EFTA Document EFTA01390857

GLDUS113 Cliff IIlig 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 Committee The Fund