SOF III - 1081 Southern Financial LLC Strong emphasis on fundamental analysis Bottom-up analytics to discount multiple layers of fees and carry Co-investment Number of portfolio companies (PC): 1 Fund Private Equity funds Number of PCs: 10-20 Fund-of-funds Fund-of-funds F Private Equity funds PC, PC PC Number of PCs: 100-300 PCN Implied NAV discount Price reflecting target returns • Discounted cash flow MCP) roll-up analysis discounting impact of fees. carry, other costs & obligations at fund of funds level • Review of fund manager (GP) quality • DCF analysis discounting impact of fees, carry, and costs & obligations al fund portfolio level • Bottom-up analysis and projections for portfolio companies • Operational, financial and market risk review for each company • Assessment of liquidity prospects Source. OB PE Note. The Information on this page is an example for illustrative purposes only and the actual profile of any given investment in a fund may vary substantially. Deutsche Asset Wealth Manajen)eni 23 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0109197 SDNY_GM_00255381 EFTA01452277