<table><tr><th>From:</th><th>Andrew McCormac</th></tr><tr><td>Sent:</td><td>Monday, March 30, 2015 10:34 PM</td></tr><tr><td>To:</td><td>jeevacation@gmail.com</td></tr><tr><td>Cc:</td><td>James Fitzgerald</td></tr><tr><td>Subject:</td><td>Valar Ventures update</td></tr></table>

Jeffrey,

We wanted to send you our latest </=pan>update deck, which you can access (and download) here: </=>

https://valar.docsend.com/=iew/xjdazt8 <https://valar.docsend.com/view/xjdazt8>

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The highlights are:<=>

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• (As you know) We closed Fund II in Janua=y at $102M.

- We comp=eted our first major investment for Fund II (Granify) in Februar= and have two more companies in the final stages.

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Valar Fund I assets invested: $92.5M </=>

Gross & Net multiples: 3.8X = 3.1X

Gross &amp; Net IRRS: 93.6%/77.4%

Please do let us know=if you have any questions.

Warm regards,

Andrew<=>

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Partner, Valar Ventures</=pan>