SOF III - 1081 Southern Financial LLC Secondary Opportunities Fund III. LP Investment Performance DB Secondaries Performance Highlights The Manager believes that the Secondary Team has delivered attractive returns to investors in the DB Secondaries Funds to date, with a relatively low risk profile due to the broad diversification and cash flow characteristics of its secondary transactions. Through September 30, 2013, the DB Secondaries Funds had invested' US$1.1 billion in 39 closed transactions and generated a 1.75x net TVPI, 26.8% net IRR and 0.83x net DPI across all funds.' Exhibit 1: Performance of DB Secondaries Funds - September 30 2013" OS SOF GB SOF 0 0,3 SOF II Total Fund vintage 2006 2010 2011 Fund size US$ 565 USE 168 USS 614 US$ 1,347 Invested capital 559 164 386 1,108 Capital called from inventors 420 as 196 701 Unrealised value, net 296 138 242 676 Distributions to investors 485 76 20 581 Total value US$ 781 US$ 214 US$ 262 USS 1,267 Gut:, roluin on ttvre-ard capriat 2 Oh 264, 134. 187x Gross IRP. 480\ 42.2-, 35.1% Net multiple (TYPO 1.86x 216x 1.34x 1.76x Net distributed (DPI) 1.16x 0.90x 0.10x 0.89x Net IRR 25.3% 35.5% 32.4% 26.8% The Manager believes that the performance and portfolio composition of the DB Secondaries Funds highlight both the attractiveness of secondary investments as an important part of a diversified private equity portfolio and the success of the Secondary Team's strategy. Strong Performance:' DB SOF is a top decile 2006 vintage secondary fund,' having generated strong investment 26 "Invested- Is defined as the sum or the purchase perm and remaining unfunded obligation as al the time of closing, or lime el expected dosing for pending deals. 26 TVPI = Total Value to Paid-in Capital; IRR = Internal Rate of Return: DPI = Distnbutions to Paid-in Capital. The performance figures have not been audited and aro based on the unaudited aggregated performance res