<table><tr><th>From:</th><th>Andrew McCormack</th></tr><tr><td>Sent:</td><td>Friday, August 21, 2015 3:16 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>James Fitzgerald</td></tr><tr><td>Subject:</td><td>Valar update</td></tr></table>

Hi Jeffrey,

Deal flow for Valar Fund II has been great, we have some exciting companies a=ready in the fund and are going to close on our largest investment in the n=xt couple of weeks. If you are up for it, we'd love to update you on the Fu=d's progress so far and how we see things playing out in the near and mid-t=rm.

Best,

Andrew

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