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Dan Boyle To: 'Sean Long/ENRON fEVELOPMENT@ENRON DEVELOPMENT
cc: Ben F Glisan/HOU/ECT@ECT, Barry Schnapper/Corp/Enron@Enron,
05/12/2000 01:33 PM James A
  Hughes/ENRON DEVELOPMENT@ENRON_DEVELOPMENT, John
Garrett/Corp/Enron@Enron, Eric Boyt/Corp/Enron@Enron
  Subject: Re: Nigeria Barge Transaction

  1

  EXH011-00919

Sean:

The deal with ML was to get them a total annualized return of roughly 20%. ML is expecting to.receive a.
minimum of $7.525 million when they sell there equity on June 30, 2000 (15% annualized return on this
portion). In addition, we paid ML a $250,000 advisoryy fee at closing which, combined with the take out on
June 30, results in a return of approximately 20%. I spoke with John Garret and Eric Boyt to confirmed
these facts. You also asked about the internal valuation, I confirmed with John that we ran the internal
numbers at 22.5%, he should have access to the models if you need them.

Let me know if you need any additional information.

Regards

Dan

Sean Long@ENRON DEVELOPMENT

  ' Sean Long@ENRON DEVELOPMENT
05111/2000 05:11 PM

To: Dan Boyle/Corp/Enron@ENRON
cc:

Subject Re: Nigeria Barge Transaction L

Dan when you say that ML is expecting a 15% annualized return does that mean that they would look to
sell their interest at $7.525 million (i.e. 7.5% above their purchase price if sold in June) or could would they
sell at simply $7 million?

Sean
Dan Boyle@ENRON

t..~ Dan Boyle@ENRON
X 04/12/2000 02:22 PM

To: Sean Long/ENRON DEVELOPMENT@ENRON DEVELOPMENT
cc:

Subject: Re: Nigeria Barge Transaction L

ML funded $7 million of equity and Enron funded a $21 million loan. ML is expecting a 15% annualized
return.

Regards

GOVERNMENT
EXHIBIT
  1226
  Crim. No. H-04-25 (S-2)



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  Dan
Sean Long@ENRON_DEVELOPMENT

  ' Sean Long@ENRON DEVELOPMENT
.~: 04/12/2000 01:56 PM

  To: Dan Boyle/Corp/Enron@ENRON
cc:

  Subject: Re: Nigeria Barge Transaction .
F
  Dan, what was the dollar amount ML funded and how much was the loan amount Enron funded.
Sean

  Dan Boyle@ENRON

  Dan Boyle@ENRON
04/12/2000 11:51 AM

  To: Sean Long/ENRON DEVELOPMENT@ENRON_DEVELOPMENT
cc:

  Subject: Re: Nigeria Barge Transaction

  Sean Sorry for the tardy response, my email has been down for 4 days. I have the 17th on my colander.
Thanks

  Dan