Subject: BHR - Didi Exit
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Thu, 7 Jul 2016 12:23:26 -0400

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
[email-masked] <x-msg://59/[email-masked]>
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