EFTA02485187.pdf

"From: Andrew McCormack Sent: Tuesday, October 13, 2015 9:37 PM To: Jeffrey E. Subject: Re: Valar update"

"On Fri, Aug 21, 2015 at 11:15 AM, Andrew McCormack wrote: Hi Jeffry, Deal flow for Valar Fund II has been great"

"Deal flow for Valar Fund II has been great, we have some exciting companies already in the fund and are going to close on our largest investment"

"When we spoke last, you were still thinking in a pretty broad range."

"We're trying to sort out allocations for the first closing and it would be helpful to get a sense of where you'd like to be."