EMAIL DETAILS

Reviewing this morning. This is what we need for th financing options.

Devon D. Archer
646 436 3745

Begin forwarded message:

From: "mmahony@rosemontrealty.com<mailto:mmahony@rosemontrealty.com>" <mmahony@rosemontrealty.com<mailto:mmahony@rosemontrealty.com>>
Date: March 18, 2015 at 12:09:12 AM EDT
To: Devon Archer <darcher@rosemontcapital.com<mailto:darcher@rosemontcapital.com>>
Subject: Summit Business Plan -- internal use only

CONFIDENTIAL

Devon:

Our internal Summit analysis attached for your review. I’ve asked the team for a middle-of-the road assumption. Of course, this represents an internal view and not an official representation of value or returns from the company to any investor.

The model can be manipulated by changing cell B21 on the “Summary” page. This would be the implied discount to the $4.36 million Aleman investment. For example, putting in 80% to that cell would imply a purchase price of $3.488 million. The purchaser would step into the existing position of the existing investor, thus all promotes would be calculated from day one, as calculated in this model. The “CF Summary” page shows cumulative cash flows to the investment from 2015 through the sale date and IRR assuming an 8% exit cap and the current lease-up plan. Ultimately exit largely dependent on the ability to sell subject to the in place debt. Though not fully determined, the analysis assumes 5% distributions for 2015 and 3% thereafter as detailed on the analysis page.

I can get Nick Nigro to walk through the details and functionality of this model with anyone you choose.

Best, Michael


Michael E. Mahony
Chief Executive Officer
Rosemont Realty | 330 Garfield St | Santa Fe, NM 87501
505.992.5135<tel:505.992.5135> direct | 505.992.5100<tel:505.992.5100> main | 505.982.2515<tel:505.982.2515> fax
mmahony@rosemontrealty.com<mailto:mmahony@rosemontrealty.com>