EMAIL DETAILS

Xin
Thank you very much for the update. I would love to find a way to be
helpful on the Hanson matter, however not being privy to the whole processe
stepping in at this late date seems very risky. I know Devon and his team
are working on providing answers to the questions you asked regarding the
Burnham Proposal. I hope we can get that wrapped up in short order and kick
off the fundraising on the SOE reform fund very soon
Thanks again for the update it is helpful
Regards
Jimmy

On Wednesday, April 8, 2015, 王昕 <xin.wang@bhrpe.com> wrote:

> Dear Shareholders,
>
>
>
> Since we have not been able to coordinate a convenient time for everyone
> to catch up over the phone, I thought we would update you on our most
> active deals via email. We are happy to get on a call with you
> individually or collectively should you have any questions or comments.
>
>
>
> Project Name
>
> Status
>
> *Action Items*
>
> Hanson (acquisition of US auto parts company with AVIC)
>
> AVIC submitted the final bid on the 6th of April though further
> negotiations are expected to bring the price up slightly (the increase will
> still be within our valuation range).
>
>
>
> On the financing front, we have secured a letter of intent from the Bank
> of China New York Branch for a 3-year term loan (with option to extend for
> another 2 years) of circa US$160 million. Termsheet discussions are
> ongoing.
>
>
>
> On the fundraising front, we are in advanced discussions with Guoxin and
> CDB Capital for US$150mm and US$50 mm respectively. Discussions are also
> ongoing with a few other interested parties.
>
> *Any additional information on the bid from the US-side would be helpful.*
>
> Aleris (acquisition of US aluminum processing company with Zhongwang)
>
> Waiting for additional financial information following last week’s
> conference call with Aleris CFO.
>
>
>
> Will perform in-depth analysis on receipt of additional information and
> come up with initial valuation range.
>
> *Follow up with Aleris re. additional deliverables.*
>
> EDP (acquisition of Energias de Portugal)
>
> We have a mandate to acquire shares in EDP.
>
>
>
> *We understand one of EDP’s largest shareholders is Capital Research and
> Management, if any of you have any contacts there, email me please. *
>
>
>
> SOE Fund
>
> EUROPE - we intend to kick-start fundraising activities in Europe towards
> the end of the month. A suite of meetings have been arranged and we intend
> to have an initial closing at US$200 to US$300 million.
>
>
>
> CHINA – pitchbook ready for distribution. Roadshow to take place in due
> course.
>
>
>
> U.S. – to finalise placement arrangement with Burnham.
>
> *To follow up with Burnham re. feedback on their proposal and timeline for
> roadshow.*
>
> Sinopec dispute
>
> We remain in close discussions with Sinopec regarding a settlement. We
> are meeting with their lawyers later this week to discuss a proposal
> whereby we agree to pay late payment penalties (which, depending on whether
> the days are calculated as business or calendar days, will range from RMB
> 10 to 23 million) but not the 3% liquidated damages for the
> non-subscription.
>
>
>
> The HK arbitration has started. We are scheduled to appear before the
> HKIAC on the 10th to discuss selection of arbitrators and arbitration
> language (expected to be a time-consuming process).
>
>
>
>
>
> Xin
>
>
>
>
>


--
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.944