EFTA02633233.pdf

From: Richard Kahn < Sent: Thursday, February 28, 2019 7:47 PM To: Jeffrey Epstein Subject: Fwd: Stash Financial Richard Kahn HBRK Associates Inc. Begin forwarded message: From: =/b>Reuben Kobulnik < Subject: .../b>Re: Stash =inancial Date: =/b>February 28, 2019 at 2:43:04 PM =ST To: =/b>Richard Kahn < Cc: Andrew McCormack < Hi Richard, I'm not totally following all of your =uestions, but Valar has not sold any of the equity it has acquired in =tash. Prior to this latest round, Valar Fund 3 owned approximately =6.3% of Stash. The round size was 65M at a 500M pre- so the dilution =as 11.5%, plus there was a customary option pool increase of =pproximately 3.5% in connection with the round (option pool dilution =appens before the financing dilution). Rough math is 16.3%*0.965*0.885 =3D 13.9%. Does that make sense? Best regards, Reuben Kobulnik Operating =artner Valar Ventures LLC EFTA_R1_01855851 EFTA02633233  On Thu, Feb 28, 2019 at 2:29 PM Richard =ahn < <mailto > wrote: reuben, sorry, but can you describe for me =he dilution and the ownership of the "other valar entities. was there a sale? or only a dilution? are there =arrants? or other value securities involved thank you as i am making presentation to Mr Epstein. Richard Kahn HBRK Associates Inc. On Feb 28, 2019, at 10:44 AM, Reuben Kobulnik <-> wrote: Hi =ichard, Note that =he 19% ownership from the fall update was an overall ownership level =or all Valar vehicles (although Fund 3 owns by far the biggest stake of =tash). In any event, after this most recent financing that just closed, =und 3 now owns 13.9% of Stash on a fully diluted basis (and Valar =verall owns 16.32%). Best regards, =div dir="ltr" class=""> Reuben Kobulnik Operating =artner Valar Ventures LLC 2 EFTA_R1_01855852 EFTA02633234  On Thu, Feb 28, 2019 at 10:32 AM Andrew =cCormack < <mailto » wrote: Reuben can =elp provide the answers here. May I ask what the purpose =f these one-off questions are? On Feb 28, 2019, at 4:25 PM, Richard Kahn <- > wrote: my understanding from your =all update was that Valar III owned 19% of Stash after dilution what % of Stash will Valar own? please advise thank you Richard Kahn On Feb 26, 2019, at 6:22 PM, Andrew McCormack < > wrote: Yes. On Feb =7, 2019, at 12:11 AM, Richard Kahn < wrote: are we getting diluted from =his round? please advise thank =ou Richard Kahn HBRK Associates Inc. 3 EFTA_R1_01855853 EFTA02633235  On Feb 26, 2019, at 5:40 PM, Andrew McCormack < > wrote: Post money = $565M On Feb 26, 2019, at 11:38 PM, Richard Kahn < wrote: thank you do =ou have any idea of the valuation? please =dvise thanks Richard Kahn HBRK Associates Inc. On Feb 26, 2019, at 5:34 PM, Andrew McCormack <-> wrote: It means they are raising money. On Feb 26, 2019, at 11:28 PM, Richard Kahn =It <mailto: > wrote: i saw that Stash Financial =iled a Form D for Notice of an Exempt Offering of Securities can you please provide details of what this means.. thank you 4 EFTA_R1_01855854 EFTA02633236  Richard Kahn HBRK Associates Inc On Nov 4, 2018, at 7:57 AM, Andrew McCormack <-> wrote: Hi Richard, Attached is our Fall update. I look forward to speaking =ith you in more detail tomorrow. Warm regards, Andrew On Thu, Nov 1, 2018 at =1:22 AM Richard Kahn < <mailto: > wrote: confirming 3pm on the =th for a call thank you Richard Kahn HBRK Associates Inc. On Nov 1, 2018, at 10:50 AM, Andrew McCormack <-> wrote: 5 EFTA_R1_01855855 EFTA02633237  3pm on the 5th or 12pm on the 6th work for me. =/div> One more =hing to consider - we will be in the market in 01for Valar V. It would =e great to know if Jeffrey is considering investing with us again. =aybe the public markets aren't so great after all... Sent via Superhuman iOS On Thu, Nov 1 2018 at 10:46 AM, Richard Kahn < <mailto: > wrote: lets chat next week after i have read fall =pdate please advise on times that may work for =ou thanks Richard Kahn HBRK Associates Inc. On Nov 1, 2018, at 10:43 AM, James Fitzgerald <-> wrote: Happy to chat; and FYI we are =ending out a Fall Update in the next few days. On Thu, =ov 1, 2018 at 10:25 AM, Richard Kahn < wrote: can you please advise when you have time to review funds II =amp; III thank you Richard Kahn HBRK Associates Inc. 6 EFTA_R1_01855856 EFTA02633238  On May 10, 2018, at 4:33 PM, James Fitzgerald <-> wrote: Dear Investors, We are pleased to =resent you with the attached Valar Ventures 2018 Annual Report, which =rovides an update on all major investments in Valar Funds 1, 2 and 3, =s well as a short update on the initial investments we are making in =und 4. As you can see, all =he funds are performing nicely, and we are seeing a lot of very high =uality investment opportunities for Fund 4. We appreciate your =ontinued support and look forward to catching up with many of you over =he coming months. As always, if you have =ny questions, please feel free to reach out to us. Best =egards, James and =ndrew <Valar - 2018 Annual =eport.pdf><Valar Fund 4 Initial =nvestments.pdf> James Fitzgerald = Valar Ventures / =0010 <Valar Update - Fall =018.pdf> 7 EFTA_R1_01855857 EFTA02633239