artners' respective Pecuniary Interests in certain funds, or the "Heritage Funds," within the Apollo Operating Group are not held in accordance with the Managing Partners' respective Sharing Percentages. Instead, each Managing Partner's Pecuniary Interest in such Heritage Funds is held in accordance with the historic

w-on opportunities. As noted above, Valar has been highly successfully preempting successive financing rounds (e.g., Transferwise, Breather, Stash); the Managing Partners' tight alignment and shared data set was key to those decisions. Valar expects to hire additional investment associates and back office personnel as