Subject: UPDATED Fund of Funds Approach Documents
From: "Joan Peugh" <[email-masked]>
To: <[email-masked]>, <[email-masked]>, "Devon Archer" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Cc: <[email-masked]>, "Arlene Busch" <[email-masked]>, "Joan Peugh" <[email-masked]>
Date: Wed, 23 Jun 2010 10:48:58 -0400

Gentlemen,

Please find attached 3 documents related to our Fund of Funds approach.

1.      Fund of Funds deck including the performance fee we agreed upon.

2.      Cost analysis and revenue projections

3.      Pro-forma with no performance fee (Included for comparison purposes
only)

Arlene plans to update the pro-forma after June’s performance. Please
contact her with any comments or questions.

Best,

Joan

*Joan K. Peugh***

*Rosemont Seneca Partners*

1010 Wisconsin Avenue, NW

Suite 705

Washington, DC 20007

T:(202) 333-1880

F: (202 333-1886

M: (202) 841-8543

[email-masked]