• • , GLENDOWER ACCESS SECONDARY OPPOR FUNI I IES IV (U.S.). LP END NOTES Note, Investors In this Access Fund will be subject to fees, expenses and pericomance compensation of the Underlying Fund In ackellors to the Access Fund Fee and Access expanses and will experience lower returns than investors committing directly to the Underlying Find as a result of the fees and expenses associated with an Investment in the Access Fund. OSS' will receiver an additional Too, directly or endirectly from the Undeilying Fund (or as affiliates thereof). Find Minn:ear , Date Mat norm the ;ask day ol the toliteentn calendar month forlownwa the month et inner trre triled Closing actin Or ',An sele as øeterril,ned ,y, the Genteel Farrah end ~reamed fo ter ti Acenk>ileCOmMåt tet Dint c es sole diserotion reserves tee right to were all or any portion of the Placement Fero bergabie by any oartouief Lirn.tcJ Partner The Accts. Fund Management Fee will be sett between Capital AktriSCfS end OFP:d. with a substental portion rebated to DISSI Pease see the Private Placement Ilamorandom of the Access Fund for Kidney infonnstian A Cease:cc basis • Limited Perners capital commitment. b Coe:silk-en bind • tested Capital es fully detente; in the Underlying Fuel LPA (generdly. Inviesked Capital at the Vase-rising Fend is the ancient of cegnel invested in ernakimgas ord the romemne brdiciled Ceolegations reasonably reserved foe such Investments ) Investors making e evisscription equal to or great!, Men 45 million hare the option:.' inveStend dereCtly nt...; the Unclerbdig Fund at Ove Underlying Reefs discreeer ^fly defect ~Mori will ni-ot to.tarte this IS bor. a.scoont, against management for. from the Unclatlyivg Fund ~soars who case directly info me Underlying pond will rot be sorer>: t W Access Find ^tenses. Ilda. DBsi atter acts as placement agen t .or tifvSerivirg Find and wili receive related mekling fees Pease* see tic Private Pecernes. Memo:a-dins of Me Access Fora