SOF III - 1081 Southern Financial LLC CONTENTS Section 1. EXECUTIVE SUMMARY 1 2. SUMMARY OF TERMS 7 4. REGULATORY AND TAX CONSIDERATIONS 35 5. RISK FACTORS 57 7. CERTAIN LEGAL CONSIDERATIONS 79 APPENDIX A - MASTER FUND OFFERING MEMORANDUM A-1 APPENDIX B - MASTER FUND PARTNERSHIP AGREEMENT B-1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 108128 CONFIDENTIAL SDNY_GM_00254312 EFTA01451500