Epstein Secrets

to predict whether, or to what extent, any changes in the Code or interpretations thereof will occur. Prospective Limited Partners should note that the Access Fund will not undertake to advise Limited Partners of any legislative or other developments. No rulings have been or will be requested from the IRS. Fur

t to be a complete listing of all potential tax risks inherent in purchasing or holding an interest in the Access Fund. Prospective investors in the Access Fund are urged to consult their own tax advisors. CERTAIN REGULATORY MATTERS Securities Act of 1933. The offer and sale of the Interests will not be re

GLDLIS126 Pacific Life Insurance Co to predict whether, or to what extent, any changes in the Code or interpretations thereof will occur. Prospective Limited Partners should note that

butions payable to the Limited Partner or transferee. Reports and Meetings United States Federal Income Tax Aspects of the Access Fund Annually, the Access Fund will furnish audited financial statements to all Limited Partners. In addition, each Limited Partner will be provided annually with an U.S. Interna

GLDLIS126 Pacific Life Insurance Co unpaid portion of such Limited Partner's Subscription. Failure to pay any applicable Transfer Expenses will be considered a default under the Part

ent fee or may in the future receive such a fee over other investment vehicles from which it does not receive a placement fee. With respect to this Access Fund, the Investment Manager will be entitled to receive an ongoing investor servicing fee from Glendower for services performed in respect of the Access

GLDLIS126 Pacific Life Insurance Co a number of instances in recent years in which pooled investment vehicles investing in third-party fluids have incurred substantial losses due to s

Securities Act. Capital Calls Each Limited Partner's capital contributions will be payable when called by the General Partner to meet anticipated Access Fund expenses and liabilities and to make contributions to the Underlying Fund. Each Limited Partner's capital contribution shall generally be due upon

GLDLIS126 Pacific Life Insurance Co entity. directly or indirectly, in the Underlying Fund, to the extent practicable. In particular, the General Partner or the Investment Manager wi

ies of investors into the Underlying Fund. The Access Fund's sole objective is to invest in the Underlying Fund and, other than such investment, the Access Fund is not expected to have any material operations. Substantially all of the capital contributions to the Access Fund will be contributed by the Acces

GLDLIS126 Pacific Life Insurance Co Raymond James and the other the Placement Agents having additional conflicts of interest with respect to the purchase of Interests by Investors. Ris

2 Years Following EFTA01396742 Investment Period5 0.75% 0.60% 0.25% CARRIED INTEREST No additional carried interest will be charged by the Access Fund SUBSEQUENT CLOSING FEE (IF NOT FIRST CLOSE) Same as the Underlying Fund, including contributions made by Feeder investors for fees and expenses of

the Underlying Fund after deduction of such fees and expenses would be lower than the gross performance reflected in this EFTA01396747 GLDUS126 Pacific Life Insurance Co GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV (U.S.), L.P. 3 IMPORTANT INFORMATION CONTINUED Presentation. Further, investors in the Access Fund wil

in Section 3(c)(7), the Access Fund will obtain and rely on appropriate representations and undertakings from investors in order to ensure that the Access Fund meets the conditions of the relevant exception on an ongoing basis. The General Partner reserves the right to prevent the ownership of Interests

a, Slovenia, Spain, Sweden and the United Kingdom of Great Britain and Northern Ireland. Proprietary and Confidential 49 EFTA01396425 GLDUS126 Pacific Life Insurance Co return in respect of such investment, the composition of the ERISA Plan's portfolio, the liquidity and current return of the total portfolio relat