GLDUS113 Cliff IIlig Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV, LP Upon dissolution of the Fund, distributions may also include restricted securities or other assets of the Fund. Notwithstanding the foregoing, the Fund may make tax distributions to the Partners in respect of gain and other income from portfolio investments in accordance with the manner in which such gain and other income is allocated to the Partners. Distributions to the General Partner and the Special Limited Partner will not be subject to Carried Interest. Special Limited Partner Clawback Organizational Expenses Operating and Other Expenses Transaction, Break•Up and Other Fees Fund Advisory Committee Upon termination of the Fund, the Special Limited Partner will be required to return to the Fund distributions of Carried Interest previously received to the extent that they exceed the amounts that should have been distributed to the Special Limited Partner as Carried Interest (as described in "Distributions' above) applied on an aggregate basis covering all transactions of the Fund. In no event, however, will the Special Limited Partner be required to return more than the cumulative Carried Interest distributions received by the Special limited Partner, net of amounts in respect of taxes thereon. The Fund will bear all legal and other expenses incurred in the formation of the Fund and the offering of the Interests therein (other than any placement fees), up to an aggregate amount not to exceed USS2.500.000. plus amounts in respect of applicable value added tax. Organizational expenses in excess of this amount, and any placement fees. will be paid by the Fund but borne by the General Partner through a 100% offset against the General Partners Share. Each of the Manager, the General Partner and the Second GP will pay all normal operating expenses incidental to the provision of its day-to-day services to the Fund. includ