EMAIL DETAILS

Sarah,

Hunter and I spoke this afternoon and he agrees with the narrative. If I
was too detailed feel free to edit down. Hunter wasn't sure if we were
providing more than necessary.

Not sure what other documentation you would be looking for. Happy to
provide if you have some additional direction.

Best,

Eric

Eric D. Schwerin
eschwerin@rosemontseneca.com

Sent from my iPhone

On Oct 16, 2016, at 3:38 PM, SMancinelli <SMancinelli@ainbanklaw.com> wrote:

Thank you, Eric.


Hunter, any additional comments?


Are there any additional documents to support this that I should send?


*From:* Eric Schwerin [mailto:eschwerin@rosemontseneca.com
<eschwerin@rosemontseneca.com>]
*Sent:* Sunday, October 16, 2016 1:31 PM
*To:* SMancinelli
*Cc:* Hunter Biden
*Subject:* Business Interests


Sarah-


As listed on the Assets and Liabilities spreadsheet, Hunter has 100%
personal ownership in two entities - Owasco, P.C. and Owasco, LLC (more
info below).


He also has a personal interest in the Equity Distribution Trust which is
his interest in a Trust that was set up years ago as a vehicle for Hunter
and his brother Beau to be paid legal fees for work they referred to Beau’s
former law firm. It is unclear if there will be any further distributions
from this Trust and if there is it should be negligible.


Owasco, P.C. was set up over 8-10 years ago as a corporation so that Hunter
would be able to pay himself a salary and withhold taxes. Owasco, P.C., is
currently the only entity through which Hunter receives a regular monthly
salary. The fees it receives are limited to Board of Director’s Fees
(e.g., Burisma) and Legal/Legal Consulting Fees (currently fees for legal
consulting work he is doing for a Boies Schiller client he referred).


Owasco, LLC was set up a couple of years ago to hold Hunter’s investment
interests in a variety of work related entities. Owasco, LLC owns a 100%
interest in Rosemont Seneca Technology Partners (RSTP) I, RSTP II Alpha and
RSTP II Bravo. Owasco, LLC also owns 75% of Skaneateles, LLC and via
Skaneateles, LLC and its subsidiaries, Hunter is the beneficial owner of
75% of Rosemont Seneca Advisors, LLC (a consulting and business development
advisory company), 75% of RSP Investments, LLC (a broker-dealer), 2-3% of
Eudora Global, LLC (an investment partnership) and a very small percentage
(.05% I believe) of Tadich Grill DC (a restaurant). I believe these are
all the entities owned by Owasco/Skaneateles.


Rosemont Seneca Advisors and RSP Investments are fee based-service
businesses and I don’t believe they would have any value and wouldn’t
currently have any value if liquidated. The investments in RSTP, Eudora
and Tadich Grill are not investments that could be exited at this time and
as they are private investments finding a current value would be impossible
and if in fact we could some of them may have a negative value currently.


Is this helpful? Hunter, anything I got wrong or any other comments?


Let us know if you have questions.


Thanks,


Eric


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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