EFTA01452271

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 40 30 97 90 93 110 alieSecondary market volume —a—Secondary market pricing 107 85 • Few transactions closed at this pricing due to a wide bid-ask spread • Closed transactions consisted mostly of unfunded LP interests 75 40 Prerniimi DISCOU 80 72 2003 2004 2005 2006 2007 1H08 21108 1H09 21109 11110 Source 06 RE analys:s and est:mates based On C (>9 en t Secondary Pour, Trends & Analysis, July 2013. Note: NAV = Net Asset Value. — — — — — Deutsche Asset S. Wealth Managerneni • 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 84 85 81 80 80 84 20 15 10 5 0 21110 11111 al 1 1 11112 21112 1H 13 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109189 CONFIDENTIAL SDNY_GM_00255373 EFTA01452271