Subject: Re: Aleris Conference Call - March 25, 2015 @ 20:00 (BJ) / 08:00 (NY)
From: "James Bulger" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Cc: "Devon Archer" <[email-masked]>, "Michael Leonard" <[email-masked]>
Date: Wed, 25 Mar 2015 10:04:56 -0400

Hey. No worry. I asked Xin to write a brief outline on how BHR plans on
doing a deal with Aleris.  I want to use the Aleris deal as an example of
how we communicate between BHR and the US partners particularly as it
relates to deals in the US. Xin is going to send an outline of the deal
structure to us and then we are going to have another internal call to
discuss the outline. BHR has no funds to invest so they have presented the
Aleris deal to a strategic investor and Gouxin and now they want us to get
an NDA signed with Aleris and have Aleris send us the information included
in the email sent last night by Xin.
Well it won't work like that we need to know more about the structure and
the strategic investor we can't just go off half cocked on a fishing
expedition Aleris and Oaktree will laugh Devon out of the room. I think it
might be time for Jonathan to realize that he needs to go hard fat
potential LPs like Gouxin and tell them your in or your out but we don't
just keep going on shopping expeditions for these Gouxin and other SOEs
someone has to step up as an investor over there. I might be premature in
thinking Jonathan should toughen up over there but let's take it step by
step here and go through this process.

We now wait for the BHR write up to be sent over to us and then we schedule
another internal call.  BTW she seemed slightly put out that I was not
jumping to get Aleris on the phone so I would not be surprised if Jonathan
reached out directly to Devon and begged him to just call Aleris.  I
strongly suggest we stick to the plan of putting a process in place and
this Aleris deal is the line in the sand where we have a concrete example
of how the process for information flow gets done.
Jimmy

On Wednesday, March 25, 2015, Hunter Biden <[email-masked]>
wrote:

> Jimmy-
> Didn't see this until now- I am two hours behind you. Call me if you need
> to talk.
>
> RHB
> 202.333.1880
>
> On Mar 24, 2015, at 10:38 PM, James Bulger <[email-masked]
> <javascript:_e(%7B%7D,'cvml',[email-masked]');>> wrote:
>
> Hunter
>
> I included Devon on this email
>
> I just got this email from Xin. (See below) I noticed you are not copied
> on her email
>
> We (the US partners) need to clearly understand what BHR intends to do
> with Aleris .....what role is BHR playing without our fund even
> being raised? BHR's role is not clear to me so I need Jonathan to clearly
> define what exactly he is intending to do with Aleris. I am also curious to
> see if he joins the Aleris call tomorrow. In light  of the fact
> that yesterday he was to busy to join the call we requested. I have a
> feeling we got the swerve yesterday but I will give him the benefit of the
> doubt, for the last time.
>
> Hunter i hope you can join the Aleris call in the morning tomorrow.
> Looking at the information request listed in this email Xin sent I see the
> same trend continuing. We (the US partners/owners) are sent off to find out
> all this information from Aleris while at the same time we have no
> understanding of what the hell BHR is intending to do with Alerris.. We
> need to get a better grip on Managements intentions and then we should
> collectively decide whether or not this damn deal is even wise to persue.
> OakTree owns Aleris they are sharp guys and they are not going to be push
> overs. Whatever plans our Management has in place better be clearly
> understood by us. Aleris is a well known and highly regarded US based firm.
> The way Management left us in the dark and ignored repeated requests by us
> for information relating to the other US based Hanson and Dickson deals was
> foolish on their part.
>  How can they not understand the importance of having the US partners
> helping on US deals? They lost the Dickson deal and we get informed of that
> on an unrelated call as a toss off comment!
>
> Let's be wise about how we proceed here, we need to tighten this thing up,
> I don't want to micro manage Jonathn but clearly we need a communication
> channel opened. Our hard won reputations are on the line we own shares of
> this outfit and we sit on the Board, when this crew operates in the US we
> need to know. We need to know because we can likely help win the deals and
> if Jonathan does not understand that then we have a big problem. It must be
> banged home to Jonathan that we be included on these US based deals all the
> way through the process  Why we were kept in the dark on Hanson/ Dickson
>  is beyond me.
>
> Anyway that's my two cents I have to get some rest talk in the morning
> Devon please call me at 7:00am so we can sync up. 617.872.5772
>
> Thanks
> Jimmy
>
> ---------- Forwarded message ----------
> From: *王昕* <[email-masked]>
> Date: Tuesday, March 24, 2015
> Subject: Aleris Conference Call - March 25, 2015 @ 20:00 (BJ) / 08:00 (NY)
> To: James Bulger <[email-masked]>, Devon Archer <[email-masked]>
> Cc: "杨鹏(Paul Yang)" <[email-masked]>, "Jonathan.li" <
> [email-masked]>, Xiang Bo <[email-masked]>
>
>
> We can use the same dial-in for the *March 25, 2015 @ 20:00 (BJ) / 08:00
> (NY)* internal Aleris call.
>
>
>
> China:     400 681 0200 (EN) / 400 681 0210 (CN)
>
> HK:        800968112 (Toll free) / +852-58080466
>
> U.S.:       8776792988 (Toll free) / +12025596536
>
>
>
> Participant PIN: 65693231
>
>
>
> The purpose of the call is to better understand the proposed transaction
> and Aleris’s businesses, below is a list of proposed discussion points:
>
>
>
> 1.         Introduce BHR and its interest in Aleris (our SP’s identity
> should be kept confidential as requested)
>
> 2.         Understand Aleris shareholders’ interest in selling remaining
> businesses
>
> 3.         Understand Aleris management’s position on / support for the
> sale
>
> 4.         Aleris management to provide an overview of its current
> businesses and an introduction of its business plan for the next three to
> five years
>
> 5.         Understand Aleris’s two recent divestures
>
> 6.         Discuss next steps, e.g., NDA, information memorandum
> including 2014 financials in order to formulate preliminary valuation range
>
>
>
> All thoughts / input are welcome.
>
>
>
>
>
> *发件人:* 王昕 [mailto:[email-masked]]
> *发送时间:* Monday, March 23, 2015 9:51 AM
> *收件人:* 'James Bulger'; 'Devon Archer'
> *抄送:* '"杨鹏(Paul Yang)"'; 'Michael Leonard'; '<[email-masked]>';
> 'Jonathan.li'; '<[email-masked]>'; 'Xiang Bo'; '
> [email-masked]'
> *主题:* SOE Fund Conference Call - March 23, 2015 @ 21:30 (BJ) / 09:30 (NY)
>
>
>
> Please use the following access numbers for the conference call scheduled
> for *March 23, 2015 @ 21:30 (BJ) / 09:30 (NY)*:
>
>
>
> China:     400 681 0200 (EN) / 400 681 0210 (CN)
>
> HK:        800968112 (Toll free) / +852-58080466
>
> U.S.:       8776792988 (Toll free) / +12025596536
>
>
>
> Participant PIN: 65693231
>
>
>
> For your convenience, attached is the latest draft of the pitchbook.
>
>
>
> Xin
>
>
>
>
>
>
>
> *发件人:* [email-masked] [mailto:[email-masked]] *代表 *James
> Bulger
> *发送时间:* Saturday, March 21, 2015 9:05 PM
> *收件人:* Devon Archer
> *抄送:* Xin; "杨鹏(Paul Yang)"; Michael Leonard; <[email-masked]>;
> Jonathan.li; <[email-masked]>; Xiang Bo
> *主题:* Re: Substantial progress on Aleris and next step
>
>
>
> Monday morning 9:30am New York time works for me as well
>
> Thanks
>
> Jimmy
>
> On Saturday, March 21, 2015, Devon Archer <[email-masked]> wrote:
>
> And what I mean by yes is that Monday morning works even better.
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 20, 2015, at 10:23 PM, Xin <[email-masked]> wrote:
>
> That works. Can also do your Monday morning 930 (my Monday night).
>
> Sent from my iPhone
>
>
> On 2015年3月20日, at 19:39, Devon Archer <[email-masked]> wrote:
>
> Xin,
>
> We're shooting for Wednesday your morning or evening.  I will be back with
> details.
>
>
>
> Additionally, I would like to schedule a quick call your Monday morning if
> possible to discuss our follow up from Burnham / BHR SOE Reform Fund Feeder
> Fund meeting yesterday in New York with Burnham and team.  We need to
> define next steps there.  Please advise if 9:30am the 23rd (Beijing time)
> would work.
>
>
>
> Very Best,
>
> D
>
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 20, 2015, at 5:25 AM, 王昕 <[email-masked]> wrote:
>
> Devon – subject to your availability, shall we try to schedule a kickoff
> call with Aleris management for next week?  Next Wednesday or Thursday
> perhaps?  Jonathan is in HK until Tuesday night.  Thanks much.
>
>
>
> Xin
>
>
>
> *发件人**:* Devon Archer [mailto:[email-masked]]
> *发送时间**:* Thursday, March 12, 2015 4:27 PM
> *收件人**:* 杨鹏(Paul Yang)
> *抄送**:* <[email-masked]>; Michael Leonard; <
> [email-masked]>; Jonathan.li; <[email-masked]>; <
> [email-masked]>; 王昕; Xiang Bo
> *主题**:* Re: 答复: Substantial progress on Aleris and next step
>
>
>
> Thanks.  I will let you know.
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 12, 2015, at 10:16 AM, 杨鹏(Paul Yang) <[email-masked]> wrote:
>
> Dear Devon,
>
>
>
> Jonathan, Xin, Bo and me shall be free late next week Wednesday till
> Friday for the call.  May we first propose Wednesday 9am Beijing time ?
>
>
>
> Best Regards,
>
> Paul
>
>
>
> *发件人**:* Devon Archer [mailto:[email-masked]]
> *发送时间**:* 2015年3月12日 12:55
> *收件人**:* 杨鹏(Paul Yang)
> *抄送**:* <[email-masked]>; Michael Leonard; <
> [email-masked]>; Jonathan.li; <[email-masked]>; <
> [email-masked]>; 王昕; Xiang Bo
> *主题**:* Re: Substantial progress on Aleris and next step
>
>
>
> Paul,
>
> We can arrange a conference call next week.  Oaktree prefers we interact
> directly with company management, with the CFO as the point person.  Please
> provide some convenient options timing wise for the call and who will
> participate from our side.
>
> Thanks.
>
> Devon
>
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 12, 2015, at 6:45 AM, 杨鹏(Paul Yang) <[email-masked]> wrote:
>
> Dear James,
>
>
>
> As presented in last Board meeting, we have been following up with various
> potential strategic partners for the Aleris project. With the help of our
> stakeholder Bank of China, we are in talks with China Zhongwang, and had a
> very successful 2nd meeting with them today. Zhongwang (
> http://www.zhongwang.com/en/index.php) is the largest Aluminum extrusion
> producer in Asia and is very committed to transition the company into a
> high-end Aluminum rolling producer in the future. Zhongwang is very
> familiar with Aleris, and shows great interest in acquiring Aleris for the
> strong strategic fit.
>
>
>
> As next step, Zhongwang would like to understand better how Aleris plans
> to sell, maybe we can have a conference meeting together with Oaktree?
> Zhongwang specifically pointed out that, at this stage they prefer its name
> not to be disclosed to Oaktree, and prefer BHR to be in direct negotiation
> with Oaktree/Aleris.
>
>
>
> Best,
>
> Paul
>
>
>
>
> _____________________________________________________________________________________________________
>
> *Paul Yang *
>
> *BHR PARTNERS*
> Unit 3101, 31/F, Tower 2, China Central Place
> 79 Jianguo Road, Chaoyang District
> Beijing 100025 ▪ China
>
> Tel. +86 10 5969 5858(818) ▪ Mobile +86 137 1820 6418
> [email-masked]
>
> _____________________________________________________________________________________________________
>
>
>
>
>
> --
> James J. Bulger
> Chairman
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office tel: 617.248.9440
>
>
>
> --
> James J. Bulger
> Chairman
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office tel: 617.248.9440
>
>

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