DS9 Document EFTA01078564

saths May 2015 DST Opportunities Access LP DST Opportunities Access Offshore LP ("DST Opportunities Access") This presentation is for your review only. DST Opportunities Access LP and DST Opportunities Access Offshore LP have not been launched yet. This presentation is delivered solely as reference material with respect to DST Opportunities Access LP and DST Opportunities Access Offshore LP, investment products that Goldman Sachs may offer in the future. The overview provided herein is delivered solely as reference material with respect to DST Opportunities Access LP and DST Opportunities Access Offshore LP and is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any interests in DST Opportunities Access LP or DST Opportunities Access Offshore LP: any such offering will occur only in accordance with the terms and conditions set forth in the offering memorandum pertaining to such partnership. Investments in DST Opportunities Access LP and DST Opportunities Access Offshore LP will be subject to substantial investment restrictions and will be illiquid: investors are strongly urged to review carefully the relevant offering memorandum and other documents pertaining to such partnership. Goldman Sachs does not provide accounting. tax or legal advice to its clients and all investors are strongly urged to consult with their own advisors regarding any potential strategy or investment. This overview is confidential and may not be reproduced or transferred. in whole or in part, to any other party without the express written consent of Goldman Sachs. Except for information relating directly to Goldman Sachs, the information contained herein. including the description of Digital Sky Technologies (-DST"), its management and its investment strategies has been provided to Goldman Sachs by DST. The views or opinions expressed are the views or opinions solely of DST. and Goldman Sachs neither agrees nor disagrees with those views and opinions. Goldman Sachs makes no representations, guarantees or warranties of any kind whatsoever regarding DST and its funds. For Goldman Sachs International: for clients categorized as Professional Clients in accordance with the Markets in Financial Instruments Directive (Directive 2004/39/EC) only. PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078564 Executive Summary DST Opportunities Access (the "Fund") will seek to capitalize on the growth in the global Internet industry by providing access to a leading manager plhllllait SNIP, Asset Management Manager Overview Attractive Investment Highlights Unique Access Vehicle Structure • Founded by Yuri Milner in 2009, DST Global ("DST") is raising its fifth fund to pursue non- controlling investments in late-stage private companies in the global Internet industry with valuations of at least $500 million • The investment team consists of five partners who collectively have almost 70 years of investment experience • From 2009 until March 31, 2015, DST has invested approximately $5.3 billion across four funds and ten co-investments, resulting in a net IRR of 74%, a net multiple on capital of 2.6x and approximately $9.7 billion of gross proceeds from realizations' • DST has generated consistent top quartile performance across its funds and co-investments compared to Buyout & Growth and Venture2 benchmarks • The team's expertise is built on three pillars: (i) operational / founder knowledge of Yuri Milner; (ii) broad experience of the investment team; and (hi) disciplined due diligence and research approach • Leveraging their global network, DST typically targets companies with the following investment characteristics: (i) category leaders; (ii) strong CEO / management teams; (iii) high secular growth; and (iv) a clear path to potential profitability • 30% of capital raised will be invested in DST Global V3 ("DSTG V" or "Fund V"), the fifth fund managed by DST • 70% of capital raised will be invested in co-investments^ alongside DSTG V Al past funds and co-investment are closed to new investors. Al related performance is shown for illustrative purposes only and is not indicative or representative of Fund V's performance. Actual results may vary significantly. 'Source: See slide 16 of DST Overview presentation below. 2Top performance quartiling is representative and inclusive of individual performance reporting of al four DST funds and co-investments against Preqins Buyout & Growth and Cambridge's Venture benchmarks as of December 31. 2014. 3DST V has not yet held an initial closing. DST expects to hold a final close in December 2016 although no assurances can be made to this effect. 4The Fund wil :west in such co-investment opportunities through a DST managed oo.invest fund (the 'DST Co-invest Fund'). DST historical returns and investment team hiuhliahts are as ol March 31 2015. PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078565 DST Opportunities Access Structure Asset Management DST Opportunities Access 30% allocated to DSTG V DSTG V Investment Parameters ■ Fund V expects not to make an investment less than $10 million or greater than $100 million2 in any single portfolio company • Fund V expects only to make investments in companies that have pre-money valuations of at least $500 million ■ Fund V's primary strategy for exiting investments is through an IPO or sale to a strategic buyer • Typical expected exit timeframe is three to five years post investment 70% allocated to co-investments alongside DSTG V' Co-investment Parameters DST Opportunities Access will participate in co- investments offered by DST during the DSTG V investment period, subject to the followings: 1. Co•investments must be in a new or existing portfolio company of DSTG V where the total co- investment amount offered to all co-investors is at least $25 million 2. Commitment of DST Opportunities Access to any one co•investment will be at least equal to DST Opportunities Access' Pro Rata° but capped at 50% of the amount of the transaction sourced by DST 3. No single co•investment (including follow-on opportunities) shall represent more than 20% of total capital committed to the DST Co-Invest Fund (without GSAM approval) 4. DST has discretion on sizing of the investment by the DST Co-Invest Fund in each co•investment opportunity Note: For illustrative purposes only. Investment terms are preliminary and are subject to change in accordance with the offering documents. The descriptions set forth above are a summary of certain proposed terms and are not intended to be complete. This should not be construed as provi ng any assurance or guarantee as to the actual terms of the proposed fund. Goldman Sachs has no obligation to offer such a fund. d such a product is offered. please carefully review the offering documents and any supplements thereto (copies of which will be evadable upon request) for a complete description of all information regarding the fund including the fund's structure, terms. and portfolio characteristics. prior to making an investmeM decision. 'Co-investments vrill be managed by the DST team and such co- investments will be made through the DST Co-invest Fund. 2DSTG V may seek to invest greater than $100 million or less than $10 miton in a single porffebo company or invest with a valuation under $500 million with the approval of its limited partner advisory board. 3DST will make determinations as to the composition of the DST Co-invest Fund's portfolio. subject to the parameters herein. 'DST Opportunities Access Pro Rata shat be defined as the ratio of DST Opportunities Access' commitment to DSTG V over total investor commitments to DSTG V. 2 PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY EFTA01078566 Summary of Terms DST Opportunities Access LP and DST Opportunities Access Offshore LP Gokbean mac Asset Management Target Fund Size Investment Manager Structure Management Fee' Performance Fee' Minimum Subscription Investment Period Fund Term Timing $500 million - $1 billion GSAM Onshore (Delaware) and Offshore (Cayman) vehicles DSTG V: 2.0% per annum on committed capital during investment period; 2.0% per annum on invested capital post investment period. DST Co-Invest Fund: 1.5% per annum on capital invested in co-investment2 GS will share in a portion of the management fees. DSTG V: 20.0°i: (preferred return of 8% compounded annually4) DST Co-Invest Fund: 20.0°/03 (preferred return of 8% compounded annually') $1,000,000 36 months from final close of DSTG V 6 years from final close of DSTG V (with certain extension options) Final close of DST Opportunities Access anticipated June 2015 Note: For illustrative purposes only. Investment terms are preliminary and are subject to change in accordance with the offering documents. The descriptions set forth above are a summary of certain proposed terms and are not intended to be complete. This should not be construed as providing any assurance or guarantee as to the actual terms of the proposed fund. Goldman Sachs has no obligation to offer such a fwd. If such a product is offered. please carefuly review the offering documents and any supplements thereto (copies of which will be available upon request) for a complete description of all ilformation regarding the fund including the fund's structure, terms, and portfolio characteristics. prior to making an investment decision. 'The management fee and carried interest are payable by the Fund. GS ad share in a portion of the management fees. tThe management fee and carried interest charged on co-investments are charged deal by deal with carried interest charged on co-investments subject to clawback to cost. GS or its affiliates and DST or its afSiates will receive a portion of such carried interest charged on such co-investment. 3The share of profits from a successful investment paid to the manager after returning the initial investment and any agreed upon preferred return to the investors includng co-investments."The minimum rate of return that the investors must achieve before carried interval is permitted. Once hurdle is achieved, the general partner receives a catch-up retum. 3 PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY EFTA01078567 Summary of Risks and Other Considerations DST Opportunities Access LP and DST Opportunities Access Offshore LP =MA Asset Management An investment in the Fund involves substantial risks. The following list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Fund and additional risks or uncertainties may adversely affect the Fund or the value of an investment in the Fund. Prospective investors should read the Placement Memorandum of the Fund and the Partnership Agreement of the Fund and all other documents pertaining to the Fund and consult with their own advisors before deciding whether to invest in the Fund. Adverse effect of economic conditions and credit market otislocation. The Fund may be adversely affected by uncertainty in the financial markets and economic conditions around the world, some of which may magnify the risks described in the Placement Memorandum and have other adverse effects. Partial or total loss of a Limited Partner's investment. The Fund is intended for long-term investors who can accept the risks associated with investing in illiquid securities. Limitations on the withdrawal and transfer of LP interests. Prospective investors should not invest unless they are prepared to retain their LP Interests in the Fund until the Fund liquidates. Illiquidity of the Fund's investments: distributions in-kind. The portfolio investments may be illiquid and long-term. Inability to meet investment objective or investment strategy. The success of the Fund depends on DSTs ability to identify and select appropriate investment opportunities. as well as the ability to acquire and manage those investments. The Fund's investment flexibility may be constrained by confidentiality concerns. In the course of its investment process. the Fund may be required to enter into confidentiality agreements with current or potential portfolio investments that would prohibit the Fund andfor the limited partners from publicly disclosing sensitive information relating to these portfolio investments. Restrictions on investments. The Fund may be limited in its ability or unable to invest in certain types of investments due to preferences or rights-of-first-refusal that have been or will be granted in favor of others. 4 PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078568 Disclosures Asset Management This overview is conlidentia: and may not be reproduced or transferred, in whole or in pan. to any other party that is not an employee. officer. director. or authorized agent of the recipient without the express written consent of Goldman Sachs. The material provided herein is for informational purposes only and delivered solely as reference material with respect to DST Opportunities Access. This overview does not constitute an offer to sell or a soliolation of an offer to buy any interests in DST Opportunities Access. Any effecting of DST Opportunities Access will occur only in accordance with the terms and conditions set forth in its Private Placement Memorandum. Prior to :westing. iwestors are strongly urged to (a) carefully review the Private Placement Memorandum (including the risk factors described therein). the subscrplion agreement and a other documents pertaining to DST Opportunities Access. inducing the risk factors contained in such effecting memorandum (and which offering memorandum contains the beliefs. views and opinions solely of DST as to which Goldman Sachs takes no responsibility and makes no representations or warranties of any kind whatsoever). (b) ask such additional questions of Goldman Sachs Asset Management. LP.. in its capacity as investment manager of DST Opportunities Access. as they deem appropriate and (c) discuss any prospective investment in DST Opportunities Access with their legal and tax advisers in order to make an independent determination of the suitability and consequences of such an investment. Investment in DST Opportunities Access is suitable only for sophisticated investors for whom an investment in DST Opportunities Access does not constitute a complete investment program and who fully understand, and are willing to assume, the risks involved in investing in DST Opportunities Access. The possibility of partial or total loss of DST Opportunities Access's capital exists. and prospective investors should not subscribe unless they can readily bear the consequences of such loss. Any losses in DST Opportunities Access will be borne solely by investors in DST Opportunities Access and not by Goldman Sachs: therefore. Goldman Sachs' losses in OST Opportunities Access will be limited to losses attributable to the ovmership interests in DST Opportunities Access. if any. held by Goldman Sachs in its capacity as an investor in DST Opportunities Access. Ownership interests in DST Opportunities Access are not insured by the Federal Deposit Insurance Corporation. arid are not deposits. obligations of. or endorsed or guaranteed in any way, by any banking entity. No person has been authorized to give any information or to make any representation. warranty, statement or assurance not contained in the Private Placement Memorandum and. it given or made. such other information or representation, warranty. statement or assurance may not be relied upon. The offering of interests in DST Opportunities Access will be made in reliance upon an exemption from registration under the Securities Act of 1933. as amended (the 'Securities Act'). for offers and sales of searities that do not involve a public offering. No public or other market will develop for DST Opportunities Access interests. Mich are highly illiquid. DST Opportunities Access interests are generally not transferable without the consent of the general partner of DST Opportunlies Access. and the satisfaction of certain other conditions. inducing compliance with federal and state securities taws. DST Opportunities Access will not be registered as an investment company under the U.S. Investment Company Act of 1900. as amended (the 'Investment Company Act'). The general partner of DST Opportunities Access is reoUring that each purchaser of interests in DST Opportunities Access must be a "qualified purchaser as defined in the Investment Company Ad and an 'accredited investor' as defined in Regulation D wider the Searities Act. DST Opportunities Access will impose a management fee of 2% on committed capital during the investment period and 2% on nvested capital post the nvestment period with a 20% carry (preferred return of 8% compounded annually) for the 30% of the DST Opportunities Access capital allocated to DSTG V and a management fee of 1.6% on invested capital (by the DST Co-invest Fund ) with a 20% cant' (preferred return of 8% compounded annually) for the 70% of the DST Opportunities Access capital allocated to the OST Co-invest Fund an its investors (including DST Opportunities Access). and such fees will reduce DST Opportunities Access's retums. There will also be fees at the OST Opportunities Access level. The LPs a bear expenses of DSTG V and the DST Go-invest Fund. GS or it affiliates and DST or its affiates will receive a portion of such management fee and carried interest charged on co-lvestments. DST Opportunities Access may invest in securities of non.U.S. issuers. These ',vestments are subject to risks relating to the legal, regulatory. economic and political environments of the relevant country or region. Certain information contained herein constitutes "forward looking statements." which can be identified by the use of forward-looking terminology such as 'may."will."should."'expect." 'anticipate.' 'project."estimate."intend."continue' or 'believe' or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties. actual events or results or the actual performance of DST Opportunities Access and DSTG V and DST Co.inved Fund each may differ materialy and adversely from those reflected or contemplated in the fonvard.looking statements. Any historical performance inferred from the information contained herein is not indicative of future perfamance, which can vary considerably. In general, past performance is not a guide to future performance arid the value of investments and the income derived from those rivestments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. 5 PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078569 Disclosures (cont'd) Asset Management The ability of DST Opportunities Access to achieve any targets or expectaions stated herein depends upon a variety of factors, not the least of which are political, public market and economic conditions. The trading market for the securities of any portfolio imestment of DST Opportunities Access may not be sufficiently liquid to enable DST to sell such securities when it believes it is most advantageous to do so. or without adversely affecting the stock price. VoWOW in political. market or economic conditions. including an outbreak or escalation of major hostilities. terrorist actions or other significant national or international calamities could have a material adverse effect upon DST. the firm, and consequently DST Cpportinities Access. There can therefore be no assurance that the returns discussed in this overview (historical, expected or otherwise) can be achieved in the future. To the extent this presentation is used by Private Wealth Management. this presentation is intended only to facilitate your discussions with Goldman Sachs as to the opportunities available to Ott Private Wealth Management aents. The presentation is not intended to be used as a general guide to investing. It makes no implied or express recommendations to purchase or set a security or concernin the manner SI which any client's account should or would be handled. as finding the appropriate investment strategies for a client will depend upon the clients investment objectives. Prospective investors should not rely on the fact that certain of Goldman Sachs' partners and employees may invest in DST Opportunities Access given. among other considerations. differing investment objectives, relative risk tolerance and the size of the expected investment relative to the entire investment portfolios of Goldman Sachs' partners and employees. tf such investment is made. the fees and other terms on which Goldman Sachs' partners and employees may invest may differ from. and be more favorable than. the terms upon which other investors ad invest including potentially reduced or waived fees. None of Goldman Sachs, is partners or employees or their affiliates is making any independent investment decision analysis or recommendation on behalf of any prospectve investor with respect to the substantive merits of a potential investment in DST Opportunities Access and. therefore. except to the extent required by law. none of Goldman Sachs. es partners or employees or their affiliates is acting as an adviser to lwestors, or has any fiduciary or other duty to investors. in connection with an investment in DST Opportunities Access. Prospective investors in DST Opportunities Access are responsible for making, and must make. their awn assessment (together with their advisers) of the merits and risks of investing in DST Opportunities Access. inducing by performing their own legal. accounting and tax analysis of this offering. There may be conflicts of interest relating to DST. the firm, and Goldman Sachs. and between DST Opportunities Access and its service providers. including the investment manager and Goldman Sachs. who are engaged in businesses and have interests other than that of managing. distributing and otherwise providing services to DST Opportunities Access. These activities and interests include potential multiple advisory. transactional. financial and other interests in securities and instruments that may be purchased or sold by DST. the firm. or in other investment vehicles that may purchase or sal such sectrilies and instruments. These are considerations of which investors DST Opportunities Access should be aware. Additional information relating to these conflias is set forth in the applicable Private Placement Memorandum. Supplemental Risk Disclosure for All Potential Direct and Indirect Investors in Hedge Funds and other private investment funds (collectively. "Alternative Investments") In connection with your consideration of an investment in any Alternative Investment. you should be aware of the folowing risks: Alternative Investments are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees. inducing incentive fees that are based upon a percentage of the realized and unrealized gains. and such fees may offset all or a significant portion of such Alternative Investment's trading profits. An individual's net returns may differ significantly from actual tetras. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of the Alternative Investment. Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss. including the loss of the entire amount that is invested. Mtemative Investments may purchase instruments that are traded on exchanges located outside the United States that are 'principal markets' and are aubiect to the risk that the counterparty will not perform with respect to contracts. Past performance does not guarantee future results. which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may OCCIN. 6 PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY EFTA01078570 Disclosures (cont'd) Asset Management Alternative Investments are offered in reliance upon an exemption from regis:raton under the Semites Act of 1933. as amended. for offers and sales of secuffies that do not involve a public offering. No pubic or other market is available or will develop. Similarly. interests in an Alternative Investment are highly illiqted and generally are not transferable without the consent of the sponsor. and applicable seasities and tax Luis will limit transfers. Alternative Investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit you ability to redeem or transfer your investment or delay receipt of redemption or transfer proceeds. Alternative Investments are not required to provide their investors with periodic pricing or valuation information. Alternative Investments may involve complex tax and legal structures and accorcingly am only suitable for sophisticated investors. You are urged to consult with your own tax. accounting and legal advisers regarding any investment in any Alternative Investment. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant. EMEA This document is a marketing communication and is issued and approved tor the purposes of Section 21 of the Financial Services and Markets Act 2000 by Goldman Sachs International. Goldman Sachs International. whose registered office is Peterborough Court. 133 Fleet Sheet. London EC4A 28B is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Hong Kong I Singapore This document has not been delivered for registration to the relevant regulators or financial supervisory bodies in Hong Kong or Singapore. nor has its content been reviewed or approved by any financial supervisory body or regulatory authority. The information contained in this document is provided al your request and for your information only. It does not constitute an offer or invitation to subscribe for searities or interests of any kind. Accorcingly. unless perrritted by the securities laws of Hong Kong or Singapore. (i) no person may issue or cause to be issued this document. directly or indirectly. other than to persons who are professional investors. institutional investors. accredited investors or other approved recipients under the relevant laws or regulations (i) no person may issue or have in its possession for the purposes of issue. this document, or any advertisement, invitation or document relating to it. whether in Hong Kong, Singapore or elsewhere. which is directed at. or the contents of which are likely to be accessed by. the public ri Hong Kong or Singapore and (iii) the placement of securities or interests to the public in Hong Kong and Singapore is prohibited. Before investing in securities or interests of any kind. you should consider whether the products are suitable for you. China I Indonesia I Philippines I Taman I Thailand These materials are provided at you request and solely for your information. and in no way constitutes an offer. solicitation. advertisement or advice of, or in relation to, the relevant securities. hinds. or products by any of Goldman Sachs (Asia) LLC ('GSALLC") or Goldman Sachs (Singapore) Pte. (Company Number 198602165W) CGSPE*) in any jurisdiction in which such activity is unlawful. or to any person to whom it is unlawful. Please note that neither GSALLC.GSPE. nor any other entities involved in the Gokknan Sachs Asset Management business or Private Wealth Management businesses. that provides material and information. or enters or will enter into the relevant transactions, maintain any licenses, authorizations or registrations in the People's Republic of Chita. the Republic of Indonesia. the Philpoines. Taiwan or Thailand. Not all services or products can be made available in such countries or regions. Any particular offer of securities. funds or products may not have been. and may not be. registered with the relevant authorities and commissions in such countries or regions pursuant to relevant securities laws and regulations, and may therefore not be capable of being sold or offered in such countries or regions. The attached nformation is intended to be read by the addressee only. Before investing in securities or interests of any kind, you should consider whether the products are suitable for you. India: For Private Ciculation Only This Document and the enclosures herein do not constitute an offer to sell or a solicitation of an offer to buy the investment product described (the -Investment Product') to any person other than the persons whose names are set out hereri. This Document and the enclosures are not, and should not be construed as, a prospectus or offering memorandum. The Investment Product is not berg offered for sale or subscription. but being privately placed with a limited number of prospective investors, and prospective investors must seek legal advice as to whether they are entitled to subscribe the Investment Product and must comply withal relevant local laws in this respect. The attached information is intended to be read by the addressee only. 7 PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY EFTA01078571 Disclosures (cont'd) Asset Management Australia This material is twang disseminated in Australia by Goldman Sachs 8 Co (-GSCo'): Goldman Sachs International NSF,: Goldman Sachs (Singapore) Pta ('GSSP') ands Goldman Sachs (Asia) LLC ('GSALLC'). n Australia. this document. and any access to it. is intended any for a person that has first satisfied Goldman Sachs that: • The person is a Sophisticated or Professional Investor for the purposes of section 708 of the Corporations Act 2001 (Cth) (•Corporations Act•); at • The person is a wholesale cbent for the purposes of section 761G of the Corporations Act. No offer to acquire any financial product or interest in any securities or interests of any kind is being made to you in this document. If financial products or interests in any securities or interests of any bid do become available in the future. the offer may be arranged by an appropriately licensed Goldman Sachs entity in Australia it accordance with section 911A(2)(b) of the Corporations Act. My offer will only be made in circumstances where disclosures andbr disclosure statements we not required under Part 6D.2 or Part 7.9 ol the Corporations Act (as relevant). To the extent that any financial service is provided in Australia by GSCo. GSI. GSSP andtor GSALLC. those services are provided on the basis that they we provided only to 'wholesale clients'. as defined for the purposes ol the Corporations Ad. GSCo. GSI. GSSP and GSALLC am exempt from the requirement to hold an Australian Financial Services License wider the Corporations Act and do not therefore hold an Australian Financial Services License. GSCo is regulated by the Securities and Exchange Commission under US laws: GSI is regulated by the Financial Conduct Authority and the Prudential Regulation Authority under laws in the United Kingdom: GSSP is regulated by the Monetary Authority of Singapore under Singaporean laws: and GSALLC is regulated by the Securities and Futures Commission under Hong Kong laws; all ol which differ from Australian laws. Any financial services given to any person by GSCo. GSI. ancifor GSSP in Australia are provided pursuant to ASIC Class Orders 0311100: 0311099: and 0311 102 respectively. Effacia8211.faillid2C0M0CH: The blowing table provides a sirnpklied example of the effect of management and incentive fees on portfolio returns. For example. assume a portfolio has a steady investment return, gross ol fees, of 0.5% per month and total management fees of 0.1042% per month of the market value of the portfolio on the last day ol the month and incentive fees ol 5% of net profits. Management fees and incentive fees are deducted from the market value of the portfolio on that day. There are no cash flows during the period. The table shows that. assuming that other factors such as investment return and fees remain constant. the ddference increases due to the compounding effect over time. Of course. the magnitude ol the difference between gross-of-fee and net-of-fee returns will depend on a variety of factors. and the example has been -dent only simplified. Period Gross Return Net Return Differential I year 6.17% 4.61% 1.56% 2 years 12.72% 9.43% 3.29% 10 years 8114% 56.89% 25.05% Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. Confidentiality No part of this material may. without GSAMs prior written consent. be (i) copied. photocopied or duplicated in any form, by any means. or (li) distributed to any person that is not an employee. officer. director. or authorized agent of the recipient. O2015 Goldman Sachs. All rights reserved. Compliance Code Onshore: Compliance Code Offshore: 162146.PEG.TMPU5.2015 8 PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078572 DST The attached information has been provided to Goldman Sachs by third party sources. Goldman Sachs was not involved in its preparation and is not responsible for the content. accuracy, completeness or fairness of such information. Goldman Sachs makes no representations, guarantees or warranties of any kind whatsoever regarding such information. Any such information is intended for information purposes only, and any views or opinions expressed therein are the views or opinions of that third party. Goldman Sachs has relied upon and assumed (without independent verification) the accuracy and completeness of such information and neither agrees nor disagrees with the contents herein. DST Overview Private & Confidential May 2015 THE INFORMATION CONTAINED IN THIS PRESENTATION MUST BE KEPT STRICTLY CONFIDENTIAL. NOTHING CONTAINED HEREIN SHOULD BE DEEMED TO BE A PREDICTION OR PROJECTION OF FUTURE PERFORMANCE. THIS PRESENTATION IS NEITHER ADVICE NOR A RECOMMENDATION TO ENTER INTO ANY TRANSACTION. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL. OR THE SOLICITATION OF AN OFFER TO BUY. ANY SECURITIES. WHICH WILL ONLY BE MADE THROUGH WRITTEN OFFERING DOCUMENTS. NO LEGAL OBLIGATION IS CREATED HEREBY. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY EFTA01078573 DST This Presentation is for general reference and discussion purposes only and was provided only to Goldman Sachs on the understanding that it has the professional experience of participating in unregulated collective investment schemes such that interests in DST Global V. M. and its parallel funds (together. the 'Fund') may lawfully be marketed to Goldman Sachs. This Presentation is not directed at any other person, and no other person should rely or act on the information contained in it. This Presentation is being issued to Goldman Sachs on a confidential basis with the understanding that it will be presented to certain other persons as a reference tool. Any reproduction or distribution of this Presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of DST Managers V Limited (the 'General Partner"), is prohibited. This Presentation is not intended to and does not constitute an offer to sell or a solicitation of an offer to purchase of interests in the Fund, which will only be made pursuant to the private placement memorandum for the Fund (-PPM*), which will contain material information not included herein. No representation is made and no warranty is given, express or implied. as to the accuracy of the information contained in this Presentation, which is subject to amendment and updating. and may not be complete. This Presentation contains information about the performance of previous investments by entities advised by or affiliated with the General Partner. Unrealised investments may not be realised at the valuations shown and past performance is not a reliable indicator of future performance. The information contained in this Presentation is not intended to provide and should not be relied upon for accounting. legal or tax advice or investment recommendations. Each investor in the Fund or any other vehicle investing in the Fund should consult its tax, legal. accounting or other advisors about the issues discussed herein. No responsibility or liability is accepted for any of the information contained in this Presentation. Unless otherwise noted, information provided herein is current as of end of March 2015. The General Partner shall not have any obligation to update any such information in this Presentation. An investment in the Fund involves significant risks and uncertainties. In particular, each investor in the Fund or any other vehicle investing in the Fund should be aware that an investment in the Fund will be highly illiquid and investors must be prepared to bear the risks of investment for the full term of the Fund. Investment performance may be volatile and an investor may lose all amounts invested. If in doubt, investors in the Fund or any other vehicle investing in the Fund should obtain independent investment advice. See risk factors and disclosures set forth in in the PPM. This Presentation is being distributed to Goldman Sachs by DST Investment Management Limited, an advisory company to the General Partner that is licensed by the Hong Kong Securities and Futures Commission to engage in Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. It is not directed to, or intended to be used by, any person or entity other than Goldman Sachs, including any such person or entity that is a citizen or resident of, or located in. any territory, state. country or other jurisdiction where such distribution, publication, availability or use would be contrary to any law or regulation. The views or opinions expressed herein are the views or opinions solely of the General Partner. The performance of DST Global IV, DSTG Global III. DST Global II, DST Global I and Mail.ru Group may not be representative - let alone indicative - of the performance of DST Global V. No representation is made that the Fund will be comparable to DST Global IV. DST Global III, DST Global II, DST Global I or Mail.ru Group in performance, portfolio composition or level of risk Past performance is not indicative of future results. Current valuations for investments may not reflect the price at which such investments are ultimately realized. The content of this promotion has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. This is because it is exempt from the general restriction (in section 21 of the act) on the communication of invitations or inducements to engage in investment activity on the ground that it is made to Goldman Sachs. Reliance on this promotion for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Any individual who is in any doubt about the investment in the Fund or any other vehicle investing in the Fund to which the communication relates should consult an authorised person specialising in advising on investments of the kind in question. Copyright O2015 DST Managers V Limited. All Rights Reserved. Trademarks and service marks appearing in this Presentation are the property of their respective owners. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY lo EFTA01078574 Executive Summary PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078575 Executive Summary DST From 2009 until March 31, 2015, DST' has invested a total of $5.3 billion in 272 late-stage, high growth Internet and tech companies across the globe. In the same period, we have realized $9.7 billion for our investors. Our unrealized positions totaled $6.7 billion at the end of March 2015 • Based on aggregate gross proceeds and unrealized positions of $16.5 billion in total, DST's net investment multiple is 2.6x and net IRR is 74% as of March 31, 2015 • Geographically, approximately 40% of our capital has been deployed in China, 40% in the US and the remainder in Europe and India • We try to find the leading internet company founders who have a compelling vision and great execution capabilities targeting large opportunities • We believe our competitive advantages include: (1) targeted focus; (2) sector insight and expertise; (3) strong track record and brand; and (4) our global network and reputation in the Internet sector • Currently, we are deploying DST Global IV which is approximately 75% invested as of end of March 2015 1. 'DST'. 'us' and 'we' are defined broadly rt this Memorandum as OST Managers V Limited. DST Global Advisors Limited and DST Investment Management Limited. which is licensed for Type I and Type 4 activity by the Hong Kong Securities and Futures Commission (the 'HKSFCD. 2. OST has since Invested in two additional companies making the total number of investments 29. The performance of DST Global IV. DST Global III. DST Global It. DST Global I and Main, Grow may not be representative - let alone indicative - of the performance of DST Global V. No representation is made that the Fund wW be comparable to DST Global IV. DST Global III. DST Global II. DST Global I or Mail.ru Group in performance, portfolio composition or level of risk Past performance is not indicative of future results. Current valuations for investments may not reflect the price at which such investments are ultimately realized. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY OP, 12 EFTA01078576 Investment Highlights PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078577 DST Portfolio: $5.3bn invested, $9.7bn realized, $6.7bn unrealized, $16.5bn total (as of March 31, 2015) DST Current Portfolio1 keenSky ai/i,ott6 8 ®lit,, zalando Funding Circle iiiiLendingClub ZocDoc 427: *slack ro houzz lash 0 °LA Realized Portfolio Spoti FfiRrETI1 bcx So GT hffiS Oklarna facebook (2 ,Alibaba Group Linked zynga twikker (DI WhatsApp is<7 JD.211 ;• • tk • tf • it GROUPON The performance of DST Global IV, DST Global Ill. DST Global II. DST Global I may not be representative - let alone inchcative - of the performance of DST Global V. All funds previously staled are closed to new investors. No representation is made that the Fund will be comparable to DST Global IV. DST Global III. DST Global II. DST Global I in performance. portfolio composition or level of risk. Past performance is not indicative of future results. Current valuations for investments may not reflect the price at which such investments are ultimately realized. 'Logos above include Slack and Funding Circle. current portfolio company investments made after March 31.2015. PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY 14 EFTA01078578 DSTG Investment Track Record Summary (performance as of March 31, 2015) DST Investment Fund Vintage Year Invested Capital Realized Capital' Unrealized Capital" Total Rearm! ' Gross !R e' it Gross Multiple' Wit Net ' Net Multiple "' DSTG I DSTG II DSTG HI DSTG IV Co- investment3 2009 2011/12 2012/13 2014/15 2011/15 $ 826m $ 827m $ 586m $ 806m $ 2,302m $ 4,258moo $ I,383m $ 253m - $ 3,845m $ 931m $ 818m $ 1,061m $ 3,931m $ 4,258m $ 2,314m S I .071m $ 1,061m $ 7,776m 153% 41% 40% 115% 65% 5.2x 2.8x 1.8x I.3x 3.4x 126% 31% 27% 73% 59% 4.2x 2.4x 1.6x 1.2x 2.9x Total $ 5,347m $ 9,739m $ 6,741m $16,480m 96% 3.1x 74% 2.6x 1Past performance of Investment vehicles managed by DST is not indicative of the future results of the Fund. 2Source: DST. (a) Valuation of DSTG I's investments in Facebook. Zynga and Groupon was determined using the agreed upon in specie distribution made to investors on October 25. 2011. (b) Realized Captal represents the gross investment proceeds received by the Fund before expenses or performance fees. (c) Unrealized Capital represents the gross investment valuation determined by the General Partner as of March 31. 2015 unless otherwise stated. Investments are typically valued at (i) cost. latest share price for a material transaction or (iii) market quotations. Foreign denominated investments have been translated to USS using the FX rate as of March 31. 2015. (d) Calculated as the sum of Reated & Unrealized Capital. (e) Gross IRR numbers and Gross Multiples presented are gross of any deductions for expenses. management fee or performance fee. (f) Net RR numbers and Nel Multiples presented are net of any deductions for expenses, management fee or performance fee. Investment involves risks. There may not be an observable market for the valuations. If in doubt. investors should obtain independent professional advice. 3The co-investment performance above are hypothetical and are shown for illustrative purposes only. They were created by grouping the performance of all oo.investment across DSTG I. II. III and IV managed by DST. by aggregating calculated returns of each individual investment net of any deductions for expenses, management fee or performance fee. My changes wit have an impact on the hypothetical historical performance rests. which could be material. Hypothetical performance results have many inherent limitations and no representation is being made that any investor will, or is linty to achieve. performance samiar to that shown. In fact, there are frequently sharp &ferences between hypothetical performance results and the actual results subsequently achieved. Gross-net performance is shown because fees are allocated al the fund level. not by each individual investment made. The performance of DST Global IV. DST Global III. DST Global II. DST Global I may not be representative — let alone indicative — of the performance of DST Global V. All funds previously stated are closed to new investors and performance numbers shown are for illustrative proposes only. No representation is made that the Fund wa be comparable to DST Global IV. DST Global III. DST Global II. DST Global I in performance, portfolio composition or level of risk. Past performance is not indcative of future results. Current valuations for investments may not reflect the price at which such investments are ultimately realized. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY Pl. 15 EFTA01078579 Targeted Focus DST Internet • c. 3 billion+ people online today • 5 billion+ in next few years • c.$2 trillion internet market cap today • Estimated $5 trillion in next 10 years Qi Late stage • Invest in category leaders • Target profitable business models • 3-5 year investment horizon Global • One team, one portfolio • Compare business models across geographies • Leverage global network ... . Attractive categories • Social & communication • E-commerce • Mobile • Financial services PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY EFTA01078580 Operational & Investment Expertise DST • Experienced Team • Our Founder Yuri Milner built Mail.ru over a decade into a leading European listed internet company ($7.5bnl market cap at IPO) Senior team has almost 70 years of tech and internet deal experience O Value-add • Network of most important internet CEOs globally • Industry knowledge • Strategic advice & relations The performance of DST Global IV. DST Global Ill. DST Global II. DST Global I may not be representative — let alone indicative — of the performance of DST Global V. AI funds previously slated are dosed to new investors. No representation is made that the Fund will be comparable to DST Global IV. DST Global III. DST Global II. DST Global I in performance. portfolio composition or level of risk. Past performance is not indicative of fukre results. Leading Companies Globally Spotity 62 Alibaba Group U.4-WW latendingClub sE747 -1p1:«Ag. Due Diligence & Research Proprietary due diligence database Track performance & products of key private & public companies PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY 17 EFTA01078581 Global Network DST 0 Internet Company Founders faatbook. (Di MintsAtop Spotty mfgr° Tencenta:11 NAVER ,,;;witt eL, 1 Early Stage Ecosystem Incubators Venture firms Angels The performance of DST Global IV. DST Global III. DST Global II. DST Global I may nol be representative — let alone indicative — of the performance of DST Global V. AI funds previously stated are dosed to new investors. No representation is made that the Fund will be comparable to DST Global IV. DST Global III. DST Global II. DST Global I in performance. portfolio composition or level of risk. Pasl performance is not indicative of future results. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY PI, 18 EFTA01078582 Strong Pipeline & Disciplined Approach DST Due Diligence Overview 2011-2015 Across Sectors & Geographies' Social 6%_ Games 4% _, Mobile Initial Exploration 1,000+ Opportunities Reviewed 300+ Advanced Diligence 100+ Investments 27 10% Fintech 14% Marketplace 16% India 7% E-commerce 27% Other 23% Other 5% The performance of DST Global IV. DST Global Ill. DST Global II. DST Global I may nol be representative — let alone indicative — of the performance of DST Global V. Al funds previously stated are dosed to new investors. No representation is made that the Fund will be comparable to DST Global IV. DST Global III. DST Global II. DST Global I in performance. portfolio composition or level of risk. Past performance is not indicative of future results. ' 2013 and 2014. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY 19 EFTA01078583 Attractive Profile to LPs DST DSTG II': Investor Capital Exposure Profile 0 5 year fund life 43 Appropriate investment period = short J curve O 3-5 year target holding period = attractive LP investment duration First Close Jan-2011 Fully Invested Feb-12 2013 Over 100% of Cost Returned by December 2014 173%01Cost ,„••• Returned by P May 2015 2015 2016 Actual capital exposure for illustrative first close LP Illustrative forecast return of capital For illustrative purposes orgy. The J-curve refers to the cumulative net cash flow seen by an investor. which for private equity investments is typically negative in the first several years after the initial commitment due to capital being drawn down for investments and generally becomes positive after capital is returned and the fund becomes net cash flow positive. The fund referenced above is closed to new investors.The performance of DST Global II may not be representative — lel alone indicative — of the performance of DST Global V. All kinds previously stated are closed to new investors. No representation is made that the Fund will be comparable to DST Global IV. DST Global III. DST Global IL DST Global I in performance. portfolio composition or level of risk. Past performance is not indcative of future results. `We believe that DSTG Ifs fund structure, deployment and return of capital is the best illustration of DSTG V's potential capital exposure profile given similar potential portfolio construction and. relative to other DSTG funds, DSTG II is the furthest along in its kind life cycle. Therefore. we believe that the graphs representation of exact timing of cash flows for DSTG II is the best illustration for DSTG V. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY O. 20 EFTA01078584 Attractive Profile to LPs DST $2.3bn+ in co-investments alongside 3 funds DSTG IV $806m invested capital (2014/15 vintage) DSTG III $586m invested capital (2012/13 vintage) DSTG II $827m invested capital (2011 vintage) DSTG I $826m invested capital (2009/10 vintage) $654m co-invested $575m co-invested $1,074m co-invested Excludes approx. $100m of investments made from DSTG IV and co-investment of approx. $75m which closed in April 2015 The performance of DST Global IV, DST Global III, DST Global II, DST Global I may not be representative - let alone indicative - of the performance of DST Global V. Al funds previously stated are dosed to new investors. No representation is made that the Fund will be comparable to DST Global IV. DST Global III. DST Global II, DST Global I in performance. portfolio composition or level of risk. Past performance is not indicative of future results. Current valuations for investments may not reflect the price at which such investments are ultimately realized. PRIVATE AND CONFIDENTIAL — PWM CLIENT USE ONLY 21 EFTA01078585 Industry Observations PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078586 Mobile Connectivity DST Number of mobile subscriptions (in millions) Mobile markets: the 100 million club (as of 2013) Country Mobile Subs (m China 1,229 India 886 Indonesia 313 US 306 Brazil 271 Russia 218 Japan 150 Pakistan 128 Nigeria 127 Vietnam 120 Bangladesh 117 Mexico 105 Philippines 103 Germany 100 750 100 2,250 5,250 6,750 1995 2000 2005 2010 2013 2015+ Large Base of Connected People Source: ITU. GSMA IntoDistance, and DST. Rounded numbers. As of May 2015. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY 23 EFTA01078587 Online Connectivity DST Number of people online (in millions) 15 350 1,000 1995 2000 2005 2010 2014 ...I Continued growth of online population in coming years mainly from the Developing World ITU and DST. Rancled numbers. As of May 2015. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY EFTA01078588 Commerce DST E-commerce as % of retail 1% 0% 1991 2001 6% 20% 2014 2020 Significant potential in a $15+ trillion global retail market Source: Euro monitor and DST. The economic and maiket forecasts presented herein are for informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY 25 EFTA01078589 Why New Internet Companies Emerge? DST No manufacturing costs Low distribution costs Low operating costs Rapid product development Viral distribution PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY 26 EFTA01078590 Senior Team Bios PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078591 Senior DST Team DST Professionals Yuri Milner John Lindfors1 Rahul Mehta Tom Staffordl Saurabh Gupta Kenneth Leung (cro) Breck Hancock (General Counsel) Background • Founder of DST and previous CEO and Chairman of Mail.ru • Started investing in the Internet sector in 1999 and has led investments in a number of leading Internet companies • Attended Wharton Business School MBA program • Ex-scientist (particle physics); also worked for World Bank • Previously a Partner at Goldman Sachs and Head of Technology and Media Investment Banking in Europe • M.Sc. Swedish School of Economics • Joined DST in 2010 • Previously with Goldman Sachs IBD in London • MBA from IIM Bangalore & qualified Chartered Accountant • Joined DST in 2008 • Previously an Executive Director at Goldman Sachs • Joint BBS&L (French) from Trinity College Dublin and IECS. Strasbourg • Joined DST in 2011 • Previously with J.P.Morgan in London: part of the Mail.ru Group IPO team • MBA MDI Gurgaon and BSc. IT from NIT. Ahmedabad • Joined DST in 2011 • Previously at Goldman Sachs in Controllers Group of Asset Management division • Chartered Accountant and Certified Public Accountant. Macc & BA from University of Waterloo • Joined DST in 2012 • Previously a Partner at Goodwin Procter LLP in the Private Equity and Technology Companies Group • J.D. from Columbia Law School, B.A. from University of Texas • Joined DST in 2014 1. John Lindfors and Torn Stafford are Directors of DST Investment Management Limited (DSTIM7. the Hong Kong advisory company to the General Fanner. OSTIM is licensed for Type I and Type 4 activity by the Hong Kong Scarcities and Futures Commission. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY 28 EFTA01078592 Appendix PRIVATE AND CONFIDENTIAL - PWM CLIENT USE ONLY EFTA01078593 DSTG Investment Track Record Summary (performance as of March 31, 2015) DST DSTG I 2009 rl Ins estment Gross IRR Gross Multiple Company A 18 c4 6.2x Company B 90'7 3.5x Company C 204% 5.3x Company D 42% 3.5x DSTG I Total 153% 5.2x DSTG I Total (net) 126% (net) 4.2x (net) Investment Gross IRR Gross NIultiple Company A 26% 1.4x Company C 0% 1.0x Company D 42% 3.6x Company E 26% 2.3x Company F 73% 7.6x Company G 16% 1.7x Company H 31% 2.1x Company I N/A 2.4x Company J 71% 4.7x Company K 3% 1.1x Company L 12% 1.4x DSTG H Total 41% 2.8x DSTG H Total (net) 31% (net) 2.4x (net) DSTG III & IIIB (2012 his eStillelli Gross IRR Gross Multiple Company A -1% 1.0x Company L 11% 1.4x Company M 1.0x Company N 113% 2.9x Company O 273% 2.2x Company P 219% 2.0x Company Q 266% 3.1x Company R 1.0x DSTG III & DSTG III-B 40% 1.8x DSTG III & DSTG (net) 27% (net) 1.6x (net) Past perfo mance ol ',vestment vehicles managed by DST is not rdicabve of the future results ol the Fund. The performance ol DST Global Ill. DST Global II. DST Global I may not be representative — let alone indicative — of the performance of DST Global V. Al funds previously stated are dosed to new investors. No representation is made that the Fund will be comparable to DST Global IV, DST Glcbal III. DST Global II. DST Global I in performance. portfolio composition a level ol risk. Past performance is not indicative of future results. Current valuations for investments may not reflect the price at which such iwestmeMs are ultimately realized. DSTG V and co-investment intends to pursue a similar strategy to all previous funds vitae charging the same lees to investors. 'DSTG III—B refers to a second Iranche closed in 2010. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY PI. 30 EFTA01078594 DSTG Investment Track Record Summary Cont. (performance as of March 31, 2015) DST Investment Gross IRR Gross Multiple estintot Gross IRR Gross Multiple Company S 111% 1.7x Company D 43% 3.5x Company Q 122% 1.7x Company H 31% 2.1x Company P 343% 1.4x Company .1 78% 5.0x Company T -32% 0.8x rl Company L 11% I.4x Company U Company V 613% 2.1x 1.0x r- I Company AA 157% 5.6x Company O 273% 2.2x Company F 1.0x Company W 1.0x Company Q 81% I.3x Company X 1.0x Company S 1.0x Company Y 1.0x Company U 1.0x Com in Z 1.0x Company Z 1.Ox DSTG VI 115% 1.3x DST Co-investments 65% 3.4x DSTG VI (net) 73% (net) 1.2x (net) DST Co-investments (net) 59% (net) 2.9x (net) Past performance of investment vehicles managed by DST is not indicative of the future results of the Fund. The performance of DST Global IV. DST Global III. DST Global II. DST Global I may not be representative — let alone indicative — of the performance of DST Global V. Al funds previously stated are dosed to new investors. No representation is made that the Fund will be comparable to DST Global IV. DST Global III. DST Global II. DST Global I in performance. portfolio composition or level of risk. Past performance is not indicative of future results. Current valuations for investments may not reflect the price al wtich such iwestments are ultimately realized. DSTG V and co-investment intends to pursue a Writer strategy to al previous funds while charging the same fees to rivestors. PRIVATE AND CONFIDENTIAL- PWM CLIENT USE ONLY PI, 31 EFTA01078595 DST PORTFOLIO COMPANIES: Appendix Descriptions Company Company Description Company Company Description 4//.1 r 4.4/ CiAllbalbaCimuP bag Facebook PAMPA 8 Funding Circle GrcenSky GROUPON it) houzz 4$ klarna 61A14. we an in% i;11LendingClub AirBnb Alibaba BOX Largest global community marketplace for booking rooms, apartments & houses Largest e-commerce platform in China by gross merchandise value Leading enterprise cloud storage and sync tool Largest taxi hailing and private car booking platform in Didi (Kuaidl)China Facebook Largest global social network Farfetch Flipkart Funding Leading online small business finance company in the Circle UK and US Greensky Leading global haute couture fashion e-commerce company E-commerce platform in India Online consumer finance company with a focus in the United States Groupon Global local e-commerce daily deal marketplace Houzz Online community about architecture, interior designs and landscaping Largest online-only retailer in China by revenue Klarna Leading European online pay-later service Kualshou Lending Club Leading mobile video editor integrated with social platforms in China Largest peer to peer lending marketplace Linked® 0 OLA slack a Spotify mats*. Linkedln Global #1 online professionals network OlaCabs Slack Snapchat Leading mobile photo sharing communications application Largest taxi hailing and private car booking platform in India Leading enterprise messaging, archiving and search platform Spotify Global music streaming service provider Twitter Leading online communications platform Whatsapp Global leading cross platform mobile communications application WISH WKDA Global mobile focused e-commerce company Leading used car transactional platform in Europe /Mit XIaoml A leading smartphone and smart electronics company in China • zalando Zalando Leading fashion e.commerce company in Western Europe ZocDoc t ai zocDoc a US integrated doctor booking platform zynga Zynga Global social games developer 17zuoye Online educational platform for K —12 students in China As of Apri130. 2015 PRIVATE AND CONFIQUITIAL- PWM CLIENT USE ONLY Realized Ponfolio Companies include: Facebook. Twiner. Groupon. Zynga. Linkedln. WhatsApp. and Alibaba 32 EFTA01078596