EMAIL DETAILS

<html><head></head><body class="" data-blackberry-caret-color="#00a8df" style="background-color: rgb(255, 255, 255); line-height: initial;"><div style="width: 100%; font-size: initial; font-family: Calibri, 'Slate Pro', sans-serif; color: rgb(31, 73, 125); text-align: initial; background-color: rgb(255, 255, 255);">‎I defer to Hunter but I'm inclined to keep the Romanians in the deal. Based on what we know I believe we can control them and at the same time minimize our initial exposure. </div> <div style="width: 100%; font-size: initial; font-family: Calibri, 'Slate Pro', sans-serif; color: rgb(31, 73, 125); text-align: initial; background-color: rgb(255, 255, 255);"><br style="display:initial"></div> <div style="font-size: initial; font-family: Calibri, 'Slate Pro', sans-serif; color: rgb(31, 73, 125); text-align: initial; background-color: rgb(255, 255, 255);">Michael Karloutsos<br>(215) 806 2311 </div> <table width="100%" style="background-color:white;border-spacing:0px;"> <tbody><tr><td colspan="2" style="font-size: initial; text-align: initial; background-color: rgb(255, 255, 255);"> <div id="_persistentHeader" style="border-style: solid none none; border-top-color: rgb(181, 196, 223); border-top-width: 1pt; padding: 3pt 0in 0in; font-family: Tahoma, 'BB Alpha Sans', 'Slate Pro'; font-size: 10pt;"> <div><b>From: </b>David C. Wittig</div><div><b>Sent: </b>Thursday, December 4, 2014 6:15 PM</div><div><b>To: </b>Hunter Biden; Michael Karloutsos</div><div><b>Subject: </b>Fwd: Fargo</div></div></td></tr></tbody></table><div style="border-style: solid none none; border-top-color: rgb(186, 188, 209); border-top-width: 1pt; font-size: initial; text-align: initial; background-color: rgb(255, 255, 255);"></div><br><div id="_originalContent" style=""><meta http-equiv="Content-Type" content="text/html charset=us-ascii">Here is an email from Paris, the CEO of Euroconsultants.<div class="">The general idea is the CEO of the railroad thinks we should go to the Prime Minister and move forward by ourselves (with management of course). Eliminating the Romanians is fine, except they were providing the capital. </div><div class="">I will know more next week, but I am inclined to pursue this alone. We can always move to #2 or #3.</div><div class="">Thoughts?</div><div class="">David<br class=""><div><br class=""><blockquote type="cite" class=""><div class="">Begin forwarded message:</div><br class="Apple-interchange-newline"><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px;" class=""><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif; color:rgba(0, 0, 0, 1.0);" class=""><b class="">Subject: </b></span><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif;" class=""><b class="">Fargo</b><br class=""></span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px;" class=""><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif; color:rgba(0, 0, 0, 1.0);" class=""><b class="">From: </b></span><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif;" class="">Paris Kokorotsikos <<a href="mailto:P.Kokorotsikos@euroconsultants.com.gr" class="">P.Kokorotsikos@euroconsultants.com.gr</a>><br class=""></span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px;" class=""><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif; color:rgba(0, 0, 0, 1.0);" class=""><b class="">Date: </b></span><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif;" class="">December 4, 2014 at 5:12:43 PM EST<br class=""></span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px;" class=""><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif; color:rgba(0, 0, 0, 1.0);" class=""><b class="">To: </b></span><span style="font-family: -webkit-system-font, Helvetica Neue, Helvetica, sans-serif;" class="">"Wittig David C." <<a href="mailto:davidwittig@me.com" class="">davidwittig@me.com</a>><br class=""></span></div><br class=""><div class="">Dear David<br class="">Herewith a short memo on the Fargo issue.<br class="">I dont write precisely , for security reasons.<br class="">I had an extensive discussion with the professor today.<br class="">We analyzed options.<br class="">We concluded<br class="">1. that if the US fargo companies are seriously interested then we go to PM office together ,discuss with Ptoh that you know and ceo , and decide to move alone , without Roms ! If we are serious and convince him,they will leAd the current process to deadlock ( skip the bears) and retender and then we go for it ourselves without Rom drag-load .he thinks that RO m and US management attitude is totally different and it wouldn't work.<br class="">2. If ther is a light interest we go as minority with the rom ,in current process and we get upside by the upgrade of Roms proposal<br class="">3.greenfield with the US Fargo as discussed <br class="">He prefers solution 1.<br class="">I have to keep the balance between keeping the appetite of the Rom for Us partner and the option that we might not use them ....<br class="">Regards<br class="">Paris <br class="">Sent from my iPad</div></blockquote></div><br class=""></div><br><!--end of _originalContent --></div></body></html>