EFTA Document EFTA01394334

GLENDOWER ACCESS SECONDARY OPPOR I UNI I IES IV (U.S.). LP _t END NOTES Note: Investors In the Access Fund will no subject to fees, expenses and pertoimeace compensation of the Underlying Fund In addition to the Access Fund Fee and Access expenses and will experience lower returns than investors committing directly to the thaderlyIng Find as a result of the fees end expenses associated with an investment in the Access Fund. OSS' will receive an additional fee, directly or indirectly from the Undetlying Fund (or it.; affiliates thereof). Find AUrniSWOI, Ds* Shah mean the ;east day ol the toliteentn calendar month folownwe the month et winch tne Inuit Closing actin Or ',At, tub. date as cseieipl,ned ty; the Genesel Peeler eneCOriferveif IN COaehatet DieSI n it, sole die:tens reserves the right to wens all or any portion of trer Placement Fag bergabkr by any portico's' L insted Partner The Accts. Fund Management Fee will be stn between Capital Advisers end OFS:d. with n substantial portion rebated to DDS] Pease lee the Private Rayner* Memorandum of the Access Fund for baths infoirrrecin 4, Cessation basis • Limited Partners capital commitment. 5. Ceerilirier basis = tisestild Capital es fully define; in the Unite:lying Fuel LPA (frenh«ly. Invested Capital at the bride-flying Fund is the ancont of beiCel invested in investments ond the ,,rdicilshl crlegetkons reasonably reserrr for such Investments ) Investors making e toisscription equal so or greate, then 45 million her> the option ineeStin.2 dereCtly an.: the Unclerbre Fund at the Underlying Fteefs discreakån any defect tnwistors will ilt neotine the IS bin a.scakin: against management feat from trio Unclatlying Fund investors who inset direciiy into the Underlying Fond will rot be pike: t W ACClea. Find expenses. Ilda. DBsi cco eats as pie:scent .e~ .or lirsierlying Fin -land receive related ms kitting fees Please see tic Private Pacernent Memoir-dish of the ',crass Pura bp tinter informants, Neither Glen:laser Capital, LIP nor i Capital Att.». s r Ill: am :abated Witt Dgftl. IMPORTANT INFORMATION CONTINUED i ha ''.% matuer cordoned harem (the 'Parentstran") ia fot irdismetenel and chwinr:bn burl:Now. oral and is not. and may not be mired on in any rietcrier as. NW!. tar or nyestment acts e, only recommendation oi opinion regardrsg the eolPeten ntknien kuPdPkT1 or any investment or seater'. or es an off« to sell or is sakcibstion of an offer to boy ea abt , att =1 iRendower Capital :Seconds. y CropettisseteS Furd U' (tic "Itniestylrg Purr" Clitrekiveei XiSeki Secondary rootrucirre I W (AS). LP (Pr 'earl Fund'). A. Private offering ar eVereg.ta in the Access Fund twit be made ally butPrnt 1:0 tall Access Funds antrate Piercentent MtmoiarduM (the -Offering Mennorandum"). when wdl be forumet onn: tO ~ad peOSS)9Ctrn ::neosår on a <MO.:kraal basis. The Presentation is creak/led in res entirety by :ale:~ to The Offering Igemorschen, when contains mere <Stalks: riot fIlrref. ebout the Access Fiscrs /Averment chalet's. reim: ed malaise and Abu contains tax information and ink du:Crum. that are resonant to any a:elan -pent deC131Or, teem ding the Access F-sd. le person hiss been autherired to wete amt sitaterest concerning the Access Fbed other then ss set forth in SeOfferinj ekrnOcendurn ere env such statements. if made, ma, not te teled upon. The inIcanation contained herein must be kept strictly confrentbs end rise/ not be recnoeuced Or Peden iboted in sty format without the aborovel of the iienetel reins« of the Access Pad sid the ~rat Patine of tee Mivn Fur. Tic Prsentation. other tien the descriotica of the Fund Tarns. wen not created for the Access Fond zni does rot senate s, investment in the Access Fund There are rip octant differences between the Access Fund and the Under lyin0 Fu ne described et the Presenter:Jon. An er estment et the Access Fire is not natal,* for at 'rasters. Pro ant i rya inwte ken ~al De aurai. :het investing in the Axe is Fuld sn.>3.4s a nigh :M gt« Of Mk. Tiare Can be ndaSShiante :NM tet 1-am; Fund o he Underlying Fugl will aChortwi triad imaStrnent ohinrs or that investors will recessi a return on thee ceoitS The pond:arty of partia' Jt toral lots of Crick,' Will exist and niospactria investors most be onstxred to hear capitd lasses that may resit from innestmeras. triers ova be restrictions on tranzfeinno interests ir. the Access Pund. investments may beine aged and the reenters. ixidetinence may be venetile. tbeime disding to snow in the eater Fund. Prospers: , anterior exe-rd sad the Oflei ing !Cirri 4,1CUM end icy patteilen attention to tnt Ric,. Pamir contained teten The fees and etoentel charpod in an u,esbnenlin the Access Fund may be Inner Otanrbt let and expenses of other insestment SternalNes end may offset profits Botn the Access Fund sal the ~lying Ftld impose aditeraStiatne Ce rea~lent fees. custocbal wee:rang tent orb° service fees. onaarnwire Ma caw:nit erd Other. *N5enSce !net oat Mara IVainiS kn nips trodd 'flit the financial abtiaw and raFfingorit: to accept tnt ilk chili...relishes of Wig Accbt; Funds triyestments. Potential conftcts of intern: may arise biter>«, the Genial Peal* , ad thy Emoted Parrott lo ch conflicts ol intern: are Cio cr.wl flere filly ril Ire Offering fauna anar.rn In centelsing sly performanoe data can enmei ir. the artilmbItian. yau should tear n mind Met pest or targeted ihtikyrnance 5 no: indicative Ol firt‘rO nisatS and I tare than esi no enmatte tot the limas: Fund rn the kirclerying Fund will EktnICVII compriable results. Prospective investors should also boar n mind that past or targeted arefelio characteristics se not rovlisa cd Iutt.e hOttfoli0 charaCtCiStka end here ca 1 be )o ass:Jena that sty had will have combetable codford character Fitts cr that ta Jet pa: trek.) idvtrnatistii:s will be achieved The Vain Of errall, ~. Car, .2.3 dawn hrt additun. there <on b%10) atitaaixti thee tnt Seed iNesties«.s vat bit reS zed ar the geoiyationG shown a; rictus realdens returns will 600n/ICI On among other factor. rub", operating results, the value of the Mats and mad« conosins at tn.) nme of disposition. any *mod irnstaction costs. and the tinting ord manner of into. al of wlach mod be oiffeeit from tre ityry-.~ns ni wittch the Yak:anent contained twain eie Dated IRlir bene noe one 'gross" babe do not reflect eny mrespernes lens. col Wad Inleier.l. rases and Slocaliki expanses bans by reterces. whirl, in the aggregate may be %An! ants; lb,stlorb, actual iserk,rwet of the Underlylioe Fund after ~ixtico of such fees end essences wesid be lower then !het —sou acre:misc.. reflected in this CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100334 CONFIDENTIAL SDNY_GM_00246518 EFTA01394334