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Juliana,
Thank you kindly for your thoughtful reply. We will stand by patiently on the real estate side and update you on our progress as we develop our portfolio in RREAF. I am certain as you track our progress the offering will become overwhelmingly compelling from a a risk adjusted return for your profile, and you will reconsider at that time.

That being said, I run the private equity and merchant banking divisions at Rosemont. I would be very happy to start exchanging information and dealflow. We are very active in the market of energy, technology, services, media and telecom, consumer and other in both the United States and emerging markets around the world. Our current 2007 vintage PE Fund is marked in the top decile of private equity managers according to Cambridge Associates Dec. 31, 2010 review.

If we are going to be effective in collaborating I need to ask that you send me a more specific profile of what type of dealflow you are interested in and where you are interested in playing in the capital structure. It would helpful if you could review the following. As it relates to PE; is Chinatrust interested in:

* Funds level investments?
* Direct control investments?
* Direct co-Investments?
* Secondaries; funds or direct?
* Equity?
* Debt?
* Equity & debt?
* What sectors?
* What geographies?
* What is the investment time horizon?
* What stage (ie, venture (early/late), growth, LBO, sunset, special situations, etc.)?
* What is the duration for investment decisions for Chinatrust (ie, from initial screen to funding)?

Additionally, it is important that we understand what group w/n Chinatrust your interest in PE is generated from, what are the sources of capital, who are the decision makers and what is their process and timing for decision making. Additionally any other information that can help target our thinking will be useful in helping us develop a long, productive and fruitful relationship.

I will forward you some examples of recent PE investment memo's we have prepared that describe assets that we have made PE investments, under separate cover, to give a little insight into our portfolio and our more recent transactions.

All the Best,
Devon


From: "侯文齡 (Juliana Hou )" <juliana.hou@chinatrust.com.tw<mailto:juliana.hou@chinatrust.com.tw>>
Date: Fri, 29 Apr 2011 06:39:49 -0400
To: Devon Archer <darcher@rosemontcapital.com<mailto:darcher@rosemontcapital.com>>
Cc: Hunter Biden <hbiden@rosemontseneca.com<mailto:hbiden@rosemontseneca.com>>, "C.M. Hsiao" <cmhsiao@chinatrust.com.hk<mailto:cmhsiao@chinatrust.com.hk>>, "謝載祥 (Winston Hsia)" <winston.hsia@chinatrust.com.tw<mailto:winston.hsia@chinatrust.com.tw>>, "江偉平 (Webster Kiang)" <webster.kiang@chinatrust.com.tw<mailto:webster.kiang@chinatrust.com.tw>>
Subject: RE: RREAF follow-up

Hi, Devon,

Thank you very much for sending the material again to me. It was my pleasure to meet you in Taiwan. Meanwhile, please accept my apology that it took a somewhat longer time for us to get back to you.

Subsequent to the meeting, we have internally reviewed our investment plans and where we like the resources to be placed. However, we feel the real estate markets may not bewhat we like to pursuit eagerly at this moment. Chinatrust has been a bank precautious about the real estate markets with its homeland, Taiwan, included.

In spite of our less aggressive intension towards real estate, we would very much like to explore with you on other fronts, namely investments in industrial and other commercial sectors. I will pass the contact information of Mr. James Bulger and Ms. Caryn Suffredini to Mr. CM Hsiao (who is also copied in this email, a managing director-principal investment division currently resides in Beijin) for future contacts. Please do let me know if there is any thing I can be of assistance. I sincerely hope we will be building a mutually beneficial relationship.


Best regards,

Juliana


Juliana Hou
SVP, Principal Investment Division
Chinatrust Commercial Bank
No.3, Sung Shou Road, Taipei 110, Taiwan
Tel: +886 2 2722 2002 ext 1225
Fax:+886 2 8780 9960

________________________________
From: Devon Archer [mailto:darcher@rosemontcapital.com]
Sent: Thursday, April 28, 2011 8:59 PM
To: 侯文齡(Juliana Hou )
Cc: Hermes Chang
Subject: RREAF follow-up
Importance: High

Juliana,
Thank you kindly for your time this past week in Taipei. I look forward to an opportunity to partner with Chinatrust in the future. I know Hermes has been coordinating with you and your team but let me know if you need anything in the meantime. I've attached a soft copy of the RREAF program for your reference. Thank you!
All the Best,
Devon

Devon Archer
Rosemont Capital, LLC
401 Greenwich Street, Suite 400
New York, NY 10013
o: 212 933 9965
f: 212 933 9964
m: 646 436 3745
www.rosemontrealty.com

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