Subject: BHR Meeting in China and Next Steps
From: "Michael Leonard" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Eric" <[email-masked]>, "Devon Archer" <[email-masked]>
Cc: "James Bulger" <[email-masked]>
Date: Wed, 4 Nov 2015 13:18:02 -0500

Hunter, Eric and Devon,

Last week Jim and I spent some time with BHR. We went to the LP conference
that they put on and we sat with BHR in their office and received updates
on what they are doing.

The main takeaway is that we were told many times that the BHR LP's have a
lot of capital they want to put to work so the pressure is on for BHR to
find more deals. To that end, there were some particular things they wanted
our assistance on so I wanted to lay that out in the email:

*China Grand Pharmaceutical:*
China Grand Pharma <http://www.chinagrandpharm.com/html/index.php> is a
publicly listed pharmaceutical company in Hong Kong with major operations
in China. They have sent us a list of companies that they would like to
acquire along with BHR. The list is attached to this email.

The question is- Do we know anyone at these Pharma companies or otherwise
have a way to reach out to them to tee up a potential acquisition?

*Bombardier:*
When we were at the conference we met one of the executives from China
Railway Signal Corporation (CRSC) <http://www.crsc.cn/g3151.aspx> who was
in attendance. They are still keen to pursue the purchase of the Bombardier
Transport division.

The question is- Do we have a way to reach out to the Bombardier top
management or, more importantly, the Bombardier family which still retains
voting control of the company (even though they only have a minority of the
company's equity)?

*Aleris:*
BHR reiterated that Aleris is still an attractive target as they have an
aluminum company SOE that is interested in partnering with BHR for an
acquisition.

Devon, perhaps this might be a good time to reach out to your contacts at
Oak Tree and send some press from the Henniges deal saying basically "look
what we closed, we are on the hunt for more acquisitions and we would like
to talk to you guys again."

*Updates:*
Jim sat in on the BHR weekly deal update meeting in Beijing. BHR is making
good progress on other acquisitions. They made it to the second round of
bidding on an Australian hospital system and are moving forward in due
diligence on Osram Sylvania. The team is working hard on numerous projects.

As for other updates BHR took a large position ($50mm) in the China
Reinsurance offering in Hong Kong and they have a large investment in Didi
(the Chinese version of Uber). Jonathan is still confident about divesting
our position in Henniges in 2017 and the next board meeting would likely be
in early December.

That is the update from meeting with BHR. Jim and I will be in New York at
the Burnham offices next week to be with Ming from Harvest while he is in
town. If you have any questions or thoughts about the above please send
them around.

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