SOF III - 1081 Southern Financial LLC EXECUTIVE SUMMARY General Secondary Opportunities Fund III, LP is an English limited partnership (together with any parallel investment funds or alternative investment funds of the foregoing, the "Master Fund") (with its general partners being Leonardo Secondary Opportunities Fund III (GP) Limited (the "Master Fund General Partner") and Leonardo Secondary Opportunities Fund III (Alternate GP), LP (the "Second Master Fund General Partner")) that was formed to make investments in buyout, growth capital, venture capital, special situations, turnaround, mezzanine, distressed opportunities, real estate and infrastructure assets on the secondary market. The Master Fund is managed by Deutsche Alternative Asset Management (Global) Limited (the "Master Fund Manager"), an affiliate of Deutsche Bank AG ("Deutsche Bank"). The Second Master Fund General Partner will serve as a general partner of the Master Fund but will have no authority to manage, operate or administer the business or affairs of the Master Fund other than as may be required by law. In connection with the offering of limited partnership interests in the Master Fund, DB Private Equity, a business group within Deutsche Bank's Asset & Wealth Management division, is establishing Secondary Opportunities Fund III Private Client Feeder Fund (U.S.), L.P. (the "Onshore Feeder Fund") and Secondary Opportunities Fund III Private Client Feeder Fund (International), L.P. (the "Offshore Feeder Fund") (each, a "Feeder Fund" and together, the "Feeder Funds"). Certain private client investors are being offered the opportunity to invest in the Feeder Funds, and thereby to participate directly or indirectly in the Feeder Funds' investment in the Master Fund. Deutsche Bank Trust Company Americas, an affiliate of the Master Fund Manager will be the investment manager of the Onshore Feeder Fund (the "Investment Manager"). None of the Master Fund General Partner, the Seco