SOF III - 1081 Southern Financial LLC Secondary Opporturities Fund III. LP DB Private Equity (-DB PE") is the private equity business of Deutsche Bank AG ('Deutsche Bank' and together with its affiliates, the "Deutsche Bank Group"). In the United States (the 'Us') DB PE relates to the asset management activities of Deutsche Bank Trust Company Americas and Deutsche Investment Management Americas Inc.: in Germany, DB Private Equity GmbH: in Australia. Deutsche Australia Limited (ABN 37 006 385 593). an Australian financial services licence holder, in Hong Kong. Deutsche Asset Management (Hong Kong) Limited: in Japan. Deutsche Securities Inc. for DS! financial advisory (not investment advisory) and distribution service only: in Singapore. Deutsche Asset Management (Asia) Limited (Company Reg. No. 198701485N): and in the United Kingdom, Deutsche Alternative Asset Management (UK) Limited and the Manager: in addition to other regional entities in the Deutsche Bank Group. Investments in the Fund are not deposits with or other liabilities of Deutsche Bank. or of any other entity in the Deutsche Bank Group, and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of Deutsche Bank, the Manager or any other entity in the Deutsche Bank Group or any of their respective affiliates guarantees any particular rate of return or the performance of the Fund, nor do they guarantee the repayment of any amount invested by any investor in the Fund. This Memorandum contains a summary of the principal terms of the amended and restated limited partnership agreement of the Fund (the 'Fund Partnership Agreement') and certain other material legal documents in respect of the Fund referred to herein (collectively with the Fund Partnership Agreement, the "Fund Documents'). The summaries set forth in this Memorandum do not purport to be complete. They are subject to and qualified in their entirety by reference to the