GLDUS139 Thad Lake Capital Proprietary and Confidential behalf of the Partnership, or to determine any fact or circumstance bearing upon the existence of the authority of th

GLDUS139 Thad Lake Capital Proprietary and Confidential address, facsimile number or electronic mail address, as applicable, as set forth in the List of Partners, or to such

GLDUS139 Thad Lake Capital Proprietary and Confidential a 20% Holder at such time as such 20% Holder certifies or recertifies to the General Partner that it is not a Bad Act

GLDUS139 Thad Lake Capital I. INTRODUCTION Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership (the -Access Fund'), has been formed to

GL0US139 Thad Lake Capital IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ACCESS FUND AND THE TERMS OF THE OFFERING, INCLUDING THE MER

GL0US139 Thad Lake Capital warranties in its Subscription Agreement and (ii) any failure by a Limited Partner to provide information as requested by the General Partner or I

GLDUS139 Thad Lake Capital Subject to the limitations set forth in the relevant Underlying Fund LPA, the Underlying Fund may incur indebtedness, provide credit support and g

GLDUS139 Thad Lake Capital should consult their own tax advisors regarding the implications of the 2017 Tax Legislation and other potential changes in tax laws, including in

GLDUS139 Thad Lake Capital This page has intentionally been left blank CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095854 CONFIDENTIAL SDNY_GM_00242038 EFTA

GLDUS139 Thad Lake Capital Glendower Capital Secondary Opportunities Fund IV, LP Appendices Confidential Private Placement Memorandum 87 CONFIDENTIAL - PURSUANT TO FED. R.

GLDUS139 Thad Lake Capital Glendower Access Secondary Opportunities IV (U.S.), L.P. INSTRUCTIONS FOR INVESTORS If you arc interested in purchasing a limited partner interest

GLDUS139 Thad Lake Capital Partner may, in its sole discretion, choose not to commit up to 10% of the Limited Partners' subscriptions to the Partnership for investment into t

GLDUS139 Thad Lake Capital FEE ACKNOWLEDGEMENT By signing below, I acknowledge that I have received and reviewed the Supplement to the Private Placement Memorandum that cont

GLDUS139 Thad Lake Capital of 1934; and/or (e) an independent fiduciary that holds, or has under management or control, total assets of at least $50 million (provided that th

GLDUS139 Thad Lake Capital Additional Disclosures Regarding Certain Risk Factors The risks associated with investing in a private equity fund generally include: • Limited Re

GLOUS139 Thad Lake Capital Summary of Key Terms This is a summary of terms only. This summary of the Access Funds terms is qualified in its entirety by the Private Placement

GLDUS139 Thad Lake Capital What is secondary private equity A primary private equity ("PE") investment is a direct investment into a PE fund at its inception - These funds t

GLDUS139 Thad Lake Capital Contents 1 Introduction 2 Glendower Investment Strategy 3 Secondary Market Update 4 SOF III and IV Update 5 Glendower Capital Secondary Op

GLDUS139 Thad Lake Capital Contents 1 Introduction 2 Glendower Investment Strategy 3 Secondary Market Update 4 SOF III and IV Update 5 Glendower Capital Secondary Op

GLDUS139 Thad Lake Capital SOF IV - Near term pipeline As of March 31, 2018 Project Code Deal Type Region Sunrise Stage Sourcing Deal Size SOF IV Description Invest