SOF III - 1081 Southern Financial LLC Section 5: Secondary Opportunities Fund III Secondary Opportunities Fund Ill. LP Investment Decision and Closing On successful completion of the due diligence process and negotiation of key terms, an investment memorandum will be presented to the Investment Committee (as described in Section 6: Fund Management of this Memorandum) to be considered for approval. The Investment Committee's role will include deciding, on the basis of information and advice arising from the investment evaluation process and the results of the full due diligence process, whether the Fund should proceed with the proposed investment. If approved by the Investment Committee, the next stage will involve the Secondary Team completing the transaction on behalf of the Fund in accordance with the agreed terms. This process typically involves finalising negotiations with sellers, signing a purchase and sale agreement, finalising negotiations with any lenders to the transaction if required. and closing the acquisition directly or via intermediate investment vehicles, where appropriate. The Secondary Team has followed a similar, highly selective investment process in respect of the DB Secondaries Funds and this has resulted in 2.4% of 1,555 investment opportunities by number, 0.4% of US$217 billion by transaction value being transacted.` Exhibit 17: investment Opportunities transacted in the DB Secondaries Funds Deed flow' Deals per 8 week 7 6 5 4 3 r.t., Att 4110, Total it ot deals C? 1 2008 1 2009 1 2010 1 2011 2012 032013 Opportunitiesreviewed vs. investmentscompleted' of deals 16% 140) 1203 100) BOO 400 -52,7bn Digit,. rem:zit-Al Transacted • 3 1% by value • 2 4% by ounce, ▪ rb—plotort 2 Circe nft. Xt. 1412. M LOttal Ctel cnouna e co 60 PO4.14/ v Deal flow infomkation represents the aggregate deal flow reviewed by the D6 Secondary Opportunities Team between January 1. 2006 and September 30. 2013. Historical deal flow characteristics do not provide a prediction of future deal Row trends. See "Important Performance Information". Confidential Private Placement Memorandum 40 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0108835 CONFIDENTIAL SDNY_GM_00255019 EFTA01451968