EFTA01451807.pdf

SOF III - 1081 Southern Financial LLC Secondary market pricing has normalized to historical levels Secondary market pricing of private equity fund interests and deal volumes • Overheated market in 2006 and 2007 with few • Few transactions closed at this pricing • Pricing returned back to normalized sellers due to a wide bid-ask spread historical levels • Premiums paid for over-levered companies • Closed transactions consisted mostly • Now stable for 2 years at 80-85c/S as marked to the top of the market of unfunded LP interests supply continues to come to market Pricing % of NAV Annual volume USS 120 30 110 107 110 97 25 100 90 93 90 85 84 85 84 20 80 81 80 80 asSecondary market volume 80 72 —U—Secondary market pricing 75 15 70 60 10 50 5 4:1 40 30 0 2003 2004 2005 2006 2007 1H08 21108 1H09 21109 11110 21110 11111 21111 11112 2H12 1H 13 ;Source 06 RE analys:s and estanates based On C (>9ent Secondary Poor, Trends & Analysis, July 2013. Note: NAV = Net Asset Value. — — — — — — — — — — — — — — — Deutsche Asset Wealth Managerneni 15 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 108623 CONFIDENTIAL SDNY_GM_00254807 EFTA01451807