EFTA01805033.pdf

From: Andrew McCormack Sent: Wednesday, September 28, 2016 6:49 PM To: James Fitzgerald; Andrew McCormack Subject: Opportunity to purchase Transferwise shares Dear Valar Investors, We hav= an opportunity to buy shares of Transferwise from some of the smaller, ea=ly investors at the price of the Series C round ($818M post-money or —$23.= per share). The Company most recently raised money at a pre-money v=luation of $1.1B (- $29.8 per share) in their Series D round which was led =y Baillie Gifford at the beginning of this year. =ransferwise has been on a very impressive run this year and should end 201= at a run rate of approximately $100M in revenue and be cash flow positive=from December onwards. Our intention would be to =ake our pro-rata of the shares available and offer them to you in an SPV s=milar to the one we did for the Series C in 2014. The terms are 0% m=nagement fee and 20% carried interest. As usual, =he timing on this is quite short. We would be happy to discuss this deal a=d Trasferwise's recent performance with you by phone in the next few d=ys if you have an interest in digging in further. Andrew & James 1 EFTA_R1_00150969 EFTA01805033