<table><tr><th>From:</th><th>Greg</th></tr><tr><td>Sent:</td><td>Monday, April 16, 2018 10:26 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: No subject</td></tr></table>

Assuming all the debt converts (unknown) then you are in at a 151m valuation (13,000,0O0 for 8.6% of the company)

If the debt does not concert then the 13m will buy closet to 10%, but I suspect some will convert. Waiting on answers from debt holders.

Debt will be pari passu with series 2 preferred (you) so not much advantage to being debt and they then convert at next round with higher valuation.

I certainly hope we sell it for more than lbn. I would guess 2.3bn is reasonable, but that will be a decision we make when the time comes.

On Apr 16, 2018, at 6:31 AM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com» wrote:

the cap table seems to say if the co reaches 1 billion valuation , my investment is a 4x . ?

please note

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