This is the content of an email: eSource presents SDC Platinum training SDC Platinum offers detailed transactional information on New Issues, Mergers & Acquisitions, Syndicated Loans, Private Equity, Strategic Alliances, Project Finance and others. The product is designed to allow users to compare transactions, evaluate advisors, and analyze market and industry trends. Training Agenda Includes: ? General Introduction. ? Basic query techniques for new issues and M&A databases. ? Basic query techniques for trend analysis. Attend our SDC Platinum Clinic: May 30 9:00 -11:30 AM EB552

Subject: eSource Presents Free SDC Platinum Training

This is the content of an email: Hi I've attached a couple of files summarizing our progress and current status on modeling the bid-ask spread. The first summarizes characterization of the EOL Crude data and the second describes a bid-ask spread model based on options theory developed by Zimin (The figure from the paper is included separately). I am now setting up an Excel spreadsheet to test this model with the EOL data. Let me know when you would like to meet to review this. Thanks, Bob Lee

Subject: EOL Pricing Algorithm Update

This is the content of an email: Our contract with IGS provides that for any agreement identified by IGS and executed, TW will pay a one-time incentive fee of 3% of the first $15 million of net present value, 2% of the next $10 million of net present value, etc. The Southern contract associated with the Gallup Expansion is at a rate of $0.205 for 25,000 Dth/d for 5 years. Using a discount factor of 15%, the net present value of the contract is $6,270,625, so IGS's commission would be $188,118.75. Since the contract does not specify how NPV will be calculated (I believe we purposely omitted this for whatever reason), we will need to agree on a rate that is fair given the nature of and risk associated with the project. We should probably use whatever is standard in the industry for this type of project, if that's possible to determine. I have a call in to James Centilli for his recommendation in this regard, and will let you know what he says.

Subject: IGS

This is the content of an email: Hi Mark, I know we spoke about some of these things yesterday, but I thought I'd give you some specifics of the things we would look. Many of these topics may be tied into the "Accounting, Administration" portion of the Word document you sent out. Finance - Loan documents* related to the debt financing of the project (especially any covenants or provisions in regard to the transferability of the debt under new ownership) *If the debt is not specifically tied to this project, then it would be valuable to know what percentage of corporate debt they have allocated to the project. - Book Value of the Assets - CapEx budget going forward (I saw that you already mentioned the need for historical CapEx numbers.) - Depreciation Schedule of Assets These are the issues that would be most important to us given all the other subjects that you have already address in your list. Thanks,
Subject: Additions to Data Request