EFTA Document EFTA01451854

SOF 111- 1081 Southern Financial LLC AT THE TIME THE MOST RECENT POSITION IS ESTABLISHED, WILL NOT EXCEED 100% OF THE LIQUIDATION VALUE OF THE PORTFOLIO, AFTER TAKING INTO ACCOUNT UNREALIZED PROFITS AND UNREALIZED LOSSES ON ANY SUCH POSITIONS IT HAS ENTERED INTO. AS A RESULT OF THE INVESTMENT MANAGER'S RELIANCE ON THE RELIEF FROM CPO REGISTRATION UNDER THE NO-ACTION RELIEF, AN INVESTOR THAT HAS A 25% OR GREATER INTEREST IN EITHER FEEDER FUND AND THAT OWNS OR CONTROLS COMMODITY FUTURES OR