From: Andrew McCormack

From: Andrew McCormack To: "Jeffrey E." <jeevacation®gmail.com> Cc: James Fitzgerald Subject: Re: Valar Global Fund IV LP - Draft Subscription Documents **Action Required** Date: Tue, 20 Nov 2018 20:53:25 +0000 Inline-Images: Screen_Shot_2018-11-20_at_10.39.07_AM.png; Screen_Shot_2018-11- 20_at_7.44.43_AM.png Hi Jeffrey, We are going to start fundraising for Valar Fund V in January and wanted to see if you are interested. For your reference, here is how we're doing with your investments in Valar: Fund 2 (you invested $15M) 3.7x gross MOIC and 44.6% IRR. Fund 3 (you invested $25M) 2.6x gross MOIC and 63.6% IRR. Also, we have a co-investment opportunity for a Fund 2 company called N26 that is coming together pretty fast. The round details for the N26 financing are: Valuation: E2.1B (our Series A investment was at a E40M valuation) Lead: El 25M from Insight Venture Partners Total: E230M primaries Valar pro-rata: E29M I have attached a couple of screenshots (we can't share the deck) that show the company's trajectory. Happy to walk through more detailed metrics by phone or in person. 2,Screen Shot 2018-11-20 at 10.39.07 AM.png EFTA01016101 Screen Shot 2018-11-20 at 7.44.43 AM.png Do you want to talk about the N26 co-invest or Fund V? Hope all is well with you otherwise. A On Fri, Nov 3, 2017 at 1:17 PM jeffrey E. <[email protected]> wrote: Time to exit too long On Fri, Nov 3, 2017 at 1:03 PM Andrew McCormack < wrote: Hi Jeffrey, We received this from your guys at HBRK. Needless to say, we'd love to have you as a partner again in Fund IV. Your investments in Funds H and III are doing very well. If it's not meant to be, we'd love to hear your feedback on why you are declining? Warm regards, Andrew Forwarded message From: Richard Kahn Date: Fri, Nov 3, 2017 at 12:52 PM Subject: Re: Valar Global Fund IV LP - Draft Subscription Documents **Action Required** To: "Doherty, Eric" Cc: PROSPECTIVE INVESTORS James Fitz erald Andrew McCormack , Reuben Kobulnik "Bao Hon Robert" -, "Santos, Stanley" , Darren Indyke , thank you for sending however we are not interested in Fund IV Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel P, EFTA01016102 fax cell On Nov 2, 2017, at 12:37 AM, Doherty, Eric < wrote: In connection with the closing of Valar Global Fund IV LP (the "Partnership"), we are providing the following materials to you for review because you have been identified by the Partnership's general partner as a prospective Limited Partner of the Partnership: 1. The Partnership's draft Amended and Restated Limited Partnership Agreement (the "LPA"); 2. A marked copy of the LPA reflecting changes made to the Amended and Restated Limited Partnership Agreement of Valar Global Fund III LP; 3. The Partnership's Subscription Agreement and Investor Questionnaire (the "Subscription Agreement"); and 4. An Indication of Interest Form. Please let us know if you would like for us to provide copies of the attached documents or other materials directly to your counsel or additional parties within your organization. The Partnership's initial closing is currently scheduled for January 2, 2018, but please note that all completed and signed subscription documents are due by Friday, December 15, 2017. We anticipate distributing final documents and closing instructions on December 1, 2017. Consequently, please provide us with any questions or comments you may have regarding the attached materials no later thanMonday, November 20, 2017. Priority will be given to investors that complete, sign and return the Indication of Interest Form by Monday, November 20, 2017. If you have any questions or comments please contact me or Bobby Bao ( ) as soon as possible. Thanks, Eric Eric Doherty Cooley LLP 101 California Street, 5th Floor San F • Dire • This email message is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review. use. disclosure or distribution is prohibited. If you are not the intended recipient. please contact the sender by reply email and destroy all copies of the original message. II 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. EFTA01016103 <LPA - Valar IV.DOCX><Redline - LPA - Valar IV.pdf><Valar Global Fund IV LP - Subscription Agreement.pdf, <Indication of Interest.pdf> 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 jeex im®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01016104