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Dat of Initial Investment July 2017 Pre-Money Valuation at Initial Investment: $3 1 .0M Current Company Valuation: $42.5M Other Key Investors: Ribbit Capital, BoxGroup, SV Angel VALAR I 37 EFTA00810275 CO%:°A Coya is a full-stack European insurance challenger that will offer scalable protection at

3x Date of Initial Investment: May 2015 Pre-Money Valuation at Initial Investment: $7.5M Current Company Valuation: $70M Other Key Investors: Kindred, Goldcrest, SciFi VC (Max Levchin) VALAR 28 EFTA00810266 EyeEm EyeEm is a marketplace for commercial photography. The company's highly engage

S5/mo. tt- as 111 Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $8.1M $8.1M 1.0x $42.5M Ribbit Capital, BoxGroup, SV Angel VALAR / 23 EFTA00810497 Valar Fund 4/ Port Fund 4 Portfolio Update Inception: January 2018 Capital Commitments: $133.4M

. Surface Magaxine Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $12.4M $16.5M 1.3x $70.0M Kindred, Goldcrest, SciFi VC (Max Levchin) VALAR / 12 EFTA00810486 EFTA00810487 = Even The Even ago Offa Shen as a benefit COWn10210 t”e aap Valar

ft to wasted time and money. Recent Financing History: In July 2017, Valar Ventures led Jetty's $11.5M Series A financing, with participation from Ribbit Capital, BoxGroup, SV Angel and others. 16 I CONFIDENTIAL & TRADE SECRET VALAR EFTA00810526 VALAR FALL 2016 UPDATE Fund 3 Core Investments COYA Headq

History: In March 2017, Kalo closed on a $10 million Series A extension round led by Valar Ventures, with participation from Goldcrest Investments, Kindred, Max Levchin and others. Kalo had previously closed on an $1 I.3M Series A financing round in June 2016 also led by Valar. The convertible notes he