Moody's Approach to Rating Collateralized Debt Obligations
ORGANIZATIONthe Principal Collateral
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4 years 2 years 11 years April 20, 2018 Dual Compliant (Deutsche Bank retained 5% vertical slice) (1) As of closing on October 29' 2017. (2) 'Moody's Approach to Rating Collateralized Debt Obligations Backed by Project Finance and Infrastructure Assets; August 12. 2015. (3) As of January 17Th 2018. (4) Source. Morgan Stanley Research. As of Decem
018. (4) Source. Morgan Stanley Research. As of December 311, 2017. (5) Calculated as (i)Equity contributed plus the sum of (a) the market value of the Principal Collateral plus (b) Principal Collection Account plus (c)Ramp Up Account minus (d) total deal capitalization divided by (ii) Equity contributed. Calculation as
4 years 2 years 11 years April 20, 2018 Dual Compliant (Deutsche Bank retained 5% vertical slice) (1) As of closing on October 29' 2017. (2) 'Moody's Approach to Rating Collateralized Debt Obligations Backed by Project Finance and Infrastructure Assets; August 12. 2015. (3) As of January 17Th 2018. (4) Source. Morgan Stanley Research. As of Decem
018. (4) Source. Morgan Stanley Research. As of December 311, 2017. (5) Calculated as (i)Equity contributed plus the sum of (a) the market value of the Principal Collateral plus (b) Principal Collection Account plus (c)Ramp Up Account minus (d) total deal capitalization divided by (ii) Equity contributed. Calculation as
4 years 2 years 11 years April 20, 2018 Dual Compliant (Deutsche Bank retained 5% vertical slice) (1) As of closing on October 29' 2017. (2) 'Moody's Approach to Rating Collateralized Debt Obligations Backed by Project Finance and Infrastructure Assets; August 12. 2015. (3) As of January 17Th 2018. (4) Source. Morgan Stanley Research. As of Decem
018. (4) Source. Morgan Stanley Research. As of December 311, 2017. (5) Calculated as (i)Equity contributed plus the sum of (a) the market value of the Principal Collateral plus (b) Principal Collection Account plus (c)Ramp Up Account minus (d) total deal capitalization divided by (ii) Equity contributed. Calculation as
Entities connected to both Moody's Approach to Rating Collateralized Debt Obligations and the Principal Collateral

Moody's
ORGANIZATIONDeutsche Asset Management Infrastructure Debt Presentation: RIN II Equity
ORGANIZATIONProject Finance and Infrastructure Assets
ORGANIZATIONMorgan Stanley Research
ORGANIZATIONDeutsche AM's
ORGANIZATIONLoans to Economic Infrastructure Assets
ORGANIZATIONCurrent Weighted Average Rating Factor
ORGANIZATIONPar Creation
ORGANIZATION