GLIDUS142 Ironsides Asset Mgmt iI. SUMMARY OF PRINCIPAL TERMS OF THE ACCESS FUND To understand this investment opportunity, a prospective investor should read both this summary of terms of Glendower Access Secondary Opportunities IV (U.S), LP. (the 'Access Fund') and the summary of terms and conditions ofGlendower Capital Secondary Opportunities Pundit/. LP (together with its parallel investment finds and alternative investment funds. if applicable, the "Underlying Fund") in the attached Confidential Private Placement Memorandum of the Underlying Fund dated October 2017 (together with the first supplement thereto, and as it may be fitrther amended and/or supplemented from time to time, the "Underlying Fund PPM") and the limited partnership agreement of the Underlying Fund, which shall be provided upon request by the General Partner or Investment Manager. The following information is presented as a summary of principal terms of the Access Fund and an investment in the Interests. This summary (and terms of the Access Fund described elsewhere in this Memorandum) is qualified in its entirety by reference to the Access Fund's Amended and Restated Limited Partnership Agreement (as amended, restated or otherwise modified from time to time, the "Partnership Agreement'). and the subscription agreement and the related documentation with respect thereto (the "Subscription Agreement." and together with the Partnership Agreement, the 'Agreements'). copies of which will be provided to each prospective investor upon request. The forms of such Agreements should be reviewed carefully. in the event of a conflict between the terms of this summary and the Agreements. the Agreements will control. The Access Fund The General Partner The Investment Manager Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership (the "Access Fund"). The general partner of the Access Fund is Glendower Access Secondary Opportunities iV GP LLC, a Dela