EMAIL DETAILS

John-

I wanted to follow up on our breakfast this morning and clarify a few things from my end. First, my understanding has been that RSP was receiving 50% of the fees from RSTP I, Alpha and Bravo of which the DC office’s share would be 25%. I believe you used a smaller number - 21.5% - and I wasn’t sure how you had gotten to that number. As I mentioned, we have never discussed altering the economics of RSTP I, Alpha and Bravo. Those are closed funds and I don’t believe our LP’s could alter the economics and the equity ownership of those funds even if they requested it. As it relates to RSTP I, Alpha and Bravo, I know we have a quarterly distribution due for the 1Q of 2015. If you could make sure RSP receives our portion of those fees next week and before the end of the month that would be a big help.

Based on our conversations back in October the only questions going forward related to RSTP II, from which I had agreed to remove myself. How you choose to split the fees and equity with me removed from the equation is up to you and Devon and the other remaining partners.

Like you said, I know we’ll work this out but I wanted to at least clarify a few key points as we figure this out going forward.

Best,

Hunter


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com <x-msg://59/eschwerin@obblaw.com>
P Consider the environment before printing this email.