From: J <[email protected]>

From: J <[email protected]> To: Richard Kahn • Subject: Re: Valar Global Fund IV LP - Draft Subscription Documents "Action Required" Date: Wed, 06 Feb 2019 16:03:19 +0000 Cost On Wed, Feb 6, 2019 at 10:46 AM Richard Kahn > wrote: great values FMV as of 9-30-2018 was: Valar II 21,166,482 Valar III 33,165,591 your report shows investments at cost: Valar II 14,250,000 Valar III 23,500,000 Please advise how i should carry on your monthly report cost or FMV? thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax = eel On Feb 6, 2019, at 9:16 AM, J <jeevacation®gmail.com> wrote: Forwarded message From: Andrew McCormack Date: Wed, Feb 6, 2019 at 8:52 AM Subject: Re: Valar Global Fund IV LP - Draft Subscription Documents "Action Required" To: J <[email protected]> EFTA01029054 These are unaudited and still subject review. I would call them estimated 12/31/2018 capital account balances. Valar Global Fund II LP = $40.75M Valar Global Fund III LP = $49.69M Stash, Qonto, Octane all doing very well. Probably billion dollar + companies in 2-3 years. Petal, Coya are too early to tell. I think funds 2 & 3 have a good chance at being 10X (or better) funds. On Feb 5, 2019, at 3:54 PM, J [email protected]> wrote: andrew. waiting for the year end numbers. I see n26 has done very wel. what about stash and the balance . hope you are well On Tue, Nov 20, 2018 at 3:53 PM Andrew McCormack < > wrote: 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 €40M valuation) Lead: E125M 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. <Screen Shot 2018-11-20 at 10.39.07 AM.png> <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 EFTA01029055 On Fri, Nov 3, 2017 at 1:03 PM Andrew McCormack <I l> 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 II 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 Fitzgerald , Andrew McCormack Reuben Kobulnik "Bao, Hongbo 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 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 Ill LP; 3. The Partnership's Subscription Agreement and Investor Questionnaire (the "Subscription Agreement"); and 4. An Indication of Interest Form. EFTA01029056 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 Thanks, Eric Eric Doherty as soon as possible. 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. If you are the intended recipient. please be advised that the content of this message is subject to access. review end disclosure by the sender's Email System Administrator. <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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note EFTA01029057 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 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 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 EFTA01029058