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(e.g., London, Berlin, Stockholm, Paris, Amsterdam), as well as the largest cities in North America outside of Northern California (e.g., New York, Toronto, Montreal) have fairly well established accelerator programs, angel investors and seed-stage investing communities. In particular, seed-stage ventu
MARCH 18, 2008). ACCORDINGLY, THE SECURITIES (FINANCIAL INSTRUMENTS) CANNOT BE ADVERTISED OR OTHERWISE PUBLICLY MARKETED AND/OR OFFERED FOR SALE IN THE RUSSIAN FEDERATION. NOTICE TO RESIDENTS OF SAUDI ARABIA: NEITHER THIS MEMORANDUM NOR THE INTERESTS IN THE PARTNERSHIP HAVE BEEN APPROVED, REVIEWED OR PASSED ON IN AN
and, Seattle, Los Angeles, all of which feed into Silicon Valley; Conlidcanal & Trade Secret EFTA00810410 VALAR 5 Private Placement Memorandum Toronto, Montreal, and Boston, which feed into New York; or Amsterdam, Stockholm, Helsinki, and Tallinn, which feed into London). In Fund 4, Valar intends
ARCH 18, 2008). ACCORDINGLY, THE SECURITIES (FINANCIAL INSTRUMENTS) CANNOT BE ADVERTISED OR OTHERWISE PUBLICLY MARKETED AND/OR OFFERED FOR SALE IN THE RUSSIAN FEDERATION. NOTICE TO RESIDENTS OF SAUDI ARABIA: NEITHER THIS MEMORANDUM NOR THE INTERESTS IN THE PARTNERSHIP HAVE BEEN APPROVED, REVIEWED OR PASSED ON IN AN
s School Friends-International Dubai Media Incorporated Nestle SA AUDI AG Medtronic Inc. Joseph L. Rotman School of Management, University of Toronto Swiss Reinsurance Company Mason Capital Management LLC FIS United Kingdom United Kingdom South Africa Qatar France France Mexico Mexico
ior Columnist Chief Executive Officer, Europe, Middle East and Africa Founder and Chief Executive Officer First Deputy Chairman. Central Bank of the Russian Federation, Russian Federation State Councillor, Department of Regional Affairs, Economy and Health of Geneva, Switzerland Minister of Finance of Finland
information is: Administrative Assistant to the Director of Corporate Finance, Ontario Securities, Commission Suite 1903, Box 5520 Queen Street West Toronto, Ontario M5H 358, tel: (416) 593-8086; and (e) the purchaser has authorized and consented to the indirect collection of the information by the secu
curities prospectus in respect of interests in the Fund has been, or is intended to be, registered with the Federal Service for Financial Markets of the Russian Federation, and hence interests in the Fund are not eligible for advertising, initial placement and public circulation in the Russian Federation. The informat
Entities connected to both Toronto and Russia

Jeffrey Epstein
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