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-----Original Message-----
From: "Leo Madcur \(Integra\)" <lmadcur@integraba.com.ar>
Date: Thu, 17 Feb 2011 18:14:56
To: 'Devon Archer'<darcher@rosemontseneca.com>
Subject: RE: Rosemont Real Estate Acquisition Fun("RREAF")

Great, abrazo


From: Devon Archer [mailto:darcher@rosemontseneca.com]
Sent: Thursday, February 17, 2011 7:14 PM
To: Leo Madcur (Integra)
Subject: Re: Rosemont Real Estate Acquisition Fun("RREAF")


I should have final draft tomorrow and will send. Hunter was just going to
leave the flipbook, which i sent you electronically. Talk tomorrow.

On Thu, Feb 17, 2011 at 2:02 PM, Leo Madcur (Integra)
<lmadcur@integraba.com.ar> wrote:

Devon,

Could you please send me the prospectus of the RREAF?

Hunter was supposed to leave hard copies at the hotel on Monday, but it
didn't happened.

Best, Leo


From: Devon Archer [mailto:darcher@rosemontseneca.com]
Sent: Wednesday, February 16, 2011 6:49 PM
To: Leo Madcur (Integra)
Cc: 'German Ranftl'; 'Pablo Arias'; Eric Schwerin
Subject: Re: Rosemont Real Estate Acquisition Fun("RREAF")


Leo,

Muchas gracias! I will follow-up with suggested times. We're still parsing
and researching JL's target list so I am think morning to mid day Friday
makes sense from our end for next call. I also suggest we come ready on
Friday to discuss dates for you to visit us in the states and hash out
structure on the RREAF sub fund project.

All the Best,

Devon


From: Leo III <lmadcur@integraba.com.ar>
Date: Wed, 16 Feb 2011 17:36:12 -0200
To: Devon Archer <darcher@rosemontseneca.com>
Cc: 'German Ranftl' <granftl@integraba.com.ar>, 'Pablo Arias'
<parias@integraba.com.ar>
Subject: RE: Rosemont Real Estate Acquisition Fun("RREAF")


Many thanks Devon,

I've also received the PPT.

We'll resume today's call tomorrow or Friday, please let us know when you'll
be available.

Best, Leo


From: Devon Archer [mailto:darcher@rosemontseneca.com]
Sent: Wednesday, February 16, 2011 3:29 PM
To: Leo Madcur (Integra)
Subject: Rosemont Real Estate Acquisition Fun("RREAF")
Importance: High


Leo,


Below is some language we use as an introduction to RREAF. I'll also
forward you the powerpoint version under separate cover.

In brief, we are raising a $1 billion real estate fund (Rosemont Real Estate
Acquisitions Fund or "RREAF") through our property company, Rosemont Realty.
The fund will be focused on acquiring, managing, and ultimately disposing of
U.S. office properties in secondary and select primary markets (e.g.,
Houston, San Antonio, Austin, Phoenix, San Diego, Washington, DC, etc.). We
believe that the 2007 through 2009 U.S. recession has created a generational
opportunity to buy "Trophy" and other Class A/A- office properties at deep
discounts to stabilized value and replacement cost. Rosemont is uniquely
positioned to take advantage of this market distress and dislocation.


Founded in 1991, Rosemont Realty is a market leader in U.S. office property
investment and management. The company currently operates and manages $1.5
billion in real estate assets comprising some 15 million square feet of
commercial space across 28states. Rosemont has 215 investment and asset
management professionals in five regional offices that manage all aspects of
the Rosemont portfolio.


Rosemont Realty's performance history has significantly outpaced its peers.
Of its 90 full-cycle investments, Rosemont has generated an average 21.67%
annual rate of return on investment. Of its current 88 programs, Rosemont
has produced an annualized yield of 7.61%. Available upon your request is a
PriceWaterhouseCoopersaudit report validating these returns. Rosemont
largely avoided the market distress of 2007 through 2009 bymaking no new
investments. But by late 2010, the company recognized that it was at one of
the best points in the cycle to restart its acquisitions program.


With its most recent fund, Rosemont will be able to use its considerable
industry presence, relationships, and market knowledge to invest capital
quickly and efficiently. We do believe, however, that the window of
opportunity for investment will be limited to the next 24 months and be
followed by rapid stabilization in the U.S. commercial real estate. For
this reason, we will look to secure our equity commitments in the next
several months totake full advantage of the current opportunity.


To facilitate this, Rosemont owners are making a significant general partner
commitment to the fund of $50 - $75 million in equity. Compared to our
competitors, this figure far exceeds typical general partner commitments to
comparable funds. We hope from your perspective this significant commitment
demonstrates our seriousness and recognition of the urgency of deploying
capital quickly.


Targeted returns for RREAF are 20+ IRR with 7% current yields. However,
yields will vary from transaction to transaction. We believe that our
recent acquisitions in the market and past historical performance suggest
that these returns are achievable.


Understanding that foreign direct investment in the U.S. comes with
complexity and tax consequences for foreign investors, Rosemont has
established an investment vehicle specifically paired to the needs of
non-U.S. capital which not only shields large portions of the profit in our
deals from tax but also protects investors from having to register with the
IRS. Upon request, we will make available to you a summary document of our
legal and tax structures which have been created and approved by our lawyers
at Greenberg Traurig LLP, one of the leading U.S. law firms serving real
estate groups.


The fund has targeted roughly half of its investments to be raised from
domestic U.S. investors and the other half from foreign sources.


All the Best,

Devon