EFTA01451803.pdf

SOF III - 1081 Southern Financial LLC DB Secondaries' differentiated investment strategy 0 Focus on off-market transactions globally ■ Mainly smaller US$5m-50m transactions: Leverage DB platform for sourcing and due diligence2 ■ 70% of deals proprietary USS28m average deal size' ■ Access to DB PE portfolio of >250 managers ■ Large deals when team has an angle and >450 funds globally ■ Broader Deutsche Bank resources Sophisticated portfolio Pursue a selective, true value management to help mitigate risk DB Secondaries' approach differentiated ■ Currency hedging ■ Transacted 0.4% of global pipefines Investment ■ Historically no leverage at transaction or ■ Value creation through in-depth fundamental portfolio level, Strategy analysis as opposed to deal structuring ■ Cash management to optimize performance co Purchase mature fund interests at a discount ■ 83% funded at time of entry3 ■ 25% average discount to FMV3 1) Based on Itie portfolios of DB SOF, De SOF C and OB SOF II as of September 30. 3013 2) Sutertl to Douttorho Honk s nlenial pOlkt and procedures 3) 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. 5) 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) DB-SDNY-0 108617 CONFIDENTIAL SDNY_GM_00254801 EFTA01451803