SOF III - 1081 Southern Financial LLC Section 5: Secondary Opportunities Fund Ill Secondary Opportunities Fund III: LP Investment Strategy The Manager believes that notwithstanding the significant growth of the private equity asset class and the emergence of new entrants in the secondary market, the industry and the secondary market remain inefficient and complex for investors to navigate. The Fund's focus on smaller US$5 million to US$100 million deals sourced from a mix of small institutions. family offices and private investors coupled with the opportunistic pursuit of larger transactions sourced from financial institutions, corporate and alternative funds will, in the Manager's view, enable the Manager to select the most attractive investment opportunities on a global basis. In line with the focused and disciplined investment strategy that has generated strong returns in the DB Secondaries Funds to date," the Fund will target the acquisition, holding and disposition of a diverse portfolio of investments including buyout, growth capital, venture capital, special situations, turnaround, mezzanine, distressed opportunities and infrastructure assets on the secondary market. The Fund will target globally, but primarily in the US and Europe, the acquisition of (i) interests in Fund Secondaries, (ii) Direct Secondaries and (iii) Co-Investments. The Fund will target attractive risk-adjusted retums in excess of 20% Net IRR (after fees, expenses and carried interest) on a portfolio basis." With access to both DB PE's and the wider Deutsche Bank's global platforms." the Manager believes it will be able to source less intermediated deal flow and work directly with sellers to address their objectives. which often include non- monetary factors such as confidentiality, speed of transaction and certainty of execution. Differentiated Global Sourcing The Manager, and the members of the Secondary Team, maintain an extensive network of relationships and referra