EFTA01451806.pdf

SOF III - 1081 Southern Financial LLC Evolution from distressed sellers to motivated sellers Lips seeking to rebalance portfolios, reduce GP relationships, manage liquidity Seller waves' To date2 Expected Select 2010-13 transactions Skoll Liquidity, HNWI and family offices Descours EPI strategic shift • APEN Private Equity • Conversus De-leverage / reduce unfunded liabilities 0 Listed vehicles foundations and endowments • • NB Private Equity Partners Princess Private Equity Holdings Bank of America Barclays • HSH Nordbank CM Holding • JP Morgan Increase capital ratios/ Banks and financial institutions Credit Agricole • Lehman Brothers reduce risk weighted assets Credit Suisse • Lloyds General' • RBS Groupama • Sal Oppenheim • Wachovia Capital Barclays • New Jersey SIC CaIPERS • Nycers Re-balancing portfolios Pension plans Hermes GPE • Omers North Carolina DST • Misc NA public plans • Behrman Capital HM Capital • Candover Pannersnailwater LP fatigue • Willis Stein & Partners • Ferrer Freeman & Co • HM Capital • Aurora Resurgence Partners/Kainos Fund 2008 I 2009 I 2010 I 2011 I 2012 2013 I 2014 (11 Thu .J;:it: to, err. 1:,g4le, ^J•yt:.=,l.u,M`.eJJ..lo:i:.:n,e:q:.t rovoireei typos. Poor e.:ifned before the achy*/ (lal.: ir.1! (7) Graphic bawd on sited horn 0.8 Sooxrlink* ivain as of Supt.tinbor 39. 2913. Note: LP = LamAnd Panner; GP = General Palmer. Semite: P avralable information. Dow Jones Private Equity Anabsi NoveM.,:r Deutsche Asset Weatth Management 14 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 108622 CONFIDENTIAL SDNY_GM_00254806 EFTA01451806