GLDUS238 SOUTHERN FINANCIAL LLC Section 6: Summery of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV. LP Summary of Terms and Conditions The following is a summary of the principal terms of the Fund. This summary is qualified in its entirely by reference to the Fund Partnership Agreement and the deeds of adherence relating to the purchase of Interests, both of which are available upon request and should be reviewed carefully prior to making an investment decision. The offer made hereby is subject to modification, prior sale and withdrawal. To the extent that there is any inconsistency between this Memorandum and the Fund Documents, the provisions of the Fund Documents will prevail. The Fund Glendower Capital Secondary Opportunities Fund IV. LP, an English private fund limited partnership. Investment Objective The Fund will seek to generate attractive risk adjusted investment returns, principally in the form of capital appreciation, through the acquisition, holding, financing, refinancing and disposition of a diverse portfolio of investments including buyout. growth capital, venture capital, special situations, turnaround, mezzanine, distressed opportunities, real estate and infrastructure assets on the secondary market. The Fund will target globally, but primarily in the U.S. and Europe (i) the acquisition of interests in established generalist and specialist private equity fund structures (including funds of funds, feeder funds and other similar structures) primarily on the secondary market (each such fund or structure, a 'Fund Secondary), (ii) the acquisition of investment interests in private equity fund structures or portfolios of private equity assets on the secondary market through bespoke liquidity solutions (each such investment interest, a "GP-led Secondary). and (iii) co-investments in individual portfolio companies alongside private equity fund sponsors (each such co-investment, a 'Single Asset Dean. Fund