EFTA01452253.pdf

Deutsche Asset & Wealth Management MEM Secondary Opportunities Fund Ill Private Client Feeder Fund (U.S.), L.P. For eligible U.S. taxable investors and certain eligible U.S. tax-exempt investors only Secondary Opportunities Fund Ill Private Client Feeder Fund (U S ), L.P. (the *Onshore Feeder Fund' ) provides clients access to the Secondary Opportunities Fund III LP (the "Fund") at an investment minimum of $500K Investment Opportunity Overview ■ Investors ■ — The Fund seeks to build a diversified portfolio of • • • • • • seasoned private equity assets on the secondary Secondary Opportunities Fund III market Private Client Feeder Fynd (U.$ I P — Proven track record: over $1 billion invested in more than 200 interests over 7 years with net aggregate Secondary Opportunities Fund III. LP performance of 1.75x TVPI and 27% net IRR' — The DB Secondaries team has a differentiated investment strategy with global sourcing capabilities PE Fund Direst PE — Opportunities in the secondary market are driven by Secoridaries Secondaries general partner restructurings, regulatory changes and investors seeking liquidity Differentiated Investment Strategy Attractive Environment for Secondaries7 -- Focus on off-market transactions, mainly smaller $5-$50 million transactions ($28 million average — Demand for secondary investments is driven by deal size) investors seeking liquidity as well as regulatory changes (e.g., Basel III and Volcker Rule) —. Leverage DB platform for sourcing and due diligencel — Secondaries market represents less than 1% of total private equity assets of over 53 trillion — access to DB PE portfolio of >250 managers and >450 funds globally' Banks continue to account for approximately 6% — 70% of deals proprietarys or $100 billion of total private equity assets and are not finished selling — Pursue selective, true value approach: transacted 0.4% of global pipelines General partner restructurings expected to provide meaningful source of dealflow — Purchase mature fund interests at discount Trend towards smaller more complex — 83% funded at time of entry56 transactions — 25% average discount to fair market value5,6 Attractive supply/demand equation with $38 — Portfolio management to mitigate risk: currency billion of dry powder available in secondaries, hedging and historically no leverage at representing 18 months of dealflow transaction or portfolio level' -- Senior team of five professionals has worked together in secondaries for 11 years This summary is not an offer for sale. This summary is to be read in conjunction with, and the information contained herein will be superseded in its entirety by, the Confidential Private Offering Memorandum of the Onshore Feeder Fund, the Confidential Private Placement Memorandum of the Fund and the legal documentation relating to the Onshore Feeder Fund and the Fund. Past performance is not indicative of future results — please refer to the Certain Risk Factors section of the Marketing Presentation relating to the Onshore Feeder Fund. No assurance can be given that the performance of unrealized investments has not significantly changed from the date the performance reflected herein was determined. ONLY FOR INVESTORS ELIGIBLE TO INVEST IN PRIVATE EQUITY FUNDS STRONGLY PRIVATE & CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0109170 CONFIDENTIAL SDNY_GM_00255354 EFTA01452253