Subject: confidential - howdy and items to wrap up
From: "JiaQi Bao" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Robert Biden" <[email-masked]>
Date: Mon, 26 Mar 2018 14:28:26 -0400

Hi Hunter,

I just learned from Mervyn about the dissolution of the LLC...and I was
told that my last day in the office should be March 31 this morning...It's
a bit of surprise to me as I didn't expect everything will happy so sudden
and so quickly.  Just hope everything is going well with you.  Even though
Mervyn didn't tell me the specifics/rationales behind the decision, I
understand that there must be a good reason for the decision you, Uncle
Jim, Kevin and Mervyn made.

All I wanted to tell you is that if there is anything I can do to be
helpful to you, please just let me know.  More than happy to help as a
friend going forward.  It has been a pleasure working for you, though I
wish I could know you better and spend more time with you.   Wishing you
all the best and hope our paths will cross again in the future.

Since you mentioned to me that it's better to contact you first, therefore
I'm not going to reach out to Uncle Jim or anyone before catching up with
you.  I would like to say a proper goodbye to him though.  Please forward
my greetings to Uncle Jim.  It has been a pleasure working for both of
you.  Please stay in touch :)

Before packing up, please see below for a couple of administrative items I
want to following up with you:

*1. Your travel expense reimbursement: *I haven't receive the expense file
you mentioned yet.  Please send to me whenever you can.  Meanwhile, I'm
going to put together an expense report for your record based on whatever
invoice I could obtain from the hotel on your last trip to NY.  Once it is
finished, I will send it for your approval.  As of now, I'm waiting for the
invoice from hotel, and please let me know if there is any additional
expense I should account for you or whom I should reach out to obtain
invoice/credit card statement/billing statement besides 6 Columbus Circle
and Yale Club.

*2. Your doggy chain necklace: *I thought I would simply bring it to you
whenever I see you during your last trip in NY, but you were too busy and
that didn't happen.  Please let me know when and where I should bring it to
you or how would you like it to be delivered.  I think the most convenient
way might be to simply pick it up whenever you are in NY next time.  For
the meanwhile, it is in a safe place awaiting for you.

*3. Office items/office administrative tasks: *Are there anything in the
office that you would like me to pick up/organize for you?   Or anything I
should do in the office for you before my last day of March 31?

Personally, I have the following thoughts hope to share with you:

*1. Ideas / thoughts on business: *After you deal with whatever you need to
deal with, let's sit down and recap on business.  No matter what you do,
whom you decide to partner with in the future, or how you decide to work on
the business side going forward, I thought it would be helpful information
to discuss and catch up on some of the status of the related fields /
extended thinking based on past projects/topics we touched on, plus
observations from my perspective that I hope to be helpful to you.

*2. Keep as much money as you can:*  I'm a bit hesitated to say this to
you, because I don't want you to misunderstood me as a messed up bad girl.
However, for your benefit, I can't hold it back to myself.  Here is my two
cents: Whatever money from Hudson West, please take them, take as much as
possible, or figure out a way to spend them for your own benefit.  It
doesn't matter whether the left-over operational fund for Hudson West is
labeled as "personal goodwill / loan" or "non-recourse" "recourse"
"borrowing/drawing"...just take it and keep as much as possible.  Whatever
agreement or labels of the money doesn't mean anything, especially because
Ye's situation changed, and whatever arrangement was made was at the
personal level anyway.  If you do not take that money, the money would
ended up become "nobody's money."  So it is better to use it for good.
"Nobody's money" means they take away whatever you give up to no body knows
where in the system it will end up and whomever stranger might simply take
the money for granted.  Further, think of all the work you have done and
time/effort contributed, you are more than entitled to take the money as
fair share.  In a private equity shop, no matter whether you loss money or
earn money, your money is locked down and you have to pay operational fees
to fund manager anyway.  The same concept apply in this case.  Further, for
attorney and consultant, no matter whether the deal is done or not, or the
lawsuit is winning or losing, you have to be compensated for your time and
you have to keep your retainers, etc.  Therefore, more than justified to
keep as much as whatever left on Hudson West operation fund as your
compensation.  So take whatever money you can take, as long as the money is
available to claim in the U. S., or you guys (You/Mervyn/Kevin) figure out
a way to have the money transferred to the right U. S. account before any
restriction levied by Chinese regulators or appointed new boss in charge of
manage the enterprise Ye left behind.  And do not worry about anyone will
say anything or reject the idea, as long as whomever help execute /
facilitate the process also benefit or get to keep a bit of something (this
is based on my understanding of how things worked in China).  I don't know
the specifics about your arrangement with your friend and them...but i hope
you get it that the bottom line I'm trying to express here is to forget
about whatever labels/arrangement was said in previous agreement (before
the situation in China changed), and just try to keep + take as much money
as possible.   Do not worry about people know, as long as it is handled
right, keep a low key, and all done before any further changes occur again
in China, it is safe money to have, no body will care whereabouts of
"nobody's money."  Please note, I did not say anything to you ;)

As I said, I will always think of you as a great friend and happy to help
when you need me, regardless of whether I work for you or not.  Don't be a
stranger.  I still owe you a home cooked Chinese dinner; hold on to your
rain check ;p

Best,

JiaQi

JiaQi Bao 鲍泓慧
202.679.0168 | [email-masked]