GLENDOWER ACCESS SECONDARY OPPOR FUNI I IES IV (U.S.). LP END NOTES Note, Investors In the Access Fund will to subject to fees, expenses and performance compensation of the Underlying Fund In ackellors to the Access Fund Fee and Ames expenses and will experience lower returns than investors committing directly to the Underlying Find as a result of the fees and expenses associated with an Investment in the Access Fund. MS' will receive an additional Too, directly or indirectly from the Underlying Fund (or as affiliates aorta«) Find Minn:ear , Date Mat norm the ;ask day ol the toliteentn calendar month forlownno the month et whom trre Innad Closing actin Or ',An opt. dere as øeterril,ned ty; the Genteel *flea and COriumerd ro by fee Acfc COmMåt tet Dint m it, sole cliseretron reserves the right to wane all or any portion of tha Placement Foe bergabe by any oarecuir Linseed Partner The Accts. Fund Management Fee will be split between Capital AktriSCfS end OBSI with a substantial portion rebelled to DISSI Pete see the 'duvet* Ftasement Ilaniorandum of the Access Fund for Kidney clarinets -, Ceiconstron bests • Limited Partners capital contentment. b Coe:silk-en bind = knested Capital es fully defined in the Underlying Fuel LPA (pareedly. kneeled Crditel at the Verclenying Fund is the aneroid of cednel invested in irrantmges ord the remaining ordonled Croligations reasonably reserved for such Investments ) Investors making e svisscription equal to or great!, Men 45 million hare the option incetind dereCtly nt...; the Untenerdig Fund a' the Underlyre Reefs dincreekån ^fly defect ~Mori will ni-ot to.tarte this IS bor. a.scoont, against management for. from the Underlying Fund investors who cat! directly in.(' me Underlying Fend will rot ba sorriest to Access Find empresses. Neia. OBsi /co acts as placement agent he lirsderiying Find and wili receive related mr being fees Pities* see the Private Pacernens elemoirdran of Me Access Fora for (unbar i