EMAIL DETAILS

Sorry, typo. I meant $300,000.


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>
P Consider the environment before printing this email.

> Begin forwarded message:
>
> From: Eric Schwerin <eschwerin@rosemontseneca.com>
> Subject: BHR - Didi Exit
> Date: July 7, 2016 at 12:23:26 PM EDT
> To: Hunter Biden <hbiden@rosemontseneca.com>
>
> 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>
> P Consider the environment before printing this email.
>