Risk Factors 1 (continued) CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY CERTAIN RISKS OF INFRASTRUCTURE DEBT (CONT'D) Development Risks It is currently intended that the Issuer will invest in infrastructure debt relating to greenfiele assets. 'Greenfield' assets involve undeveloped land which will not produce income until development of the property is completed and the project is operational. Commodity Prices The operation and cash flows of infrastructure debt obligors may depend. in some cases to a significant extent, upon prevailing market prices for commodities such as oil, gas, coal. electricity. steel or concrete. Construction Risks Where an infrastructure project involves the construction of a new asset or significant refurbishment of an existing asset, there are risks that the construction of a new infrastructure asset (and ultimate certification of the services) may not be completed within the expected and/or agreed price and construction may not be completed on time. Single Project Risks If a counterparty fails to pay its contractual obligations to an obligor of an asset, or the underlying infrastructure assets are appropriated by the relevant government. revenues of such obligor could cease or decline significantly, which in turn could impair an obligor's ability to service its debt obligations, including its debt obligations under the related assets. Environmental Risks The operation of. or the occurrence of an accident with respect to. an infrastructure asset operated by an obligor could result in environmental damage which could result in significant financial distress to an obligor if not adequately covered by insurance. Catastrophic and Force Majeuie Events The operations of infrastructure assets may be subject to unplanned interruptions caused by potentially catastrophic force majeure events and conditions, including, without limitation, wars, labor strikes, cyclones. earthquakes. landslides. floods, explosions. fires, breakdowns. n