EMAIL DETAILS

See below from Xin re: a potential Didi Exit. Based on the math it should mean approx. $600K per 10% ownership share.


We are looking at divesting our Didi stake, particulars below, please keep all information confidential:
- we own 729,230 shares and we are looking to sell all of our shares (buy-in price was US$27.5)
- our ask price will be north of US$47.50 (around 24% premium over last round’s pricing but at a discount of next round’s expected valuation)
- historically, each round of fundraising has seen an increase of around 40% in valuation
- Didi’s most recent round of fundraising which included Tim Cook investing US$1 billion was at about US$38.22 per share with post-money valuation of US$26.5 billion
- we are entitled to 20% carried interest on this investment, any sale would be subject to existing shareholders’ pre-emptive purchase rights and the new investor would become a direct investor in Didi
- please let us know if anyone might be interested


Eric D. Schwerin
Rosemont Seneca Advisors, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com <x-msg://59/eschwerin@obblaw.com>
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