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4.8 ► -"c"; 4%,..„ Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $5.4M $10.4M 1.9x $99.3M Khosla Ventures, BoxGroup, Allen & Company VALAR / 14 EFTA00810488 Valar Fund 3 / PCITOI 111:IIICC Fund 3 Performance Inception: July 2016 Capital Commitmen

$176.8M Multiple (Gross & Net): 2.1x / 1.7x IRR (Gross & Net): 69.8% / 54.2% % of Fund Invested / Reserved: 100% Performance Drivers: Stash, Qonto, Octane, Petal, Jetty VALAR / 15 EFTA00810489 Valar Fund 3 / sTt Investing Made Simple VALAR / to EFTA00810490 STASH Par• ••••••••• 8.1

financing through Valar Fund 4 in September 2018. We also led the Seed and Series A rounds though Fund 3. I In aggregate, Valar funds own 25% of Qonto. Your finances on auto-pilot Saw time :a. 3 Monitor your expenses, for free4ancers and teams Make accounting easier Checkout ow, Snit:Waft Va

ders less. Recent Financing History: In March 2016, Even closed on a $9M Series A financing round, led by Valar Ventures, with participation from Khosla Ventures, Box Group, Allen & Company and others. Company Description: Granify maximizes revenue for online retailers by identifying shoppers that aren't goi

led their Series A round in January. They launched to the public in June and the initial response is promising. Valar Fund 3 has invested $8.4M in Qonto, which is now valued at I0.6M Recent Insurance Investments "Formula for startup success: Find large highly fragmented industry with low NPS; verti

small amount of secondary shares we purchased from an early investor at a minor discount). One of Fund 3's first investments was a seed check into Qonto, an SME focused neobank based in Paris. The company was founded by Alexander Prot (whose father was formerly the Chairman of BNP Paribas) and Steve

x Date of Initial Investment: March 2016 Pre-Money Valuation at Initial Investment: $28M Current Company Valuation: $37M Other Key Investors: Khosla Ventures, BoxGroup, Allen & Company VALAR I EFTA00810268 granify Granify maximizes revenue for online retailers by identifying shoppers that aren't go

8.0M Current Company Valuation: $83.1M Other Key Investors: IA Ventures, Contour Ventures, Third Prime Capital VALAR I EFTA00810273 x qonto Qonto is a next generation bank for entrepreneurs, SMEs and startups, providing an online service that allows businesses to create an account in less t