GLDUS124 BBR Partners Section 9: Certain Legal. ERISA and Tax Considerations Glendower Capital Secondary Opponumties Fund IV. LP Certain Legal,ERISA and Tax Considerations The AIFM073 Valuation The Manager has decided that the nature of the investments that will be held by the Fund is such that there is no need for an external valuer. The Fund's valuations will be prepared in accordance with the UK AlFM Regulation on a fair value principle, based on U.S. GAAP and Accounting Standards Codification ('ASC*) 820 Fair Value Measurement. ASC 820 establishes a fair value hierarchy that prioritizes sources and valuation techniques. Accordingly, the Fund will be valued at an 'exit price' which is the value that would be received on selling the investment in an orderly transaction, between market participants at the measurement date. The Manager will establish a valuation committee (the 'Valuation Committee') to perform an assessment of valuations provided by the relevant investment specialists, together with acquisition information that has been gathered to understand each individual Investment. Deirdre Davies. the Manager's Chief Operating Officer, chairs the Valuation Committee and is also responsible for the Manager's valuation policy and procedures. Ms. Davies is not responsible for the Manager's deal activity or portfolio management, is functionally independent from the Managers portfolio management activities. and the Manager has put in place such measures as it considers reasonably necessary to mitigate conflicts of interest that may arise in connection with the valuation of the Fund's investments. Therefore, in the Manager's view, Ms. Davies has sufficient independence to oversee the valuation pokey and procedures in accordance with the Manager's compliance obligations. The Valuation Committee members, its terms of reference and the Managers valuation policy will be periodically assessed and internally audited to ensure compliance with the princip