<table><tr><th>From:</th><th>Andrew McCormack &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, October 13, 2015 9:37 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Valar update</td></tr></table>

Hi Jeffrey,

Do you have a few minutes t=is week or next for a quick call? We're trying to sort out alloc=tions for the first closing and it would be helpful to get a sense of wher= you'd like to be. When we spoke last, you were still thinking i= a pretty broad range.

thanks,

Andrew

<mailto: > > wrote:

On Fri, Aug 21, 2015 at 11:15 AM, Andrew McCormack «tel
<rnailto > wrote:

Hi Jeffr=y,

Deal flow for Valar Fund II has been great, we have some exciting companies=already in the fund and are going to close on our largest investment in th= next couple of weeks. If you are up for it, we'd love to update you o= the Fund's progress so far and how we see things playing out in the n=ar and mid-term.

Best,

Andrew

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return e-mail o= by e-mail to j=evacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies =hereof, including all attachments. copyright -all rights reserved </rniv>

## =C2 please note

The informat=on contained in this communication is confidential, may be attorney-cli=nt privileged, may constitute inside information, and is intended only =or the use of the addressee. It is the property of JEE Unauthoriz=d use, disclosure or copying of this communication or any part thereof =s strictly prohibited and may be unlawful. If you have received this

return e-mail o= by e-mail to j=evacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies =hereof, including all attachments. copyright -all rights reserved </=iv>