[email protected]> Subject: This is what I was explaining Date: Mon, 07 Apr 2014 16:31:16 +0000 Exclusive Agreement will be put in place between the Propco (an entity formed by Southern Trust LLC & Mitchell) and the Opco (the operating entity of Neuehouse). Preamble: The Principals of the Opco and the

Purchase Price (which includes all build out, tenant improvements and furniture and fixtures), plus the cost of operations of the property. 4. The Propco will advance up to $2,000,000 for the operations of each facility in exchange for the equity in each facility. The structure contemplated for the $2

, LP Apollo EPF Co-Investors, M. I nod,: 1'11: I0770389415 EFTA00808267 MISCELLANEOUS AR Technology Partners, LLC AR Energy Partners, LLC At Propco, LLC AR Capital Propco, LLC RS Movie Holdings, LLC Lion Advisors, LP AIF IV Management, Inc.2 Hamlet ControlNote Company3 2 AIF IV Management In

nclined to book into 4Q cash flow since we are n=w in November and deal is not signed. Would feel better to assume 1Q15. -They hope to monetize the Propco unit sometime in 2015 via sale of the com=any's real estate assets to a REIT. Their Estimated value is $500mil ($7.1=il to BFP) but no LOI on this y

rs. KUE would like LPs to have opt=on of two ways out — cash or equity in survivor. As I indicated in the note, for extension to Oct 201=, Intl and Propco must be monetized by Oct 2015. -Opco — core early childhood care centers are growing again — EBITDA est for 2014 is $118mi=, up from $89mi1 in 201

ars. KUE would like LPs to have opt=on of two ways out — cash or equity in survivor. As I indicated in the note, for extension to Oct 201=, Intl and Propco must be monetized by Oct 2015. -Opco — core early childhood care centers &nbs=;are growing again — EBITDA est for 2014 is $118mil, up =rom $89mil in