From: "Fenn, Patrick" <a

From: "Fenn, Patrick" <a To: [email protected] <[email protected]> CC: Subject: Preferred Equity Analysis Date: The, 27 Aug 2013 17:10:29 +0000 Attachments: pic00467.gif Jeffrey, Latest numbers per your request. We started with the same model that we had produced earlier this summer for Marc Rowan, making changes to incorporate the variables noted in your email in ways that seemed to make sense based on your email. Let us know if we failed to reflect the outcomes in a way that you intended. Regards IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 issued by the United States Secretary of the Treasury. Thus, we are required to inform you that you cannot rely upon any tax advice contained in this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or recommend a transaction to another party. The information contained in this e-mail message is intended only for the personal and confidential use of the recipient(s) named above. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. EFTA00632268