EMAIL DETAILS

Seb,

This looks a lot better and contextualizing the whole transaction as a
bridge loan makes a lot more sense. It is good that we can follow up the
telephone conversation tomorrow with this diligence package so that Ming
has something to look at and then hand to Henry at some point.

I have no comments or edits.

Best,
Mike

On Mon, Dec 21, 2015 at 4:53 PM, Seb Momtazi <seb@dodsondiversified.com>
wrote:

> All,
>
> Please see attached for a recasted one pager that reflects JJR's
> investment as convertible bridge financing.
>
> On Mon, Dec 21, 2015 at 3:46 PM, James Bulger <jbulger@thorntonai.com>
> wrote:
>
>> Fast work thanks for putting it together
>>
>>
>> On Monday, December 21, 2015, Seb Momtazi <seb@dodsondiversified.com>
>> wrote:
>>
>>> 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
>>>>
>>>
>>
>> --
>> James J. Bulger
>> Chairman
>> Thornton Group LLC
>> 14 Beacon Street, Suite 804A
>> Boston, MA 02108
>> Office tel: 617.248.9440
>>
>
>


--
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