<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Monday, April 13, 2015 3:15 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Joi Ito update</td></tr></table>

To:

last Dec when we spoke about people investments with Linda =tone, George Church, Boris and Joi you mentioned you would allocate =-10mm per person

so =ar to date we have the following investments outstanding with Joi at =ost:

Kyara =I gspan>250,000
Kyara III =/span>500,000
Kyara IV 250,000
Coinbase =,001,000
Neoteny =nbsp; 1,000,000
TotaI=Joi Inv =/span> 5,001,000

Notes:

1) =nbsp;Kyara I we invested 100,000 and received back 300,000 (for a =00,000 profit)

2) Valar total commitment is =5,000,000 however i do not believe this relates to Joi

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
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