EFTA Document EFTA01391229

GLOUS139 Thad Lake Capital Summary of Key Terms This is a summary of terms only. This summary of the Access Funds terms is qualified in its entirety by the Private Placement Memorandum of the Access Fund, as may be amended and restated or supplemented from time to time, and the Amended and Restated Limited Partnership Agreement of the Access Fund. Fund Name General Partner Investment Manager Structure Strategy Minimum Commitment Target Size Fund Term Underlying Fund Glendower Capital Secondary Opportunities Fund IV. LP Access Fund' Glendower Access Secondary Opportunities IV (U.S.). LP Glendower Capital SOF IV (GP) Limited Glendower Capital. LLP English Private Fund Limited Partnership Glendower Access Secondary Opportunities IV GP, LLC Capital Advisors, LLC Invest in private equity assets on the secondary market globally S5 million 51 75 b:II:on 7 years from the date of the Underlying Fund's Final Admission Date' plus up to 5 one-year extensions (the first 3 one-year extensions are at the discretion of Glendower and the final 2 one-year extensions require the consent of the SOF IV advisory committee) For the purposes of making investments and/or paying expenses generally upon 12 business da 'prior written notice Four years from the Underlying Fund's Final Admission Date' An AIF MD-compliant depositary will be appointed by the Fund prior to the Underlying Fund's first closing. This first closing will not occur prior to the date on which such AIFMD-compliant depositary has been formally appointed as the Underlying Fund's depositary and fund administrator Debevoise 8 Plimpton LLP Audited annual accounts as well as unaudited quarterly financial statements (2nd and 3rd quarters only) and unaucited quarterly capital account statements N/A Delaware Limited Partnership The Access Fund will invest substantially all of its investable assets into the Underlying Fund 5250.000 N/A The Access Fund will continue in existence through the one-year anniversary of the me 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 Investment Period Administrator Legal Counsel Reporting Placement Fee Management Feel Investment Period Two Years after the end of the Investment Period Thereafter through the end of the Fund term,' Carried interest Subsequent Closing Fee (if not first close) Generaly upon 7 business days' notice N/A Third Party Administrator Cleary Gottlieb Steen 8 Hamilton LLP Quarterly reports. capital account statements and year-end audited financial statements Up to 2.00% payable to DBSI or an affiliate thereof? Net of 15 basis point discount against Underlying Fund fees reserved for Access fund only 1.10% of Committed Capital' a 85% of Invested Capital' The greater of 90% of previous year and 0 25% of Invested Capital 12 50% after an 800% preferred return with a 100% GP catch-up and full clawback Higher of (a) Three-month USD LIBOR plus 2 00% and (b) 800% Access Fund During Investment 2 Years Following L Commitment Period' Investment Penod5 ----- ---- ----- <53 million 53 - <$5 million a 75% L 55 intlIton+t- 1 00% 0.75% 025% 060% 0 25% No additeonal carried interest veill be charged by the Access Fund Same as the Underlying Fund, including contributions made by Feeder investor;-1 for fees and expenses of the Feeder Thereafter 1 > of 90% of previous i year or 0.25%5 iCapital. STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND QUALIFIED INVESTOR USE ONLY 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096040 SDNY_GM_00242224 EFTA01391229