EFTA Document EFTA01364822

GLDUS238 SOUTHERN FINANCIAL LLC Section 9: Cede." Legal. ERISA and Tax Considerations Glendower Capital Secondary Opportunities Fund IV. LP Partner (c) The current risk profile of the Fund and the risk management systems employed by the Manager to manage those risks. (d) My changes to the maximum level of leverage which the Manager may employ on behalf of the Fund as well as any right of the reuse of collateral or any guarantee granted under the leveraging arrangement. In each annual report Without undue delay in a disclosure notice delivered to each Limited Partner. (e) The total amount of leverage employed by In each annual report the Fund. Net Asset Value and Historical Performance of the Fund No Investors have been admitted to the Fund. Accordingly, (a) there is no net asset value of the Fund. (b) the Fund has made no investments, so there is no information to disclose about the historical performance of the Fund, and (c) there is no annual report in respect of the Fund. Prime Broker The Fund has not engaged. and the Manager does not anticipate that the Fund will engage. a prime broker. The Depositary Aztec Financial Services (UK) Limited (the 'Depositary) has been retained by the Manager to perform the depositary function pursuant to Article 21 of the AIFMD in respect of the Fund, including monitoring cash flows of the Fund, verifying the ownership of assets and making custody arrangements for the safekeeping of any custodial assets and overseeing the operations of the Fund. The Depositary may, with the prior written consent of the Manager, delegate any pan of its duties under the depositary agreement to third parties. To the fullest extent permitted by law. the Depositary does not owe any duty to any Limited Partner or the Limited Partners as a group in connection with its retention as the Fund's depositary. With respect to safekeeping (to the extent it is required), the Depositary may delegate its duties to one or more third party custodians. It is expected that such third party custodians will be able to provide safekeeping in any relevant jurisdiction where it is required. Neither the Depositary, nor any third party custodian to whom safekeeping is delegated, shall have a right of re-use of any of the Fund's assets. The Depositary has restricted its liability. In particular, the Depositary will not be liable to the Fund, the Manager. the Limited Partners or the General Partner under or in connection with the depositary agreement, save to the extent that such liability arises as a result of the Depositary's gross negligence, wilful default, fraud, a material breach of the depositary agreement or a material breach of applicable law. The fees of the Depositary, and any costs associated with the appointment of the Depositary, will constitute expenses of the Fund. Confidential Prnrate Placement Memorandum 73 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055371 CONFIDENTIAL SDNY GM_00201555 EFTA01364822