EFTA01434918

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 tar et close From: Stewart Oldfield Date: Thu, 02 Nov 2017 13:53:54 -0400 To: Matt Glassman Bcc: Lauren Pressman Brooks Blake Gene Lynch — check w/ Tazia Chris Aiken and Greg Bronson will refer you to their European colleagues) Greg Martin Paul Barrett ( ) — check w/ Vahe and Martin Paul Watson and Robert Forsythe (they From: Andreas Stamm Sent: Wednesday, November 01, 2017 4:14 PM To: Matt Glassman ; Matt Sadd < =>; Clement Jacquesson < Cc: Stewart Oldfield >; Todd Stevens 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. EFTA01434918 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 Deutsche Bank AG - Wealth Mana ement - Key Client Partners - phone +49 69 910 36940 - mob Von: Matt Glassman ‹ > Datum Mittwoch, 01. Nov. 2017, 8:48 PM An: Matt Sadd Wkr s idreasStamm Clement Jacquesson Cc: Stewart Oldfield a, 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 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. EFTA01434919 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. Mobile Email This email may contain confidential and/or privileged information. If you are not the intended recipient (or have received this email in error), 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. 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EFTA01434920 From: Matt Sadd Sent: Tuesday, October 31, 2017 5:26 AM To: Adrien Ma'or Fassa ; Amrit Singh ; Anna Mitchell ; Arthur Dagarna < ; Avshalom Shimi < >; Clemens Kaiser Jacquesson Domini ue Kuenzler Hilal Gnemmi Parsikova Soldati Mubashar A Travella Roberto Parazzini ; Sascha Pietrek ; Shivani Silvia Vecchietti Bleier Todd Stevens Garrido Carfora Yael Polus Alastair Mackinlay A'a Ahu'a ; Corin George < >; Fabien Roth ; Federico Scrocco ; Gary Alhanko ; Hans-Joer ; Igor Wagner ; James Roberts KCP EMEA ; KCP Team kc switzerland Puetz <hans- ; Ilias Demagos ; Katy Huang kcp germany ; Kcp Uk ; Kuat Anda ; Lee Holland ; Leopold Haitz Loic Voide Ludovico Salina ; Luigi Rizzi >; Marco Geromin Marcus Roth Matteo Cavestro ; Michael Morley >; Michele ; Mitch Matharu ; Nicolas Patsalos Lioutenko ; Paul Harald Arni Sa ar-A Singh <sagar- • Sebastian Schier ; Ali Andrew De-Palma ; Apurva Gupta Asaf Raveh Chris Hocking ; Clément >; Frederic ; Gianmarco ; Ksenija Bhar ava Steve Wainwri ; Steve Whiting ; Thomas-A Steffen ; Urooj Alam ; Vasiliy Sofi ski • Viktoriya Kan ; Vincenzo Maini < Yael Rabinowitz ht ; Billy Obregon • Patrizia • Thomas ; Vanessa ; Vincent EFTA01434921 Kaiser Martin Zeman ; Bobby Abraham ; Daniel-E ; KCP-Americas ; Mathew Negus • ; Matt Glassman Oliver Rothauser • Xavier Avila ; Cc: Andreas Stamm Joerg Oestreich ; Clement Jacquesson Subject: 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 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 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. EFTA01434922 We have been mandated by SSN Group for the financing of properties in Stuttgart: Stuttgart is the capital of Baden-WOrttemberg 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: 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) EFTA01434923 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) EFTA01434924