Subject: RE: Macquarie Group
From: "Michael Muldoon" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Cc: "Devon Archer" <[email-masked]>, <[email-masked]>, "Neil Callahan" <[email-masked]>, "Rob Walker" <[email-masked]>, "Jonathan Kelly" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Date: Wed, 25 Aug 2010 14:31:02 -0400

Relevant portions highlighted below, re: Puerto Rico toll roads and
Macquarie.

Puerto Rico selects toll road, airport advisors

Puerto Rico has selected sell-side advisors for its toll road and airport
projects, according to a senior official at the US territory's
Public-Private Partnership Authority. The job of advising Puerto Rico on its
toll road projects went to Macquarie Capital, while the advisory role for
Puerto Rico's Luis Munoz Marin International Airport went to Credit Suisse,
according to David Alvarez, the Authority's executive director. The toll
road projects involve expanding three highways PR-22, 52, and 66. Each has
an operating stretch of road but is also in need of an expansion.

So the authority is looking to do what is called a mixed brownfield and
greenfield project, where an investor is given a lease over an existing, or
brownfield asset, and commits to finance a new, or greenfield, portion of
the same asset. In mid-February, Puerto Rico narrowed its search down to
three teams - Macquarie Capital, a team from Bank of America Merrill Lynch
with consultancy Deloitte, and accounting firm Ernst & Young - from 13
respondents to a request for proposals for sell-side advisory services for
the project. Alvarez said Puerto Rico chose Macquarie based on the strength
of its experience in the toll road sector. Managing director DJ Gribbin will
lead the engagement, Alvarez said. The airport project involves privatizing
Puerto Rico's Luis Munoz Marin International Airport. In December, the
Federal Aviation Administration (FAA) accepted the airport's application for
the agency's pilot privatisation programme, which would allow Puerto Rico to
pursue a lease of up to 75 years for Luis Munoz with a private
concessionaire. Three teams - Bank of America Merrill Lynch and ING, Citi,
and Credit Suisse - were shortlisted as sell-side advisors for the project
from 14 respondents to a request for proposals for sell-side advisory
services. Alvarez said Puerto Rico chose Credit Suisse based on its recent
experience in advising on airport privatisations under the FAA's pilot
privatisation programme. The investment bank was the financial advisor to
Chicago on its attempted lease of Midway Airport last year. "That weighed on
the positive side for Credit Suisse, " Alvarez said. Credit Suisse director
Mark Morehouse will lead the engagement, he added. Next, the authority will
set about picking our legal advisors for the toll road and airport projects.
Technical advisors are also being sought for the toll road projects, Alvarez
said. In addition, the Authority will press ahead with writing a so-called
"value-for-money" analysis for both sets of projects. The analysis will
compare the traditional method of procuring the projects with a
public-private partnership approach. Once complete, the analyses will be
presented to the board of the Authority for approval. The goal is to begin
qualifying bidders for both sets of projects in the next few months.

Mike Muldoon

Rosemont Seneca Partners, LLC

1010 Wisconsin Ave., NW

Suite 705

Washington, DC 20007

(202) 333-1880

[email-masked] <[email-masked]>

*P** **Consider the environment before printing this email.***

*From:* Hunter Biden [mailto:[email-masked]]
*Sent:* Wednesday, August 25, 2010 2:23 PM
*To:* Michael Muldoon
*Cc:* [email-masked]; [email-masked];
[email-masked]; [email-masked]; Jonathan Kelly;
Eric Schwerin
*Subject:* Re: Macquarie Group

I do and so does Devon.

R. Hunter Biden

202-333-1880

On Aug 25, 2010, at 1:36 PM, Michael Muldoon <[email-masked]>
wrote:

 Does anyone have any connections to the Macquarie Group - www.macquarie.com?

Mike Muldoon

Rosemont Seneca Partners, LLC

1010 Wisconsin Ave., NW

Suite 705

Washington, DC 20007

(202) 333-1880

[email-masked] <[email-masked]>

*P** **Consider the environment before printing this email.