General Partner's Share The General Partner

Investment Period

Organizational Expenses The Fund

Target First Closing

Target Size

LLC

the First Closing

FCA

Carried Interest Carried

Invested Capital

the Fund Partnership Agreement

U.S.

the Investment Period

Glendower Capital

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