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 ■ 70% of deals proprietary ■ Access to DB PE portfolio of >250 managers and >450 funds globally ■ Broader Deutsche Bank resources DB Secondaries' differentiated Investment Strategy co Purchase mature fund interests at a discount ■ 83% funded at time of entry3 ■ 25% average discount to FMV3 Pursue a selective, true value approach ■ Transacted 0.4% of global pipefines ■ Value creation through in-depth fundamental analysis as opposed to deal structuring Based on Itie portfolios of DB SOF, De SOF C and OB SOF II as of September 30. 3013 Sutertl to Douttorho Honk s nlenial pOlkt and procedures NAV seinhirkl. an of Sersomber 30, 2013. NAV = Not At:se Vasa, FMV = Fair Markel Value DB PE's own calculation as of September 30. 2013. Represents aggro/gale deal Ilue mooned by the OB Seanslorloo b401% fan ...kuruory 1. 2006 to Sopkornber 30 2013. Rflorxel deal Bow Cit(ifiglettUKS Co nol provide a prediction ailerons fronds Deutsche Asset Wealth Menagerneni 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00254801 DB-SDNY-0 108617 EFTA01451803