GLDLIS130 Aspen Grove Capital. LLC Key Definitions "Single Asset Deal' means an investment by the Fund (directly or indirectly) in a portfolio company alongside one or more private equity fund sponsors (and any follow-on investments in any such investment but no! including any GP-led Secondary) as reasonably determined by the Manager as the context requires "Fund Secondaty means (a) an Interest held directly or Indirectly by the Fund in a generalist or specialist private equity fund structure (including a fund of hinds, feeder fund or other similar structure) acquired in a standalone transaction or (b) a portfolio of such interests acquired in a single transaction, in each case as reasonably determined by the Manager as the context requires, provided that any interest referred to in clause raj shall be in a fund structure that either has an investment period that is expired (other than for follow-on investments) or has drawn clown or committed to invest at least 5014 of its aggregate commitments. and provkled that any portfolio of interests referred to in clause tbj shall be in hind structures that in the aggregate have drawn down or committed to invest at least 50% of their aggregate commitments. provided further that the aggregate commitments of any fund structure that has an investment period that is oarired (other than for follow-on investments! sha€ be deemed to equal the amount drawn down in such fund structure and provided. further, that a Fund Secondary shall not also be detemaned to be an Early Stage Investment "GP-led Secondary' means an investment interest held by the Fund (directly or indirectly) in private equity fund structure or a portfolio of direct private equity assets through bespoke liquidity solutions (and any follow-on investments in any such investment interest but not inc€uding any Single Asset Deals) as reasonably determined by the Manager as the context requires. "SOF means DB Secondary Opportunities RintiA. L.P 08 Secondary Opp