EFTA Document EFTA01391512

CONFIDENTIAL DEMOCRATIZING I E NETWORK INVESTMENTS GLENDOWER ACCESS SECONDARY OPPORTUNITIES FUND IV (US), L.P. v` a' Cain ACCESS & UNDERLYING FUND TERMS ACCESS FUND GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV (U.S.). L.P. GENERA' PAPTNER Glendower Access Secondary Opportunities IV GP LLG ItiVESTIAENT NA.WP Capital Advisors. ILC STRUCTURE Delon* LinItied Partnership STRArErok' The Access Fund wil nest Underlying Fund MINIMUM GOMI-111 ME r 1 t $250.000 tanbally eV of its *wettable ra-tetS into the EI.IND TERM The Access Fund will continue in existence Mrough the one-year arnweesary of the dissolution of the Underlying Fc (and accordingly. shall extend &Somatically upon the extension of the Underlying Funds term). with two additions! one year optional extension periods at the discretion of as Generic Partner CAPITAL CALLS Generally upon 7 business days notice Rr Pcti:rINKI Oserterly reports. capital account statements and year-end auckted (vandal statement?. PLACEMENT FEE Up to 200% Payable to OBSI a an affiliate thereof' MANAGEMEFIT FEE <$3 Mit 1.00% $3 - <$5 Mil $5 Miles 0.25% 075% I 0.75% 0.60% 0.25% CARRIED INTERE:S No additional caned interest will be charged by the Access Fund SLIRSEe,)UENT CI. ()SING FEE f FIRST Cl On( Same as the Underlying Fund. including Min:Mx:Dom nada by corder investors for fees and expense?. of the Feeder UNDERLYING FUND GLENDOWER CAPITAL SECONDARY OPPORTUNITIES FUND IV, LP G€NERAL.. PARTNER Glendower Capital UP INVESTMENT MANAGER Glendower Capital SOF N (GP) Limited St PUG LURE Engish Private Fund Limited Partneeshp STRATEGY Invest in private equity assets on the secondary men et global, NUIIMUM COMM! T MEM $5 million FUND TERM 7 years from the date of the Uisdedymg Fuld's Fos& Actnsvon Date plus up to one-year extensions (the first 3 one-year extensions we at the discretion of Glendower and the final 2 one-year extensions require the consent of the SOF IV advisory committee) CA1)1 1 Al.. S For the p.eposes of *axing investments and/or paying expenses: generally iron 12 tit railetS days prior written notice INVESTMENT PERK>D Four years from the Underlying Fund:: Fxnnl Adm.v,:on Date REPORTING Audited anaual accounts as wed as irais.itittd Quarterly fraraCial `statements (2nd and 3rd Quarters only) and unaudited Quarterly capital &COW,: Statements mA 1A6 EME NT FEE. Net of 15 basis pined discount egairar Underlying Fund fees reserved for Actep fund onfr 1:VECit,•IENT (Erk:0 1.10% of Ccamited Cennal' Two 'YEARS AFT ER THE P40 OE Tr, E IINi S ENT ;.e:PuZ,D 095% of Wasted Capital' THEPEAFTE.R THROUGH THE ENO OF ME Euro ?EON The greater of 90% of previous yew and 0 25% of Invested Coate CARRIED :NTE!RE.£-T 12.50%afteren800%preforred rower witha100%0P oftch-up and full CIW/bda SUBSECeUENT CLOSII IG FEE OF NOT FIRST' CLOSE) Monet of (a) Date-Month USD LIBOR ph.ts 2.00% and (b) 8.00% 'Nen, AU.M4 FJNI Idµ r..' rename Fie SA N1SULet*, ma WS. sat S.SW.xa t.tStOsi M tha tjiMaelsyi Stsd, iii rAxmeheon•nntsnao raran ra to motorail.* tin bran oroaltal ,o en, Ise rera, firSUCO* pogynes rroly rent* Owed earls Ste SO', :Pp n tip inninded rimsirat aal rimy net c• rated once. ei Ire Iran re Ira* mx x it-marmot trate or tea, .wfer "'tetra e saitcittice. of en rats team rev sweeties Ce 'I-twists-set smooch rawest L. reran .t raves ',Mato of cora* sit hu tecoMati Incoota mows MM. era. So MSS SOIL:art o r CterieiSti peivw ram.y..#-± ow.)..uandtan s--vs the :Cf..-tc•Sta: -W4g6ri Saturnus wteh sea to/histiara, to tattooists*" vreelte'S Of. A coredratal tamvl Mitt *Weft revs) Inttlgtiff lilltrynejbon egw.rne.9 woo Er.'Ssrk.%i yealy....Ss.. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096454 SDNY GM_00242638 EFTA01391512