Question 6

Krishnuvara Krishnuvara Base Model Full Ratchet Weighted Average

Old price of series A shares Adjusted price of series A shares Amount invested in series A Adjusted number of shares for Vulture Number of old shares for founders Number of old shares for option pool Total number of old shares Adjusted number of old shares Exit Value Time to exit Discount rate Investment amount Post-Money Pre-Money Ownership fraction of new investors Ownership fraction of all old shareholders Number of new shares Price per share Final wealth of new investors Final wealth of old shareholders NPV of new investors NPV of old shareholders NPV of Vulture Ventures NPV of founders NPV of option pool

1.00 4.00 4.00 5.00 1.50 10.50

1.00 4.00 4.90 5.00 1.50 11.40

1.00 4.00 4.29 5.00 1.50 10.79

60 4 45.00% 5 13.57 8.57 36.84% 63.16% 6.12

0.82

60 4 45.00% 5 14.31 9.31 34.95% 65.05% 6.12

0.82

60 4 45.00% 5 13.81 8.81 36.21% 63.79% 6.12

0.82

22.10 37.90 5.00 8.57 3.27 4.08 1.22

20.97 39.03 4.74 8.83 3.79 3.87 1.16

21.72 38.28 4.91 8.66 3.44 4.01 1.20