From: "Jeffrey E." <jeevacationggmail.com>

From: "Jeffrey E." <jeevacationggmail.com> To: Richard Kahn Subject: Re: Coinbase Date: Wed, 31 Jan 2018 19:14:46 +0000 Inline-Images: image001.png Jeffrey , returns on sat , lets make it monday deadline On Wed, Jan 31, 2018 at 2:09 PM, Richard Kahn • wrote: Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax ccl Begin forwarded message: From: W Bradford Stephens Subject: Update on our offer Date: January 31, 2018 at 2:08:31 PM EST To: Richard Kahn < Cc: P Bait Stephens < Darren and Rich, >, Darren Indyke <- >, Spencer Bogart We are writing to let you know that our offer to buy 50% of the Coinbase position at a $4b valuation ("$14.667m) is still valid for 24 hours. However, after that time period, we will need to re-visit valuation. There have been a few material changes to the market and to the competitive landscape within the last few days: Aside from the crypto market being down 40-60% in the past few weeks, we have heard from two of our portfolio companies this week, who are competitive to Coinbase, that they have seen a dramatic downturn in their revenue and profitability so far in 2018. And, we have seen two new formidable competitors emerge into the market to compete directly with Coinbase: Robinhood and one yet-to-be-announced mega-merger. We still want to purchase the Coinbase position as a core holding for our new 4th Fund, but the fundamentals of the market have changed a lot. EFTA00896008 We will still honor our offer at the $4b valuation for 24 hours until 12pm PST February 1st. But after that time, we will need to adjust valuations to reflect the changing dynamics of the market. We are looking forward to hearing back and closing this transaction. Brad W. Bradford Stephens cid:[email protected] Co-Founder and Managing Partner Blockchain Capital LLC One Ferry Building, Suite 255 San Francisco, CA 94111 0:1; =MI www.blockcham.capital please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00896009