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Dear Hunter,
Dear Lorenzo

I apologize for my late answer, but as I have explained to Lorenzo, during
our last meeting, we habe been waited for a final descision from our Group
to develop new activities in US. Of course, from our INEO strict point of
view, we were interrestedby your proposal because we believe in this
opportunity and we are confident in your success. Moreover, we are sure
that a lot of US companies are now working on that subject ant it was for
us the opportunity to exchange some experiences with taht companies.

Unfortunately, the Group has decided to not follow this opportunity. I
think that the main reason was the fact that if we decide to be present in
that market tey do not want to be a 'second player' but to be a true
leader. Consequently the human invest to acquire that first position was
difficult for us and we could not take a commitment to follow you on that
opportunity.

Consequently we, Aniss and me, we are disappointed to inform you that we
cannot follow you. We thank you for the direct and very interesting
exchanges we have had together on that subjects, and we remain open to
exchange on any subject

Yours faithfully

Th. PEAUCELLE
Directeur de la stratégie - INEO SA
INEO - Tour Voltaire - 1 Place des Degrés
92059 Paris la Défense Cedex

tel : + 33 1 57 60 45 06
fax : + 33 1 57 60 42 03
mob : + 33 6 11 11 17 35
E-mail : thomas.peaucelle@ineo.com


Hunter Biden
<hbiden@rosemonts
eneca.com> A
thomas.peaucelle@ineo.com
28/01/2010 15:35 cc
eschwerin@rosemontseneca.com,
lorenzo@transatlanticeg.com,
abel@transatlanticeg.com,
darcher@rosemontseneca.com, Michael
Muldoon
<mmuldoon@rosemontseneca.com>
Objet
Meeting Follow Up


Thomas,

I understand that Lorenzo had the opportunity to meet with you in Paris
last week. While I was disappointed that I wasn’t able to attend the
meeting, I know we are all excited about the prospect of doing business
together in the near future. While you and your partners continue to
consider entering the US market, I wanted to share with you a few materials
that I thought you would find of interest. The first is a report published
by McKinsey & Company on energy efficiency and its role in the broader US
Economy. The full report can be found at:
http://www.mckinsey.com/clientservice/electricpowernaturalgas/downloads/US_energy_efficiency_full_report.pdf
This document was produced in coordination with the US Department of
Energy and sheds light on what we believe to be the bright future of energy
efficiency in the United States.

The second document (attached) is a brief outline of potential energy
efficiency projects that we have identified based on our previous
discussions. As you will see, the document contains details on a hospital,
university and municipality. In each instance we’ve had preliminary
discussions with the leadership of the respective organizations and are
confident that a need exists and in our ability to move forward.

We look forward to the outcome of your ongoing discussions at the end of
February. Don’t hesitate to ask if there is anything we can do for you or
Ineo in the meanwhile.

Best,

Hunter

R. Hunter Biden
Rosemont Seneca Partners, LLC
1010 Wisconsin Av., NW
Suite 705
Washington, DC 20007
202-333-1880
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(See attached file: Ineo Targets (1-28-10).doc