To: Subject: Re: Date: Thu, 05 Nov 2009 12:07:06 +0000 From: Jeffrey Epstein <jeevacation®gmail.com> ca SMALL EDITS DP World's development of London Gateway Port & Park (the "Project") As I'm sure you are aware, H.H Sheikh Mohammed bin Rashid al Maktoum (Prime Minister and Vice President UAE, Ruler of Dubai) will lead a state visit to the UK on 23 November, where he will meet with Prime Minister Rt. Hon Gordon Brown. During this important visit we understand that the UK Government wishes to announce that London Gateway will be proceeding. We agree that an announcement of the UK's creating 44,000 jobs in the important Thames Gateway corridor is an excellent opportunity, to publicize your commitment to employment. You will recall from our recent meeting in London that the London Gateway funding process is underway. The initial feedback has been positive, however, it remains highly conditional in terms of debt levels and funding terms. In particular, the UKFI banks have been notably more conservative than the continental European banks, with RBS and Lloyds only committing to £75 million each, out of a total £672m first phase debt funding being sought. These levels are insufficient. DP World has worked diligently since early summer alongside RBS (its lead adviser) to secure successful project financing of the first phase of the port, with DP World agreeing to inject £445 million of equity. We have explored the opportunities for non-UK based funding, including overseas ECAs (no UK-based ones are available), TEN-T grants and EIB funding and have had considerable success with these European-based initiatives. However, despite this and our readiness to commit significant equity, the viability of the funding process is still not certain. The reduction in PLA funding from over £80 million to £16 million , as well as the inability to finalise the Network Rail issues has exacerbated the funding challenge. Unfortunately, as things stand we are not in a p