EFTA Document EFTA01451856

SOF 111- 1081 Southern Financial LLC AND THEREFORE, INVESTORS IN THE OFFSHORE FEEDER FUND) WILL BEAR FEES AND EXPENSES INCIDENT TO HOLDING AN INTEREST IN THE ONSHORE FEEDER FUND. SUCH FEES AND EXPENSES WILL FURTHER REDUCE NET RETURNS TO INVESTORS IN THE FEEDER FUNDS. WITH RESPECT TO ANY DISCUSSION IN THIS MEMORANDUM RELATING TO THE MASTER FUND, THE MASTER FUND GENERAL PARTNER, THE SECOND MASTER FUND GENERAL PARTNER, THE MASTER FUND MANAGER, THEIR RESPECTIVE AFFILIATES AND ANY OF THEIR RE