Rhode Island State Investment Commission

ADDENDUM: DEFINITIONS & DISCLAIMERS (cont.) All information contained herein has been developed by DVSM, LLC and its affiliates (collectively, "Endeavour," "Endeavour Capital," "we" or "us"). This presentation does not constitute an offer to sell or the solicitation of an offer to purchase any security. Recipients of this presentation agree that none of Endeavour or its affiliates or its or their respective partners, members, employees, officers, directors, agents, or representatives shall have any liability for any misstatement or omission of fact or any opinion expressed herein. The information contained herein is preliminary, is provided for discussion purposes only, is only a summary of key information, is not complete, and does not contain certain material information about Fund VIII, including important conflicts disclosures and risk factors associated with an investment in Fund VIII, and is subject to change without notice. Any offer, sale or solicitation of interests with respect to Fund VIII will be made only pursuant to Fund VIII's confidential private placement memorandum (the "Memorandum"), limited partnership agreement, and subscription agreement, and will be subject to the terms and conditions contained in such documents in accordance with applicable securities laws. This presentation is qualified in its entirety by reference to Fund VIII's Memorandum, including without limitation all of the cautionary statements and risk factors set forth therein, the limited partnership agreement and the subscription agreement related thereto, copies of all of which will be made available in the future to qualified investors upon request and should be read carefully prior to any investment in Fund VIII. The information in this presentation is not presented with a view to providing investment advice with respect to any security, or making any claim as to the past, current or future performance thereof, and Endeavour expressly disclaims the use of this presentation for such purposes. Each recipient should consult its own advisers as to legal, business, tax and other related matters concerning an investment in Fund VIII. Past performance is not necessarily indicative, or a guarantee, of future results. The historical returns achieved by any prior funds or individual investments are not a prediction of future performance or a guarantee of future results. There can be no assurance that Fund VIII will achieve comparable results as those presented or that Fund VIII will be able to implement its investment strategy or achieve its investment objective. Investors in Fund VIII may lose part or all of their invested capital. Endeavour believes the metrics identified herein can be used to analyze the returns attained in realized and unrealized investments. However, any determination as to the driver of returns is inherently subjective, and there can be no assurance that other third-party analyses of this data would reach the same conclusions as those provided herein or would not attribute returns to other factors such as general economic conditions. Any Fund VIII securities will be subject to significant restrictions on transfer under the federal securities laws and the limited partnership agreement of Fund VIII. No trading market for Fund VIII's securities may ever develop. Statements contained in this presentation are based on current expectations, estimates, projections, opinions and beliefs of Endeavour as of the date hereof. Such statements involve known and unknown risks and uncertainties, and undue reliance should not be placed thereon. Neither Endeavour nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of Fund VIII or any other entity. Unless otherwise noted, the information contained herein is unaudited and may be preliminary and subject to change, and Endeavour and its members, partners, stockholders, managers, directors, officers, employees and agents do not have any obligation to update any of such information. Certain figures in this presentation may have been rounded. In addition, certain information contained herein has been obtained from published and non-published sources and/or prepared by third-parties, and in certain cases has not been updated through the date hereof. While such information is believed to be reliable for the purposes of this presentation, Endeavour assumes no responsibility for the accuracy or completeness of such information and such information has not been independently verified by it. The inclusion of any third-party firm and/or company names, brands and/or logos does not imply any affiliation with these firms or companies. None of these firms or companies have endorsed Endeavour, Fund VIII or any Endeavour entities or personnel. Certain information contained herein constitutes "forward-looking statements," which can be identified by the use of terms such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "projects," "future," "targets," "intends," "plans," "believes," "estimates" (or the negatives thereof) or other variations thereon or comparable terminology. Forward looking statements are subject to a number of risks and uncertainties, some of which are beyond the control of Endeavour, including among others, the risks listed in the Memorandum. Actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which Endeavour is not currently aware also could cause actual results to differ. In light of these risks, uncertainties and assumptions, prospective investors should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this presentation may not occur. A broad range of risk factors could cause Fund VIII to fail to meet its investment objectives, and there can be no assurance that Fund VIII will achieve these objectives. Endeavour undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No third-party firm or company names, brands, images or logos used in this presentation are Endeavour's trademarks or registered trademarks, and they remain the property of their respective holders and not Endeavour. The inclusion of any third-party firm and/or company names, brands, images and/or logos does not imply any affiliation with these firms or companies. None of these firms or companies has endorsed the investment opportunity described herein, Endeavour, any affiliates of Endeavour, or Endeavour's personnel. ENDEAVOUR 21