RIN II • 094 Alpha Group Capital LLC [Moody's Investors Service Inc. ("Moody's") research shows infrastructure debt as less risky, having lower default and higher recovery rates compared with debt issued by companies

n U.S. dollar terms. ' On June 5, 2015, the Bundesbank predicted 1.5% GDP growth for the full year 20t5, after 1.4% for the first half. " Source: Moody's Investors Service Inc.: July Detault Report, as of EV14/15 High-conviction ideas key 0 indicates gain 0 indicates loss Total-return idea where performance is measured