SOF III - 1081 Southern Financial LLC Section 1: Executive Stsnmary Secondary Opportunities Fund III. LP their portfolios will come to market in the form of small, complex portfolios — the type of deal that the Fund is targeting ■ An increasing number of transactions that restructure private equity funds reaching the end of their lives before the realisation of all their assets are being completed, another key target area for the Fund Differentiated investment strategy • Positioned in the mid-sized funds segment where the Manager believes it can invest capital at attractive pricing ■ Pursue smaller secondary transactions ranging from approximately US$5 million to USS100 million and opportunistically participate in larger transactions ■ Target, on a global basis, a broad range of private equity fund investments (including funds of funds, feeder funds and other similar structures), portfolios of direct private equity assets, and co-investments in individual assets alongside private equity sponsors ■ Utilise a global sourcing strategy to source less intermediated deal flow by leveraging access to the DB PE and Deutsche Bank" global platforms of institutional and private clients as well as DB PE's relationships with 250 Fund Sponsors and more than 450 funds worldwide" ■ Work directly with sellers to address their objectives, which often include non-monetary factors such as confidentiality, speed of transaction and certainty of execution ■ Able to utilise the team's transaction expertise to structure more complex transactions at a smaller size than other secondary funds Track record ■ As of September 30, 2013 DB SOF has generated top decile performance:"" - Gross to DB SOF: 32.9% Gross IRR (Internal Rate of Return) and gross return on invested capital of 2.07x - Net to investors: 25.3% Net IRR (Internal Rate of Return), 1.16x net DPI (Distributions to Paid-in Capital) and net TVPI (Total Value to Paid-in Capital) of 1.86x ■ As of September 30,