: $243.9M Multiple (Gross & Net): 2.7x / 2.1x IRR (Gross & Net): 42.6% / 33.3% % of Fund Invested / Reserved: 100% Performance Drivers: N26, Breather, Kalo, Even VALAR / 6 EFTA00810480 Valar Fund 2 / Performance Drivers N26 Mobile Banking Made Easy $ VALAR EFTA00810481 Valar Fund 2 / Pcri

Company Valuation: Other Key Investors: $25.5M $42.3M 1.7x $295.6M RRE, Menlo Ventures, Google Ventures, Temasek  Valar Fund 2 owns 14.3% of Breather. VALAR / 10 EFTA00810484 Valar Fund 2! Pcfrormoncc kalo Work with Anyone, Anywhere EFTA00810485 kalo Ov•ev•r* SOitIPOSIS • Reiourca • 0

nd Slovakia. 4 CONFIDENTIAL 8 TRADE SECRET I C-7 EFTA00609572 PORTFOLIO / BREATHER Breather - Private Office Space on Demand Brier Description Breather operates a marketplace for branded, high- design, private office spaces that fill a need for a short term. quiet place to work. meet or relax. Breat

nvestment: $20M Current Company Valuation: $1.7B Other Key Investors: IA Ventures, Andreessen-Horowitz, IVP VALAR I EFTA00810263 *breather Breather operates a network of private, professional meeting rooms designed for work, meetings and to focus. Headquarters: New York City & Montreal Vala

nd to be high-margin businesses focused on massive markets, such as currency transfer (Transferwise), banking (N26, Qonto), commercial real estate (Breather), insurance (Jetty, Coya), investing/retirement savings (Stash), accounting software (Xero), and human resources/compliance software (Kato). Given t

. An update on these major investments — and a few notes on some of the Fund's smaller investments - follows. In our last update, we announced that Breather had raised a Series C round led by Venky Ganesan of Menlo Ventures in November 2016. Google Ventures subsequently invested $5 million at the beginn

our Fall Update for Valar Global Fund 2 (although I think we covered most of this and then some in our recent call). You have may also have seen the Breather deal announced yesterday; there will be a related capital call going out later today. As a heads up, I expect our lawyers will be circulating the F