SOUTHERN FINANCIAL LLC Section 7: Risk Factors Glendower Capital Secondary Opportunities Fund IV

Fund

Sony

Confidential Private Placement

U.S.

the U.S. Adviser

Confidential Prnrate Placement

Investors

the General Partner

the European Council

the Fund Documents

the Fund Partnership Agreement

Funds

Drawdowns

Deutsche Bank

the Fund

General Partner

the 'Investment Company Act

the Key Persons

Limited Partner

the U.S. Investment Company Act

Fund Partnership Agreement

BEPS

Basel III

Certain Investors

REPS