EFTA01452270

SOF III - 1081 Southern Financial LLC Evolution from distressed sellers to motivated sellers Lips seeking to rebalance portfolios, reduce GP relationships, manage liquidity Seller waves' Liquidity, strategic shift De-leverage / reduce unfunded liabilities To date2 HNWI and family offices 0 Listed vehicles foundations and endowments Increase capital ratios/ reduce risk weighted assets Re-balancing portfolios LP fatigue Expected Banks and financial institutions Pension plans 2008 I 2009 I 2010 I 2011 I 2012 2013 I 2014 (11 Thu .J;:it: to, err. 1:,g4le, ^J•yt:.=,l.u,M`.eJJ..lo:i:.:n,e:q:.t rovoireei typos. Poor e.:ifned before the achy*/ (lal. : ir.1! (7) Graphic bawd on sited horn 0.8 Sooxrlink* ivain as of Supt.tinbor 39. 2913. Note: LP = LamAnd Panner; GP = General Palmer. Semite: P avralable information. Dow Jones Private Equity Anabsi NoveM.,:r Deutsche Asset Weatth Management Select 2010-13 transactions Skoll Descours EPI • APEN Private Equity • Conversus • NB Private Equity Partners • Princess Private Equity Holdings Bank of America Barclays CM Holding Credit Agricole Credit Suisse General' Groupama Barclays CaIPERS Hermes GPE North Carolina DST • Behrman Capital • Candover • Willis Stein & Partners • • • HM Capital Partners/Kainos • HSH Nordbank • JP Morgan • Lehman Brothers • Lloyds • RBS • Sal Oppenheim • Wachovia Capital • New Jersey SIC • Nycers • Omers • Misc NA public plans HM Capital Pan ne rsnailwater Ferrer Freeman & Co Aurora Resurgence Fund 14 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0109188 SDNY_GM_00255372 EFTA01452270