Epstein Secrets

: $243.9M Multiple (Gross & Net): 2.7x / 2.1x IRR (Gross & Net): 42.6% / 33.3% % of Fund Invested / Reserved: 100% Performance Drivers: N26, Breather, Kalo, Even VALAR / 6 EFTA00810480 Valar Fund 2 / Performance Drivers N26 Mobile Banking Made Easy $ VALAR EFTA00810481 Valar Fund 2 / Pcri

Company Valuation: Other Key Investors: $25.5M $42.3M 1.7x $295.6M RRE, Menlo Ventures, Google Ventures, Temasek  Valar Fund 2 owns 14.3% of Breather. VALAR / 10 EFTA00810484 Valar Fund 2! Pcfrormoncc kalo Work with Anyone, Anywhere EFTA00810485 kalo Ov•ev•r* SOitIPOSIS • Reiourca • 0

e, no financing transactions are planned for 2018; Potential secondary round contemplated in mid-2019. 1 Valar is the largest outside investor in Transferwise, retaining over 12% of the company following last year's partial sale. Bye bye bank fees, hello world Janos...1 m•la. peep. •Prea ..“ Ovid bran,

s & Net): 4.2x / 3.3x IRR (Gross & Net): 35.4% / 29.1% % of Fund Invested / Reserved: 100% DPI: 1.6x Performance Drivers: Xero (95% exited), Transferwise This document is confidential, trade secret, and not for further circulation. This document is informational and is not an offer or solicitation to

. An update on these major investments — and a few notes on some of the Fund's smaller investments - follows. In our last update, we announced that Breather had raised a Series C round led by Venky Ganesan of Menlo Ventures in November 2016. Google Ventures subsequently invested $5 million at the beginn

suite, through internal development as well as through integrations with other startups (e.g., N26 customers make foreign currency transfers using Transferwise inside the N26 app). Offering its customers a wide range of financial products allows N26 to capture a greater share of wallet, and unit economics

ready at its concentration limit). We plan to make our pro-rata available to ow investors through an SPV, similar to those we have put together for Transferwise and Stash in the past. Valar Fund 2 has invested $25.5M in Breather, which is now valued at $42.3M. Fund 2 Highlights Inception: January 2015 C

nd to be high-margin businesses focused on massive markets, such as currency transfer (Transferwise), banking (N26, Qonto), commercial real estate (Breather), insurance (Jetty, Coya), investing/retirement savings (Stash), accounting software (Xero), and human resources/compliance software (Kato). Given t

two (or sometimes three) best investments will receive more than 50% of a fund's invested capital. For example, in Fund I, two companies, Xero and Transferwise, which make up nearly 100% of Fund l's profits, received approximately 54% of Fund I (based on committed capital). Similarly, approximately 52% of