EFTA Document EFTA01451803

SOF III - 1081 Southern Financial LLC DB Secondaries' differentiated investment strategy 0 Focus on off-market transactions globally ■ Mainly smaller US$5m-50m transactions: USS28m average deal size' ■ Large deals when team has an angle Sophisticated portfolio management to help mitigate risk ■ Currency hedging ■ Historically no leverage at transaction or portfolio level, ■ Cash management to optimize performance 1) 2) 3) 5) Leverage DB platform for sourcing and due diligence2