Do Not Copy or Distribute Without Written Permission from Valar Ventures LLC Valar Global Fund III LP $200,000,000 VALAR Limited Partner Interests Confidential Private Placement Memorandum Valar Ventures LLC 915 Broadwa

artner shall deem appropriate. The General Partner is hereby authorized to enter, by itself or on behalf of the Partnership, into an agreement with Valar Ventures LLC, a Delaware limited liability company or another entity beneficially owned by the Managing Members and a Thiel Person (the "Management Company") for

ENT IS CONFIDENTIAL. The information in this presentation may not be copied, reproduced, or redistributed without the express written permission of Valar Ventures LLC (the "Sponsor"). This presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such d

general partner. The general partner of the Partnership is Valar Ventures GP Ill LLC (the "General Partner"), a Delaware Limited Liability Company. Valar Ventures LLC (the "Management Company") serves as the management company of the Partnership. If a limited partner informs the General Partner that it must absta

before the financing dilution). Rough math is 16.3%*0.965*0.885 =3D 13.9%. Does that make sense? Best regards, Reuben Kobulnik Operating =artner Valar Ventures LLC EFTA_R1_01855851 EFTA02633233 On Thu, Feb 28, 2019 at 2:29 PM Richard =ahn < <mailto > wrote: reuben, sorry, but can you describe for me =he d