EFTA Document EFTA01451603

SOF III - 1081 Southern Financial LLC Secondary Opportunities Fund III, LP Dilution from subsequent closings Investors subscribing for Interests after the First Closing will participate in existing investments of the Fund, diluting the interest of existing Investors therein. Although such Investors will contribute their pro rata share of prior Fund drawdowns (plus interest), there can be no assurance that this payment will reflect the fair value of the Fund's existing investments at the t