SOF 111- 1081 Southern Financial LLC CONDUCT THEIR OWN DILIGENCE ON THE ACCURACY OF ANY INFORMATION RELATING TO THE FEEDER FUNDS. NO ACTION HAS BEEN OR WILL BE TAKEN IN THE KINGDOM OF SAUDI ARABIA THAT WOULD PERMIT A PUBLIC OFFERING OF ANY INTERESTS IN THE FEEDER FUNDS IN THE KINGDOM OF SAUDI ARABIA. ANY INTERESTS IN THE FEEDER FUNDS MAY ONLY BE OFFERED AND SOLD IN THE KINGDOM OF SAUDI ARABIA THROUGH PERSONS AUTHORIZED TO DO SO IN ACCORDANCE WITH ARTICLE 4 (PRIVATE PLACEMENT REQUIREMENTS) OF THE INVESTMENT FUNDS REGULATIONS ISSUED BY THE CMA PURSUANT TO THE REGULATIONS FOLLOWING A NOTIFICATION TO THE CMA UNDER THE REGULATIONS. INVESTORS SHOULD NOTE THAT ARTICLE 4(G) OF THE REGULATIONS PLACES RESTRICTIONS ON SECONDARY MARKET ACTIVITY WITH RESPECT TO INTERESTS IN THE FEEDER FUNDS ACQUIRED BY INVESTORS. THE OFFEROR WILL NOT RECOGNIZE ANY RESALE OR OTHER TRANSFER, OR ATTEMPTED RESALE OR OTHER TRANSFER, MADE OTHER THAN IN COMPLIANCE WITH THE ABOVEMENTIONED RESTRICTION. NOTICE TO RESIDENTS OF KOREA THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO BUY OR SUBSCRIBE FOR, OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR, THE INTERESTS IN KOREA, AND SHALL NOT CONSTITUTE A PROSPECTUS OR OTHER DISCLOSURE DOCUMENT UNDER THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT OF KOREA CFSCMAD. THE INTERESTS HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE FINANCIAL SERVICES COMMISSION OF KOREA UNDER THE FSCMA FOR PUBLIC OFFERING. THE INTERESTS MAY NOT BE OFFERED, SOLD OR DELIVERED DIRECTLY OR INDIRECTLY, OR OFFERED, SOLD OR DELIVERED TO ANY PERSON FOR RE-OFFERING OR RESALE, DIRECTLY OR INDIRECTLY, IN KOREA OR TO ANY RESIDENT OF KOREA (AS SUCH TERM IS DEFINED IN THE FOREIGN EXCHANGE TRANSACTION LAW AND REGULATIONS THEREUNDER), EXCEPT PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE FSCMA AND ANY OTHER APPLICABLE LAWS AND REGULATIONS. THE FEEDER FUNDS ARE NOT MAKING ANY REPRESENTATION WITH R