EFTA00810509.pdf

STASH Velar Fund 3 / Put your money where it matters Stash Updates 0. neat n • rem Of egsO eV WOW cat" tan *noose maw new. WS cuian b al el p goollisa feaP.MgetgillEtt ✓ Continued rapid user growth, reaching 2.5M users and I .5M funded accounts in September. CAC remains stable at < $20 per new user. 1 Revenue has grown 5x YoY, exceeding forecasts with $3.8M in Q3. Revenue expected to hit $100M annualized by the end of next year. 1 Gross margins (negative last year) are now positive and nearing 50%. 1 Accelerated pace of new product launches. Retirement and custodial accounts, as well as insurance referrals, all growing exponentially. Stash debit card, cash back and gifting launching in Q4. 1 Over $2.5M has been pre-funded for the Stash Debit product, with 50k sign ups during a 3 week period. Valar Cost Basis: $29.6M 1 Series D financing expected in Q4 2018. Current FMV: $65.6M Gross Multiple: 2.2x ✓ Valar is the second largest investor in Stash, with a Current Company Valuation: $347.5M 19% ownership stake in the company. Other Key Investors: USV. Coatue. Goodwater. Jim Breyer VALAR / EFTA00810509