EFTA Document EFTA01433527

Subject: 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 tar et close From: Stewart Oldfield Date: Thu, 02 Nov 2017 17:30:37 -0400 To: Matt Glassman You seem surprised . . From: Matt Glassman Sent: Thursday, November 02, 2017 5:14 PM To: Stewart Oldfield ‹ > Subject: 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 Trying to get approvals to send this out in the US. What. A. Process. From: Stewart Oldfield Sent: Thursday, November 02, 2017 1:54 PM To: Matt Glassman 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 target close 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 (they EFTA01433527 Paul Watson and Robert Forsythe [email protected] From: Andreas Stamm Sent: Wednesday, November 01 2017 4:14 PM To: Matt Glassman ; Matt Sadd Clement Jacquesson Cc: Stewart Oldfield iffits; 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. 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 Maria ement - Key Client Partners - phon' Von: Matt Glassman EFTA01433528 Datum Mittwoch, 01. Nov. 2017, 8:48 PM An: Matt Sadd , Andreas Stamm Clement Jacquesson Cc: Stewart Oldfield 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. Regards, Matt Matt Glassman Vice President I Key Client Partners - US Deutsche Bank Wealth Management Deutsche Bank Securities Inc New York NY 10154 Tel. EFTA01433529 Mobil 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. Any orders or transactional request sent by e-mail will not be processed until Deutsche Bank can confirm your instruction or obtain appropriate written documenation, where necessary. Deutsche Bank does not render legal or tax advice and information contained in this e-mail should not be regarded as such. Unofficial trade confirmations use information from sources that the firm believes to be reliable, but Deutsche Bank Securities Inc. cannot guarantee the accuracy of this information, or the reliability of these sources. Please refer to your official account statements and confirmations for all trade information. From: Matt Sadd Sent: Tuesday, October 31, 2017 5:26 AM To: Adrien Major a; Ajay Ahuja Fassa a; Amrit Singh Anna Mitchell Arthur Dagama Avshalom Shimi acquesson < Domini ue Kuenzler • Hilal < eorge Fabien Roth Scrocco < a; Frederic Gary Alhanko Gianmarco ; Ali Andrew De-Palma >; Apurva Gupta Asaf Raveh Chris Hocking EFTA01433530 Gnemmi Parsikova Travella Roberto P Silvia Vecchietti Bleier s Todd Stevens Carfora < Yael Polu Alastair •ac in a Kaiser Martin Zeman Glassma Xavier Cc: Andreas S CleiiiiiiiiiiiiiiiIIIIIIIII Joerg Oestreich nce - 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 Hans-Joerg Puetz ; Igor Wagner Ilias Demagos om>; James R ; KCP EMEA kcp germany >; KCP Team MINImill ; Kcp Uk m. kc -switzerlanc! Ksenija uat t l ai Sasc a •'etre Lee Hollan Loic Voide ; Luigi Rizzi Marcus Roth ; Michael Morley Mitch Matharu Nicolas Patsalos enko 11111.11.11 Patrizia Paul H . b.com›; Sagar-A Singh Sebastian Schier Shivani teve Whiting Thomas-A ; Urooj Alam ; Vasiliy Sofi Viktoriya Kan Vincenzo Maini el Rabinowitz Katy Huang ; Leopold Haitz dovico Salina ; Marco Geromin Matteo Cavestro Michele Vincent ; Daniel-E Internal Only — Dear all, era am KCP-Americas <• m>; Mathew Negus Oliver Rothauser 1 " a" ; Matt EFTA01433531 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. 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 EFTA01433532 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) Aggregate Nominal Amount: Senior up to EUR 75mn / Junior up to EUR 45mn Maturity: 4 years (3 years initial loan term) 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% Deutsche Bank Wilmington Trust EUR 177.8mn (JLL) EFTA01433533 The transaction shall close in November 2017. EFTA01433534