RRP73 - Elyswm Deutsche Asset t W.mith Project Targeting — Illustrative Project Criteria In sourcing and evaluating potential project opportunities, the Partnership will focus on the project's return profile and some or all of the following criteria: Target Characteristics 1 2 3 4 5 6 7 Geographic Location Building Sector Owner Profile Project Profile Project type Illustrative Criteria' Dense urban environments offering relative ease of install and follow-on sales Energy markets and utilities provide substantial financial incentives for demand savings Regulations have resulted in mandated energy efficiency, fuel conversion or disclosure requirements Focus on the United States and Canada Local climates with high amount of variability (e.g. hot summers and cold winters) Utility regions with blended electricity costs over $0.10/kWh Ideally buildings larger than 300k square feet Annual pm-project utility expenses of at least $1.2m Contains large, end-of-life equipment for a simpler and higher cost retrofit Commercial buildings, including office and retail Municipal, Universities, Schools and Hospitals (MUSH) Large multi-family residential, especially with central equipment and fuel conversions Owners with future portfolio sales opportunities, such as real estate funds and retail companies Limited access to or desire to use capital, providing demand for 3rd party financing Lack of energy efficiency expertise $2 - $5m in total project cost2 Target 25% energy savings over existing energy usage Typical project has 5 year simple payback with a 10 year ESA contract Projects will target the machine room such as HVAC and deemphasize multi-tenant space where possible Associated controls to maximize the savings on new, efficiency equipment Additional upgrades to maximize returns as needed ' The project selection cnteria listed above are provided for illustrative ptzposes orgy The Partnership may pursue projects that do not meet certain of the criteria above if it determines the project would otherwise meet the Partnership's return and other objectives The Partnership may pursue projects that are less than $2 million or more than $5 million in size. The Partnership may pursue a limited number of larger projects, up to 525 million in project size (subject to the per-project concentration limits set forth in the Partnerships definitive documents). RREEF Retrofit Partners, L.P. For U.S. Person Clients of the US /Americas Key Client Partners Desk Only June 2014 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112800 CONFIDENTIAL SDNY_GM_00258984 EFTA01454591