SOF 111- 1081 Southern Financial LLC NOT APPLICABLE TO THE GENERAL PARTNER OR THE INVESTMENT MANAGER (EXCEPT FOR CERTAIN MINIMUM REQUIREMENTS THAT MAY APPLY IN CERTAIN EU COUNTRIES AS A RESULT OF THE MARKETING OF INTERESTS TO EU INVESTORS). THE MASTER FUND MANAGER HAS APPLIED FOR AUTHORIZATION IN THE UNITED KINGDOM BY THE FINANCIAL CONDUCT AUTHORITY (-FCA") TO THE EXTENT REQUIRED UNDER THE AIFM DIRECTIVE AND ITS IMPLEMENTING LEGISLATION AND AS OF THE INITIAL CLOSING OF THE MASTER FUND EXPECTS TO BE AUTHORIZED AND REGULATED IN THE UNITED KINGDOM BY THE FCA THEREUNDER. THE MASTER FUND MANAGER WILL BE THE MASTER FUND'S AIFM UNDER THE AIFM DIRECTIVE AND WILL ASSUME RESPONSIBILITY, AND BE SUBJECT TO ALL APPLICABLE REQUIREMENTS, AS SUCH. THE INTERESTS ARE NOT INSURED OR GUARANTEED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. THE INTERESTS ARE NOT DEPOSITS, OBLIGATIONS OF, OR ENDORSED OR GUARANTEED IN ANY WAY BY, DEUTSCHE BANK AG ("DEUTSCHE BANK") OR ANY OF ITS AFFILIATES, OR OF ANY OTHER BANK OR OTHER FINANCIAL INSTITUTION. THE INTERESTS ARE SUBJECT TO INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF THE AMOUNT INVESTED. THE GENERAL PARTNER HAS DELEGATED TO THE INVESTMENT MANAGER RESPONSIBILITY FOR COMPLIANCE WITH U.S. COMMODITY FUTURES TRADING COMMISSION ("CFTC) REQUIREMENTS APPLICABLE TO COMMODITY POOL OPERATORS ("CPOS"). THE INVESTMENT MANAGER HAS FILED WITH THE CFTC A CLAIM FOR NO-ACTION RELIEF FROM REGISTRATION AS A CPO WITH RESPECT TO THE FEEDER FUNDS PURSUANT TO CFTC NO-ACTION LETTER NO. 12-38 (THE -NO-ACTION RELIEF"). AS A RESULT OF THE INVESTMENT MANAGER'S RELIANCE ON THE NO-ACTION RELIEF EXEMPTION FROM REGISTRATION AS A CPO, THE INVESTMENT MANAGER IS NOT REQUIRED TO DELIVER A CFTC DISCLOSURE DOCUMENT TO PROSPECTIVE INVESTORS, NOR IS IT REQUIRED TO PROVIDE LIMITED PARTNERS WITH CERTIFIED ANNUAL REPORTS THAT SATISFY THE REQUIREMENTS OF CFTC RULES APPLICABLE TO REGISTERED CPOS. IN ADDITION