<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, September 28, 2016 8:34 PM</td></tr><tr><td>To:</td><td>Andrew McCormack</td></tr><tr><td>Subject:</td><td>Re: Opportunity to purchase Transferwise shares</td></tr></table>

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On Wed, Sep 28, 2016 at 8:48 PM, Andrew McCormack

<mailto:

> wrote:

## Dear Valar Investors,

We have an opp=rtunity to buy shares of Transferwise from some of the smaller, early inve=tors at the price of the Series C round ($818M post-money or -$23.4 per sh=re). The Company most recently raised money at a pre-money valuation=of $1.1B (-$29.8 per share) in their Series D round which was led by Baill=e Gifford at the beginning of this year.

Transfer=ise has been on a very impressive run this year and should end 2016 at a r=n rate of approximately $100M in revenue and be cash flow positive from De=ember onwards.

Our intention would be to take our=pro-rata of the shares available and offer them to you in an SPV similar t= the one we did for the Series C in 2014. The terms are 0% managemen= fee and 20% carried interest.

As usual, the timi=g on this is quite short. We would be happy to discuss this deal and Trasf=rwise's recent performance with you by phone in the next few days if y=u have an interest in digging in further.

Thank y=u,

Andrew & James

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