EMAIL DETAILS

Did not have this write up ready. Only the outline waiting for comments. Wrote
it out on receipt of your email.

On Monday, December 21, 2015, James Bulger <jbulger@thorntonai.com> wrote:

> Not great but better for sure
> Let's just be ready for the JJR discussion
> Ming will question this JJR deal carefully as it has just been sprung on
> him. For instance splitting off the Burnham Securities business has been
> in the works for 15 months but we just jumped in and executed it at a a
> high cost to BAM since our last meeting Ming.
> This call tomorrow will be important you guys have some sound reasons for
> doing the JJR deal and they can be discussed.
> By the way Sebastian did you just send me the outline earlier for the fuck
> of it? You must have had this write up ready to go
> Larry Liu might also cause some questions Henry will be very careful about
> checking out that Chinamans reputation and background. How did you meet
> him? And does he actively participate or is he silent for the most part?
> Jimmy
>
> On Monday, December 21, 2015, Seb Momtazi <seb@dodsondiversified.com>
> wrote:
>
>> Jim,
>>
>> Please try this.
>>
>> Best,
>>
>> Seb
>>
>> On Mon, Dec 21, 2015 at 2:37 PM, James Bulger <jbulger@thorntonai.com>
>> wrote:
>>
>>> All
>>> Why can't you explain the JJR deal in detail using while sentences? Why
>>> an outline that is vague?
>>> Why avoid the issue of valuation? I find that slide to be half ass
>>> I am trying to help you sell this to Harvest so keep this in mind
>>> English is Mings second language therefore be clear and consice, also this
>>> JJR investment is not to be treated so lightly that it only gets covered in
>>> an outline. You have a different valuation, this was was never discussed
>>> with Harvest in the past so let's be clear here with a few paragraph write
>>> up in narrative form thus allowing Ming to understand and to show Henry
>>> Those are my comments
>>> Thanks
>>> Jimmy
>>>
>>> On Monday, December 21, 2015, Seb Momtazi <seb@dodsondiversified.com>
>>> wrote:
>>>
>>>> Team,
>>>>
>>>> Attached are the proposed follow up materials to be sent after the call.
>>>>
>>>> It's perhaps best to speak about the valuation considerations of the
>>>> JJR capital investment over the phone. Similarly, we can point out that
>>>> actual inflows into BAM were 75.4MM through december (although AUM is
>>>> higher than what we last sent, it's not as high as 75.4mm because of the
>>>> market performance)
>>>>
>>>> Please let me know comments. Mike, I attach in word so you can make
>>>> direct edits
>>>>
>>>> thanks,
>>>>
>>>> seb
>>>>
>>>
>>>
>>> --
>>> James J. Bulger
>>> Chairman
>>> Thornton Group LLC
>>> 14 Beacon Street, Suite 804A
>>> Boston, MA 02108
>>> Office tel: 617.248.9440
>>>
>>
>>
>
> --
> James J. Bulger
> Chairman
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office tel: 617.248.9440