From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Sun, 6 Jun 2010 14:16:49 -0400

Just so we all see the numbers.

For CAF we are guaranteed $180,000 (or $15,000 a month) for a year.  If we
should see a third client (beyond Ormazabal and CAF), we would get $150,000
or 60% of the CAF contract.  (Not sure if that extends to the success fee.)

If we get Iberdrola at the number Lorenzo was talking about, it amounts to
approx $28,500 a month, but the bulk of that is on the back end and I am
still not sure how one has a "guaranteed success fee".   But let's pretend.
 That means we would be seeing the equivalent of $39,000 a month from CAF
and Iberdrola.  Still nothing from Ormazabal other than the 25% equity,
which I am comfortable with, but I am going to make it clear to Lorenzo that
we just won't have that much time to do much for Ormazabal.  I am
comfortable on the whole that the relationship is worthwhile for $39K a
month.

-- 
Eric D. Schwerin
Rosemont Seneca Partners
(202) 333-1880
[email-masked]