Target Size

Carried Interest Carried

FCA

Invested Capital

U.S.

the Investment Period

the First Closing

the Fund Partnership Agreement

LLC

Organizational Expenses The Fund

Investment Period

Target First Closing

Glendower Capital

General Partner's Share The General Partner

Confidential Private Placement

Principal Terms Glendower Capital Secondary Opportunities Fund IV

SOUTHERN FINANCIAL LLC Section 3: Summery of Principal Terms Glendower Capital Secondary Opportunities Fund IV

Confidential Prnrate Placement