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FYI, Jeffrey King, Chafe's Deputy Director, called me just now. Had a bunch of questions on the deck which I deferred to Devon/Mahoney for our call with them whenever it gets scheduled. Clearly they are excited about this opportunity.

Couple of the questions he had: 1) it talks about deal sizes from $25m up to $100m. He said from a retrofitting perspective the smaller side of the range work better and wanted to know if RR was targeting 3 buildings at $100m or 10 at $30m each 2) he also was wondering where the $100m in Rosemont's commitment was coming from. The reason he was asking was he was wondering if some of that $100m could be dedicated to financing the retrofitting whereas the new money is targeted to acquiring the assets.

I deferred all the questions to our next call/meeting, but emphasized that we have a commitment to make retrofitting part of this new portfolio but we were in the earlier stages of this and would be looking for help from them to help sculpt it in a way that was most attractive to T-H fund investors so nothing was set in stone at this point.

He also wanted to make clear that they were hoping for a retainer and a percentage for the money they help identify. I kind of avoided that but explained that we understood that that was what they wanted and a lot of the question of retainer may have to wait until a few of the investors are identified and capital was committed as I don't believe there is capital now for that. He said they could be flexible but clearly they would like a retainer at some point.

Let's try and lock in a time for a follow up meeting/call sometime next week.

Best,

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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