EFTA01452261.pdf

SOF 111 - 1081 Southern Financial LLC Secondary Opportunities Fund III Private Client Feeder Fund (U.S.), L.P introduction Secondary Opportunities Fund III Private Client Feeder Fund (U.S.), L.P. (the "Onshore Feeder Fund") provides clients access to the Secondary Opportunities Fund Ill, LP (the "Fund" or "SOF SOF Ill will build a globally diversified portfolio of seasoned private equity assets on the secondary market Single or pollED ios of funds, portfolios of direct investments and co-investments in individua portfolio companies Value creation through in-depth fundamental analysis as opposed to deal structuring The Fund is seeking US$1 billion in total commitments"' with the aim of generating attractive risk adjusted returns -- First dose is targeted for O1 2014 with a 5 bps p.a. discount to participating investors SOF III is a secondary private equity fund that continues a successful investment strategy pursued since 2006 -• As of December 31. 2013 DB SOF II is 66% committed to 20 transactions - >US$1 billion invested with net aggregate performance of 1 75x TVPI and 27% net IRR2 as of September 30, 2013 l) Secondary 0llpportunitkis Fund €ll. L.P ("SOF Ilrt is being formed by DB Private. Equity COB PEI the private equity &vision of the asset & wealth management activities al Deutsche Bank AG ('Deutsche Bank' or "DB). The Funa is seeking USS1bn in total commitments with the aim of generating attractive risk adjusted investment returns. principally in the form of capital appre tion. through the arxicasition. holding and disposition of a diverse portfolio of investments inck.kirg buyout, growth ca0tal, venture capital. special satiation& turnarocag mezzanine. &stressed opportunities real estate and infrakructue assets from the secondary market. The Fund will target globally. but piimanly in the US and Europe (1t this acquisition of interests in established generalist and specialist private eqtky fund structures (including funds el funds. feeder funds and other similar structures) on the aricexklary market teach such fund or sbucture. a "Fund Secondary), (a) the acquisition of interests in portfolios of private equity assets on the secondary market (each such investment interest, a "Direct Secondaryl : and (ii) co-investments in individual portfolio companies alongside private equity fund sponsors (each such co•investment. a 'Co investment:1. I2) Performance figures have been calculated based on the unaudited performance results of DB SOF. DB SOF D and DB SOF II as of September 30. 2O133 and should be read and reviewed in conjunction with the "Important Information" and "Important Performance Irdormation" sections of this presentation The -Important Performance Information* section in particular includes. amongst other things. a description of the terms used in the tables above and sets forth important guidelines and limitations as to the performance &ascribed above (dross returns are gross of fees. eypenses and carried interest Net performance data rulkcts amounts not of expenses. lees and carried :raciest. Investors should consult with their own advisers as to the appropriate factors to be considered lc evaltntiro this gamma:ion Past performance is not a prediction of the future performance of DB SOF, DB SOF D. DB SOF II or SOF III but Is included to demonstrate the track record of the DB Secondaries team - please refer to the Certain Risk Factors section. No assurance can be given that the performance of unrealized investments has not significantly changed from the date the performance reflected herein was determined. Investments in private equity are speculative and Involve significant risks. An investor should only invest If the investor can withstand a total loss of its investment. Note. DPI = DiCiagutv as to Paid-in Capital. TVP = Total Value to Paidan CN:italiJRR = Internal Rate of Return. Deutsche Asset Wealth Management 5 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 109179 CONFIDENTIAL SDNY_GM_00255363 EFTA01452261