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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]
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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