stics Size (Sion) Primary Derriere Direct Bidders Indirect Bidders Cover Ratio Stop-out Yield lyr Avg $ 137 52.3% 48% 429% 415 0.070 Mar-16 $13.0 24.6% 0.0% 75.6% 4.34 0.086 Feb-15 $13.0 49.9% 1.9% 48.2% 4.28 0.084 Jan-16 $15.0 46.0% 6.0% 47.1% 3.72 0.084 Dec-14 $13.

n) Primary Dealers Mod Bidders Indirect Bidders Cover Ratio Stop-out IPM WI BP Tail Yield Bid 1 yr Avg $360 336% 12.6% 537% 2.68 as Mar-16 $36.0 39.8% 4.7% 66.7% 2.36 1.387 1.376 1.2 Feb-15 $35.0 32.4% 7.5% 60.1% 2.54 1.480 1.477 0.3 Jan- I 5 $35.0 27.4% 9.6% 63.1%

4797 Bitcoin Volume Projections Monthly Notional ($ millions) 500 450 400 350 300 250 200 150 100 50 0 @ October 2015 LedgerX Jan-16 Mar-16 Jun-16 Spot Derivatives Confidential Dec-16 Dec-17 13 EFrA_R1_00013238 EFTA01734798 Fundraising History Seed: Early 2014 Series A: Mid

stics Size (Sion) Primary Derriere Direct Bidders Indirect Bidders Cover Ratio Stop-out Yield lyr Avg $ 137 52.3% 48% 429% 415 0.070 Mar-16 $13.0 24.6% 0.0% 75.6% 4.34 0.086 Feb-15 $13.0 49.9% 1.9% 48.2% 4.28 0.084 Jan-16 $15.0 46.0% 6.0% 47.1% 3.72 0.084 Dec-14 $13.

imary Mod Indirect Cover Stop-out IPM WI BP Tbji 16bn) Dealers Bidders Bidders Ratio Yield Bid 1 yr Avg $360 336% 12.6% 537% 2.68 01 Mar-16 $36.0 39.6% 4.7% 66.7% 2.36 1.387 1.376 1.2 Feb-15 $35.0 32.4% 7.5% 60.1% 2.54 1.480 1.477 0.3 Jan- I 5 $35.0 27.4% 9.5% 63.1%