Subject: Fwd: Legg Mason Partnership with RARE Infrastructure
From: "Eric Schwerin" <[email-masked]>
To: "Joan Peugh" <[email-masked]>, "Hunter Biden" <[email-masked]>
Date: Tue, 28 Jul 2015 18:48:06 -0400

Eric D. Schwerin
[email-masked]

Sent from my iPhone

Begin forwarded message:

*From:* "RARE Infrastructure" <[email-masked]>
*Date:* July 28, 2015 at 6:38:50 PM EDT
*To:* "Eric D. Schwerin" <[email-masked]>
*Subject:* *Legg Mason Partnership with RARE Infrastructure*
*Reply-To:* [email-masked]

 RARE Infrastructure
View web version
<http://rareinfrastructure.cmail2.com/t/r-e-flilhn-dyyklyduhi-r/>
<http://rareinfrastructure.cmail2.com/t/r-l-flilhn-dyyklyduhi-t/>

 <http://rareinfrastructure.cmail2.com/t/r-l-flilhn-dyyklyduhi-i/>

Our Partnership with Legg Mason

Dear Eric,

We are pleased to announce specialist global asset manager Legg Mason’s
intention to acquire a 75% majority interest in RARE Infrastructure
Limited. RARE senior management & investment staff will retain a 15%
ownership with existing minority shareholder, Aurora/Treasury Group
retaining a 10% equity interest.

A summary of the key details:

   - No change to RARE’s proven investment process or key investment staff
   - Senior management and investment personnel have entered into long term
   employment contracts and incentives (seven year staff retention program)
   - RARE will continue to operate as an independent boutique under the
   Legg Mason affiliate model
   - There will be no change to distribution and client service contacts
   and relationships

 RARE will continue to operate as an independent investment affiliate
within the Legg Mason group of managers. Under the new structure, Legg
Mason provide a range of non-investment support services and as appropriate
RARE will leverage this support commencing with the responsible entity
services for the Australian pooled funds.

The new ownership structure provides continuity and sustainability for our
clients, staff and business.

For more information and to view a short message from RARE founders Richard
Elmslie and Nick Langley please CLICK HERE
<http://rareinfrastructure.cmail2.com/t/r-l-flilhn-dyyklyduhi-d/>.

We thank you for your continued support and have attached a presentation
about "Our Partnership with Legg Mason"
<http://rareinfrastructure.cmail2.com/t/r-l-flilhn-dyyklyduhi-h/> which we
will reference when talking to you directly about this exciting
development.

Kind regards

      *Richard Elmslie *
Co-CEO, Co-CIO,
T: +61 2 9397 7301 M: 0419 203 360
E: [email-masked]
<[email-masked]?subject=I%20am%20responding%20to%20the%20Partnership%20with%20Legg%20Mason%20email>

*Nick Langley*
Co-CEO, Co-CIO,
T: +61 2 9397 7302 M:0407 936 037
E: [email-masked]
<[email-masked]?subject=I%20am%20responding%20to%20the%20Legg%20Mason%20partnership%20email>

*RARE Infrastructure*

www.RAREinfrastructure.com
<http://rareinfrastructure.cmail2.com/t/r-l-flilhn-dyyklyduhi-b/>

Level 13, 35 Clarence St
Sydney NSW 2000
T: +61 2 9397 7300
F: +61 2 9397 7399
E: [email-masked]

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*Important Information*

While the information contained in this document has been prepared with all
reasonable care, RARE Infrastructure Limited (“RARE”) and its related
companies accept no responsibility or liability for any errors, omissions
or misstatements however caused. This information is not personal advice.
This information has been prepared without taking account of your
objectives, financial situation or needs. Potential investors should seek
independent advice as to the suitability of the product to their investment
needs. Investors should be aware that past performance is not indicative of
future performance. The fact that shares in a particular company may have
been mentioned should not be interpreted as a recommendation to buy, sell
or hold that stock