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DISCLAIMER (2/3)
provided in this Confidential Document. Any past performance information herein is not necessarily indicative of
future results and actual performance may differ materially from any projected or forecasted performance.
Example case studies of specific investments included herein were selected for illustrative purposes to show
the investment strategy and investment processes of existing CVC funds. It should not be assumed that such
investments are or will be profitable or that their performance is necessarily representative of the overall
performance of the relevant CVC fund.
Historic market trends are not reliable indicators of actual future market behaviour or future performance of any
particular investment which may differ materially, and should not be relied upon as such. Nothing contained
herein is intended to predict the performance of any investment. There can be no assurance that actual
outcomes will match the assumptions or that actual returns will match any expected returns. The information
contained herein is as of the date indicated on the cover page, unless otherwise indicated, is subject to change,
and CVC assumes no obligation to update the information herein.
CVC investment professionals change over time and persons in the investment team responsible for the
investments of the CVC funds referred to in this Confidential Document may no longer be investment
professionals of CVC.
Limitations of Target Returns. Target returns are hypothetical in nature and are shown for illustrative,
informational purposes only. This summary is not intended to forecast or predict future events, but rather to
indicate the returns for the asset classes indicated herein that CVC has observed in the market generally over
the course of an investment cycle. It does not reflect the actual or expected returns of any potential investment
and does not guarantee future results. The target returns are based upon CVC's view of the potential returns
for investments, are not meant to predict the returns of the any fund or account, and are subject to the following
assumptions: CVC considers a number of factors, including, for example, observed and historical market
returns relevant to the applicable asset class available for investment, projected cash flows, relevant other
market dynamics (including interest rate and currency markets), anticipated leverage, and liquidity constraints.
Certain of the assumptions have been made for modelling purposes and are unlikely to be realized. No
representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions
used in achieving the returns have been stated or fully considered. Changes in the assumptions may have a
material impact on the target returns presented. Unless otherwise indicated, all data is shown before
management fees, incentive fees, applicable expenses, taxes and does not account for the effects of inflation.
Management fees, incentive fees and potential expenses are not considered and would reduce returns. Actual
results experienced by investors may vary significantly from the target returns shown.
Target Returns May Not Materialize. General discussions contained in this presentation regarding the market
or market conditions represent the view of either the source cited or a CVC Entity. Such information is not
research and should not be treated as research and is included in order to provide a framework to assist in the
implementation of an investor's own analysis and an investor's own views on the topic discussed.
Limitations of Related Performance. The performance shown herein is not the performance of Fund VIII (the
"Fund") and is not an indication of how the Fund would have performed in the past or will perform in the future.
The Fund's performance in the future will be different from the performance shown due to factors including, but
not limited to, differences in cash flows, fees, expenses, performance calculation methods, and portfolio sizes
and composition. The performance presented reflects the performance of accounts managed by CVC utilizing
a strategy substantially similar to that which is utilized for the Fund.
Risk Factors. The Fund is speculative and involves a high degree of risk. The Fund will not be registered as
an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As a
result, investors will not receive the protections of the Investment Company Act afforded to investors in
registered investment companies (i.e. "mutual funds"). The Fund may utilize leverage and may also invest in
forward contracts, options, swaps and over-the-counter derivative instruments, among others. Because of the
nature of the trading activities, the results of the Fund's operations may be volatile from month to month and
from period to period. An investor could lose or a substantial portion of his/her/its investment. The Fund's
manager or advisor has total trading authority over the Fund and may be subject to various conflicts of interest.
No secondary public market for the sale of the Interests exists, nor is one likely to develop. The ability to
redeem Interests will be limited and subject to certain restrictions and conditions under the applicable Limited
Partner Agreement. The Fund may be subject to substantial charges for management, advisory and brokerage
fees. It may be necessary for those pools that are subject to these charges to make substantial trading profits
to avoid depletion or exhaustion of their assets. The Fund may engage in trading on non- U. S. exchanges and
markets. The net asset value of the Fund may be determined by its administrator in consultation with its
manager or advisor, or based on information from the manager of the Fund, and may include valuations for
unrealized investments. Actual performance may differ substantially from the unrealized values presented.
Investors in private equity funds such as the Fund are subject to pass-through tax treatment of their investment.
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