Deutsche Asset & Wealth Management Secondary Opportunities Fund Ill Private Client Feeder Fund (U.S.), L.P. For eligible U.S. taxable investors and certain eligible U.S. tax-exempt investors only MEM Secondary Opportunities Fund Ill Private Client Feeder Fund (U S ), L.P. (the *Onshore Feeder Fund' ) provides clients access to the Secondary Opportunities Fund III LP (the "Fund") at an investment minimum of $500K Investment Opportunity Overview — The Fund seeks to build a diversified portfolio of seasoned private equity assets on the secondary market — Proven track record: over $1 billion invested in more than 200 interests over 7 years with net aggregate performance of 1.75x TVPI and 27% net IRR' — The DB Secondaries team has a differentiated investment strategy with global sourcing capabilities — Opportunities in the secondary market are driven by general partner restructurings, regulatory changes and investors seeking liquidity Differentiated Investment Strategy -- Focus on off-market transactions, mainly smaller $5-$50 million transactions ($28 million average deal size) —. Leverage DB platform for sourcing and due diligencel — access to DB PE portfolio of >250 managers and >450 funds globally' — 70% of deals proprietarys — Pursue selective, true value approach: transacted 0.4% of global pipelines — Purchase mature fund interests at discount — 83% funded at time of entry56 — 25% average discount to fair market value 5,6 — Portfolio management to mitigate risk: currency hedging and historically no leverage at transaction or portfolio level' -- Senior team of five professionals has worked together in secondaries for 11 years This summary is not an offer for sale. This summary is to be read in conjunction with, and the information contained herein will be superseded in its entirety by, the Confidential Private Offering Memorandum of the Onshore Feeder Fund, the Confidential Private Placement Memorandum of the Fund and the