EFTA01452277.pdf

SOF III - 1081 Southern Financial LLC Strong emphasis on fundamental analysis Bottom-up analytics to discount multiple layers of fees and carry Co-investment Fund Fund-of-funds Implied NAV discount Price reflecting target returns Fund-of-funds • Discounted cash flow MCP) roll-up analysis discounting impact of fees. carry, other costs & obligations at fund of funds level Private Equity funds F • Review of fund manager (GP) quality • DCF analysis discounting impact of Private Equity funds fees, carry, and costs & obligations al fund portfolio level • Bottom-up analysis and projections for portfolio companies • Operational, financial and market risk PC, PC PC PCN review for each company • Assessment of liquidity prospects Number of portfolio Number of PCs: 10-20 Number of PCs: 100-300 companies (PC): 1 Source. OB PE Note. The Information on this page is an example for illustrative purposes only and the actual profile of any given investment in a fund may vary substantially. Deutsche Asset Wealth Manajen)eni 23 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109197 CONFIDENTIAL SDNY_GM_00255381 EFTA01452277