Target First Closing

Organizational Expenses The Fund

LLC

the First Closing

FCA

Carried Interest Carried

Invested Capital

the Fund Partnership Agreement

U.S.

the Investment Period

Investment Period

General Partner's Share The General Partner

Glendower Capital

Target Size

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