From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Update on our offer Date: Tue, 03 Apr 2018 12:39:54 +0000 Richard Kahn HBRK Associates Inc. Begin forwarded message: From: W Bradford Stephens Subject: Re: Update on our offer Date: April 2, 2018 at 9:43:30 PM EDT To: Richard Kahn < No Series E, the company is very profitable. We have heard that the company may allow for employees to seek to new investors in a structured secondary. But we have not heard any details about this from the company. We will let you know if we learn anything new. Brad W. Bradford Stephens Co-Founder and Managing Partner Blockchain Capital LLC o: www.blockchain.capital On Apr 2, 2018, at 11:53 PM, Richard Kahn 5 > wrote: hope you are well did coinbase do a series e recently? EFTA00843103

if so what were terms? please advise thank you Richard Kahn liBRK Associates Inc. tel fax cel On Feb 1, 2018, at 12:36 PM, W Bradford Stephens < The price for the 50% interest is $14,666,667, implying a $4b valuation. We will be purchasing this from three of our funds, in the following amounts: $10,000,000 "Blockchain Capital IV, LP" $2,000,000 "Blockchain Capital Parallel IV, LP" $2,666,667 "Blockchain Capital III Digital Liquid Venture Fund, LP The address for all of them: Blockchain Capital, LLC Signatory: W Bradford Stephens Managing Partner -Brad W. Bradford Stephens <image001.png> Co-Founder and Managing Partner Blockchain Capital LLC o: www.blockchain.capital thank you and happy we are moving forward together i just called your office and left a VM > wrote: EFTA00843104

can you please confirm price for 50% interest and provide purchaser name and address, phone, email and principal that will sign docs of the purchaser thank you and please call me with any questions Richard Kahn HBRK Associates Inc. tel fax cel On Feb 1, 2018, at 10:37 AM, W Bradford Stephens Great to hear. I am standing by to receive and sign the documents. Can you also send over the original share purchase agreement with Coinbase. Thank you! Best, Brad W. Bradford Stephens Co-Founder and Managing Partner Blockchain Capital LLC 0: www.blockchain.capital On Feb 1, 2018, at 6:32 AM, Darren Indyke <a> wrote: Brad, Jeffrey agrees that he will sell you 50% of his LLC. I will prepare the documents. DARREN K. INDYKE DARREN K. INDYKE. PLLC wrote: New York, New York 10022 Telephone: EFTA00843105

Telecopier: Mobile: email: ******************************** *-11•ItY•It.•*.•*.•*.•*.•*.•*.•Int•Int•Int•ItY•ItY•ItY•ItY•ItY•ItY•ItY•ItY•ItY•It IL•OE The information contained in this communication is confidential, may be attorney-client privileged, and is intended only for the use of the addressee. It is the property of Darren K. Indyke, PLLC. Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail, and destroy this communication and all copies thereof, including all attachments. Copyright of Darren K. Indyke, PLLC - C) 2018 Darren K. Indyke. PLLC — All rights reserved. ................................ fall• fril• •-•• Fit • Fit • Fit • Fit • Fil• fril• fril• fril• fril• IL•t IL•t • On Jan 31, 2018, at 2:08 PM, W Bradford Stephens < > wrote: Darren and Rich, We are writing to let you know that our offer to buy 50% of the Coinbase position at a $4b valuation ("$14.667m) is still valid for 24 hours. However, after that time period, we will need to re-visit valuation. There have been a few material changes to the market and to the competitive landscape within the last few days: Aside from the crypto market being down 40-60% in the past few weeks, we have heard from two of our portfolio companies this week, who are competitive to Coinbase, that they have seen a dramatic downturn in their revenue and profitability so far in 2018. And, we have seen two new formidable competitors emerge into the market to compete directly with Coinbase: Robinhood and one yet-to-be-announced mega-merger. We still want to purchase the Coinbase position as a core holding for our new 4th Fund, but the fundamentals of the market have changed a lot. We will still honor our offer at the $4b valuation for 24 hours until 12pm PST February 1st. But after that time, we will need to adjust valuations to reflect the changing dynamics of the market. We are looking forward to hearing back and closing this transaction. Brad W. Bradford Stephens <image001.png> Co-Founder and Managing Partner Blockchain Ca ital LLC 0: www.blockchain.capital EFTA00843106