EFTA Document EFTA01370101

Current Infrastructure Debt Market Dynamics Opportunity to capitalize on supply/demand imbalance for infrastructure debt Infrastructure Funding Gap Over the Next 10 Years1 Stn 3.5 3.0 - 2.5 • 2.0 1.5 - 1.0 - 0.5 - 0.0 53.3 billion Total Needs ■ Surface Transportation ::Airports ▪ Inland Waterways & Marine Ports Available Funding Significant Private Infra Debt Demands 5b 70 60 50 40 30 20 10 0 2018 2019 2020 2021 2022 ■Expected Refinancing ■ Expected Acquisition Financing Record Infra Private Equity Dry Powder2 Sbn 80 70 60 50 40 30 20 10 0 2009 2010 2011 2012 2013 2014 2015 2016 Nov-17 • Long-term need for private infrastructure investment to replace and complement insufficient traditional funding sources • Private investors are increasingly allocating capital to infrastructure • There is over $70 billion2 of infrastructure equity dry powder with the potential to be deployed in North America • Significant loan maturities provide an additional source of investment opportunities (1) Source: 'Failure to MC by the American Society of Civil Engineers report 2017. (2) Source: Preqin North American private infrastructure equity fundraising data as of November 1 2017. (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 Infrastructure Debt Presentation: RIN II Equity March 2018 27 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0062705 CONFIDENTIAL SDNY_GM_00208889 EFTA01370101