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artner Interests THIS CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM (THE "MEMORANDUM") HAS BEEN PREPARED SOLELY FOR USE BY THE PROSPECTIVE INVESTORS OF VALAR GLOBAL FUND III LP (THE "FUND" OR THE "PARTNERSHIP") AND SHALL BE MAINTAINED IN STRICT CONFIDENCE. EACH RECIPIENT HEREOF ACKNOWLEDGES AND AGREES
and Valar launched VV Xero Holdings LLC (the "Xero Mgr) to harvest those opportunities. 2012-2013: As Valar broadened its efforts internationally, VV Global LP and VV Global Principals LP were formed to take advantage of a growing number of opportunities outside of New Zealand (the "VV Funds"). The VV Fund
D LIMITED PARTNERSHIP AGREEMENT (the "Agreement") is made and entered into as of June 24December , 20167 (the "Initial Closing Date"), by and among VALAR VENTURES GP 4141V LLC, a Delaware limited liability company (the "General Partner"), and each investor who is identified as a limited partner on EX
Global 23. 147765658 v44 EFTA00808307 Principals Fund II LP, Valar Global Fund III LP, Valar Global Principals Fund III LP, Valar Ventures LP, VV Global LP, VV Global Principals LP, Valar Co-Invest I LP, Valar Co-Invest 2 LP and VV Xero Holdings LLC and to other entities affiliated therewith (collective
rivate Placement Memorandum Valar Ventures LLC 915 Broadway, Suite 1101 New York, New York 10010 Copy # Issued to: 148264373 vl EFTA00810400 VALAR Private Placement Memorandum Confidential Private Placement Memorandum VALAR GLOBAL FUND IV LP $150,000,000 Limited Partner Interests THIS CONF
and Valar launched VV Xero Holdings LLC (the "Xero SPV) to harvest those opportunities. 2012.2013: As Valar broadened its efforts internationally, VV Global LP and VV Global Principals LP were formed to take advantage of a growing number of opportunities outside of New Zealand (the "VV Funds"). The VV Fund
T This LIMITED PARTNERSHIP AGREEMENT (the "Agreement") of VALAR GLOBAL FUND III LP (the "Partnership") is made and entered into as of by and among VALAR VENTURES GP HI LLC, a Delaware limited liability company (the "General Partner"), and each investor who is identified as a limited partner on EXHIB
tants to Valar Global Fund I LP, Valar Global Principals Fund I LP, Valar Global Fund II LP, Valar Global Principals Fund II LP, Valar Ventures LP, VV Global LP, VV Global Principals LP, Valar Co-Invest I LP, and VV Xero Holdings LLC and to other entities affiliated therewith (collectively, the "Prior Funds"
Entities connected to both VALAR and VV Global LP

Peter Thiel
PERSON
Prince Andrew
PERSONThiel Capital LLC
ORGANIZATIONNo Limited
ORGANIZATIONBreather
PERSON
United States
LOCATION
Woody Allen
PERSONAllen & Company
ORGANIZATIONAndrew McCormack
PERSONEach Parallel Fund
ORGANIZATIONthe Management Fee Percentage
ORGANIZATIONa Special Purpose Investment Fund
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONLimited Partner's Capital Commitment
ORGANIZATION
Max Levchin
PERSONValar Ventures LLC
ORGANIZATIONValar Global Principals Fund III LP
ORGANIZATION
Toronto
LOCATION
Thiel Capital
ORGANIZATION
Montreal
LOCATION