GLDUS113 Cliff 'lug Glendmer Capital Secondary Cpportuniti3s Fund Ill, LP Section 9: Certain Legal, ERISA and Tax Considerations Confidential Private Placement Memorandum 70 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095501 CONFIDENTIAL SDNY_GM_00241685 EFTA01390859