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11. 10.3 Assume that EBV invested in Newco at the terms in Exercise 10.2, and it is now one year later. Talltree is considering a $10M Series B investment in Newco. Talltree proposes to structure the investment as 8M shares of convertible preferred stock. The employees of Newco have claims on 10M shares of common stock, and the previous venture investors (EBV) hold 6M shares of Series A convertible preferred. Thus, following the Series B investment, Newco will have 10M common shares outstanding, and would have 24M shares outstanding on conversion of the CP. Talltree estimates a 40 percent probability for a successful exit, with an expected exit time in 4 years and an exit valuation of $500M. The $250M Talltree fund has annual fees of 2 percent for each of its 10 years of life and eams 20 percent carried interest on all profits. What is your investment recommendation for Talltree? (Show all works) 12. 10.4 Assume that EBV and Talitrec invested in Newco at the terms in Exercises 10.2 and 103 , and it is now one year later. Owl is considerng a $20M Series C investment in Newco. Talltree proposes to structure the investment as 12M shares of convertible preferred stock. The employees of Newco have clams on 10M shares of common stock, and the previous venture investors hold 6M shares of Series A convertible preferred (EBV) and 8M shares of Series B Convertible Preferred (Talltree) Thus, following the Series Cinvestment, Newco will have 10M common shares outstanding and would have 36M shares outstanding on conversion of the CP. Owl estimates a 50 percent probability for a successful exit, with an expected exit time in three years, and an exit valuation of $500M. The $500M Owl fund has fees as given in Appendix 2.C in Chapter? What is your investment recommendation for Owl? (Show all works)