From: Andrew McCormac Sent: Monday, March 30, 2015 10:34 PM To: [email protected] Cc: James Fitzgerald Subject: Valar Ventures update Jeffrey, We wanted to send you our latest </=pan>update deck, which you can access (and download) here: </=> https://valar.docsend.com/=iew/xjdazt8 <https://valar.docsend.com/view/xjdazt8> =u> The highlights are:<=> <=p> • (As you know) We closed Fund II in Janua=y at $102M. - We comp=eted our first major investment for Fund II (Granify) in Februar= and have two more companies in the final stages. =/cliv> Valar Fund I assets invested: $92.5M </=> Gross & Net multiples: 3.8X = 3.1X Gross &a=p; Net IRRs: 93.6% / 77.4% Please do let us know=if you have any questions. Warm regards, EFTA_R1_01636056 EFTA02505986

Andrew<=> <= class="MsoNormal"> <=span> Partner, Valar Ventures<Apan> 2 EFTA_R1_01636057 EFTA02505987