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ED NUMBER OF SOPHISTICATED INVESTORS, IN ALL CASES UNDER CIRCUMSTANCES THAT WILL FALL WITHIN THE PRIVATE PLACEMENT OR OTHER EXEMPTIONS SET FORTH IN THE ISRAELI SECURITIES LAW 1968 OR THE JOINT INVESTMENT TRUST LAW 1994. THIS MEMORANDUM MAY NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE NOR BE FURNISHED TO ANY OTHER PERS
E LAWS AND REGULATIONS OF SOUTH KOREA. Confidential & Trade Secret EFTA00609555 VALAR Private Placement Memorandum A-I2 NOTICE TO RESIDENTS OF KUWAIT: THIS MEMORANDUM AND ANY OTHER OFFERING MATERIALS, THE PARTNERSHIP AND INTERESTS HAVE NOT BEEN APPROVED OR LICENSED BY THE MINISTRY OF COMMERCE AND
ED NUMBER OF SOPHISTICATED INVESTORS, IN ALL CASES UNDER CIRCUMSTANCES THAT WILL FALL WITHIN THE PRIVATE PLACEMENT OR OTHER EXEMPTIONS SET FORTH IN THE ISRAELI SECURITIES LAW 1968 OR THE JOINT INVESTMENT TRUST LAW 1994. THIS MEMORANDUM MAY NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE NOR BE FURNISHED TO ANY OTHER PERS
Y, IN SOUTH KOREA OR TO ANY RESIDENT OF SOUTH KOREA, EXCEPT PURSUANT TO THE APPLICABLE LAWS AND REGULATIONS OF SOUTH KOREA. NOTICE TO RESIDENTS OF KUWAIT: THIS MEMORANDUM AND ANY OTHER OFFERING MATERIALS, THE PARTNERSHIP AND INTERESTS HAVE NOT BEEN APPROVED OR LICENSED BY THE MINISTRY OF COMMERCE AND
UTED ONLY TO, AND IS DIRECTED ONLY AT, AND ANY OFFER OF THE SECURITIES IS DIRECTED ONLY AT, INVESTORS LISTED IN THE FIRST ADDENDUM ("ADDENDUM"), TO THE ISRAELI SECURITIES LAW, CONSISTING PRIMARILY OF JOINT INVESTMENT IN TRUST FUNDS, PROVIDENT FUNDS, INSURANCE COMPANIES, BANKS, PORTFOLIO MANAGERS, INVESTMENT ADVISORS, MEM
LE 10 OF THE CONTROL OF BORROWING (JERSEY) ORDER 1958, AS AMENDED, AND, ACCORDINGLY, THE SVCS MAY NOT BE OFFERED IN JERSEY. NOTICE TO RESIDENTS OF KUWAIT THE SVCS AND ANY OTHER OFFERING MATERIALS HAVE NOT BEEN APPROVED OR LICENSED BY THE MINISTRY OF COMMERCE AND INDUSTRY OF THE STATE OF KUWAIT OR ANY
FFERED AND SOLD IN ISRAEL PURSUANT TO APPLICABLE PRIVATE PLACEMENT EXEMPTIONS, TO EITHER (I) QUALIFIED INVESTORS DESCRIBED IN THE FIRST ADDENDUM TO THE ISRAELI SECURITIES LAW OR (II) 35 OR FEWER OFFEREES AS DETERMINED FOR PURPOSES OF THE ISRAELI SECURITIES LAW. NEITHER THE PARTNERSHIP NOR THE PARTNERSHIP'S INVESTMENT ADV
ENTS UNDER THE FOREIGN EXCHANGE TRANSACTION LAW AND ITS SUBORDINATE DECREES AND REGULATIONS) IN CONNECTION WITH THE PURCHASE OF THE INTERESTS. FOR KUWAIT RESIDENTS ONLY: THIS MEMORANDUM IS NOT FOR GENERAL CIRCULATION TO THE PUBLIC IN KUWAIT. THE INTERESTS HAVE NOT BEEN LICENSED FOR OFFERING IN KUWAIT
Entities connected to both THE ISRAELI SECURITIES LAW and KUWAIT

Fannie Mae
ORGANIZATION
MONACO
ORGANIZATIONAIFMD
ORGANIZATION
NEW ZEALAND
LOCATION
Prince Andrew
PERSON
United States
LOCATION
China
LOCATION
United Arab Emirates
LOCATION
Hong Kong
LOCATIONTHE FOREIGN EXCHANGE
ORGANIZATION
LUXEMBOURG
LOCATIONDU SECTEUR FINANCIER
ORGANIZATION
BELGIUM
LOCATION
BAHRAIN
LOCATIONSWISS REGULATORY AUTHORITY
ORGANIZATIONVERMOGENSANLAGENGESETZ
ORGANIZATIONTHE SECURITIES EXCHANGE LAW OF
ORGANIZATION
New Zealand
LOCATIONthe Securities and Exchange Commission
ORGANIZATION
Russia
LOCATION