SOF III - 1081 Southern Financial LLC Summary of Key Terms The following is a summary of selected principal terms and is qualified in its entirety by reference to the Offering Memorandum, including the Confidential Private Placement Memorandum of the Fund attached thereto. and the legal documentation relating to the Onshore Feeder Fund. the Offshore Feeder Fund and the Fund Fund Name Structure Strategy Minimum Commitment Target Size Fund Term Capital Calls Investment Period Auditor Administrator Legal Counsel Reporting Upfront Placement Fee Management Fee' Investment Period Two Years alter the end of the Investment Period Thereafter through the end of the Fund tern' Carried interest Subsequent Closing Fee (if not first close) First Close Fee Break Fund Secondary Opportunities Fund III. LP English Limited Partnership Invest in private equity assets on the secondary market globally S5 million $1 billion 7 years from the date of the final closing plus up to 5 one-year extensions at the managers discretion For the purposes of making portfolio investments andor paying expenses; s.th not less than 12 business days' prior vadten notice 4 years from the final closing Any of Pncewaterhouse Coopers LLP. Delano Touche Tohmatsu. KPMG or Emst Young. LLP State Street Bank and Trust Company Debevoise & Plimpton LLP Annual managers report. audited financial statements and quarterly unaudited financial Quarterly reports. capital account statements and year-end audited financial statements and capital account statements (2nd and 3rd quarters only) statements NiA Up to 2 50% of commitment Onshore Feeder Fund Secondary Opportunties Fund III Private Client Feeder Fund (U.S.). L P. Delaware Limited Partnership Invest in the Fund 8500.000 NiA Will follow the term of the Fund, plus an additional six months 5 days' written notice Will follow the investment period of the Fund Any of Pncewaterhouse Coopers LLP, Delorne Touche Tohmatsu,