EFTA Document EFTA01451582

SOF III - 1081 Southern Financial LLC Section 5: Secondary Opportunities Fund Ill Secondary Opportunities Fund III: LP Exhibit 14: DB Secondaries Sourcing" Boating bust Rant An) C.Ps anC Access to PH PF global +IX tun rvoitinets' plaragt. Not* AmOrai :[! Mull nigh rr- Europa ordcp OFIC,Pr wanner Zuni] CHAttenfaled sliwtstg Crabilki N UtonOry team Ma Low PCSOMOdSettindary nuke ePtOtory SeVerbostIon, trestle OS *auras, by itiktot l• WTI •••• aliVOPOt• 6: 0.Vst }Jetti w 0.041.4t•ea 1., •••••114iti•Sr4rionne C.P. n S-nclast,O, vart ant:. !telfr.60 ); slz..vrASelt4interr.,.“ 4;4i. • Vitt u. :•••..nr•Ti Cat Nitta ReI OHM WORD The Manager believes that its global sourcing approach is critical to its goal of achieving attractive risk-adjusted returns for the Fund. A global sourcing approach enables the Secondary Team to adapt its sourcing focus as market conditions and investment opportunities change. As of September 30, 2013 the Secondary Team utilised its global platform to purchase assets on behalf of the DB Secondaries Funds with international geographic diversification from sellers worldwide: • The secondary investments represented in the DB Secondaries Funds are comprised of assets located in (by value) North America 30%. Europe 64% and rest of the world 6% • Sellers of the assets purchased by the DB Secondaries Funds were located in (by value) North America ca. 24%, Western Europe ca. 76% and rest of the world <1% Non-monetary Factors The motivations underlying secondary transactions can be complex and often involve factors other than price, such as confidentiality, trust, speed and certainty of execution. In DB PE's experience, these factors become particularly relevant to sellers in distressed financial conditions or who are keen to mitigate execution risk in rapidly changing markets. In sourcing transactions for the Fund, the Manager expects the Secondary Team to focus on sellers who ascribe value to non-monetary factors that the Fund may be in a position to offer. 61 Subject to applicable rules and regulations. Deutsche Bank's inlemal policies and procedures. and contractual limitations. Confidential Private Placement Memorandurn 36 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0108265 CONFIDENTIAL SDNY_GM_00254449 EFTA01451582