Subject: RE: ??: ??: BHR Directorship Issues
From: "Matthew L. Schwartz" <[email-masked]>
To: "'??'" <[email-masked]>, "'Mesires, George R.'" <[email-masked]>, "'Michael Leonard'" <[email-masked]>, "'James Bulger'" <[email-masked]>, "'Eric Schwerin'" <[email-masked]>, <[email-masked]>
Cc: "'Jonathan Li'" <[email-masked]>, <[email-masked]>, "'YU, Felix'" <[email-masked]>, "David Nelson" <[email-masked]>, "Joseph Eno" <[email-masked]>
Date: Mon, 8 Aug 2016 22:04:23 -0400

Understood. For reasons I'm sure you can appreciate, we are not likely to be able to stray far beyond the public record, but we will provide you something. So that I am clear on your timing, would you expect to include our response as part of the offer being submitted tomorrow or do we have some additional time to work with?

Matthew L. Schwartz
BOIES, SCHILLER & FLEXNER LLP
212-303-3646 (Direct)
646-337-5787 (Mobile)

-----Original Message-----
From: 王昕 [[email-masked]<mailto:[email-masked]>]
Sent: Monday, August 08, 2016 09:58 PM Eastern Standard Time
To: Matthew L. Schwartz; 'Mesires, George R.'; 'Michael Leonard'; 'James Bulger'; 'Eric Schwerin'; [email-masked]
Cc: 'Jonathan Li'; [email-masked]; 'YU, Felix'; David Nelson; Joseph Eno
Subject: 答复: 答复: BHR Directorship Issues

We need a brief summary regarding the investigations and how Devon and RSB are involved (or not involved).  Exculpating evidence and language would be helpful to our cause.

Xin Wang 王昕
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]<mailto:[email-masked]>

发件人: Matthew L. Schwartz [mailto:[email-masked]]
发送时间: Tuesday, August 9, 2016 9:52 AM
收件人: '??' <[email-masked]>; 'Mesires, George R.' <[email-masked]>; 'Michael Leonard' <[email-masked]>; 'James Bulger' <[email-masked]>; 'Eric Schwerin' <[email-masked]>; [email-masked]' <[email-masked]>
抄送: 'Jonathan Li' <[email-masked]>; [email-masked]' <[email-masked]>; 'YU, Felix' <[email-masked]>; David Nelson <[email-masked]>; Joseph Eno <[email-masked]>
主题: RE: 答复: BHR Directorship Issues

Xin --

We are available to assist in any way possible. What exactly is required of Devon?

-mls

Matthew L. Schwartz
BOIES, SCHILLER & FLEXNER LLP
212-303-3646 (Direct)
646-337-5787 (Mobile)

-----Original Message-----
From: 王昕 [[email-masked]<mailto:[email-masked]>]
Sent: Monday, August 08, 2016 09:38 PM Eastern Standard Time
To: Matthew L. Schwartz; 'Mesires, George R.'; 'Michael Leonard'; 'James Bulger'; 'Eric Schwerin'; [email-masked]<mailto:[email-masked]>
Cc: 'Jonathan Li'; [email-masked]<mailto:[email-masked]>; 'YU, Felix'; David Nelson; Joseph Eno
Subject: 答复: BHR Directorship Issues

Dear Matthew, I would be grateful if you could let me know when we can expect a response.  The binding offer is being submitted today, August 9, 2016, not September 9 as mistakenly stated in my previous email.

Xin

Xin Wang 王昕
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]<mailto:[email-masked]>

发件人: 王昕 [mailto:[email-masked]]
发送时间: Monday, August 8, 2016 12:32 PM
收件人: 'Matthew L. Schwartz' <[email-masked]<mailto:[email-masked]>>; 'Mesires, George R.' <[email-masked]<mailto:[email-masked]>>; 'Michael Leonard' <[email-masked]<mailto:[email-masked]>>; 'James Bulger' <[email-masked]<mailto:[email-masked]>>; 'Eric Schwerin' <[email-masked]<mailto:[email-masked]>>; [email-masked]' <[email-masked]<mailto:[email-masked]>>
抄送: 'Jonathan Li' <[email-masked]<mailto:[email-masked]>>; [email-masked]' <[email-masked]<mailto:[email-masked]>>; 'YU, Felix' <[email-masked]<mailto:[email-masked]>>; 'David Nelson' <[email-masked]<mailto:[email-masked]>>; 'Joseph Eno' <[email-masked]<mailto:[email-masked]>>
主题: BHR Directorship Issues

Matthew,

We are complying with KYC procedures for an acquisition of a U.S. target and are required to update Deutsche Bank, our financial advisor, on the details of the RSB/Devon investigations.  Some background on the deal, we are preparing to submit our final binding offer by Sept. 9, 2016 (Detroit time) and are confident of our chances.   I need to trouble you, on an urgent basis, to provide an update together with a statement on the investigations.  We have already indicated to Deutsche Bank that Devon is cooperating with U.S. authorities on confidential investigations and we are confident that time and facts will show that he has not committed any wrongdoings, and that Devon is a minority investor in BHR, which is an independent entity and not in any way involved in any activities directly or indirectly pertaining to the ongoing investigations.  I am afraid more details are required, for now, it is only for DB, but as we progress into the closing stage of the acquisition, we will most likely also have to deal with regulator (CFIUS / MOFCOM) scrutiny.

Timing is of the essence.  Many thanks.

Xin

Xin Wang 王昕
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]<mailto:[email-masked]>

发件人: Matthew L. Schwartz [mailto:[email-masked]]
发送时间: Tuesday, July 19, 2016 12:09 AM
收件人: 王昕 <[email-masked]<mailto:[email-masked]>>; 'Mesires, George R.' <[email-masked]<mailto:[email-masked]>>; 'Michael Leonard' <[email-masked]<mailto:[email-masked]>>; 'James Bulger' <[email-masked]<mailto:[email-masked]>>; 'Eric Schwerin' <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>
抄送: 'Jonathan Li' <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; 'YU, Felix' <[email-masked]<mailto:[email-masked]>>; David Nelson <[email-masked]<mailto:[email-masked]>>; Joseph Eno <[email-masked]<mailto:[email-masked]>>
主题: RE: BHR Directorship Issues

Xin-

After conferring with Devon, we wanted to take care of the following outstanding items as it relates to BHR, assuming it all meets with your approval.

1) Please consider Devon’s resignation letter that was emailed to you and which you reference below as a final version and please have his resignation take effect immediately.

2) Please disregard the letter which appoints Hunter to Devon’s Board seat. For the time being, we will leave Devon’s Board seat vacant.

3) We should begin the process to transfer the 20% of the shares of BHR owned by RSB immediately so that 10% will be owned by Skaneateles, LLC (of which the beneficial owners are Hunter Biden and Eric Schwerin) and 10% will be owned by Ulysses Diversified, Inc. (of which the beneficial owner is Devon).

4) Finally, we should begin the process to amend the Articles of Association so that the two Board Seats currently designated to RSB will be designated to Skaneateles, LLC and Ulysses Diversified, Inc, with each entity having a separate right to appoint one director. The three U.S. entities (Ulysses, Skaneateles and Thornton) will jointly designate a Vice-Chair.

I know Devon, Hunter and Jim have all agreed to the above and I am copying Jim Bulger, Hunter Biden, Eric Schwerin and George Mesires as well.

Thanks for your patience on this. Please let us know what additional information you need from us to affect the changes above.
Matthew L. Schwartz
BOIES, SCHILLER & FLEXNER LLP
212-303-3646 (Direct)
646-337-5787 (Mobile)

From: 王昕 [mailto:[email-masked]]
Sent: Thursday, July 7, 2016 11:13 PM
To: 'Mesires, George R.'; Matthew L. Schwartz; 'Michael Leonard'; 'James Bulger'; 'Eric Schwerin'
Cc: 'Jonathan Li'; [email-masked]<mailto:[email-masked]>; 'YU, Felix'
Subject: 答复: BHR Directorship Issues

Dear Matthew,

I received the attached from Devon in relation to his resignation from BHR’s board of directors and RSB’s appointment of Hunter Biden as his replacement.  Please note that Hunter is an existing director of BHR.   Devon mentioned that you might need to further formalize the letters, however, we need to process the resignation at the earliest and I would be grateful if you could confirm that the attached is in order.  Additionally, I would also be grateful for your instructions on the proposed transfer of RSB’s shareholding in BHR to Ulysses, the relevant transfer documents as well as the incorporation documents of Ulysses would be required.  Upon your confirmation, we will proceed to make the relevant filings with the PRC regulators.

Xin

Xin Wang 王昕
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]<mailto:[email-masked]>

发件人: 王昕 [mailto:[email-masked]]
发送时间: Friday, July 1, 2016 1:17 PM
收件人: 'Mesires, George R.' <[email-masked]<mailto:[email-masked]>>; 'Matthew L. Schwartz' <[email-masked]<mailto:[email-masked]>>; 'Michael Leonard' <[email-masked]<mailto:[email-masked]>>; 'James Bulger' <[email-masked]<mailto:[email-masked]>>; 'Eric Schwerin' <[email-masked]<mailto:[email-masked]>>
抄送: 'Jonathan Li' <[email-masked]<mailto:[email-masked]>>; [email-masked]' <[email-masked]<mailto:[email-masked]>>; 'YU, Felix' <[email-masked]<mailto:[email-masked]>>
主题: 答复: BHR Directorship Issues

Dear Matthew,

I understand from Devon that he has given instructions for Boies to effect his resignation from BHR’s board and the amendment of his shareholding entity from the existing Rosemont Seneca Bohai LLC to Ulysses.  As previously discussed on multiple occasions, please let us know what you need from our end to resolve these issues at the earliest.  We have been fending inquiries regarding RSB and Devon’s involvement in ongoing SEC and Justice Department investigations and we urgently need to remove Devon for the time being from our director roster to avoid interruptions to BHR businesses.

Thanks.

Xin

Xin Wang 王昕
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]<mailto:[email-masked]>

发件人: 王昕 [mailto:[email-masked]]
发送时间: Tuesday, June 14, 2016 10:46 AM
收件人: 'Mesires, George R.' <[email-masked]<mailto:[email-masked]>>; 'Matthew L. Schwartz' <[email-masked]<mailto:[email-masked]>>; 'Michael Leonard' <[email-masked]<mailto:[email-masked]>>; 'James Bulger' <[email-masked]<mailto:[email-masked]>>; 'Eric Schwerin' <[email-masked]<mailto:[email-masked]>>
抄送: 'Jonathan Li' <[email-masked]<mailto:[email-masked]>>; [email-masked]' <[email-masked]<mailto:[email-masked]>>; 'YU, Felix' <[email-masked]<mailto:[email-masked]>>
主题: 答复: BHR Directorship Issues

Dear Matthew and George,

I trust you have had a chance to speak to your respective clients since my last email and I am wondering if any updates are available on the matters raised therein.

Xin

Xin Wang 王昕
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]<mailto:[email-masked]>

发件人: 王昕 [mailto:[email-masked]]
发送时间: Tuesday, June 7, 2016 12:14 PM
收件人: 'Mesires, George R.' <[email-masked]<mailto:[email-masked]>>; 'Matthew L. Schwartz' <[email-masked]<mailto:[email-masked]>>; 'Michael Leonard' <[email-masked]<mailto:[email-masked]>>; 'James Bulger' <[email-masked]<mailto:[email-masked]>>; 'Eric Schwerin' <[email-masked]<mailto:[email-masked]>>
抄送: 'Jonathan Li' <[email-masked]<mailto:[email-masked]>>; [email-masked]' <[email-masked]<mailto:[email-masked]>>; 'YU, Felix' <[email-masked]<mailto:[email-masked]>>
主题: BHR Directorship Issues

Dear Matthew and George,

Hope all is well since we last spoke.  I am writing to follow up on the status of Devon’s resignation from BHR’s board / remuneration committee and the appointment of a replacement.

On a related note, I would also like to understand how Devon would like to deal with his shareholding in BHR through Rosemont Seneca Bohai.  By way of background, we underwent a shareholder registration amendment last year with the Chinese regulators to change Devon’s shareholding entity from RST to the existing Rosemont Seneca Bohai (the process took altogether more than a year), we were subsequently instructed earlier this year to file another amendment to change Rosemont Seneca Bohai to Ulysses (an entity owned 100% by Devon) but that has been put on hold on account of present circumstances.  From BHR’s perspective, we ask the relevant parties to consider, for the time being, a transfer by Rosemont Seneca Bohai of its shareholding to another entity (whether it is to RSP or Thornton or the management team) to avoid potential complications for our U.S. M&A deals and/or U.S. fundraising activities.

Happy to discuss over a call.

Xin

Xin Wang 王昕
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]<mailto:[email-masked]>

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The information contained in this electronic message is confidential information intended only for the use of the named recipient(s) and may contain information that, among other protections, is the subject of attorney-client privilege, attorney work product or exempt from disclosure under applicable law. If the reader of this electronic message is not the named recipient, or the employee or agent responsible to deliver it to the named recipient, you are hereby notified that any dissemination, distribution, copying or other use of this communication is strictly prohibited and no privilege is waived. If you have received this communication in error, please immediately notify the sender by replying to this electronic message and then deleting this electronic message from your computer. [v.1]

________________________________
The information contained in this electronic message is confidential information intended only for the use of the named recipient(s) and may contain information that, among other protections, is the subject of attorney-client privilege, attorney work product or exempt from disclosure under applicable law. If the reader of this electronic message is not the named recipient, or the employee or agent responsible to deliver it to the named recipient, you are hereby notified that any dissemination, distribution, copying or other use of this communication is strictly prohibited and no privilege is waived. If you have received this communication in error, please immediately notify the sender by replying to this electronic message and then deleting this electronic message from your computer. [v.1]