nd 1 received 54% of the Fund's capital. The 3 best performing companies in Fund 2 received 52% of the Fund's capital. 3 major investments in Fund 3 have received 42% of the Fund's capital commitments, with 25% still reserved for follow-ons. STASH 1gOctane Fund 1 Fund 2 Fund 3 VALAR 9

% of each fund's respective capital commitments was close to $1 billion for Fund 1, but only $650 million for Fund 2 and closer to $500 million for Fund 3. Valar intends to employ the portfolio concentration principles outlined above in the operation of Fund 4. Confidential & Trade Secret EFTA0081041

remaining capital will be invested in follow-on financings in these existing portfolio companies. So far, Stash has commanded the largest share of Fund 3, with just over 20% of the Fund invested in the company's Series A, Series B, and Series C financings. The big news for Stash is they just raised S

Kobulnik <-> wrote: Hi =ichard, Note that =he 19% ownership from the fall update was an overall ownership level =or all Valar vehicles (although Fund 3 owns by far the biggest stake of =tash). In any event, after this most recent financing that just closed, =und 3 now owns 13.9% of Stash on a fully