From: Richard Joslin <
Sent: Tuesday, July 8, 2014 11:50 PM
To: jeffrey E.
Subject: Thoughts on train
BFP contributes BRH or the TRA or both (or other assets) into a pass throug= entity with Suntrust as profit partner and
allocate based on profit perce=tage.
Another thought is to enter into swap on future value of TRA say only the 2=07 tranche. Notional price can be set with
an upfront payment required to =untrust which would be treated as deposit. Or BFP buys put from Suntrust =swaption
on TRA). If TRA rises in value over term or does not appreciate =hen option worthless but BFP has had downside
protection. Suntrust has ga=n at expiration. =?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-
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1
EFTA_R1_00140067
EFTA01800472