Subject: Your proposal
From: "James Bulger" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Cc: "Devon Archer" <[email-masked]>
Date: Thu, 12 Feb 2015 13:19:38 -0500

Hunter

I saw your proposal to BHR regarding putting someone in your DC office. I
also read the response from Jason. Here are my thoughts on that proposal,
firstly don't make any more inquiries until we find out if the SINOPEC
capital call is met and subscribed in full by BHR. We were made aware
during our trip that BHR is almost  $120million USD short of its contracted
amount. Therefore the BHR fee, which is minimal to begin with, will be
further compromised. If this fee from SINOPEC deal is not captured in its
totality then Rosemont Seneca Thornton will have to inject the next round
of Registered Capital as BHR management will be short of cash by year end.

China will go on a two week New Years break now and when they get back I
hope we will learn about how successful BHR was on SINOPEC and the two
Detroit auto parts bids. So just slow down on this inquiry please until we
can generate fees on the Fund at least

I will make myself available for a call to discuss.

Thanks,
Jimmy

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