EFTA01434855

Subject: RE: KCP Structured Finance - Senior/ Junior Financing of German Real Estate in Stuttgart - Up to EUR 75 Mio Senior at [3%] / 45 Mio. Junior at [9%] / Notes 4NC3 - November target close From: Matt Glassman Date: Thu, 02 Nov 21!..... m To: Stewart Oldfield < E> Trying to get approvals to send this out in the US. What. A. Process. From: Stewart Oldfield Sent: Thursday, November 02 2017 1:54 PM To: Matt Glassman Subject: FW: KCP Structured Finance - Senior/ Junior Financing of German Real Estate in Stuttgart - Up to EUR 75 Mio Senior at [3%] / 45 Mio. Junior at [9%] / Notes 4NC3 - November target close Lauren Pressman Brooks Blake Gene Lynch — check w/ Tazia Chris Aiken and Greg Bronson will refer you to their European co eagues Greg Martin Paul Barrett ( ) — check w/ Vahe and Martin Paul Watson and Robert Forsythe From: Andreas Stamm Sent: Wednesday, November 01, 2017 4:14 PM To: Matt Glassman : Matt Sadd Clement Jacquesson ; Todd Stevens (they EFTA01434855 Subject: AW: KCP Structured Finance - Senior/ Junior Financing of German Real Estate in Stuttgart - Up to EUR 75 Mio Senior at [3%] / 45 Mio. Junior at [9%] / Notes 4NC3 - November target close There is no formal name approval. The desk trusts on everyone ability to show this to relevant potential investors and not to blast it out to everyone. I would suggest a two way process to call and investors and/or sent teaser simultaneously. And if still interested sent termsheet plus valuation. Takeout financing is only relevant in three years. There are the usual suspects in Germany which are doing this. I doubt they have locked in already by now. But refinancing is obviously one of the key risks in the deal. Andreas Stamm ank A - - Key Client Partners - phone - mob Von: Matt Glassman Datum Mittwoch, 01. Nov. 2017, 8:48 PM An: Matt Sadd Andreas Stam Clement Jacquesson Cc: Stewart Oldfield , Todd Stevens Betreff: RE: KCP Structured Finance - Senior/ Junior Financing of German Real Estate in Stuttgart - Up to EUR 75 Mio Senior at [3%] / 45 Mio. Junior at [9%] / Notes 4NC3 - November target close EFTA01434856 We have several clients/prospects we would like to discuss the junior piece with. What is the process to approve names/socialize the teaser and termsheet. Additionally is there any visibility on a takeout/permanent financing once planning is completed? Thanks in advance for your help. Regards, Matt Matt Glassman Vice President I Key Client Partners - US Deutsche Bank Wealth Management Deutsche Bank Securities Inc 345 Park Avenue New York, NY 10154 Tel. Mobi Emai This email may contain confidential and/or privileged information. If you are not the intended recipient (or have received this email in error), EFTA01434857 please notify the sender immediately and delete the email from your computer. Any unauthorized copying, disclosure or distribution of the material in this email is prohibited. Deutsche Bank does not accept orders and/or instructions regarding your account by email. Any orders or transactional request sent by e-mail will not be processed until Deutsche Bank can confirm your instruction or obtain appropriate written documenation, where necessary. Deutsche Bank does not render legal or tax advice and information contained in this e-mail should not be regarded as such. Unofficial trade confirmations use information from sources that the firm believes to be reliable, but Deutsche Bank Securities Inc. cannot guarantee the accuracy of this information, or the reliability of these sources. Please refer to your official account statements and confirmations for all trade information. From: Matt Sadd Sent: Tuesday, October 31 2017 5:26 AM To: Adrien Major A'a Ahu'a Ali Fassa Amrit Singh Andrew De-Palma Anna Mitchell Arthur Dagama vshalom Shimi Apurva Gupta saf Raveh Chris Hocking Clemens Kaiser Clement Jacquesson Corin George Domini ue Kuenzler Fabien •ot Hilal Gnemmi Scrocco Gary Alhan o Hans-Joerg joerg.pue z .com>: gor ^agner James Roberts KCP EMEA KCP Team kcp-switzer an' Parsikova Lee Holland oic Voide ; Luigi Rizzi arcus Roth Michael Mor ey Soldati Mitch Matharu Mubashar A oob Nicolas Patsalos Olga Lioutenko Frederic Gianmarco uetz < ans- Ilias Demagos Katy Huang kc. germany Kcp Uk Kuat Anda ulov senija Leopold Haitz ovico Salina Marco Geromin atteo Cavestro Michele Patrizia EFTA01434858 Travella Roberto Parazzini i via 'ecc ie fi Bleie Todd Steven Garrido Kaiser Martin eman Glassman <matt. Xavier Avila Cc: Andreas S Sascha Pietrek Paul Harald Arni Sagar-A Singh Sebastian Schier Shivani Bhar ava Steve Wainwright teve ^ hing Thomas-A Steffen Urooj Alam asiliy Sofi ski Viktoriya Kan Vincenzo Maini Yael Rabinowitz Abraham KCP-Americas Mathew Negus Matt Oliver Rothauser <o [email protected]>; Vanessa Vincent Clement Jacquesson Joerg Oestreich Subject: KCP Structured Finance - Senior/ Junior financing o erman eal Estate in Stuttgart - Up to EUR 75 Mio Senior at [3%] / 45 Mio. Junior at [9%] / Notes 4NC3 - November target close Internal Only — Dear all, Please find new German RE Senior / Junior structure in marketing. LARGE JUNIOR NOTE!!!. Contact Andreas Stamm or Clement Jacquesson in KCP if you have clients potentially interested, as they will co-ordinate PWM book build. Please find below the info on the Stuttgart deal, this is a land bridge to EFTA01434859 full planning. This is a placement deal, DB will not retain any of the risk. We have done 6 similar transactions in the last 18 months and will do more of these in the future (potentially another 3 until the end of the year). Please let us know any questions you might have. The below can be send out to clients, but please don't blast but send on a targeted approach. This can be in loan (SSD) or Bond format. Attached you find the teaser and the termsheet — we are waiting for the English version of the valuation. We have been mandated by SSN Group for the financing of properties in Stuttgart: Stuttgart is the capital of Baden-Wurttemberg and is Germany's sixth largest city. The Stuttgart metropolitan region is one of Germany's strongest regions and home to many world-leading companies including Bosch, Daimler, Porsche, IBM, E&Y, HP, Celesio and numerous Mittelstand (German mid cap) companies. The space for expanding the city is relatively limited due to topographic and environmental factors and there are very few large areas which can be developed. The former headquarter of IBM (Campus Garden, designed by the famous architect Egon Eiermann) is an extensive building complex, which is partly protected by monumental protection and located appr. 3 km east of the city center of Stuttgart-Vaihingen. The property with its area of appr. 194,000sqm is one of the few available opportunities for expansion of the city and the region of Stuttgart. The land plot is designated as residential area for appr. 3,500 residents, comprising of 60% rental apartments, 14% condominiums and 26% commercial use. SSN Group is a well-known project developer in Germany. Details of the financing: EFTA01434860 Product: Real estate secured loan agreement or bond instrument Rate of Interest: Senior: [3.00]% p.a., Junior: [9.00]% p.a. Payable quarterly (Step-up of the Interest Rate of 0,50% (Senior) or 2,00% in year 4) Aggregate Nominal Amount: Senior up to EUR 75mn / Junior up to EUR 45mn Maturity: initial loan term) 4 years (3 years Repayment On each interest payment date at a price equal to the sum of all interest payments until the end of year 3 Paying Agent: Trustee: Facility Agent/ Account Agent: Market Value: LTV Senior (market value): LTV Junior (market value): Solutus 42.18% 67.49% The transaction shall close in November 2017. Deutsche Bank Wilmington Trust EUR 177.8mn (JLL) EFTA01434861