GLDUS238 SOUTHERN FINANCIAL LLC Section 6: Summery of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV, LP General Partner's Share. The Adviser Commitments Minimum Commitment Glendower Capital Investment Closings Subsequent Closing Partners 0rawdowns The Manager will appoint its affiliate. Glendower Capital (U.S.), LLC ('Glendower U.S.). to provide investment advice to the Manager in connection with the investment management of the Fund. The Manager will be responsible for Glendower U.S.'s fees pursuant to a sub-advisory agreement. The Fund is seeking aggregate commitments to the Fund ('Commitments") of US$1.75 billion. although the General Partner may accept aggregate Commitments less than. or in excess of. this amount, provided that aggregate Commitments do not exceed US$2.5 billion (not including the Team Investment (as defined below)). In order to subscribe for an Interest. a prospective Limited Partner must execute a deed of adherence and provide documentation to the General Partner in order to satisfy its `customer due diligence' obligations. The General Partner may accept or reject a subscription for an Interest. The minimum Commitment for a limited partner of the Fund (collectively, the 'Limited Partners" and, together with the General Partner and the Second GP. the 'Partners") is USS5 million, although the General Partner may accept Commitments of lesser amounts. Each Limited Partner will make a capital contribution to the Fund equal to 0.01% of its Commitment. The remaining 99.99% of its Commitment may be drawn down by the Manager from time to time in the form of advances to the Fund (each, an 'Advance"). Certain individuals that are partners or employees of the Manager and Glendower U.S. will invest in the Fund (the 'Team Investment') indirectly through the Special Limited Partner (as defined below). The Team Investment will be equal to, at least, 1% of the aggregate Commitments. The General Partn