EFTA Document EFTA01452003

SOF III - 1081 Southern Financial LLC Secondary Opportunities Fund III. LP Conflicts of Interest The Manager and its affiliates engage in a broad spectrum of investment activities. In the future, there may arise instances where the interests of the Manager and its affiliates conflict with the interests of Investors or with those of other parties to the contemplated transactions. The Fund will be dependent on the Manager and their affiliates to identity and manage all such conflicts of inte