ndary Oppodundies Fund C. L.P. "SOF D" means OB Secondary Oppertunites Fund 0. L.P. "SOF II" means Secondary Oppodunees Fund ii, L. "SOF lit" means Secondary Opportunities Fund ill. LP "SOF Funds," *SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF 'SOF Team" and 'Glendower SOF Team" have the

anaged by Glendower Capital. History Carlo Pirzio-Biroli and Charles Smith, Managing Partners of Glendower. co-founded Deutsche Asset Management's Secondary Opportunities Fund investment program (the 'SOF Business') in 2006 after having worked together from 2003 to 2006 to restructure and wind down Deutsche Bank's E5.1 bil

ry Opportunities Fund C. L.P. "SeuP D" means OB Secondary Opportunitkis Fund 0. L.P. "SOF II" means Secondary Oppodun6aa Fund ii, L. "SOF llr means Secondary Opportunities Fund HI. LP "SOF Funds,' 'SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF 'SOF Team" and 'Glendower SOF Team" have the

ary Oppodundies Fund C. L.P. "SCiF D" means OB Secondary Oppertunitkis Fund 0. L.P. "SOF II" means Secondary Oppodundkis Fund ii, L. "SOF lir means Secondary Opportunities Fund ill. LP "SOF Funds,' 'SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF !II. 'SOF Team" and 'Glendower SOF Team" hav

ary Oppodundies Fund C. L.P. "SCiF D" means OB Secondary Oppertunitkis Fund 0. L.P. "SOF II" means Secondary Oppodundkis Fund ii, L. "SOF lir means Secondary Opportunities Fund ill. LP "SOF Funds,' 'SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF !II. 'SOF Team" and 'Glendower SOF Team" hav

anaged by Glendower Capital. History Carlo Pirzio-Biroli and Charles Smith, Managing Partners of Glendower. co-founded Deutsche Asset Management's Secondary Opportunities Fund investment program (the 'SOF Business') in 2006 after having worked together from 2003 to 2006 to restructure and wind down Deutsche Bank's E5.1 bil

dary Oppodundies Fund C. L.P. "SOF D" means OB Seconder; Oppertunitks Fund 0. L.P. "SOF II" means Secondary Oppodunekte Fund II, L. "SOF lit" means Secondary Opportunities Fund Ill. LP "SOF Funds,' *SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF 'SOF Team" and 'Glendower SOF Team" have the

ry Opportunities Fund C. L.P. "SOP D" means OB Secondary Opportunitkis Fund 0. L.P. "SOF II" means Secondary Oppodun6as Fund vii, L. "SOF lir means Secondary Opportunities Fund ill. LP "SOF Funds," *SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF III. 'SOF Team" and 'Glendower SOF Team" hav

ondary Oppodundies Fund C. L.P. "SOF D" means OB Secondary Opportunites Fund 0. L.P. "SOF II" means Secondary Oppodundes Fund ii, L. "SOF lir means Secondary Opportunities Fund Ill. LP "SOF Funds,' *SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF 'SOF Team" and 'Glendower SOF Team" have the

anaged by Glendower Capital. History Carlo Pirzio-Biroli and Charles Smith, Managing Partners of Glendower. co-founded Deutsche Asset Management's Secondary Opportunities Fund investment program (the 'SOF Business') in 2006 after having worked together from 2003 to 2006 to restructure and wind down Deutsche Bank's E5.1 bil

ary Opportunities Fund C. L.P. "SOF D" means OB Secondary Oppodunifkis Fund 0. L.P. "SOF II" means Secondary Oppodundnas Fund tt, L. "SOF lir means Secondary Opportunities Fund HI. LP "SOF Funds," 'SOF Program.' or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF Hi. 'SOF Team" and 'Glendower SOF Team" have

ry Oppodundies Fund C. L.P. "SC.P D" means OB Secondary Oppertunites Fund 0. L.P. "SOF II" means Secondary Oppodundke. Fund vii, L. "SOF ill" means Secondary Opportunities Fund ill. LP "SOF Funds,' 'SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF "SOF Team" and 'Glendower SOF Team" have the

SOF 111- 1081 Southern Financial LLC CONFIDENTIAL PRIVATE OFFERING MEMORANDUM Copy no. Secondary Opportunities Fund III Private Client Feeder Fund (U.S.), L.P. Secondary Opportunities Fund Ill Private Client Feeder Fund (International), L.P. Private Placement o

SOF III - 1081 Southern Financial LLC The General Partner Capital Calls The General Partner, Secondary Opportunities Fund III Private Client Feeder Fund GP, Ltd., will be an exempted company incorporated with limited liability in the Cayman Islands and is not an affil