EFTA01451807

SOF III - 1081 Southern Financial LLC Secondary market pricing has normalized to historical levels Secondary market pricing of private equity fund interests and deal volumes • Overheated market in 2006 and 2007 with few sellers • Premiums paid for over-levered companies marked to the top of the market Pricing % of NAV 120 110 100 90 80 70 60 50 4:1 30 97 90 93 110 asSecondary market volume —U—Secondary market pricing 107 2003 2004 2005 2006 2007 • Few transactions closed at this pricing due to a wide bid-ask spread • Closed transactions consisted mostly of unfunded LP interests • Pricing returned back to normalized historical levels • Now stable for 2 years at 80-85c/S as supply continues to come to market Annual volume USS 30 25 85 80 84 85 81 80 80 84 20 75 72 15 10 5 40 0 1H08 21108 1H09 21109 11110 21110 11111 21111 11112 2H12 1H 13 ;Source 06 RE analys:s and estanates based On C (>9 en t Secondary Poor, Trends & Analysis, July 2013. Note: NAV = Net Asset Value. — — — — — — — — — — — — — — — Deutsche Asset Wealth Managerneni 15 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 108623 CONFIDENTIAL SDNY_GM_00254807 EFTA01451807