EFTA Document EFTA01390853

GLDUS113 Cliff Mg Section 7 Risk Factors Glendower Capital Secondary Opportunities Fund IV, LP GP or the Manager is required to take such action, the relevant Investor must indemnity the Fund against any loss suffered Risks related to electronic communications The Manager, the General Partner and the Fund's service providers may provide to each Investor statements. reports and other communications relating to the Fund and/or each such Investor's Interest in electronic form, such as email or via a password protected website (*Electronic Communications"). Electronic Communications may be modified, corrupted or contain viruses or malicious code, and may not be compatible with an Investor's electronic systems. In addition, reliance on Electronic Communications involves the risk of inaccessibility, power outages or slowdowns for a variety of reasons. These periods of inaccessibility may delay or prevent receipt of reports or other information by one or more of the Investors. Cybersecurity The Manager, the U.S. Adviser, the General Partner and the Fund's service providers and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Fund and/or the Investors, despite the efforts of the Manager, the U.S. Adviser, the General Partner and the service providers to adopt technologies, processes and practices intended to mitigate these risks and protect the security of their computer systems, software, networks and other technology assets, as well as the confidentiality, integrity and availability of information belonging to the Fund and the Investors. For example, unauthorized third parties may attempt to improperly access, modify, disrupt the operations of, or prevent access to, these systems of the Manager, the U.S. Adviser, the General Partner, the Fund's service providers, counterparties or data within these systems. Third parties may also attempt to fraudulently induce employees, customers. third-party service providers or other users of the Manager's systems to disclose sensitive information in order to gain access to the Manager's data or that of the Investors. A successful penetration or circumvention of the security of the Manager's systems could result in the loss or theft of an Investor's data or funds, the inability to access electronic systems, loss or theft of proprietary information or corporate data, physical damage to a computer or network system or costs associated with system repairs. Such incidents could cause the Manager, the U.S. Adviser, the General Partner, the Fund or their respective service providers to incur regulatory penalties, reputational damage, additional compliance costs or financial loss. Pay-to-play laws, regulations and policies A number of U.S., state and municipal pension plans have adopted socalled -pay-to-play' laws, regulations or policies that prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including investments by public retirement plans. The SEC has also adopted rules that, among other things. prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after such investment adviser or certain of its executives or employees make a contribution to certain elected officials or candidates. If the Manager, the U.S. Adviser, Credit Suisse Asset Management Limited (in its capacity as the placement agent) or their respective affiliates fail to comply with such pay-to-play laws, regulations or policies, such non-compliance could have an adverse effect on the Fund. Forward looking information This Memorandum and other materials prepared and provided to the Investor in connection with the marketing of the Interests may contain projections, forecasts, targeted returns, illustrative returns, estimates, objectives. beliefs and similar information. Forward looking information is provided for illustrative purposes only and is not intended to serve as, and must not be relied upon by any Investor as, a guarantee. an assurance. a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Fund. Some important factors that could cause actual results to differ materially from those in any forward looking information include changes in interest rates and changes in domestic and foreign business, market, financial, political and legal conditions. The performance of the Fund Confidential Private Placement Memorandum 64 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095495 CONFIDENTIAL SDNY_GM_00241679 EFTA01390853