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in a substantial lowering or a withdrawal of any rating assigned to a Collateral Obligation. C 2018 Deutsche Asset Management. All rights reserved. RIN II Ltd. March 2018 4 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0063214 CONFIDENTIAL SDNY_GM_00209398 EFTA01370423
016. Data is based on State Budget Solutions' calculations. 10 Prior to any Refinancing For summary purposes only. and qualified in its entirety by the definitive Private Placement Memorandum of the Issuer. 11 Stbject to certain conditions as described in the Private Placement Memorandum. Please see the Private Placement Memorandum for
res Commitment Amount Ramp-up Period Target Equity IRR Base Advisory Fee Subordinated Advisory Fee Incentive Fee Hurdle Incentive Advisory Fee RIN II Ltd., a Cayman Islands exempted company, as issuer of the Preferred Shares and co-issuer of the Senior Notes RIN II LLC, a Delaware limited liability co
quity IRR • 20% after exceeding the Incentive Fee Hurdle (1) Prior to any Refinancing. For summary purposes only, and qualified in its entirety by the definitive Private Placement Memorandum of the Issuer. (2) Please see the Private Placement memorandurn for further detail. (3) The target return of the Preferred Shares (as stated in the
in a substantial lowering or a withdrawal of any rating assigned to a Collateral Obligation. C 2018 Deutsche Asset Management. All rights reserved. RIN II Ltd. March 2018 4 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0066907 CONFIDENTIAL SDNY_GM_00213091 EFTA01372971
016. Data is based on State Budget Solutions' calculations. 10 Prior to any Refinancing For summary purposes only. and qualified in its entirety by the definitive Private Placement Memorandum of the Issuer. 11 Stbject to certain conditions as described in the Private Placement Memorandum. Please see the Private Placement Memorandum for
Entities connected to both RIN II Ltd. and the definitive Private Placement Memorandum

Cayman Islands
LOCATION
Moody's
ORGANIZATIONAmerican Legislative Exchange Council
ORGANIZATIONthe European Private Infrastructure Business
ORGANIZATIONRIN II
ORGANIZATIONProject Finance and Infrastructure Assets
ORGANIZATIONthe American Society of Civil Engineers
ORGANIZATIONMoody's Approach to
ORGANIZATIONAustralian Separate Account Business
ORGANIZATIONState Budget Solutions'
ORGANIZATIONthe Rating Agencies
ORGANIZATIONthe Collateral Obligations
ORGANIZATIONRating Agency
ORGANIZATION