Subject: Re: ??: 2015 BHR budget queries
From: "James Bulger" <[email-masked]>
To: 王昕 <[email-masked]>
Cc: "Devon Archer" <[email-masked]>, "Jason Zhu" <[email-masked]>, "Jonathan.li" <[email-masked]>, "Hunter Biden" <[email-masked]>
Date: Fri, 27 Mar 2015 06:49:15 -0400

Xin
Thank you for putting this together I apreciate seeing it written down
easier for me to cross refrence   I was concerned we would see a larger
negative impact regarding SINOPEC fees then we do that's good news. Well
done
Thanks again
Jimmy

On Thursday, March 26, 2015, 王昕 <[email-masked]> wrote:

> Jimmy / Devon:
>
>
>
> In response to your queries relating to the 2015 Budget, we will not be
> amending the 2015 Budget as presented to the Board at the February board
> meeting but the following should be noted:
>
>
>
> 1.       BHR’s 2015 income will be marginally impacted.  We lost out on a
> one-time US$7.5mm management fees (payable in equal amounts over 3 years)
> as a result of Ding Feng defaulting on their RMB2.25billion subscription,
> however, we managed to raise RMB200mm of replacement funds for which we
> have already received RMB2 mm in management fees for 2015 (and will receive
> an additional 6.4mm over the next two years).  All in all, we have not
> suffered any material loss of income for 2015
>
> 2.       Expenses-wise, we foresee additional legal expense in the
> approximate range of RMB4,500,000, current income is sufficient to
> accommodate such additional expenses
>
> 3.       As indicated previously, we are actively pursuing all channels
> of communication with Sinopec with the view of settling any claims they
> might have against us.  We will keep you updated
>
> 4.       Aside from a recent VP joining us from CITIC Securities, we have
> no plans to make any additional hires for 2015
>
>
>
> Hope this clarifies.  Happy for you to pass this information on to the
> others whom I have missed on this email.
>
>
>
> Xin
>
>
>
>
>
> *发件人:* [email-masked]
> <javascript:_e(%7B%7D,'cvml',[email-masked]');> [mailto:
> [email-masked]
> <javascript:_e(%7B%7D,'cvml',[email-masked]');>] *代表 *James Bulger
> *发送时间:* Wednesday, March 25, 2015 7:36 AM
> *收件人:* 王昕
> *抄送:* Devon Archer; Jason Zhu; Jonathan.li; Hunter Biden
> *主题:* Re: 2015 BHR budget
>
>
>
> Xin
>
> Thank you for sending the budget over to us. Please provide an updated
> version so we can see how the reduced fee on the SINOPEC deal
> financially impacts  the firm. I would also like to see the how the expense
> side is affected, for instance we are surely incurring more legal expenses
> due to that LP's actions
>
> It is important for us to be able to see how the firm is being impacted
> financially by that LP breaking his contract with us.
>
> I copied Hunter on this email just to streamline communications
>
> Thanks again for your attention to this matter Xin much appreciated
>
> Regards
>
> Jimmy
>
> On Tuesday, March 24, 2015, 王昕 <[email-masked]
> <javascript:_e(%7B%7D,'cvml',[email-masked]');>> wrote:
>
> Jimmy and Devon – as promised, here is the 2015 BHR budget as presented to
> the board at the February 5 board meeting and I confirm that no adjustments
> have been made thereto.  Any questions, let us know.
>
>
>
> Xin
>
>
>
> Xin Wang 王昕
>
> Managing Director
>
> Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd.
>
> 渤海华美（上海）股权投资基金管理有限公司
>
> Tel: +86 (10) 5969 5858 ext 816
>
> Cel: +86 139 1162 0708
>
> [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: 617.248.944