SOF III - 1081 Southern Financial LLC DB Secondaries is positioned to emphasise pricing discipline over volume Mid-sized funds Small funds — PE market indexing — Global — Volume-driven --- Value investing — Regional / global — Selective, pursue proprietary deals — Value investing — Local — Niche strategies Fund size' $m 10.000 2020 I—. I llINv ea\ C 500 0 • 0 ' • • • 0 0 • •• • • • • • • • ••. S. • • 'I 0 • • sb 100 ••• a 4— 0 • • • • m • 0• a 0 • • • 8 • • 9 o • • a • • 0 • • a a • • 1936 1998 2000 2002 2004 2006 2008 2010 2012 2014 Fund size • 4500m 04500m (raising) • DB Secondaries Sows: Preen tibial:dim December 2013. peovec.corn Sop/ember 4.2013. 1 Sue of cuclo cortelat Mackstone Group. S Now post of ropstone Group. Deutsche Asset 1114C10 Manaj f1 0 N1 0€ • $500 • 2000m • >52000m ,:•$ii5C0 • 2000m (raising) 0>$2000m (raising) • AlpInvest2 • Ardian2 • Coller • Goldman Sachs • HarbourVest • Landmark • Lexington • Adams Street • Arcano • ARCIS • Committed Advisors • DB Secondaries • Fondinvest • Greenparks • LGT • Neuberger Berman • Pantheon • Partners Group • Paul Capital • Strategic Partners` • Hamilton Lane • JPMorgan • Morgan Stanley • Newbury • PineBridge • Pomona • Portfolio Advisors • 17 Capital • Access • Adveq • Auda • Capital Dynamics • Cubera • Five Arrows • Headway • Keyhaven • Montauk TriGuard • Permal • Private Equity Investors • RCP • TIFF • Unigestion • VCFA • Willowridge tvdrt the rem of the fund. 2 An &Albite ol The Call* Group 3. Formed,/ know, as AM. 4 An altitude of thu 22 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0109196 SDNY_GM_00255380 EFTA01452276