EFTA01451945.pdf

SOF III - 1081 Southern Financial LLC Secondary Opportunities Fund III, LP returns of 32.9% Gross IRR and 25.3% Net IRR and attractive multiples resulting in 2.07x gross return on invested capital and 1.86x net TVPI. DB SOF D is a 2010 vintage secondary fund' that has generated strong investment returns of 48.0% Gross IRR and 35.5% Net IRR and attractive multiples resulting in 2.64x gross return on invested capital and 2.15x net TVPI. DB SOF II, which held its first closing in 2011, is off to a strong start generating investment returns of 42.2% Gross IRR and 32.4% Net IRR and attractive multiples resulting in 1.34x gross return on invested capital and 1.34x net TVPI. Exhibit 2: DB SOF and DB SOF 0 Performance versus Cambridge Associates Secondary Fund Benchmark" Secondatytunds— Net IRR to limited pattnets Secondaryfonds—Net multiples to limitedmime 527. 24x Le soh It de SOF 22s itS% WM-1.94 Ott SOL 0 at, nu Oe SOf Der -Ott • Stink 3r'S t roc DPI* , 't• fit SOt ♦ • Par l Wt ass', r 2'04 • ♦ 11111 • • 15 • I ; t 21201 2I)Cd. 7001 2004 200r 7005 700 7005 2020 7710 1111 I ,7021 7002 2073 2024 1005 2(46 20W 200h 2000 2010 *Upper Orianne • i ern Ober. • kerri Relar stInfrx Wig it CO funds ON reruns Rept Early cash back mitigated J-curve effect:" From inception to 03 2008 and throughout 2010. 2011, 2012 and Q1 to Q3 2013. investors in DB SOF received a distribution each quarter. As of September 30. 2013 investors in DB SOF had received distributions totalling US$485 million, an amount equal to 115.5% of capital contributed. DB SOF D made its first distribution in 03 2012 and has made a distribution every quarter since. Investors in DB SOF D had received distributions totalling €56.1 million as of September 30, 2013. an amount equal to 89.6% of capital contributed. DB SOF II made its first distribution of US$10 million in 02 2013 and its second distribution of US$10 million in 03 2013, an aggregate amount equal to 102% of capital contributed by investors in DB SOF II as of September 30, 2013. Attractive pricing flexibility: At September 30, 2013, interests acquired by the DB Secondaries Funds in established generalist and specialist private equity fund structures (including funds of funds. feeder funds and other similar structures) on the secondary market were purchased at a weighted average discount of approximately 25%" to the underlying investments' reported net asset value at the time of purchase. 3° Based only on Cambridge Associates Secondaries Benchmark statistics es of June 30. 2013. DB SCF D is shown benchmarked against is vintage year peer group. This information reflects a comparison of DB SOF D performance against one benchmark only. DB SOF D performance nay differ when compared to other benchmark data. DO SOF D performance is not included kt the data set used to calculate the benchmark data. 1 Source: Cambridge Associates Secondaries Benchmark statSics as of June 30. 2013. 08 Secondaries Funds are shown benchmarked against their vintage year peer group. This information reflects a comparison of DB SOF and DB SOF D performance against one benchmark only. DB SOF and 08 SOF 0 performance may differ when compared to other benchmark data. DB SOF and DB SOF D performance is not included in the data sot used to calculate the benchmark data. Note that the performance figures in respect of DB SOF and DB SOF D have not been audited and are based on the unaudited aggregated performance results of D13 SOF and DB SOF D as of September 30. 2013 and should be read and reviewed in conjunction with Appendix 5: Important Performance Information which sets forth, amongst other things. important information regarding the performance described above. Past performance of 08 SOF and DB SOF 0 is not a prediction of future performance of either DB SOF, DB SOF 0 or the Fund. See Section 5: Secondary Opportuneles Fund III tor more information on the J.curve effect. KSIOliC de:neutron activity of the Oft Secondaries Funds is not a guarantee of the Fund's future performance or ability to generate regular distributions. 13 Excludes co-investments end direct investments. Confidential Private Placement Memorandum 12 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0108807 CONFIDENTIAL SDNY_GM_00254991 EFTA01451945