inistrator. Global Placement Agent Credit Suisse Asset Management Limited. Confidential Private Placement Memorandum 46 EFTA01397215 GLDUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV, LP This page has intentionally been left blank Confidential Private Placement Memorandum 47 E

xpenses at any time, generally upon 12 business days' prior written notice. Confidential Private Placement Memorandum 37 EFTA01397195 GLDUS127 Annandale Capital Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV, LP Investment Period The Fund's investment period w

GLDUS127 Annandale Capital U.S. Securities Exchange Act of 1934. It is not expected that the Access Fund will be required to register the Interests under Section 12(g) or an

ower Capital Secondary Opportunities Fund IV, LP Section 1: Executive Summary Confidential Private Placement Memorandum 1 EFTA01397130 GLDUS127 Annandale Capital Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Executive Summary Overview Glendower Capital Secondary Opport

GLDUS127 Annandale Capital Prospective investors are urged to consult their tax advisors with specific reference to their own situations as they relate to an investment in th

GLDUS127 Annandale Capital return in respect of such investment, the composition of the ERISA Plan's portfolio, the liquidity and current return of the total portfolio relati

GLDUS127 Annandale Capital entity. directly or indirectly, in the Underlying Fund, to the extent practicable. In particular, the General Partner or the Investment Manager wi

GLDUS127 Annandale Capital organized under the laws of a relevant member state (each, a "Member State) of the European Economic Area ("EEA')I when such marketing is reasonabl

GLDUS127 Annandale Capital III. CERTAIN RISK FACTORS AND POTENTIAL CONFLICTS OF INTEREST Potential investors should carefully consider the risks of an investment in the Acce

GLOUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV. LP PARTICIPATION AS PLACEMENT AGENT FOR THE INTERESTS MAY BE INFLUENCED BY ITS INTEREST IN SUCH

GLDUS127 Annandale Capital referenced. Neither Glendower nor the Underlying Fund is responsible for updating any information provided in this Memorandum. The minimum subscri

GLDUS127 Annandale Capital The Access Fund will make its investment in the Underlying Fund at closings of the Underlying Fund on or after the Initial Closing, and if any Lim

GLOUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV, LP Section 6: Summary of Terms and Conditions Confidential Private Placement Memorandum 35 CO

GLDUS1 27 Annandale Capital I. INTRODUCTION Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership (the -Access Fund'), has been formed to

GLDUS127 Annandale Capital The full impact of these recent changes is not known at this time. Individually and collectively, current and proposed position limits and associat

GLDUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV. LP THIS MEMORANDUM. EACH OF GLENDOWER CAPITAL, LLP AND THE GENERAL PARTNER IS EXEMPT FROM REGI

GLDUS127 Annandale Capital include, and therefore Limited Partners will be responsible for, all of the operating expenses of the General Partner. Moreover, expenses of or re

GLDUS127 Annandale Capital AGGREGATE SUCH POSITIONS, FOR CFTC POSITION LIMIT AND LARGE TRADER REPORTING PURPOSES, WITH ANY DIRECT OR INDIRECT POSITIONS OF THE ACCESS FUND IN

GLOUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV, LP Section 3: Summary of Principal Terms Confidential Private Placement Memorandum 12 CONFIDE

GLOUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV. LP IMPORTANT NOTICE TO POTENTIAL INVESTORS GLENDOWER CAPITAL SECONDARY OPPORTUNITIES FUND IV, L

GLDUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund N. LP will be disclosed: (iv) where possible, the period for which your data will be retained; (v) y

GLDUS127 Annandale Capital Execution Version Proprietary and Confidential AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV