EFTA01454635

Appendix F: Comparing CO2 Savings from Retrofit Projects and New Green Building Construction Description Capital Cost Annual CO2 Savings' # of Projects at $300m of Investment Total Annual CO2 Savings' Energy savings upgrades to individual buildings — all capital deployed is focused on energy saving measures Deep retrofits targeting approximately 25% whole building energy savings across a range of building systems. including heating. cooling, lighting, and controls , S3.2m for "typical" project in 600,000 square foot office building 3:100 to 4,200 tons per year for each project vs. historical baseline 105 (assuming entire portfolio is typical project) 310,000 to 420,000 tons per year The new "Bullitt Center- as a reference point for one of the greenest. true -net-zero" green buildings in the world The -Bullitt Center" is entirely off the utility grid and produces energy on-site. It is expected to be responsible for zero carbon emissions annually due to its use of renewable energy and super-efficient construction More information can be found at: http://en.wikipedia org/wiki/Bullitt Center S30m for all costs except tenant fit-out (included construction and land) for 58.000 square foot office building —1.215 tons per year vs standard building 10 buildings can be built for same amount as total capital expected to be deployed by the Partnership 12.150 tons per year 25-35x the impact on CO2 savings from retrofit projects vs. best in class green construction on a dollars invested basis' ' DOE CBECS 2003. Team analysis. Amoral savings calculated on a penproject basis assuming a project size of between $2 and $5 million and a project profile generally consistent with the type of project being targeted by the Partnership; Note: This analysis is based entirely on publicly available information about the Batt Center project. and has not been independently verified by Deutsche Asset & Wealth Management. Although the Team believes that retrofit projects will result in some level of carbon reduction. there can be no assurance regarding the amount of carbon reduction that will result from a particular project or the projects as a whole. In evaluating and structuring each project. the Partnership will focus exclusively on the return aspects of the project and not the project's ability to reduce carbon For example, if a particular project could be structured in two alternative ways. one that generated a higher return and resulted ri less carbon reduction. and another that generated a lower return but resulted in more carbon reduction, the Partnership would pursue the former and not the latter structure. Deutsche Asset RREEF Retrofit Partners, L.P. For U.S. Person Clients of the U.S /Americas Key Client Partners Desk Only June 2014 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112891 CONFIDENTIAL SDNY_GM_00259075 EFTA01454635