ry and general market benchmarks: Net Multiple Net IRR Valar Fund I 2.5x 41.0% Cambridge US Venture Capital Index (Top Quartile) 2.2x 36.1% Cambridge Global ex US Developed Markets PE/VC Index 1.5x 17.3% S&P 500 Total Return Index 1.9x 13.5% • - Numbers presented for Valar am as of 12/31/2015. - Valar Fund l" refers to all fu