Investment Process: Origination What we look for in infrastructure assets' Origination Long-life Assets Providing Essential Service Stable Cash Flows Historically Barriers to Entry, Low Substitution Risk High EBITDA Margins Portfolio Construction and Diversification Due Diligence Process Target Investment Characteristics • Mature infrastructure assets with long-term usage • History of generating stable, predictable cash flows with high levels of visibility • Predictable cash flow from regulation, contracted payment streams, or superior market position • Leading market positions, essential services backed by regulatory framework, concessions or long term contracts • Low operational costs • Higher margins support leverage • Low correlation to equity markets with lower volatility • Complementary fit to broader credit portfolio (1) For illustrative purposes only. No assurance can be made that portfolio objectives win be achieved. Investing and Portfolio Monitoring Area of Focus • USD financing to OECD domiciled businesses, primarily US • Emphasis on brownfield assets Sectors • Power and utilities • Waste management and water • Electricity and gas transmission and distribution • Renewables • Midstream • Pipelines/District Heating • Toll roads • Ports, rail and airports • Other utility / services Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 33 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0066944 S0NY_GM_00213128 EFTA01372990