<table><tr><th>From:</th><th>Richard Kahn &lt;richardkahn12@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, April 13, 2015 3:27 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Joi Ito update</td></tr></table>

ok thank you for clarification

Richard Kahn
HBRK Associates Inc.

On Apr 13, 2015, at 11:15 AM, Jeffrey E. <jeevacation@gmail.com> wrote:

coinbase is not joi

<u>On Mon,</u> = r 13, <u>2015 at 11:15</u> AM, Richard Kahn <r
< > wrote:

last Dec when we spoke about =eople investments with Linda Stone, George Church, Boris and Joi you =entioned you would allocate 5-10mm per person

so far to date we have the following =nvestments outstanding with Joi at cost:

Kyara II =/span>250,000
Kyara III =/span>500,000
Kyara IV =/span>250,000
Coinbase =nbsp; 3,001,000
Neoteny =nbsp; 1,000,000
Total Joi Inv =nbsp; 5,001,000 =/span>

Notes:

1) Kyara I we invested =00,000 and received back 300,000 (for a 200,000 profit)

2) Valar total commitment is 15,000,000 however i do =ot believe this relates to Joi

Richard Kahn
HBRK Associates Inc.

tel = 
fax 6
cell 9

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