📅 Aug 2, 2018 REDACTED

(no subject)

From: Ben

Vincenzo, See below some notes from the legal docs on Bitmain. General Structure / Mechanics • Vincenzo Entities will fund "Blocktree Private Opportunities LLC — Series B", a Delaware entity structured as an LLC ("Blocktree") EFTA01004541 • Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels") • iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series Notes on Legal Does • The GP at iAngels has the full and

Vincenzo,

See below some notes from the legal docs on Bitmain.

General Structure / Mechanics

• Vincenzo Entities will fund "Blocktree Private Opportunities LLC — Series B", a Delaware entity structured as an LLC ("Blocktree")

EFTA01004541

• Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels")

• iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series

Notes on Legal Does

• The GP at iAngels has the full and complete discretion to manage all investment decisions at the entity

• iAngels is audited by PWC and will provide investors with capital account statements, k-1 's, and all other relevant financial reporting and investor updates; the Blocktree entity will be audited by Cohen & Company and have Trident Trust serve as a fund administrator

• Investors at the iAngels entity will be offered Preemptive Rights to purchase pro rata interests of any available new issuances of Bitmain

• In the event of an IPO or M&A deal, iAngels as GP will distribute shares or cash proceeds; there is not a required timeline to make this distribution, however they have historically made these distributions immediately (and Blocktree will immediately provide to Vincenzo Entities cash or in-kind distributions of these proceeds)

Notes on Fees

• We have negotiated a lower fee schedule with iAngels of 1% management fee and 10% carry

- o If the investment persists longer than 4 years, then management fees are no longer paid

- o Management fees need to be recouped in full before carry is paid

• Blocktree fees are 1% management and 10% carry, implying gross fees to Vincenzo Entities of 2% management and 20% carry

- o Blocktree will mirror the iAngels structure by holding back 4 years of fees + expenses, along with a high watermark on carry distributions

Documents Attached

• iAngels Technologies Limited Partnership Agreement

• Blocktree Private Opportunities LLC Agreement

• Blocktree Private Opportunities LLC — Series B Addendum (to be drafted by council if you decide to move forward)

Please let us know if you have any questions.

Best,
Ben

EFTA01004542

***PRIVATE AND CONFIDENTIAL***

Vincenzo,

Please see additional information below. Ben will follow-up with information on the legal docs.

Thanks,
Aaron

Business Highlights

• Global market leader — Bitmain dominates the mining hardware industry with 75% market share as well as a 40% market share in the mining market.

• Profitable mining solution — Bitmain's core product, ASICs, remain profitable even when GPUs and CPUs become unprofitable in a bear market allowing Bitmain to be less impacted from cyclicality of cryptoasset prices. The business generated $1.25bn profit in 2017 as well as $1.1bn in Q1 2018 while achieving the highest margins compared to its peers (profit margin of 60% in Q1 2018).

• Fast growing market — Despite the recent cryptoasset sell-off, hash rate growth continues to be strong. Market-sizing indicates that a 10x growth opportunity exists for digital-asset mining hardware manufacturers.

• Liquidity event —Bitmain is expecting to IPO on the Hong Kong Stock Exchange (HKEX) latest at the beginning of next year — the company plans on submitting the application Aug-18. Competing companies, Canaan and Ebang, have applied for an IPO with a valuation of 11-15x EV/revenue relative to 6x for Bitmain in this current round

• High-profile investors - Bitmain is backed by prominent investors such as Tencent, Sequoia Capital, GIC and IDG Capital. The company has raised over $450m in previous rounds.

Management History

• Wu Jihan (Co-Founder and CEO) — Before co-founding Bitmain, Wu was an analyst and private equity fund manager. He worked as an investment manager at China Grand Prosperity Investment — an RMB denominated fund of private equity funds - for almost 3 years. Wu read Nakamoto's white paper and translated it into Chinese. When Micree Zhan was trying to raise money for his previous start-up, Jihan pitched the idea of developing ASIC chips for Bitcoin mining. Wu earned a bachelor's degree in economics and psychology from Peking University in 2009.

• Micree Zhan (Co-Founder and co-CEO) — Before co-founding Bitmain, Micree was running DivalP, a startup that allowed users to stream television to a computer screen via a set-top box. Micree is considered to be the technical brain behind Bitmain's ASIC mining rigs and he focuses on the products and engineering departments at Bitmain. Micree Zhan graduated from the Chinese Academy of Sciences.

• Phillip Liu (COO at Bitmain) — Phillip served as the CFO for Rock China Investment for over 13 years. Between 2014 until today, he serves as the President and MD at MegaFund — a private equity/venture capital fund investing in emerging technologies across all stages. His track record

EFTA01004543

includes the restructuring of Honghe Lighting, a publicly listed company in China and the restructuring of Hualing Group's HK IPO as well as other mergers and acquisitions. He worked with the major Chinese policy bank as GP and LP to set up new energy and environmental protection funds ranging between $15m-$5bn. Phillip earned a bachelor's degree in Chemical Engineering from Tsinghua University and a Master of Arts in Economics from the University of Pennsylvania.

Funding History

• Bitmain was established in 2013 and completed a seed round with the founders (Jihan Wu and Micree Zhan) as lead investors.

• In September 2017, the company raised $50m at a $4bn valuation from investors such as Sequoia and IDG in a Series A round.

• In June 2018, Bitmain raised another $400m at a $12bn valuation from investors such as Sequoia China, GIC and DST in a Series B round.

• In the current B+ round, Bitmain aims to raise up to $1bn at a $14bn pre-money valuation — issuing Series B+ preferred shares.

Potential Liquidity Event

• Bitmain aims to go public in Q4 2018 and is seeking to hand in the filing in August 2018. The company's shares are expected to be listed on the Stock Exchange of Hong Kong. All series B+ preferred shares will be automatically converted into ordinary shares upon the closing of the IPO. The investment documents from Bitmain mention a minimum valuation of $18bn at IPO (in an offering of not less than $500m), which yields 29% upside based on the pre-money valuation of $14bn. In the current round, the EV/revenue multiple is 6x relative to competitors, Ebang and Canaan, that are valued at 12x and 15x, respectively

• Canaan is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing — founded in 2013. Canaan is the number two in manufacturing mining processors and computers by using advanced ASIC semiconductor manufacturing processes. Canaan generated around $204m in revenues and $56m in profit in 2017 and has a crypto mining market share of —15%. The company raised $43m in its last series A funding round and has a revenue multiple of —15x. Canaan submitted an IPO request on the Hong Kong Stock Exchange to raise $1bn.

• Ebang Communications, headquartered in Hangzhou, was founded in 2010. Ebang has a —10% market share in the cryptocurrency mining industry. The firm generated $141m in revenues and $60m in profit in 2017. The company has a revenue multiple of 1 lx and submitted an IPO request on the Hong Kong Stock Exchange on June 25th (planning to raise $lbn).

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for

EFTA01004544

the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004545

📅 Aug 2, 2018 REDACTED

(no subject)

From: Vincenzo Iozzo

We can negotiate the fees down but this is the rest of the info. What do you guys want to do? Sent from my Iphone

We can negotiate the fees down but this is the rest of the info. What do you guys want to do?

Sent from my Iphone

📅 Aug 2, 2018 FROM EPSTEIN REDACTED

(no subject)

From: jeevacation@gmail.com

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

📅 Aug 2, 2018

Re: Bitmain Follow-up

From: Vincenzo Iozzo

To: jeevacation@gmail.com

Skimming through the does: we receive ownership of the Series in the blocktree LLC which receives ownership of the Series in iangels 1p which owns the preferred shares in bitmain. iangels has no required timeline for a distribution in case of a liquidity event but they have historically made the distribution as soon as they could receive the cash. We can mandate for blocktree to distribute to us immediately. In case of no liquidity event, I think iangels just holds onto the shares. After 4 ye

Skimming through the does:

we receive ownership of the Series in the blocktree LLC which receives ownership of the Series in iangels 1p which owns the preferred shares in bitmain.

iangels has no required timeline for a distribution in case of a liquidity event but they have historically made the distribution as soon as they could receive the cash. We can mandate for blocktree to distribute to us immediately.

In case of no liquidity event, I think iangels just holds onto the shares. After 4 years of holding there's no management fee anymore.

I think we can this done with 1:20 instead of 2:20 (maybe 1:17 if we push)

Sent from my Iphone

📅 Sep 27, 2017 REDACTED

Fwd:

From: jeffrey E.

Forwarded message From: Misha Gromov <> Date: Wed, Sep 27, 2017 at 9:37 AM Subject: Re: To: "jeffrey E." <jeevacation@gmail.com> fine On Wed, 27 Sep 2017 09:34:08 -0400, jeffrey E. wrote: 130? On Wed, Sep 27, 2017 at 9:33 AM, Misha Gromov <> wrote: sat then, when? <empty> On Wed, 27 Sep 2017 09:27:47 -0400, jeffrey E. wrote: or thurs or sat better On Wed, Sep 27, 2017 at 9:18 AM, Misha Gromov <> wrote: You mentioned Friday On Wed, 27 Sep 2017 13:13:04 +0000, jeffrey E. wrote: Meet? When?

Forwarded message
From: Misha Gromov <>
Date: Wed, Sep 27, 2017 at 9:37 AM
Subject: Re:
To: "jeffrey E." <jeevacation@gmail.com>

fine

On Wed, 27 Sep 2017 09:34:08 -0400, jeffrey E. wrote:

130?

On Wed, Sep 27, 2017 at 9:33 AM, Misha Gromov <> wrote:
sat then, when?
<empty>

On Wed, 27 Sep 2017 09:27:47 -0400, jeffrey E. wrote:
or thurs or sat better

On Wed, Sep 27, 2017 at 9:18 AM, Misha Gromov <> wrote:
You mentioned Friday

On Wed, 27 Sep 2017 13:13:04 +0000, jeffrey E. wrote:
Meet? When?

On Wed, Sep 27, 2017 at 8:39 AM Misha Gromov <> wrote:
meaning???

EFTA01004546

On Wed, 27 Sep 2017 07:37:45 -0400, jeffrey E. wrote:

??

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jcevacatiou@grnailsarn, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jcevacatioa@grnail cow, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for

EFTA01004547

the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacatiotagmailsam, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004548

📅 Aug 2, 2018

Re: Bitmain Follow-up

From: Vincenzo Iozzo

To: jeevacation@gmail.com

They are confirming but we should have until end of day tomorrow vs today Sent from my Iphone On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@gmail.com> wrote: this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts. On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo < > wrote: We can negotiate the fees down but this is the rest of the info. What do you guys want to do? Sent from my Iphone Begin forwarded message: Vincenzo, S

They are confirming but we should have until end of day tomorrow vs today

Sent from my Iphone

On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@gmail.com> wrote:

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo < > wrote:
We can negotiate the fees down but this is the rest of the info. What do you guys want to do?

Sent from my Iphone

Begin forwarded message:

Vincenzo,

See below some notes from the legal docs on Bitmain.

General Structure / Mechanics

• Vincenzo Entities will fund "Blocktree Private Opportunities LLC - Series B", a Delaware entity structured as an LLC ("Blocktree")

• Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels")

• iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series

Notes on Legal Does

• The GP at iAngels has the full and complete discretion to manage all investment decisions at the entity

EFTA01004549

• iAngels is audited by PWC and will provide investors with capital account statements, k-I's, and all other relevant financial reporting and investor updates; the Blocktree entity will be audited by Cohen & Company and have Trident Trust serve as a fund administrator

• Investors at the iAngels entity will be offered Preemptive Rights to purchase pro rata interests of any available new issuances of Bitmain

• In the event of an IPO or M&A deal, iAngels as GP will distribute shares or cash proceeds; there is not a required timeline to make this distribution, however they have historically made these distributions immediately (and Blocktree will immediately provide to Vincenzo Entities cash or in-kind distributions of these proceeds)

Notes on Fees

• We have negotiated a lower fee schedule with iAngels of 1% management fee and 10% carry

- o If the investment persists longer than 4 years, then management fees are no longer paid

- o Management fees need to be recouped in full before carry is paid

• Blocktree fees are 1% management and 10% carry, implying gross fees to Vincenzo Entities of 2% management and 20% carry

- o Blocktree will mirror the iAngels structure by holding back 4 years of fees + expenses, along with a high watermark on carry distributions

Documents Attached

• iAngels Technologies Limited Partnership Agreement

• Blocktree Private Opportunities LLC Agreement

• Blocktree Private Opportunities LLC — Series B Addendum (to be drafted by council if you decide to move forward)

Please let us know if you have any questions.

Best,
Ben

***PRIVATE AND CONFIDENTIAL***
Vincenzo,

EFTA01004550

Please see additional information below. Ben will follow-up with information on the legal docs.

Thanks,
Aaron

Business Highlights

• Global market leader — Bitmain dominates the mining hardware industry with 75% market share as well as a 40% market share in the mining market.

• Profitable mining solution — Bitmain's core product, ASICs, remain profitable even when CPUs and CPUs become unprofitable in a bear market allowing Bitmain to be less impacted from cyclicality of cryptoasset prices. The business generated $1.25bn profit in 2017 as well as $1.1bn in Q1 2018 while achieving the highest margins compared to its peers (profit margin of 60% in Q1 2018).

• Fast growing market — Despite the recent cryptoasset sell-off, hash rate growth continues to be strong. Market-sizing indicates that a 10x growth opportunity exists for digital-asset mining hardware manufacturers.

• Liquidity event —Bitmain is expecting to IPO on the Hong Kong Stock Exchange (HKEX) latest at the beginning of next year — the company plans on submitting the application Aug-18. Competing companies, Canaan and Ebang, have applied for an IPO with a valuation of 11-15x EV/revenue relative to 6x for Bitmain in this current round

• High-profile investors - Bitmain is backed by prominent investors such as Tencent, Sequoia Capital, GIC and IDG Capital. The company has raised over $450m in previous rounds.

Management History

• Wu Jihan (Co-Founder and CEO) — Before co-founding Bitmain, Wu was an analyst and private equity fund manager. He worked as an investment manager at China Grand Prosperity Investment - an RMB denominated fund of private equity funds - for almost 3 years. Wu read Nakamoto's white paper and translated it into Chinese. When Micree Zhan was trying to raise money for his previous start-up, Jihan pitched the idea of developing ASIC chips for Bitcoin mining. Wu earned a bachelor's degree in economics and psychology from Peking University in 2009.

• Micree Zhan (Co-Founder and co-CEO) — Before co-founding Bitmain, Micree was running DivaIP, a startup that allowed users to stream television to a computer screen via a set-top box. Micree is considered to be the technical brain behind Bitmain's ASIC mining rigs and he focuses on the products and engineering departments at Bitmain. Micree Zhan graduated from the Chinese Academy of Sciences.

• Phillip Liu (COO at Bitmain) — Phillip served as the CFO for Rock China Investment for over 13 years. Between 2014 until today, he serves as the President and MD at MegaFund — a private equity/venture capital fund investing in emerging technologies across all stages. His track record includes the restructuring of Honghe Lighting, a publicly listed company in China and the restructuring of Hualing Group's HK IPO as well as other mergers and acquisitions. He worked with the major Chinese policy bank as GP and LP to set up new energy and environmental protection funds ranging between $15m-$5bn. Phillip earned a bachelor's degree in Chemical Engineering from Tsinghua University and a Master of Arts in Economics from the University of Pennsylvania.

Funding History

EFTA01004551

• Bitmain was established in 2013 and completed a seed round with the founders (Jihan Wu and Micree Zhan) as lead investors.

• In September 2017, the company raised $50m at a $4bn valuation from investors such as Sequoia and IDG in a Series A round.

• In June 2018, Bitmain raised another $400m at a $12bn valuation from investors such as Sequoia China, GIC and DST in a Series B round.

• In the current B+ round, Bitmain aims to raise up to $1bn at a $14bn pre-money valuation — issuing Series B+ preferred shares.

Potential Liquidity Event

• Bitmain aims to go public in Q4 2018 and is seeking to hand in the filing in August 2018. The company's shares are expected to be listed on the Stock Exchange of Hong Kong. All series B+ preferred shares will be automatically converted into ordinary shares upon the closing of the IPO. The investment documents from Bitmain mention a minimum valuation of $18bn at IPO (in an offering of not less than $500m), which yields 29% upside based on the pre-money valuation of $14bn. In the current round, the EV/revenue multiple is 6x relative to competitors, Ebang and Canaan, that are valued at 12x and 15x, respectively

• Canaan is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing — founded in 2013. Canaan is the number two in manufacturing mining processors and computers by using advanced ASIC semiconductor manufacturing processes. Canaan generated around $204m in revenues and $56m in profit in 2017 and has a crypto mining market share of —15%. The company raised $43m in its last series A funding round and has a revenue multiple of —15x. Canaan submitted an IPO request on the Hong Kong Stock Exchange to raise $1bn.

• Ebang Communications, headquartered in Hangzhou, was founded in 2010. Ebang has a —10% market share in the cryptocurrency mining industry. The firm generated $141m in revenues and $60m in profit in 2017. The company has a revenue multiple of 1 lx and submitted an IPO request on the Hong Kong Stock Exchange on June 25th (planning to raise $lbn).

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004552

📅 Aug 2, 2018 FROM EPSTEIN

Re: Bitmain Follow-up

From: jeevacation@gmail.com

To: Vincenzo Iozzo

and max size? On Thu, Aug 2, 2018 at 8:23 AM, Vincenzo Iozzo wrote: They are confirming but we should have until end of day tomorrow vs today Sent from my Iphone On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@gmail.com> wrote: this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts. On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo < > wrote: We can negotiate the fees down but this is the rest of the info. What do you guys wa

and max size?

On Thu, Aug 2, 2018 at 8:23 AM, Vincenzo Iozzo wrote:

They are confirming but we should have until end of day tomorrow vs today

Sent from my Iphone

On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@gmail.com> wrote:

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo < > wrote:
We can negotiate the fees down but this is the rest of the info. What do you guys want to do?

Sent from my Iphone

Begin forwarded message:

Vincenzo,

See below some notes from the legal docs on Bitmain.

General Structure / Mechanics

• Vincenzo Entities will fund "Blocktree Private Opportunities LLC - Series B", a Delaware entity structured as an LLC ("Blocktree")

• Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels")

• iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series

Notes on Legal Does

EFTA01004553

• The GP at iAngels has the full and complete discretion to manage all investment decisions at the entity

• iAngels is audited by PWC and will provide investors with capital account statements, k-l's, and all other relevant financial reporting and investor updates; the Blocktree entity will be audited by Cohen & Company and have Trident Trust serve as a fund administrator

• Investors at the iAngels entity will be offered Preemptive Rights to purchase pro rata interests of any available new issuances of Bitmain

• In the event of an IPO or M&A deal, iAngels as GP will distribute shares or cash proceeds; there is not a required timeline to make this distribution, however they have historically made these distributions immediately (and Blocktree will immediately provide to Vincenzo Entities cash or in-kind distributions of these proceeds)

Notes on Fees

• We have negotiated a lower fee schedule with iAngels of 1% management fee and 10% carry

- o If the investment persists longer than 4 years, then management fees are no longer paid

- o Management fees need to be recouped in full before carry is paid

• Blocktree fees are 1% management and 10% carry, implying gross fees to Vincenzo Entities of 2% management and 20% carry

- o Blocktree will mirror the iAngels structure by holding back 4 years of fees + expenses, along with a high watermark on carry distributions

Documents Attached

• iAngels Technologies Limited Partnership Agreement

• Blocktree Private Opportunities LLC Agreement

• Blocktree Private Opportunities LLC — Series B Addendum (to be drafted by council if you decide to move forward)

Please let us know if you have any questions.

Best,
Ben

***PRIVATE AND CONFIDENTIAL***
Vincenzo,

EFTA01004554

Please see additional information below. Ben will follow-up with information on the legal docs.

Thanks,
Aaron

Business Highlights

• Global market leader — Bitmain dominates the mining hardware industry with 75% market share as well as a 40% market share in the mining market.

• Profitable mining solution — Bitmain's core product, ASICs, remain profitable even when GPUs and CPUs become unprofitable in a bear market allowing Bitmain to be less impacted from cyclicality of cryptoasset prices. The business generated $1.25bn profit in 2017 as well as $1.1bn in Q1 2018 while achieving the highest margins compared to its peers (profit margin of 60% in Q1 2018).

• Fast growing market — Despite the recent cryptoasset sell-off, hash rate growth continues to be strong. Market-sizing indicates that a 10x growth opportunity exists for digital-asset mining hardware manufacturers.

• Liquidity event —Bitmain is expecting to IPO on the Hong Kong Stock Exchange (HKEX) latest at the beginning of next year — the company plans on submitting the application Aug-18. Competing companies, Canaan and Ebang, have applied for an IPO with a valuation of 11-15x EV/revenue relative to 6x for Bitmain in this current round

• High-profile investors - Bitmain is backed by prominent investors such as Tencent, Sequoia Capital, GIC and IDG Capital. The company has raised over $450m in previous rounds.

Management History

• Wu Jihan (Co-Founder and CEO) — Before co-founding Bitmain, Wu was an analyst and private equity fund manager. He worked as an investment manager at China Grand Prosperity Investment — an RMB denominated fund of private equity funds - for almost 3 years. Wu read Nakamoto's white paper and translated it into Chinese. When Micree Zhan was trying to raise money for his previous start-up, Jihan pitched the idea of developing ASIC chips for Bitcoin mining. Wu earned a bachelor's degree in economics and psychology from Peking University in 2009.

• Micree Zhan (Co-Founder and co-CEO) — Before co-founding Bitmain, Micree was running DivalP, a startup that allowed users to stream television to a computer screen via a set-top box. Micree is considered to be the technical brain behind Bitmain's ASIC mining rigs and he focuses on the products and engineering departments at Bitmain. Micree Zhan graduated from the Chinese Academy of Sciences.

• Phillip Liu (COO at Bitmain) — Phillip served as the CFO for Rock China Investment for over 13 years. Between 2014 until today, he serves as the President and MD at MegaFund — a private equity/venture capital fund investing in emerging technologies across all stages. His track record includes the restructuring of Honghe Lighting, a publicly listed company in China and the restructuring of Hualing Group's HK IPO as well as other mergers and acquisitions. He worked with the major Chinese policy bank as GP and LP to set up new energy and environmental protection funds ranging between $15m-$5bn. Phillip earned a bachelor's degree in Chemical Engineering from Tsinghua University and a Master of Arts in Economics from the University of Pennsylvania.

EFTA01004555

Funding History

• Bitmain was established in 2013 and completed a seed round with the founders (Jihan Wu and Micree Zhan) as lead investors.

• In September 2017, the company raised $50m at a $4bn valuation from investors such as Sequoia and IDG in a Series A round.

• In June 2018, Bitmain raised another $400m at a $12bn valuation from investors such as Sequoia China, GIC and DST in a Series B round.

• In the current B+ round, Bitmain aims to raise up to $1bn at a $14bn pre-money valuation — issuing Series B+ preferred shares.

Potential Liquidity Event

• Bitmain aims to go public in Q4 2018 and is seeking to hand in the filing in August 2018. The company's shares are expected to be listed on the Stock Exchange of Hong Kong. All series B+ preferred shares will be automatically converted into ordinary shares upon the closing of the IPO. The investment documents from Bitmain mention a minimum valuation of $18bn at IPO (in an offering of not less than $500m), which yields 29% upside based on the pre-money valuation of $14bn. In the current round, the EV/revenue multiple is 6x relative to competitors, Ebang and Canaan, that are valued at 12x and 15x, respectively

• Canaan is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing — founded in 2013. Canaan is the number two in manufacturing mining processors and computers by using advanced ASIC semiconductor manufacturing processes. Canaan generated around $204m in revenues and $56m in profit in 2017 and has a crypto mining market share of —15%. The company raised $43m in its last series A funding round and has a revenue multiple of —15x. Canaan submitted an IPO request on the Hong Kong Stock Exchange to raise $1bn.

• Ebang Communications, headquartered in Hangzhou, was founded in 2010. Ebang has a —10% market share in the cryptocurrency mining industry. The firm generated $141m in revenues and $60m in profit in 2017. The company has a revenue multiple of 11x and submitted an IPO request on the Hong Kong Stock Exchange on June 25th (planning to raise $1bn).

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by

EFTA01004556

return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004557

📅 Aug 2, 2018

Re: Notes from the call

From: jeffrey E.

To: Jeremy Rubin

or have a put of our interest back to them at the fair market price. On Thu, Aug 2, 2018 at 2:51 AM, Jeremy Rubin <> wrote: - Structurally, I think we want to be able to pull our shares out of the SPV after their 'lockup period' rather than selling them (or selling the minimum amount to cover their carry). Don't want to pay tax if we can avoid it. - Jihan is a strong businessman. He makes some mistakes I think, but he undoubtedly has built a major business. - Bitmain also plans to court Al,

or have a put of our interest back to them at the fair market price.

On Thu, Aug 2, 2018 at 2:51 AM, Jeremy Rubin <> wrote:

- Structurally, I think we want to be able to pull our shares out of the SPV after their 'lockup period' rather than selling them (or selling the minimum amount to cover their carry). Don't want to pay tax if we can avoid it.

- Jihan is a strong businessman. He makes some mistakes I think, but he undoubtedly has built a major business.

- Bitmain also plans to court Al, which justifies a greater valuation in the future even if the crypto mining market becomes more competitive

- IfNVhen it IPOs, it will be the best way for people who don't want to own bitcoin/crypto to get exposure to cryptocurrency.

I think it is a great company to nab some exposure to, and I think we should do it.

On Wed, Aug 1, 2018 at 8:31 PM Vincenzo Iozzo <> wrote:

- They are going to send a summary of governance structure for the partnership and what happens to the shares

- Very open on governance of the LLC and can negotiate the fees with them

- technically they need a commitment by mid day tomorrow but they are trying to push it to end of the day on Friday

- we would basically have no voting rights on the company itself

Now on the company itself, the main concerns (some of the notes are mine) are:

1) No idea about about the future cash from asics sales because demand fluctuates widely based on crypto prices

2) not entirely clear what the they need the money for given what they already have on the balance sheet

3) They don't know what the capex is

4) Revenue split: 97% sales of asics and 3% is mining. "Traditional" players are allegedly getting into the market on the asics side and obviously if the hashing functions change their inventory could become worthless

Positive facts:

The revenue growth is stellar

The series B was done by Dst/GIC/sequoia and sequoia led their A

They are allegedly going to file the equivalent of an S-1 in August

If you are long crypto their balance sheet is very strong and they have investments in other companies in the space as well (Eg: circle)

EFTA01004558

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004559

📅 Aug 2, 2018

Re: Bitmain Follow-up

From: Vincenzo Iozzo

To: jeffrey E.

Working on it, I think $3m max. What would be your ideal size? Sent from my Iphone On Aug 2, 2018, at 08:25, jeffrey E. <jeevacation@gmail.com> wrote: and max size? On Thu, Aug 2, 2018 at 8:23 AM, Vincenzo Iozzo < > wrote: They are confirming but we should have until end of day tomorrow vs today Sent from my Iphone On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@gmail.com> wrote: this talks about funding rather than what is received for those funds and its rights. that s thee only thing

Working on it, I think $3m max. What would be your ideal size?

Sent from my Iphone

On Aug 2, 2018, at 08:25, jeffrey E. <jeevacation@gmail.com> wrote:

and max size?

On Thu, Aug 2, 2018 at 8:23 AM, Vincenzo Iozzo < > wrote:
They are confirming but we should have until end of day tomorrow vs today

Sent from my Iphone

On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@gmail.com> wrote:

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo < > wrote:
We can negotiate the fees down but this is the rest of the info. What do you guys want to do?

Sent from my Iphone

Begin forwarded message:

Vincenzo,

See below some notes from the legal docs on Bitmain.

General Structure / Mechanics

* Vincenzo Entities will fund “Blocktree Private Opportunities LLC – Series B”, a Delaware entity structured as an LLC (“Blocktree”)

EFTA01004560

• Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels")

• iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series

Notes on Legal Does

• The GP at iAngels has the full and complete discretion to manage all investment decisions at the entity

• iAngels is audited by PWC and will provide investors with capital account statements, k-1's, and all other relevant financial reporting and investor updates; the Blocktree entity will be audited by Cohen & Company and have Trident Trust serve as a fund administrator

• Investors at the iAngels entity will be offered Preemptive Rights to purchase pro rata interests of any available new issuances of Bitmain

• In the event of an IPO or M&A deal, iAngels as GP will distribute shares or cash proceeds; there is not a required timeline to make this distribution, however they have historically made these distributions immediately (and Blocktree will immediately provide to Vincenzo Entities cash or in-kind distributions of these proceeds)

Notes on Fees

• We have negotiated a lower fee schedule with iAngels of 1% management fee and 10% carry

- o If the investment persists longer than 4 years, then management fees are no longer paid

- o Management fees need to be recouped in full before carry is paid

• Blocktree fees are 1% management and 10% carry, implying gross fees to Vincenzo Entities of 2% management and 20% carry

- o Blocktree will mirror the iAngels structure by holding back 4 years of fees + expenses, along with a high watermark on carry distributions

Documents Attached

• iAngels Technologies Limited Partnership Agreement

• Blocktree Private Opportunities LLC Agreement

• Blocktree Private Opportunities LLC - Series B Addendum (to be drafted by council if you decide to move forward)

Please let us know if you have any questions.

Best,
Ben

EFTA01004561

***PRIVATE AND CONFIDENTIAL***

Vincenzo,

Please see additional information below. Ben will follow-up with information on the legal docs.

Thanks,
Aaron

Business Highlights

• Global market leader — Bitmain dominates the mining hardware industry with 75% market share as well as a 40% market share in the mining market.

• Profitable mining solution — Bitmain's core product, ASICs, remain profitable even when GPUs and CPUs become unprofitable in a bear market allowing Bitmain to be less impacted from cyclicality of cryptoasset prices. The business generated $1.25bn profit in 2017 as well as $1.1bn in Q1 2018 while achieving the highest margins compared to its peers (profit margin of 60% in Q1 2018).

• Fast growing market — Despite the recent cryptoasset sell-off, hash rate growth continues to be strong. Market-sizing indicates that a 10x growth opportunity exists for digital-asset mining hardware manufacturers.

• Liquidity event —Bitmain is expecting to IPO on the Hong Kong Stock Exchange (HKEX) latest at the beginning of next year — the company plans on submitting the application Aug-18. Competing companies, Canaan and Ebang, have applied for an IPO with a valuation of 11-15x EV/revenue relative to 6x for Bitmain in this current round

• High-profile investors - Bitmain is backed by prominent investors such as Tencent, Sequoia Capital, GIC and IDG Capital. The company has raised over $450m in previous rounds.

Management History

• Wu Jihan (Co-Founder and CEO) — Before co-founding Bitmain, Wu was an analyst and private equity fund manager. He worked as an investment manager at China Grand Prosperity Investment — an RMB denominated fund of private equity funds - for almost 3 years. Wu read Nakamoto's white paper and translated it into Chinese. When Micree Zhan was trying to raise money for his previous start-up, Jihan pitched the idea of developing ASIC chips for Bitcoin mining. Wu earned a bachelor's degree in economics and psychology from Peking University in 2009.

• Micree Zhan (Co-Founder and co-CEO) — Before co-founding Bitmain, Micree was running DivalP, a startup that allowed users to stream television to a computer screen via a set-top box. Micree is considered to be the technical brain behind Bitmain's ASIC mining rigs and he focuses on the products and engineering departments at Bitmain. Micree Zhan graduated from the Chinese Academy of Sciences.

EFTA01004562

• Phillip Liu (COO at Bitmain) — Phillip served as the CFO for Rock China Investment for over 13 years. Between 2014 until today, he serves as the President and MD at MegaFund — a private equity/venture capital fund investing in emerging technologies across all stages. His track record includes the restructuring of Honghe Lighting, a publicly listed company in China and the restructuring of Hualing Group's HK IPO as well as other mergers and acquisitions. He worked with the major Chinese policy bank as GP and LP to set up new energy and environmental protection funds ranging between $15m-$5bn. Phillip earned a bachelor's degree in Chemical Engineering from Tsinghua University and a Master of Arts in Economics from the University of Pennsylvania.

Funding History

• Bitmain was established in 2013 and completed a seed round with the founders (Jihan Wu and Micree Zhan) as lead investors.

• In September 2017, the company raised $50m at a $4bn valuation from investors such as Sequoia and IDG in a Series A round.

• In June 2018, Bitmain raised another $400m at a $12bn valuation from investors such as Sequoia China, GIC and DST in a Series B round.

• In the current B+ round, Bitmain aims to raise up to $1bn at a $14bn pre-money valuation — issuing Series B+ preferred shares.

Potential Liquidity Event

• Bitmain aims to go public in Q4 2018 and is seeking to hand in the filing in August 2018. The company's shares are expected to be listed on the Stock Exchange of Hong Kong. All series B+ preferred shares will be automatically converted into ordinary shares upon the closing of the IPO. The investment documents from Bitmain mention a minimum valuation of $18bn at IPO (in an offering of not less than $500m), which yields 29% upside based on the pre-money valuation of $14bn. In the current round, the EV/revenue multiple is 6x relative to competitors, Ebang and Canaan, that are valued at 12x and 15x, respectively

• Canaan is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing — founded in 2013. Canaan is the number two in manufacturing mining processors and computers by using advanced ASIC semiconductor manufacturing processes. Canaan generated around $204m in revenues and $56m in profit in 2017 and has a crypto mining market share of —15%. The company raised $43m in its last series A funding round and has a revenue multiple of —15x. Canaan submitted an IPO request on the Hong Kong Stock Exchange to raise $1bn.

• Ebang Communications, headquartered in Hangzhou, was founded in 2010. Ebang has a —10% market share in the cryptocurrency mining industry. The firm generated $141m in revenues and $60m in profit in 2017. The company has a revenue multiple of llx and submitted an IPO request on the Hong Kong Stock Exchange on June 25th (planning to raise $1bn).

EFTA01004563

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jea@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004564

📅 Aug 2, 2018

(no subject)

From: jeffrey E.

To: David Mitchell

update please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and d

update

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

📅 Aug 2, 2018

Re:

From: David Mitchell

To: jeevacation@gmail.com

need to check on one thing and will not have answer until 11 , will email shortly DAVID MITCHELL Mitchell Holdings LLC 745 Fifth Avenue New York NY 10151 A On Aug 2, 2018, at 8:37 AM, jeffrey E. <jeevacation@gmail.com> wrote: update please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or cop

need to check on one thing and will not have answer until 11 , will email shortly

DAVID MITCHELL

Mitchell Holdings LLC 
745 Fifth Avenue
New York NY 10151
A

On Aug 2, 2018, at 8:37 AM, jeffrey E. <jeevacation@gmail.com> wrote:

update

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004566

📅 Aug 1, 2018 FROM EPSTEIN

(no subject)

From: jeevacation@gmail.com

To: Lesley Groff

call petersham nurseries in london see if still works there? EFTA01004567 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immed

call petersham nurseries in london see if still works there?

EFTA01004567

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004568

📅 Aug 2, 2018

(no subject)

From: Lesley Groff

To: jeevacation@gmail.com

Well, I called Petersham Nurseries and spoke to a receptionist who first asked which department works in...I said I wasn't sure and would try to find out...she then said the name does not ring a bell....do you know which 'department' works/ed in? The departments are: -Press 1 to make Reservations for La Goccia -Press 2 to make Reservations for The Petersham -Press 3 for the General Line (this was the option I chose!) -Press 4 for our Shop or Florist Press 5 for the Delicatessen

Well, I called Petersham Nurseries and spoke to a receptionist who first asked which department works in...I said I wasn't sure and would try to find out...she then said the name does not ring a bell....do you know which 'department' works/ed in? The departments are:

-Press 1 to make Reservations for La Goccia

-Press 2 to make Reservations for The Petersham

-Press 3 for the General Line (this was the option I chose!)

-Press 4 for our Shop or Florist

Press 5 for the Delicatessen

📅 Aug 2, 2018 FROM EPSTEIN

(no subject)

From: jeevacation@gmail.com

To: Lesley Groff

Katarina Mizakova Head of Personnel & Development PETERSHAM NURSERIES Floral Court London, WC2E 8JD T M

Katarina Mizakova
Head of Personnel & Development

PETERSHAM NURSERIES
Floral Court
London, WC2E 8JD
T M

📅 Aug 2, 2018

Re: [REDACTED]-Petersham Nurseries

From: Lesley Groff

To: jeevacation@gmail.com

Katarina still not in the office. They gave me an email address to send an email to (but don't think email is a good idea?). Tried her cell no answer. Will keep trying!. Sent from my iPhone On Aug 2, 2018, at 7:52 AM, jeffrey E. <jeevacation@gmail.com> wrote: Katarina Mizakova Head of Personnel & Development PETERSHAM NURSERIES Floral Court London, WC2E 8JD T M On Thu, Aug 2, 2018 at 7:32 AM, Lesley Groff < > wrote: Well, I called Petersham Nurseries and spoke to a receptionist who first as

Katarina still not in the office. They gave me an email address to send an email to (but don't think email is a good idea?). Tried her cell no answer. Will keep trying!.

Sent from my iPhone

On Aug 2, 2018, at 7:52 AM, jeffrey E. <jeevacation@gmail.com> wrote:

Katarina Mizakova
Head of Personnel & Development

PETERSHAM NURSERIES
Floral Court
London, WC2E 8JD
T M

On Thu, Aug 2, 2018 at 7:32 AM, Lesley Groff < > wrote:
Well, I called Petersham Nurseries and spoke to a receptionist who first asked which department works in...I said I wasn't sure and would try to find out...she then said the name does not ring a bell....do you know which 'department' works/ed in? The departments are:

-Press 1 to make Reservations for La Goccia

-Press 2 to make Reservations for The Petersham

-Press 3 for the General Line (this was the option I chose!)

-Press 4 for our Shop or Florist

Press 5 for the Delicatessen

On Aug 1, 2018, at 12:51 PM, jeffrey E. <jeevacation@gmail.com> wrote:
call petersham nurseries in london see if still works there?

EFTA01004567

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004568

📅 Aug 2, 2018

(no subject)

From: jeffrey E.

To: Tom Pritzker

HELPPPPPPPPP!!!!!!!! you cannot believe. . i just got back home. boy are we stupid! please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notif

HELPPPPPPPPP!!!!!!!!

you cannot believe. . i just got back home. boy are we stupid!

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

📅 Aug 2, 2018 FROM EPSTEIN

Re: Bitmain Follow-up

From: jeevacation@gmail.com

To: Vincenzo Iozzo

you need to see the terms of the series thats underlies the transaction On Thu, Aug 2, 2018 at 9:21 AM, Vincenzo Iozzo < wrote: On Thu, Aug 2, 2018 at 9:21 AM, Vincenzo Iozzo <[REDACTED]> > wrote: I’ll try to get them, not sure I can though. They are on the west coast, so let’s give them a few hours to get back to us Sent from my Iphone On Aug 2, 2018, at 09:08, jeffrey E. <jeevacation@gmail.com> wrote: woudl liket to see the series b doc On Thu, Aug 2, 2018 at 8:30 AM, Vincenzo Iozzo <[RE

you need to see the terms of the series thats underlies the transaction

On Thu, Aug 2, 2018 at 9:21 AM, Vincenzo Iozzo < wrote:

On Thu, Aug 2, 2018 at 9:21 AM, Vincenzo Iozzo <[REDACTED]> > wrote:
I’ll try to get them, not sure I can though. They are on the west coast, so let’s give them a few hours to get back to us

Sent from my Iphone

On Aug 2, 2018, at 09:08, jeffrey E. <jeevacation@gmail.com> wrote:

woudl liket to see the series b doc

On Thu, Aug 2, 2018 at 8:30 AM, Vincenzo Iozzo <[REDACTED]> > wrote:
Working on it, I think $3m max. What would be your ideal size?

Sent from my Iphone

On Aug 2, 2018, at 08:25, jeffrey E. <jeevacation@gmail.com> wrote:

and max size?

On Thu, Aug 2, 2018 at 8:23 AM, Vincenzo Iozzo <[REDACTED]> > wrote:
They are confirming but we should have until end of day tomorrow vs today

Sent from my Iphone

On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@gmail.com> wrote:

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo <[REDACTED]> > wrote:
We can negotiate the fees down but this is the rest of the info. What do you guys want to do?

Sent from my Iphone

Begin forwarded message:

EFTA01004570

Vincenzo,

See below some notes from the legal docs on Bitmain.

General Structure / Mechanics

• Vincenzo Entities will fund "Blocktree Private Opportunities LLC — Series B", a Delaware entity structured as an LLC ("Blocktree")

• Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels")

• iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series

Notes on Legal Does

• The GP at iAngels has the full and complete discretion to manage all investment decisions at the entity

• iAngels is audited by PWC and will provide investors with capital account statements, k-l's, and all other relevant financial reporting and investor updates; the Blocktree entity will be audited by Cohen & Company and have Trident Trust serve as a fund administrator

• Investors at the iAngels entity will be offered Preemptive Rights to purchase pro rata interests of any available new issuances of Bitmain

• In the event of an IPO or M&A deal, iAngels as GP will distribute shares or cash proceeds; there is not a required timeline to make this distribution, however they have historically made these distributions immediately (and Blocktree will immediately provide to Vincenzo Entities cash or in-kind distributions of these proceeds)

Notes on Fees

• We have negotiated a lower fee schedule with iAngels of I% management fee and 10% carry

- o If the investment persists longer than 4 years, then management fees are no longer paid

- o Management fees need to be recouped in full before carry is paid

• Blocktree fees are 1% management and 10% carry, implying gross fees to Vincenzo Entities of 2% management and 20% carry

- o Blocktree will mirror the iAngels structure by holding back 4 years of fees + expenses, along with a high watermark on carry distributions

Documents Attached

• iAngels Technologies Limited Partnership Agreement

• Blocktree Private Opportunities LLC Agreement

EFTA01004571

• Blocktree Private Opportunities LLC — Series B Addendum (to be drafted by council if you decide to move forward)

Please let us know if you have any questions.

Best,
Ben

***PRIVATE AND CONFIDENTIAL***

Vincenzo,

Please see additional information below. Ben will follow-up with information on the legal docs.

Thanks,

Aaron

Business Highlights

• Global market leader — Bitmain dominates the mining hardware industry with 75% market share as well as a 40% market share in the mining market.

• Profitable mining solution — Bitmain's core product, ASICs, remain profitable even when GPUs and CPUs become unprofitable in a bear market allowing Bitmain to be less impacted from cyclicality of cryptoasset prices. The business generated $1.25bn profit in 2017 as well as $1.1bn in QI 2018 while achieving the highest margins compared to its peers (profit margin of 60% in QI 2018).

• Fast growing market — Despite the recent cryptoasset sell-off, hash rate growth continues to be strong. Market-sizing indicates that a 10x growth opportunity exists for digital-asset mining hardware manufacturers.

• Liquidity event —Bitmain is expecting to IPO on the Hong Kong Stock Exchange (HICEX) latest at the beginning of next year — the company plans on submitting the application Aug-18. Competing companies, Canaan and Ebang, have applied for an IPO with a valuation of 11-15x EV/revenue relative to 6x for Bitmain in this current round

• High-profile investors — Bitmain is backed by prominent investors such as Tencent, Sequoia Capital, GIC and IDG Capital. The company has raised over $450m in previous

EFTA01004572

rounds.

Management History

• Wu Jihan (Co-Founder and CEO) — Before co-founding Bitmain, Wu was an analyst and private equity fund manager. He worked as an investment manager at China Grand Prosperity Investment — an RMB denominated fund of private equity funds - for almost 3 years. Wu read Nakamoto's white paper and translated it into Chinese. When Micree Zhan was trying to raise money for his previous start-up, Jihan pitched the idea of developing ASIC chips for Bitcoin mining. Wu earned a bachelor's degree in economics and psychology from Peking University in 2009.

• Micree Zhan (Co-Founder and co-CEO) — Before co-founding Bitmain, Micree was running DivalP, a startup that allowed users to stream television to a computer screen via a set-top box. Micree is considered to be the technical brain behind Bitmain's ASIC mining rigs and he focuses on the products and engineering departments at Bitmain. Micree Zhan graduated from the Chinese Academy of Sciences.

• Phillip Liu (COO at Bitmain) — Phillip served as the CFO for Rock China Investment for over 13 years. Between 2014 until today, he serves as the President and MD at MegaFund — a private equity/venture capital fund investing in emerging technologies across all stages. His track record includes the restructuring of Honghe Lighting, a publicly listed company in China and the restructuring of Hualing Group's HK IPO as well as other mergers and acquisitions. He worked with the major Chinese policy bank as GP and LP to set up new energy and environmental protection funds ranging between $15m-$5bn. Phillip earned a bachelor's degree in Chemical Engineering from Tsinghua University and a Master of Arts in Economics from the University of Pennsylvania.

Funding History

• Bitmain was established in 2013 and completed a seed round with the founders (Jihan Wu and Micree Zhan) as lead investors.

• In September 2017, the company raised $50m at a $4bn valuation from investors such as Sequoia and IDG in a Series A round.

• In June 2018, Bitmain raised another $400m at a $12bn valuation from investors such as Sequoia China, GIC and DST in a Series B round.

• In the current B+ round, Bitmain aims to raise up to $1bn at a $14bn pre-money valuation — issuing Series B+ preferred shares.

Potential Liquidity Event

• Bitmain aims to go public in Q4 2018 and is seeking to hand in the filing in August 2018. The company's shares are expected to be listed on the Stock Exchange of Hong Kong. All series B+ preferred shares will be automatically converted into ordinary shares upon the closing of the IPO. The investment documents from Bitmain mention a minimum valuation of $18bn at IPO (in an offering of not less than $500m), which yields 29% upside based on the pre-money valuation of $14bn. In the current round, the EV/revenue multiple is 6x relative to competitors, Ebang and Canaan, that are valued at 12x and 15x, respectively

• Canaan is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing — founded in 2013. Canaan is the number two in manufacturing mining processors and computers by using advanced ASIC semiconductor manufacturing

EFTA01004573

processes. Canaan generated around $204m in revenues and $56m in profit in 2017 and has a crypto mining market share of-15%. The company raised $43m in its last series A funding round and has a revenue multiple of--15x. Canaan submitted an IPO request on the Hong Kong Stock Exchange to raise Slim.

• Ebang Communications, headquartered in Hangzhou, was founded in 2010. Ebang has a —10% market share in the cryptocurrency mining industry. The firm generated $141m in revenues and $60m in profit in 2017. The company has a revenue multiple of 1 lx and submitted an IPO request on the Hong Kong Stock Exchange on June 25th (planning to raise SIbn).

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004574

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004575

📅 Aug 2, 2018

Re: Bitmain Follow-up

From: jeffrey E.

To: Richard Kahn

yes, but plan an offerering . seems like too much money being raised. This is an email chain discussing a potential deal involving "vincenzo". Key entities and information: * **Richard Kahn** (HBRK Associates Inc.) is questioning the deal structure and valuation. * Valuation of the deal is contemplated at **14 billion**. * In June, **400 million** was raised at **12 billion** valuation. * **Vincenzo Iozzo** sent a forwarded message regarding a "Bitmain Follow-up". * The confirmation is expecte

yes, but plan an offerering . seems like too much money being raised.

This is an email chain discussing a potential deal involving "vincenzo".

Key entities and information:
* **Richard Kahn** (HBRK Associates Inc.) is questioning the deal structure and valuation.
* Valuation of the deal is contemplated at **14 billion**.
* In June, **400 million** was raised at **12 billion** valuation.
* **Vincenzo Iozzo** sent a forwarded message regarding a "Bitmain Follow-up".
* The confirmation is expected by the end of the day tomorrow (relative to the email date of August 2, 2018).

EFTA01004576

On Aug 2, 2018, at 07:56, jeffrey E. <jeevacation@grnail.com> wrote:

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo < > wrote:
We can negotiate the fees down but this is the rest of the info. What do you guys want to do?

Sent from my Iphone

Begin forwarded message:

Vincenzo,

See below some notes from the legal docs on Bitmain.

General Structure / Mechanics

• Vincenzo Entities will fund "Blocktree Private Opportunities LLC - Series B", a Delaware entity structured as an LLC ("Blocktree")

• Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels")

• iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series

Notes on Legal Does

• The GP at iAngels has the full and complete discretion to manage all investment decisions at the entity

• iAngels is audited by PWC and will provide investors with capital account statements, k-l's, and all other relevant financial reporting and investor updates; the Blocktree entity will be audited by Cohen & Company and have Trident Trust serve as a fund administrator

• Investors at the iAngels entity will be offered Preemptive Rights to purchase pro rata interests of any available new issuances of Bitmain

• In the event of an IPO or M&A deal, iAngels as GP will distribute shares or cash proceeds; there is not a required timeline to make this distribution, however they have historically made these distributions immediately (and Blocktree will immediately provide to Vincenzo Entities cash or in-kind distributions of these proceeds)

Notes on Fees

• We have negotiated a lower fee schedule with iAngels of 1% management fee and 10% carry

EFTA01004577

- o If the investment persists longer than 4 years, then management fees are no longer paid o Management fees need to be recouped in full before carry is paid

• Blocktree fees are 1% management and 10% carry, implying gross fees to Vincenzo Entities of 2% management and 20% carry

- o Blocktree will mirror the iAngels structure by holding back 4 years of fees + expenses, along with a high watermark on carry distributions

Documents Attached

• iAngels Technologies Limited Partnership Agreement

• Blocktree Private Opportunities LLC Agreement

• Blocktree Private Opportunities LLC - Series B Addendum (to be drafted by council if you decide to move forward)

Please let us know if you have any questions.

Best,
Ben

***PRIVATE AND CONFIDENTIAL***

Vincenzo,

Please see additional information below. Ben will follow-up with information on the legal docs.

Thanks,
Aaron

Business Highlights

• Global market leader — Bitmain dominates the mining hardware industry with 75% market share as well as a 40% market share in the mining market.

EFTA01004578

• Profitable mining solution — Bitmain's core product, ASICs, remain profitable even when GPUs and CPUs become unprofitable in a bear market allowing Bitmain to be less impacted from cyclicality of cryptoasset prices. The business generated $1.25bn profit in 2017 as well as $1.1bn in Q1 2018 while achieving the highest margins compared to its peers (profit margin of 60% in Q1 2018).

• Fast growing market — Despite the recent cryptoasset sell-off, hash rate growth continues to be strong. Market-sizing indicates that a 10x growth opportunity exists for digital-asset mining hardware manufacturers.

• Liquidity event —Bitmain is expecting to IPO on the Hong Kong Stock Exchange (HKEX) latest at the beginning of next year — the company plans on submitting the application Aug-18. Competing companies, Canaan and Ebang, have applied for an IPO with a valuation of 11-15x EV/revenue relative to 6x for Bitmain in this current round

• High-profile investors - Bitmain is backed by prominent investors such as Tencent, Sequoia Capital, GIC and IDG Capital. The company has raised over $450m in previous rounds.

Management History

• Wu Jihan (Co-Founder and CEO) — Before co-founding Bitmain, Wu was an analyst and private equity fund manager. He worked as an investment manager at China Grand Prosperity Investment — an RMB denominated fund of private equity funds - for almost 3 years. Wu read Nakamoto's white paper and translated it into Chinese. When Micree Zhan was trying to raise money for his previous start-up, Jihan pitched the idea of developing ASIC chips for Bitcoin mining. Wu earned a bachelor's degree in economics and psychology from Peking University in 2009.

• Micree Zhan (Co-Founder and co-CEO) — Before co-founding Bitmain, Micree was running DivalP, a startup that allowed users to stream television to a computer screen via a set-top box. Micree is considered to be the technical brain behind Bitmain's ASIC mining rigs and he focuses on the products and engineering departments at Bitmain. Micree Zhan graduated from the Chinese Academy of Sciences.

• Phillip Liu (COO at Bitmain) - Phillip served as the CFO for Rock China Investment for over 13 years. Between 2014 until today, he serves as the President and MD at MegaFund — a private equity/venture capital fund investing in emerging technologies across all stages. His track record includes the restructuring of Honghe Lighting, a publicly listed company in China and the restructuring of Hualing Group's HK IPO as well as other mergers and acquisitions. He worked with the major Chinese policy bank as GP and LP to set up new energy and environmental protection funds ranging between $15m-$5bn. Phillip earned a bachelor's degree in Chemical Engineering from Tsinghua University and a Master of Arts in Economics from the University of Pennsylvania.

Funding History

• Bitmain was established in 2013 and completed a seed round with the founders (Jihan Wu and Micree Zhan) as lead investors.

• In September 2017, the company raised $50m at a $4bn valuation from investors such as Sequoia and IDG in a Series A round.

• In June 2018, Bitmain raised another $400m at a $12bn valuation from investors such as Sequoia China, GIC and DST in a Series B round.

• In the current B+ round, Bitmain aims to raise up to $113n at a $14bn pre-money valuation — issuing Series B+ preferred shares.

EFTA01004579

Potential Liquidity Event

• Bitmain aims to go public in Q4 2018 and is seeking to hand in the filing in August 2018. The company's shares are expected to be listed on the Stock Exchange of Hong Kong. All series B+ preferred shares will be automatically converted into ordinary shares upon the closing of the IPO. The investment documents from Bitmain mention a minimum valuation of $18bn at IPO (in an offering of not less than $500m), which yields 29% upside based on the pre-money valuation of $14bn. In the current round, the EV/revenue multiple is 6x relative to competitors, Ebang and Canaan, that are valued at 12x and 15x, respectively

• Canaan is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing — founded in 2013. Canaan is the number two in manufacturing mining processors and computers by using advanced ASIC semiconductor manufacturing processes. Canaan generated around $204m in revenues and $56m in profit in 2017 and has a crypto mining market share of —15%. The company raised $43m in its last series A funding round and has a revenue multiple of —15x. Canaan submitted an IPO request on the Hong Kong Stock Exchange to raise $1bn.

• Ebang Communications, headquartered in Hangzhou, was founded in 2010. Ebang has a —10% market share in the cryptocurrency mining industry. The firm generated $141m in revenues and $60m in profit in 2017. The company has a revenue multiple of 11 x and submitted an IPO request on the Hong Kong Stock Exchange on June 25th (planning to raise Slim).

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited

EFTA01004580

and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jea®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004581

📅 Aug 2, 2018

(no subject)

From: jeffrey E.

To: 3BIS Fabrice BOURG

there are many changes to talk about. not sure the best way. skype? shared screen? im open to suggestions please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication i

there are many changes to talk about. not sure the best way. skype? shared screen? im open to suggestions

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

📅 Aug 2, 2018

Re: Bitmain Follow-up

From: Vincenzo Iozzo

To: Jeffrey E.

Yeah, you're right - I'm just trying to make this work given the time constraints. Are you ok signing an Nda to see the doc? It seems the LP would be willing to share it that way Sent from my Iphone On Aug 2, 2018, at 09:57, jeffrey E. <jeevacation@gmail.com> wrote: you need to see the terms of the series thats underlies the transaction On Thu, Aug 2, 2018 at 9:21 AM, Vincenzo Iozzo <> wrote: I’ll try to get them, not sure I can though. They are on the west coast, so let’s give them a few ho

Yeah, you're right - I'm just trying to make this work given the time constraints. Are you ok signing an Nda to see the doc? It seems the LP would be willing to share it that way

Sent from my Iphone

On Aug 2, 2018, at 09:57, jeffrey E. <jeevacation@gmail.com> wrote:

you need to see the terms of the series thats underlies the transaction

On Thu, Aug 2, 2018 at 9:21 AM, Vincenzo Iozzo <> wrote:
I’ll try to get them, not sure I can though. They are on the west coast, so let’s give them a few hours to get back to us

Sent from my Iphone

On Aug 2, 2018, at 09:08, jeffrey E. <> wrote:

woudl liket to see the series b doc

On Thu, Aug 2, 2018 at 8:30 AM, Vincenzo Iozzo <> wrote:
Working on it, I think $3m max. What would be your ideal size?

Sent from my Iphone

On Aug 2, 2018, at 08:25, jeffrey E. <> wrote:

and max size?

On Thu, Aug 2, 2018 at 8:23 AM, Vincenzo Iozzo <> wrote:
They are confirming but we should have until end of day tomorrow vs today

Sent from my Iphone

On Aug 2, 2018, at 07:56, jeffrey E. <> wrote:

this talks about funding rather than what is received for those funds and its rights. that s thee only thing that counts.

EFTA01004583

On Thu, Aug 2, 2018 at 7:51 AM, Vincenzo Iozzo < > wrote:
We can negotiate the fees down but this is the rest of the info. What do you guys want to do?

we can negotiate the fees down but this is the rest of the info. what do you guys want to do?

Sent from my Iphone

Begin forwarded message:

Vincenzo,

See below some notes from the legal docs on Bitmain.

General Structure / Mechanics

• Vincenzo Entities will fund "Blocktree Private Opportunities LLC — Series B", a Delaware entity structured as an LLC ("Blocktree")

• Blocktree will subsequently fund "iAngels Technologies, LP, a Delaware Limited Partnership" ("iAngels")

• iAngels will directly invest in Bitmain Technologies Holding Company Preferred B+ Series

Notes on Legal Docs

⚫ The GP at iAngels has the full and complete discretion to manage all investment decisions at the entity

⚫ iAngels is audited by PWC and will provide investors with capital account statements, k- 1's, and all other relevant financial reporting and investor updates; the Blocktree entity will be audited by Cohen & Company and have Trident Trust serve as a fund administrator

• Investors at the iAngels entity will be offered Preemptive Rights to purchase pro rata interests of any available new issuances of Bitmain

• In the event of an IPO or M&A deal, iAngels as GP will distribute shares or cash proceeds; there is not a required timeline to make this distribution, however they have historically made these distributions immediately (and Blocktree will immediately provide to Vincenzo Entities cash or in-kind distributions of these proceeds)

Notes on Fees

• We have negotiated a lower fee schedule with iAngels of I% management fee and 10% carry

- o If the investment persists longer than 4 years, then management fees are no longer paid

- o Management fees need to be recouped in full before carry is paid

EFTA01004584

• Blocktree fees are I% management and 10% carry, implying gross fees to Vincenzo Entities of 2% management and 20% carry

- o Blocktree will mirror the iAngels structure by holding back 4 years of fees + expenses, along with a high watermark on carry distributions

Documents Attached

• iAngels Technologies Limited Partnership Agreement

• Blocktree Private Opportunities LLC Agreement

• Blocktree Private Opportunities LLC - Series B Addendum (to be drafted by council if you decide to move forward)

Please let us know if you have any questions.

Best,
Ben

***PRIVATE AND CONFIDENTIAL***

Vincenzo,

Please see additional information below. Ben will follow-up with information on the legal docs.

Thanks,
Aaron

Business Highlights

• Global market leader — Bitmain dominates the mining hardware industry with 75% market share as well as a 40% market share in the mining market.

• Profitable mining solution — Bitmain's core product, ASICs, remain profitable even when GPUs and CPUs become unprofitable in a bear market allowing Bitmain to be less impacted from cyclicality of cryptoasset prices. The business generated $1.25bn profit in

EFTA01004585

2017 as well as $1.1bn in Q1 2018 while achieving the highest margins compared to its peers (profit margin of 60% in Q1 2018).

• Fast growing market — Despite the recent cryptoasset sell-off, hash rate growth continues to be strong. Market-sizing indicates that a 10x growth opportunity exists for digital-asset mining hardware manufacturers.

• Liquidity event —Bitmain is expecting to IPO on the Hong Kong Stock Exchange (HKEX) latest at the beginning of next year — the company plans on submitting the application Aug-18. Competing companies, Canaan and Ebang, have applied for an IPO with a valuation of 11-15x EV/revenue relative to 6x for Bitmain in this current round

• High-profile investors — Bitmain is backed by prominent investors such as Tencent, Sequoia Capital, GIC and IDG Capital. The company has raised over $450m in previous rounds.

Management History

• Wu Jihan (Co-Founder and CEO) — Before co-founding Bitmain, Wu was an analyst and private equity fund manager. He worked as an investment manager at China Grand Prosperity Investment — an RMB denominated fund of private equity funds - for almost 3 years. Wu read Nakamoto's white paper and translated it into Chinese. When Micree Zhan was trying to raise money for his previous start-up, Jihan pitched the idea of developing ASIC chips for Bitcoin mining. Wu earned a bachelor's degree in economics and psychology from Peking University in 2009.

• Micree Zhan (Co-Founder and co-CEO) — Before co-founding Bitmain, Micree was running DivalP, a startup that allowed users to stream television to a computer screen via a set-top box. Micree is considered to be the technical brain behind Bitmain's ASIC mining rigs and he focuses on the products and engineering departments at Bitmain. Micree Zhan graduated from the Chinese Academy of Sciences.

• Phillip Liu (COO at Bitmain) — Phillip served as the CFO for Rock China Investment for over 13 years. Between 2014 until today, he serves as the President and MD at MegaFund — a private equity/venture capital fund investing in emerging technologies across all stages. His track record includes the restructuring of Honghe Lighting, a publicly listed company in China and the restructuring of Hualing Group's HK IPO as well as other mergers and acquisitions. He worked with the major Chinese policy bank as GP and LP to set up new energy and environmental protection funds ranging between $15m-$5bn. Phillip earned a bachelor's degree in Chemical Engineering from Tsinghua University and a Master of Arts in Economics from the University of Pennsylvania.

Funding History

• Bitmain was established in 2013 and completed a seed round with the founders (Jihan Wu and Micree Zhan) as lead investors.

• In September 2017, the company raised $50m at a $4bn valuation from investors such as Sequoia and IDG in a Series A round.

• In June 2018, Bitmain raised another $400m at a $12bn valuation from investors such as Sequoia China, GIC and DST in a Series B round.

• In the current B+ round, Bitmain aims to raise up to $lbn at a $14bn pre-money valuation — issuing Series B+ preferred shares.

Potential Liquidity Event

EFTA01004586

• Bitmain aims to go public in Q4 2018 and is seeking to hand in the filing in August 2018. The company's shares are expected to be listed on the Stock Exchange of Hong Kong. All series B+ preferred shares will be automatically converted into ordinary shares upon the closing of the IPO. The investment documents from Bitmain mention a minimum valuation of $18bn at IPO (in an offering of not less than $500m), which yields 29% upside based on the pre-money valuation of $14bn. In the current round, the EV/revenue multiple is 6x relative to competitors, Ebang and Canaan, that are valued at 12x and 15x, respectively

• Canaan is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing — founded in 2013. Canaan is the number two in manufacturing mining processors and computers by using advanced ASIC semiconductor manufacturing processes. Canaan generated around $204m in revenues and $56m in profit in 2017 and has a crypto mining market share of —15%. The company raised $43m in its last series A funding round and has a revenue multiple of--15x. Canaan submitted an IPO request on the Hong Kong Stock Exchange to raise $lbn.

• Ebang Communications, headquartered in Hangzhou, was founded in 2010. Ebang has a —10% market share in the cryptocurrency mining industry. The firm generated $141m in revenues and $60m in profit in 2017. The company has a revenue multiple of 1 lx and submitted an IPO request on the Hong Kong Stock Exchange on June 25th (planning to raise SIbn).

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

EFTA01004587

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

EFTA01004588