From: Andrew McCormack

From: Andrew McCormack To: Jeffrey Epstein <jeevacation®gmail.com> Cc: James Fitzgerald <1 Subject: Valar Fund 2 - Fall update Date: Fri, 18 Sep 2015 17:43:33 +0000 Attachments: Valar Fund_2_Update_(Fall_20 I 5).pdf Jeffrey, Attached is our Fall Update for Valar Global Fund 2 (although I think we covered most of this and then some in our recent call). You have may also have seen the Breather deal announced yesterday; there will be a related capital call going out later today. As a heads up, I expect our lawyers will be circulating the Fund 3 LPA for review/comment sometime next month. Happy to answer any questions you may have before then, of course. We're excited to work with you again on Fund 3. All the best, Andrew PS - Here's a Breather piece from Techcrunch: http://techcrunch.com/2015/09/17/breather-raises-20m-from- pster-thiels-valar-ventures-to-expand-its-on-demand-private-room-business/#.5gx9uz:rb9l EFTA00704065