From: J <jeevacation®gmail.com> To: Andrew McCormack Subject: Re: Valar Global Fund IV LP - Draft Subscription Documents "Action Required" Date: Wed, 06 Feb 2019 16:06:48 +0000 Thx , how is fund 5 coming On Wed, Feb 6, 2019 at 8:52 AM Andrew McCormack < > wrote: These are unaudited and still subject review. I would call them estimated 12/31/2018 capital account balances. Valar Global Fund II LP = $40.75M Valar Global Fund III LP = $49.69M Stash, Qonto, Octane all doing very well. Probably billion dollar + companies in 2-3 years. Petal, Coya are too early to tell. I think funds 2 & 3 have a good chance at being 10X (or better) funds. On Feb 5, 2019, at 3:54 PM, J <jeevacation®gmail.com> wrote: andrew. waiting for the year end numbers. I see n26 has done very wel. what about stash and the balance . hope you are well On Tue, Nov 20, 2018 at 3:53 PM Andrew McCormack < > wrote: Hi Jeffrey, We are going to start fundraising for Valar Fund V in January and wanted to see if you are interested. For your reference, here is how we're doing with your investments in Valar: Fund 2 (you invested $15M) 3.7x gross MOIC and 44.6% IRR. Fund 3 (you invested $25M) 2.6x gross MOIC and 63.6% IRR. Also, we have a co-investment opportunity for a Fund 2 company called N26 that is coming together pretty fast. The round details for the N26 financing are: Valuation: E2.1B (our Series A investment was at a E40M valuation) Lead: E125M from Insight Venture Partners Total: E230M primaries Valar pro-rata: E29M I have attached a couple of screenshots (we can't share the deck) that show the company's trajectory. Happy to walk through more detailed metrics by phone or in person. <Screen Shot 2018-11-20 at 10.39.07 AM.png> <Screen Shot 2018-11-20 at 7.44.43 AM.png> EFTA01029050