From: "O'Donnell, Ian" <I

From: "O'Donnell, Ian" <I To: PROSPECTIVE INVESTORS <I CC: Reuben Kobulnik >, Hongbo Bao Subject: Valar Global Fund II LP - Updated LPA and PPM Supplement Date: Thu, 18 Dec 2014 08:04:50 -H0000 Importance: high Attachments: 112323316v7 NAACTIVE - Valar Global Fund II - Limited Partnership_Agreement_(LPA).DOCX; Redlines _LPA_(106498852v8_- 112323316v7).pdf; Valar_Global_Fund_II_LP_-_PPM_Supplement_-_December_2014.pdf Ladies and Gentlemen, In connection with the coming closing of Valar Global Fund II LP (the "Fund"), attached please find an updated Limited Partnership Agreement of the Fund (the "LPA") and a redline marked against the October 10 version previously distributed by Valar. We believe that the changes in the LPA are investor-favorable. Also attached is a supplement (the "Supplement") to the Confidential Private Placement Memorandum of the Fund (the "PPM"). The Supplement is confidential and should be reviewed in conjunction with the PPM and the LPA. The closing of the Fund is scheduled for January 1, 2015. We are requesting that all outstanding subscription documents be submitted to Sandra Dayco-Coray (by email at or by fax at 415-693- 2222 ATTN Sandra Dayco-Coray) by December 19 so that we can complete any follow-ups prior to the upcoming holiday. If you have any questions regarding the above or the closing process of the Fund, please feel free to contact us. Many thanks for your support for Valar. Ian O'Donnell Cooley LLP • 101 California Street • 5th Floor San Francisco, CA 94111-5800 Direct Email: • LPA and Redline PPM Supplement This email message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. My unauthorized review, use, disclosure or distribution is prohibited. It you are not the intended recipient. please contact the sender by reply email and destroy all copies of the original message. If you are the intended recipient. please be advised that the content of this message is subject to access, review and disclosure by the sender's Email System Administrator. EFTA01003348