EMAIL DETAILS

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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Begin forwarded message:

From: Dan McHale <dmchale@rspinv.com>
Subject: BBR Follow Up
Date: May 1, 2014 at 2:30:39 PM EDT
To: John DeLoche <john@rstp.com>, William Lee <will@rstp.com>, Neil Callahan <neil@rstp.com>, Devon Archer <devon@rstp.com>
Cc: Eric Schwerin <eschwerin@rspinv.com>

Hi guys,

I wanted to give you follow up from BBR as I just spoke to Will. Going into the meeting, the bar was very high as they typically don't do much in growth equity, and they are adamant that the technology markets are overvalued. With that said, WIll really liked you and is going to present it at their internal meeting early next week. GIven that their clients are ultra high net worth, BRR's main focus is always on capital preservation, valuation, and smoothing out volatility as their clients don't need to get rich off of their investments, but rather protect capital and generate low vol absolute returns. This is one of the reasons that they haven't done much in growth equity because there's definitely a stigma in the world of value investors that growth equity is high risk and hit or miss. When he talked about overall tech valuations being high, I reminded him that you bought one of your deals at 2x sales for a company growing 50% per year and he agreed and relented.

At the end of the day, guys at firms like this always need to be encouraged and reassured before they pitch something to their investment committee that's not their typical strategy, and I'm very comfortable that after this call, Will is ready to go to bat for us. I also asked him if there's anything we should improve upon in the presentation, and he said not at all, and that he really liked each of your personally, and that the story is obviously really unique and that we have an edge. He closed by saying that "the bar was really high when they came in, but he's going to do his best to see if he can get you over it", and this is a guy who usually hates everyone and has no problem bashing people to me after I bring them in. So great job all around and we'll see how this progresses.

Dan


Daniel P. McHale
Managing Director
RSP Investments, LLC
New York / Washington D.C.
(917)887-6699
dmchale@rspinv.com
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