SOF III - 1081 Southern Financial LLC Section 1: Executive Summary Secondary Opportunities Fund III. LP Executive Summary Overview Secondary Opportunities Fund III. LP (' SOF III' or the "Fund") is being formed by the private equity business of Deutsche Bank AG ("DB PE*). The Fund is seeking US$1 billion in total commitments with the aim of generating attractive risk adjusted investment returns, principally in the form of capital appreciation, through the acquisition, holding and disposition of a diverse portfolio of investments including buyout. growth capital, venture capital, special situations, turnaround, mezzanine, distressed opportunities, real estate and infrastructure assets on the secondary market. The Fund will target globally, but primarily in the US and Europe (i) the acquisition of interests in established generalist and specialist private equity fund structures (including funds of funds, feeder funds and other similar structures) on the secondary market (each such fund or structure, a "Fund Secondary'). (ii) the acquisition of investment interests in portfolios of private equity assets on the secondary market (each such investment interest, a 'Direct Secondary). and (iii) co-investments in individual portfolio companies alongside private equity fund sponsors (each such co-investment, a "Co-Investment'). SOF III will be the third dedicated secondary fund formed by DB PE. The Fund will be managed by Deutsche Alternative Asset Management (Global) Limited (the "Manager') and its experienced investment team (the 'Secondary Team') led by Carlo Pirzio-Biroli and Charles Smith (the 'Principals") who co-founded the DB PE secondaries investment programme in 2006. Prior to establishing the current secondaries investment programme, the Principals were involved, from 2003 to 2006. in the restructuring and wind down of Deutsche Bank's 85.1 billion proprietary private equity portfolio.' As of September 30, 2013. DB SOP', the initial secondary fu