From: Brock Pierce Sent: Friday, November 6, 2015 11:25 PM To: Jeffrey Epstein; Richard Kahn Subject: Fwd: Blockstream Series A - Pro Rata Notice Attachments: Blockstream - Series A - Notice of Issuance of New Securities CCP.DOC FYI Forwarde= messy e From: Erik Svenson< Date: Thu, Nov 5, 20 Subject: B=ockstream Series A - Pro Rata Notice ephensim.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 al