Subject: FW: 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 11:05:43 -0400

I have revised the Cost Analysis and Revenue Projections to make it more
clear where the costs and revenues are going. Please let me know if you have
any questions.

Best,

Joan

*From:* Joan Peugh [mailto:[email-masked]]
*Sent:* Wednesday, June 23, 2010 10:49 AM
*To:* [email-masked]'; [email-masked]'; Devon
Archer; Eric Schwerin
*Cc:* [email-masked]'; Arlene Busch; Joan Peugh
*Subject:* UPDATED Fund of Funds Approach Documents

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]