EFTA Document EFTA01451808

SOF Ill - 1081 Southern Financial LLC Secondaries Market Outlook Secondaries Market will remain active Banks are not finished selling Sources of dealflow will increasingly include GP restructurings Trend towards smaller / more complex deals ii $3 trillion of private equity NAV + unfunded Secondaries market still only represents less than 1% per annum • Banks have reduced overall exposure to PE • However still account for approximately 6% or $100 billion of total PE assets Prima