EFTA Document EFTA01435312

Subject: RE: Rated Infrastructure Notes (RIN) II From: Vahe Stepanian Date: Mon, 02 Apr 2018 10:18:53 -0400 To: Paul Barrett Stewart Oldfield Cc: Martin Zeman <[email protected]> Ok, we're confirmed for 9am. I'll send invite with dial-in now. Thank you, Vahe From: Paul Barrett [mailto: Sent: Monday, April 02, 2018 10:10 AM To: Vahe Ste anian < ; Stewart Oldfield Cc: Martin Zeman <[email protected]> Subject: RE: Rated Infrastructure Notes (RIN) II Actually let's do 9am. Thanks Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 EFTA01435312 From: Vahe Stepanian ‹ > Sent: Monday, April 02, 2018 10:03 AM To: Paul Barrett ; Stewart Oldfield Cc: Martin Zeman <[email protected]> Subject: RE: Rated Infrastructure Notes (RIN) II Hi Paul — hope you had a great holiday weekend. Just following up here - does Wednesday at 9am or 4pm ET work on your end to discuss RIN? Best, Vahe From: Vahe Stepanian Sent: Thursday, March 29, 2018 4:36 PM To: 'Paul Barrett' ; Stewart Oldfield Cc: Martin Zeman <[email protected]> Subject: RE: Rated Infrastructure Notes (RIN) II Unfortunately the PM is not available on Monday. He suggested Wednesday at 9am or 4pm ET. Does either work? Best, Vahe From: Paul Barrett [mailto: Sent: Thursday, March 29, 2018 3:56 PM EFTA01435313 To: Vahe Stepanian ; Stewart Oldfield Cc: Martin Zeman <[email protected]> Subject: RE: Rated Infrastructure Notes (RIN) II 11am Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 From: Vahe Stepanian ‹ > Sent: Thursday, March 29, 2018 3:54 PM To: Paul Barrett ; Stewart Oldfield Cc: Martin Zeman <[email protected]> Subject: RE: Rated Infrastructure Notes (RIN) II Let's do it. What time best for you? From: Paul Barrett [mailto: Sent: Thursday, March 29, 2018 3:53 PM To: Stewart Oldfield ; Vahe Stepanian Cc: Martin Zeman <[email protected]> Subject: RE: Rated Infrastructure Notes (RIN) II EFTA01435314 Hi Guys Can we discuss on Monday? Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 From: Stewart Oldfield Sent: Thursday, March 29, 2018 3:04 PM To: Vahe Ste anian < ; Paul Barrett Cc: Martin Zeman <[email protected]> Subject: RE: Rated Infrastructure Notes (RIN) II Paul, This is the structure we discussed at lunch with Todd a couple of weeks ago. We are now live and I think it warrants a good luck given the structure and the underlying assets. Happy to arrange a call of have you in to meet the team. Just let us know what works. EFTA01435315 Thanks From: Vahe Stepanian Sent: Thursday, March 22, 2018 2:31 PM To: Paul Barrett Cc: Stewart Oldfield <[email protected]> Subject: Rated Infrastructure Notes (RIN) II Paul- Martin Zeman Hope all is well. I'm reaching out because we have begun raising capital for Rated Infrastructure Notes (RIN). RIN is a CLO that will invest in a diversified portfolio of private infrastructure loans and will be managed by our colleagues in DWS (formerly Deutsche Asset Management). This is the second RIN raise we've worked on with our family office client base and my group is focused on the equity tranche. RIN I has been a success thus far: we raised —$67.50mm of RIN equity, which has delivered a cash on cash net yield since inception of 15.8%. RIN II will target a 12-15% net IRR for the equity tranche. A few additional high level bullets: RIN I has deployed $450mm to date across 35+ primary and secondary loans in the U.S Infrastructure loans exhibit a lower default rate and higher recovery rate than non-infrastructure broadly syndicated loans: 10-yr cumulative default rates of 8.0% for Ba infrastructure assets vs. 18.4% for Ba non-financial corporates There is a growing long term need for infrastructure investment: total shortfall in U.S. infrastructure funding over the next 10 years is estimated to be $1.4 trillion (i.e. $140 billion per annum) The DWS platform has a 23-year track record of investing and managing EFTA01435316 infrastructure equity and debt investments Attached you can find a teaser and a longer presentation on the opportunity. Let us know if this is of interest and we can tee up a call directly with the RIN Team. Thank you, Vahe Vahe Stepanian Key Client Partners Deutsche Bank Securities Inc. Tel. 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Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01435318 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01435319