Re: Valar Global Fund IV LP - Draft Subscription Documents **Action Required**

In connection with the closing of Valar Global Fund IV LP (the "Partnership"), we are providing the following materials to you for review because you have been identified by the Partnership's general partner as a prospective Limited Partner of the Partnership:

1. The Partnership's draft Amended and Restated Limited Partnership Agreement (the "LPA");

2. A marked copy of the LPA reflecting changes made to the Amended and Restated Limited Partnership Agreement of Valar Global Fund III LP;

3. The Partnership's Subscription Agreement and Investor Questionnaire (the "Subscription Agreement); and

4. An Indication of Interest Form.

Please let us know if you would like for us to provide copies of the attached documents or other materials directly to your counsel or additional parties within your organization.

The Partnership's initial closing is currently scheduled for January 2, 2018, but please note that all completed and signed subscription documents are due by Friday, December 15, 2017. We anticipate distributing final documents and closing instructions on December 1, 2017. Consequently, please provide us with any questions or comments you may have regarding the attached materials no later thanMonday, November 20, 2017.

Priority will be given to investors that complete, sign and return the Indication of Interest Form by Monday, November 20, 2017.

If you have any questions or comments please contact me or Bobby 8ao ) as soon as possible.

Thanks,

Eric

Eric Doherty
Cooley LLP

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<LPA - Valar IV.DOCX><Redline - LPA - Valar IV.pdf><Valar Global Fund IV LP - Subscription Agreernent.pdf><1ndication of Interest.pdf>

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thank you for sending however we are not interested in Fund IV
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel
fax
cel l

EFTA01029046

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Hi Jeffrey,

We received this from your guys at HBRK. Needless to say, we'd love to have you as a partner again in Fund IV. Your investments in Funds II and III are doing very well.

If it's not meant to be, we'd love to hear your feedback on why you are declining?

Warm regards,

Andrew

Time to exit too long

Good work

Key Information:

• N26 Sidecar: Closed.
• Valar Global Fund II LP: Estimated balance $40.75M (as of 12/31/2018).
• Valar Global Fund III LP: Estimated balance $49.69M (as of 12/31/2018).
• Portfolio Companies: Stash, Qonto, Octane are doing well. Petal, Coya are too early to tell. Funds 2 & 3 have potential for 10x returns.
• Valar Fund V: Fundraising starting in January.
• N26 Financing: A co-investment opportunity for Fund 2 is available.

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Valuation: E2.1B (our Series A investment was at a E4OM valuation) Lead: El 25M 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>

Do you want to talk about the N26 co-invest or Fund V?

Hope all is well with you otherwise.

A