EFTA Document EFTA01386672

GLDUS238 SOUTHERN FINANCIAL LLC Section 8: Conflicts of Interest Glendower Capital Secondary Opportunities Fund IV. LP The fact that the Carried Interest is linked to the performance of the Fund may create an incentive for the Manager to cause the Fund to make investments that are more speculative than would be the case in the absence of performance-based compensation, or to take action that may increase the short-term, as opposed to long-term, value of investments. Fund Advisory Committe