Subject: BHR
From: "James Bulger" <[email-masked]>
To: "Devon Archer" <[email-masked]>, "Hunter Biden" <[email-masked]>
Date: Fri, 23 May 2014 15:53:49 -0500

Gentlemen
During the weekly BHR call last night Lindsay informed the whole China team
excluding Jonathan about the message you both conveyed during the morning
call with Lindsay. She was very clear to all on the phone that the signing
of an investment contract with Gouxin or BOC or PICC is task number 1.
Lindsay asked me to say a few words about the need for a contracted
 Chinese anchor investor. The message cannot be any more clear. I know this
has been a refrain with Jonathan since the beginning it is now
absolutely clear and reinforced with the whole BHR China team. The other
point we beat home was that for the Western pitch the Deck must be
more sector specific focused.
 Our call yesterday morning was good it gave Lindsay the empowerment she
needed to kick ass and make changes and keep them focused she is on her way
to Beijing to work with the BHR boys for 3 days next week.
Andy, Ming and Jonathan were meeting Gouxin during the day Friday (last
night) so we should get a good update from Jonathan on Tuesday. I
also heard last night Gouxin wants to put in RMB 5 billion, RMB 3 billion
as an LP and RMB 2 billion as some sort of seperately managed GP and co
invest. We need to keep this thing very simple in the beginning so we can
get a contract executed ASAP
Sorry for being long winded just thought you should know all this before we
see jonathan on Tuesday.
 Mike Leonard will circulate on Monday his high level research on the
KAZ/Sino energy business so you both can review prior to your trip.
Thanks
Jimmy

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