BLOCKCHAIN CAPITAL, LLC CCP Il, LP OCTOBER 2015 A A we BLOCKCHAIN CAPITAL ( ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, GCA 94111 [email protected] HOUSE_OVERSIGHT_024271

TECHNOLOGY THOUGHT-LEADERS ARE CONVINCED Bill Gates: “Bitcoin is better than currency...a technological tour de force.” Ben Bernanke “(Virtual Currencies] may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.” Eric Schmidt “Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.” Milton Friedman (1999) “| think the Internet is going to be one of the major forces for reducing the role of government... The one thing that’s missing, but that will soon be developed, is a reliable e-cash” Peter Thiel “| do think Bitcoin is the first encrypted money that has the potential to do something like change the world.” Al Gore “’m a big fan of Bitcoin...Regulation of money supply needs to be depoliticized” ad David Marcus (former CEO PayPal) watt “| really like Bitcoin. | own Bitcoins. It’s a store of value, a distributed ledger. It’s a great place to put assets." ~~) BLOCKCHAIN 4 mo CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024272

INCUMBENTS EMBRACING THE BLOCKCHAIN NASDAQ - partnered with Chain to launch private company exchange NASDAQ “As blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole, NASDAQ aims to be at the center of this watershed development,” - Robert Greifeld, NASDAQ CEO, Citi - launched “Citicoin” project ® Cl t | "Blockchain technology not only has an opportunity to transform financial services but also extend far beyond payments to new use-cases and applications across industries," - Debby Hopkins, Chief Innovation Officer at Citi AS Santander - published: “Fintech 2.0 Paper: Rebooting Financial Services” Santander “Blockchain technologies could reduce banks' infrastructural costs by $15-20bn a year by 2022” Standard Chartered Standard "The banking industry is starting to see the many potential benefits of its underlying technology. For banks, Chartered a the blockchain has the potential to become a technology model for a low-cost and transparent transaction infrastructure.” - Anju Patwardhan, Chief Innovation Officer Royal Bank of Scotland - announced a $3.5 Billion technology revamp over next 3 years » 4 RBS "| don’t know what’s going to succeed. What I'm certain of is that we are going to see blockchain solutions The Royal Bank of Scotland eer-to-peer solutions emerging in our industry and we want to be close to that development.” - Simon McNamara, Chief Administrative Officer at RBS i 5 Ne | > i) ~~ “PEE ~bova Y,.., .8,., & STATESTREET (QQ3)99. NYSE GF cro sue # BARCLAYS és UBS Se BNY MELLON Nat ~?) BLOCKCHAIN CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024273

THREE TECHNOLOGY EVOLUTIONS OF DISRUPTION 1975 = el The PC Era Semiconductor Technology BE Microsoft 2) BLOCKCHAIN — CAPITAL The Internet Era TCP/IP Protocol Google amazon ONE FERRY BUILDING, SUITE 255 The Blockchain Era Bitcoin Protocol S coinbase EM oy @@® & ef ripple SAN FRANCISCO, CA 94111 chain ChangeTip investor@blockchain. capital HOUSE_OVERSIGHT_024274

EXPERIENCED TEAM IN INVESTING BART STEPHENS |BRAD STEPHENS| BROCK PIERCE | PAUL STEPHENS Chairman of the Stephens Inv "Stephens Inv. Bitcoin Foundation * Robertson Mgmt, Mgmt. Board Stephens & Co. EXPERIENCE malin Grup eee Ventures Founded 15x * RS Investments Startups - Duke Endowment * Pringeton * Furman Selz Raised > $200M - UC Berkeley puke Invested in > 25x Endowment Startups Founded 8 crypto aa #2 U.S. Long/Short Hedge Fund* currency startups AO Years Im sulegn a: Valley Investment RECOGNITION $500 Million AUM and often referred Management and 2.5x Venture Fund, 11.5% IRR to as the “father of Banki digital currency” anning ~ BLOCKCHAIN CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] *Absolute Return Magazine 2004 HOUSE_OVERSIGHT_024275

SUCCESSFUL TRACK RECORD OF HOME RUNS PRIVATE PUBLIC QRelatelQ 2014 25.0x & 2014 77.0x alu 2004 8.1x illumina’ 2009 39.0x sta 2008 6.9x UGauroranrs 2010 4.6x 2008 5.0x / (ISILON 2011 5.1x AA SISTEMS 2014 TBD Dpnesorr 2007 3.4x ADDEPAR ( 7 IPOs and 13 Acquisitions ) ( 17 Public Acquisitions ) v=") BLOCKCHAIN 6 — CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024276

BROCK PIERCE - CHAIR OF THE BITCOIN FOUNDATION INDUSTRY LEADER AND SPOKESPERSON SERIAL ENTREPRENEUR (ge IGE (2001-2007) - Merged with ItemBay Mone i MILKEN INSTITUTE 20/20 Zam (2004-2012) - Sold to TenCent IMI EXCHANGE IMI Exchange (2004-Present) Singularity I RI E I) ven University Xfire 2.0 (2011-Present) CoinSummite I iat Suliu Playsino (2011-Present) GOCOIN GoCoin (payment processor) The ®} BLADE | Blade Financial (Bitcoin debit card) Sumeatt 201 BITC@INS —" @ wcoue &8))) Coin Congress (conference) we —) BLOCKCHAIN 7 CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024277

PARTNERS AND ADVISORY BOARD ALISON DAVIS* |! Director: Royal Bank of Scotland, XOOM, Fiserv and First Data MARY CRANSTON | Director: VISA, ex-CEO and Chair of Pillsbury Winthrop TERRY SCHWAKOPF | EVP: Federal Reserve Bank of San Francisco, banking supervision MICHAEL MCADAM | CFO: Union Bank (Mitsubishi UFJ Financial Group) SIMON MCNAMARA | CTO: RBS, ex-ClO of Standard Chartered, BNP and Deutsche Bank VINNY LINGHAM | CEO: Gyft (acquired by First Data) BOBBY LEE | CEO: BTC China NICCOLO DE MASI | CEO: Glu Mobile STEVE BEAUREGARD | CEO: GoCoin CHRIS PALLOTTA | Special Advisor: MIT Media Lab, Partner: Raptor Capital MATT OCKO | Partner: Data Collective WILL O’BRIEN | Co-founder: BitGo CHARLIE LEE | Coinbase, Founder of Litecoin * Chairman of the Advisory Board ~ BLOCKCHAIN 8 CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024278

CRYPTO CURRENCY PARTNERS I, LP AlphaPoint (© bexio PBitFury © BitGo ae Fon #% BLADE nt e "|! Blockstream ~ BTCC ey %am" BLOCK’ chain ChangeTip " @ expresscoin © ciRCLE @coinbase aff! O Gem GPCOIN coinsetter [TE — olLedgerX - wna, thee &) xapo J » 7px PEER VA MARKETS —— ZenBOXx 2) BLOCKCHAIN : CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] Pos HOUSE_OVERSIGHT_024279

CRYPTO CURRENCY PARTNERS II, LP onan ABRA [8] BitGo * BitPesa é 4 Blockstream © Bitnet —_ () Q $ co inbase ay l* @ expresscoin & chain ChangeTip coinsetter Kraken ©) com GACOIN = GLedgerx oe ef ripple PEERNOVA wa) BLOCKCHAIN 10 sr CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024280

PIPELINE & PROCESS CONSUMER Exchanges Remittance e Deep Global Domain Digital Wallets Knowledge e Extensive Networks HISTORIC INFRASTRUCTURE e Proprietary Deal Flow ° Recruiting VENTURE e Side Chains e Primary Investigative ° Business Development e Blockchain Apps Due Diligence * Capital Introduction RETURNS e Mining e Exhaustive ° M&A Management/Industry ENTERPRISE Interaction e Multi-sig workflow e Payment Gateways e Financial Tools eS BLOCKCHAIN | cop anat” ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 investor@blockchain. capital HOUSE_OVERSIGHT_024281

ACTIVE BLOCKCHAIN VENTURE INVESTORS 00g lock eartues™ khoslaventues AJFA. [eenchmar«| |] DFJ arhath Fr LIGHTSPEED a HIGHLAND F) Redpoint VENTURE PARTNERS & & FORTRESS CAPI rh PARTNERS Foundation uniong Ribbit Capital 5 RADAR@ PARTNERS ANDREESSEN = 3223 male eA ventures HOROWITZ FOUNDERS FUND =a SIDGbYost PLUGANDPL AY | r= Combinator rst Round investor@blockchain. capital ~? BLOCKCHAIN ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 HOUSE_OVERSIGHT_024282

CCP Il BitGo Coinsetter expresscoin GoCoin Kraken LedgerX BitAccess BitNet TOTAL 8 CONTRIBUTED INVESTMENTS DATE INVESTED $ AMOUNT DETAILS June ’14 December '13 November °13 October ’13 April 14 July 14 September ‘14 October ‘14 $75,000 $50,000 $25,000 $100,000 $70,000 $50,000 $25,000 $75,000 $470,000 Series A preferred Converted to Series A at 1.5x Convert to Series A, $2.5m Cap Converted to Series A at 4.5x Series A preferred Series A preferred Note discounted to Series A preferred Series A Preferred (current value ~ $815,000... 1.7x) ~ BLOCKCHAIN CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024283

CCP Il - 12 NEW INVESTMENTS MADE DATE INVESTED $ AMOUNT DETAILS PeerNova BlockStream ChangeTip Bonafide BitPesa Coinbase itBit Ripple ABRA Stem Chain Gem —_, September °14 October’14 November ’14 November’14 December ‘14 December '14 January '15 March °15 July 15 August ‘15 September °15 September 715 TOTAL emcee BLOCKCHAIN : CAPITAL = —_ $50,000 $100,000 $250,000 $50,000 $100,000 $200,000 $250,000 $250,000 $100,000 $250,000 $250,000 $250,000 $2,100,000 ONE FERRY BUILDING, SUITE 255 Converted to Series A preferred Series A preferred Series A preferred Note discounted to Series A preferred Note discounted to Series A preferred Series C preferred Series B preferred Series A preferred Series A preferred Note discounted to Series A preferred Series C preferred Series A preferred SAN FRANCISCO, CA 94111 investor@blockchain. capital HOUSE_OVERSIGHT_024284

CCP Il - STRATEGY AND MAKE-UP Diversified Sector-specific 50% New CCP II investments 30% Reserves for CCP II follow-on rounds 20% Option to use CCP |’s follow-on rights Leverage our network and industry expertise to find investments that utilize Blockchain technologies and help these portfolio companies disrupt legacy industries. Access to CCP’s early seed deals as well as future deals / BLOCKCHAIN ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024285

CCP Il - SUMMARY OF TERMS FUND TARGET $10-15M TERM 6-8 Years FEE/INCENTIVE 2.5% | 25% GP CONTRIBUTION +5% Fund or +$1m INVESTMENTS 25 ($100k - $500k per deal) STRUCTURE 4 x 25% capital calls, BTC Accepted >) BLOCKCHAIN CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024286

CCP Il - SERVICE PROVIDERS ADMINISTRATION / CFO Kranz & Associates LEGAL Sidley Austin TAX / AUDIT Crawford Pimintel BANK Silicon Valley Bank CUSTODIAN Merrill Lynch BTC VAULT Xapo & BitGo >) BLOCKCHAIN CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024287

USE CASES FOR BLOCKCHAIN TECHNOLOGY Financial and Records Legal / Health / Education Bitcoin Private Equities Bonds Public Equities Smart Contracts — Signatures/identity Degrees Shareholder Voting Remittance Crowd-funding Wills Genome data Trusts Licensing Spending Records —_ Micro-payments = Commodities Medical Records Escrows Delivery records Trading Records Derivatives =_Mortgage/loan records Arbitration Grades Patents Copyrights Digital Coupons’ Servicing records —_ Micro-charity Certifications Academic Credits Public Records Commercial / Media Land titles Birth certificates Vehicle registries HR Records Supply chain mgmt Accounting records Business license Business Incorporation/dissolution Business transaction records Software licenses Business Ownership records Regulatory records Trademarks Spam Filters Hotel room keys Criminal records Passports Death certificates Global trade network — Loyalty Points Vouchers Voter IDs Building permits Health/safety inspections Domain names Betting records Movie Tickets Non-profit records Courtrecords Gun permits Voting DRM: Music/movie/book license GPS network identity 2) BLOCKCHAIN anal CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024288

OPPORTUNITES FOR BLOCKCHAIN ADOPTION Micro- Transactions All Global Media Companies Remittance Hot Spots USA, UAE -> India, Mexico, Philip. Currency Controlled Markets Korea, S. Africa, China, India Financial Settlement Stock, Bonds, Derivatives, etc Early-Adopt Millennials USA, EU, AU Unstable Markets Africa, Venezuela, Argentina BLOCKCHAIN “ee bape CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024289

INDUSTRY GROWTH: 2014 to 2015 Key Bitcoin Adoption Metrics Quai Year Ago June-15 March-15 Q2/Q1A Q1/Q4A June-14 A Commerce Wallets 9,345,510 8,457 207 11% 14% 5,467,263 Merchants 100,000 88,000 14% 7% 65,640 Merchants’ annual revenue ($bn) 187 187 0% 4% 30 ATMs 426 374 14% 9% 126 Unique bitcoin addresses 261,770 203,189 29% 29% 136,152 Industry All-time VC investment ($m) $832 $687 21% 50% $252 Number of VC-backed startups 113 105 8% 15% 58 Media Mainstream media mentions 371 458 -19% -10% 1035 -64% Tt Network hash rate (billion/second) 351,177,610 346,028,956 1% 11% 104,506,281 3x Valuation Bitcoin market capitalization ($bn) $3.8 $3.4 11% -22% $8.0 -53% Data sources and notes: CoinDesk, Blockchain. info, BilcoinPulse, Gahub, Coin ATM Radar. Figures are cumulative from start of records, except unique bitcoin addresses and media mentions, which are figures for the quarter ending that month. Number of VC-backed startups and VC investment unadjusted for closed companies: Melotic, Buttercoin, Bitinstant, and TradeHill State of Bitcoin Q2 2015 CoinDesk ~?) BLOCKCHAIN anal CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024290

CASE STUDY: ChangeTip Changelip enables a “tipping” feature using Bitcoin on other companies’ websites. It has built a Bitcoin micropayment platform that is currently integrated with Twitter, GitHub, Reddit, Google+, Tumblr, and YouTube. We believe that ChangeTip’s micro transaction platform is poised to be the financial equivalent of the “Like” button, and enabling new mechanisms for premium online constant to be monetized. Social Accounts by Date ym of Tips a oS . = ACh : 3 ChangeTip j 2 Mar “4 Apr 14 May “14 Jun '14 Jul “4 Aug "4 Sep “4 Oct 4 Now "4 Da — oe — T DataHero a) =) BLOCKCHAIN Ye a/ . . . maut? CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024291

HYPER-GROWTH- 2013 to 2015 Github repository references Number of daily bitcoin transactions 4000 © Gteca 220,000 tx 200,000 tx 000 180,000 tx 160,000 tx 4000 140,000 tx 120,000 tx 3000 , 100,000 tx Te Ae F i i 2000 oe PayPal 80,000 tx } a a it ) ‘ 5 ‘ 60,000 tx ¥ yr We : 1000 a 40,000 tx Y nd * i a 20.090 tx . 2 os - . = Py Mar 08 Vor Mar-1t Mart Mar13 an jer! Nowell jurl2 jari3 Aug-13 Marta Oct14 Apr-1S Forecast for Total Bitcoin Wallets by End of 2015 Maintained at 12 million 140,000 Bitcoin-Accepting Merchants Forecast by End of 2015 160,000 #096195 440,000 = P 10.900 > aan 80000 + put “ 60.000 1 Pa it FE 40,000 tage a 20,000 an > > > > & F Pa FF KF F HF FF HK FF #H JaetS Aged Jed Oc-13 eed Aprié aut4 OcthS4 den-1S Apres 0-15 Ochs Joe F vecnted Watet. Oem Sources and notes tot eam beset on cate tore 5 Avaress SPeter Arncod Star were owe by b woe f O02) MP Sep 20TH 70.000 TP bes 3) ant BOO Watet deveaper) Heloras C sortene bots pen etet by FOES AG ee wlepoEtor ~~) BLOCKCHAIN — CAPITAL ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024292

SUMMARY No BLOCKCHAIN CAPITAL FIRST DEDICATED BITCOIN VENTURE FUND UNPARALLELED ACCESS TO DEAL-FLOW PROVEN TRACK RECORDS wy BLOCKCHAIN 2 ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected] HOUSE_OVERSIGHT_024293