SOF Ill - 1081 Southern Financial LLC The merits of secondary investing Private equity secondaries market provides a way for investors to sell their existing private equity investments despite the illiquid nature of the asset class — Do not pay historical fees Reduced cost — Future fees are discounted from the transaction price — Funded, identifiable assets at more Mitigate mature stage Blind Pool Risk - Relatively small remaining unfunded commitments Mitigate — Shorter duration of investments J-CUrVe — Earlier cash distributions Complement Portfolio Construction Pricing Flexibility Accelerates deployment of capital — Provides diversified exposure across vintage, strategy, industry and geography — Re-price existing funded assets — Capitalize on pricing inefficiencies Secondaries can result in earlier cash flows Hypothetical timing of secondary transaction Timeframe of secondary investment 6 7 8 9 10 11 ■ Capital calls and management fees ■ Distributions Cumulative cash flows Note: The ir mat :iiit aage for resesssis.n pLEposes. Inc giapn is an eta:m, for illustrative purposes only and the actual profile of any given investment in a fund may vary substantially .— — Deutsche Asset tg Wealth Management years 12 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109186 CONFIDENTIAL SDNY_GM_00255370 EFTA01452268