Subject: RE: Privileged and Confidential
From: "Heather King" <[email-masked]>
To: "Vadim Pozharskyi" <[email-masked]>, "Devon Archer" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Toohey, Ryan" <[email-masked]>, "Alan Apter" <[email-masked]>, "James McInerney" <[email-masked]>, "Pacheco, Lawrence" <[email-masked]>
Date: Wed, 25 Jun 2014 12:57:46 -0400

Okay great, very helpful.

Heather King, Esq.
Partner
BOIES, SCHILLER & FLEXNER LLP
5301 Wisconsin Avenue, N.W.
Washington, D.C. 20015
202-274-1129 (Phone)
202-237-6131 (Fax)
[email-masked]<mailto:[email-masked]>

From: Vadim Pozharskyi [mailto:[email-masked]]
Sent: Wednesday, June 25, 2014 12:48 PM
To: Heather King; Devon Archer; Hunter Biden; Toohey, Ryan; Alan Apter; James McInerney; Pacheco, Lawrence
Subject: Re: Privileged and Confidential

Dear Heather,
I am sorry for the confusion that might have arisen. UBO in our chart means the ultimate beneficial owner, who is Nikolay. Therefore, Burisma is 100% owned by Brociti and Brociti is 100% owned by Nikolay and you are very correct in saying that he is thus an indirect owner of Burisma.
Best,
Vadim

2014-06-25 17:38 GMT+03:00 Heather King <[email-masked]<mailto:[email-masked]>>:
Vadim – Can you please clarify for me what the ownership structure is between Burisma Holdings Limited, Brociti Investments Limited and UBO? I have a chart that you sent me which shows that Burisma is 100% owned by Brociti and that Brociti is 100% owned by UBO. However, one of the Cyprus filings seems to conflict with this. It lists NZ as the owner of Brociti.  I just want to be sure we get this all down precisely, and then we can choose when to be inprecise (for example, it is fine to say that Nikolai is the “owner” of Burisma but the precise answer seems to be that he is not – rather, he is the indirect owner of Burisma, either because he owns 100% of Brociti or because he owns 100% of UBO, which owns Brociti).

Heather King, Esq.
Partner
BOIES, SCHILLER & FLEXNER LLP
5301 Wisconsin Avenue, N.W.
Washington, D.C. 20015
202-274-1129<tel:202-274-1129> (Phone)
202-237-6131<tel:202-237-6131> (Fax)
[email-masked]<mailto:[email-masked]>

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The information contained in this electronic message is confidential information intended only for the use of the named recipient(s) and may contain information that, among other protections, is the subject of attorney-client privilege, attorney work product or exempt from disclosure under applicable law. If the reader of this electronic message is not the named recipient, or the employee or agent responsible to deliver it to the named recipient, you are hereby notified that any dissemination, distribution, copying or other use of this communication is strictly prohibited and no privilege is waived. If you have received this communication in error, please immediately notify the sender by replying to this electronic message and then deleting this electronic message from your computer. [v.1]