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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

$176.8M Multiple (Gross & Net): 2.1x / 1.7x IRR (Gross & Net): 69.8% / 54.2% % of Fund Invested / Reserved: 100% Performance Drivers: Stash, Qonto, Octane, Petal, Jetty VALAR / 15 EFTA00810489 Valar Fund 3 / sTt Investing Made Simple VALAR / to EFTA00810490 STASH Par• ••••••••• 8.1

financing through Valar Fund 4 in September 2018. We also led the Seed and Series A rounds though Fund 3. I In aggregate, Valar funds own 25% of Qonto. Your finances on auto-pilot Saw time :a. 3 Monitor your expenses, for free4ancers and teams Make accounting easier Checkout ow, Snit:Waft Va

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:

led their Series A round in January. They launched to the public in June and the initial response is promising. Valar Fund 3 has invested $8.4M in Qonto, which is now valued at I0.6M Recent Insurance Investments "Formula for startup success: Find large highly fragmented industry with low NPS; verti

small amount of secondary shares we purchased from an early investor at a minor discount). One of Fund 3's first investments was a seed check into Qonto, an SME focused neobank based in Paris. The company was founded by Alexander Prot (whose father was formerly the Chairman of BNP Paribas) and Steve

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

8.0M Current Company Valuation: $83.1M Other Key Investors: IA Ventures, Contour Ventures, Third Prime Capital VALAR I EFTA00810273 x qonto Qonto is a next generation bank for entrepreneurs, SMEs and startups, providing an online service that allows businesses to create an account in less t