DS9 Document EFTA00810509

STASH Velar Fund 3 / Put your money where it matters Stash Updates  Continued rapid user growth, reaching 2.5M users and I .5M funded accounts in September. CAC remains stable at < $20 per new user. 1 Revenue has grown 5x YoY, exceeding forecasts with $3.8M in Q3. Revenue expected to hit $100M annualized by the end of next year. 1 Gross margins (negative last year) are now positive and nearing 50%. 1 Accelerated pace of new product launches. Retirement and custodial accounts, as well as insurance referrals, all growing exponentially. Stash debit card, cash back and gifting launching in Q4. 1 Over $2.5M has been pre-funded for the Stash Debit product, with 50k sign ups during a 3 week period. 1 Series D financing expected in Q4 2018.  Valar is the second largest investor in Stash, with a 19% ownership stake in the company. 0. neat n • rem Of egsO eV WOW cat" cuian b tan *noose maw new. WS al el p goollisa feaP.MgetgillEtt Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $29.6M $65.6M 2.2x $347.5M USV. Coatue. Goodwater. Jim Breyer VALAR / EFTA00810509