EFTA02529170.pdf

From: Vincenzo lozzo < Sent: Thursday, June 28, 2018 3:10 PM To: jeevacation@gmail.com Subject: Fwd: Investment Opportunity - Grab Series H Preferred Shares Is this interesting for you? <=iv id="AppleMailSignature">Sent from my (phone <=r>Begin forwarded message: From:=/b> Jason Ng > Date: June 28, 2018 at 13:43:53 GMT+2 To: Vin=enzo >Subject: Fwd: Investment Opportunity - Grab Series H Preferred S=ares Forwarded message From: Ben Forman <ben.forman@blocktreecap.com><=r>Date: Tue, Jun 26, 2018 at 3:39 PM Subject: Investment Opportunity - G=ab Series H Preferred Shares To: Ben Forman CC: Aaron Wong Dear Limited P=rtners, We are pleased=to present you with a discretionary co-investment opportunity in Grab, the l=ading ride-sharing platform in Southeast Asia. Blocktree has formed a=special purpose vehicle ("SPV") to invest in this opportunity outside of our primary blockchain-focused fund. This=is a fast moving process with commitments for the Series H Preferred Shares due this Friday, June 29th and funding taking place in mid-July. Please let us kno= if you are interested in learning more, and we can share our more detailed=due diligence. GRAB INV=STMENT OPPORTUNITY Brief Overv=ew= " Grab is the overwhelmingly dominant ride-sharing asset in Southeas= Asia, having acquired Uber's assets in the region on March 26, 201= Given the single digit penetration of r=de-sharing in the region, Grab enjoys powerful secular trends and is exhibiting triple digit growth rates across multiple KPIs (i.e. gross bookings, average rides, monthly user growth, etc=) EFTA_R1_01671204 EFTA02529170  • The company is backed by a premier gro=p of investors including Uber, Softbank, Didi, Toyota, Tiger Global, Coatue= and Hillhouse, among others; Toyota is investing $1 billion into this round • Gra= is parlaying its success in ride-sharing into other lines of business, suc= as food delivery and financial services (GrabFood and GrabPay)</=> • Management and its investors believe Grab has the po=ential to IPO on a US stock exchange at a significantly higher valuation in=late 2020 / early 2021 &nbs=; Securities:= • $1.5 billion S=ries H Preferred Shares in Grab Holdings, Inc. • Valuation of $=.25 billion pre-money / $10.75 billion post-money • The investment=will be made into Class A Shares of Blocktree Private Opportunities LLC, wh=ch will in turn invest in a feeder vehicle, Silvershore Internet Opportunit= IV LP, which directly owns the Series H Preferred Shares &nbs=; Fees / Min 1=vestment: • Minimum Invest=ent: $100k • Typical privat= equity / venture capital fee structure: • For Current Bl=cktree LPs: 1.5% management fee / 15.0% carried interest stepping to 25.0% a=ove 2.5x multiple-of-money • For Other Inve=tors: 2.0% management fee / 20.0% carried interest stepping to 30.0% above 2=5x multiple-of-money &nbs=; Highlights:=/span>&nb=p; • Dominant ride-=haring market share across Indonesia, Singapore, Vietnam, Philippines, Mala=sia, Thailand, Cambodia, Myanmar-Burma with nearly 100% market share in all=regions post-Uber merger (the exception is in Indonesia where the Company has 57% market share in a duopoly with Go=Jek) • Monthly user g=owth, GMV and average rides per day grew at 156%, 160%, and 207% year-over-=ear, respectively in Q4'17 for Grab standalone=/li> • Southeast Asia=has a large and underdeveloped internet ecosystem with <2% e-commerce pe=etration and 385 internet users, 2nd only to China and India<=u> • New business u=its, GrabFood and GrabPay, offer significant optionality to investors. = GrabFood is projected to have 290k restaurants on its platform, 150 millio= annualized orders and $717 million of GMV by Q4'18 (this includes UberEats which was part of the merger). <=> • While the busi=ess is currently free cash flow negative, we believe the Grab-Uber merger i= a catalyst for positive profit inflection. In Russia and China, ride=sharing markets recently morphed into monopolies through M&A, and the successor businesses have been able to quickly ach=eve profitability • Strategic inve=tor base includes Uber (largest shareholder and board member), SoftBank (se=ond largest shareholder and board member), Tiger, Coatue, DiDi, Hyundai, To=ota • 2018E gross vo=ume of $5.5 billion and $1.3bn of net revenue • Potential to 1=O on a U.S. stock exchange by 2H'20-1H'21 &nbs=; 2 EFTA_R1_01671205 EFTA02529171  Final Commi=ments: Verbal commitm=nts due by 5pm ET on Friday, June 29th / Call for Cash Early-to-Mid July Best, Ben Benjamin Forman Managing Partner CONFIDENTIALI=Y: This communication was sent from Blocktree Capital LLC and contains info=mation that may be confidential or privileged. The information is solely intended for the use of the addressee. If you are=not the intended recipient, do not read, copy or distribute the e-mail or a=y attachments. If you have received this communication in error, please imm=diately notify the sender by telephone or by electronic mail. Neither this message nor any informa=ion included herein constitute an offer to sell or the solicitation of an o=fer to buy any securities or investment product, or legal, tax, accounting,=or investment advice. Jason Ng 347.909.0311 l jason.ng89@gmail.com <mailto:jason=ng89@gmail.com> 3 EFTA_R1_01671206 EFTA02529172