EFTA01451555

SOF III - 1081 Southern Financial LLC Secondary Opportunities Fund III, LP Table of Contents Section 1: Executive Summary 1 Section 2: Investment Performance 9 Section 3: Summary of Principal Terms 15 Section 4: DB Private Equity 19 Section 5: Secondary Opportunities Fund III 25 Section 6: Fund Management 43 Section 7: Summary of Terms and Conditions 49 Section 8: Risk Factors 65 Section 9: Conflicts of Interest 83 Section 10: Certain Legal, ERISA and Tax Considerations 91 Appendices 109 Appendix 1 Notices to Investors in Specific Jurisdictions 110 Appendix 2 Privacy Notice 120 Appendix 3 Anti-Money Laundering 121 Appendix 4 Key Definitions 122 Appendix 5 Important Performance Information 128 Appendix 6 Directory 130 Appendix 7 Board of Directors of the General Partner 131 Appendix 8 Alternative Investment Fund Managers Directive 132 Confidential Private Placement Memorandum CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0108228 CONFIDENTIAL SDNY_GM_00254412 EFTA01451555