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debt instrument will be ordinary income, including gain on the sale of exchange of a contingent payment debt instrument, regardless of whether the Access Fund holds the instrument as a capital asset. Furthermore, all of the interest income on a contingent payment debt instrument will be treated as OID, reg

GLDUS139 'Mire Lake Capital such amounts paid by a Limited Partner will be included in the adjusted tax basis of its Interests. Start-up and organizational expenses are genera

nities IV (U.S.), L.P. (the "Access Fund'), which is hereby incorporated by reference. Potential investors considering the purchase of Interests in the Access Fund should carefully review this Supplement and the Memorandum. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095846 CONFIDENTIAL SDNY_GM

GLDUS139 mEd Lake Capital Proprietary and Confidential — Supplement to the Private Placement Memorandum GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV (U.S.), L.P. AN "ACCESS

rrency relative to its functional currency generally will result in foreign currency gain or loss. Any foreign currency gain or loss realized by the Access Fund generally will be treated as ordinary income or loss rather than capital gain or loss, and any Limited Partner will be subject to tax on its alloca

GLDUS139 mad Lake Capital Controlled Foreign Corporations. Special rules apply to U.S. persons who own, directly or indirectly and applying certain attribution rules, 10% or