GLOUS238 SOUTHERN FINANCIAL LLC Glendower Capital Secondary CpportunSs Fund III, LP Section 9: Certain Legal, ERISA and Tax Considerations Confidential Private Placement Memorandum 70 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082672 CONFIDENTIAL SDNY_GM_00228856 EFTA01383064