<table><tr><th>From:</th><th>Farkas, Andrew L. &lt;</th></tr><tr><td>Sent:</td><td>Sunday, April 12, 2015 11:40 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

PS for reference sake, if we had given you 10% of the promote on c-iii a= inception, it would be worth approximately $65mm today. And note finally =hat this money would be coming out of my end.

Sent from my BlackBerry 10 smartphone.
From: Farkas, Andrew L.
Sent: Sunday, April 12, 2015 6:50 PM
To: jeffrey E.
Subject: Re:

So you need to tell me how to proceed with this, if at all. We are speaking=with ADIA, Qatar, and a host of private equity firms. I would very much li=e to work with you but I'm not sure how address your request.

Sent from my BlackBerry 10 smartphone.
From: Farkas, Andrew L.
Sent: Sunday, April 12, 2015 6:34 PM
To: jeffrey E.
Subject: Re:

Flying from Ia. Had no in-flight wifi. $100mm is going to be virtually impossible to do. We can pay 3% plus a participation in the promote of the new entity of 10% =i.e. 10% of whatever the promote ultimately is). The highest price we have=ever paid for equity is 2%. No promote or anything else. Even goldman, Laz=rd etc only get 1.5% and in some cases that's over time. I'd get strung up by the bill ackmans, harvard uni=ersity's, TIAA/CREFS and och zoffs of the world for paying $100mm. l=ve been thinking about it and made a bunch of calls. If that's inadequate = don't know what else to do. The above is already over 50% higher than anything previously paid.

Sent from my BlackBerry 10 smartphone.
From: jeffrey E.
Sent: Sunday, April 12, 2015 5:50 PM
To: Farkas, Andrew L.
Subject:

??

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