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-----Original Message-----
From: Abel Navarro Homet <abel@transatlanticeg.com>
Date: Fri, 11 Feb 2011 03:48:35
To: Michael Huerta<mthuerta@gmail.com>; Lorenzo Roccia<lorenzo@transatlanticeg.com>
Cc: 'Devon Archer'<darcher@rosemontcapital.com>; Pio Mortera Nales<pio@transatlanticeg.com>
Subject: RE: Project Sun DD and Citi bond deal

Very valuable points Michael. Lets see if we can organize the citi´s conf call for beginning of next week together with the PWC´s team. I will talk with them today to see when it´s the right time to do it. I will let you know. Best

A

________________________________
De: Michael Huerta [mailto:mthuerta@gmail.com]
Enviado el: viernes, 11 de febrero de 2011 1:04
Para: Abel Navarro Homet; Lorenzo Roccia
CC: 'Devon Archer'; Pio Mortera Nales
Asunto: RE: Project Sun DD and Citi bond deal

Abel, see attached. Added a few items to the list (highlighted in red) which we discussed as well as others based on soft circle discussions with LPs. Also, spoke with Marshal at Citi, there may be room to improve terms. He can make himself available to talk to PWC anytime. Let me know, given the relationship very friendly audience.

Many thanks,

Michael

From: Abel Navarro Homet [mailto:abel@transatlanticeg.com]
Sent: Tuesday, February 08, 2011 6:08 AM
To: Michael Huerta; Lorenzo Roccia
Cc: 'Devon Archer'; Pio Mortera Nales
Subject: RE: Project Sun DD and Citi bond deal

Dear Michael

I talked yesterday with PWC regarding the Citi Bond deal and they should be having today the financial model, as soon as I receive it I will share it with you. Hopefully we will have it ready for today´s conf call

Regarding the DD, I am attaching you the list that we mentioned last week in which includes all the requirments that the projects should have in order for us and the rest of the limited partners to make the transactions. I would also add to this list the minimum IRR acceptable which in my opinion it would be 10%, governance law inside the joint venture, tax structure which in my opinion is very important for the profitability of the projects, satisfactory agreements ( and documentation thereof ) on the structure of a potential investment and the respective shareholders rights of IBR and the Sponsors

Lets discuss everything in today´s conference call and please let me know if you would add anything else to the list

Best


Abel


________________________________
De: Michael Huerta [mailto:mthuerta@gmail.com]
Enviado el: lunes, 07 de febrero de 2011 18:38
Para: Abel Navarro Homet; Lorenzo Roccia
CC: 'Devon Archer'
Asunto: Project Sun DD and Citi bond deal
Abel / Lorenzo, hope all is well.

Wanted to follow up on (i) status of due diligence materials from PWC/IBR, and (ii) running Citi's bond deal terms with the PWC team to see how the IRRs pencil out.

Happy to put a quick call together so Devon and I can detail Citi's terms and answer any questions you or Inigo may have. At a high level Citi's terms look to push out greater economics, which can either flow to the equity or stay with the GP; either way will be good to see what PWC says. With respect to the DD materials, want to start getting the package to LPs as well as integrated into the Sun offering materials.

Let me know how best to follow up.

Many thanks,
Michael