations, to restrict ownership of the Preferred Shares by "benefit plan investors" and "controlling persons" so that no assets of the Issuer will be deemed to be "plan assets" subject to Title I of ERISA or Section 4975 of the Code as such term is defined in Section 3(42) of ERISA and the Plan Asset Regulation. However, there can be no assurance that ownership of the Preferred Shares by "benefit plan investors" will always remain below the 25% Limitation established under the Plan Asset Regulation. Mandatory Sale or Redemption of Preferred Shares In certain circumstances, if the Issuer reasonably determines in good faith that a holder of Preferred Shares does not have the status that it purports to have or is required to have and such holder or beneficial owner is not permitted to hold such Preferred Shares, the Issuer will have the right to require such holder to dispose of such holder's Preferred Shares, after receipt of a notice from the Issuer that such holder is not so qualified, to a person or entity that is qualified to hold such Preferred Shares, or may require that such Preferred Shares be redeemed by the Issuer at a price reflecting a 25% reduction from then-current value as determined by the Issuer. European Risk Retention Rules Article 122a and Articles 404-410 apply to Affected 122a Investors investing in the Preferred Shares. Affected 122a Investors should therefore make themselves aware of the requirements of Article 122a and Articles 404-410 (and any implementing rules in relation to a relevant jurisdiction) in addition to any other regulatory requirements applicable to them with respect to their investment in the Preferred Shares. RISKS RELATING TO THE ISSUER No Operating History The Issuer is newly incorporated and has no operating history. The Issuer is subject to many of the business risks and uncertainties associated with any new investment fund, including the risk that the Issuer will not achieve its investment objective. Originator Start-Up Risks The Originator is newly incorporated and has no operating history upon which prospective investors in the Preferred Shares may evaluate its performance. The Originator is subject to many of the business risks and uncertainties associated with any new loan origination business, including the risk that the Originator will not be able to originate loans which satisfy the Issuer's investment strategy EFTA01417793 due to market circumstances or competition with other originators, including Deutsche Bank, which also acts as a lender in respect of infrastructure projects and which could potentially compete with the Originator's business. Uncertainty of Asset Accumulation The ability of the Issuer to accumulate an initial portfolio of assets that satisfies the Issuer's investment guidelines and purchase criteria at the projected prices, ratings, margins and any other applicable investment characteristics, and the pace of an overall timeframe in which such accumulation occurs, will be subject to a number of factors, including market conditions, the availability of such assets and the Originator's progress in developing its origination platform. Concentration Risks The Issuer will invest in a portfolio of assets consisting of loans and participation interests and, to a lesser extent, letters of credit and other debt obligations of infrastructure obligors. It is expected that significant concentrations of exposures will exist during the Issuer's ramp- up period. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 56 EFTA01417794 Risk Factorsl (continued) CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY Limited Rights of Issuer to Sell Assets The Issuer is structured to comply with the exclusion from registration as an "investment company" under the Investment Company Act provide by Rule 3a-7 thereunder ("Rule 3a-7"). As a result of restrictive contractual provisions contained in the Senior Note documents intended to maintain the Issuer's compliance with Rule 3a-7, the Issuer will, in certain instances, be precluded from purchases and sale of its assets that may, if permitted, have resulted in higher returns on the Preferred Shares. Dependence on Portfolio Advisor Preferred Shares holders will have no opportunity to control the day-to-day operations of the Issuer. evaluate, purchase and oversee the Issuer's assets and to generally administer affairs of the Issuer. Investors in the Preferred Shares must rely entirely on the Portfolio Advisor and its personnel to Incentive Advisory Fees The Portfolio Advisor's right to receive the incentive advisory fee may create an incentive to make more speculative investments on behalf of the Issuer than would otherwise be made in the absence of such fee as the payment of such fee will be dependent to a large extent on the yield earned on the Issuer's assets. Significant Restrictions on the Portfolio Advisor The transaction agreements place significant restrictions on the Portfolio Advisor's ability to advise the Issuer to buy and sell assets. As a result of such restrictions, the Issuer may be unable to buy or sell assets or to take other actions which the Portfolio Advisor may consider to be in the interest of the Issuer and the holders of the Preferred Shares. Reliance on the Originator and Other Third-Party Originators The Issuer expects to acquire assets originated by the Originator from time to time and with respect to assets acquired from the Originator, the Issuer will be dependent upon the Originator's origination credit policies and procedures and on the performance of its obligations under the related asset purchase agreement, and with respect to assets originated by third parties, the Issuer will be dependent upon the performance of any third-party originator that retains an ongoing role in the administration of any credit facility related to an asset owned by the Issuer. Participation on Creditors' Committees The Issuer, or the Portfolio Advisor, may participate on committees formed by creditors to negotiate the management of financially troubled companies that may or may not be in bankruptcy or the Issuer may seek to negotiate directly with the debtors with respect to restructuring issues. Third Party Litigation; Limited Funds Available The Issuer's investment activities may subject it to the risk of becoming involved in litigation by third parties, particularly where the Issuer exercises control or significant influence over a company's EFTA01417795 activities or participate on creditor committees. Participation on Creditors' Committees The Issuer, or the Portfolio Advisor, may participate on committees formed by creditors to negotiate the management of financially troubled companies that may or may not be in bankruptcy or the Issuer may seek to negotiate directly with the debtors with respect to restructuring issues. Third Party Litigation; Limited Funds Available The Issuer's investment activities may subject it to the risk of becoming involved in litigation by third parties, particularly where the Issuer exercises control or significant influence over a company's activities or participate on creditor committees. Insolvency Risks From time to time, the Issuer will acquire assets from the Originator. If the Originator were to become subject to a bankruptcy, delinquency, rehabilitation, liquidation or similar insolvency proceeding (a "Proceeding"), an argument could be made that the transfer of the assets by the Originator to the Issuer should be recharacterized as a pledge of the assets to secure a loan from the Issuer to the Originator rather than being treated as a sale. Recharacterization of any such transfer as other than a true sale in the event of a bankruptcy of the Originator or any affiliate could result in the delay, reduction or elimination of distributions to holders of the Preferred Shares. Investment Company Act Risks The Issuer has not registered with the SEC as an investment company pursuant to the Investment Company Act. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 57 EFTA01417796 Risk Factorsl (continued) CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY Risk Factors Cayman Islands Anti-Money Laundering Legislation The Issuer's administrator is, and the Issuer may be, subject to the Cayman Islands Money Laundering Regulations (2010 Revision). RISKS RELATING TO THE COLLATERAL OBLIGATIONS Below Investment-Grade Assets The assets acquired by the Issuer will consist primarily of non-investment grade loans or interests in non-investment grade loans that are subject to, credit, interest rate, illiquidity and other risks. Risks of Default and Recovery Levels on the Issuer's Assets While infrastructure debt historically experiences low default rates as compared to other industry sectors, a non-investment grade debt obligation or an interest in a non-investment grade debt obligation is generally considered speculative in nature and for a variety of reasons may become a defaulted obligation. Limited Information about the Issuer's Assets Neither the Issuer nor the Portfolio Advisor will be required to provide the holders of the Preferred Shares with financial or other information that it receives in connection with the assets owned by the Issuer unless required under the transaction agreements. Lender Liability Considerations There can be no assurance that lender liability claims will not arise against the Issuer or that the Issuer will not be subject to liability upon the occurrence of such a claim. Voting Rights on the Issuer's Assets The Issuer will have limited consent and control rights which may not be effective in view of the typically low proportion of such obligations held by the Issuer. Asset Credit Ratings Risks The Issuer will be using ratings assigned by the rating agencies to obligors on individual assets. A credit rating is not a recommendation to buy, sell or hold assets and may be subject to revision or withdrawal at any time by the assigning rating agency. Loan Prepayments Loans are generally prepayable in whole or in part at any time at the option of the obligor thereof at par plus accrued unpaid interest thereon. There exists a risk that loans purchased at a price greater than par may experience a capital loss as a result of such a prepayment. Maturing Loan Refinancing Risks The Issuer's assets will consist of many assets that have bullet maturities which involve a greater degree of risk than other types of transactions because they are structured to allow for no principal payments over the term of the loan and require the obligor to make a large final payment upon the maturity of the related asset. Syndicated Loan Facilities A number of the loans are drawn under facilities which are, or are capable of being, syndicated or have multiple lenders. Under such facilities the exercise of remedies and the taking of other actions against the related obligors and the approval of amendments and waivers may EFTA01417797 be subject to the vote of a certain percentage of the lenders. Risks of Investing in Loans and Participation Interests The Issuer may acquire interests in loans either directly by assignment from the selling institution or, in certain instances, indirectly by purchasing a participation interest from the selling institution. Holders of participation interests are subject to additional risks not applicable to a holder of a direct interest in a loan. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 58 EFTA01417798 Risk Factorsl (continued) CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY CERTAIN RISKS OF INFRASTRUCTURE DEBT Below is a summary of certain potential risk factors applicable to Preferred Shares holders investing through the Issuer in infrastructure debt generally. The Issuer's portfolio will consist primarily of senior secured loans. In the case of any particular asset, to the extent that negative circumstances occur affecting the obligor on such asset, losses incurred by the obligor will be borne in the first instance by holders of the equity interests in such obligor prior to losses being borne by the senior lenders and other creditors of such obligor, such as the Issuer. Risks of Infrastructure Investments Generally Investing in debt associated with infrastructure assets involves a variety of risks, not all of which can be foreseen or quantified, and which include, among others, the burdens of ownership of infrastructure assets; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; risks related to construction, regulatory requirements, labor actions, health and safety matters, government contracts, operating and technical needs, capital expenditures, demand and user conflicts, bypass attempts, strategic assets, changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; changes in environmental laws and regulations, investments in other funds, troubled infrastructure assets and planning laws and other governmental rules; changes in energy prices; negative developments in the economy that may depress travel activity; force majeure acts, terrorist events, under-insured or uninsurable losses; competition from newer or refurbished infrastructure assets; and other factors which are beyond the reasonable control of the Issuer or the Portfolio Advisor. Illiquidity in Infrastructure Finance Infrastructure finance loans have varying structures and terms, and may be complex, long duration loans with limited liquidity. Regulatory Risks Infrastructure debt obligors, or the infrastructure assets that they own or control, may be subject to statutory and regulatory requirements, including those imposed by zoning, environmental, safety, labor and other regulatory or political authorities. Risks Relating to Concessions, Leases and Public Ways An infrastructure obligor may be reliant on government licenses, concessions, leases or contracts. Such arrangements are typically complex and obligors with assets located in the United States are generally subject to regulation by a greater number of governmental and regulatory authorities compared to jurisdictions with consolidated or singular governmental or regulatory authorities with oversight for infrastructure assets. Performance and Operating Risks Infrastructure assets are subject to operational risks such as the risk of EFTA01417799 mechanical breakdown, spare parts shortages, increased maintenance costs due to increased usage volume, failure to perform according to design specifications, labor strikes and/or disputes, work stoppages and other work interruptions, and other unanticipated events which may adversely affect operations of the asset/obligor. Revenue Risks In an infrastructure finance payment mechanism where the infrastructure provider relies on payment from a public sector entity, the infrastructure provider is subject to the risk of a payment default. However, in infrastructure projects involving concessions, such payment default would typically trigger a termination of the relevant concession for default of the concession grantor. Project/Concession Termination Risks Project/concession agreements typically specify events and circumstances upon which the authority or the infrastructure provider may terminate the agreement. If the infrastructure provider and/or its lenders receives insufficient compensation upon a termination, proceeds received by the Issuer on the related asset could be adversely affected. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 59 EFTA01417800 Risk Factorsl (continued) CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY CERTAIN RISKS OF INFRASTRUCTURE DEBT (CONT'D) Development Risks It is currently intended that the Issuer will invest in infrastructure debt relating to 'greenfield' assets. 'Greenfield' assets involve undeveloped land which will not produce income until development of the property is completed and the project is operational Commodity Prices The operation and cash flows of infrastructure debt obligors may depend, in some cases to a significant extent, upon prevailing market prices for commodities such as oil, gas, coal, electricity, steel or concrete. Construction Risks Where an infrastructure project involves the construction of a new asset or significant refurbishment of an existing asset, there are risks that the construction of a new infrastructure asset (and ultimate certification of the services) may not be completed within the expected and/- or agreed price and construction may not be completed on time. Single Project Risks If a counterparty fails to pay its contractual obligations to an obligor of an asset, or the underlying infrastructure assets are appropriated by the relevant government, revenues of such obligor could cease or decline significantly, which in turn could impair an obligor's ability to service its debt obligations, including its debt obligations under the related assets. Environmental Risks The operation of, or the occurrence of an accident with respect to, an infrastructure asset operated by an obligor could result in environmental damage which could result in significant financial distress to an obligor if not adequately covered by insurance. Catastrophic and Force Majeure Events The operations of infrastructure assets may be subject to unplanned interruptions caused by potentially catastrophic force majeure events and conditions, including, without limitation, wars, labor strikes, cyclones, earthquakes, landslides, floods, explosions, fires, breakdowns, ruptures, technology failures, design and construction defects, accidents, social instability and terrorist attacks. Sovereign Risk While most of the Collateral Obligations owned by the Issuer will relate to infrastructure projects located in the United States, a portion of the Issuer's assets may consist of assets that are obligations of non-U.S. obligors. Investing outside the United States may involve greater risks than investing in the United States. Obligor Insolvency Considerations Various laws enacted for the protection of creditors may apply to the Issuer, the Originator or others and may affect the Issuer's assets. If payments on the Issuer's assets were to be avoidable, whether as fraudulent conveyances or preferences, such payments could be recaptured, either from the initial recipient, such as the Issuer, or from subsequent transferees of such payments, such as EFTA01417801 the holders of the Issuer's securities. THE FOREGOING RISK FACTORS DO NOT PURPORT TO BE A COMPLETE OR CONCLUSIVE DISCUSSION OF THE RISKS RELATED TO AN INVESTMENT IN THE Preferred Shares. EACH POTENTIAL INVESTOR SHOULD READ THE FINAL OFFERING MEMORANDUM OF THE ISSUER IN ITS ENTIRETY AND IS URGED TO CONSULT ITS PROFESSIONAL ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE Preferred Shares. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 60 EFTA01417802 Risk Factorsl (continued) An investment in Preferred Shares involves a high degree of risk, including possible loss of Preferred Shares holder's investment, and is suitable only for sophisticated investors who can bear such losses. The value of the Preferred Shares and their derived income may fall or rise. Any forecasts provided herein are based upon the Issuer's and the Portfolio Advisor's opinion of the market at this date and are subject to change dependent on the market. Past performance or any prediction, projection or forecast on the economy or markets is not indicative of future performance. The Portfolio Advisor's team develops target performance range information by reference to the historical performance of assets suitable for an investment by the Issuer, analyzed in the context of the investment environment(s) that the Portfolio Advisor expects may be relevant to the investment program of the Issuer. It is also assumed that the Portfolio Advisor will be in a position to continue to identify and analyze target investments in view of information available to it at the time of the investment decision pertaining to, amongst other things, asset quality, sponsor credit, term of loan, interest rate, security, debt service coverage ratio, loan-to-value ratio, cash flow analysis, loan structure and other related information that the Portfolio Advisor deems relevant. In developing target performance information, the Portfolio Advisor uses historical information related to the performance of investments that would meet the specified criteria for an investment by the Portfolio Advisor, adjusted to reflect any modified assumptions, such as capital markets conditions, capital flows and liquidity, relating to the investment environment that the Portfolio Advisor expects for the Issuer. Any forecasts or opinions provided are based upon the Portfolio Advisor's opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Information herein is subject to significant uncertainty. Market conditions are unprecedented, which exacerbates the uncertainty that is inherent in any discussion of future events. Although the Portfolio Advisor believes that the assumptions made in connection with the preparation of the analysis herein have been made in good faith and are reasonable, no representation or warranty is made as to whether any of the events set forth herein will occur. Any target returns provided herein are an objective only and are not a forecast, projection or prediction of the Preferred Shares, future performance or actual profit or cash available for distribution. Neither the Portfolio Advisor nor the Issuer can provide no assurance that any target returns will be achieved. Prospective investors in the Preferred Shares should not place any reliance on the target returns in deciding whether to invest in the Preferred Shares. As noted in some of the charts and tables provided herein, performance figures do not reflect the deduction of fees and expenses charged or incurred by the strategy; such figures would be lower had EFTA01417803 such fees and expenses been reflected. For example, if the strategy appreciated by 10% a year for five years, the total annualized return for five years prior to deducting fees at the end of the five-year period would be 10%. If total fees were 0.10% for each of the five years, the total annualized return of the strategy for 5 years at the end of the five-year period would be 9.89%. The adviser's fees are described in Part II of the adviser's Form ADV or as part of the Private Placement Memorandum and the historical returns achieved by the strategy are not a prediction of future performance. There can be no assurance that these or comparable returns will be achieved or that the strategy's performance objective will be achieved. Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. (1) A more detailed description of risk factors will be contained in a definitive Private Placement Memorandum of the Issuer with respect to the Preferred Shares. Deutsche Asset Management Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 61 EFTA01417804 Supplemental Disclosure for Deutsche Bank Wealth Management Key Client Partners (KCP) THIS MATERIAL IS INTENDED FOR INSTITUTIONAL CUSTOMERS ONLY AS DEFINED BY FINRA 4512 (c). The trading and investment ideas discussed herein are general and do not take into account an institutional client's particular circumstances (including tax situation), investment guidelines, investment goals, restrictions or needs. Deutsche Bank ("DB") is not acting as a legal, financial, tax or accounting adviser or in any other fiduciary capacity with respect to any proposed transaction(s) mentioned herein. This document does not constitute the provision of investment advice and is not intended to do so, but is only intended to be general information. This material is for our clients' informational purposes and is a general solicitation of derivatives business for the purposes of, and to the extent it is subject to, §§ 1.71 and 23.605 of the U.S. Commodity Exchange Act. This is not an offer, advice, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. Any offering or potential transaction that may be related to the subject matter of this communication will be made pursuant to separate and distinct documentation and in such case the information contained herein will be superseded in its entirety by such documentation in final form. Key Clients Partners ("KCP") services are offered to a select group of Deutsche Bank Wealth Management ("WM") clients who are able to meet certain criteria including, without limitation, financial and sophistication qualifications. On a non-advised basis, KCP introduces its institutional clients to unique investment opportunities which can be sourced from other divisions of Deutsche Bank AG, such as Global Markets and Asset Management. Most often, these opportunities are available to our clients who are on-boarded with KCP with KCP only. All Key Clients Partners opportunities may not be available in all WM locations. Please be advised that none of the Deutsche Bank affiliates or subsidiaries guarantees or is liable for the products or services offered by any other affiliate or subsidiary, unless specifically provided for in a writing signed by the affiliates or subsidiaries. Opinions expressed herein may differ from the opinions expressed by other departments, divisions or affiliates of Deutsche Bank "Deutsche Bank" means Deutsche Bank AG and its affiliated companies. Deutsche Bank Wealth Management represents the wealth management activities conducted by Deutsche Bank AG or its subsidiaries. Brokerage services are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Banking and lending services are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. 0 2018 Deutsche Bank AG. All rights reserved. 026931 020718 EFTA01417805