EFTA Document EFTA01372987

Infra Debt Historical Default and Recovery Rates Loans to infrastructure obligors can provide attractive spreads and low default / high recovery rates Default Rates for Ba and B Rated Debti • Infrastructure debt has generally lower default rates than similarly rated debt of non-financial corporates' • 10 year cumulative default rate for Ba and B infrastructure debt is 8.1% and 22.2%, respectively, while Ba and B non- financial corporates experience 10 year cumulative default rates of 18.