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t of Partners as limited partners, together with any additional or substituted limited partners admitted to the Partnership after the date hereof. Glendower Access Secondary Opportunities IV (U.S.), L.P. 1-4 Amended and Restated LimikAlPartntrchip Agreement CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_0024239

GLDUS124 BBR Partners Proprietary and Confidential General Partner Indemnitee Initial Agreement Initial Closing Date Initial Drawdown Date Initial Limited Partner

e, consent or withhold consent with respect to any Partnership matter. Contributions attributable to Non-Voting Interests shall be disregarded, for Glendower Access Secondary Opportunities IV (U.S.), L.P. 1-5 Amended and Restated LimikAlPartntrchip Agreement CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_0024239

GLDUS124 BBR Partners Proprietary and Confidential List of Partners Management Agreement Management Fee Management Fee Rate Net Gain or Loss Nonrecourse Liability

GLDUS124 BBR Partners Proprietary and Confidential — Private Placement Memorandum Glendower Access Secondary Opportunities IV (U.S.), L.P. An "Access Fund" into Glendower Capital Secondary Opportunities Fund IV, LP Offering of Limited Partner Interests January 2018 Imp

GLDUS124 BBR Partners Proprietary and Confidential — Private Placement Memorandum Glendower Access Secondary Opportunities IV (U.S.), L.P. An "Access Fund" into Glendow

the General Partner, in its reasonable discretion, can adjust the Percentage Interests of the Partners (i) to reflect any default by a Partner with Glendower Access Secondary Opportunities IV (U.S.), L.P. 1-6 Amended and Restated LimikAlPartntrchip Agreement CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096212

GLDUS124 BBR Partners Proprietary and Confidential purposes of 13.2, in determining both the aggregate Contributions of all Limited Partners and the aggregate Contribut

GLDUS124 BBR Partners Glendower Access Secondary Opportunities IV (U.S.), L.P. Limited Partnership Interests This supplement (the "Supplement") is intended to modify and update the Confidential Private Placement

GLDUS124 BBR Partners Glendower Access Secondary Opportunities IV (U.S.), L.P. Limited Partnership Interests This supplement (the "Supplement") is intended to modify an

GLDUS124 BBR Partners EXECUTION VERSION Glendower Access Secondary Opportunities IV (U.S.), L.P. LIMITED PARTNER SUBSCRIPTION AGREEMENT PROPRIETARY AND CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096412

GLDUS124 BBR Partners EXECUTION VERSION Glendower Access Secondary Opportunities IV (U.S.), L.P. LIMITED PARTNER SUBSCRIPTION AGREEMENT PROPRIETARY AND CONFIDENTIAL C

Investor understands and acknowledges that Cleary• Gottlieb Steen & Hamilton LLP ("Cleary Gottlieb") acts as U.S. counsel only for the Partnership. Glendower Access Secondary Opportunities IV (International), L.P. (the "Feeder Fund" and, together with the Partnership and any other funds established in connection with the Partnership and

GLDUS124 BBR Partners (A) is not a partnership, grantor trust, or Subchapter S corporation for United States federal income tax purposes: or (B) is a partnership, gra

GLDUS124 BBR Partners Glendower Access Secondary Opportunities IV (U.S.), L.P. INSTRUCTIONS FOR INVESTORS If you arc interested in purchasing a limited partner interest (an "interest") in Glendower Access Seconda

GLDUS124 BBR Partners Glendower Access Secondary Opportunities IV (U.S.), L.P. INSTRUCTIONS FOR INVESTORS If you arc interested in purchasing a limited partner interest

l Private Placement Memorandum dated January 2018 (the 'Memorandum') relating to the offering of limited partnership interests (the "Interests') in Glendower Access Secondary Opportunities IV (US), L.P. (the "Access Fund"), which is hereby incorporated by reference. Potential investors considering the purchase of Interests in the Access

GLOUS124 BBR Partners Proprietary and Confidential — Supplement to the Confidential Private Placement Memorandum GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV (U.S.), L.P