From: Richard Kahn

From: Richard Kahn To: Jeffrey Epstein <[email protected]> Subject: Fwd: Stash Financial Date: Wed, 13 Mar 2019 13:58:17 +0000 stash round just priced and was a lot less then the 569mm post valar spoke of a few weeks ago.. Deal #6: Later Stage VC (Series E), $65M, Completed; 12-Mar-2019 VC Round Deal Types Deal Amount Deal Status Deal Date Announced Date Financing Status Financing Source 6th Round Later Stage VC, Series E $65.00M Completed 12-Mar- 2019 21-Feb- 2019 Venture Capital- Backed Venture Capital Raised to Date Total Invested Equity Total Invested Capital Pre- money Valuation Post Valuation CEO/Lead MGT Site Business Status $181.75M $65.00M $65.00M $340.00M $405.00M Brandon Krieg New York, NY Generating Revenue I Not necessarily a summation of individual debt figures Does not include grant funding E Estimated Deal Synopsis The company raised $65 million of Series E venture funding in a deal led by undisclosed investor on March 12, 2019, putting the company's pre-money valuation at $340 million. Entrée Capital, Union Square Ventures, Coatue Management, Breyer Capital, Goodwater Capital, Valar Ventures and other undisclosed investors also participated in the round. The funds E will be used to grow the company's business. EFTA01030418 Deal Details E 6 Investors - Breyer Capital (IDG China Capital Fund Ill, James Breyer), Coatue Management (Coatue CT XIII), Entrée Capital (Entree Capital Fund II), Goodwater Capital (Goodwater Capital II, Chi-Hua Chien), Union Square Ventures (USV 2019, E 1 Advisor - McCarter & English (Legal Advisor) E 1 Tranches - Later Stage VC (21-Feb-2019) E Stock Info Deal #5: Later Stage VC (Series D), $37.5M, Completed; 12-Feb-2018 EFTA01030419 VC 5th Round Total $37.50M Deal Synopsis The company raised $37.50 million Round Invested of Series D venture funding in a deal Deal Later Stage Equity led by Union Square Ventures on Types VC, Series Investor 67.59% February 12, 2018, putting the Ownership company's pre-money valuation at Deal $37.50M Stock 1 : 1 Amount Split $312.5 million. Breyer Capital, Deal Completed Total Goodwater Capital, Valar Ventures, $37.50M Entrée Capital and Coatue Status Invested Management also participated in the Deal Date 12-Feb- Capital round. The funds will be used to 2018 Pre- $312.50M continue to accelerate product 10.71% money innovation. Acquired Valuation Financing Venture Post $350.00M Status Capital- Valuation Backed CEO/Lead Brandon Financing Venture MGT Krieg Source Raised Capital A• $116.75M Site New York, NY to Date Business Generating Status Revenue Richard Kahn Begin forwarded message: From: James Fitzgerald <I Subject: Re: Stash Financial Date: February 28, 2019 at 4:51:35 PM EST EFTA01030420 To: Richard Kahn < Cc: Andrew McCormack Richard, if you need more help, let's set up a call. I don't want our team wasting a lot of time on this without understanding why this level of detailed is needed. Forwarded message From: Reuben Kobulnik Date: Thu, Feb 28, 2019 at 2:43 PM Subject: Re: Stash Financial To: Richard Kahn Cc: Andrew McCormack Hi Richard, Pm not totally following all of your questions, but Valar has not sold any of the equity it has acquired in Stash. Prior to this latest round, Valar Fund 3 owned approximately 16.3% of Stash. The round size was 65M at a 500M pre- so the dilution was 11.5%, plus there was a customary option pool increase of approximately 3.5% in connection with the round (option pool dilution happens before the financing dilution). Rough math is 16.3%*0.965*0.885 = 13.9%. Does that make sense? Best regards, Reuben Kobulnik Operating Partner Valar Ventures LLC On Thu, Feb 28, 2019 at 2:29 PM Richard Kahn > wrote: reuben, sorry, but can you describe for me the dilution and the ownership of the "other" valar entities. was there a sale? or only a dilution? are there warrants? or other value securities involved thank you as i am making presentation to Mr Epstein. Richard Kahn HBRK Associates Inc. EFTA01030421 On Feb 28, 2019, at 10:44 AM, Reuben Kobulnik < > wrote: Hi Richard, Note that the 19% ownership from the fall update was an overall ownership level for all Valar vehicles (although Fund 3 owns by far the biggest stake of Stash). In any event, after this most recent financing that just closed, Fund 3 now owns 13.9% of Stash on a fully diluted basis (and Valar overall owns 16.32%). Best regards, Reuben Kobulnik Operating Partner Valar Ventures LLC On Thu, Feb 28, 2019 at 10:32 AM Andrew McCormack < > wrote: Reuben can help provide the answers here. May I ask what the purpose of these one-off questions are? On Feb 28, 2019, at 4:25 PM, Richard Kahn < > wrote: my understanding from your fall update was that Valar III owned 19% of Stash after dilution what % of Stash will Valar own? please advise thank you Richard Kahn HBRK Associates Inc. On Feb 26, 2019, at 6:22 PM, Andrew McCormack Yes. On Feb 27, 2019, at 12:11 AM, Richard Kahn are we getting diluted from this round? please advise > wrote: > wrote: EFTA01030422 thank you Richard Kahn HBRK Associates Inc. On Feb 26, 2019, at 5:40 PM, Andrew McCormack <1 Post money = $565M On Feb 26, 2019, at 11:38 PM, Richard Kahn <1 thank you do you have any idea of the valuation? please advise thanks Richard Kahn On Feb 26, 2019, at 5:34 PM, Andrew McCormack <1 It means they are raising money. On Feb 26, 2019, at 11:28 PM, Richard Kahn <1 > wrote: > wrote: > wrote: > wrote: i saw that Stash Financial filed a Form D for Notice of an Exempt Offering of Securities can you please provide details of what this means.. thank you Richard Kahn HBRK Associates Inc. EFTA01030423 On Nov 4, 2018, at 7:57 AM, Andrew McCormack <I l> wrote: Hi Richard, Attached is our Fall update. I look forward to speaking with you in more detail tomorrow. Warm regards, Andrew On Thu, Nov 1, 2018 at 11:22 AM Richard Kahn < confirming 3pm on the 5th for a call thank you Richard Kahn HBRK Associates Inc. wrote: On Nov 1, 2018, at 10:50 AM, Andrew McCormack l> wrote: 3pm on the 5th or 12pm on the 6th work for me. One more thing to consider - we will be in the market in Q I for Valar V. It would be great to know if Jeffrey is considering investing with us again. Maybe the public markets aren't so great after all... Sent via Superhuman iOS On Thu, Nov 1 2018 at 10:46 AM, Richard Kahn < lets chat next week after i have read fall update please advise on times that may work for you thanks wrote: EFTA01030424 Richard Kahn HBRK Associates Inc. On Nov 1, 2018, at 10:43 AM, James Fitzgerald < > wrote: Happy to chat; and FYI we are sending out a Fall Update in the next few days. On Thu, Nov 1, 2018 at 10:25 AM, Richard Kahn < can you please advise when you have time to review funds II & thank you Richard Kahn HBRK Associates Inc. > wrote: On May 10, 2018, at 4:33 PM, James Fitzgerald < > wrote: Dear Investors, We are pleased to present you with the attached Valar Ventures 2018 Annual Report, which provides an update on all major investments in Valar Funds 1, 2 and 3, as well as a short update on the initial investments we are making in Fund 4. As you can see, all the funds are performing nicely, and we are seeing a lot of very high quality investment opportunities for Fund 4. We appreciate your continued support and look forward to catching up with many of you over the coming months. As always, if you have any questions, please feel free to reach out to us. Best regards, James and Andrew EFTA01030425 <Valar - 2018 Annual Report.pdf><Valar Fund 4 Initial Investments.pdf> James Fitzgerald / Valar Ventures / 915 Broadway / Suite 1101 / New York NY 10010 <Valar Update - Fall 2018.pdf> James Fitzgerald / Valar Ventures / 915 Broadway / Suite 1101 / New York NY 10010 EFTA01030426