Main conclusions of the assessment of Tenders under Call for Tenders No 2 PFR Starter FIZ Warsaw

Conclusions of the substantive evaluation - Call for Tenders No 2 (1/2) PFR Starter FIZ General Remarks Carried Interest division should be more motivating for the members of the Management Body, as well as for the Investment Committee members, experts and consultants. Time involvement of the team (including other activities) should ensure a proper management of the Fund. Dependent Investment Committee compared to a private Investor or the Management team has a minority of votes in the Investment Committee Capital ties between management team and a private investor Existing conflict of interest between the fund and other activities of the Tenderer’s team members, as well as, lack of risk mitigation Low smart money potential for start-ups Poor economics of the Fund (e.g. low team members’ salary, external entities contribution in the remuneration for the management of the fund) Poor knowledge of the offer (during meetings) Low quality of the pipeline

Conclusions of the substantive evaluation - Call for Tenders No 2 (2/2) PFR Starter FIZ Existing Funds/ Management Teams Negative track record or lack of transparent track record (omission of unprofitable investments) Low own contribution of Team members, the Investment Committee Lack of disinvestments First Time Team Lack or little investment experience (including own investments) Lack or little experience in the development of products/services/companies at the early stage Lack of experience connected to start-up industry profile Non-complementary team Too high capitalization of the Financial Intermediary Lack of current cooperation between team members Lack of knowledge about the functioning of venture capital market

Conclusions of formal evaluation - Call for Tenders No 2 PFR Starter FIZ Lack of implementation in the Offer of limit values of the parameters specified in Term-sheet, e.g. management fee, length of investment period Presentation in the Offer of various data regarding a given parameter (e.g. team’s time engagement, their declared own contribution) Inconsistency of the management fee and the value of the investment with the fund's declared capitalization The management feet does not cover costs of Fund’s activity Change of forms of Appendixes to the Offer, including formulations in financial schedule Lack of submission by a Tenderer information required within Appendixes (e.g. under Investment Policy)

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