EMAIL DETAILS

Attached are the seven licenses that Evan would need housed at RSPI. You don't have to read these, just sending along as an FYI.

The jist of it is that they wanted to pursue option one that I laid out in my last email. They would be their own separate entity, have their own business cards and only have to make reference to RSPI as "securities offered through RSPI". They would take care of all of their expenses. The only work on our part would be supervising seven additional people. Having just added Caryn and Karen I realize it is a lot of work for me, Joan and Ann - reviewing deals, doing contracts, etc. While we don't have to do due diligence we do have to review their due diligence and take responsibility for that due diligence. That said, if it were worth the money (our 20% off the top plus potentially a new distribution network) I would gladly take on the burden. Just not sure how successful they will be and/or that they give us a drastically different distribution network we don't have (there's is mostly family offices as well). Product wise their deals are energy on the direct side and secondaries on the equity side. Additionally, there's the warning flag of the fact that they have split with two firms in the past two years and the fact that we would be giving up seven slots when we might rather use them for others (such as other RSP folks).

Based on our discussions I am assuming they would generate $2m a year in revenue - which would be $400,000 to us. Let's discuss if that is worth the supervisory/reputational risk and the time commitment from me and Joan (which could better be spent elsewhere).

Let's discuss later today if possible. I told Evan I would get back to him today.

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
P Consider the environment before printing this email.

Begin forwarded message:

From: EAH gmail <evanahaymes@gmail.com>
Subject: Fwd: brokercheck reports
Date: July 25, 2014 at 2:41:44 PM EDT
To: "Eric D. Schwerin" <eschwerin@rosemontseneca.com>

Please see attached.

_____________________
Evan A. Haymes evanahaymes@gmail.com
(917) 690-9090

Begin forwarded message:

> From: "eric@brachfeld.org" <ebrachfeld@gmail.com>
> Date: July 25, 2014 at 2:19:22 PM EDT
> To: Evan Haymes <evanahaymes@gmail.com>
> Subject: brokercheck reports
> Reply-To: eric@brachfeld.org
>
> 7, not 6