SOF III - 1081 Southern Financial LLC Section 1: Executive Summary Secondary Opportunities Fund III. LP — Net to investors: 32.4% Net IRR, 0.10x net DPI and net TVPI of 1.34x Experienced team dedicated to secondaries, part of an established private equity platform ■ International team of 12 secondary professionals, the five most senior members of which have worked together since 2007 ■ Over 35 private equity professionals with an average of 17 years' relevant experience across the private equity platform ■ Disciplined buy-side experience having reviewed 1.555 deals with a total value of US$217 billion since January 1. 2006. selectively transacting 0.4% of the total by value, 2.4% of the total by number" ■ US$1.1 billion invested in 39 deals from inception to September 30, 2013 ■ Sell-side experience, having participated in the restructuring of Deutsche Bank's €5.1 billion proprietary private equity portfolio from 2003 to 20062' Disciplined and selective investment process ■ Target attractive risk-adjusted returns in excess of 20% Net IRR (after all fees, expenses and carried interest) on a portfolio-wide basisr ■ Conduct a rigorous value driven, asset-by-asset, bottom-up analysis focused on: — Operational, financial and market risk analysis for each underlying portfolio company" — Cash flow analysis at portfolio level Review of fund and portfolio company management — Analysis of the impact of terms and structure on net returns - Critical assessment of the prospects for liquidity ■ Identify investment opportunities where there is an alignment of interest between the Fund Sponsor and the fund's investors and the majority of value is in identifiable, attractive assets with reasonable leverage and attractive "see through' entry multiple at secondary pricing • Leverage informational advantage from relationships with 250 Fund Sponsors and through the wider Deutsche Bank platform and in-house due diligence capabilities" Alignment of interes