GLENDOWER ACCESS SECONDARY OPPOR I UNI I IES IV (U.S.). LP _t END NOTES Note: Investors In the Access Fund will no subject to fees, expenses and pertoimeace compensation of the Underlying Fund In addition to the Access Fund Fee and Access expenses and will experience lower returns than investors committing directly to the thaderlyIng Find as a result of the fees end expenses associated with an investment in the Access Fund. OSS' will receive an additional fee, directly or indirectly from the Undetlying Fund (or it.; affiliates thereof). Find AUrniSWOI, Ds* Shah mean the ;east day ol the toliteentn calendar month folownwe the month et winch tne Inuit Closing actin Or ',At, tub. date as cseieipl,ned ty; the Genesel Peeler eneCOriferveif IN COaehatet DieSI n it, sole die:tens reserves the right to wens all or any portion of trer Placement Fag bergabkr by any portico's' L insted Partner The Accts. Fund Management Fee will be stn between Capital Advisers end OFS:d. with n substantial portion rebated to DDS] Pease lee the Private Rayner* Memorandum of the Access Fund for baths infoirrrecin 4, Cessation basis • Limited Partners capital commitment. 5. Ceerilirier basis = tisestild Capital es fully define; in the Unite:lying Fuel LPA (frenh«ly. Invested Capital at the bride-flying Fund is the ancont of beiCel invested in investments ond the ,,rdicilshl crlegetkons reasonably reserrr for such Investments ) Investors making e toisscription equal so or greate, then 45 million her> the option ineeStin.2 dereCtly an.: the Unclerbre Fund at the Underlying Fteefs discreakån any defect tnwistors will ilt neotine the IS bin a.scakin: against management feat from trio Unclatlying Fund investors who inset direciiy into the Underlying Fond will rot be pike: t W ACClea. Find expenses. Ilda. DBsi cco eats as pie:scent .e~ .or lirsierlying Fin -land receive related ms kitting fees Please see tic Private Pacernent Memoir-dish of the ',crass Pura bp tinter inform