SOF III - 1081 Southern Financial LLC LIMITED (THE "MASTER FUND MANAGER") OR THEIR RESPECTIVE PARTNERS, OFFICERS, DIRECTORS, EMPLOYEES, MEMBERS OR AFFILIATES (OTHER THAN IN CONNECTION WITH ANY SUCH PERSONS ACTIVITIES ON BEHALF OF THE FEEDER FUNDS). LIMITED PARTNERS WILL NOT BE PARTIES TO THE MASTER FUND PARTNERSHIP AGREEMENT AND WILL NOT HAVE ANY RIGHTS THEREUNDER AND MAY NOT BRING AN ACTION AGAINST THE MASTER FUND, THE MASTER FUND GENERAL PARTNER, THE SECOND MASTER FUND GENERAL PARTNER OR THE MASTER FUND MANAGER FOR ANY BREACH THEREOF. TO THE FULLEST EXTENT PERMITTED BY LAW, THE FEEDER FUNDS MAY BRING LEGAL ACTION AGAINST THE MASTER FUND, THE MASTER FUND GENERAL PARTNER, THE SECOND MASTER FUND GENERAL PARTNER OR THE MASTER FUND MANAGER ONLY AT THE INITIATIVE OF THE FEEDER FUNDS' GENERAL PARTNER OR THE INVESTMENT MANAGER, AS A DELEGATE OF THE GENERAL PARTNER. SEE "RISK FACTORS." THE OFFERING OF INTERESTS IN THE ONSHORE FEEDER FUND AND THE OFFSHORE FEEDER FUND DOES NOT CONSTITUTE AN OFFERING OF THE INTERESTS OF THE MASTER FUND. THE MASTER FUND MAY HAVE OTHER BUSINESS RELATIONSHIPS WITH THE INVESTMENT MANAGER, THE PLACEMENT AGENTS OR THEIR RESPECTIVE AFFILIATES AND THE INVESTMENT MANAGER IS, AND THE PLACEMENT AGENTS MAY BE, AFFILIATED WITH DEUTSCHE BANK. SEE "RISK FACTORS." ALTHOUGH THE ONSHORE FEEDER FUND WILL, AS AN INVESTOR IN THE MASTER FUND, ENJOY ALL RIGHTS AND PRIVILEGES ENJOYED BY SUCH AN INVESTOR IN THE MASTER FUND, NONE OF THE MASTER FUND, THE MASTER FUND GENERAL PARTNER, THE SECOND MASTER FUND GENERAL PARTNER, THE MASTER FUND MANAGER OR SIMILAR ENTITIES, IS RESPONSIBLE TO THE LIMITED PARTNERS OF THE FEEDER FUNDS. THE MASTER FUND IS NOT RESPONSIBLE FOR THE FORMATION OR OPERATION OF THE FEEDER FUNDS. THE OFFERING OF INTERESTS IN THE FEEDER FUNDS IS NOT AN OFFERING OF INTERESTS IN THE MASTER FUND. NONE OF THE MASTER FUND, THE MASTER FUND GENERAL PARTNER, THE SECOND MASTER FUND GENERAL PARTNER OR THE MASTER FUND MANAGER HAS ENDORSE