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Neil-

Per our conversation today, it would be helpful to evaluate this FOFs
on a variety of levels.

1) Do we agree that we should take no management fee/performance fee?
2) Do we think the money could be raised if we did take either fees?
3) If we think the money can be raised, how much time would be
required from the principals to do so? Arlene believes she can raise
all of the money if we had no fees. But is it worth others' time to
try and raise money if we were to charge a fee?
4) What is the purpose of this if we are getting no income from it?
5) Do we develop a model where the first $50m is fee-free, but
anything after that involves a fee? How much would we make from this
and at what point would we have the ability to jettison our Fund
clients?
6) What would having the FOF be "woman-owned" by Arlene mean?
7) Would we charge fees for legal and regulatory work at least? It
shouldn't cost us anything, right?

Just some questions how I am framing this.

Eric


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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