Subject: Project Silk Road
From: 王昕 <[email-masked]>
To: "'Devon Archer'" <[email-masked]>, "'James Bulger'" <[email-masked]>
Cc: "'Hunter Biden'" <[email-masked]>, "'Jonathan.li'" <[email-masked]>, <[email-masked]>
Date: Fri, 24 Jul 2015 18:50:39 +0800

Devon / Jimmy,

Further to the team’s presentation at the board meeting in relation to the
Bombardier deal (Project Silk Road), we have received the attached (somewhat
disappointing) letter from Bombardier in response to our non-binding offer
for its rolling-stock business segment (BT).  We have discussed this
response with their China advisor – Ivan Cheah (who is also our point of
contact vis-à-vis the Bombardier family) and we are of the collective view
that despite Bombardier’s prior discussions with CSR, it is sticking to its
official line of a dual-tracked IPO / minority stake sale process.  It is
possible that it is currently engaged in discussions with another party
which prohibits a more elaborative response or it is weary of Chinese
investors through its dealings with CSR.  Either way, we are still keen to
pursue this opportunity and we hope that the door is still open for
discussions provided that we approach them through the right channels.  

Our plan is to carry on with market reconnaissance and towards this end need
to pool our connections and resources in order to gain a better
understanding of (i) B’s plans for BT (IPO or sale) and (ii) any potential
takeovers by a third party for B or BT (through private discussions with B
or through more clandestine means).  Another option is to consider a hostile
takeover given that share price is at a historical low.  This is a
monumental deal only if we can engage with the Target and its shareholders
and your assistance would be much appreciated.

Hunter – we missed you at the board meeting and hope that you are doing
well.    

Xin