EFTA Document EFTA01386433

• • , GLENDOWER ACCESS SECONDARY OPPOR FUNI I IES IV (U.S.). LP END NOTES Note, Investors In this Access Fund will be subject to fees, expenses and pericomance compensation of the Underlying Fund In ackellors to the Access Fund Fee and Access expanses 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. OSS' will receiver an additional Too, directly or endirectly from the Undeilying Fund (or as affiliates thereof). Find Minn:ear , Date Mat norm the ;ask day ol the toliteentn calendar month forlownwa the month et inner trre triled Closing actin Or ',An sele as øeterril,ned ,y, the Genteel Farrah end ~reamed fo ter ti Acenk>ileCOmMåt tet Dint c es sole diserotion reserves tee right to were all or any portion of the Placement Fero bergabie by any oartouief Lirn.tcJ Partner The Accts. Fund Management Fee will be sett between Capital AktriSCfS end OFP:d. with a substental portion rebated to DISSI Pease see the Private Placement Ilamorandom of the Access Fund for Kidney infonnstian A Cease:cc basis • Limited Perners capital commitment. b Coe:silk-en bind • tested Capital es fully detente; in the Underlying Fuel LPA (generdly. Inviesked Capital at the Vase-rising Fend is the ancient of cegnel invested in ernakimgas ord the romemne brdiciled Ceolegations reasonably reserved foe such Investments ) Investors making e evisscription equal to or great!, Men 45 million hare the option:.' inveStend dereCtly nt...; the Unclerbdig Fund at Ove Underlying Reefs discreeer ^fly defect ~Mori will ni-ot to.tarte this IS bor. a.scoont, against management for. from the Unclatlyivg Fund ~soars who case directly info me Underlying pond will rot be sorer>: t W Access Find ^tenses. Ilda. DBsi atter acts as placement agen t .or tifvSerivirg Find and wili receive related mekling fees Pease* see tic Private Pecernes. Memo:a-dins of Me Access Fora bp filhav informants. Neither dlendaser :bribe LIP nor itapital Att.». s, LIlt an: affiliated Witt DA.A. IMPORTANT INFORMATION CONTINUED i ha 'No, matuer careened harem (tic lersontateser") is for irdipmertiened and chwinr:bn owmow. ori9 and is not. and may not be rebid on in any merrier as, lops!, tax or nvestment &text any reammeedation of °gallon tegendln9 the eoPrePnot"Pll ertebunt or any Investment or strategy. or es an ode to sell or a salicebstion of an offer to boy ea abt , +it a (dens:ewer Caged .Scroildery OpteeticiteS Furd (Stei"lineiedyircs Fterd") GetfrelOwei ACCees Seconder? Ocessituff ire I W (AS). LP (the NOW) A. Private offering or •Vereg.ta in the Access Fund wsd be made an y beresincit ro too Access Funes Private Placement MtmoiarduM (the -Offering elernorandum"). whirr wdl be toeiret onn: tO Ci~-ed peOSS)9CINO:nVOItOn on a Zen, dential basis. The Presentation is snick/led in its entirety by rate:~ to the Offering teemorarchen, retch tor-darns more determiner inlor manor. about the Access Fusers investment clement. reim: ed exceletien and dia contains tax information and ink clitiosures that are ernes:waist to any in vntrrrtnt deCebOr›teswd.rq the ACCess peruse, her been re: heeded to mat.? WI,/ :mere:ere concerning the Access Fond other than ss set forth es the Offerkg PkrnCeendurn Ad env such statements. if made, may not te salad upon. The inItyrnation contained herein most be kept strictly confesenuai and stay nat be reproduced or Peter eboted in sty format without the approval of the enerad Proem of the Access Fuld evil 'hers -entree Pernaa of tee ~bog Furl 1173 Prcentabon. other then the tiescriotica of the Acceao Fund Tarns. Wen not creased 'at the Access Fond zni does rot ektecribe an invest:rat en the Access Fund. There ate inicortant differences between the Acorn Fund and the lindel lying Fund described et the Pnesentodon. An rivestment in the Access Furies not welds* for as unestord. No ;twin, conker srailil be aware :het investing in Me Axe is Fug erimbes aPith degion Of MR Terre Can be IN) aSSI.W.V•te tnt^vt 4CO11; Fufd Of rte Vigtedying Ford sod bdwra; trait investment obiesems or MA inventors will receive a when on than ceoitS The pond:coy of partia' or toed loss of Crick,' Will exist and prospective investors mart be rmeratrad 10 hear capita! 'awes that may resit from irnestmeras. tilers ova be restrictions on Iran:femme interests tr. tee Access Fund. investments may be knee aged end Ilse iniestireess ixiffonnance may be volatile. Prelore &Aiding to once in the Peter, Fuel Prow...rive invireort eacs, d feed the Offering Memo, ettint and bey pat -adds ettenti,3,4)06RiVr llama contained teen The fees and troene; dsarcrtd inert wivestment in the Access Fund may be higher theintht few and expenses Ol other xesestment alteenaleves and may offset pnstrts Both the Access Fund six' the ~lying Pi.inCl ,MDOLli adiniraStiatne or Managenient fees. <us:octal xi:An:silting text other service fees. onownwinco Sceances ard otte *N5anSce; tnat Wan reoitn serums. tr, ..8110i$ trodd nitre the &wired atriity and ....nodose:: to accept the isk chnrectenstict of the Accat; Funds investments. Potential confIcts of interne :nay anse between the :Serval Platelet end the Un=to Partnea lo ch conflicts ol intern: are tennved new filly in the Offering Manor enovn In contdanng sty pipicymanoe nytte can ir. the gm-pribItian. vegi should bevy n mind let past or targeted re frarrence 5 04: Wicket.. al fixt:r0 niaitS and I tre or. be no alltgaCAT hist the limas: Ford or the teckelying Fund will atheave cornpaiable results. Protµrbve investors should also bear n mind that past or targeted ozAlfc4-., characteristics are not wocatwe ed lutwe ,Utfalla eharaCteiStka end here cio 1 be )o assecence that any hand well have consomable portfole character istcs c' that target Poi 'folio I:hermit istics will be aches-xi Tnt, Vain Of eineenYee‘n tango down as, we? el up. In addit.)0. there <an be rW assaaixe the: uneeeleved investments vat bit re zed ar the valuation showgin a; actual realized returns will depend Oft among other factcec tuba, operating results the value of the issek and mak« cocoas's-is at tre time of disposition any *wed tmosection costs. end the timing or d mestrer of sago. cl of which nosy be differ. it flow. the risiy-.~ns nr wi-rch the wile d:ions contained twain ate Dated IRR: benefited one 'gross" bale do not reflect any mews -mint lees. cal 'tad proleier.l. terns and Sicce:it enaenees tome by inverses. when in trot aggregate may be %An! ants; lb,stlorr actual bark,rwet of the Underlyirg Fund ire ~region of such fees and rugetat; wodd be lower !hand", (Foss Performance redected in this CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088133 CONFIDENTIAL SDNY_GM_00234317 EFTA01386433