.... 0% • Year 1 Year 2 Year 3 Year 4 Year S Year 6 Year 7 Year 8 Year 9 Year 10 —8a Corp Infra and Project Finance Debt Securities 8a Non-Financial Corporate Issuers (1) Sources Infrastructure Default and Recovery Rates 1983-2016. Moody's, July 2017. Past performance is not a guarantee of future results. Deutsch