Subject: Response to Jonathan
From: "James Bulger" <[email-masked]>
To: "Devon Archer" <[email-masked]>, "Hunter Biden" <[email-masked]>
Cc: "Michael Leonard" <[email-masked]>
Date: Fri, 8 Mar 2013 12:26:18 -0500

Devon and Hunter:

Attached is my first crack at a response for Devon to send to Jonathan. It
is inspired by the comment that Heinz made to Devon which is "we don't have
anything to prove, if anything the Chinese should prove why they are worthy
of being partners with us!"

I have to admit when I first saw that he was proposing 10-15% I was not
thrilled. I thought we were going to major players in getting this fund off
the ground and as such we deserved a much higher cut than 10-15%. On the
other hand, if all Jonathan needs from us is to sit on the investment
committee then it might not be a bad deal. The point is that we need to
figure out what our role and that will determine what size a cut is fair.

For example, if we were to be very active partners in this fund I think I
would RST to have a share in the 30-40% range. If our involvement is simply
to sit on the sidelines and be the "white face" then I'm personally close
to 15%. What I am not willing to do is to make this RST's new full-time job
for 15%.

My gut tells me that Jonathan is going to need our help in an active way
rather than a passive way. Considering what Jonathan is trying to pull off
that tends to be how these things work. So let's start to get to the bottom
of that with Jonathan.

Please review this response and let's have a call about it on Monday
morning. I don't want to choke the baby in the crib with an overly negative
reaction to Jonathan's proposal but we need to figure out some things
before we move forward.

Best,
Jimmy

-- 
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.944