EMAIL DETAILS

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