GLDUSI B3 Dimension Capital Management 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

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 (U.S.), L.P. (the "Access Fund'), which is hereby incorporated by reference. Potential investors considering the purchase of Interests in the Acces

p Interests This supplement (the "Supplement") is intended to modify and update the Confidential Private Placement Memorandum (the "Memorandum") of Glendower Access Secondary Opportunities IV (U.S.). L.P. (the "Access Fund"). The Access Fund is expected to invest substantially all of its assets in Glendower Capital Secondary Opportunitie

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

ND IV (US), L.P. v` a' Cain ACCESS & UNDERLYING FUND TERMS ACCESS FUND GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV (U.S.). L.P. GENERA' PAPTNER Glendower Access Secondary Opportunities IV GP LLG ItiVESTIAENT NA.WP Capital Advisors. ILC STRUCTURE Delon* LinItied Partnership STRArErok' The Access Fund wil nest Underlying Fund MI

GLDUS, 83 Came..Ion C CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. Overview April 2018 iCapital. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6. CONFIDENTIAL DB-SDNY-0038572 SDNY_GM_00184756 EFTA0

tructure Strategy Minimum Commitment Target Size Fund Term Underlying Fund Glendower Capital Secondary Opportunities Fund IV. LP Access Fund' Glendower Access Secondary Opportunities IV (U.S.). LP Glendower Capital SOF IV (GP) Limited Glendower Capital. LLP English Private Fund Limited Partnership Glendower Access Secondary Oppor

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

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_001 849

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. I-5 Amended and Restated LISA Partntrchip Apemient CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_00184931

spect to a particular company. Covered Person As set forth in 12.1.1. Credit Facility As set forth in 4.2. Default Rate As set forth in 6.3.1. Glendower Access Secondary Opportunities IV (U.S.), L.P. 1-2 Amended and Restated LimikAlPartntrchip Agreement CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038744 CONFIDENTIAL

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-0038748

GLOUS143 Henry Nicholas 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

enses or to make contributions to the Underlying Fund, which shall be limited to (i) cash or cash equivalents, (ii) commercial paper rated no lower Glendower Access Secondary Opportunities IV (U.S.), L.P. 1-7 Amended and Restated LISA Partntrchip Apemient CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_001 84933

agreement of the Underlying Fund. Underlying Fund As set forth in 6.3.3. Defaulting Partner United States; U.S. The United States of America. Glendower Access Secondary Opportunities IV (U.S.), L.P. I-8 Amended and Restated LISA Partntrchip Apemient CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038750 CONFIDENTIAL S

directly or indirectly, in the Underlying Fund, to the extent practicable. In particular, the General Partner or the Investment Manager will form Glendower Access Secondary Opportunities IV (International), L.P. (the "Offshore Access Fund", and together with the Access Fund, the "Access Funds") for certain qualified U.S. Tax-Exempt Inv

GLOUS143 Henry Nicholas I. INTRODUCTION Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership (the -Access Fund'), has been formed to invest substantially all of its investable assets in Glendower

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 (U.S.), L.P. (the "Access Fund'), which is hereby incorporated by reference. Potential investors considering the purchase of Interests in the Acces

GLOUS143 Henry Nicholas 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

GLDUS183 Dimension Capital Management I. INTRODUCTION Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership (the -Access Fund'), has been formed to invest substantially all of its investable assets in Glendower