Subject: Bombardier
From: "Michael Leonard" <[email-masked]>
To: <[email-masked]>
Cc: <[email-masked]>, "James Bulger" <[email-masked]>, "Devon Archer" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Sebastian Momtazi" <[email-masked]>
Date: Thu, 16 Apr 2015 13:52:25 -0400

Jonathan,

Jim and I have been following up on the potential sale of the Bombardier
rolling stock division since you brought it up on the call with Jim earlier
this week. One of our contacts has a long standing relationship with
Bombardier and has dealt with their rolling stock division on many transit
projects. From talking to him we learned the following:

1. Bombardier has been having financial trouble due to setbacks in their
aerospace division. The idea that Bombardier may be considering selling off
other divisions (specifically their rolling stock division) is not
surprising as it was never a major profit generator for Bombardier.
Additionally, there have been rumors circulating for a while that
Bombardier was looking to sell their service division so Bombardier is
certainly considering spin offs; and

2. When it is appropriate our contact can provide us with an introduction
to Bombardier top level management.

We just wanted to circulate that update for your reference and to let you
know we are looking into this deal. Jim will be happy to discuss in more
detail when he sees you in Beijing next week.

Best,
Mike

-- 
Michael R. Leonard
Vice President, Operations Department
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office: 617-248-9440
Mobile: 781-454-922