Carried Interest Carried

the Fund Partnership Agreement

the Investment Period

the First Closing

FCA

Investment Period

U.S.

Glendower Capital

Organizational Expenses The Fund

LLC

Invested Capital

Target First Closing

Target Size

General Partner's Share The General Partner

Confidential Private Placement

Principal Terms Glendower Capital Secondary Opportunities Fund IV

General Partner's

Target First Closing As

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

SEC

Deutsche Alternative Asset Management (Global) Limited

FED

the Deutsche Bank

Organisational The Fund

Confidential Prnrate Placement

SOUTHERN FINANCIAL