## Melanie Spinella

<table><tr><th>From:</th><th>Anthony Civale</th></tr><tr><td>Sent:</td><td>Friday, May 16, 2014 4:38 PM</td></tr><tr><td>To:
Cc:</td><td>Leon Black
lames Zelter</td></tr><tr><td>Subject:</td><td>COF 1</td></tr></table>

Leon,

wanted to follow-up on your question yesterday regarding your personal investment in COF 1. You have $19 million of remaining invested capital in COF 1 which is currently valued at $42 million (as of 3/31/14). Once we complete the sale of the Citi portfolio discussed yesterday, you will receive approximately $31 million of cash and have a remaining invested capital of $6 million valued at $10 million.

Thanks,
Anthony