EFTA01394729

GLENDOWER ACCESS SECONDARY OPPOR I UNI I IES IV (U.S.). LP END NOTES Note, Investors In the Access Fund will bo subject to fees, expenses and performance compomation of the Underlying Fund In addition to the Access Fund Fee and Acmes expenses and will expeclence lower miens, than investors committing directly to the Underlying Find as a result of the fees and expenses associated with an Investment in the Access Fund. DBSI will receive an oddltIonal too, directly or indirectly from the, Underlying Fund (or its affiliates donna) Find AUnti1W0f, Date shall mom the ;ask day of the toliteentn talenot month tolerant> the month et winch toe ifrtrei Closing oecin Ws t, fate date as t$eierro,,,ed ,y, the Genteel omit. nth COrrinverf ro ti'R9 AchnlOrFealrehlt tee Cogfil in rts solo drecletion resorts tee 'tint Sc' waned' ce any portion of the Placement Fes pergabe by any oarhoult Linuted partner The Access Fund Management Fee will be mkt between Capital Advisees end 0FEr( with n subitantal portion rebelled to DISSI Panne te the Private Fttement Memorandum of tro Access Fund for fatner informatics-, h, C.:tow:cm bans • Limited Pertness capital ccennietrnent. 5. Cee:Ui.riOn DOHS = hugged Capital es fully defined in the LI,XetilyIg Fund LPA (henei&ly, Inereekt: Crclitel et the Unclorblish Fared is Ile anuunt of ca ut invested in nuithreqms ein the remaining endure/NI Crolegretkåns reasonably reserved tot such Investment; ) Investors nuking e e....(4CtiptiOn "'dual to or greate then 45 million nor/ the ObtiOn IneeStill2 dettctly nt...; the Unit/erg Fiend ar de Underlying Reefs discretUn Any defect tnertstors will not roreiret trio IS bps a.scatn: stwinst management fens from. too Unclerlyerg Fund investors who tved directly into tro Underlying Ford will rot be what t t> Access Find ^tenses. DBI tee eats as pltement .he Urvarriylnd Fund and will recent related mer kiting fees theatre see to Private Frarement !lemma-dun, of rin recess Fend for tether informant" Neither neendaser ;Arabs', LIP nor 'Capital Achn lids, Lt1 am &Misted with DlYel. IMPORTANT INFORMATION CONTINUED i re seta notero contra-oil heron (Me in -t,ostann, n") /4 for x-Parnmtienal and eh:nu:races ou mow. ori9 snei ,s rot. and may not be mind on in any We , of, logo!, tax or nvestment ad te, any recommendation or opasion regardln9 the oPPmfah ohniell Pihflhktn of any investment or strategy. or as an one to sell or a sakcitstkan of an offer to boy ea abt , est =h Glendower Capital .Secoildery Opptitunetete Fund Pt LP (Um "Underlying Ford" M Cclextwei Atew Seconder/ Ohooreuneree I !V (AS). LP (the Fund'). Ai Private offering er •Vereg.tS in the Access Fund ma be meet arty huttåent 1:0 7.0 Access Fines watt Pienement ~garden', the 'Offering Mennornadum"). when will be fesvarord (1~ -ed peeSetetrn inVOItOn on a COMilontial barn The Presentation is rmoldied :n ris entsein by role:~ to the Offering Memorandum, when contains mere detailed info, fIlrref. about the Fie cress Funcrs refitment other: Wm. Wm:. era ttnclitums and et> cantata tax tfor emboli and 'elk chtiof ores that are itricurrant to any in.ontrrnntdecenorilesafrdrin the Access peruar hss teen eutlyarired to wet.? ern rAniteretart concerning tre Access Feed other than ss set forth rn Offering Irtmonenclum WWI env such statements. if nude, may not te need upon. The estornation contacted herein most be kept strictly confidential and obey rut be reproduced or redistributed in any format without the tihornet of the firenød Parente of the Access Fad ein the General Peden of tee ~lyres Fri Ten Prnentation. other !han the detrioncr of the P,:ce?.:. Ford :ams. was not cereal for the Access Fond zed does rot describe an invesOntest rn the Access Fund There are impotent differences between the Access Fund and the linen lying Fund described r the Presentedon. An enestment in the Access Rails rut weak* for as ireesion. Po a nito, metetel. /Mte ore ~ate Met investing in Wet Arty ix Fund sn.)3ves ril Peal: stegren Of nil' Them Cat be IN) aSSur.Vto :Nat svt 4afil; Fuu.Ot :ein Underlyirsh Ford svell ache;. train investment oltocums or doe investors ad recent, a return må that canItS Thro powitarty of par :a' or told lops of COMO, Will exist and prospective investors most oe onsexeed to beat capital sasses that may resit from tmestments. tilers wa be restrictions on transferring interests tr. tin Accero Fund. investments may be lanedad and the irtiestirron. twformance may be treble. Pekoe deciding to row in the excese Fwiret motet me imeercer. fluurd mad the Offering flesnor4,1CUM end ney peetcridi artentina to ?nits/ Pane/ contained oxeeo The fees end a:semen charred inert tmeestmem in the 'sec** Fund Mew ta hater ragierbs let ert expenses of other nuestment alternahves and may offset prates Botn the Access Fund ans die ~lying Fond adrniraSttatne or tria~lent fees. cuseocluil weowteag arcs orrice ser eke fees. onnormaneet Screamers ard ot ei *N5enSce toet Wan reMaxt teroms. le, ..8110t • srcdd twee the. Fereaciei :twee and venire nuns to accept rear risk cherechnistict of titt accost Funds investments. Potetral conflict, of intend men arse betynma the Genial Ratite aix' the Um:WI Pantoa. such conllx It of intern: are de creed nere filt' its ire Offering Myrna entun In cent:donne any porformanoe data canternito ir. Um. Prestritatian. >mu should toter n mind tt.et pest or targeted ptifeYmat.C. i, 04: OXImeative Oh Keive niaitS and 'NYC a an be ISO 011tga,CAT that the access Fonda' the Unit/nog Fund will achieve tor:losable results. Pionsecbm investors should also bear jr' meat dat past or targeted acelfee.o character rocs are not xeckcalwe of lute* bOttfali0 charaelCiStka ard here ca s be )o asswence that any fund will herre comstrable portfoss character rstcs at that target Poi rich.> I:Intent isties oeiti De at hewn, The Vain Of Can .24 dOwn attars. thereon be n) atieraixei tea, tir See* well be rat zed ar the gaguationG glens a; actual realq6d returns will 600.)/X1 Oft among other fettur. fUs‘rt operating results the value of the assets and mod« connate-is at tre time of dispoeizew, any rotted imsextion costs. end the timing end meaner of goo. tel d wene me: be :efferent gam tre cree-.~ns witsch eta eels:awns contained herein arg Dated IRRf presented one 'gross" bale do not reflect any mews -men leek c en Wad insert, men and Slocabk, expenses bent by wetter, which in the aggregate may be w..b:.!b•-rtral hrnelorb. actual perk, ranee of the Underlyrrya Fund after ne ixticei of such fees end est-erven veveld be lower !hand/. (Foss performance reflected in the CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100767 CONFIDENTIAL SDNY_GM_00246951 EFTA01394729