y Incentive Allocations made to its capital account and profits thereon (as described below). Notwithstanding the foregoing, the General Partner's Initial Investment, together with any profits thereon, may not be withdrawn until December 31, 2002. Side-Pocket Accounts. Limited Partners may not make withdrawals

f $48,000 over the course of one year had an actual audience impact far greater than the immediate impact on the 25 students in the course. $48,000 Initial Investment =$890 per student AUDIENCE EXPANSION 6 lectures = 4800 attendees Two radio interviews based on lectures = 60,000 listeners $48,000 Initial Invest

ures Returns Valar Cost Basis: $12.0M Current FMV: $12.0M Gross Multiple: 1.0x Date of Initial Investment: 9/10/2015 Pre-Money Valuation at Initial Investment $80M Latest Company Valuation: $98.9M VALAR VENTURES ©breather How 4 works Submit year space FAO LcSin A space to work, meet or relax Book

ire and theft to wasted time and money. Headquarters: New York City Valar Cost Basis: $8.1M Current FMV: $8.1M Gross Multiple: 1.0x Dat of Initial Investment July 2017 Pre-Money Valuation at Initial Investment: $3 1 .0M Current Company Valuation: $42.5M Other Key Investors: Ribbit Capital, BoxGroup,

ial Good Morning Jeffrey, Yesterday you executed the following: S 49,504.95 JLTSX (JPM Latin America Fund) @ $17.57 Total Proceeds = $869,801.97; Initial Investment = $1,000,000 Separately, we wanted to point out that your DAG investment (DB Agriculture Fund) currently has a small gain (trading -S7.65 vs. $7.05

itial Investment") and shall invest in the Company, subject to the terms below, an additional amount of US$680,000 (the "Deferred Investment") (the Initial Investment and the Deferred Investment shall be referred to collectively as the "Investment Amount"), against issuance by the Company of Preferred Shares in t