GLDUS132 EverWatch Financial GLENDOWER ACCESS SECONDARY OPPORTUNITIES FUND IV (U.S.), L.P. CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. will invest substantially all of its investable assets into Glendower Capital Secondary Opportunities Fund IV, L.P. (the "Underlying Fund"). ACCESS & UNDERLYING FUND TERMS ACCESS FUND GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV (U.S.), L.P. GENERAL PARTNER Glendower Access Secondary Opportunities IV GP, LLC INVESTMENT MANAGER iCapital Advisors, LLC STRUCTURE Delaware Limited Partnership STRATEGY The Access Fund will invest substantially all of its investable assets into the Underlying Fund MINIMUM COMMITMENT $250,000 FUND TERM The Access Fund will continue in existence through the one-year anniversary of the dissolution of the Underlying Fund (and accordingly, shall extend automatically upon the extension of the Underlying Fund's term), with two additional one-year optional extension periods at the discretion of its General Partner CAPITAL CALLS Generally upon 7 business days' notice REPORTING Quarterly reports, capital account statements and year-end audited financial statements PLACEMENT FEE Up to 2.00% payable to DBSI or an affiliate thereof2 MANAGEMENT FEE3 Access Fund Commitment <$3 Mil $3 - <$5 Mil $5 Mil+6 During Investment period4 1.00% 0.75% 0.25% 2 Years Following EFTA01440070