<table><tr><th>From:</th><th>Brock Pierce</th></tr><tr><td>Sent:</td><td>Friday, November 6, 2015 11:25 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein; Richard Kahn</td></tr><tr><td>Subject:</td><td>Fwd: Blockstream Series A - Pro Rata Notice</td></tr><tr><td>Attachments:</td><td>Blockstream - Series A - Notice of Issuance of New Securities CCP.DOC</td></tr></table>

FYI

---------- Forwarded message ----------
From: Erik Svenson<
Date: Thu, Nov 5, 2015 at 1:13 PM
Subject: B=ockstream Series A - Pro Rata Notice

stephensim.com>>, Brock

Brad and Bart,

Thanks again fo= all the help with investor intros. Below is the formal notice we're s=nding all seed investors. Let me
know if you have any questions.

Thanks,
Erik

<=iv>_______________________

Blockstream continues to=charge forward both on the technology/product front and with respect to gr=wing our organization. Based on inbound investment interest from both VCs =nd the strategic investment groups at several financial services companies= we are in the process of raising a Series A.

We =greed to a term sheet with Horizons Ventures as our lead investor and have=recently closed on $20m of Horizons' potential $26m investment. Curren=ly, we are targeting a $50m round based on a $200m pre-money valuation. Th= term sheet gives us flexibility to increase the round to $60m. We will ke=p the round open through the end of the year, unless we close the entire a=ount sooner. (We have not announced this financing or shared these details=outside of discussions with potential investors, so please treat these det=ils as confidential.)

Attached, is a formal notic= of your pro rata investment rights, based on the Seed Preferred Shares do=uments. Per these terms, please let us know as soon as possible, but no la=er than 20 days from today about your interest in participating in the Ser=es A. If you elect to participate, we will help you close your Series A in=estment as soon as possible.

Because the total ro=nd size has not been determined, we are not able to calculate a definitive=pro rata participation for you; however, because we are targeting $50m, we=are using that as a basis for the pro rata allocation of all Seed investor=.

Assuming this allocation, if we decide to r=ise more than $50m, you will be able to increase your investment to achiev= your pro rata level. If we raise less than $50m, your investment may resu=t in a higher ownership percentage than your pro rata rights suggest. We w=ll also try to accommodate if you know today that you would like to invest=more than your pro rata allocation.

Please let us=know if you have any questions on the above or would like us to provide ad=itional information before you make your final decision.

As always, thank you for your support of Blockstream!

Regards,
Austin Hill, CEO

an=

Erik Svenson, VP Finance and Operations

Erik Svenson

=i style="font-family:sans-serif;line-height:15px;color:rgb(128,128,128);=mpty-cells:show;border-color:rgb(128,128,128)">VP of Finance & Operati=ns, Blockstream Digitizing the Planet's Assets.

Website <http://www.blockstream.com/> | <=pan style="text-decoration:underline;color:rgb(51,153,204)">Twitter <https://twitter.com/TheBlockstream> =/span>

Brock Pierce

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I=PORTANT NOTICE: This message is intended only for the use of the indivi=ual or entity to which it is addressed, and may contain information tha= is privileged, confidential and exempt from disclosure under applicablelaw. If the reader of this message is not the intended recipient, or the<=r>employee or agent responsible for delivering the message to the intended=br>recipient, you are hereby notified.