GLDUS138 Ian Slome Section 9: Certain Legal. ERISA and Tax Considerations Glendower Capital Secondary Opportunities Fund IV. LP if certain other events occur. It is also possible that a transaction undertaken by the Fund will be a reportable transaction for Investors. Substantial penalties may be imposed on taxpayers who fail to comply with these laws. In addition, other tax laws impose substantial excise taxes and additional reporting requirements and penalties on certain tax-exempt Investors (and, in some cases, the managers of tax-exempt Investors) that are. directly or in some cases indirectly, parties to certain types of reportable transactions. Certain U.S. state and local income tax considerations The foregoing discussion does not address the U.S. state and local tax consequences of an investment in the Fund. Investors may be subject to U.S. state and local taxation, and tax return filing requirements, in the jurisdictions of the Fund's activities or investments, particularly in the case of investments in Operating Partnerships. Investors may not receive the relevant tax information prior to when their tax return reporting obligations become due and may need to file for extensions. Investors are urged to consult their own tax advisers regarding U.S. state and local tax matters. Certain UK tax considerations The following is a discussion of certain UK taxation considerations relating to an investment in the Fund and does not purport to address all of the UK taxation considerations that may be applicable to any particular Investor. It is based on laws, regulations and other authorities in effect as of the date of this Memorandum, all of which are subject to change. possibly with retroactive effect. The UK taxation of partnerships and partners is extremely complex, involving, among other things. significant issues as to the character, timing of realization and sourcing of gains and losses. Investors should not construe the contents of this Me