GL0US144 Glenn Warren Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV, LP extended (i) by the Manager for up to three successive periods of one-year each, and (ii) thereafter, by the Manager. with the consent of the Fund Advisory Committee. for up to two additional successive periods of one-year each. Currency Tax Considerations ERISA Considerations Risk Factors and Potential Conflicts of Into rest Special Counsel to the General Partner and the Manager Auditors to the General Partner The Fund will be denominated in U.S. dollars. For UK tax purposes, the Fund should be treated as tax transparent and should not. therefore, be separately taxable. Each UK investor will be liable for tax on its own share of income. gain, losses. deductions and tax credits of the Fund. The Manager intends that the Fund be treated as a partnership for U.S. federal income tax purposes. Asa partnership, the Fund generally will not be subject to U.S. federal income tax, and each Partner subject to U.S. tax will be required to include in computing its U.S. federal income tax liability its allocable share of the items of income, gain, loss, deduction and credit of the Fund, regardless of whether and to what extent distributions are made by the Fund to such Partner. It is expected that annual U.S. federal tax information from portfolio investments will not be received in sufficient time to permit the Fund to incorporate such information into its annual U.S. federal tax information and to distribute such information to its investors prior to when their tax return reporting obligations become due. As a result. investors will likely be required to obtain extensions for filing U.S. federal, state and local income tax returns each year. The taxation of partners and partnerships is extremely complex. Prospective investors, In particular prospective non-U.S. and U.S. tax-exempt Investors, are strongly urged to consult thei