Subject: Fwd: IPO Fund / SOE Fund
From: "Devon Archer" <[email-masked]>
To: "Andrew Godfrey" <[email-masked]>
Cc: "Hunter Biden" <[email-masked]>
Date: Tue, 19 May 2015 02:40:13 +0000

This is a shorter term liquidity product BHR is rolling out as well.  Not sure we are ready to confuse everyone with this yet but take a read and let's discuss how to stage.

Devon D. Archer
646 436 3745

Begin forwarded message:

From: 王昕 <[email-masked]<mailto:[email-masked]>>
Date: May 19, 2015 at 8:21:44 AM GMT+6
To: 'Devon Archer' <[email-masked]<mailto:[email-masked]>>, 'James Bulger' <[email-masked]<mailto:[email-masked]>>, 'Hunter Biden' <[email-masked]<mailto:[email-masked]>>
Cc: ''夏雨（Yu XIA）' ' <[email-masked]<mailto:[email-masked]>>, 'Xiang Bo' <[email-masked]<mailto:[email-masked]>>, 'xinzhong' <[email-masked]<mailto:[email-masked]>>, <[email-masked]<mailto:[email-masked]>>, "'JAY \"ZHE\" LIU'" <[email-masked]<mailto:[email-masked]>>, 'JONATHAN XIANGSHENG LI' <[email-masked]<mailto:[email-masked]>>, "'YU, Felix'" <[email-masked]<mailto:[email-masked]>>, 'YE Tong' <[email-masked]<mailto:[email-masked]>>
Subject: IPO Fund / SOE Fund

Gents,

As promised on our call last night, below is a brief introduction of the IPO Fund which we are closing this week and attached is the IPO teaser which I have previously sent around:

- funds specifically purposed for HKSE pre-IPO cornerstone / anchor investments
- RMB1.5 billion (approximately US$250mm), of which US$100mm will be available for investment next week (Huatai Securities is our next target IPO but like I said, selling like hot cakes! China Reinsurance and CRSC are also scheduled for Q2 IPO)
- fund has one single LP with exclusive right of first refusal for each potential investment
- investment period of 1 year with option to extend for another year

Depending on we ultimately engineer the SOE Fund, there may be some overlapping opportunities but the SOE Fund will primarily focus on more meaningful and more strategic investments rather than the quick-in-quick-out approach of the IPO Fund.  In any event, the IPO Fund adds to our track record and also serves to illustrate our network of relationships which enable us to obtain the investment opportunities as well as general market enthusiasm on SOE reforms.

On the SOE Fund, the presentations in Europe have been encouraging and we are keen to work with Burnham to start canvassing the North America market.  Given our lack of experience in that part of the world, we will be guided by Burnham on procedures, documentation (placement memorandum?), regulatory issues (SEC registration exemptions?).

Hunter – I will email you under separate cover re. Serbia Telkom.

Xin