8/10/2019 11.05.14 SomosAirbnbLetter

http://slidepdf.com/reader/full/110514-somosairbnbletter 1/2

 

"#$%&'%( )* +,-.

/#& 011#2

3(%456%27 8 9:; 957< 8 =7>7%

?- @(#>6A><* =B57% +C+)

"%A D#(E* "D -,,,?

F(G 011#2H

I% >(% 1##E52J K#(A>(6 7# L>(75M5L>752J 52 7N% =#&#4 %1 OB7B(# M#2K%(%2M%* AN5MN A511 M%1%'(>7% 574

+P7N <%>( 7N54 A%%EG ;2% #K 7N% M#2K%(%2M%Q4 LB(L#4%4 54 7# '(52J 7#J%7N%( %1%M7%6 1%>6%(4 7#

M%1%'(>7% #B( 65$%(457< >26 KB(7N%( 6%%L%2 75%4 '%7A%%2 #B( (%4L%M75$% M#&&B2575%4G

I% 7>E% $%(< 4%(5#B41< 7N% J(#BL4 >26 4L#24#(4 7N>7 >(% >KK515>7%6 A57N #B( M#2K%(%2M%G* >26 47(5$%

7# %24B(% 7N>7 >11 #K 7N% M#2K%(%2M%Q4 >KK515>7%4 >26 4L#24#(4 4N>(% #B( $>1B%4G /N>7 54 AN< A% A%(%

6%%L1< 7(#B'1%6 7# 1%>(2 7N>7 05('2' A>4 >11#A%6 7# 4L#24#( 7N% R#>6 7# =;F;= S5ME#KK 9#ME7>51

R%M%L75#2 >7 :1 FB4%# 6% =>2 TB>2 #2 "#$%&'%( ?G

;$%( 7N% 1>47 K%A &#27N4* 05('2' N>4 4L%27 &5115#24 #K 6#11>(4 '1>2E%752J "%A D#(E 957<Q4 >5(A>$%4

>26 4B'A><4 A57N >64 7(<52J 7# M#2$52M% 7N% >$%(>J% "%A D#(E%( 7N>7 57Q4 > N>(&1%44 N#&% 4N>(52J

%UMN>2J%G @B7 7N% (%>157< 54 &BMN KB(7N%( K(#& 7N% 5&>J% 05('2' 54 M>(%KB11< 7(<52J 7# MB175$>7%G

05('2' 6#%42Q7 A>27 <#B 7# E2#A 7N>7 "%A D#(E N>4 > 1>A 7N>7 L(%$%274 L%#L1% K(#& (%2752J #B7

7N%5( B2#MMBL5%6 >L>(7&%274 K#( > L%(5#6 #K 1%44 7N>2 V, 6><4G 0MM#(652J 7# > (%L#(7 (%1%>4%6 '< 7N%

=7>7% 077#(2%< W%2%(>1Q4 #KK5M%* 2%>(1< P)X #K 7N% 154752J4 #2 7N% M#&L>2<Q4 A%'457% 52 "%A D#(E

$5#1>7% 7N54 1>AG /N% 6>7> N% M#11%M7%6 >14# (%$%>14 7N>7 > 1>(J% L%(M%27>J% #K (%$%2B% 05('2'

J%2%(>7%4 54 K(#& N#474 AN# (%27 &B175L1% B2#MMBL5%6 >L>(7&%274 7# JB%474 >4 511%J>1 N#7%14 #2 > KB11

75&% '>454G

9#2$%(752J >2 >1(%>6< 4M>(M% 47#ME #K >KK#(6>'1% N#B452J 527# M#&&%(M5>1 (%27>14 7>E%4 7N%4% B2574#KK 7N% &>(E%7 K#( "%A D#(E%(4 AN# >M7B>11< 2%%6 7N%& 7# 15$%G /N% 2%5JN'#(N##64 A% (%L(%4%27

N>$% '%%2 6%M5&>7%6 '< 7N% 1>ME #K >KK#(6>'1% N#B452J* >26 05('2' 54 #2% #K 7N% MN5%K %2>'1%(4 #K 7N%511%J>1 N#7%1 526B47(< 7N>7 54 KB(7N%( %U>M%('>752J 7N% N#B452J M(5454 L1>JB52J #B( M#&&B2575%4G

F><#( 6% @1>45# N>4 &>6% 57 > L(5#(57< 7# (%$%(4% 7N% N#B452J M(5454 '< %UL>2652J "%A D#(E 957<Q4

>KK#(6>'1% N#B452J 47#ME A57N >2 >66575#2>1 +,,*,,, B2574 #$%( 7N% 2%U7 -, <%>(4G @B7 K#( N54 L1>2 7#

A#(E* A% M>22#7 >11#A 511%J>1 N#7%1 #L%(>7#(4 15E% 05('2' 7# M#2752B% 7# $5#1>7% 7N% 1>A >26 (%6BM%

8/10/2019 11.05.14 SomosAirbnbLetter

http://slidepdf.com/reader/full/110514-somosairbnbletter 2/2

 7N% >$>51>'5157< #K >KK#(6>'1% N#B452JG

/N#BJN 05('2' 6562Q7 M(%>7% 7N% >KK#(6>'1% N#B452J M(5454* 574 (#1% 52 52M%275$5Y52J L%#L1% 7# M#2$%(7

7N%5( N#&%4 527# N#7%14 N>4 &>6% 7N% L(#'1%& &BMN A#(4% >M(#44 7N% 957<* >26 L>(75MB1>(1< 52 7N%

M#&&B2575%4 A% (%L(%4%27G

/N>7 54 AN< A% (%4L%M7KB11< >4E 7N>7 <#B 5&&%65>7%1< 6(#L 05('2' >4 > 4L#24#( #K 7N% R#>6 7#

=;F;= S5ME#KK 9#ME7>51 R%M%L75#2G 0 M#&L>2< 7N>7 4# '1>7>271< $5#1>7%4 47>7% 1>A >26 N>4 4# 15771%

(%J>(6 K#( >KK#(6>'1% N#B452J N>4 2# L1>M% >7 7N54 M#2K%(%2M% 7N>7 M%1%'(>7%4 7N% J(%>7 65$%(457< #K

#B( 47>7%G

=52M%(%1<*

=%2>7% Z>752# 9#2K%(%2M% 9N>5( =%2>7#( 06(5>2# :4L>511>7

=%2>7#( T#4% 3%(>17>

044%&'1< F%&'%( O(>2M54M# F#<>9#B2M51 F%&'%( D6>254 R#6(5JB%Y

9#B2M51 F%&'%( 027#25# R%<2#4#

99H9%4>( 047(>1>J>

9N>5(* =#&#4 %1 OB7B(#* [2MG