EFTA Document EFTA01451522

SOF III - 1081 Southern Financial LLC basis will be adjusted for this purpose by its allocable share of the Onshore Feeder Fund's income or loss for the year of such sale. Any gain or loss recognized with respect to such a sale generally will be treated as a capital gain or loss (except that the gain will be ordinary income to the extent attributable to the Investor's allocable share of certain ordinary income assets of the Master Fund) and will be long-term capital gain or loss if the Inte