Roads

Autovía del Camino ("AdC") is a 70,421 kilometer concession road located in Navarra, Northern Spain. The road connects Pamplona, the capital of Navarra, and Logroño, the capital of La Rioja. The road is regulated by a concession agreement between AdC and the Department of Housing and Development of Navarra (the "Authority"). AdC operates under a shadow toll regime, under which the Authority pays a tariff for each vehicle that uses the road. The credit quality of the Authority (rating A) was one of the key factors in RREEF Infrastructure’s acquisition of AdC as Navarra is one of Spain's wealthiest regions with strong economic fundamentals.

Link:   www.autoviadelcamino.com

Tank & Rast ("T&R") is the leading German Motorway Service Areas ("MSA") operator with a market share of over 90 percent of the MSAs on Germany's 13,000 kilometers of Autobahns. It operates a long-term concessions from the German government. With its tenants the company operates approximately 350 petrol stations and 380 service areas, including 50 hotels.  T&R has a well diversified revenue base, which consists of fuel sale commissions from oil companies, fixed and variable lease payments from tenants, as well as revenue from its self-operated MSA sites.

Link:   www.tankundrast.de

The construction of the A5 Ostregion Toll Road in northern Austria, which opened to traffic in January 2010, was part of a project that comprised the design, build, financing, operation and maintenance of approximately 51 kilometers of toll motorway comprising four separate sections - A5 South, S1 West, S1 East and S2 Bypass. In addition to the motorway, the project includes the construction of 74 bridges, 4 tunnels and several supporting structures. The project's objective was to ease congestion around Vienna, improve traffic connections between the urban/rural areas north of Vienna and enhance the north-south corridor to the Czech Republic. The concession contract has a 32.5-year tenure and will expire in March 2039.