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Introduction to 500 Startups

FEBRUARY 2016

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/ Since July 2010 1,500+ investments3

500 Startups Is the Most Active Seed Investor in the World1

$240M in AUM2

The various geographies highlighted in the map result from investments we have made across all 500 Startups funds. 1.  CB Insight https://www.cbinsights.com/blog/2015-early-stage-investors/ 2.  Approximated as of 2/23/2016 and includes the following 500 Startups funds: (a) 500 Startups, L.P. and 500 Startups-A, L.P. (together, “Fund I”), (b) 500 Startups II, L.P. and 500 Startups II-A, L.P. (t

ogether, “Fund II”), (c) 500 Startups III, L.P. and 500 Startups III-A, L.P. (together, “Fund III”), (d) 500 Startups IV, L.P. and 500 Startups IV-A, L.P. (together, “Fund IV”), (e) 500 Startups Annex Fund, L.P. (“Annex”), (f) 500 Luchadores, L.P. (“Luchadores”), (g) 500 Durians, L.P. (“Durians”), (h) 500 Mobile Collective, L.P. (“Mobile Collective”), (i) 500 Kimchi, L.P. (“Kimchi”), (j) 500 TukTuks, L.P. (“TukTuks”), (k) 500 Startups JP, L.P. ("Japan”), (l) 500 Istanbul, L.P. ("Istanbul”), (m) 500 Nordics, L.P. (“Nordics”), and (n) 500 Falcons, L.P. (“Falcons”), (o) 500 Kulfi, L.P. (“India”), and (p) 500 Fintech, L.P. (“Fintech”).

3. Approximated as of 2/29/2016 and includes first and follow-on investments from all 500 Startups funds.

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The title “Partner” is used in accordance with customary business practice in the venture capital industry and does not indicate a legal status in a partnership.

Dave McClure Christine Tsai FOUNDING PARTNER FOUNDING PARTNER

Khailee Ng MANAGING PARTNER

Bedy Yang MANAGING PARTNER

SOUTHEAST ASIA LATIN AMERICA

500 Startups Management & Investment Partners

110 people, 20 countries

Hasan Haider MIDDLE EAST

Santiago Zavala LATIN AMERICA

Rui Ma CHINA/SF

Marvin Liao SF

Elizabeth Yin SILICON VALLEY

Edith Yeung SF

Sean Percival NORDICS

Tim Chae SOUTH KOREA

James Riney JAPAN

Sheel Mohnot SF

Pankaj Jain NYC/INDIA

Matt Lerner UK

Adam Benayoun ISRAEL

Krating Poonpol THAILAND

Natavudh Moo Pungcharoenpong

THAILAND

Binh Tran VIETNAM

Diana Moldavsky EASTERN EUROPE

Mat Johnson SF

Eddie Thai VIETNAM

Erhan Erdogan TURKEY

SILICON VALLEY GLOBAL / SILICON VALLEY 25 yrs in SV as

entrepreneur + investor Early Googler, strong

operational experience Founded and exited two

startups Recognized by Forbes as a

multi-lingual, startup community leader

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Accelerator

500 STARTUPS BRIDGE TO SILICON VALLEY

We Achieve This Via a Combination of Venture Capital Funds, Accelerators, and Innovative Ecosystem Building

INVESTMENT

Tech Events & Community

ECOSYSTEM BUILDING

Education Programs Funds Distro

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Legal review Partner approval

1.  https://www.cbinsights.com/blog/billion-dollar-exit-venture-capital/ 2.  https://www.cbinsights.com/blog/unicorn-conversion-rate/

500 Startups Investment Strategy - Lots of Little Bets

Of the 486 currently active VCs, only 68 (or 14%) invested in one company that achieved > $1B exit. Identifying winners in the early stages is difficult, and this difficulty is the basis for our investment thesis in having a large portfolio

Because of the lower barrier of entry to starting a new company, we have seen a massive growth in the number of early stage financings. Although the absolute number of companies has grown significantly, the rate in which they become Unicorns has remained approximately 1%

1 2

Lots of Little Bets: we believe a large, diversified portfolio of early-stage investments reduces risk and maximizes potential return relative to “traditional” VC funds

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/ Leverage Micro Funds to Drive Global Deal Flow for Main Fund

The co-investment strategy shown represents  500 Startups and Fund IV’s current investment strategy and may vary at the discretion of 500 Startups Management or Fund IV’s general partner. The Micro Funds listed refer to the following 500 Startups funds: 500 Luchadores, L.P., 500 Durians, L.P., 500 Kimchi, L.P., 500 TukTuks, L.P., 500 Startups JP, L.P., 500 Istanbul, L.P., 500 Nordics, L.P., 500 Falcons, L.P., 500 Kulfi, L.P.,500 Fintech, L.P., and 500 Mobile Collective, L.P.

Main Fund

Micro Funds

LP Commitment Advisory and Support Co-Investment

•  Discover & invest in early stage opportunities in select geographies and sectors

•  Investment managers who hit the ground running with full access to our global network and operations

•  Substantial coverage of both global and vertical deal flow with 9 regional & 2 vertical fund •  Latin America, Southeast Asia, Korea, Thailand, Japan, Turkey, Nordics,

MENA, India, Mobile, and Fintech

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approval

Angel Pre-Seed Seed Post-Seed Series A/B Growth

Accelerator

How We Deploy Capital

Seed

Distro

Follow-On

Selection Criteria Based on Pre-Defined Metrics •  Product or service solves a problem for a specific target customer •  Capital-efficient business; operational at less than $1M in external financing •  Scalable internet-based distribution (search, social, mobile) or proven ability to scale sales •  Functional prototype required before investing (or previous product success) •  Measurable traction: engaged users, some revenue, and attractive unit economics •  Cross-functional team with design, engineering and marketing expertise

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/ Sectors Selected Companies

E-COMMERCE

B2B & SAAS

VIDEO

MOBILE & TABLET

EDUCATION

FINTECH

DATA SCIENCE (AI/MACHINE LEARNING)

IoT & HARDWARE

REAL ESTATE TECH

Companies are representative of investments across all 500 Startups funds and are not necessarily held in Fund IV. Investment themes represented are indicative of 500 Startups’ previous investment themes and while they represent Fund IV’s current investment strategy, this may vary at the discretion of Fund IV’s general partner.

Investment Categories

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/ 3 Unicorns ($1B+ in valuation)

Companies are a select sampling of investments across 500 Startups funds and will not be held in Fund IV. While Fund IV has not invested in the rounds of financing shown on this slide, at least one 500 Startups fund has invested in one or more rounds of financing for each of these companies. The valuations listed herein are estimated as at 12/31/2015 based on 500 Startups Valuation Policy as set out in the Appendix to this presentation. These numbers provide a snapshot of estimated valuation as at a particular time and may change. Further detail with regard to financing of companies listed on this slide can be found on Crunchbase.

30+ Centaurs ($100M ~ $999M in valuation) * indicates companies that have already exited

A Selection of Current Portfolio Wins - The Active #500Stable

* * ** * *

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/ 500 Accelerator Program

Accelerator Overview •  4-month program in San Francisco / Silicon Valley (4 cohorts x 40 startups = 160

companies / year) •  $125K investment for 5% equity + option to do $500K follow-on

•  1000+ applications for batch 14 -> ~200 live interviews -> 40 accepted = <5% acceptance rate

•  Typically post-launch, revenue-generating companies (no “idea-only” companies) •  Hands-on curriculum focused on growth and fundraising with mentor network who offers

expertise on various topics including design and engineering •  Demo Day in front of hundreds of investors

Investment strategy and criteria represent current investment model and may vary at the discretion of each Fund's general partner. Terms noted on this slide may vary by investment.

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/ 500 Distribution Team (“Distro”)

Dedicated Growth Marketing Team •  10+ member team of growth marketing experts invest in companies and help

them grow rapidly •  ~1-3 month growth marketing programs in multiple metros around the world such

as Miami, London, South East Asia, Toronto, Middle East, LA, Berlin, Stockholm •  Strong companies that are oversubscribed choose 500 Startups as an investor

over other competitors because of the benefits of participating in a Dojo program

Investment strategy and criteria represent current investment model and may vary at the discretion of each Fund's general partner. Terms noted on this slide may vary by investment. The 500 Startups Distribution Team ("Distro") is involved in both the Accelerator programs as well as the growth marketing ("Dojo") programs.

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CONFERENCES + EVENTS1

TEAM MEMBERS

More than 50 events with 300-1,000 attendees per event, for a total reach of over 35,000 people

in person + digital channels

Design, technology, marketing, and product experts from

top companies in Silicon Valley and elsewhere

From 50+ countries around the world, our founders provide peer

review and feedback on products, industry verticals, platforms, etc.

250+ 3,000+ MENTORS FOUNDERS

7 ATTENDEES 35,000

EVENTS 50+

1. Conferences and Events are produced by 500 Startups Incubator, L.L.C. The 500 Startups funds do not participate in any revenue generated by these activities. 2. The numbers represented on this page provide a snapshot of some of our Community-building platforms as at a particular time. They are estimated as of 9/1/2015 and may change.

#500Strong Events and Community Platforms

COMMUNITY

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/ 500 Proprietary Events: PreMoney and Geeks On A Plane (GOAP)

Geeks On A Plane Invite-only tour for investors and founders

Conferences and Events are produced by 500 Startups Incubator, L.L.C. The 500 Startups funds do not participate in any revenue generated by these activities .

Learn about global trends, meet international companies and gain access to foreign markets

Hear and share insights on the most disruptive strategies, models and technologies for the future of venture capital

PreMoney One-day event for investors

GOAP

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/ 500 Investor Education Program: VC Unlocked

“Venture Capital Unlocked” is a 2-week crash course on investing strategies, tools and tactics for VCs and angel investors who want to learn how Silicon Valley really operates. In this course, participants work closely with faculty from Stanford University to develop their investment theses and learn from 500 Startups’ partners about early stage investing. For more information, please visit http://www.500.vc/ •  Our second session was held in February 2016 where we graduated 33 people (35% women, 65% International, 10%

black) •  Next session will be held in July 25th to Aug 5th, 2016

Participants will: •  Explore recent changes in VC investing, understand the structure

of VC funds and the dynamics of multi-stage financing •  Dive into key trends and learn to assess opportunities and source

deals using AngelList and other platforms •  Refine investment theses and conduct due diligence; understand

cap tables and legal documents •  Get priority access to founders and screen pitches at our invite-

only investor events, Preview Day and Demo Day •  Build relationships with key players in Silicon Valley •  Earn a Certificate of Completion from the Stanford Center for

Professional Development

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THIS PRESENTATION IS BEING DELIVERED TO PROSPECTIVE INVESTORS ON A CONFIDENTIAL BASIS SO THAT THEY MAY CONSIDER AN INVESTMENT IN 500 STARTUPS IV, L.P. OR 500 STARTUPS IV-A, L.P. (TOGETHER, THE “FUND”). THESE MATERIALS DO NOT PURPORT TO BE ALL-INCLUSIVE OR TO CONTAIN ALL THE INFORMATION THAT A PROSPECTIVE INVESTOR MAY DESIRE IN INVESTIGATING THE FUND. IN ADDITION TO THIS PRESENTATION, PROSPECTIVE INVESTORS SHOULD RELY ON THE DEFINITIVE LIMITED PARTNERSHIP AGREEMENTS OF THE FUND, AS AMENDED (TOGETHER, THE “PARTNERSHIP AGREEMENT”), THE PRIVATE PLACEMENT MEMORANDUM, THE STATEMENT OF INVESTMENT CONSIDERATIONS AND THEIR OWN INDEPENDENT INVESTIGATION OF THE FUND, 500 STARTUPS IV, L.L.C. (THE “GENERAL PARTNER” AND TOGETHER WITH ITS AFFILIATES, THE “FIRM”) AND THE MANAGERS THEREOF AS THE BASIS FOR MAKING AN INVESTMENT IN THE FUND. 

THIS PRESENTATION IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE PARTNERSHIP AGREEMENT.  IN ORDER TO EFFECTUATE ITS INVESTMENT IN THE FUND, A PROSPECTIVE INVESTOR WILL BE REQUIRED TO EXECUTE THE PARTNERSHIP AGREEMENT AND OTHER SUBSCRIPTION DOCUMENTS, AS APPLICABLE. IN THE EVENT THAT ANY OF THE TERMS OF THIS  PRESENTATION ARE INCONSISTENT WITH OR CONTRARY TO THE PARTNERSHIP AGREEMENT, THE PARTNERSHIP AGREEMENT SHALL CONTROL.

THE OFFER AND SALE OF THE LIMITED PARTNERSHIP INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE OR FOREIGN SECURITIES LAWS (AND THE FUND IS UNDER NO OBLIGATION TO REGISTER THE LIMITED PARTNERSHIP INTERESTS IN THE FUTURE), NOR HAVE SUCH LIMITED PARTNERSHIP INTERESTS BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) OR THE SECURITIES REGULATORY AUTHORITY OF ANY STATE OR FOREIGN JURISDICTION.  NEITHER THE SEC NOR ANY COMMISSIONER OF ANY SUCH STATE OR NON-U.S. AUTHORITY HAS PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PRESENTATION, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.  THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES OR INVESTMENT ADVISORY SERVICES IN ANY STATE OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT PERMITTED BY LAW.

THIS PRESENTATION MAY CONTAIN “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, AS AMENDED. BECAUSE SUCH FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES, ACTUAL RESULTS OF THE FUND MAY DIFFER MATERIALLY FROM ANY EXPECTATIONS, PROJECTIONS OR PREDICTIONS MADE OR IMPLICATED IN SUCH FORWARD-LOOKING STATEMENTS. PROSPECTIVE INVESTORS ARE THEREFORE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS.  IN ADDITION, IN CONSIDERING THE PRIOR PERFORMANCE INFORMATION CONTAINED IN THIS PRESENTATION, PROSPECTIVE INVESTORS SHOULD BEAR IN MIND THAT PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE RESULTS COMPARABLE TO THOSE OF ANY PRIOR OR EXISTING FUND OF THE FIRM OR ITS PRINCIPALS.

THE FIRM MAY CAUSE THE FUND TO MAKE VENTURE CAPITAL INVESTMENTS AND QUALIFY AS A “VENTURE CAPITAL FUND” AS DEFINED IN THE FINAL RULES ADOPTED BY THE SEC PROMULGATED UNDER TITLE IV OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2010, AND DOES NOT EXPECT TO REGISTER AS AN INVESTMENT ADVISER UNDER THE INVESTMENT ADVISERS ACT OF 1940. COMPLIANCE WITH THE RULES FOR SUCH EXEMPTION FROM REGISTRATION MAY ADVERSELY IMPACT DEAL SELECTION AND, CONSEQUENTLY, ADVERSELY IMPACT THE FUND’S INVESTMENT RETURNS.

PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THIS PRESENTATION OR ANY PRIOR OR SUBSEQUENT COMMUNICATION FROM THE GENERAL PARTNER OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, AS LEGAL, TAX, OR INVESTMENT ADVICE. EACH INVESTOR SHOULD CONSULT WITH AND RELY ON HIS, HER OR ITS OWN PERSONAL COUNSEL, ACCOUNTANT, OR OTHER ADVISORS AS TO LEGAL, TAX, AND ECONOMIC IMPLICATIONS OF AN INVESTMENT IN THE FUND AND ITS SUITABILITY FOR SUCH INVESTOR.

Legal Notices

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THE SUBJECT MATTER OF THIS PRESENTATION IS EVOLVING AND SUBJECT TO FURTHER CHANGE BY THE FIRM AND/OR THE GENERAL PARTNER IN ITS/THEIR SOLE AND ABSOLUTE DISCRETION; PROVIDED, HOWEVER, THAT, EXCEPT AS OTHERWISE INDICATED HEREIN, THIS PRESENTATION SPEAKS AS OF THE DATE HEREOF AND NEITHER  THE FIRM NOR THE GENERAL PARTNER, NOR ANY AFFILIATE OR REPRESENTATIVE THEREOF,  ASSUMES ANY OBLIGATION TO  PROVIDE ANY RECIPIENT OF THIS PRESENTATION WITH SUBSEQUENT REVISIONS OR UPDATES TO ANY HISTORICAL OR FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESENTATION TO REFLECT THE OCCURRENCE OF EVENTS AND/OR CHANGES IN CIRCUMSTANCES AFTER THE DATE HEREOF. THE INFORMATION CONTAINED IN THIS PRESENTATION HAS BEEN COMPILED FROM SOURCES REASONABLY BELIEVED RELIABLE.

THIS PRESENTATION IS EXCLUSIVELY FOR THE USE OF THE PARTY OR PARTIES TO WHOM IT HAS BEEN PROVIDED BY THE FIRM.  BY ACCEPTING THIS PRESENTATION, THE RECIPIENT ACKNOWLEDGES AND AGREES THAT HE, SHE OR IT (A) WILL MAINTAIN THE INFORMATION AND DATA CONTAINED HEREIN IN THE STRICTEST OF CONFIDENCE AND WILL NOT, IN ANY CIRCUMSTANCES WHATSOEVER, REPRODUCE THESE MATERIALS, IN WHOLE OR IN PART, OR DISCLOSE ANY OF THE CONTENTS HEREOF TO ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF THE GENERAL PARTNER, (B) IS NOT SUBJECT TO ANY CONTRACTUAL OR OTHER OBLIGATION TO DISCLOSE THIS PRESENTATION TO ANY OTHER PERSON OR ENTITY, (C) WILL RETURN THIS PRESENTATION, AND ANY OTHER MATERIALS THAT THE RECIPIENT MAY HAVE RECEIVED IN THE COURSE OF CONSIDERING AN INVESTMENT IN THE FUND, TO THE GENERAL PARTNER IMMEDIATELY UPON REQUEST OR IF THE RECIPIENT DOES NOT WISH TO PURSUE AN INVESTMENT IN THE FUND, AND (D) WILL PROMPTLY NOTIFY THE GENERAL PARTNER OF ANY UNAUTHORIZED RELEASE, DISCLOSURE OR USE OF THIS PRESENTATION.

A LIMITED PARTNERSHIP INTEREST MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED (TO INCLUDE WITHIN THE UNITED STATES OR TO A "U.S. PERSON," WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OR A VALID EXEMPTION FROM REGISTRATION THEREUNDER. ADDITIONAL RESTRICTIONS ON THE TRANSFER OF INTERESTS ARE CONTAINED IN ARTICLE VII OF THE PARTNERSHIP AGREEMENT. HEDGING TRANSACTIONS INVOLVING LIMITED PARTNERSHIP INTERESTS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

THE LIMITED PARTNERSHIP INTERESTS IN THE FUND WILL BE OFFERED ONLY TO INVESTORS WHO MEET CERTAIN QUALIFICATIONS.  THE GENERAL PARTNER RESERVES THE RIGHT TO APPROVE EACH INVESTOR.  AN INVESTMENT IN THE FUND WILL INVOLVE SIGNIFICANT RISKS DUE TO, AMONG OTHER THINGS, THE NATURE OF ITS INVESTMENTS.  INVESTORS SHOULD HAVE THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT THE RISKS AND LACK OF LIQUIDITY INHERENT IN AN INVESTMENT IN THE FUND.  INVESTORS MUST BE ABLE TO WITHSTAND A TOTAL LOSS OF THEIR INVESTMENT.  THERE WILL BE NO PUBLIC MARKET FOR THE LIMITED PARTNERSHIP INTERESTS IN THE FUND. BASED UPON THE FOREGOING, EACH ACQUIRER OF A LIMITED PARTNERSHIP INTEREST MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF INVESTMENT IN THE FUND FOR AN INDEFINITE PERIOD OF TIME.

EXCEPT FOR THE GENERAL PARTNER AND CERTAIN OTHER IDENTIFIED REPRESENTATIVES OF THE FIRM, NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION RELATING TO THE FUND OR THE LIMITED PARTNERSHIP INTERESTS THEREIN. EACH PROSPECTIVE INVESTOR WILL BE AFFORDED THE REASONABLE OPPORTUNITY TO: (A) OBTAIN ALL ADDITIONAL INFORMATION WHICH HE, SHE OR IT MAY REASONABLY REQUEST RELATING TO THE FUND OR THE OFFERING OF ITS LIMITED PARTNERSHIP INTERESTS; AND (B) ASK QUESTIONS OF THE GENERAL PARTNER AND CERTAIN OTHER IDENTIFIED REPRESENTATIVES OF THE FIRM CONCERNING THE TERMS AND CONDITIONS OF THE PARTNERSHIP AGREEMENT, ANY INFORMATION SET FORTH IN THIS PRESENTATION, AND ANY SUPPLEMENTAL INFORMATION THAT MAY BE PROVIDED TO PROSPECTIVE INVESTORS BY THE FIRM.

“500”, “500 STARTUPS”, “#500STRONG”, “GEEKS ON A PLANE”, “500 DURIANS”, “500 LUCHADORES”, “500 MOBILE COLLECTIVE”, “500 KIMCHI”, “500 TUKTUKS”, “500 ISTANBUL”, “500 STARTUPS JP”, AND "500 NORDICS”, “500 FALCONS”, AND “500 FINTECH” AS WELL AS THE CORRESPONDING LOGOS, ARE TRADEMARKS OF 500 STARTUPS MANAGEMENT COMPANY, L.L.C.

Legal Notices (continued)