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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

of Initial Investment: September 2016 Pre-Money Valuation at Initial Investment: €5.3M Current Company Valuation: €41.7M Other Key Investors: Alven Capital VALAR I 36 EFTA00810274 Jetty Jetty is a new kind of insurance company designed to help people in cities reach their goals faster by removi

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

ut ow, Snit:Waft Valar Cost Basis: $27.0M Current FMV: $52.3M Gross Multiple: 1.9x Current Company Valuation: El 55.0M Other Key Investors: Alven Capital I VALAR / 26 EFTA00810500 Valor Fund 41 CO :'A Digital, Flexible, Affordable Insurance EFTA00810501 Valar Fund 4 / •,,I I >1111C II IS

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

017, Valar led Qonto's E10M Series A financing with participation from Alven Multiple: 1.3x Capital, after Valar co-led the Series Seed round with Alven Capital in September 2016. Jetty Headquarters: New York Securities Held: Series A Preferred Stock Initial Investment Date: 7/17/17 Valar Cost Basis: