Organizational Expenses The Fund

FCA

LLC

Glendower Capital

Carried Interest Carried

Invested Capital

the Fund Partnership Agreement

U.S.

the Investment Period

the First Closing

General Partner's Share The General Partner

Target First Closing

Target Size

Investment Period

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